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.
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 Home Improvement Commission.
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 Monday April 14, 2025
Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday April 14, 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 April 14, 2025.”
3. Updated 22.1 Disclosure
Attached to the report for Board Member review is the updated 22.1 disclosure through April 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.”
4. 2025 Annual Meeting Notice
Attached to the report for Board review is a draft of the 2025 Annual Meeting notice, including the Instructions to vote by proxy and a sample proxy form.
A sample motion: “I move the Park Tower Condo Board of Directors hereby accepts the 2025 Annual Meeting Notice as drafted and directs that management coordinate the necessary mailing and distribution to Unit Owners.”
5. Chiller Refrigerant
Last month the Board chose WJO Chicago for the purchase of Chiller Refrigerant. There were proposals for 600 pounds for use now as we bring the chillers on line, and 1500 pounds to store. The bids were as follows:
600 Pounds
Johnson Controls $19,500
Kroeschell Engineering $11,392
WJO Chicago $10,613
1500 Pounds
Biedron Heating & Colling $33,975
Johnson Controls $47,000
Kroeschell Engineering $26,050
WJO Chicago $25,967
The Board voted to approve the purchase through the low bidder, WJO Chicago, totalling $36,588. Unfortunately, WJO was unable to honor their rates because of sudden price increases through their supplier. To make a long story short, we are firsthand experiencing the volatility and chaos in this market right now. Their revised proposal (attached to the report for Board review) totalled $12,827 for 600 pounds, and $31,893 for 1500. All together $44,720. A difference of $8,140.
We scrambled, and fortunately the next lowest bidder, Kroeschell Engineering (totalling $37,442) was able to honor their proposal.
Being within $1000 of what the Board approved, we acted as immediately as possible to proceed with Kroeschell and request the Board ratify this decision.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby rescinds the previous approval of the purchase of 600 pounds of refrigerant for Chiller #2 and 1500 pounds for stock, through WJO Chicago at an expense of $36,588, and approves management’s decision to instead accept the same purchase as proposed through Kroeschell Engineering at a total combined expense of $37,442, to be funded by the Reserve Fund.”
6. Closed Loop Pump
In April, one of the two main pumps serving the heating and cooling loop (which delivers hot and cold water to convectors), failed. Attached to the report for Board review is the invoice for the service call made to Fluid Technologies, which is the service provider we typically call for events such as this that our engineers are unable to trouble shoot. The pump was taken apart and rebuilt with new seals, bearings, gaskets and other parts.
The work was approved on the spot because it is one of two main pumps. There is a back up pump, but it is lower capacity, so this was not something we were willing to risk. Because of the nature and size of this expense, we suggest the Board ratify this and designate this as a reserve expense.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the action taken by the staff to have Closed Loop Pump #2 repaired, as done by Fluid Technologies Inc., at an expense of $15,118 to be funded by the Reserve Fund.”
7. 2nd Floor Deck Railing Painting
Attached to the report for Board review are proposals for the budgeted professional painting of the 2nd Floor deck railing. The proposals are as follows:
American Veteran Solutions $4340
Green Tech Decorating $2850
Monson Nicholas, Inc. $5336
The budget for this project is $10,000 from the reserve fund. We see no reason not to go with the low bidder, as we have an excellent relationship with them. However, we believe the low expense does not warrant reserve funding for this project.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the painting of the 2nd floor deck railing, as proposed by Green Tech Decorating, at an expense of $2850.”
8. 2nd Floor Deck Furniture
As reported, the Home Improvement Commission has been considering options for the additional deck furniture, budgeted for $20,000 from the reserve fund for 2025. Following up on the previous purchase of the existing furniture, with the intent of keeping any new pieces consistent, they again worked with Tropitone. Attached you will find a proposal for the recommended pieces, totaling $20,671. This includes a modular couch, chair, fire pit and end table.
Also attached is a communication with the Commission regarding the sample choices, “Fog Bound” and “Carbon”, for the fabrics. I included pictures of these samples, the “Fogbound” Fabric, and the materials of the existing furniture. The samples will be brought to the meeting so they can be viewed firsthand.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves purchasing new 2nd floor deck furniture as proposed by Tropitone and recommended by the Home Improvement Commission, at an expense of $20,671.08 to be funded by the reserve fund.”
9. Construction Requests
Attached to the report for Board Member review are the remodeling packets for the following Unit Owners’ construction projects:
1007 – Hard Flooring Installation
5512 – Bathroom Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 1007 and 5512, 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
The most recent financial reports, for the period March 2025, are attached to the report for Board review.
Fund Balances End of March 2025
Operating assets totaled $1,754,634 and the Reserve cash and investments were $5,127,118 for a total of cash and investments of $6,881,752.
March 2025 Revenue and Expenses
Total Operating Revenue: $672,971
Total Operating Expenses: $475,100
Income (Loss) From Garage: $41,385
Contribution To Reserve: $176,058
Total Surplus/(Deficit): $63,197
2. Management Report
Attached to the report for Board review are the updated Monthly Activity Report and Sales and Lease Reports.
a) Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
b) Engineer’s Report – Property Manager Tim Patricio will review any activity of interest from the Maintenance team.
c) Recent Sales Activity – Property Manager Tim Patricio will review the most recent 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 May 12, 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 9th (following the PTCA 2025 Annual Meeting) and June 23rd at 7:30PM. All meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.
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