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
Vince DiFruscio, President; Herbert Hellauer, 1st Vice President; Bob Pierce, 2nd Vice President; Rosalie Sutcher, Treasurer; 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 7:18 pm.
Minutes September 26, 2005
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday September 26, 2005. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the September 26, 2005 Board meeting.
The Board Meeting resolved to approve of the minutes of the Board of Directors’ meeting held on Monday October 17, 2005 with amendments as suggested by Bob Pierce. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve the minutes of the October 17, 2005 Board meeting with amendments as suggested by Bob Pierce.
Treasurer’s Report
Rosalie Sutcher stated that according to the September 30, 2005 Financial Statements there was an operating cash fund of $374,607. The account at Cosmopolitan Bank has reached $314,150. The Smith Barney account totaled $2,455. Eighteen Certificates of Deposit totaled $1,747,191. The total of all investments and accounts was $2,435,948.
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 two certificates of deposits. The first rollover is of a CD at Barrington Bank for 12 months at a 4.03% APY and a yield of 4.10% in the amount of $95,000.00. The difference of $5,239.51 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. The second rollover is of a CD from Nexity Bank to Charter One Bank for 12 months at a 4.41% APY and a yield of 4.50% in the amount of $95,000.00. The difference of $4,860.20 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to ratify the approval of the rollover of a CD at Barrington Bank and a rollover of a CD from Nexity Bank to Charter One Bank.
Requests to Remodel Resolved to ratify the approval of remodeling of units 5414, 1404, and unit 612 with the recommendations of the chief engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to ratify the approval of remodeling units 5414, 1404, and unit 612.
New Business
2nd Floor Deck Repairs Resolved that the Board of Directors of the Park Tower Condo Association does hereby approve the repairs to the 2nd floor sun deck at the 2 east side drains not to exceed 30 sq. ft. The scope of work includes removal of delaminated material; preparation of surface to the membrane material; and application of the repair material and decorative aggregate topcoat. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the acceptance of the proposal by Compass Concrete to perform the membrane repairs to 2 drains on the sundeck in the amount of $1,960.00.
Door Re-cladding on Car #1 Resolved to approve the proposal from Otis Elevator to re-clad the door of car #1 in the same material as used in car #2 in the amount of $4,682.73. This decision will be done as a change order to the Elevator Modernization Contract. Upon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the proposal from Otis Elevator to re-clad the door to car #1 in the amount of $4,682.73.
2004/05 Bad Debt Write-off/Uncollectible Bad Debt Resolved to approve the bad debt write off in the amount of $26,830.00 for bad debt not collected during the audit year of 2004/05. Some accounts should have been written off in prior years by the former managing agent and appear in the audit year of 2004/05. Of further note, one unit paid a past due amount originating in 2003 in the amount of $21,296.31. This amount will be adjusted on the books for the 2005/06 audit. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the bad debt write off as recommended by the auditor, Chris Nyborg of Nyborg and Nyborg, in the amount of $26,830.00.
Other Discussion Items
State Representative Harry Osterman our state representative will be the guest speaker at the November 21st Board meeting at 7:00 pm.
Cable Focus Group – Results The cable focus group has completed their research and reported their findings to the Board. Out of 6 companies interviewed RCN is the cheapest by $5.00 dollars per unit for a savings of $3,640.00. The cable contract will be renewed with RCN in the coming months.
Adjournment
Upon due motion by Herbert Hellauer and seconded by Bob Pierce the meeting adjourned at 7:32 pm.
Vince DiFruscio, President
Nessim Hanna, Secretary