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; Ness Hanna, Secretary
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 7:45 p.m.
Minutes July 25, 2005
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday July 25, 2005. pon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the July 25, 2005 Board meeting.
Rosalie Sutcher stated that according to the July 31, 2005 Financial Statements there was an operating cash fund of $289,720. The account at Cosmopolitan Bank has reached $289,303. The Smith Barney account totaled $2,443. Eighteen Certificates of Deposit totaled $1,758,808. The total of all investments and accounts was $2,340,274.
Christina Epple, Property Manager provided the following information from the Management Report:
Certificates of Deposit Resolved to ratify the approval of the rollover of a CD at IndyMac Bank for 12 months at a 4.20% APY in the amount of $96,061.00. The difference of $3,891.40 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the rollover of a CD at IndyMac Bank.
Requests to Remodel Resolved to ratify the approval of remodeling of units 1806, 3706, and units 3306/3307 with the recommendations of the chief engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 1806, 3706, and units 3306/3307.
Disbursement of 2004-2005 audit Resolved, that the Board of Directors of the Park Tower Condominium Association does hereby approve the acceptance and distribution of the 2004/2005 Association audit. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve the acceptance and distribution of the 2004/2005 Association audit.
Elevator modernization change orders Resolved to ratify the elevator modernization change orders as listed below.
Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the above change orders, 1602, 1663, and 1557 for the elevator modernization project to Otis Elevator for the following costs: $24,482.64, $4,682.73, and $4,513.20 respectively.
Belmont Electro Resolved to approve the repairs of the domestic booster pump to include the following: pull motor, bring to shop to analyze repairs; machine replacement parts, labor 2-men, 12 hours; re-assemble parts to existing motor assembly, order and install new seal and o-rings. Belmont electro has preformed all electric motor and compressor repairs for the past 20 years. They maintain a large inventory of stock replacement parts for the building equipment. Belmont currently has the motor and pump assembly in their shop. Competitive bids are not needed for this repair. Included in the proposed quote is a labor expense of $1,975.00 for the removal of motor from site and travel to shop and disassembly of motor to determine repair costs. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve the above mentioned repairs to the motor and pump assembly to Belmont Electro in the amount of $10,997.00.
Gas Prices The Board of Directors has called a Special Board Meeting for Tuesday September 6th at 7:00pm to approve a gas expense assessment increase.
Security Committee In lieu of not being able to contact the Chair of the Security Committee, the Board of Directors has given Nessim Hanna, the Board Liaison to the Security Committee, the authorization to call a Security Committee Meeting.
Other Discussion Items
Garage Committee Report The garage committee met on August 15th to discuss how employee hours are determined, and to discuss damage complaints.
Upon due motion by Nessim Hanna and seconded by Bob Pierce the meeting adjourned at 8:13 pm.
Vince DiFruscio, President
Nessim Hanna, Secretary