Plaza on Dewitt Condominium Association

Plaza on Dewitt Condominium Association

PLAZA ON DEWITT CONDOMINIUM ASSOCIATION

Minutes of the Regular Meeting

Of

The Board of Directors

March 24, 2008

The Regular meeting of the Board of Directors of THE PLAZA ON DEWITT CONDOMINIUM ASSOCIATION (the Association”) An Illinois not-for-profit Corporation was called to order on Monday, March 24, 2008 at 7:00p.m. in the Star Room, 260 Chestnut Street, Chicago, Illinois pursuant to by-laws.

Mr. John Janecek, the Board President, served as Chairman of the meeting.

The Chairman, noting that a quorum was present, called the meeting to order at 7:00P.M. The following directors were present at the meeting:

Mr. John JanecekPresident

Ms. Barbara MeyersDirector

Mr. James StaceyDirector

Mrs. Deborah SimonSecretary

Dr. William KnightDirector

Dr. Jeffrey WolszonDirector

Mrs. June Smith, Mr. Gordon Addington, and Jennie Kobzarev, Property Manager were absent from the meeting.

Also present at the meeting were Dean Lerner, Sudler Executive Vice President & Site Supervisor, Nancy Rockwell, Assistant Property Manager, and several unit owners.

APPROVAL OF THE MINUTES

The Chairman called for review and discussion of the Minutes of the Regular Meeting of the Board of Directors held on January 28, 2008. A motion was made Mr. John Janecek to accept the minutes as written, seconded by Dr. Bill Knight, and unanimously carried.

1.)RESOLVED to approve the Minutes of the Regular Meeting of the Board of Directors held on January 28, 2008 as written.

OPEN SESSION

Stelios Valavanis and Justin Cherry from Onshore Network presented their proposals to the Board of Directors. Mr. Janecek, the Board President, asked the Audience Members if they had any concerns or comments, and there were some questions and comments from both the Board members and the audience.

COMMITTEE REPORTS

FINANCE COMMITTEE

Mr. John Janecek, February 2008.

Revenue: Operating Income: Actual $210,045. Budget $205,432. Variance: Over Budget $4,613. Reason: 2 months of Laundry income; fitness fees; late fees: Operating Expenses: Actual $195,996. Budget $201,453. Variance: Under Budget $6,405 Reason: salaries; utilities; contract services, repairs and maintenance; HVAC. Cash in Bank: $62,500. Replacement Reserves: $660,836 Tennessee Bank CD: $50,000; Indymac Bank $102,677; Intervest Nat Bank CD $50,000; NCB Savings Bank CD $75,000; Delaware Bank CD $102,663. Total $1,141,176

ACTION ITEM

1. Renewal of the Association’s insurance Policy

Dean Lerner, Sudler’s Executive Vice President and Site Supervisor presented the Board with the insurance renewal for the Association. The Annual Premium is $136,794. This is $11,908 under 2008 budget. A motion was made to accept the insurance renewal for the Association by Mr. James Stacey and seconded by Dr. Jeffrey Wolszon and unanimously.

  1. Proposed New office hours

Dean Lerner, Sudler’s Executive Vice President and Site Supervisor presented the Board with new proposed office hours. Managements request was to have the office hours changed from 8:00 a.m. - 6:00 p.m. to 9:00 a.m. – 5:00 p.m. ultimately, saving the Association up to $8,000 a year for outside temporary services. Management proposed to have a tryout of 120 days with the new office hours. A motion was made to try out the new office hours and document any complaints by Dr. Knight and seconded by Mr. James Stacey and unanimously carried.

3. Rate increase for the Security Guard for Parties

Dean Lerner, Sudler’s Executive Vice President and Site Supervisor presented the Board with a recommendation to increase Security guard rates which are currently $10.00 an hour to $17.00. The Board was presented with three proposals for outside Security Guards to compare the hourly rate that is being paid to our in house employee security guards.

  • Statewide Investigative Services, Inc. - $18.75 per service hour
  • Securitas Security Services USA, Inc - $27.00 per service hour
  • Apollo Detective Agency, Inc. - $30.00 per service hour

A motion was made Dr. Knight to increase the hourly rate for employee security to $17.00 and seconded by Mrs. Deborah Simon and unanimously carried.

4. Emergency Compactor Repairs

Dean Lerner, Sudler’s Executive Vice President and Site Supervisor, presented two proposals to the Board to replace the Compactor

  • Kohlman Chutes - $4,623
  • Steep Equipment Co. - $12, 334

A motion was made to have the compactor replaced by Kohlman Chutes by Mr. James Stacey and seconded by Dr. Jeffrey Wolszon and unanimously carried.

INFORMATIONAL ITEMS

1. Bulk Service Contracts for Cable TV/Direct TV-The committee and Management contacted 8 companies to receive proposals for the bulk Cable TV/Direct TV services. Our current contract with RCN expires at the end of November 2008.

2. Audit Report for the year ended September 30, 2007- Board Members were presented with a copy of the Independent Auditor’s report for the year ended September 30, 2007.

3. Elevators’ maintenance condition audit- As was approved by the Board, Management hired an elevator consulting company, John J. Urbikas and Associates ($4,300) to perform a maintenance condition audit of all 6 elevators. After a physical review and inventory of all equipment was completed, John Urbikas provided Management with a summary report identifying maintenance deficiencies of systems and making recommendations. The final report will be presented to the Board shortly and a meeting will be scheduled with the inspector, Suburban Elevator Co. representatives, and the Board members.

4. 22.1 Disclosure- The Board was presented a copy of the 22.1 disclosure form.

5. Contracts- The Board was presented with a list of the Association’s contracts with the terms, cost and insurance expiration dates.

6. Statistics for the month-

  • Work orders

119- Charged back to owners

35-No charges

Water Shutdowns – 5

Total work orders completed from 1/15/2008 thru 3/15/08- 154

  • Construction work in the units- The Board was provided with an updated chart
  • Sales and leases- Move ins: 2, Move outs: 7, Parties: 1
  • Elevator Call back report- The Board was provided with January & February 2008 elevator call back reports from Suburban Elevator Company
  1. Exterior Façade repairs and caulking- The Exterior Façade repairs and caulking project is complete. The Board was provided with Façade repairs cost spread sheet. We budgeted $350,000 to be spent in the 2006/07 fiscal year and $418,000 in the 2007/08 fiscal year. Total budgeted $768,000. The total actual cost for the project is $470, 919.74, which is $297, 080 under the budget.
  2. Sale of Garage- The Board was presented with a copy of a letter from the Associations’ attorney to CPS parking Management regarding garage repairs. As of now, the Associations’ attorney has not heard anything from CPS’s attorney regarding a response to the letter. CPS parking owners are planning to sell the garage to LAZ Parking in April.
  3. 2007 real estate Tax Assessments – The Board was provided with a copy of a letter from the Associations’ attorney confirming that the 2007 real estate tax assessments will be unchanged over the final 2006 assessments.
  1. General /Preventative maintenance update-
  • The Palm tree in the Lobby has suffered from cold damage. Our contract with Tropical Rentals Co. states that if a plant is damaged by cold or heat, the Association is responsible for the replacement cost. The plant is imported from Hawaii. The total cost is $1,575. The owner of the Tropical Rentals agreed to absorb some of the cost, so the Associations’ cost is $975.00 The Palm tree in the Lobby was replaced in March.
  • Quarterly rodding was completed as scheduled on March 19th.
  • Window washing will be completed by March 21st, weather permitting.
  • As scheduled, Brower Brothers Steamatic Co., completed a cleaning of the duct vents on the first and basement floor areas.
  • Carpet cleaning in the hallways was completed on March 17th.
  • The renovation of the pool is scheduled to start on March 24th. According to the new Mandatory Federal requirements for Entrapment Avoidance, we will have our contractor Chicago Tank Lining Sales inspect our pool drain system and if needed, install a mechanism into the system that will make it safe. In most cases, the cost is under $2,000.

EXECUTIVE SESSION

  1. Unit 4007- Construction Violation. The Board requested a $200.00 fine for the Violation.

A motion was made by Mr. John Janecek to approve the decisions that were made at the Executive Session, and seconded by Dr. Bill Knight, and unanimously carried.

ADJOURNMENT

There being no further business before the Board, the meeting was adjourned at 8:15 p.m.

Deborah Simon, Secretary of Association

ATTEST:

John Janecek, Chairman of the Meeting

And President of the Association

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