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; Ness Hanna, Secretary

Board Members Absent

Rosalie Sutcher, Treasurer; Herbert Hellauer, 2nd Vice President

Management Representatives  

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

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 8:15 pm.

Unit Owner Comments

Thirty minutes of unit owner comments followed.

Minutes April 26, 2004

Upon due motion by Ness Hanna and seconded with clarifications by Edlynne Sillman, the Board voted unanimously to approve the minutes of the April 26, 2004 Board meeting.

Treasurer’s Report

Due to the Treasurer’s absence, Becky Rossof stated simply that our cash and investments totaled $2,596,938 as of April 30, 2004.

Management Report

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

• The 2004 Critical Exterior Façade Inspection is scheduled to begin June 1st.
• Repair work on the front planter is complete; annual plantings are scheduled for the end of May.
• Otis elevator reported that car #6 would be online the first week of June.  Car #3 is scheduled for modernization on or before June 8th.
• The window washing for the spring-cleaning was completed on May 21st.
• Draper and Kramer has not entered into “locked therm usage” at this time due to the changing natural gas markets.
• Mavis Mather has joined the staff at the Park Tower Management Office.

Ratifications

Money Market Account opened at Cosmopolitan Bank

Resolved to ratify the approval of transferring operating funds in the amount of $57,148.82 to set up a replacement reserve account at 1.39%. Upon due motion by Nessim Hanna and seconded by Edlynne Sutcher, the Board voted to ratify the transfer of operating funds.

Certificate of Deposit rollover

Resolved to ratify the approval to rollover the existing CD at Fireside Bank for 12 months, at 2.17%. Upon due motion by Nessim Hanna and seconded by Edlynne Sillman, the Board voted to ratify the certificate of deposit.

Request to remodel unit 2502

Resolved to ratify the approval of remodeling specifications as submitted by unit owner 2502. Upon due motion by Nessim Hanna and seconded by Edlynne Sillman, the Board voted to ratify the request for remodeling.

Lease agreement with Lettuce Entertain You for 15-C

Resolved to ratify and accept the lease terms as negotiated by the Board of Directors and legal counsel beginning with a 5-year term, rent starting at $1200.00 per month, an annual increase of 3%, and a 5-year renewal option. Upon due motion by Nessim Hanna and seconded by Edlynne Sillman, the Board voted to ratify the Lettuce Entertain You lease for 15-C.

Old Business

Insurance – Terrorism Coverage

Our insurance agent has provided us with information regarding the optional terrorism coverage included in our coverage; that information clarified the definition of terrorism and the limitations of coverage. After considering that information, the Board took no action to remove that terrorism coverage from our present insurance.

Cost of Staging for the Critical Facade Inspection

The costs of the drops for the Critical Façade Inspection are estimated to range between $20,000 and $25,000. Upon due motion by Nessim Hanna and seconded by Edlynne Sillman, the Board approved the expenditures of the façade inspection up to $25,000.

New Business

Utilities Update (Mary McQuillan)

• Electric – GEV Corp. conducted an analysis of the electricity charges for Park Tower.  It was determined that Park Tower would benefit more under ComEd’s PPO then under ComEd’s bundled rates.  The Board decided to remain under ComEd’s PPO plan for the June 2004 – May 2005 billing period.
•  Gas – The Park Tower futures market expires in August 2004.  Currently the futures are holding at $.73 to $.74 a therm.  Mary is receiving reports and updating the Board on trends in the marketplace.

Committee Reports

The Health Club Committee, with guest Charles Shepherd, met on Wednesday, April 28, 2004.  They discussed the proposal for upgrading and expanding the Health Club Services.

The Garage Committee met on Monday, May 17, 2004.  They discussed the car washing service that may later be submitted to the Board, the power washing of the garage, and the garage budget.

Adjournment

Upon due motion by Edlynne Sillman and seconded by Nessim Hanna the meeting adjourned at 9:05 pm.

Becky Rossof, President

Nessim Hanna, Secretary