2nd Floor Party Room
Management 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 – 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
The meeting chair will invite commission representatives for any news, updates and reports. Attached to the report for Board review is the most recent report from the Social Commission.
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 June 9, 2025, as submitted by Community 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 June 9, 2025.”
Attached to the report for Board Member review is the updated 22.1 disclosure as of June 2025 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 May 2025.”
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. The pattern of meeting dates continues consistent with the schedule of past 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 23rd, Thursday October 23rd, Saturday January 24th, and Thur`sday April 23rd.
There was a question, since Halloween is such a popular time around the office, if we might consider moving the November budget meetings to the 8th, 15th and 22nd. 😊 For discussion.
A sample motion: “I move the Board of Directors schedules Board Meetings for the 2025/2026 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.”
Attached to the report for the Board (previously distributed for their advance review) is a draft of the Association’s audited 2024/2025 Financial Statements as presented by Picker and Associates. This will need to be formally accepted by the Board so any appropriate adjustments can be made to the Association’s books and records. We are also working on scheduling a date and time for the auditor to attend a meeting to deliver some remarks on the audit and answer any questions.
It does appear we have a surplus here of about $68,664, which seems solid. Budgeting efforts will get underway starting in August for the 2025/2026 fiscal year, and we will determine as a part of that process how much of this surplus is dollars we are actually holding onto, and how much is on paper that we may not realize. We expect to propose action on the surplus at a future meeting.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association formally accepts the audit of the Association’s financial statements for the fiscal year ending February 28, 2025 as performed and presented by Picker and Associates.”
The purpose of this action item is to discuss the potential and logistics of purchasing future copper riser materials now, before a 50% tariff is scheduled to hit in August.
There are several considerations – both advantages and disadvantages. Reasons to buy copper now include:
Copper prices are often volatile and tend to rise over time due to Global demand (especially from construction, EVs, and green tech) and supply chain issues (If copper supply becomes constrained by industry related problems or shortages, we could face huge inflation not to mention long lead times or shortages later).
Locking in the cost now protects us from future uncertainty. Labor will be what it will be at the time the work is done, but if we have certainty on costs of parts and materials, that helps stabilize budgeting.
Reasons to Wait:
Copper is valuable and can be a theft target. We will continue to secure materials in a secure and protected location, under surveillance.
Buying now uses funds that could be earning interest. So, we are hedging the inflation rate of copper against interest rates on our savings. This chart shows the trend over the past 20 years:
Up up and away over the last year, and a 50% increase to come August 1st. In researching this, it seems to be the opinion of most that inflation is being driven mostly by the mere suggestion of the tariffs and more recently by the more formal announcement they are coming. Even if tariffs don’t materialize or wind up being much less, the chaos and uncertainty may still drive prices higher.
While copper has been trending up long-term, prices can dip in the short term — for example, due to economic slowdowns or a decrease in construction activity. Also, with 50% tariffs, if demand falls off a cliff, some might argue that wholesale prices will follow.
Considering everything we can, buying copper now could be a smart hedge against rising costs. Despite prices, demand is going up globally and supply is not changing much. As of right now, all signs point to continued inflation and record prices.
The question is, if the Board would be comfortable with us purchasing the final 6 domestic hot water risers for work expected in 2026 and 2027. For this years Riser Projects, $678,000 was budgeted and $458,370 is the anticipated expense based on proposals and expenditures approved in April this year. So, we have some wiggle room to make this bulk purchases now.
We are working now on some more specific projections with the building’s plumber. Prices are a roller coaster in real time, but we are capturing what we can to have an informed plan to present for discussion.
It was reported to us that the team working on our main heat exchanger repairs found that the valves isolating it are not functioning. This previously approved repair got underway following heating season, due to the heat exchanger leaking. The valves and exchanger are embedded for the most part in insulation, so they are not something that are easily visible or accessed.
These are original 15” valves, and unfortunately repair is not an option. At the time of drafting this report, the engineer is working on getting bids. We anticipate having at least a cost not to exceed in time for the meeting, so we can replace them and continue on with the repair work in time for heating season to start in September.
Attached to the report for Board Member review are the remodeling packets for the following Unit Owner projects:
502 – Kitchen/Bath Remodel, Washer/Dryer, Hard Flooring
2012 – Kitchen Remodel
3210 – Bathroom Remodel
4901/03 – Full Unit Remodel, HVAC and Electrical Upgrades, Hard Flooring
5105 – Kitchen Remodel, Floor Refinish, Electrical Upgrades
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 502, 2012, 3210, 4901/03 and 5105 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
Treasurer’s Report
The most recent financial reports, for the period May 2025, are attached to the report for Board review.
Fund Balances End of May 2025
Operating assets totaled $1,735,584 and the Reserve cash and investments were $5,276,257 for a total of cash and investments of $7,011,841.
May 2025 Revenue and Expenses
Total Operating Revenue: $676,379
Total Operating Expenses: $483,215
Income (Loss) From Garage: $32,687
Contribution To Reserve: $176,058
Total Surplus/(Deficit): $49,794
Management Report
Attached to the report for Board review are the updated Monthly Activity Report and Sales and Lease Reports.
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 14, 2025, 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 July 28th and August 11th at 7:30PM. All meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.
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