BOARD OF DIRECTORS MEETING

Monday July 10, 2023 7:30PM

2nd Floor Party Room

Agenda And 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.

CALL TO ORDER – Board Meeting Open Session

The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order.

Confirm Quorum

The meeting chair will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.

Commission Reports

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 Health Club Commission.

It is expected the Cable/Internet Taskforce will make a verbal report.

Board Report

The meeting chair may give a report on current Association business and activities of interest.

Action Items

1. Closed Session Business

This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.

2. Minutes – Board Meeting June 12, 2023

Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday June 12, 2023, as submitted by Property Manager Timothy Patricio.

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 June 12, 2023.”

3. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure as of July 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:

(1)         A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations.

(2)         A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of this Act or the condominium instruments.

(3)         A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.

(4)         A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.

(5)         A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.

(6)         A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.

(7)         A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.

(8)         A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.

(9)         The identity and mailing address of the principal officer of the unit owner’s association or of the other officer or agent as is specifically designated to receive notices.

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 as of July 2023.”

4. Board Meeting Schedule 2023/2024

Attached to the report for Board Member review is a draft notice to Unit Owners with a list of proposed Board Meeting and Resident Forum dates, as suggested and presented by Michael Parrie. The pattern of meeting dates continues consistent with the schedule for the past several business years, with the primary Board Meetings held on the 2nd Monday evening each month, and a secondary Board Meeting scheduled for the 4th Monday each month. Three Saturdays in November are included for budget review, and resident forums are scheduled for Wednesday July 26th, Thursday October 26th, Saturday January 27th, and Tuesday April 23rd.

A sample motion: “I move the Board of Directors schedules Board Meetings for the 2023/2024 Park Tower

Condo Association business year, on the dates as proposed by Board President Michael Parrie, and directs Management to issue a formal notice via US Mail accordingly.”

5. Rules and Regulations Commission Appointment

The Rules and Regulations Commission has recommended the Unit Owner and prior Board Member Jean Shamo (Unit 4606) be appointed to the Commission.

A sample motion: “I move the Board of Directors of the Park Tower Condo Board of Directors hereby appoints Unit Owner Jean Shamo to the Rules and Regulations Commission.”

6. Health Club Commission Recommendations

The purpose of this action item is to consider a few changes being recommended by the Health Club Commission.

First, the Health Club Commission is requesting the removal of the remaining mirror panel covering the window in the cardio room. Previously, there were three panels and two were agreed to be removed as a part of the rehab project about 7 years ago. As an alteration to the common elements, the Board should agree to this change. If the Board agrees, we do believe the staff can do the removal, but the glass behind it will need to be tinted to match the other windows. If agreed, the Board should provide direction to management. We believe the tinting would cost under $1500 if the Board simply wanted to approve this now with such a budget.

The Health Club Commission recommends the cardio room lights be changed to softer bulb. Two sample lights will be tested prior to a final decision on how soft. The bulbs for testing have been ordered, but whichever is chosen, the building engineer expects the cost will be within about $700.

A sample motion: “Following the recommendation of the Health Club Commission and the Chief Engineer, I move the Board of Directors of the Park Tower Condo Association approves replacement of the cardio lighting to softer lighting as proposed by the Commission for a cost not to exceed $700.”

7. Construction Requests

Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects

Unit 1104            Bathroom & Kitchen Remodel, Washer/Dryer Install

Unit 5102            Kitchen Remodel, Hard Flooring Installation

A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the remodeling plans for units 1104 and 5102 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.”

Business Reports

1. Treasurer’s Report

Attached to the Report for Board Review is the May 2023 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

a. Fund Balances End of May 2023

Operating assets totaled $1,677,439 and the Reserve cash and investments were $4,640,620 for a total of cash and investments of $6,318,059.

b. May 2023 Revenue and Expenses

Total Operating Revenue: $644,347

Total Operating Expenses: $394,330

Income (Loss) From Garage: $40,597

Contribution To Reserve: $164,975

Total Surplus: $125,639

c. Ratify CD and T-Bill Purchases

Management has continued exploring opportunities for maximizing the interest on Association funds and a getting better return on investments.

Working in consultation with the Board Treasurer and Board President we identified two opportunities which do not interrupt needed cash flow in the short term. Specifically, for the reserve we purchased an 18 Month CD at 5.25% for $225,000 through Wintrust from Cross River Bank, and a 6 Month US Treasury Bill at 5.111% for $249,881.21.

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 a $225,000 Certificates of Deposit for the Operating Fund, and a $249,881.21 Treasury Bill, for the Reserve Fund, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making new investments or future adjustments to such investments.”

2. Management Report
Management is still compiling data for the June reports and hopes to forward them in time for the meeting. Property Manager Tim Patricio is expected to review current business of interest activity and the latest sales.

ADJOURNMENT

There being no further business, the Board will consider adjourning the meeting.

A sample motion: “I move the Board of Directors adjourns the July 10, 2023 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 expected to be scheduled for July 24th and August 14th at 7:30PM. All such meetings are expected to be held in the 2nd Floor Party Room unless otherwise posted.