brentwood of palatine condominium board meeting 2 14 2007
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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
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
december 2006 financials
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.

budget discussion
Budget Discussion
  • Assumptions made for 2006
  • Time constraints
  • Better granularity
  • Needs identified & quantified
    • Specifics outlined
  • Adapt, Adjust, Amend
  • Next Steps
contract updates etc
Contract Updates etc.
  • Jani-King / JTW (Cleaning)
  • Martinez (Landscaping)
  • Cochran & Cochran (Audit)
  • Elliot & Associates (Real Estate Tax)
  • SOS
asphalt condition cont
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.

path lighting update1
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

frozen pipes
Frozen Pipes

1485 & 1489 front entry halls

frozen pipes1
Frozen Pipes

Actions and remedies inside Units

water heater replacement
Water Heater Replacement

1455 Hot Water Heater Failure

water heater replacement1
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
rules and regulations
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.
thank you
Thank You

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

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