January 24, 2006

Meeting Time

The meeting was called to order at 7:00 PM
[Due to uncertainty of speakerphone connection, New Business was moved to the beginning of meeting.]

River North Commons (RNC) Board Members

David Desser (via speakerphone)
Bruce Howard
Rick Edel

Eric Fordyce
Erich Steneck - Phoenix Rising

NOTES / MOTIONS

1. Motion to approve minutes: Passed
2. Proposal by Fox Valley Fire & Safety in the amount of $8,675.00 to run conduit and wiring for an electrically controlled lock on the fire door leading from the loading dock area to the parking garage, including tie-ins to fire control/relay panels in the Superior and Huron lobbies. Additional proposal by Fox in the amount of $1,077.24 install a Fail-Safe lock on the door. Tabled for additional estimates and further discussion.
3. Motion to approve a proposal by Fox Valley Fire & Safety in the amount of $4,300.00 to inspect approximately 220 battery-operated emergency lights, exit signs and stairway lights and two 110-volt stair signs, and to perform annual performance test of fire pump, as mandated by the City of Chicago.
   1. Discussion: Failure to conduct annual inspections could pose a potential safety hazard, which could put the association at risk in the event of equipment failure during an emergency.
   2. Charges appear to be acceptable, given the number of lights and pumps to be inspected and tested.
      Motion Passed
4. Motion to approve a 12-month pest control contract for up to $1,500.00, submitted by Smithereen Pest Management, Evanston, IL.
   1. Discussion: Property manager obtained contract proposals of roughly equal amounts from three companies, including Smithereen, Anderson Pest Control and Terminix. Property manager recommends Smithereen, which handles pest control at several properties managed by Phoenix Rising, and has proven to be both responsive and reliable.
      Motion Passed
5. Budget
   1. Dashboard (as of December 31, 2005). 2005 financial compilation report is now underway by our audit/accounting firm. Concluded year with strong cash position; payments for 5-year loan balance are on track. Year-to-date expenses show a favorable variance; however, many costs incurred in 2005 will carry over into 2006.
   2. Treasurer is implementing an accounting change for 2006 to separate move-in/move-out deposits, which are refundable, from association income.
   3. Delinquent assessment payments were higher in 2005 than in previous years. Policy on non-payment is to turn over for legal collection after 60 days.
   4. Surplus from 2005 budget will be allocated as follows: $11,000 to repair air conditioning compressor on west roof of Huron building; $13,400 to brick and mortar repairs in 2006.
6. 2006 Brick Repairs
   1. Funding for RNC’s $1.1 million brick and mortar repair project in 2006 will come from the following sources: $150,000 from reserve fund; $146,600 from 2006 budget; $13,400 from 2005 surplus; $790,000 from special assessment.
   2. Special assessment for each unit owner will likely equal 9.2 times 2006 monthly assessment, payable by June 30, 2006. The association will attempt to arrange financing for owners who wish to extend payments over two years.
   3. Notice of meeting to approve special assessment will be delivered to unit owners at least 10 days prior to February 28th board meeting.
7. Bulk Rate Satellite Television
   1. In January 2006, DirecTV began installing service in the 30 to 40 units, which did not already have satellite service or were upgrading to HDTV.
   2. Bulk rate of $29.60 per month for Total Choice package, payable through monthly assessments, began with January assessment. However, because service does not begin until February 2006, January payment will be credited.
   3. Charges for premium channels and/or HDTV will be billed separately to subscribers.
8. Social committee: no report
9. Facility/Decorating committee: new frames for owner alerts will be installed in elevators, next to bulletin boards and manager’s office; lower-wattage lighting installed in elevators.
10. Management report:
    1. Carpets cleaned in mid-January; all janitorial services now being managed by Phoenix Rising.
    2. Association spent $1,200 to clear a recent 10-inch snowfall, storing snow in two parking spaces. This represents a significant savings over moving snow to an off-site location.

Meeting Adjourned at 7:30 PM