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

Board Members Absent

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 8:20 pm.

Minutes August 29, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday August 29, 2005. Upon due motion by Herbert Hellauer and seconded by Rosalie Sutcher, the Board voted unanimously to approve the minutes of the August 29, 2005 Board meeting.

The Board Meeting resolved to approve of the minutes of the Board of Directors’ meeting held on Tuesday September 6, 2005. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the September 6, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the August 31, 2005 Financial Statements there was an operating cash fund of $376,999.  The account at Cosmopolitan Bank has reached $268,008.   The Smith Barney account totaled $2,449.   Eighteen Certificates of Deposit totaled $1,758,260.  The total of all investments and accounts was $2,403,268.

Management Report

Mary McQuillan, Property Manager provided the following information from the Management Report:

• In the month of August we had 56 work orders completed that were chargeable that produced revenue in the amount of $2,914, and 150 work orders that were non-chargeable.  $8,623 was received from the Health Club with 15 new memberships.  We received $31,338 in scavenger rebates and have been reimbursed through 2003.  There were 9 leases in August for a total year to date of 33.  The renter occupancy is holding at 30%.  There were 24 late fees issued in August.
• Year to date the average lease for a studio is $703, the average lease for a 1 bedroom is $1,050, and the average lease for a 2 bedroom is $1,475.  Year to date there have been 15 studios sold for an average price of $113,983, 18 one-bedrooms were sold for an average price of $169,340, and 6 two-bedrooms were sold for an average price of $263,708.  Overall there have been 39 sales for an average sale price of $182,344.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over two certificates of deposits.  The first rollover is of a CD at Regency Bank for 12 months at a 4.05% APY in the amount of $98,000.00.  The difference of $2,331.60 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank.  The second rollover is of a CD at Crystal Lake Bank for 12 months at a 4.03% APY in the amount of $95,000.00.  The difference of $7,926.78 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. Upon due motion by Rosalie Sutcher and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the rollover of a CD at Regency Bank and a rollover of a CD at Crystal Lake Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 2904, 415, 410, and unit 802 with the recommendations of the chief engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 2904, 415, 410, and unit 802.

New Business

Exterior Terrazzo Repairs Resolved that the Board of Directors of the Park Tower Condo Association does hereby approve the acceptance of the terrazzo repair bid to Menconi, in the amount of $9,500.00. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the acceptance of the terrazzo repair bid to Menconi in the amount of $9,500.00.

Doormen Uniform Selection Resolved to approve the order of the doormen uniforms to include 2 button down dress jackets; 4 trousers; 5 long sleeve dress shirts; 2 ties; 1 overcoat; 2 name tags; 1 doorman cap not to exceed the 2005 approved budget of $6,800.00 to Carlson-Murray, Inc. Upon due motion by Rosalie Sutcher and seconded by Bob Pierce, the Board voted unanimously to approve the ordering of doormen uniforms to Carlson-Murray, Inc. not to exceed $6,800.00.

Other Discussion Items

Front Planter Repairs In lieu of the fact that the driveway will be repaved next year the front planter repairs that were scheduled for this year will be deferred until after the drive is repaved.

Violation Fines Resolved to ratify the approval of charging an owner a $50.00 fine for illegal use of the luggage cart, and charging an owner a $50.00 fine for illegal construction. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of charging two rules and regulation violation fines to unit owners.

State Representative Harry Osterman our state representative will be the guest speaker at the October 24th Board meeting.

Adjournment

Upon due motion by Herbert Hellauer and seconded by Bob Pierce the meeting adjourned at 8:45 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary