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, 1st Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer;
Board Members Absent
Rebecca Rossof, President; Herbert Hellauer, 2nd Vice President
Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Mavis Mather, Administrative Assistant
These are the minutes of the Board of Directors of the PARK TOWER CONDOMINIUM ASSOCIATION, an Illinois not-for-profit corporation.
Call to Order
Vince DiFruscio chaired and called this meeting to order at 7:40 p.m.
Unit Owner Comments
Twenty-five minutes of unit owner comments followed.
Minutes August 30, 2004
At 8:05 pm the Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday August 30, 2004. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the minutes of the August 30, 2004 Board meeting.
Rosalie Sutcher stated that according to the August 31, 2004 Financial Statements there was an operating cash fund of $156,753. The account at Cosmopolitan Bank has reached $58,158. The investments at cost were $2,243,776. The total of all investments and accounts was $2,500,187.
Christina Epple, Property Manager provided the following information from the Management Report:
Certificates of Deposit Resolved to rollover CD in the amount of $97,100 for one year at Crystal Lake Bank at 2.89%. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the CD at Crystal Lake Bank.
Ratify Gas Purchase Resolved to ratify that the Board of Directors has contracted with Excelon Energy to purchase 50% of its gas purchases from October 1,2004 through August 31, 2005 at $.65 per therm. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of purchasing 50% of its gas at $.65 per therm.
Request to remodel units 1504, 1915, 3203, 1602, 4901-4903 Resolve to ratify the approval of remodeling specifications as submitted by the unit owners of 1504, 1915, 3203, 1602, and 4901-4903. upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling.
Otis Elevator – Work Order Resolved to approve the Otis contract to remodel the #6 service elevator including removing glue form walls, adding 6 full height vertical Sisal panels, Stainless steel cladding for front return, meeting local codes, and labor at a cost of $11,865.00 not including the cost of flooring material. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the Otis contract at a cost of $11,865.00 not including the cost of flooring material.
The Rules and Regulation Committee met on September 13th. The respondent did not attend the meeting. The owner was fined $150.00.
The Home Improvement Committee met on September 23rd to discuss the flooring and sisal for the elevators.
The Budget and Finance Committee will hold a meeting on October 12th at 7:30 PM in the party room.
Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna the meeting adjourned at 8:15 pm.
Vince DiFruscio, 1st Vice President
Nessim Hanna, Secretary