July 1, 2001 - 1:00 p.m.

1.0 Meeting was called to order at 1:00 p.m.

Members present: Debra Siena, President (DS); John Robertson, Treasurer (JR); Suzi Wirtz, Secretary (SW); Shawn Mansfield (SM); Dave Fellinger (DF).

Management company present: None.

2.0 Consent Items

2.1 Insurance for the Association was discussed. Currently, St. Paul Federal is the carrier. However, thanks to one of the River North residents who works in the insurance field, the Board was able to determine that St. Paul was providing us with unnecessary coverage. Thus, the premium we were paying was unnecessarily high. JR received several other insurance bids with appropriate coverage, and, in switching companies, we can save about $11,000 per year.

2.2 The lack of air conditioning in the hallways and lobbies was discussed. SM said he has discussed this with the management company who will be working with Chicago Cooling to fix the matter asap.

2.3 The right of entry form has yet to be signed. The management company is supposed to be getting feedback from legal counsel. The Board is waiting for that before moving ahead with the cable arrangement. The Board is also still waiting for the unit numbers from the management company.

2.4 As of July 2, assessments will begin to come out of residents’ accounts automatically—if they signed the ACH forms provided several months ago. The money will be taken from accounts on the second of every month from July 2 on. A memo will be distributed by the management company to alert residents of this.

2.5 Temporary Rules & Regulations for River North Commons were discussed. Edits were made by the Board.

3.0 Action Items

3.1 SM motioned that the minutes from the two June Board meetings be approved. DF seconded. Motion passed.

3.2 JR motioned to obtain a new insurance policy with Fireman’s Fund/Travellers. SM seconded. Motion passed.

3.3 JR motioned to cancel the St. Paul insurance contract as soon as the Fireman’s insurance is in force. DF seconded. Motion passed.

3.4 SM motioned that the Temporary Rules & Regulations be put into effect immediately and distributed to all residents. JR seconded. Motion passed.

4.0 Meeting was adjourned at 1:30 p.m.

5.0 The next board meeting will be held on Monday, August 6, 2001 at 6:30 p.m. in the fitness center on the 1st floor, Superior side at River North Commons.

Respectfully submitted,
Suzi Wirtz
July 10, 2001