General Association Meeting to Vote on Important Topics

15 Members were present, representing 16 Units (majority)

Today our Association met to discuss and vote on the following topics:

- To award the construction of hallways and stairwells to the contractor of our choice.
- To hire Cagan Management Group to be our Condominium Association Manegement Company
- To raise the assessments by a total of $600 in order to cover Management Group fees and/or establish a cash reserve.

We discussed our current financial status. We currently have about $25,000 in cash and close to $3,000 in Assessment receivables. Based on this financial picture it will be hard paying for the hallway construction.

Hallways Construction Project

• Initial Budget was $25,000. That budget was set at the General meeting in October of 2007.
• The project includes: New Paint, New Carpet, Smoothing out walls and celings, New Lighting, Foyer floors.
• We published an RFQ in February 2008
• Requested Quotes from several contractors that have been recommended to us.
• Published ads on various web sites including Craigslist and constructionjobs.com
• We came in contact with 10 contractors, 6 contractors visited us
• Received 4 quotes (see quotes in here)
  - Accu-line Construction of Elmwood Park
  Pricey, good experience, didn’t provide references
  $37,000 - $40,000
  
  - SKG Home of Chicago - $45,130 - $47,675
  Very experienced. Most expensive. Can provide interior design services. Great portfolio (on web site). Great proposal.
  $45,130 - $47,675 (will negotiate)
  
  - Mark Construction of Chicago - $29,100
  Cheapest. No references.
  $29,100
  
  - Tesseris Construction of Chicago - $30,000
  Niko Spyridonos’ preferred vendor. Very good price. Great portfolio. Very experienced. Has performed all Niko's personal projects (Unit 3D and 2H construction, business office, Cafeneo Restaurant on Lincoln Avenue). Master carpenter.
  $30,000
  

The Association unanimously voted to choose Tesseris Construction since the price is reasonable and the Association members trusted that Niko Spyridonos will manage the relationship well.

Management Company

• The building needs to be profesionally managed
• Requested Information from 3 companies
• Cagan was the only one to respond

About Cagan

• Based in Skokie
• Full service management company
• 24-hour emergency service
• Payroll via Cagan
• All Paperwork
• Treasurer Assistance
• Electronic Transfers of Assessments

Following a vigorous discussion and after we felt that all concerns were heard and addressed, the Association unanimously voted to require Niko Spyridonos to negotiate a contract with Cagan. The finalized contract will be discussed again by the Association and the Association shall vote to hire Cagan or not to hire Cagan based on the contract. The above is to be completed within 60 days.

Assessments

The Association unanimously decided and voted to raise the assessments by a total of $600 per month to cover the expense of hiring Cagan, but in case Cagan is not hired the additional revenue will cover growing expenses and current needs to build a reserve.