Page 5 - Chicagp Fall EXPO 2019

CHICAGOCOOPERATOR.COM THE CHICAGOLAND COOPERATOR — FALL 2019 5 Tuesday, October 22, 2019 The Cooperator Expo Chicagoland McCormick Place West-Skyline Ballroom, Chicago, IL 10:00 a.m. - 4:30 p.m. A must attend for all board members, prop- erty managers, condo, HOA, & co-op decision makers and apartment building owners. Learn about the latest services from more than 300 exhibitors. Attend educational seminars, net- work with your peers, and get free advice from industry experts. For information, visit www.fall.ilexpo.com. Thursday and Friday, October 17 and 18, 2019 CAI: M-206 Financial Management CAI Illinois Chapter Office, 1821 Walden Office Square, Suite 100, Schaumburg, IL 9:00 a.m. - 5:00 p.m. Learn how to best manage your association’s money. This course gives you the tools to understand and apply the principles of finan- cial management to your community associa- tion. You’ll learn the entire budget process, from identifying line items to reconciling accounts to gaining board approval. You’ll also learn how to analyze and report on association finances. For information, visit www.caionline. org. Friday, October 25, 2019 IREM Chicago: CPM Certification Exam IREM Chicago Chapter Office, 2901 Butterfield Rd., Oak Brook, IL 8:30 a.m. - 12:30 p.m. The CPM Certification Exam tests all that you have learned through your education and experience in real estate management and ensures the integrity of the CPM designation. If you have completed the CPM education requirement, you are ready to take the CPM Certification Exam. Register online at www.irem.org. CAL EN D AR Industry Pulse October Transactions More Details Emerge About New Tribune Tower Residences The developers behind the new Tribune Tower Residences finally released new ren- derings and specs of the project, the Chicago Tribune reported. According to the infor- mation, there will be 162 condo units at the 436,000-square-foot tower, with some having private terraces and others having staggered balconies. Prices for the units range from $700,000 to more than $7 million and move- ins will begin in the fourth quarter of 2020. Building amenities include a fitness center, a communal lounge area on the 25th floor, an indoor swimming pool on the seventh floor, and a private dog walk near the parking area. The famous building was the former home of the Chicago Tribune until the newspaper an- nounced its move to its current home at One Prudential Plaza in 2017, according to Chi- cago Magazine . Report: Plan to Convert Landmarked Streeterville Condo Into a Hotel A landmarked condominium building at 227 E. Walton Place in Streeterville could be turned into a hotel, Curbed reported. The13-story building designed by renowned architect Harry Weese from the late 1950s would be converted into 24 extended-stay corporate suites and developed by BRAD Management’s Jerry Wise. A zoning change is required by the city for the building to go from residential to extended-stay units.A public discussion about the zoning request was scheduled to take place on August 21. Property Management Associa Chicagoland Celebrates Clients at Casino Night Associa Chicagoland hosted a client ap- preciation casino night to celebrate clients, network, and help raise money for Associa’s national non-profit, Associa Cares, the prop- erty management company announced in a news release. The event highlighted the tremendous teamwork between Associa Chicagoland em- ployees and board members, residents, and vendors. Their collaborative effort extended beyond excellent service and management to poker tables, hors d’oeuvres, door prizes, and a silent auction—all located in the beau- tiful Meridian Banquet and Conference Cen- ter. The event was a hit with more than 350 people—including valued business partners, board member clients, and Associa man- agement and leadership attending. Associa Chicagoland raised more than $5,300 to help residents that have been affected by natural and man-made disasters. “Casino night is a great example of how the community and industry can come to- gether to extol excellent management and al- truistically raise charitable support for those in need,” stated Stephanie Skelley, Associa Chicagoland president. “I am proud that we raised over $5,300 for Associa Cares while also celebrating our wonderful clients.” Associa Cares funds are distributed to families of Associa-managed and non-As- socia managed communities. To donate to Associa Cares or apply for assistance, please visit our website at www.associacares.com. Buildings Aldemen’s Proposal Would Raise Percent- age of Owner Votes Needed for Bulk Condo Sale Amid the popular trend of deconver- sions taking place in Chicago, two aldermen are proposing an ordinance that would set a higher threshold for the percentage of votes required to approve a bulk condo sale. Crain’s Chicago Business reported that Aldermen Brendan Reilly and Harry Osterman have called for a requirement of 85 percent ap- proval from the ownership of a condo asso- ciation for a sale to go through; under current Illinois law, the percentage of owner support required for a bulk sale approval is 75 per- cent. The proposal appears to be a response to some condo owners who don’t want to sell their units, even if others in their building want to do so. A City Council meeting to dis- cuss the ordinance was slated for September 18. Attorney Kelly Ellmore of the firm Kovitz Shifrin Nesbit spoke to Crain’s about the idea of increasing the percentage of owner voting approval: “The reality is that whether the vot- ing percentage is raised to 85%, 90% or even 100%, no threshold will ever appease those owners who simply do not want to sell their units at any price.” Law & Legislation Court: Insurance Company on the Hook for Full Repairs at Naperville Condo In a victory for a Naperville condomini- um association, a federal appeals court ruled that an insurance firm is responsible for pay- ment for the repair of all four walls of the association’s buildings damaged in a 2014 storm, Cook County Record reported. The U.S. Seventh Circuit Court of Appeals decid- ed that the Philadelphia Indemnity Insurance Co. has to pay to replace the siding of all four walls of the buildings owned by the Win- dridge of Naperville Condominium Associa- tion. The case goes back to a 2014 hail and wind storm that hit parts of the buildings; Philadelphia Indemnity argued under its re- placement-cost policy that it is only obligated to pay the damaged sides, but Windridge claimed that the unaffected sides would also need replacement in order to make the siding of the buildings whole once more. According to Cook County Record, a U.S. District Court judge ruled that Philadelphia Indemnity’s policy included “make whole,” after which the firm appealed. Trends Illinois Condos Had a Mixed July, Accord- ing to Realtors The median sales price and the number of sales of Illinois condos experienced a decline, according to the Illinois Realtors’ monthly lo- cal market update for that month. The medi- an sales price for condos throughout the state during July 2019 was $201,000, a 0.5 percent 2019 PULSE/CALENDAR continued on page 39 YOU’LL LEARN SO MUCH YOUR HEAD COULD EXPLODE. (Our lawyers said we had to warn you.) MCCORMICK PLACE WEST SKYLINE BALLROOM — TUESDAY, OCTOBER 22, 10AM-4:30PM FREE REGISTRATION: FALL.ILEXPO.COM THE COOPERATOR EXPO 2019 WHERE BUILDINGS MEET SERVICES