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, Administrative Assistant

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 were 33 minutes of Homeowner questions and comments.

Call to Order

Rebecca Rossof chaired and called this meeting to order at 8:03 p.m.

Minutes October 25, 2004

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday October 25, 2004. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve the minutes of the October 25, 2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the October 31, 2004 Financial Statements there was an operating cash fund of $272,040.  The account at Cosmopolitan Bank has reached $281,640.   The Smith Barney account totaled $2,406.   Twenty Certificates of Deposit totaled $1,961,656.  The total of all investments and accounts was $2,517,742.

Management Report

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

• The lawsuit that was filed against the Association and Community Specialist by an owner has been settled.
• The fire prevention and evacuation presentation is scheduled for December 6th at 1:00 PM and again at 6:30 PM in the party room.
• Car #3 has passed the City inspection and was brought on line November 16th.  Friday when taking car #4 out of service Otis Elevator cut a wire causing the failure of both car #3 and car #5.  Otis is developing their service responding quickly to problems.  The second cylinder for the garage elevators will be delivered the week of December 6th.  The sisal is off of car #6 Otis is removing all of the glue so that the new sisal will adhere to the walls properly.  All of the aesthetic parts to car #6 should be ready by December 15th.
• Siemen’s continues to work on the recall project.  The project should be complete by mid-December although the work will not be noticed until the end of the elevator re-mod project.  We are still waiting to receive the revised proposal that includes the larger freestanding panel that can accommodate the proposed enunciator panel.
• We are writing a letter to the alderwoman’s office requesting that the City make repairs to 50 feet of curb and 4 sections of sidewalk.  If accepted, these repairs will not be made until spring 2005.

Ratifications

Certificates of Deposit Resolved to ratify the approval of CD 201700411 and transfer from Lake Forest Bank to Flower Bank for one year at a rate of 2.94% and APY of 2.98%. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of CD 201700411 and transfer from Lake Forest Bank to Flower Bank.

Request to Remodel Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 2910 with the following stipulations: single handled faucets are not allowed, dishwashers in studios are not approved, and additional ¼” cork sound proofing material is required for the installation of the flooring. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling unit 2910 with the stipulations listed. Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 601 with the following stipulations: single handled faucets are not allowed, and all shut offs must be accessible. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling unit 601 with the stipulations listed. Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 2803 with the following stipulations: dishwasher installation is not allowed. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna , the Board voted unanimously to ratify the request for remodeling unit 2803 with the stipulations listed.

Gas Purchase Resolved to approve the purchase of 25% of the natural gas purchase for the December through February period at $0.955 per therm, and an additional 25% of the natural gas for December through March at $0.782 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.

New Business

Electrical work to garage elevators Resolved to approve the proposal to Dunning Electric for the installation of 2 disconnect switches, 2 electrical interlocks, and run conduit wire to the elevator pit location at a cost not to exceed $2,650.00. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the proposal to Dunning Electric for work on the garage elevators not to exceed $2,650.00.

Committee Reports

The Health Club Committee met on October 26th to discuss setting up a long-range plan to replace equipment and reallocate space for the cardio vascular equipment. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to have the management office investigate the cost of opening up the ping pong court and changing it into a cardiovascular room. The next Health Club Committee meeting will be held December 7th at 7:30 PM.

The Social Committee met on November 17th to discuss the Holiday Party to be held on December 5th between 6:00 PM and 9:00 PM in the Party Room.  The Social Committee operations have changed, all parties will be dry, all guests to parties must sign up and purchase a guest pass in advance in the Management Office. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to go over budget to allow the Social Committee to spend up to $2,000 on the Holiday Party.

The Home Improvement Committee met on November 5th to discuss the flooring for the passenger elevators and holiday decorations.  There was also a meeting on the 19th to discuss the spring plantings with Brickman.  The circular planter will be planted with tulips courtesy of Brickman to make up for the errors in the plantings that happened this year.

There will be a food drive with the Greater Chicago Food Depository starting November 24th and going through December 15th.  The goal is to raise 500lbs of food.

Adjournment

Upon due motion by Nessim Hanna and seconded by Vince DiFruscio the meeting adjourned at 8:25 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary