Dear Owner,

The board came to the de-conversion meeting couple weeks ago. Yes, to the one they told a lot of homeowners that it was cancelled. They even brought association's attorney.  Several interesting facts were admitted by the Peletis, Black, Chuman and/or the association attorney:

  • Our financial situation, per the reserve study done by the board is an ‘F’.  Yes, an independent third party says that we are failing financially.
  • If and when the elevators will fail, the buildings may/will be condemned by the County.  Yes, everyone will need to move out and find alternate lodging. Association attorney confirmed.
  • There is no money in the accounts and we are already mortgaged, so fast elevator replacement is not an option.  The board is refusing to provide financials, but the last meeting minutes available show only $11,000 in the bank.  Each elevator will cost approximately $150,000 each. You do the math.
  • The board is actively looking to raise our real estate taxes by annexing into Lisle.  If they do so, we will need to pay the Village of Lisle taxes, approximately $150 extra per unit, per year.
  • Per the board, as of June 18, 2025 we currently owe attorney bills of over $278,000. That number is increasing by $1200 per day.

In their information letter the board admitted that until association issues are resolved “individual units may sell at a discount.”

These are the board’s words, not anyone else’s.

Naper Place News