Annual Meeting
Thursday July 23, 2015 @ Cagan Management Offices, Skokie
- Meeting started at 7:00 p.m. – approval of last meeting minutes and review of treasurer’s report which shows low operating balance of $463.59 and reserves of $6,928.55. All other action items on manager’s report were tabled pending approval of the 2015-2016 budget.
- Radu shared 3 quotes to repair the roof and then stated that all contractors will not offer a warranty with their repairs at this time because they believe it is critical to do a full roof replacement.
- Radu then shared quotes to replace the roof that ranged from $50K - $90K.
Singles Roof Company - $54K plus replacement of subfloor
Halo - $54K plus additional for subfloor replacement
Knickerbocker - $96K - $128K - The Board approved the budget option C which includes increase in monthly assessments for all units.
- Radu stated that most banks require a loan over $100K and he is working with First Midwest Bank to secure a loan for up to $120K that would include budget to pay for all major repairs, including the new roof. First Midwest would not require the reserve study but would require a bank evaluation of $1,000. The board will need to meet again soon after Radu has more information regarding the new loan and determine how the association will manage to the new loan payment – whether it is another increase in assessments or a special assessment.
- Meeting adjourned and then elections were held. Chip Aucoin and Bill Kugelman were elected to the board for a 2-year term.
- The 2015-2016 Board is as follows:
Chip Aucoin – President
Niko Spyridonos – Vice President
Michael Keating – Treasurer
Julia Parisot – Secretary
Bill Kugelman – Member at Large
Meeting adjourned before 8:00 p.m.
In attendance: C. Aucoin – 2G, J. Parisot – 3G, B. Kugelman – 1A, Roman Kowka – 1F, Ray Gomez – 1B, Mary Vermeer – 3A and 3H
Via phone: - N. Spyridonos – 3D and 2H
