Film Exchange Condominium Association

Transcription

1 Film Exchange Condominium Association November 2012 enewsletter What's happening at Film Exchange during the month of November 1 through 30. Dear Film Exchange Residents, Vol. 2, No. 8 BUILDING REMINDERS: POWER WASHING TO BE RESCHEDULED The annual power washing of the two garage levels had been scheduled for October 24, 2012 and the crews were about 60% finished on the upper level when the drains began to back up and cease operating. The work had to be stopped. Our plumbing contractor was called. It was discoved that a pump that handles the drains and ground water had failed and it was replaced. The drains are now working properly. The Board and Management

2 Company apologize for the inconvenience. The re-scheduled date is Wednesday, November 7, All units have already been notified and additional reminders will be forthcoming prior to the date. DOOR HINGE REPLACEMENT PROJECT SCHEDULED Each unit s door has hinges that contain internal springs that will automatically close and latch the door. Back in when the doors were new, the spring hinges did this job properly. Now they are worn out and do not pull the doors closed and they must be changed. Having the doors close automatically is paramount to building safety in case of a fire. The tentative date for the unit door hinge replacement is November 14-15, All owners and residents will be officially notified shortly. For peace of mind, Mike Savio or other building management personnel will be involved along with the contractor when this work is performed. This project is part of the Life Safety Program that the building is conducting over the next several years as dictated by the City of Chicago. This is a mandatory repair for all unit owners. Should it not be possible to enter a unit during those two days, due to not having all the necessary keys on file, additional charges will be assessed to that owner to pay to bring back the contractor to perform the work at a mutually agreed to time and date. DO YOU HAVE ALL THE PROPER DOOR KEYS ON FILE? As noted in the above section, it will be necessary to enter each unit on November 14-15, If the Association does not have all the keys necessary to operate all the locks on your door, the work will not be able to be done and additional charges to that owner are likely forthcoming. Therefore, now is the time to check that the Association has all the necessary keys to enter your unit. If you have given a key for each lock to Mike or the building manager and you have not changed or re-keyed any of those locks, you are probably ok but it is recommended that you review the key s that Mike has in the key safe just to make sure. If on the other hand, you are not sure that all the necessary keys are on file or you failed to give the Association the necessary keys, please remedy the situation ASAP. Even it you planned on being home on those dates, you still need to make sure that all necessary keys are on file. Owner s are totally responsible for having their key s on file and now is the time to check. As per the Rules and Regulations, any unit owner who does not have the unit s keys on file is in violation of the Rules and Regulations and could be subject to a fine. With every unit owners due diligence, the Association looks forward to being able to complete 100% of the hinge replacement project on time PROPOSED BUDGET COMING SOON All owners will receive the 2013 Association Budget 30 days prior to the Association final 2012 Board Meeting and Association Annual Meeting in December. BOARD STUDYING MANAGEMENT COMPANY PROPOSALS The FEL Board is studying the proposals received from the solicited management companies, has solicited comments from former and current clients of each candidate and will be

3 conducting interviews with principle executives. The Board will inform all owners of its decision by the end of the year. IT S TIME AGAIN TO DO THE REQUIRED FAÇADE INSPECTION As directed by the City of Chicago, the Association must conduct a façade inspection periodically based on the type of construction of the building using a licensed engineer or architect. Again this year it is necessary to conduct the inspection, however, it will be handled from the ground. Upon completion of the on-site inspection, reports will be finalized and filed with the Department of Buildings listing present conditions and any necessary repairs. This is a 2012 budgeted expense. REAL ESTATE TAX TRIENNIAL REASSESSMENT REVIEW Recently, every owner received a notice of the Real Estate Tax Triennial Reassessment from the Cook County Assessors office. Each time this reassessment has been done, the Association has collectively, on each owner s behalf, solicited the services of a qualified tax attorney to verify the correct reassessment of each unit and challenge the reassessment of any unit that was not assessed properly in relationship to similar units in the area. This is a common practice for Associations to do and FEL has already provided this service to homeowners numerous times over the past eleven years. The Board has put this service out for bids and received three replies. The Board selected Schmidt Salzman and Moran, Ltd., who is a well known firm specializing in real estate taxation. They offered the most reasonable bid and have more than 30 years experience dealing with the Assessors office and the Board of Review. The process is the same with all attorneys one might use for this purpose. If after close examination of each unit s tax reassessment, it is found that the reassessment was done properly for that unit, there would be no charge to the homeowner for the service. They look at if the unit was reassessed properly in relationship to similar units in our and other similar buildings. However, if it is not correct, than an appeal is made to the Board of Review and if there is a lowered reassessment, only then is there a charge for the service. In that case, the homeowner s responsibility for the attorney s services would be equal to 12% of the savings between the original tax amount and the new refigured tax amount for the 2012 tax year. In other words, whatever the difference in the taxes based on the corrected reassessment and the original reassessment would be subject to a 12% charge of that difference in the savings amount. Similarly, if there were a subsequent change in the second and third year reassessment, a similar arrangement for services at the 12% level would also apply. Handling the entire building as a single client provides cost savings instead of having each homeowner handle this examination and an appeal on their own. Doing it on your own would be much more costly. FHA APPROVAL WILL GIVE BIG ADVANTAGE FOR THE BUILDING It would be advantageous for FEL to gain FHA approval for those who would want to sell their units as it opens up much more opportunity to attract interested buyers. As previously announced, the Board was planning to seek FHA certification for the building. The process has started. The Board has solicited bids from legal specialists who deal with the applications and know how to get the certification process completed and has selected the firm who will do the work for us. The Board anticipates the process of filing the application to be done in the very near future and when the certification is in place, FEL would gain an advantage for unit owners and

4 prospective buyers so they may have available favorable FHA mortgage rates. BOARD ORDERS NEW RESERVE STUDY In order to obtain the FHA Certification, one of the requirements is that there is in place a recent Reserve Study. This is not the case as the original one was done about eight or nine years ago before the Board did all the work on the building. It is very much out of date. Even if we were not going forward with the FHA Certification, it would be proper to redo the Reserve Study about every eight years. The Board solicited and received three bids. The Reserve Study is budgeted in the 2012 budget. Upon reviewing the bids, the Board picked the lowest bid which was received from a very respectable firm whose services equal the next higher bidder who the Association used before. As it turns out, the 2012 budgeted amount for the Reserve Study will actually pay for the FHA Certification process as well. That is good news. The Reserve Study will give future Boards the guidance needed to build the required reserves necessary for the continued financial health of the Association. It will look at the present state of the reserves, the physical condition of all aspects of the building and the life we can expect from them, and finally it will tell us how much is recommended that we contributed each year to reserves to have enough funds available to take care of the replacement of these items in the future without the necessity of a special assessment. BUILDING SECURITY IS EVERYONES RESPONSIBILITY With the fall underway and winter not far away, there is still lots of activity in the front and rear of the building. Both Zapatista and The Scout have for the most part ended their outdoor seating for the season, sidewalk traffic is always heavy most days and nights. Since we don t have a doorman, every owner and resident must do their part to make sure the building is as safe as possible. Please follow these important tips concerning building security as outlined in the Rules and Regulations: Everyone residents and owners and their guests are all responsible for maintaining the security of the building, including making sure building doors are closed firmly at all times. This includes waiting until the garage, dock, and lobby doors are completely down or shut. Of particular note are the two garage doors. It is the driver s responsibility when either exiting or entering to wait until the garage door is completely closed before driving off or parking. Waiting until the door closes and eyeballing the closing garage door in your rearview mirror prevents anyone from sneaking in through the closing door. Owners have the further responsibility to inform their tenants of this important policy. Any transgressions after this warning could result in violation notices being sent to an owner. Leaving a building common area door open (propped or otherwise) and not supervising the area, the responsible owner will be fined. Owners are responsible for the actions of their tenants. Owners and residents are responsible for notifying Management in the event that any lock or door does not function properly. Do not hold open the common area doors for any unknown person(s). FEL s policy is for each of us to ask to see the key fob of the person entering if they claim to live in the building. Piggybacking, or walking in behind someone else, is not allowed. This includes all deliveries, which must be buzzed in by the person expecting them. Do not buzz in someone you do not know or are not expecting. Check out that person or group by coming down to greet them at the front door. Residents must not admit solicitors to the building. If a resident wishes to patronize solicitors, the resident must meet them at the lobby door and escort them to the exit

5 when their business is completed. Delay entering or exiting when in doubt about an individual. Report any suspicious person(s) or unusual activity to the police, and then call Management. Do not put yourself in any immediate danger. CONTACTING THE BOARD The Board has set up a special address to allow owners to contact them directly and easily. The Google group is not the proper way to contact the Board as it is not monitored all the time. Owners would be better served to address their comments, issues, requests and any other matter directly through this new address FEL.Boardofdirectors@gmail.com. TAKE A LOOK AT FEL S WEBSITE If you have not had a chance to look at our new website, filmexchangelofts.com, we encourage you to do so. It will allow better communications throughout the community. The new site will be at the same URL ( The web site has a public side and a password protected side for owners/residents. All owners and residents should use the following login information to get to password protected side of the site: To access this part of the site, you may use the username fel and password Exchange. The new site provides the following amenities to the owners/residents: Announcements: Enable the board greater ability to post announcements and news updates. Building Directory: Contact information of the Board, the Management Company, and the Residents (Voluntary Opt In). Community Calendar: Publish events occurring within the community: Board Meetings, Social Events, Maintenance work, etc Committee Pages: Provides ability for Committees to publish their work and findings to the Community. Documents Page: Online location for residents to retrieve important building documentation: Minutes, Rules and Regulations, Forms, List of Fees, etc Local Links: Short Directory of New Local Businesses and Services If you have any suggestions or upgrade Ideas for the website please sent the board an e- mail and we will look at making the changes where possible. Chicago Area Events

