IMPORTANT NOTE: The “Post Meeting Roundup” is neither official meeting minutes, nor is it intended as a replacement of actual meeting minutes for Board Meetings.  The minutes of any given meeting are typically not available until after they are reviewed and approved by the Board, which usually occurs at the next scheduled meeting.  Rather, the roundup is a review of the activity and business considered at the meeting as observed by management, provided as a courtesy and convenience.

BOARD OF DIRECTORS

Monday May 9, 2016 at 7:30PM

2^nd Floor Party Room

OWNER FORUM – 7:30pm

The Board and Management addressed questions and feedback from owners present.

OPEN SESSION – 7:48pm – Call to Order/Confirm Quorum

Board 2nd Vice President Dave Nicosia called the meeting to order and confirmed a quorum of members was present.

Present from the Board at the meeting was Betty Terry-Lundy, Secretary; David Nicosia, 2nd Vice President; and Jean Shamo, Board Treasurer and Board President George Pauley was present via speaker phone. Absent from the meeting was Board Vice President Michael Parrie. Present from Management was Dave Barnhart, Property Supervisor; Timothy Patricio, Property Manager and Amir Cobalovic, Assistant Manager.

Action Items – New Business

Closed Session Business

After a motion by Betty Terry-Lundy, seconded by Jean Shamo, the Board voted unanimously in favor of a resolution, related to case #mgmt.05.03.16, to approve reducing the total insurance fines for a Unit Owner from $1500 to $200, contingent upon the scheduling and successful completion of an inspection of bathroom repair work that was completed by the unit owner.

Minutes – Board Meeting April 25, 2016

After a motion by Betty Terry-Lundy, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday April 25, 2016.

Unit Owner Request – Service Animal

After a motion by Jean Shamo, seconded by George Pauley, the Board of Directors voted unanimously in favor of a resolution to approve a Service Animal request as recommended by the Association’s legal counsel.

Fiber Network Proposal

After a motion by Dave Nicosia, seconded by George Pauley and discussion, Dave Nicosia opened the floor up for discussion and questions from the audience regarding the proposed installation of a fiber optic network by AT&T. After further discussion, Dave Nicosia amended the motion, seconded by George Pauley and the Board of Directors voted unanimously in favor of a resolution to approve the design plan for the installation of a Fiber Optic Network by AT&T throughout the Park Tower with connections in each unit utilizing the existing phone line conduits, contingent upon confirmation there will be no exposed fiber running along or down open walls.

High Zone Hot Water Heaters

After a motion by Betty Terry-Lundy, seconded by George Pauley, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve the proposal as recommended and presented by Elara Energy for replacement of the high zone hot water heaters by Fettes, Love & Sieben, at a total cost not to exceed $213,357.

Construction Requests

After a motion by Betty Terry-Lundy, seconded by George Pauley, the Board of Directors voted unanimously in favor of a resolution approving the remodeling plans of units 4204 and 307 as submitted by the unit owner, following the recommendations of the chief engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.

Business Reports

Treasurer’s Report

CD Transaction

After a motion by Jean Shamo, seconded by George Pauley, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve and ratifies the renewal of an 18 month $201,795.57 Certificate of Deposit with International Bank of Chicago for the Reserve for Replacement Fund, at 1% interest scheduled to mature on October 22, 2017.

Management Report

ADJOURNMENT

There being no further business, after a motion by George Pauley, seconded by Betty Terry-Lundy the Board of Directors voted unanimously in favor of a resolution to adjourn the May 9, 2016 Board Meeting at 8:41PM.