Brentwood of Palatine Condominium Brentwood of Palatine Condominium Board Meeting 2.14.2007Board 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 FinancialsDecember 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 DiscussionBudget 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 ConditionAsphalt Condition

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 UpdatePath Lighting Update

Path Lighting UpdatePath 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 (Super Bowl)Frozen Pipes (Super Bowl)

Frozen PipesFrozen Pipes1485 & 1489 front entry halls

Frozen PipesFrozen PipesActions and remedies inside Units

Water Heater ReplacementWater Heater Replacement1455 Hot Water Heater Failure

Water Heater ReplacementWater Heater Replacement1455 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 RegulationsRules 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 YouThank You

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