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; Nessim 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 7:50 p.m.
Approval of Minutes
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday May 22, 2006. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the May 22, 2006 Board Meeting pending corrections as stated by Bob Pierce.
Rosalie Sutcher stated that according to the May 31, 2006 Financial Statements there was an operating cash fund of $299,034.18. The account at Park National Bank was closed with funds moved to the MAX SAFE account at Barrington Bank totaling $171,785. The Smith Barney account balance totaled $2,422. Eighteen Certificates of Deposit totaled $1,729,606. The total of all replacement reserves funds was $1,901,390. The total of all cash and investments was $2,200,425.
Rosalie Sutcher provided the following report from the Budget and Finance Committee Meeting with the Chris Nyborg, the auditor, on June 8th. This year we have a very clean audit which means that the financial statements present fairly what the financial condition is of the association as of February 28th. We keep our financial records in accordance with the general financial standards so that the auditor can look at our accounts and confirm that what we say in the financials is being reported accurately. These reports are kept clean due to the internal controls that we have in place. Chris Nyborg has filed our taxes as a not for profit organization with no taxes due. Chris discussed the operations of the association stating that the accounts receivable are well managed with a fast process for sending delinquent accounts to collections. She pointed out that the Association has been working off of a bare bones budget for a couple of years and needs to look into better funding for emergency contingencies. Chris also stated that projects such as the front drive and landscaping should not be put off as they are the projects that bring in new people to the building.
Bob Pierce provided the following update from the Home Improvement Committee. In the last Board meeting the Board decided to defer the front circle drive until next year so that they could get the bids from vendors and plan effectively. At the same time we are planning to do the lobby renovations and make the front circle and the lobby one whole plan with the same architect. This morning there was a meeting with Ann Sullivan, the architect from JLA, and Bob gave her the ideas that were gathered during the town hall meeting about what kind of vision people had for the lobby. The ideas that were presented were about reconfiguring the doorman desk such that he is a control point between the front door and the secured area, making the front door of the building handicap accessible with other types of doors rather than the circular doors, poor air circulation and the change in temperature from the upstairs to the lobby level, changing the lighting products to create a more dramatic look in the lobby highlighting the architectural features, cleaning the corrugated concrete, and opening up more areas to create a better public seating area.
Christina Epple, Property Manager; provided the following information from the Management Report:
CD Transactions Resolved to approve the closing of the CD at Banco Popular, the CD was closed and the proceeds of $100,104.88 were deposited into the MAX SAFE money market account to contribute to establishing the required 200K minimum balance. Resolved to approve the rollover of the CD at Intervest National Bank in the amount of $95,000.00 at 5.21% APY for a term of 12 months with the excess funds of $4,955.73 deposited into the reserve account at Barrington Bank. An account number has been assigned for the replacement reserve MAX SAFE account as approved by the Board of Directors at the May 22, 2006 Board Meeting, as amoney market account. Funds were wire transferred from the Park National Bank in the amount of $150,000.00. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the closing of the CD at Banco Popular, the rollover of the CD at Intervest National Bank, and the assignment of an account number for the MAX SAFE account.
Requests to Remodel Resolved to ratify the approval of remodeling of units 802, 1110 & 1111, 1806, 2709, 3009, and 5301 as submitted by the unit owners with the recommendations of the chief engineer, in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of remodeling units 802, 1110 & 1111, 1806, 2709, 3009, and 5301.
Ratify Emergency Repair Expense Approve Belmont-Electro Company to perform repairs to the primary circulating condenser pump for the main cooling tower. For the past 2 years, both seasons, the packing seals on the condenser pump had failed causing leaks. The problem was looked at in house and this year plans were made to take out the packing seals and replace them with mechanical seals. When the seals were removed it was discovered that the leak was from the sleeve for the cooling shaft. The sleeve had become cracked and unusable. In order to provide cooling for the building this repair had to be done as soon as possible, therefore Belmont-Electro Company, who is familiar with the equipment, was called in to repair the condenser pump. The replacement of the seals was estimated to cost between $1,000.00 and $1,400.00, because of the need to rebuild the pump this job ended up costing $6,841.60. Resolved to approve Belmont-Electro Company for work preformed to rebuild the condenser pump in the amount of $6,841.60. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to ratify the approval for Belmont-Electro Company to perform repairs to the condenser pump in the amount of $6,841.60.
