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

Vince DiFruscio, President; Herbert Hellauer, 1st Vice President; Bob Pierce, 2nd Vice President; Rosalie Sutcher, Treasurer; Nessim Hanna, Secretary

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 there was time for homeowner questions and comments.

Call to Order

Vince DiFruscio chaired and called this meeting to order at 8:18 pm.

Minutes April 24, 2006

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday April 24, 2006.

Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the April 24, 2006 Board Meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the April 30, 2006 Financial Statements there was an operating cash fund of $153,380.  The account at Park National Bank totaled $343,173.   The Smith Barney account balance totaled $2,413.   Eighteen Certificates of Deposit totaled $1,729,411.  The total of all cash and investments was $2,228,377.

Management Report

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

• Representatives from Otis Elevator, Donnelly and Management met on Thursday to discuss the close out for the modernization project.  Additionally we are preparing a status update of punch list items that remain uncompleted as of last Friday.  The elevator specifics and warranty information will be reviewed by Donnelly and Associates for accuracy.
• Zera construction completed the third phase of the garage membrane project on May 9th.  Currently the project is running 3.5 days over the projected scheduled time due to multiple patches of failed concrete.  Quantity overages have been approved by the project engineer and will be addressed as change orders later in this meeting.  The new ramp and platform at the entry to the garage elevators on both levels is now open and parkers have full access to the entrance of the building without entering partitions.  The stairwell is now open and garage elevator 8 is now in service.
• The Maintenance staff installed a bundle coil for the water heater in the low-rise all work was performed in house.  The cooling tower is completely ready for summer use and was on two days the prior week.  York International has advised Vio to set alternative parameters so that the water temperature in the towers is more conducive to chiller operations.  This should help eliminate the expansion noise that is commonly heard in the low demand season.  It should be noted that the chillers do not automatically operate in this manner and staff must manually continue to switch over in this low demand time.  The deck staining is complete; two of our newer employees preformed the deck painting.  The lobby air supply fan motor was repaired by Belmont Electro on Wednesday.

Ratifications

CD Transactions Resolved to approve the rollover of the CD at Countryside Bank in the amount of $95,000.00 at 5.16% APY for a term of 12 months with the excess funds of $3,000.00 deposited into the reserve account at Park National Bank. Resolved to approve the rollover of the CD at Fireside Bank in the amount of $95,000.00 at 5.10% APY for a term of 12 months with the excess funds of $6,037.61  deposited into the reserve account at Park National Bank. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the rollover of the CD at Countryside Bank and the rollover of the CD at Fireside Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 2301, 3011, and 5515 as submitted by the unit owners with the recommendations of the chief engineer, in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to ratify the approval of remodeling units 2301, 3011, and 5515.

Approval of Rules and Regulation Revisions Resolved to ratify the approval of the Revised Rules and Regulations that include the following proposed rule changes: Bicycle Room – rule added (#17, page 11) bike found without current tag; Board Election Rules – rules not previously included in the document (items 1-9 pages 12-14); Garage Rules – rule added (#17, page 25) a car left inoperable for more than 30 days may be towed at the owner’s expense, parking space will be lost; Health Club – Pool Parties: rule added (page 27) private pool parties are no longer available. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to ratify the approval of the revised Rules and Regulations.

New Business

Window Feasibility Study The feasibility study is proposed to be for the allowance of installing new insulating glass units into the existing curtain wall system by individual unit owners.  This study will entail replacing the existing single pane glass in the curtain wall glass with IG units.  The project shall consist of the following elements: general conditions, review architectural and structural drawings and other documents, perform visual inspection, perform analysis to determine structural capacity of existing system and determine if IG units will conform to system members, and prepare and submit a written opinion.  Three qualified engineering firms were contracted to submit bids: Wiss Janney Elstnor, Gustitus Group, and Kellermeyer Godfryt and Hart.

• WJE:  Base:  $7,000.00           Add On:  $0.00             Total:  $7,000.00
• Gustitus:   Base:  $9,875.00           Add On:  $2,000.00       Total:  $11,875.00
• KGH declined to bid.

Resolved to table the motion to approve the curtain wall window feasibility study to receive bids from another vendor. Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to table this motion.

Architect Contractor for Front Circle Project Three professional architectural firms were solicited to prepare proposals based on the scope of work requested.  The design plan is a comprehensive reconstruction and upgrade of the current entrance drive.  Project includes the appearance, and curb appeal of the main entrance, and improve functionality of the space for vehicle and pedestrian access and mitigation of water leakage into the garage area beneath the entrance.  Scope includes the following: prepare a conceptual design plan- allow for 1 revision, develop probable cost analysis; design development- establish all hard scape design elements, prepare planting design features, present progress drawings, identify potential cost changes; contract documents- prepare final drawing specifications and bidding documents, meet the bidders prepare and submit documents and assist in application for and processing of permits as required by the City of Chicago.

• JLA: $33,000.00 ($1,000.00 reimbursable expenses) 3 contractor bids required for contract approval, contract bidding not included.
• WJE: $33,000.00 ($4,000.00 additional fee for electrical services not included, preformed as needed)
• Gustitus:$53,300 fees may be based on a specific scope of basic professional services as requested.

Resolved to hire JLA to provide design plans for the lobby renovation proposed for the next fiscal year to coincide with the front circle drive project. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to hire JLA to provide design plans for the lobby renovation.

Change Orders Zera Construction The following change orders to the standard repair proposal have been submitted by the contractor, Zera Construction and approved by the project engineer, Peter Stork of WJE. Change Order #1R – Phase I: replace additional 8LF of 3” cast iron pipe.  Space 78, near ramp – remove and replace 4LF of 4” cast iron and reconnect drain head (fees from project engineer $632.00).  Total $3,547.00.

• Change Order #2 – Phase III: curb repair at east side of entrance and exit ramp 12LF labor $985.00, materials $190.00.  Total $1,175.00.
• Change Order #3 – Phase III: curb repair at southwest end of level 1-P 27 SF of concrete labor $756.00, materials $430.00.  Total $1,186.00.

Resolved to approve the change orders to the garage membrane repair project submitted by Zera Construction and approved by the project engineer WJE as defined by: change order 1R: $3,547.00, change order 2: $1,175.00, and change order 3: $1,186.00. Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to approve change order 1R in the amount of $3,547.00, change order 2 in the amount of $1,175.00, and change order 3 in the amount of $1,186.00.

Due to Due From – MAX SAFE Banking The Association currently has a reserve operating account set up with Park National Bank (formerly Cosmopolitan Bank) for the purpose of administering payments on reserve expenses.  This account has a restriction of allowing 3 checks to clear the account within an accounting period.  The MAX SAFE account is insured up to 1.3 million with the FDIC and allows for the payment of reserve expenses without penalty. Resolved to open the MAX SAFE account at Barrington Bank and transfer the existing reserve funds from Park National to Barrington Bank for the purpose of funding the reserve expenditures and to close the existing account at Park National Bank. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to open the reserve account at Barrington Bank and close the account at Park National Bank.

Other Discussion Items

Cast your Vote – Annual Meeting June 26, 2006 In order to avoid a costly second election it is imperative that owners vote.  Please cast your vote either by proxy or in person.  You may mail your proxy in the envelope that was provided or put it in the ballot box located at the doorman’s station.

4th of July Party – Volunteers The Social Committee is looking for volunteers for the annual 4th of July party.  Please contact the Management Office or email the Board of Directors if you are interested in volunteering.

June Calendar – Mark your calendars Meet the Candidates night will be held on Monday June 5th at 7:00pm in the Party Room.  There will be a Town Hall meeting on Monday June 12th at 7:00pm.  The 28th Annual Meeting will be held on Monday June 26th at 7:00pm in the Party Room.

Replace Intercom Service Vince DiFruscio the Board President has been creating a program to be used at the front desk that will call a resident on the phone rather than having to use the intercom system.  This topic will be discussed in more detail in the upcoming town hall meeting.

Plant Care Contract The Board has been looking for a company that would prune and take care of the plants that are in the building.  A couple of bids have been received.  The Care of Trees has provided a bid for $250.00 to provide upkeep to the building plants.

Consulting Arborist There was an appointment for a consulting arborist to come and inspect the trees in the front planter.  The arborists arrived and said that the trees were not in good condition.  In their opinion it would cost $20,000 to take care of the trees.  They reported that the trees would not survive being replanted; they are not safe and are not healthy.

Adjournment

Upon due motion by Bob Pierce and seconded by Herbert Hellauer the meeting adjourned at 9:07 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary