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; Herbert Hellauer, 2nd Vice President; Ness Hanna, ecretary; Rosalie Sutcher, Treasurer

Board Members Absent

Rebecca Rossof, President

Management Representatives

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.

Unit Owner Comments

Twenty-five minutes of unit owner questions were held.

Call to Order 

Vince DiFruscio chaired and called this meeting to order at 7:55 p.m.

Minutes September 27, 2004

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday September 27, 2004. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the September 27, 2004 Board meeting.

 Treasurer’s Report

Rosalie Sutcher stated that according to the September 30, 2004 Financial Statements there was an operating cash fund of $180,142.  The investments at cost were $2,287,281.  The total of all investments and accounts was $2,341,352.

Management Report

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

• Zerra Construction completed the scheduled dock repairs last week.  The project was completed on schedule and without cost overruns or change orders.
• Car #3 will not meet the October 30th deadline.  Car #7 was shut down September 24th for the re-mod project.  The re-mod work has shown that a second hydraulic will need to be installed to meet city codes.  This will pose an additional charge of $63K.  Once the recall and door operator problems on car #6 are finished the interior cab will be installed.  Proposals have been submitted by 2 qualified electricians for the electrical work needed in cars 3 and 4.  This work includes installing disconnect switches, additional light fixtures, and dedicated circuits to elevator controllers.  A change order will be submitted to the Board for consideration.
• After considering the hours of operation at the Market, a DVD rental company felt that this would not pose an income source for their company.  However they have proposed putting a rental machine in the space across from the receiving room, the proposal will be forwarded next week.
• Jodi Middleton started working as the new resident coordinator on Wednesday October 13th.
• Siemen’s continues work on the recall project.  At a pre-construction meeting on September 30th several change orders were discussed.  The wire mold in the contract has been changed to an interior off white mold.  The second change is to have a freestanding panel in the building lobby; we are waiting for the panel proposal.
• Mondo Terrazzo continues to make repairs to the exterior terrazzo.  Due to the overall condition of the terrazzo it is important to budget funds every year for upkeep and repair.
• No further updates were forwarded this week regarding the claim filed with ComEd.  A meeting was held on Friday October 8th with Shelli Lunkin and the Market for a review of the ComEd service in the immediate Sheridan corridor area.  The chamber of Commerce has not contacted management.
• Management has confirmed with the Alderman’s office that Community Specialist did file the scavenger rebate although it was filed late.  Park Tower is currently waiting for approximately 120K in past years rebate income.  Park Tower received 31K in May for the 2000 scavenger rebate.  Mary McQuillan mentioned that we should not expect income from the scavenger rebate for much longer; the City of Chicago is looking to eliminate the scavenger rebate.  Draper and Kramer, Inc. has been lobbying the City but there is a loophole in the rebate ordinance such that the City can pull out of the agreement at anytime.

Ratifications

Certificates of Deposit Resolved to rollover CD in the amount of $98,300 for one year at Regency Savings Bank at 2.60%.  Also be resolved to rollover CD in the amount of $97,400 for a term of one year from Northshore Bank to Nexity Bank at 2.62%. Upon due motion by Rosalie Sutcher and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of rolling over of two CDs one at Regency Savings and the second at Nexity Bank.

Request to Remodel Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 2502. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling.

Elevator Cab Flooring Material Resolved to approve the installation of Lonseal flooring material in elevator cars 5, 6, 7,8 for a total cost of $3,100 as recommended by the Home Improvement Committee. Herbert Hellauer questioned there only being one bid for the flooring when good business practice would be to have more than one bid.  Vince DiFruscio responded that he and the Home Improvement Committee had a wide range of materials to look through and that they had a hard time finding material suitable for these elevators.  Herbert Hellauer would like more bids to be proposed in the future. Upon due motion by Vince DiFruscio and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval for the Lonseal flooring material in cars 5,6,7 & 8 as per the Home Improvement Committee’s recommendation. Resolved to approve the installation of custom made carpet pads for elevator cabs 1,2,3 & 4 for a total cost of $3,300 as recommended by the Home Improvement Committee. Upon due motion by Vince DiFruscio and seconded by Rosalie Sutcher, the Board voted unanimously to ratify the approval for the installation of custom made carpet in elevators 1,2,3 &4 as per the Home Improvement Committee’s recommendation.

Wire Mold Installation for Recall System Resolved to approve the installation of the wire mold strip on each residential floor in the amount of $9,900.  Work to be preformed by Shamrock Electric, sub-contractor to Siemens. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the installation of the wire mold strip in the amount of $9,900.

Piston Cylinder Replacement Car #8 Resolved to approve the installation of a new hydraulic cylinder for car service elevator 7 & 8 in the amount of $63,000. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the installation of a new hydraulic cylinder in the amount of $63,000.

Disconnect Switches in cars 3 & 4 Resolved to approve the installation of disconnect switches in passenger cars 3 & 4 in the amount of $5,900.  Work to be done by Dunning Electric. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of installation of disconnect switches in the amount of $5,900 by Dunning Electric.

Payment of Property Tax Bill Resolved to approve the payment for the 2nd quarter taxes on the market spaces in the amount of $24,185.05 for PIN 1744 & 1743.  (Space 15-C property tax bill has not yet been received.) Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of payment for the property taxes of PIN 1744, 1743 in the amount of $24,185.05.

Committee Reports

The Home Improvement Committee met on September 23rd to discuss the flooring for the elevators, and saving money for the holidays by not doing a fall planting.

The Budget and Finance Committee met on October 12th at 7:30 PM as a preliminary meeting before discussing the budget for 2005.

The Health Club met on October 11th to discuss the future of the Health Club.  There will be a Health Club meeting on October 26th to set up long range planning to replace equipment, and discuss the use of space.

Adjournment

Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 8:31 pm.

Vince DiFruscio, 1st Vice President

Nessim Hanna, Secretary