BOARD OF DIRECTORS MEETING
Monday February 12, 2018 7:30PM
2nd Floor Party Room
7:30PM – PRESENTATION – Midwest Glass Window Tinting
Midwest Glass Tinters will conduct a presentation on tinting materials good for heating and cooling, and used as an alternative to double pane solutions.
OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners.
OPEN SESSION – Call to Order
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order. Please be courteous – if applicable, the meeting chair will entertain questions as may be applicable to each agenda item; all speakers shall be recognized by the chair as necessary.
Roll Call – Confirm Quorum
The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.
Committees will be invited to give updates to the Board on business and activities.
The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.
Action Items – New Business
- Closed Session Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
- Minutes – Board Meeting January 22nd, 2018
Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday January 22nd, 2018, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday January 22nd, 2018.”
- 2018/2019 Insurance Program
Attached to the report for Board Member review is the “Premium Summary and Comparison” (from the proposal binder previously forwarded to the Board) for renewal of our Commercial Package Insurance Program and Workers Compensation for the 2018/19 fiscal year, as presented by Alliant/Mesirow Insurance. I met with our broker, Nancy Ayers to review the program and have no problems or exceptions with what has been proposed.
The total budget for our Insurance Program for the 2018/2019 fiscal year is $212,100. That is $158,000 for our Commercial Program, and $54,100 for Workers Compensation.
Renewal of the Commercial Package is proposed with total premiums of $153,213, which represents an increase of only $491 from last year. This is under budget by $4787.
Renewal of the Workers Compensation is proposed with a total premium of $51,213, which represents an increase of only $60 from last year. This is under budget by $2887.
A sample motion follows: “I move the Board of Directors approves renewal of the Commercial Package insurance program and the Workers Compensation insurance for the 2018/2019 fiscal year as proposed by Alliant/Mesirow Insurance Services with total premiums of $204,336.”
- Life Safety Services Contract
Attached to the report for Board Review is a copy of the RFP, sent to multiple contractors for a our entire battery of life safety testing and inspection services. Most are handled as routine tasks annually. However, with the expiration of our Siemens fire panel service agreement, we used the opportunity to bid out all the services to multiple vendors, including:
Annual Fire Panel Testing and Inspection
Annual Sprinkler System Testing and Inspection
Annual Fire Hoses Inspection
Annual Fire Pump Testing
Annual Back Flow Testing
Annual Smoke Tower Window Testing
Annual Fire Extinguisher Inspection
At the time of drafting this report, we have not collected enough information to make a recommendation. We gave vendors a deadline of Friday February 9th to reply to the RFP. We do expect enough information will come in so we can forward the Board additional information and recommendations in time for the meeting. The terms and conditions are non-complicated, so it really will be a matter of comparing numbers for the various tasks, as described in the RFP.
We may be suggesting one vendor complete all the tasks, however, if it is more cost effective, some tasks will be peeled of for others.
A sample motion that can be considered: “I move the Board of Directors approves for _____________ (firm name) to perform ____________ (task(s)) as proposed at a cost not to exceed $_____________.”
- Unit 12c Property Tax Spring Installment
The Spring Installment for the 2017 Property Taxes are due for everyone, including 12c. Attached is the current bill, totaling $2,643.47.
To continue our effort to foreclose on past due assessments, buy and then sell 12c, to avoid any entanglements we recommend the Board approve payment of the $2,643.47, and to charge it to the account of 12c.
A sample motion: “I move the Board of Directors approves to make payment of $2,643.47 for the 2017 First Installment Property Tax Bill, for Unit 12c, payable to the Cook County Treasurer, and to charge back the cost to the account of 12c.”
- 5445 Laundry Room Request
The purpose of this action item, is for discussion of a request from 5445 about whether the Board would consider allowing their residents to access our laundry room while they are having work done. They expect their laundry room to be out of service for about a month.
At the request of the Board President, management is analyzing traffic patterns in the laundry room to gauge days and times there may typically be higher or lower use by residents.
If a resolution is needed, one can be proposed at the meeting.
- Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owner construction projects:
1011 Remodeling Unit, Hard Surface Flooring and HE Washer & Dryer
2711 Hard Surface Flooring
3201 Hard Surface Flooring
5202 Hard Surface Flooring
A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 1011, 2711, 3201 and 5202, as submitted by the unit owner, following the recommendations of the chief engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.”
Board Treasurer Jean Shamo will review key recent financial activity.
Fund Balances End of December 2017
Operating Funds $487,479 (increase of $5018 from prior month)
Reserve Funds $1,337,254 (increase of $52,043 from prior month)
Total Cash and Investments $1,876,776 (increase of $57,061 from prior month)
December 2017 Revenue and Expenses
Total Operating Revenue: $492,120
Total Operating Expenses: $427,594
Income From Garage: $21,112
Contribution To Reserve: $131,417
Total Deficit: $45,780
Property Manager Tim Patricio will review recent and current Association Business and Activities of interest, and Recent Sales Activity.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the February 12, 2018 Board Meeting at _ _ PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
Next Meeting Dates Monday, February 26, 2018, and Monday, March 12, 2018, at 7:30PM