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

Rebecca Rossof, President; Vince DiFruscio, 1st Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer

Board Members Absent

Herbert Hellauer, 2nd Vice President

Management Representatives

Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Mavis Mather, Assistant Manager

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

Unit Owner Comments

Prior to the meeting Michael Sheridan from Sheridan & Pearlman talked about the 2003 property tax.  Questions from Homeowners followed.

Call to Order

Rebecca Rossof chaired and called this meeting to order at 8:10 p.m.

Minutes February 28, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday February 28, 2005. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the minutes of the February 28, 2005 Board meeting.

Treasurer’s Report 

Rosalie Sutcher stated that according to the February 28, 2005 Financial Statements there was an operating cash fund of $213, 004.  The account at Cosmopolitan Bank has reached $96,773.   The Smith Barney account totaled $2,420.   Twenty Certificates of Deposit totaled $1,874,894.  The total of all investments and accounts was $2,187,091.

Management Report

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

• The city inspected the turnover of car #4 on Tuesday March 15th and did not release the car for operation.  The city will enforce the shortening of the hoist ropes because the ropes failed and kinked during the test.  This delay will benefit the association now because we will not have to take the elevators out of service again at the end of the remod project.
• There was an emergency meeting with Otis to revise the remod schedule because of the delays with car #4 Otis is about 15 days behind schedule.  We requested that the sales person to create a spreadsheet highlighting the cost differential that will soon occur with the release of the remod car and the defect decrease in the quarterly maintenance contract.
• Draper and Kramer arrived to inspect the firewall on Tuesday March 15th.  When SBC tagged the lines they switched over a pair of circuits disabling the DSL line.  Repairs were completed by the end of the day.
• The Department of Health inspected the pool and the whirlpool on Monday March 14th and found it to be in excellent condition with no violations and no recommendations.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over the CD at Centennial Bank for a term of 12 months in the amount of $96,618 at 3.5% APY, the liquidation of the CD at Stone Bridge Bank in the amount of $100,386 to be deposited into the reserve account at Cosmopolitan Bank, and a rollover of a CD at Capital One in the amount of $96,570 at 3.65% APY. Upon due motion by Rosalie Sutcher and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of rolling over the CD at Centennial Bank, the liquidation of the CD at Stone Bridge Bank, and rolling over a CD at Capitol One Bank.

Request to Remodel Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 2012.  The proposal is for a kitchen remodeling with no major structural changes. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling unit 2012.

Gas Sales Agreement Resolved to approve the gas sales agreement for the purchase of 50% of the natural gas purchase for the September 2006 through August 2007 period at $0.65 per therm. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the natural gas purchases. Resolved to approve the gas sales agreement for the purchase of 33% of the natural gas purchase for the November 2005 through March 2006 period at $.76 per therm. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the natural gas purchases. Resolved to approve the gas sales agreement for the purchase of 34% of the natural gas purchase for the November 2005 through March 2006 period at $.74 per therm. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the natural gas purchases.

New Business

Approval of opening a Holiday Fund Resolved to establish a checking account named “Park Tower Employee Holiday Fund” at Bridgeview Bank with surplus funds collected after distribution of funds collected from the 204 holiday season in the amount of $600.00.  Rosalie Sutcher and Vince DiFruscio will operate the fund for the 2005 Holiday Season.  This account will be a part of the annual audit. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to approve the opening of a Holiday Fund at Bridgeview Bank operated by Rosalie Sutcher and Vince DiFruscio.

Approval of firm to perform: Life Safety Evaluation The purpose of the Life Safety Evaluation is to demonstrate that non-transient high-rise buildings that do not have a sprinkler system will have a reasonable level of safety from fire.  The ordinance requires that the evaluation be submitted to the City of Chicago, Department of Buildings by December 31, 2005.  The evaluation is to be preformed by a licensed engineer, who will conduct the inspection in 2-phases, 1) Survey and 2) Testing. Three bids for this evaluation have been submitted to Park Tower:

• Rolf Jensen & Associates: $9,400 base and $2,600 time and expense for testing
• Schirmer Engineering: $4,500 base and an amount TBD for time and expense for testing
• Hughes Engineering: $15,000 Inclusive

This topic will be tabled until further information about the details of the proposals have been gathered.

Approval of PPO Electricity Supply – GEV Resolved to execute an agreement with GEV Electricity Consulting Services to obtain superior prices and contract terms from alternative retail electricity suppliers.  GEV will charge 25% of actual savings. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the having GEV go out to bid on electricity.

Advertising Guide Lines for Newsletter Discussion on guidelines for advertising in the Park Tower quarterly newsletter. This topic will be tabled until further information on the liability issues of selecting advertising for a newsletter.

Other Discussion Items

Rules and Regulations Committee met with an owner to discuss a construction violation.  The contractor working on the unit threw debris down the garbage chute causing damage to the chutes. Resolved to fine the owner in question $500.00 for the construction violation. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the fine of $500 for the construction violation.

The Board of Directors has been interviewing lawyers for general building matters. Resolved to accept David Bendoff of Kovitz Shifrin and Nesbit to handle any new building matters that arise.  Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to approve the hiring of David Bendoff as the new lawyer for general building matters. Resolved to approve hiring David Bendoff on a retainer rather than paying per case. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve hiring David Bendoff on a retainer.

Adjournment

Upon due motion by Nessim Hanna and seconded by Vince DiFruscio the meeting adjourned at 9:13 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary