2nd Floor Party Room
Agenda & Report
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.
OPEN SESSION CALL TO ORDER – Confirm Quorum
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order and confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.
Commission Reports
The meeting chair will invite commission representatives for any news, updates and reports.
Attached to the report for Board Review, are the most recent reports from the Home Improvement and Social Commissions.
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
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 Board of Directors Meeting held on Monday July 13, 2026, as submitted by General Manager Tim 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 July 13, 2026.”
Attached to the report for Board member review is the updated 22.1 disclosure through June 2026 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 June 2026.”
First, a clarification. At last month’s meeting, the Board approved the replacement of the High Zone Jockey Pump, which was not holding its seal and leaking. We incorrectly referenced it as the low zone pump at that time. (These are ‘booster pumps’ for the fire pumps serving the High Zone 30th to 55th floors, and Low Zone 3rd to 29th floors.) They are rarely ever used except for testing and inspection, but original to the construction of the building.
(Incidentally, both pumps passed inspection this Spring, which is observed by a Department of Building’s representative.)
Not too long after last month’s meeting, we began having identical problems with the Low Zone Jockey Pump. So, we were having problems with both booster pumps, for both of our main fire pumps. Since Fox Valley was already working on the order and scheduling of the high zone pump (as the low bidder at $8960.42), we asked if they could add to the order for the low zone pump, and asked since we are now ordering two if they could discount it. They proposed an additional $7,518.75, and indicated that all together this represents about a $750 discount.
Because of the urgency of the situation, the proposal was approved. The pumps are operational, but they are failing. As components of our fire safety infrastructure, it was deemed an emergency and approved. We request the Board formally approves this action. Also for the sake of the records, it should be acknowledged that the pump approved for replacement in July, was the high zone jockey pump.
Note – While replacement of these pumps is not budgeted this year, the Fire Pump system is noted in the reserve fund for replacement (including these pumps) in 2028/2029. So, this will reduce the anticipated expense in those years.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association ratifies the action by management to approve of the low zone jockey pump replacement as proposed by Fox Valley at an expense of $7,518.75 to be funded by the reserve fund, and hereby acknowledges that the pump approved for replacement in July 2026 was actually the high zone jockey pump.”
As reported and approved in February, we hired EHC – who is working on an asbestos operations manual – to inspect the riser project units with our plumber. For the upcoming 08/09 riser, 37 of the 52 locations tested positive, though all on the very lowest end of the testing scale. Nonetheless we will need to do asbestos mitigation, as we did with the 11/12 riser.
This results in a change order which exceeds our provision for unknown conditions. In December, only 10% ($50,880) was budgeted for all three of this year’s planned risers, and $43,500 for next year’s final 3 risers. Attached to the report for Board review is the change order for the 08/09 effort, at $65,250.
Since this exceeds the provision budgeted for unknowns, we request the Board accept this additional budget for the work needed to do the appropriate mitigation.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves asbestos mitigation for the low zone 08/09 units riser project, as proposed by EHC Industries, Inc., at an expense of $65,250, to be funded by the reserve fund.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
409 – Bathroom Remodel
2312 – Remodel with Washer/Dryer
3514 – Remodel with Washer/Dryer
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 409, 2312, and 3514, 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.”
Business Reports
Treasurer’s Report
The most recent financial reports, for the period June 2026, are attached to the report for Board review.
Fund Balances End of June 2026
Operating assets totaled $2,048,077 and the Reserve cash and investments were $5,932,135 for a total of cash and investments of $7,980,212.
June 2026 Revenue and Expenses
Total Operating Revenue: $683,140
Total Operating Expenses: $486,564
Income (Loss) From Garage: $26,817
Contribution To Reserve: $188,258
Total Surplus/(Deficit): $35,135
Action On Investments
After consultation with the Board President and Treasurer an expiring US Treasury in July was reinvested with Sally Mae Bank, $234,000 for a period of 24 months at 4.3%.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the
reinvestment of funds from an expiring US Treasury into a CD with Sally Mae Bank, totaling $234,000 at an interest rate of 4.3% for a period of 24 months, and reaffirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.”
Management Report
We expect to forward the Monthly Activity Report and Sales and Lease Reports to Board Members in time for the meeting.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the August 10, 2026, Board Meeting at ____PM.”
OWNER FORUM
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next regular Board Meetings are scheduled for Monday August 24th and September 14th at 7:30pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
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