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

Management Representatives

Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Mavis Mather, Administrative Assistant

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 8:04 p.m.

Minutes January 24, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday January 24, 2005. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve the minutes of the January 24, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the January 31, 2005 Financial Statements there was an operating cash fund of $270,238.  The account at Cosmopolitan Bank has reached $144,045.   The Smith Barney account totaled $2,416.   Twenty Certificates of Deposit totaled $1,869,819.  The total of all investments and accounts was $2,286,519.

Management Report

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

• Car #7 was turned over last week and is fully operational, the emergency phone line was installed last week and the new flooring will be installed on Thursday.  Car #8 is out of service until the end of April, probably closer to mid-May.  We are still checking with Otis and their service representatives to find out information on the intermittent problems with car #3.  We continue to meet with Otis weekly to keep the project on time.
• The Chicago Fire Department is putting together a new training program that will be ready sometime this spring.  When this program is ready we will schedule another time for the Chicago Fire Department to come talk to Park Tower.

Ratifications

Certificates of Deposit Resolved to ratify the approval of CD transfers, liquidations, and rollovers as follow.  First transferring a CD from United Community Bank to National Inter Bank in the amount of $100,000 for a term of 12 months at 3.50% APY.  Second there is a liquidation of the CD at Cosmopolitan Bank in the amount of $97,106 withdrawn penalty free.   Third a CD at Bridgeview bank will rollover in the amount of $96,852 for 12 months at 3.25% APY. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the three CD’s listed above.

Request to Remodel Resolved to ratify the approval of bathroom remodeling specifications as submitted by the unit owner of 3514 with the following stipulation: the tub drain and drain pan will not be changed, the building plumbing will not be altered. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling unit 3514 with the stipulations listed.

HVAC Proposal by York International Resolved to ratify the approval of bathroom remodeling specifications as submitted by the unit owner of 1909 with the following stipulation: the association is not responsible for tile repair or replacements. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling unit 1909 with the stipulation listed.

AVAYA – Battery Backup for the Building Phones Resolved to ratify the approval of bathroom remodeling specifications as submitted by the unit owner of 1909 with the following stipulation: the association is not responsible for tile repair or replacements. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling unit 1909 with the stipulation listed.

New Business

Approval of the 2005/2006 Proposed Budget Resolved to approve the 2005/2006 proposed budget with a 3.75% assessment increase to all unit owners.  This budget reflects the increases in Insurance, Natural Gas prices, Union wages. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve the the 2005/2006 proposed budget with a 3.75% assessment increase to all unit owners.

Approval of the 2005/2006 Fee Structure Resolved to approve the 2005/2006 fee structure with increased rates for moving fees, registration fee, bike room storage fee, lockout fee, NSF fee, late fees, and Party room fees. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the 2005/2006 fee structure.

Florist Contract Three companies were contacted for lobby flower arrangement proposals.  The proposals were for a lobby arrangement to be delivered weekly.  Year Lake View Florist at a cost of $40.00 per week; Anna Held at a cost of $50.00 per week; Blue Hydrangea at a cost of $60.00 per week. Resolved to approve Anna Held for a 1-year contract at a cost of $50.00 per week for lobby flower arrangements. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve Anna Held for the proposed contract for a 1 year term.

Worker’s Compensation Insurance Renewal Resolved to renew the worker’s compensation insurance policy with Everest National Insurance Company at an increased rate of $. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve the renewal of the Worker’s Compensation Insurance policy with Everest National Insurance Company.

Phone/ Long Distance/ DSL Provider Resolved to approve Dunning Electric to install 2 fluorescent lighting fixtures in the secondary elevator room in the amount of $1,310.00 for parts and labor. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve Dunning Electric to install fluorescent lighting in the secondary elevator room in the amount of $1,310.

Discussion on Standard Parking Contract Resolved to approve Dunning Electric to install 2 fluorescent lighting fixtures in the secondary elevator room in the amount of $1,310.00 for parts and labor. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve Dunning Electric to install fluorescent lighting in the secondary elevator room in the amount of $1,310.

Other Discussion Items There has been a homeowner recommendation that the Board allow a playgroup to meet once a week in the Party Room. Upon due motion by Vince DiFruscio and seconded by Rosalie Sutcher, the Board voted unanimously to approve allowing a playgroup to meet once a week in the Party Room on a trial basis provided a waiver is posted.

There will be another issue of the Park Tower Newsletter within the next month.  Management is looking into information on selling advertising space.

Adjournment

Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 9:09 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary