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Brentwood of Palatine Condominium Board Meeting 2.14.2007

Brentwood of Palatine Condominium Board Meeting 2.14.2007. Financials Budget discussion Approval of Minutes / Resolutions Gate status Alternatives pending Contract updates Audit status SOS Filing status Real Estate Taxes Parking lot repairs Path Lighting details Frozen pipes (heat)

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Brentwood of Palatine Condominium Board Meeting 2.14.2007

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  1. Brentwood of Palatine Condominium Board Meeting 2.14.2007 • Financials • Budget discussion • Approval of Minutes / Resolutions • Gate status • Alternatives pending • Contract updates • Audit status • SOS Filing status • Real Estate Taxes • Parking lot repairs • Path Lighting details • Frozen pipes (heat) • Water Heater (1455) • Rules and Regulations update

  2. December 2006 Financials • Assets 2006 ending • Operating Accounts - $ 21,077.75 • Receivables - $ 28,830.67 • Reserve (CDs)- $110,000.00 Total Assets - $159,908.42 • 2/14/2007 current detail: • Operating accounts - $ 44,177.00 est. • Receivables - $ 25,746.51 • Reserve (CDs)- $110,000.00 Total Assets - $179,923.51 est.

  3. Budget Discussion • Assumptions made for 2006 • Time constraints • Better granularity • Needs identified & quantified • Specifics outlined • Adapt, Adjust, Amend • Next Steps

  4. Contract Updates etc. • Jani-King / JTW (Cleaning) • Martinez (Landscaping) • Cochran & Cochran (Audit) • Elliot & Associates (Real Estate Tax) • SOS

  5. Asphalt Condition

  6. Asphalt Condition cont. 2 Estimate received so far Costs range from $20,000 to $30,000 for repairs, sealing and striping of parking drive and fire drive asphalt surfaces Fresh evaluation of budgeted line items and future planned expenditures.

  7. Path Lighting Update

  8. Path Lighting Update 27 New Path lights (Pole/Base/Head) $9,000 Conduit (Pipe) 2140’ $1,000 Wire (12#, 3 strand) 6500 ft $ 900 Junction Boxes 48 $ 350 Concrete (40lb bags) 2200 lbs $ 200 Total est. $11,450 Budgeted $12,000

  9. Frozen Pipes (Super Bowl)

  10. Frozen Pipes 1485 & 1489 front entry halls

  11. Frozen Pipes Actions and remedies inside Units

  12. Water Heater Replacement 1455 Hot Water Heater Failure

  13. Water Heater Replacement 1455 Hot Water Heater Failure • Multiple bids solicited • Wide range of quoted costs • 2 new water heaters to be purchased for $2885 ea. Delivery this week. • Installation to occur ASAP. 24 hour notice will be given to 1451, 1455 & 1459 indicating hot water unavailability during installation. Est. duration – 5 hours • Installation cost est. $2100 • Total estimated cost of failure of the heater: $4,985.00

  14. Rules and Regulations • Association attorney has vetted the proposed Rules and Regulations. • Final formatting and preparations will take only a few days. • Prepared copies shall be provided to all Owners of the Association. • A Members meeting will be scheduled to discuss the proposed Rules and Regulations. • Final set will be approved at a Board meeting. • Exact time frame not set, but will be less than 30 days from today.

  15. Thank You Thanks from your Board for attending this evening’s Board meeting for February 14th, 2007

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