Events Calendar
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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
Board Members Absent
Rosalie Sutcher, Treasurer
Management Representatives
Andreas Holder, Property Supervisor – Draper and Kramer; 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
Rebecca Rossof chaired and called this meeting to order at 8:03 p.m.
Miinutes April 25, 2005
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday April 25, 2005. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the minutes of the April 25, 2005 Board meeting.
Treasurer’s Report
In place of Rosalie Sutcher, Nessim Hanna stated that according to the April 30, 2005 Financial Statements there was an operating cash fund of $271,988. The account at Cosmopolitan Bank has reached $211,554. The Smith Barney account totaled $2,427. Eighteen Certificates of Deposit totaled $1,764,483. The total of all investments and accounts was $2,250,452.
Management Report
Christina Epple, Property Manager provided the following information from the Management Report:
Ratifications
Certificates of Deposit Resolved to ratify the approval of rolling over the CD at Countrywide Bank for a term of 12 months in the amount of $98,000 at 4.01% APY with the interest income in the amount of $2,000 to be transferred to the reserve account at Cosmopolitan Bank, a rollover of a CD at Fireside Bank for a term of 12 months in the amount of $96,227 at 3.92% APY, and a Transfer of the CD at Libertyville Bank to Allied Bank in the amount of $96,153 at 4.00% APY. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the CD at Countrywide Bank, rolling over a CD at Fireside Bank, and transferring a CD from Libertyville Bank to Allied Bank.
Request to Remodel Resolved to ratify the approval of installing new carpet for unit 4803 as per the building recommendations. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling by units 4803.
Gas Purchase Resolved to approve the purchase of 34% of gas with Excelon for the period of September 1, 2006 through August 31, 2007 at $0.766 per Therm. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the gas purchase of 34% for the period of September 2006 through August 2007 at $0.766 per Therm.
New Business
Approval of Scavenger Contract Our current contract with Waste Management expires on June 30, 2005. It should be noted that with the exception of Waste Management all other bids are considerably higher due to either the purchase of or lease of the trash containers. The Association does not currently pay charges for the containers.
Three bids for this contract have been submitted to Park Tower:
Resolved to approve the proposal from Waste Management in the amount of $1,830 per month for the term of three years with a 5% increase every year after the first year to provide trash removal, recycling services and provide an additional free-standing 5 yard container. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the Waste Management scavenger proposal for a term of three years at $1,830 per month for the first year and 5% increases thereafter.
Approval of Garage Contract
Our current contract with Standard Parking expires this year. The following companies responded to our requests to submit a proposal based on the following specifications: the Management Agreement will be for a term of 3 years, the management fee will be a fixed monthly fee, the companies are to be responsible for the staffing hours and duties, and the companies will provide the required insurance. Each company was asked to bid on the same package using a working manager instead of a garage manager.
Resolved to approve the 2005/2006 garage management contract to Standard Parking for a term of 5 years ending in the year 2008 in the amount of $1,666.66 per month for the length of the contract. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the 2005/2006 garage management contract to Standard Parking for a term of 5 years at $1,666.66 per month.
Other Discussion Items
The Park Tower Market Focus group has submitted various suggestions for improving the Market. The Focus group will be coming out with a survey in the next few weeks to get more input from residents on how they use or do not use the Market. The Focus group has come up with a suggestion for putting tables in the mall area by the skylight to add another place for residents to visit and eat. Management talked with Lettuce Entertain You and they have given their approval for this idea. The Home Improvement committee will meet to discuss what types of tables and chairs to use and to submit a proposal to the Board. If the idea does not work out then the tables and chairs can be moved to the deck. The report from the Market Focus Group was very thorough and helpful to the Board; the Board is very appreciative of their work and their suggestions.
The City of Chicago does not have any rules or codes for elevator entrapments, as every case is different. Every elevator car has an Otis hotline button that is dedicated to 24 hrs a day 7 days a week to New Jersey where they will be able to track what is happening in the elevator. Maintenance will no longer work at freeing any person from an elevator entrapment. We have been lucky in the past but will no longer be putting our employees or residents in danger of the car falling while trying to free residents. Any time that Otis takes longer than half an hour to respond to any entrapment Management will call the building department and register a complaint. Resolved to establish the following protocol for elevator entrapments at Park Tower: The Park Tower maintenance staff is not permitted to open any elevator in which passengers may be entrapped; in the event that Otis has not arrived on site to release entrapped passengers, 911 will be called should the passengers determine that an immediate release is necessary. Upon due motion by Vince DiFruscio and seconded by Herbert Hellauer, the Board voted unanimously to set up elevator entrapment procedures as listed above.
The Park Tower Cleaners have offered to perform regular cleaning on the new Doorman Uniforms at no charge to the association.
Adjournment
Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 9:01 pm.
Rebecca Rossof, President
Nessim Hanna, Secretary