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 8:02 pm.

Minutes  October 24, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday October 24, 2005. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the October 24, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the October 31, 2005 Financial Statements there was an operating cash fund of $329,700.  The account at Cosmopolitan Bank has reached $364,952.   The Smith Barney account totaled $2,455.   Eighteen Certificates of Deposit totaled $1,744,991.  The total of all investments and accounts was $2,439,644.

Management Report

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

• In the month of October there were 50 chargeable work orders totaling $3039 in revenue, and 129 non-chargeable work orders.  We have collected a total year to date of $101,526 in scavenger rebate.  There were $250 in fine charges and 44 late fees totaling $2,200.  The average Studio price is $117,882, the average 1-bedroom price is $170,588, and the average 2-bedroom price is $264,250.
• The ComEd claim has been settled and today we received a check in the amount of $52,355.  This check does not include the $82.00 that was spent on food for the employees during the power outage; however, we were also not charged $18,000 for the use of the generator while the power was out.  We were also able to sell the copper wires that were replaced during the outage to a scavenger service for $1,500 that was then posted to operating funds.
• On November 4th a water leak was discovered at the north east corner of the building.  We called out our plumbers and after excavating the area found that the water was leaking from a separated gasket stem on the line to the building hydrant. The plumbers who worked on the problem believe that the separation occurred while the building next door used our hydrant.   We have not yet received a total cost for this leak.

Ratifications

Certificates of Deposit Resolved to ratify the approval of a rollover of the CD at Flower Bank to Harris Bank in the amount of $95,000.00 at 4.55% APY for 13 months. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the rollover of the CD at Flower Bank to Harris Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 4112, 4408, 3614, 2110, 1008, 4408, and 4205/06 with the recommendations of the chief engineer and 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 4112, 4408, 3614, 2110, 1008, 4408, and 4205/06.

Reserve Funding Resolved that the Board of Directors of the Park Tower Condominium association does hereby direct management not to fund the Reserve Fund for January 2006 and February 2006, and to fund the reserve contribution for December 2005. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to direct management not to fund the reserve fund for January 2006 and February 2006, and to fund the reserves for December 2005.

New Business

Control Engineering Software Service Agreement Resolved to approve the proposal from Control Engineering for the annual maintenance contract to provide service to the software/hardware programs that maintain the HVAC automation system.  The amount of the contract is $6,044.00 per annum. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the acceptance of the proposal by Control Engineering for the service contract on the software/hardware for the HVAC system in the amount of $6,044.00.

Other Discussion Items

Holiday Party In lieu of the amount of money spent for the 4th of July party and in consideration of the cost of gas the Board has cancelled the Holiday Party.

Adjournment

Upon due motion by Nessim Hanna and seconded by Bob Pierce the meeting adjourned at 8:18 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary