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; Herbert Hellauer, 2nd Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer
Tom Taylor, President of Condominium Division, 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 were presentations from Imperial Parking, GO Parking, and Standard Parking. Questions from the Board and Homeowners followed.
Call to Order
Rebecca Rossof chaired and called this meeting to order at 8:34 pm.
Approval of Minutes
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday March 28, 2005. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the minutes of the March 28, 2005 Board meeting.
Rosalie Sutcher stated that according to the February 31, 2005 Financial Statements there was an operating cash fund of $302,072. The account at Cosmopolitan Bank has reached $120,968. The Smith Barney account totaled $2,423. Eighteen Certificates of Deposit totaled $1,768,627. The total of all investments and accounts was $2,194,090.
Christina Epple, Property Manager provided the following information from the Management Report:
Certificates of Deposit Resolved to ratify the approval of rolling over the CD at Builders Bank for a term of 12 months in the amount of $96,246 at 3.75% APY, and a rollover of a CD at Corus Bank for a term of 12 months in the amount of $96,098 at 4.06% APY with the interest income in the amount of $3,900.68 transferred to the reserve account at Cosmopolitan Bank. Upon due motion by Vince DiFruscio and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of rolling over the CD at Builders Bank, and rolling over a CD at Corus Bank.
Request to Remodel Resolved to ratify the approval of a thirty-day extension for unit 3514, the tile flooring installation per building recommendations for unit 1101, the hardwood flooring installation per building recommendations for unit 2012, the bathroom remodel and tile flooring installation per the building recommendations for unit 4112, and the flooring replacement per the building recommendations for unit 415. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling by units 3514, 1101, 2012, 4112, and 415.
Window Washing Contract Two companies were contacted for window cleaning proposals for the 2005 contract, the budget allows for $20,000.00. The proposals were for 3 exterior window washings, 3 lobby window washings (in and out) and one application of spider kill. Shine on Cleaning proposed the above work for a total cost of $23,410.00; Corporate Cleaning proposed the above work for a total cost of $17,800.00. Resolved to approve the 2005 window-cleaning contract to Corporate Cleaning for 3 exterior washes, 3 lobby window washes (in and out) and 1 application of spider kill (spring application) for the amount of $17,800.00. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the 2005 window-cleaning contract to Corporate Cleaning for the amount of $17,800.00.
Approval of firm to perform: Life Safety Evaluation The purpose of the Life Safety Evaluation is to demonstrate that non-transient high-rise buildings that do not have a sprinkler system will have a reasonable level of safety from fire. The ordinance requires that the evaluation be submitted to the City of Chicago, Department of Buildings by December 31, 2005. The evaluation is to be preformed by a licensed engineer, who will conduct the inspection in 2-phases, 1) Survey and 2) Testing. Three bids for this evaluation have been submitted to Park Tower:
Resolved to approve the proposal from Schirmer Engineering in the amount of $4,500 base and an amount TBD for time and expense for testing to perform the Life Safety Evaluation and submit the report to the City of Chicago within 90 days of execution of the contract and meet all the City of Chicago High-Rise Ordinances. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of Schirmer Engineering to perform the Life Safety Evaluation for Park Tower.
Approval of Insurance Policy Resolved to approve the 2005/2006 building insurance renewal policy to Mesirow Insurance as broker, which includes: Multi Peril, Excess Property, Liability, Garage Keeper Legal Liability, Boiler and Machinery, Crime, Directors and Officers and Umbrella, in the amount of $214,703. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the 2005/2006 insurance renewal policy to Mesirow Insurance in the amount of $214,703.
Advertising Guide Lines for Newsletter Discussion on guidelines for advertising in the Park Tower quarterly newsletter. This topic will be tabled until we have a group of residents organized to work on the newsletter and make recommendations to the Board regarding advertising.
Discussion on Garage Proposals Discussion on who the Board and the Garage Committee would like to meet with for more information. This topic will be tabled until further discussions with the garage representatives from Imperial Parking and GO Parking on the first Thursday in May at 7:00pm in the Party Room.
Other Discussion Items
The Garage Committee met to discuss a serious transient parking violation. It has been recommended by the garage committee that as a result of breaking this garage rule all parking privileges should be terminated for the renter involved and his friends. Resolved to terminate the parking privileges of the tenant in question. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to follow the garage committees recommendation to have the parking privileges terminated for the tenant who broke the garage rules.
Upon due motion by Nessim Hanna and seconded by Vince DiFruscio the meeting adjourned at 9:18 pm.
Rebecca Rossof, President
Nessim Hanna, Secretary