A signed copy of these and all minutes going back to the 1980’s are available from the Management Office upon request.

Board Members Present

Becky Rossof, President; Edlynne Sillman, 1st Vice President; Rosalie Sutcher, Treasurer;  Ness Hanna, Secretary; Herbert Hellauer, 2^nd Vice President

Management Representatives   

Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Jan Tynan, Assistant Manager

These are the minutes of the Board of Directors of the PARK TOWER CONDOMINIUM ASSOCIATION, an Illinois not-for-profit corporation.

Call to Order

Becky Rossof chaired and called this meeting to order at 7:45 p.m.

Old Business

Becky Rossof reported that the proposed Sprinkler Ordinance is “dead”.    Still being considered; however, is the “Mayor’s Plan.”   Discussion followed.   Specifics of what may be included in the Mayor’s Proposal are to be determined.

Approval of Minutes

The Board considered the approval of the minutes of the Board of Directors’ meeting held on Monday, February 23, 2004. Upon due motion by Ness Hanna and seconded by Edlynne Sillman, the Board voted unanimously to approve the minutes of the February 23, 2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the February 28, 2004 Financial Statements there was cash on hand of $72,777 plus $57,112 deposited at Lake Side Bank.   The Smith Barney account totaled $281,258.  Twenty Certificates of Deposit totaled $1,972,322 and there was $5,000 in an account at Uptown (now called Bridgeview Bank).  The total of all investments and accounts was $2,388,469.

Management Report

Christina Epple, Property Manager provided the following information from the Management Report:

• Boiler draft fan motor replaced at no charge
• Walls have been painted next to cleaners
• Condenser repairs have taken place
• A representative from Otis will attend the April meeting

Ratifications

A. Ratification of auditor, Schneider, Cururo & Associates for preparation of audits for year fiscal year 2003 ending February 24, 2004 took place. The fee for these services will be $5,875.  Additionally, it was agreed that a one-year audit of the garage will take place at a cost of $1,800. Upon due motion by Ness Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the expenditure for both audits.

B. Ratification of four certificates of deposit took place for one-year periods as follows:

February 13, a rollover CD at United Community Bank of Lisle – $97,800 at an APY of 2.25%.  (Previous rate at United Community Bank had been 2.50%).

February 13, a CD purchase at Centennial Bank – $97,732 at an APY of 2.32%  (Funds for this CD came from a CD which matured at Central Illinois Bank on February 11 at a rate of 2.50%)

March 8, a CD rollover at Capital One Bank of $100,000 at an APY of 2.20% (Previous rate at Capital One Bank had been 2.58%)

March 16, a CD was purchased at Stonebridge Bank – $98,000 at an APY of 2.25%.  (Funds for this CD came from a CD which matured at CIB bank on March 12 at a rate of 2.50%).

Upon due motion by Rosalie Sutcher  and seconded by Nessim Hanna, the Board voted to ratify the four Certificates of Deposit.

Remodeling Construction Proposals for Units 904, 1812, 2607 and 4002 

Upon due motion by Edlynne Sillman and seconded by Ness Hanna, the Board unanimously approved the remodeling proposal for all four units.

New Business

No new business was discussed.

Committee Reports

Edlynne Sillman reported that the Home Improvement Committee met on Thursday, March 18, 2004 and that flowers selections were made for placement in the planter in the drive area.    These were made within the guidelines of the 2004-05 Fiscal Budget.

The Social Committee will be meeting on Thursday, March 25, 2004.

The Health Club Committee chaired by Richard Damashek will meet on Monday, March 29, 2004

Adjournment

Upon due motion by Edlynne Sillman and seconded by Nessim Hanna the meeting adjourned at 9:00  pm.

Becky Rossof, President

Nessim Hanna, Secretary