November 27, 2001 - 7:00 p.m.

1.0 Meeting was called to order at 7:05 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: Deborah Lynch.

2.0 Consent Items

2.1 Minutes from October 16 meeting were approved.

2.2 CAPS update by Perry Smith, resident representative. If any resident is interested in working with Perry and CAPS, please contact Perry at (312) 337-0133 or prockchi@aol.com.

2.3 JR will follow up with Gordon with Enterprise Management Company to determine the status of transfering money to reserves from the cash operating account in order to receive a higher interest rate on investments.

2.4 JR discussed the highlights of the audit that has been completed (for the months August 2000 through December 2000). The cash balance last year was $45,000 due mainly to utilities accruals. Those are catching up with the Association now. All else in the audit was in line.

2.5 To help reduce the unpredictable utilities bills, SM volunteered to read the meters for the building each month so we have accurate readings, not estimates. SM will talk to Pasquale (Enterprise Management) to determine where all the meters are.

2.6 The 2002 budget will be distributed to all residents by December 7, 2001 for a 30-day examination. The Board will then vote on the budget at an early January 2002 meeting. For any resident attempting to budget their own finances for the upcoming year, you should estimate that your assessments will run between 22 and 25 cents per square foot for your unit. This amount is what the 2002 budget will reflect, and it is the middle of the road as far as comparable buildings in our neighborhood. The 2002 budget increases mainly reflect better cleaning service next year, higher level of security staff, increased reserve money, and onsite management.

2.7 SM discussed the recently completed Transition Study. This type of study examines developer issues, mainly roof and masonry. The study revealed an estimated $45,000 in repairs and additional inspections that Enterprise Development Company will need to complete. Enterprise is very receptive to these areas of concern and will begin work asap. The company that conducted the study will return after all repairs are completed to re-assess the building.

2.8 SM discussed the recently completed Reserve Study. RNC was found to be far under as far as collection of appropriate reserve amounts. The 2002 budget will reflect an increase so that we are covered in future years.

2.9 SM discussed the punchlist he is currently working on. DS will talk to Enterprise Development once the list has been completed.

2.10 A sprinkler recall was brought to the Board’s attention. The installing engineer said all of the common area and individual unit sprinklers will need to be replaced as a result of the recall. Residents will be kept up-to-date on this issue because entrance to each unit will be necessary.

2.11 The satellite dish has been installed. Individual units should be hooked up by next week.

2.12 Window cleaning will be conducted the week of December 3. All residents received a memo explaining what they need to do as far as screen removal is concerned.

2.13 New remotes for the west parking lot are in. Residents will be notified by Enterprise Management Company and they can pick them up then.

2.14 Garages were cleaned and elevator carpeting was replaced; roof repairs are underway.

2.15 The Huron lobby will be patched and repainted before the holidays.

2.16 SM will continue to examine the thermostats in the common areas and discuss will Pasquale. SM will set the common area thermostats to reasonable settings for the colder weather. Last year, they were set very high and resulted in increased bills for the building.

2.17 SM will get information from Pasquale on the location of exhaust fans in the Huron garage.

2.18 SM reported on several items that are priority for 2002 and other items that were considerations. Priority:  Facade Inspection (As late as possible in 2002); Generator / Electrical Code - Mandated Equipment (As late as possible in 2002). Under consideration: Security cameras; Garbage Room Exhaust Fans (Timing to be determined; Garbage Room Huron side of building; Move Huron Mailboxes and reconfigure Huron upper lobby; Entry Area Decorating; Dry Cleaning / Receiving Room; Landscaping Improvements; Bellhop Carts & Floor Scrubber; On Site Managers Office; Energy Audit.

2.19 SM reported that there will be a high speed internet connection meeting in January.

2.20 The Annual Meeting will be held in early February 2002, giving the Board a chance to put in place the 2002 budget. Residents will be notified of deadlines for submitting Board applications for open positions. Also, committees will be formed for residents to get involved with the building.

2.21 DS gave a neighborhood update. There will be a River North Residents Association meeting on Tuesday, December 11, 2001 at 7:00 pm at Reza’s. All neighborhood developers will be invited to this meeting, as well as Alderman Natarrus. DS encouraged all residents to attend to hear what is going on and be heard.

2.22 Alderman Natarrus has stated that the sidewalks around RNC will be repaired next spring. Additionally, the sewers on Superior will be repaired and, where, necessary, installed in spring of 2002. Larrabee Street is supposed to be paved once One River Place is completed.

3.0 Action Items

3.1 JR moved that the special assessment for residents be extended through January 2002 to keep the cash flow up-to-speed until the 2002 budget is passed and implemented. DS seconded. Motion passed.

4.0 Meeting was adjourned at 8:25 p.m.

5.0 The next board meeting will be held on January 9, 2002 at 7:00 pm.

Respectfully submitted,
Suzi Wirtz
December 2, 2001