December 29, 2001 - 9:00 a.m.

1.0 Meeting was called to order at 9:05 a.m.

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

2.0 Consent Items

2.1 Minutes from the November 27 meeting were approved.

2.2 The Board discussed the extent to which Enterprise Development Company (EDC) has thus far completed punchlists and the items listed on our Transition Study. SM reported that 95% of his original punchlist for both buildings (Huron and Superior) has been completed by EDC. However, to the best of his knowledge, none of the Transition Study items were completed by EDC.

2.3 The three main items on the Board’s list were: the archways bricked; the window cleaning costs; and the patching of the Huron garage. DS will talk to the President of EDC directly to determine the status of these three items.

2.4 SM will have the engineer come back out to determine what actually has been completed by EDC on the Transition Study.

2.5 The Board discussed Enterprise Management Company (EMC) and its involvement with River North Commons.

2.6 The Board then discussed cancelling EMC’s contract (which is not up until May 2002) and offered the suggestion of a new management company, The Building Group. Since meeting with EMC several months ago and their agreement to release the building from the management contract, The Board has been carefully researching management companies for several months and The Building Group is the top choice. After numerous and repeated complaints from residents about EMC, the Board exercised due diligence in interviewing and obtaining RFPs from three management companies. The Building Group has much experience with loft buildings, as well as engineering experience, and the company has handled many developer to Board transitions. The Building Group’s proposal for River North Commons consists of 60 hours per week maintenance/cleaning and a two-day per week on-site property manager.

2.7 All residents are encouraged to put in writing any outstanding punchlist items and fax them directly to Ron Shipka, Sr. at Enterprise Development Company. The fax number there is 773-348-1271. Individual unit punchlist items need to be handled between unit owners and Enterprise Development Company. The Board urges all residents to be thorough and diligent with punchlist items.

3.0 Action Items

3.1 SM moved to cancel EMC as of January 31, 2002 with a letter being sent on December 31, 2001 describing the Board’s intent to cancel. DF seconded. Motion passed.

3.2 DF moved to hire The Building Group for a one-year term as of February 1, 2002. SM seconded. Motion passed.

4.0 Meeting was adjourned at 10:00 a.m.

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

Respectfully submitted,
Suzi Wirtz
January 6, 2002