$864,321 spent on renovation was over budget, condo board told

11-Mar-14 – The condominium association at Marina City has suspected for some time that recent renovation projects were significantly over budget and it now has a report from a certified public accounting firm to confirm that suspicion.

$864,321 was spent on five projects between 2006 and 2013 above and beyond what was approved by the board, according to a report submitted by CondoCPA, an accounting firm based in Elmhurst that was hired to review the expenditures.

CondoCPA found that a total of $1,474,373 was spent on the projects while only $610,052 was approved.

The projects include remodeling on the 20th floors of both towers, extensive renovation of both residential lobbies, a “model floor” (above and left) on the 53rd floor of the east tower, 896 doorplates that include a map of the stars and planets as they appeared on the day in 1960 that ground was broken at Marina City, and artistic lighting that was installed in the ceiling of all eight passenger elevators.

The report was approved at the January 16 meeting of the condo association but details were not announced until early March. Writing in the MTCA’s March newsletter, board president Ellen Chessick told unit owners the report is still being reviewed “to determine what steps, if any, the association needs to take with regard to these expenditures.”

(Click on images to view larger versions.)

 Previous story: Condo board hires auditor to review pricey projects