2nd Floor Party Room
6:30PM – CLOSED SESSION
The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
7:30PM – OWNER FORUM
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
CALL TO ORDER – Board Meeting Open Session
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order.
The meeting chair will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.
Commission chairs or members so designated will be invited to update the Board and Owners on business and activities.
Attached to the report for Board review is the most recent report from the Home Improvement Commission.
The meeting chair may give a report on current Association business and activities of interest.
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
Attached to the meeting report for Board Member review, are the proposed minutes for the Special Meeting of the Unit Owners to Review the Proposed 2023/2024 Operating Budget held on Monday January 9, 2023, as submitted by Property Manager Timothy Patricio, for Board consideration.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes of the Special Meeting of the Unit Owners to Review the Proposed 2023/2024 Operating Budget held on Monday January 9, 2023.”
Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday January 9, 2023, as submitted by Property Manager Timothy Patricio, for Board consideration.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on Monday January 9, 2023.”
Attached to the report for Board Member review is the updated 22.1 disclosure as of January 2023 for formal Board approval.
The 22.1 Disclosure, is a standard document we provide upon request in the event of any sale and make available for inspection to the prospective purchaser. This incorporates:
As a matter of routine, we continue to update this regularly, and will present it periodically for Board review and formal approval.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the 22.1 disclosure as drafted with the best available information through January 2023.”
The purpose of this action item is for Board consideration of parameters and expectations for forming a taskforce to consider the expiration of the current Astound Broadband (aka RCN) bulk cable/internet commission in 2024. The Board should outline qualifications for membership on the Commission and the key goals and questions for them to research and explore.
While we are suggesting a motion below, this should be modified so that the resolution identifies the specific goals and considerations (renewal of cable?, resident survey?) and sets the qualifications for volunteer members (unit owners only?, number of members?).
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves forming an Ad-hoc Commission for the consideration of the Bulk Cable/Internet Contract currently with Astound Broadband set to expire in 2024 with the following goals, _____________; the Commission should be composed of _____________and we hereby direct that a call for volunteers be made for consideration of appointment to the Commission.”
Alliant has reported a bit more of a struggle than expected with our renewal and particularly as it relates to the Umbrella policy. Below you will see a worksheet illustrating where we stand. However they are continuing to negotiate as we speak. The total we budgeted for the upcoming fiscal year is $432,900, so worst case scenario we would run over budget by about $21,000.
The reference to Option 2, is if we moved the General liability over to the Habitat Corporate program. It would actually lower the premium from last year. That may not be possible. The question is whether Travelers will continue the Property program without the liability portion.
We will get a complete update prior to the meeting for discussion, and discuss the appropriate motion for a resolution at that time. I hope to have a more formal proposal packet for you by then as well.
At the January Home Improvement Commission meeting, the Commission requested Management explore how intense the Hallway Project contractor (Green Tech) intends to prep entry doors for painting. The project was bid for a general sanding and painting. So we requested a proposal for a complete sanding and priming, which they’ve quoted for $1500 per floor. This will include the hallway facing side of all unit entry doors and both sides of the service area doors.
At their February 8th meeting, the Commission recommended that we do the extra work with the mock-ups and evaluate it and the process.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the heavier sanding and priming of the hallway facing side of the unit doors and the service area doors, for the mock up floors 55, 54 and 53, as proposed by Green Tech Decoration at a cost of $1500 per floor.”
Attached to the report for Board review are bids for repair to the concrete slab underneath the pool, in the pool mechanical room. Some concerning conditions were uncovered by the staff as work was being done in the pool area and mechanical room over the fall. It was looked at more closely very recently by multiple contractors and following a visual inspection and consultation with our engineer with WJE. Proposals are as follows:
JLJ Contracting Inc. $31,445
Monson Nicholas, Inc. $19,525
Panther Construction $23,737
There is a chance unknown conditions could arise as we address the condition and work around the areas of concern. We’d suggest a provision of $5000 based on the space involved, roughly 200 square feet.