Approval of 2005/2006 Audit Approve the distribution of the 2005/2006 audit subject to the changes previously discussed with the Auditor. Owners will not be mailed a copy of the audit. Copies of the audit will be made available for pickup at the front desk or in the management office. Resolved to approve the acceptance and distribution of the draft of the 2005/2006 audit.Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the acceptance and distribution of the 2005/2006 audit.
Approval of Bad Debt Write-off Resolved to approve a write-off in the amount of $17,691.54 for bad debt not collected during the audit year of 2005/2006. This bad debt consists of uncollectible debt accrued from foreclosures and bankruptcies found in the audit. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to approve the write-off in the amount of $17,691.54 for bad debt accrued in 2005/2006.
Change Orders Zera Construction The following change orders to the standard repair proposal have been submitted by the contractor, Zera Construction and approved by the project engineer, Peter Stork of WJE.
Resolved to approve the change orders to the garage membrane repair project submitted by Zera Construction and approved by the project engineer WJE as defined by: change order 4: $2,990.00, and change order 5: $11,685.00. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve change order 4in the amount of $2,990.00, and change order 5 in the amount of $11,685.00.
Tuck Point Repairs Approval of a vendor to furnish material, equipment, and insurance required to perform tuck-point repairs to the north elevation loading dock. Scope of work to include: tuck-pointing as necessary, cracked and deteriorated mortar joints, remove and replace ten (10) damaged bricks, remove and replace horizontal and vertical sealant joints. Three contractors provided bids.
Resolved to approve the contract to perform tuck point repairs to Great Lakes Construction, as submitted, in the amount of $4,955.00. *Work on this project began on June 5, 2006. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the contract to perform tuck point repairs to Great Lakes Construction in the amount of $4,955.00.
Façade Inspection To approve Wiss, Janney, Elstner Associates, Inc. to fulfill the professional requirements of the Chicago Amended Façade Inspection Ordinance by completing the Ongoing Inspection and Repair Program report in 2006. The proposed scope of work shall encompass the following: review previous façade inspection reports, drawings, and specifications of previous repair work on the façade to become familiar with the maintenance history of the façade on the building; meet with management and building maintenance personnel to discuss repair work that is scheduled to be performed on the façade; perform a visual inspection of the façade on all elevations of the building from grade level and from adjacent roofs with binoculars and document conditions observed; prepare the Ongoing Inspection and Repair Program report on the façade of the building and submit to the City of Chicago prior to 1 November 2006. Total proposed cost is $2,500.00.
*No other bids were requested as WJE’s proposal fits within the budgeted amount and WJE already has the information on the building from previous façade inspections in the Critical Façade Inspection.
Resolved to approve WJE to perform and file the Ongoing Inspection and Repair Program report as proposed in the amount of $2,500.00. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve WJE to perform and file the Ongoing Inspection and Repair Program report as proposed in the amount of $2,500.00.
Other Discussion Items
Job Well Done Ariel Pina and George Becknek did a fantastic job on the waxing of the interior terrazzo. They had come in to do the work on the midnight shift on their days off.
4th of July Party – Thanks Thanks to Ruth Posternack, Bea Stieber, and Harriet Dominique for all their work planning the fourth of July Party. The party will be held on July 4th starting at 5:30pm. The fireworks will begin at dusk.
Tower Talk The new edition of Tower Talk will be distributed in the next week. We have accepted advertising from the Chicago Diner in exchange for vegetarian burgers for the Fourth of July party.
Upon due motion by Nessim Hanna and seconded by Bob Pierce the meeting adjourned at 8:40 pm.
Vince DiFruscio, President
Nessim Hanna, Secretary