In Attendance

George Pauley, President; Michael Parrie, 1st Vice President; Tom Wartowski, 2nd Vice President, Betty Terry-Lundy, Secretary; David Nicosia, Treasurer; David Barnhart, Property Supervisor; Tim Patricio, Property Manager; Mavis Mather, Assistant Manager Business Operations

Call to Order at 9:09 pm

Roll Call

Five Board Members were present constituting a Quorum as defined by the Association’s Declarations and the Illinois Condominium Property Act.

Home Improvement Committee (Michael Parrie)

The Home Improvement Committee met to finalize the Plaza/Driveway Project lighting along the brick, inset lighting, and bollards for the ADA ramp.  The proposal is on the agenda for the Board to discuss.  The other topic that we discussed was the elevator cabs.  The proposals that we have provided are to redo the cabs with metal at the base of the cabs and the sides of the cabs in the same material to the panels on the front desk.  This is also included on the Board agenda.

Ad Hoc Cable Committee (Vince DiFruscio)

The Ad Hoc Cable Committee met with three of the proposed suppliers of bulk internet and discussed the proposals. The Committee considers that the best deal is the proposal by RCN and that is on the agenda for the Board to consider tonight.

Ad Hoc Committee for Review of Rules and Regulations (Tom Wartowski)

The most significant item for the committee to report is that we have received a letter from the Association’s Attorney parsing out rules from policies and procedures.  This will allow the committee to recommend a thinner set of rules with separate guidelines.

New Residents Committee (Betty Terry-Lundy)

Based on the last New Residents Meeting, the Committee has made some recommendations for the Board to consider which were emailed to the Board Members.  We are suggesting that these be considered for the new Rules and Regulations.

Board Report (George Pauley)

As you may notice, there are samples of the materials for the front drive project at the back of the room.  After the Board Meeting has adjourned, Tim will be doing a show and tell based on these samples and the overall front drive project.

Motions from Closed Session

Upon motion Tom Wartowski and seconded by David Nicosia, the Board voted unanimously to approve $100.00 fines for all units in violation of the Park Tower Condominium Association’s Rules and Regulations, section titled “Insurance”, as detailed in the notices of violation dated December 2, 2013.

Minutes December 9, 2013

Upon motion by Betty Terry-Lundy and seconded by David Nicosia, the Board voted unanimously to approve the minutes from the December 9, 2013 Board Meeting.

2014/2015 Proposed Budget

Upon motion by David Nicosia and seconded by Michael Parrie, the Board voted unanimously to approve the proposed 2014/15 proposed budget with a 3.5% increase.

Bulk Internet Contract

Upon motion by David Nicosia and seconded by Michael Parrie, the Board voted unanimously to approve the ‘Sixth Amendment’ to the contract with RCN Telecom Services as proposed, renewing the contract for 5 years including bulk internet and basic cable services at a rate of $38.13 per unit plus any relevant municipal taxes and fees.

New Residents Committee

No Action.

Park Tower Market Lease Extension

Upon motion by Michael Parrie and seconded by David Nicosia, the Board voted unanimously to approve the first 5 year option to renew the market lease with Park Tower Market, Inc., at a rate of $1,750 per month, beginning July 1, 2014.

LEYE Lease Renewal

Upon motion by David Nicosia and seconded by Michael Parrie, the Board voted to propose a 5 year renewal of the lease of commercial unit 15C with Lettuce Entertain You Enterprises Inc., at an increase of 3% annually, beginning May 1, 2014.  Further, should the Lessee accept the proposed terms, the Board of Directors approves the execution of the lease.

Property Insurance Policy

Upon motion by David Nicosia and seconded by Michael Parrie, the Board voted to approve the property insurance policy and workman’s compensation policies through Mesirow Insurance, at an annual premium not to exceed $196,577.00.

Bed Bug Inspection Contract

Upon motion by Tom Wartowski and seconded by George Pauley, the Board voted to take no action to extend the Aegis contract which, in effect, allows the existing contract to continue with a right to terminate with 90 days’ notice.  George Pauley, Michael Parrie, and Tom Wartowski voted in favor; Betty Terry-Lundy voted against; David Nicosia abstained; the motion passed.

Passenger Elevator Cab Renovation

Upon motion by David Nicosia and seconded by George Pauley, the Board voted unanimously to approve the proposal with Imperial Interiors for renovating the passenger elevator cabs as proposed by the Home Improvement Committee at an expense of $36,104.

Plaza/Driveway Project Lighting

Upon motion by David Nicosia and seconded by Michael Parrie, the Board voted unanimously to approve Crest Lighting to provide the materials for the proposed lighting design scheme for the Driveway/Plaza project for a cost of $24,935.

2014 Holiday Schedule

Upon motion by Michael Parrie and seconded by George Pauley, the Board voted unanimously to approve the 2014 Draper and Kramer holiday schedule for the management office employees, with the Management Office to close on New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Treasurers Report (David Nicosia)

As of November 30, 2013 the total operating cash was $91,014.36.  The total of all operating reserves was $51,127.37.  The total of all operating cash and investments was $142,141.73. The total of the Barrington Bank Max Safe reserve account was $1,002,361.89.  The total of all replacement reserve investments was $557,301.41.  The total of all replacement reserve funds was $1,559,663.30.  The total of all cash and investments was $1,701,805.03.

Management Report (Tim Patricio)

The permit for the Plaza/Driveway Project has been issued.  After the meeting I will have a show and tell regarding this project with samples in the back of the room.

For the month of November there were 77 chargeable work orders for a total charge back of $7,599.  There were also 108 non-charge work orders.  In October there was $7,939 in health club income with a net zero change in members for a total membership of 295.  There is not a wait list for valet parking, there are 23 individuals on the wait list for self-parking, and 48 individuals on the list for 2P self-parking.  There were 51 late fees in the month of October for total charges of $3,060.00 of these three were waived for first offense.  At the end of November there were 32,258 therms of gas in storage at a rate of $0.44 per therm.

In the month of November there were two sales, the year to date average sale price is $121,926.34.  There was a medium 1-bedroom sale for $156,750; and a 2-bedroom sheriff’s sale that we are still awaiting official bill of sale.  There were 8 leases in November for an average rent of $1,199 with 33% renter occupancy.

Adjournment

Upon motion by Tom Wartowski and seconded by George Pauley, the meeting adjourned at 10:03 pm.

Signed (as seen on pdf, clickable at upper right corner of these minutes)

George Pauley, President (3/14/14)

Betty Terry-Lundy, Secretary (3/14/14)