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

Board Members Absent

Nessim Hanna, Secretary; Rosalie Sutcher, Treasurer

Management Representatives

Tom Taylor, President of the Condo Division of Draper and Kramer; 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 8:30 p.m.

Minutes March 27, 2006

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday March 27, 2006. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the March 27, 2006 Board Meeting.

Treasurer’s Report

Vince DiFruscio stated that according to the March 31, 2006 Financial Statements there was an operating cash fund of $244,876.  The account at Park National Bank totaled $420,684.   The Smith Barney account balance totaled $2,395.   Eighteen Certificates of Deposit totaled $1,737,150.  The total of all cash and investments was $2,402,710.

Committee Reports

Vince DiFruscio provided information from the Rules and Regulations Committee.  The Rules and Regulations committee met on April 17, 2006.  The committee has not recommended any fines.  There are 79 owners who will be fined for non-compliance with the liability insurance.

Management Report

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

• Patch Landscaping will be submitting their landscaping re-bid by April 30th for committee and Board review.
• The building window washing for this year has not started yet.  The lobby windows have been cleaned once.  The budget was cut back this year to only include two window washings.  With the construction going on at 5445 N. Sheridan and at our building there is a lot of dust in the air, we are going to wait until the garage project is nearly complete and the dust has settled before the first window cleaning.
• R.W. Collins was awarded the contract for the abandonment in place of the oil tanks.  The soil test has come back negative and we are free to move forward with the abandonment of the oil tanks.
• The fob distribution has been announced and is set to begin on April 26th.  If a resident is not physically able to get to the office we will send someone up to deliver the fob.  There will be make-up dates and Saturday dates that we will be working to accommodate all residents.  Each resident who lives in the building will receive one fob.  The new security system will be activated on May 15th and the blue cards will need to be returned to the management office after they are no longer active.

Ratifications

CD Transactions Resolved to approve the rollover of the CD at Corus Bank in the amount of $95,000.00 at 5.08% APY for a term of 12 months with the excess funds of $4,999.97 deposited into the reserve account at Park National Bank. Resolved to renew the CD at Builders Bank in the amount of $95,000.00 at 5.13% APY for a term of 12 months with the excess funds of $5,001.77 deposited into the reserve account at Park National Bank. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the rollover of the CD at Corus Bank and the renewal of the CD at Builders Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of unit 908 with the recommendations of the chief engineer, in accordance of the Rules and Regulations and remodeling guidelines. Resolved to deny the request to remodel unit 1715 until the certificate of insurance for the vendor has been submitted and reviewed. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling unit 908 and to deny approval for the remodeling of unit 1715.

New Business

Window Feasibility Study The feasibility study is proposed to be for the installation of new insulating glass units into the existing curtain wall system.  This study will entail replacing the existing single pane glass in the curtain wall glass with IG units.  The project shall consist of the following elements: general conditions, review architectural and structural drawings and other documents, perform visual inspection, perform analysis to determine structural capacity of existing system and determine if IG units will conform to system members, and prepare and submit a written opinion.  Three qualified engineering firms were contracted to submit bids: Wiss Janney Elstnor, Gustitus Group, and Kellermeyer Godfryt and Hart.

• WJE: Base:  $7,000.00           Add On:  $0.00             Total:  $7,000.00
• Gustitus: Base:  $9,875.00           Add On:  $2,000.00       Total:  $11,875.00
• KGH declined to bid.

Resolved to table the motion to approve the curtain wall window feasibility study to research if this study has already been preformed. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to table this motion.

Building Insurance Renewal Approval of the building insurance policy for 2006/2007 (the current building insurance policy expires on May 1, 2006).  The insurance policy will include all companies rates A+, and will cover multi-peril, excess property, liability, garage keeper’s legal liability, boiler and machinery, crime, directors and officer’s liability, and umbrella.  Draper and Kramer, Inc. was not able to acquire a bid from Travelers Insurance and therefore must decline bidding at this time.  Mesirow Insurance provided the following proposals:

• Fireman’s Fund (incumbent): $203,780.00
• Affiliated FM: $174,527.00

The improved loss-run and aggressive oversight of policy requirements and understanding of the industry since Draper and Kramer’s management involvement with Park Tower has resulted in lower premiums. Resolved to award the building insurance policy to Fireman’s Fund in the amount of $190,292.00 for the period of May 1, 2006 to April 30, 2007. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to award the building insurance contract to Fireman’s Fund in the amount of $190,292.00.

Tax Appeal Attorney Agreement Approval of the contract for the 2006 triennial tax assessment appeal.  Fees based on a contingency basis of savings earned for reduction in tax owed over a 3-year tax assessment period.

• Sheridan Pearlman (incumbent): 20% first year savings or 6.6% over each year for a 3-year period
• Elliott & Associates: 15% first year savings or 5% over each year for a 3-year period

Resolved to table the motion to approve the contract to prepare the 2006 triennial tax appeal until Michael Sheridan provides a new proposal. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to table this motion.

Other Discussion Items

Washer and Dryers Prohibited The Board of Directors would like to reiterate that in the Rules and Regulations it states that no clothes washers or driers may be installed or used without the Board’s written authorization and that only combined units will be considered for washer and dryer installation.

Adjournment

Upon due motion by Bob Pierce and seconded by Herbert Hellauer the meeting adjourned at 8:57 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary