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 – PTCA 2026 Annual Meeting Of The Unit Owners
Attached to the report for Board Member reference is the Annual Meeting Agenda and Report.
Adjournment Of Annual Meeting
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
If the Board is prepared to appoint Officers and Commission Liaisons, a sample motion follows:
“I move that the Board of Directors of the Park Tower Condo Association hereby approves appointing _____________, as Board President and liaison of the ______________ Commission(s), __________, as Board 1st Vice President and liaison of the ______________ Commission(s), _________, as Board 2nd Vice President and ______________ Commission(s), _____________, as the Board Treasurer and liaison of the _____________Commission(s), and _____________, as Board Secretary and liaison of the ___________ Commission(s).“
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 May 11, 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 May 11, 2026.”
Attached to the report for Board member review is the updated 22.1 disclosure through April 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 April 2026.”
As recently reported to the Board, our team has slowly but steadily been compiling a list of things we ‘wish’ we could do to improve ptcondo.com, and move it to a more productive platform. We’ve made improvements on our own over the years, such as adding the leasing waitlist and a tabs for links to making payments and work orders, and such. However, technology has raced ahead.
As an initial step to push in that direction, we recently met with the website’s original designer, Dave Nicosia, and his team, and they devised a preliminary mock-up based on our thoughts, and a link was shared with members for their review.
The cost effectiveness of so quickly producing a mock up surprised us, so we propose moving forward more formally. Management is requesting a preliminary budget of $6,500 to upgrade ptcondo.com from our legacy WordPress platform to a modern, AI-assisted architecture, ‘Claude Code’ by Anthropic. We already have the functional design mock-up done within our current budget. There is much more we can integrate, very cost effectively. There are several advantages:
We expect the requested budget will fund the execution of this project for a launch later this year, including:
This effort was not budgeted for 2026/2027. We did not expect to be considering this until budgeting for next year. However, because it has been so cost effective to produce a mock-up, and the funding expectation is actually far below what we originally spent to build the WordPress site, we are in a position to move forward much quicker than anticipated. Rather than wait and get further behind as this technology races ahead, we suggest the Board approve the funding so we can push this effort forward now, and modernize our website.
A sample motion: “I move the Board of Directors approves a preliminary budget of $6500 for Management to refurbish PTCondo.com, moving it from a WordPress platform to Claude Code by Anthropic.”
Consistent with the Home Improvement Commission’s recommendation, we suggest approving the amendment and extension of the laundry room contract with Family Pride Laundries for 10 years.
The amendment, attached to the report for Board review, includes the replacement of all machines (with the exception of the 30 lb. tumbler dryers which are in excellent condition), adding one 30 lb. tumbler dryer and subtracting two smaller dryers, the addition of 6 front load washers and subtracting 7 top load washers, and adding one 30 lb. front load washer. They will also paint the room and make any electrical alterations that are deemed necessary.
Because of the addition of new (costlier) front load washers, and a large front load washer and tumbler dryer, Family Pride originally proposed a reduction of the commission from 72% to 67%. We were able to negotiate that back up to 71%. This would be a difference of only about $900 a year at present.
The Commission also proposed changing the color of the room to Sherwin Williams “Pure White”. We will have a sample to view at the meeting. Despite the name, it is more of a muted off white. They also proposed the columns be painted to match the gray color within the residential hallways.
A sample motion: “I move the Board of Directors approves the laundry room license agreement amendment with Family Pride Laundries for 10 years, as proposed at a commission rate of 71% of receipts to be paid to the Association, and repainting as recommended by the Home Improvement Commission.”
Previously tabled, it has come to our attention (confirmed through our Life Safety vendor and Habitat’s head of maintenance operations) that the City is beginning to enforce 5 year internal pipe inspection for sprinkler systems and fire pump check valves. Very simply put, an assessment needs to be made of any obstructions or deterioration within the pipes.
This is not a part of our regular annual life safety contract with Fox Valley, so we asked for an additional proposal. The quote surprised us so we reached out to a competitor for a number as well:
Fox Valley Fire & Safety $11,809
Great Lakes Plumbing & Heating $13,200
We are presently in the final year of our life safety contract with Fox Valley. Along with their proposal, they suggested extending the contract and integrating this requirement. We believe their proposal (attached for Board member review along with the Great Lakes proposal) is worth extending as proposed. Fox Valley has proposed no increase for 2027, and 3% for 2028, 2029 and 2030. We suggest we agree to this extension given its terms being well below the current rate of inflation.
A sample motion should you choose to proceed: “I move the Board of Directors of the Park Tower Condo Association approves the additional 5 year sprinkler testing required by the City of Chicago, as proposed by Fox Valley Fire & Safety for a total of $11,809.17, as well as an extension of their annual life safety maintenance and fire protection services contract through 2030, at no increase for 2027, and 3% annual increases for 2028, 2029 and 2030.”
In response to the fire in December, the Chicago Fire Department informally requested that we alter our railing along the plaza, to provide openings to more flexibly access our fire hydrants.
Analyzing their request and the position of the hydrants, we agree that response time could be improved by making the suggested openings. It should go without saying that minutes and seconds can make a difference in an emergency. The position of the fire hydrants along the railing does seem to be too close. Particularly when hoses are pressurized, we can imagine the challenge to first responders who would be forced to spend time fussing with them when they are attaching and moving them around.
We have two different ideas to address this, and proposals, attached for Board review.
Skyline Metal Fabrication $2,800
Suburban Welding & Steel $9,307.03
We believe Skyline’s proposal for one larger opening, framed to match the existing railing, would appear the least awkward.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the alteration of the plaza railing as proposed by Skyline Metal Fabrication, to create an opening to allow for improved access to the fire hydrants for first responders at the street level, for an expense of $2,800.”
