PTCA BOARD OF DIRECTORS MEETING

Following PTCA 2025 Annual Meeting

Monday June 9, 2025  7:30PM

2nd Floor Party Room

Report and Agenda

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 2025 Annual Meeting Of The Unit Owners

Owner Forum (Following Annual Meeting)

The Board of Directors and management will welcome and address feedback and questions from Unit Owners.

CALL TO ORDER – Open Session

The meeting chair, to be named, 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 Home Improvement Commission.

Board Report

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

Action Items

Election Of Officers

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 ______________, _________, 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).”

Closed Session Business

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

Minutes – Board Meeting Monday May 12, 2025

Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday May 12, 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 May 12, 2025.”

Updated 22.1 Disclosure

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

(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 through April 2025.”

Follow Up On BAS System Engineering

Attached to the report for Board review is the proposal from ELARA Engineering for devising a professional RFP and other engineering services related to the Building Automation System Upgrade project. They’ve proposed for the base services fees needed, $18,500, and provided a time and material quote for work beyond that. At the Board Meeting in April, a base budget of $24,000 was set for this effort.

The purpose of this action item is to discuss next steps and what to expect. We suggest having them proceed with devising the RFP and bidding process as proposed. Once that is done, we can discuss the possibility of having them assist with inspections during the upgrade and a final inspection at completion.

Construction Request

Attached to the report for Board Member review is the remodeling packet for the following Unit Owner project:

4004 – Replacement of Double Pane Windows

We are also expecting approval for another project in time for the meeting:

1901 – Closet Shelving and Doors

A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 4004 and 1901, 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 April 2025, are attached to the report for Board review.

Fund Balances End of April 2025

Operating assets totaled $1,736,506 and the Reserve cash and investments were $5,146,792 for a total of cash and investments of $6,883,298.

April 2025 Revenue and Expenses

Total Operating Revenue: $657,700

Total Operating Expenses: $471,998

Income (Loss) From Garage: $23,260

Contribution To Reserve: $176,058

Total Surplus/(Deficit): $32,904

Action On Investments

A Reserve Fund CD with Southpoint Bank expired in May. After consultation with the Board President and

Treasurer this was reinvested with Wells Fargo, $245,000 for a period of 12 months at 4.3%. Also, after considering cash on hand, the current laddering of investments, and cash flow needs anticipated over the next several years, a new CD was purchased with Morgan Stanley, $245,000 for a period of 4 years at 4.25%. Investment details are attached to the report for Board review. It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with the Treasurer and Board President for ongoing investment considerations.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of a reserve fund CD with Southpoint Bank, totaling $245,000, to a CD with Wells Fargo with an interest rate of 4.3% for a period of 12 months, and the purchase of a new CD with Morgan Stanley, totaling $245,000, for a period of 4 years with an interest rate of 4.25%, and affirms 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

Property Manager Tim Patricio will review current business and activities of interest.

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 9, 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 June 23rd and July 14th at 7:30PM. All meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.