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
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 8:20 pm.
Minutes August 29, 2005
The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday August 29, 2005. Upon due motion by Herbert Hellauer and seconded by Rosalie Sutcher, the Board voted unanimously to approve the minutes of the August 29, 2005 Board meeting.
The Board Meeting resolved to approve of the minutes of the Board of Directors’ meeting held on Tuesday September 6, 2005. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the September 6, 2005 Board meeting.
Treasurer’s Report
Rosalie Sutcher stated that according to the August 31, 2005 Financial Statements there was an operating cash fund of $376,999. The account at Cosmopolitan Bank has reached $268,008. The Smith Barney account totaled $2,449. Eighteen Certificates of Deposit totaled $1,758,260. The total of all investments and accounts was $2,403,268.
Management Report
Mary McQuillan, 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 Regency Bank for 12 months at a 4.05% APY in the amount of $98,000.00. The difference of $2,331.60 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. The second rollover is of a CD at Crystal Lake Bank for 12 months at a 4.03% APY in the amount of $95,000.00. The difference of $7,926.78 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. Upon due motion by Rosalie Sutcher and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the rollover of a CD at Regency Bank and a rollover of a CD at Crystal Lake Bank.
Requests to Remodel Resolved to ratify the approval of remodeling of units 2904, 415, 410, and unit 802 with the recommendations of the chief engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 2904, 415, 410, and unit 802.
New Business
Exterior Terrazzo Repairs Resolved that the Board of Directors of the Park Tower Condo Association does hereby approve the acceptance of the terrazzo repair bid to Menconi, in the amount of $9,500.00. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the acceptance of the terrazzo repair bid to Menconi in the amount of $9,500.00.
Doormen Uniform Selection Resolved to approve the order of the doormen uniforms to include 2 button down dress jackets; 4 trousers; 5 long sleeve dress shirts; 2 ties; 1 overcoat; 2 name tags; 1 doorman cap not to exceed the 2005 approved budget of $6,800.00 to Carlson-Murray, Inc. Upon due motion by Rosalie Sutcher and seconded by Bob Pierce, the Board voted unanimously to approve the ordering of doormen uniforms to Carlson-Murray, Inc. not to exceed $6,800.00.
Other Discussion Items
Front Planter Repairs In lieu of the fact that the driveway will be repaved next year the front planter repairs that were scheduled for this year will be deferred until after the drive is repaved.
Violation Fines Resolved to ratify the approval of charging an owner a $50.00 fine for illegal use of the luggage cart, and charging an owner a $50.00 fine for illegal construction. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of charging two rules and regulation violation fines to unit owners.
State Representative Harry Osterman our state representative will be the guest speaker at the October 24th Board meeting.
Adjournment
Upon due motion by Herbert Hellauer and seconded by Bob Pierce the meeting adjourned at 8:45 pm.
Vince DiFruscio, President
Nessim Hanna, Secretary