6 MCDONALD'S THANKSGIVING DAY PARADE This annual favorite that attracts almost a half a million spectators and starts off on State Street at 8:30 a.m. and includes marching bands, holiday-themed floats, and gigantic inflatable helium balloons (similar to what you see in the Macy's Thanksgiving Parade in New York City). The route is State Street from Congress to Randolph. Can't make it out to the parade? No problem. WGN Channel 9 will broadcast the parade. WHEN: COST: Thursday, November 22, 2012 AT 8:00 to 11:00 a.m. Downtown Chicago on State Street from Congress to Randolph FREE MAGNIFICENT MILE LIGHTS FESTIVAL PARADE

7 For more than 50 years, the trees along Chicago's North Michigan Avenue have been illuminated to signal the official kick-off of the holiday season. With the help of more than 800 volunteers, the Magnificent Mile Lights Festival presented by Harris encourages everyone to join in the spirit of the holiday season and enjoy a host of festive experiences along Chicago's "Magnificent Mile." The centerpiece of the day-long festival is the evening parade, and the lights on Michigan Avenue are literally illuminated block-by-block as the procession passes. More than 1 million spectators line the parade route each year to see the lighted floats, marching bands, balloons and performing artists. Because of the parade's unique overall format and time considerations, the parade is limited to five or six marching bands each year. The entire day of events is produced by the Greater North Michigan Avenue Association which is a private, non-profit membership organization with a mission of preserving, promoting and enhancing one of Chicago's most unique neighborhoods. WHEN: Saturday, November 17, 2012 The 1.2-mile parade route travels under millions of twinkling lights along Michigan Avenue from Oak Street to Wacker Drive. The parade is free and open to the public. The event is televised live in the Chicago area and is also re-broadcast throughout December in various cities across the nation. COST: FREE AFTER THE PARADE A spectacular fireworks show is held over the Chicago River immediately after the parade, serving as a grand finale to this holiday event. Live concerts are held all afternoon on the Harris Stage in Pioneer Court at 401 North Michigan Avenue. Artists appearing last year included the Radio Disney Road Crew and Crystal Bowersox of American Idol. CHRISTMAS TREE LIGHTING CEREMONY AT DALEY PLAZA Start the holiday season with the 99th Annual Christmas Tree Lighting Ceremony, which includes live performances and holiday music beginning at 4:30 p.m. At 5:00 p.m., the switch is flipped and the lights begin to sparkle in Daley Plaza. Visits with Santa Claus start on

8 Wednesday, November 21, at 6:00 p.m. until 8:00 p.m., with special hours on Thanksgiving Day from 11:00 a.m. 4:00 p.m. Santa s regular visiting hours and house tours will begin on Friday, November 23, and continue every Friday, Saturday, and Sunday through December 16 from 11:00 a.m. - 8:00 p.m. During Christmas week, December 17-23, the house will be open each day from 11:00 a.m. - 8:00 p.m., with special hours on Christmas Eve from 11:00 a.m. - 4:00 p.m. Santa will be available for photos so don t forget your personal cameras. WHEN: November 21, 2012 at 4:30pm DALEY PLAZA 50 W Washington St Chicago, IL COST: FREE CHRISTMAS AROUND THE WORLD AND HOLIDAYS OF LIGHT Nobody does the holidays like MSI. Enjoy a one-of-a-kind seasonal celebration by joining us for Christmas Around the World and Holidays of Light, a Chicago tradition which began in 1942 with a single tree dedicated to the Allies of World War II. As always, the Museum s 45-foot Grand Tree takes center stage in the Rotunda with more than 30,000 lights and 1,000 ornaments, surrounded by more than 50 smaller trees beautifully decorated by volunteers from Chicago s ethnic communities to represent their various cultures and holiday traditions. Stroll through the trees, enjoy intermittent falling snow and savor the performances on the Holiday Stage. School choral groups perform during the week, and ethnic song and dance performances take place on the weekends in conjunction with the exhibit. WHEN: Nov. 15, 2012 Jan. 6, 2013 Museum of Science and Industry 5700 South Lake Shore Drive Chicago, IL 60637

9 COST: $ $20.00 ZOO LIGHT AT THE LINCOLN PARK ZOO Zoo decorates its grounds and trees with mult-colored lights and animal figures. ZooLights is free and is sponsored by ComEd. Activities include ice carving demonstrations, a Holiday Express Train, and more. ZooLights runs through January 6, (Specific dates are: November 23 25, 30; December 1 2, 7 9, 14 16, 21 23, 26 31; January 1 6.) Admission is free. WHEN: STARTS November 22, 2012 LINCOLN PARK ZOO 2001 North Clark Street Chicago, IL COST: FREE RINGLING BROS. AND BARNUM & BAILEY CIRCUS Dragon tribes from the far reaches of the Earth are brought together in a single performance, displaying their breathtaking skills in a circus tournament of champions. WHEN: Nov. 1 Nov. 11 Allstate Arena Rosemont, IL WHEN: Nov. 14 Nov. 25 United Center Chicago, IL COST: $ $90.00