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; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer

Board Members Absent

Vince DiFruscio, 1st Vice President; Herbert Hellauer, 2nd Vice President

Management Representatives

Mary McQuillan, Property Supervisor; Christina Epple, Property 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

Rebecca Rossof chaired and called this meeting to order at 7:43 p.m.

Minutes November 22, 2004

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday November 22, 2004. Rebecca Rossof recommended that corrections be made to the minutes such that the social committee was approved to spend up to $2000 on the holiday party. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to approve the minutes of the November 22, 2004 Board meeting with the change made to the committee reports.

 Treasurer’s Report

Rosalie Sutcher stated that according to the November 30, 2004 Financial Statements there was an operating cash fund of $251, 815.  The account at Cosmopolitan Bank has reached $180,572.   The Smith Barney account totaled $2,409.   Twenty Certificates of Deposit totaled $1,960,738.  The total of all investments and accounts was $2,395,534.

Management Report

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

• The flooring installation for cars 5 and 6 has been finished.  With the exception of some intermittent problems that Otis is working on, the remodeling for cars 5 and 6 is done.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over the CD 29635 at Cosmopolitan Bank at 2.5% APY liquid for a term of 7 months with two penalty free withdrawals. Funds in the amount of $1,125 to be deposited into the reserve account. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over CD 29635 and depositing $1,125 into the reserve account.

Request to Remodel Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 714 with the following stipulations: single handled faucets are not allowed, the cable and phone lines in the partition wall must be rerouted by a licensed electrician. Upon due motion by Rebecca Rossof and seconded by Rosalie Sutcher, the Board voted unanimously to ratify the request for remodeling unit 714 with the stipulations listed.

Gas Purchase Resolved to approve the purchase of 25% of the natural gas purchase for the April 1,2005 through August 31, 2005 period at $0.676 per therm, and an additional 25% of the natural gas for March 1, 2005 through August 31, 2005 at $0.699 per therm. Upon due motion by Rebecca Rossof and seconded by Rosalie Sutcher, the Board voted unanimously to ratify the approval of the natural gas purchases.

New Business

Change orders for Otis Elevator Resolved to approve the following change orders for Otis Elevator per City Code Regulations: the hall position buttons for the garage elevators in the amount of $438.00; the new fan motors for the garage elevators in the amount of $1,480.00; Patch beveled edges on 4th, 7th, 8th, 21st, and 55th floors in hoist ways in the amount of $1,241.00; Install ladders in cars 3, 4, 5, 7, and 8 in the amount of $3,165.00; and patch drywall holes in hoist way at the 4th and 18th floors for cars 3 and 4 at a cost of $1,356.00. Upon due motion by Rebecca Rossof and seconded by Rosalie Sutcher, the Board voted unanimously to approve the change orders for Otis Elevator per City Code as listed above.

Dunning Electric Resolved to approve Dunning Electric to furnish and install 5 fluorescent fixtures in elevator rooms at a cost of $1,640. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to approve Dunning Electric to furnish and install 5 fluorescent fixtures.

Audit Proposals Three proposals for auditing the 2005/2006 fiscal period were submitted.  The bids were Picker & Associates at a cost of $4,900 (out of pocket billed separately), Nyborg & Nyborg at a cost of $5,000 maximum fee (out of pocket billed separately), and Schneider Cupuro at a cost of $6,050. Resolved to invite Chris Nyborg to the January meeting to speak with her provided that she agree to a flat fee of $5,000 which would include the exit interview with the Board after she had completed the Audit.

Health Club Resolved to approve the purchase of a new treadmill for the Health Club from Life Fitness at a cost of $3,999. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the purchase of a new treadmill from Life Fitness at a cost of $3999. Resolved to approve increasing the Health Club fees by 10% (rounding to the nearest $5) across the board effective March 1, 2005. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to increase the Health Club membership fees by 10%. Resolved to approve offering a special introductory offer for a Health Club membership at $99 for January, February, and March 2005. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to offer a special Health Club membership at $99 for the term of January, February, and March of 2005. Resolved to approve allowing a resident of the building to offer yoga classes at $7 per session. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to allow a resident to offer yoga classes in the building at $7 per session.

Security Contract Bids Three companies were contacted for security proposals.  Magnum Security at a cost of $10,712 per month and a 2-hour minimum-security coverage for moves at $15.94 per hour; Admiral at a cost of $11,383 per month and a 4-hour minimum-security coverage for moves at $15.70 per hour; Securitas has a proposal pending. Resolved to approve Magnum Security for a 1-year contract at a cost of $10,712 per month and a 2–hour minimum-security coverage for moves at $15.94 per hour. Upon due motion by Rebecca Rossof and seconded by Nessim Hanna, the Board voted unanimously to approve Magnum Security for the proposed contract for a 1 year term.

UPS Box Installation Resolved to table the proposal from UPS to install a pickup box in Park Tower. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to table the proposal from UPS.

Committee Reports

The Budget and Finance Committee meeting will be held once the Board meeting has been adjourned.

Adjournment

Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher the meeting adjourned at 8:20 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary