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

Board Members Absent

Nessim Hanna, Secretary

Management Representatives

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 7:52 pm.

Minutes February 27, 2006

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday February 27, 2006. Upon due motion by Herbert Hellauer and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the February 27, 2006 Board Meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the February 28, 2006 Financial Statements there was an operating cash fund of $506,611.  The account at Park National Bank has reached a balance of $391,107.   The Smith Barney account balance totaled $2,388.   Eighteen Certificates of Deposit totaled $1,740,139.  The total of all cash and investments was $2,674,358.

Committee Reports

Gregor Hamilton provided the following report from the Garage Committee: during the construction project, all residents are advised to check their car for damages before leaving the garage.  In the new rules and regulations that will be mailed out to owners, there will be a rule stating that all residents that have had three to four late fee charges within a 12 month rolling period are to have their parking privileges revoked.

Vince DiFruscio provided information gathered from the Health Club Committee meeting held on March 9, 2006.  Issues discussed at the meeting include: a problem with a member who has offensive body odor, pool staff procedures, the possibility of purchasing new equipment, and procedures for when a pool attendant is late in opening up the Health Club.

Management Report

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

• The new part-time office assistant, Alana Sobelman will start on March 29th at 9:00am.  The new doorman Gilbert Garcia has completed doorman training and will work three days a week as a Doorman and two days a week in the maintenance department.
• From March 1, 2005 through February 28, 2006 there were: 841 chargeable work orders that generated $27,219 in revenue, 1,297 non-chargeable work orders, $92,056 received in income from the health club with 294 memberships, $796,321 reported from the Market in sales, $101,526 received in scavenger rebates, $23,435 charged in fines, 455 late fees totaling $23,100, 92 move-ins and 95 move-outs.

Ratifications

CD Transactions Resolved to approve the transfer of the CD from Northbrook Bank to Win Trust Bank in the amount of $95,000.00 at 4.89% APY for a term of 15 months with the excess funds of $5,260.07 deposited into the reserve account at Park National Bank. Resolved to renew the CD at Centennial Bank in the amount of $95,000.00 at 4.85% APY for a term of 12 months with the excess funds of $5,104.88 deposited into the reserve account at Park National Bank. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the transfer of the CD from Northbrook to Win Trust Bank and the renewal of the CD at Centennial Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 711, and 4615 with the recommendations of the chief engineer, in accordance of the Rules and Regulations and remodeling guidelines, and with the stipulation that single handled faucets are allowed provided they are installed with pressure valves in the wall. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 711 and 4615.

Garage Repair Contract The garage membrane project consultant, WJE prepared the specifications and invited four general contractors to bid on the project.  One contractor declined bidding due to a conflict of interest.  The project shall consist of the following elements:  general condition; concrete repairs at the base of perimeter walls; walkway ramp modifications; traffic-bearing membrane system; re-stripping garage floors (both levels).  Additional conditions for the project shall consist of:  top surface concrete slab repairs; vertical and overhead repairs; full depth slab replacement; slab replacement on grade; sealer on exposed concrete; joint sealant; (6) new floor drains; level 1-P drain head; drain head outlet; replacement of floor cleanout; replace wheel stops; chemical grouting; chemical material.

• Zerra Construction:  Base: $233,040  Add on: $230,180  Total: $463,220.00
• Takao Construction:   Base: $237,751   Add on: $241,540   Total: $479,291.00
• Allied Waterproofing:   Base: $208,500 Add on: $274,300  Total: $482,800.00

*Please note the contractor was decided by tear off votes from the Board of Directors.

Resolved to approve the garage membrane repair contract to Zerra Construction as submitted in the amount of $463,000.00 with a start date of March 20, 2006 with an anticipated completion date of July 1, 2006. Upon due motion by Herbert Hellauer and seconded by Bob Pierce, the Board voted unanimously to approve the garage membrane repair project to Zerra Construction as submitted in the amount of $463,000.00.

Architect Retainer Fee The architect firm to be hired will oversee the front drive project and will provide several renderings of the driveway, sidewalk, lighting, circle planter, and landscape designs. Resolved to hire the firm of JLA Johnson Lasky Architects to provide renderings of proposed design plans for the repairs and replacement of the front circle drive, front building sidewalk and circle planter in the amount of $5,000.00. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to hire the firm of JLA Johnson Lasky Architects for the front circle drive project by paying a retainer in the amount of $5,000.00.

New Business 

Abandoned Oil Tanks There are two fuel oil tanks located in the front of the building.  These tanks were originally used to store heating oil for the boiler system.  Each tank is a 15,000 gallon tank that currently holds approximately 6,000 gallons of grade 6 oil.  Contract specifications include the removal and off site disposal of oil remains of both tanks.  Additionally; the tanks must be cleaned in accordance with stringent EPA standards.  The tanks will then be filled in place with a sand/pea gravel mixture.  The ground surface area will then be prepared to grade.  The following companies specialize in “abandonment in place” and have submitted proposals:

• R.W. Collins: $24,850.00       Removal of Oil: $1,000.00         Total: $25,850.00
• Cicero: $27,950.00       Removal of Oil: $900.00           Total: $28,850.00
• EPI: $29,575.00       Removal of Oil: Included           Total: $29,575.00

Resolved to approve the contract with R.W. Collins in the amount of $25,850.00 to “abandon in place” two 15,000 gallon oil tanks. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve R.W. Collins to “abandon in place” the two oil tanks in the front of the building in the amount of $25,850.00.

Other Discussion Items

Fobs The new security system that is being installed will be controlled by fobs.  The fobs will only be issued to registered residents of each unit.  Anyone not a legal resident of the building will need to have a permission to enter form filled out by the resident in order to enter.

Building Electric Contract Resolved to allow the building electric contract to revert back to ComEd and be billed at the rate 6 electric plan. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to allow the building electric contract to revert to ComEd at their rate 6 electric plan.

Adjournment

Upon due motion by Herbert Hellauer and seconded by Bob Pierce the meeting adjourned at 8:29 pm.

Vince DiFruscio, President

Herbert Hellauer, 1st Vice President