As many of you know we have started the beginning steps of the plan for remediating the basement area to meet the city mandated fire safety requirements. The changes will cause some inconvenience for all and may result in the removal of all laundry equipment from all basement storage areas.
Recently some shareholders have questioned the urgency of our efforts and your board’s commitment to working with the city to get the best possible deal for shareholders. Let’s be clear, we need to get the fire safety remediation done because it is the right thing to do for everyone who lives at 3750.
The urgency for getting this work done soonest is because we are getting pressure from the city to show significant progress toward bringing the building into compliance. As the attached editorial from Saturday’s Chicago Tribune underscores, that pressure is only going to intensify.
Your board, its infrastructure committee and building management are in constant communication with the city to try to negotiate the best possible outcome. The city has worked with 3750 to accommodate its shareholders and the building’s unique qualities to the extent possible, saving shareholders tens of thousands of dollars.
Your board is proud of the progress already been made. 3750 is ahead of many peer buildings and definitely is NOT one of the buildings being sued by the city. However, we want to keep it that way. We still have a great deal of work to do before we fully remediate the issues cited by the last city inspection.
We ask your patience, help, understanding and support as we try to get to the finish line at the lowest cost and with the smallest amount of inconvenience possible. Our goal is to make 3750 as safe as possible as quickly as possible for all without breaking the bank in the process.
Every shareholder is welcome to the open forum that precedes every board meeting (including tonight’s) to get your questions about this on-going project answered. We look forward to hearing from you.
Your board president