The VFD (variable frequency drive) serving the north cooling tower on the main roof has failed and requires replacement. This is a fixture that controls the level the cooling tower operates at. Meaning, if it is needed, it is either operating off or operating at 100% rather than adjusting its function based on demand. Fortunately, this time of year it is typical to only need one cooling tower, so the team has been relying on the South Tower. However, there is also a wait time of several weeks for the needed drive. Once our team had two quotes, management gave a thumbs up on an emergency basis to the quote we collectively agreed was best.
Fluid Technologies Pumps & Controls $9,987 (3 to 5 weeks lead time)
Oak Brook Mechanical Services, Inc. $10,667 (8 weeks lead time)
As the lowest bidder with the shortest lead time, management approved the proposal with Fluid Technologies. We request the Board formally ratify management’s decision to proceed with this replacement on an emergency basis.
A sample motion should you choose to proceed: “I move the Board of Directors of the Park Tower Condo Association approves the action taken by management to approve replacement of the variable frequency drive serving the north cooling tower, as proposed by Fluid Technologies Pumps & Controls, Inc., at an expense of $9,987, to be funded by the reserve fund.”
Our maintenance team reports that they’ve identified problems with the main kitchen exhaust fan, serving all kitchen vents throughout the residences. After investigating strange noises, it was discovered that both the drive shaft and bearings are failing.
Our team sought three bids for the necessary repairs
Althoff Industries TBA
Great Lakes Plumbing & Heating $56,926
Oak Brook Mechanical Services, Inc. $24,195
(Althoff was an original bidder, but did not cover all the work needed, so we are waiting for a revision.) Each of these vendors has done more than reasonable work for the Association in the past, so we are comfortable suggesting the lowest bidder. Particularly since this was not an expected expense.
A sample motion should you choose to proceed: “I move the Board of Directors of the Park Tower Condo Association approves repairs to the main kitchen exhaust fan, as proposed by ______, at an expense of ______, to be funded by the reserve fund.”
Working with our engineering firm, we sought bids to conduct a 100% inspection of the curtain wall and window sealants and spot repairs. This was budgeted for this fiscal year at $107,000.
Attached to the report for Board review are the following proposals:
LS Contracting $187,736
Riggio Boron LTD. $ 85,250
TNA Sealants $110,000
WJE suggests using Riggio, explaining that they’ve had excellent experience with them elsewhere. Also, they said their turnkey bid is more in line with what they expected. WJE is of the opinion our past sealant inspections have not resulted in significant findings. They expect repairs can be made at the same time they are conducting their inspections. Basically, repairs will be made as they go.
WJE estimated their fees to complete the survey and file the necessary documentation with the City of Chicago will be $30,000. This brings the total proposed expense to $115,250.
While we are happy WJE is optimistic repairs will be minor, 1 or 2 extra drops could add up quickly. So, we recommend a provision of about 20% of Riggio’s proposal ($17,000), in case additional work is discovered to be necessary.
A sample motion should you choose to proceed: “I move the Board of Directors of the Park Tower Condo Association approves the exterior curtain wall sealant inspection and repairs project as proposed by Riggio Boron, Ltd. for scaffold and swing stage operations, and spot sealant repairs at an expense of $85,250, and as proposed by Wiss Janney Elstner Associates, Inc., for a critical examination and sealant inspection of the curtain wall at an expense of $30,000, and a provision of $17,000 for addressing any unforeseen conditions, for a total of $132,250 to be funded by the reserve fund.”
It was reported that organizers for the annual Independence Day Picnic have been in discussion with Windy City Shaved Ice, a tenant in our mall in the small office behind Dralyuk Realty. They are offering to supply 425 4-oz cups of Philadelphia Water (like Italian ice but creamier) in a variety of flavors, spoons, napkins and the freezer on wheels and to be present at the Picnic in the Party Room to serve all of that for the price of $2/serving for a total of $850.
The present budget request for the year included a budget for the Independence Day Picnic of $9,200 less an expected $2,900 of income from guest wristbands, leaving the net expense at $6,300. In light of this opportunity, the Commission requests the Board approve an increase of this years anticipated expense of $850 so this treat can be added.
A sample motion: “I move the Board of Directors approves an increase of the planned budget for the Independence Day Picnic by $850, to allow for Windy City Shaved Ice treats, as proposed by the Social Commission, for a total estimated net expense of $7,150 for the picnic.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
801 – Bedroom Flooring & Bath Repairs
1209 – Window Film & Double Pane
3403 – Window Film & Double Pane
4515 – Kitchen Improvements
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 801, 1209, 3403 and 4515, 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 April 2026, are attached to the report for Board review.
Fund Balances End of April 2026
Operating assets totaled $1,680,098 and the Reserve cash and investments were $6,059,459 for a total of cash and investments of $7,739,557.
April 2026 Revenue and Expenses
Total Operating Revenue: $686,468
Total Operating Expenses: $506,176
Income (Loss) From Garage: $26,729
Contribution To Reserve: $188,258
Total Surplus/(Deficit): $18,736
Action On Investments
After consultation with the Board President and Treasurer an expiring CD with Wells Fargo Bank was reinvested with Merrick Bank, $245,000 for a period of 24 months at 4.1%.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of a reserve fund CD with Wells Fargo Bank, totaling $245,000, to a CD with Merrick Bank with an interest rate of 4.1% 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, and should either the Treasurer or Board President be unavailable, with the another current member of the Board.”
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 June 8, 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 June 22nd and July 13th at 7:30pm, and a Resident Forum is expected Wednesday July 22nd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
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