While this work was not anticipated, it’s our opinion that accumulated savings over the year on other projects leaves our reserve flexible enough to absorb this expense.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves concrete repairs in the pool mechanical room as proposed by Monson Nicholas Inc. for $19,525, and a provision of $5000 for unforeseen conditions should they arise as the work is completed, to be funded by the reserve.”
Attached to the report for Board review are bids for planned capital repairs to the residential cooling tower on the main roof. Funding of $80,700 was budgeted in 2023/2024 for upper and lower baffle replacement, gasket and fill media replacement and repairs of internal plumbing and branchlines. The work was planned for this Spring, in time for cooling season. The proposals for this project are as follows:
Bullock, Logan & Associates, Inc. $89,980
Chicago Cooling Tower Company $71,600
Quality Mechanical Inc. $99,979
We see no reason not to proceed with the low bidder.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the planned capital repairs of the residential cooling tower as proposed by Chicago Cooling Tower Company, Inc., at an expense of $71,600 to be funded by the reserve.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
Unit 505 Bathroom Remodeling
Unit 1012 Kitchen Remodeling
Unit 3611 Kitchen Remodeling
Unit 5409 Bathroom Remodeling
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the remodeling plans for 505, 1012, 3611, and 5409 as submitted by the unit owners, 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.”
We’ve received word a majority of the Health Club Commission members have agreed to recommend lifting the COVID vaccine requirement. The purpose of this action item is for the Board to consider whether to continue this policy. For our part, Management believes continuing the policy without requiring proof of boosters, is not logical. Also, there are no other properties we are aware of enforcing such a requirement for fitness centers or similar facilities.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves lifting/continuing the requirement for members to show proof of COVID-19 vaccination to join the Health Club.”
1. Treasurer’s Report
Attached to the Report for Board Review is the December 2022 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
a. Fund Balances End of December 2022
Operating assets totaled $1,669,402 and the Reserve cash and investments were $4,128,278 for a total of cash and investments of $5,797,680.
b. December 2022 Revenue and Expenses
Total Operating Revenue: $578,067
Total Operating Expenses: $501,967
Income (Loss) From Garage: $21,630
Contribution To Reserve: $149,567
Total Surplus/(Deficit): ($51,837)
c. Ratify CD and T-Bill Purchases
As discussed at previous meetings, management has been exploring options for diversifying fund investments to take advantage of better interest rates. In this case, we considered CDs and T-Bills. Consistent with past efforts, we consulted with the Board President and Treasurer to review options and get these in place.
Attached you will find a summary of the new investments made so far. This includes $230,000 invested in 2 CDs at Gold Coast Bank, $880,000 invested in 4 CDs with the Wintrust family of banks, and $1.5 Million in T-Bills through Wintrust. These were purchased with $450,000 in Operating Funds and $2,160,000 in Reserve Funds.
Interest rates ranged between 3.75% and 4.58%. Various time periods were chosen from 6 months to 36 months, laddering the investments over time to both ensure reasonable liquidity would be possible and so we would have the opportunity to continue taking advantage of any improved rates in the short term.
It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with Treasurer and Board President for future investment considerations.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the purchase of $450,000 in Certificates of Deposit for the Operating Fund, $660,000 in Certificates of Deposit for the Reserve Fund, and $1,500,000 in Treasury Bills for the Reserve Fund, and affirms that management continue consulting with the Board Treasurer and President when making new investments or future adjustments to such investments.”
2. Management Report
a. Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
b. Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.
c. Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales. The current Sales & Lease reports are attached to the meeting report for Board.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the February 13, 2023 Board Meeting at PM.”
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next Board Meetings are scheduled for Monday February 27th and March 13th at 7:30PM, unless otherwise posted. Later in the Spring, on Tuesday April 25th at 7PM, there will be a Resident Forum, open to Owners and residents. At this time, all such events are anticipated to be held in the 2nd Floor Party Room.