BOARD OF DIRECTORS MEETING
Monday October 11, 2021
Agenda & 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 – Board Meeting Open Session
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order.
The meeting chair will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.
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, are the most recent ASCO, Home Improvement Commission and Social Commission Reports.
The meeting chair may give a report on current Association business and activities of interest.
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 from the Board of Directors Meeting held on Monday September 13, 2021, as submitted by Timothy Patricio, Property Manager 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 September 13, 2021.”
Attached to the report for Board Member review is the updated 22.1 disclosure 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 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 August 2021.”
ABOMA (which is the advocacy group representing most large Condo Association’s in negotiations with the various Unions) announced they reached a “Memorandum of Understanding” which we will refer to as an agreement with Local 1 regarding employer vaccine mandates. The agreement and document that must be signed are attached to the report for Board review. The key details are as follows:
A sample motion: “I move the Board of Directors of the Park Tower Condo Association accepts the Memorandum of Understanding between ABOMA and SEIU Local 1, and authorizes a staff vaccine mandate consistent with the terms and conditions set forth in the memorandum.”
The purpose of this action item is for discussion of a proposal by the Social Commission to potentially hold a “Holiday Cheer” event in December.
The Social Committee met Wednesday, October 6th and discussed holding the Holiday Cheer party on Friday, December 3, 5:30 – 7:30 pm in 2 locations of the Lobby, by the low tower mail boxes and in the unsecured Lobby across from the fire panel. The Lobby would be superior in their opinion to the Party Room due to the higher ceilings, ceiling fans and revolving doors all promote better air flow, useful during the pandemic.
The budget for this event is $800. to cover food, drink and a harp player.
Unlike past Holiday Cheer parties all food would be commercially made (no solicitation of home made dishes) and we would provide volunteers, masked and gloved, to serve all food and drink. Attendees would be encouraged to keep masked unless eating or drinking.
The final decision to go ahead with this event or not would be made 3 weeks in advance, by November 12 and would be based on whether the City and State have removed mask mandates or not. The 3 weeks gives us our minimum amount of time to prepare and publish publicity and to do the shopping and preparation.
A motion can be proposed at the meeting, depending on the course of discussion.
Our contract with Impact Networking for the office copier is up for renewal.
At present the terms are $522/quarter for maintenance and supplies and $294.56/month for the lease. This was a 5 year agreement. They’ve proposed to renew the maintenance at $489/quarter for maintenance and $241.22/month for the lease, at 4 years. The lease is lower due to the fact the copier is aging, and they agreed to reduce the maintenance due to our usage history and the history of maintenance requirements and problems which has been very little. There is a 15% annual escalation for maintenance as with the prior agreement, normal for aging electronics.
Our team is happy with the present copier. It works fantastically with our network and has proven to be able to handle massive printing jobs when necessary, reducing the need to outsource pretty much anything in the past several years. The newsletter being a great example, though that has been discontinued. We used to outsource the annual meeting printing, but that is now completed in house as well.
We see absolutely no need to consider other options at this time, and it would be a unnecessary disruption to look for other options right now.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves renewal of the maintenance agreement and lease as proposed with Impact Networking, LLC, for 48 months at a starting rate of $489 per quarter for maintenance and supplies and equipment leasing at $241.22 per month.”
The PRV (pressure reducing valve) on Booster Pump #2 failed, leaving us with only two pumps off the City mains that were operational. (These are the primary pumps bringing water in and forcing it where it needs to go throughout Park Tower, and the PRV is the device which helps keep constant pressure so water volume does not fluctuate). Pump #1 is the “jockey pump” which is smaller and only runs at night. Pumps #2 and 3 take turns running during the daytime. But, they are responsible to move all the water from the City line, into our mains.
On an emergency basis, the engineer had this addressed with Fluid Technologies, our vendor who typically services such pumps. As it turned out, replacement was really the only option as it appeared it would have had to be completely rebuilt. A process which may have been just as costly as purchasing a new one.
Upon learning this, the engineer sought a proposal for replacing the PRV with a VFD (variable frequency drive) instead. This would mean instead of always running at 100%, with the PRV keeping a constant pressure, the pump will only run at the rate that is needed, reducing electricity use. The cost was $9,328, and approximately $1000 more than it would have been to replace the PRV. On his recommendation, I authorized this immediately.
Attached you will find the service summary. Patrik also provided a summary of the % of electrical savings we can expect based on volume. While we can’t quantify this in actual dollars right now, given the amount these pumps are used and the significance of pressurizing all the water coming into the mains, we have high confidence this device will pay for itself in under one year. Certainly far more than the $1000 difference made by choosing the VFD over a PRV.
Patrik also reported, since the drive has been installed, it has typically only run at 30-40%.
Because of this replacement choice, and since it was not specifically budgeted, we would like to request the Board ratify this action.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves of the decision by Management and the Building Engineer to replace the pressure reducing valve on booster pump #2 with a variable frequency drive, as proposed by Fluid Technologies Inc., at a cost of $9,238.”
While it will fall within the spending limit approved by the Board, we would like to formal approve for Green Tech Decoration, Inc., to proceed with the High Zone ’06 and the Low Zone ‘09/’10 Riser Projects. With the exception of the ’06 Riser, where the work will be much less involved, their pricing is consistent with the bid approved in August for the ‘07/’08 Riser. The ’06 Riser only requires removal and replacement of a portion of the bedroom walls behind the kitchen, so that work will be much less costly.
The bids are attached to the report for Board review:
HZ ’06 Riser – $850/unit ($22,100)
LZ ‘09/10 Riser – $1650/unit (not to exceed $82,500 – same as ‘07/’08 Riser)
We are pleased to report that we are exceedingly satisfied with their performance, quality of work and cleanliness. They are moving faster than MPD did and actually got a few complaints about being ahead of schedule. Starting with recon in a few locations, they’ve moved more quickly than our calendar calls for.
A sample motion follows: “I move the Board of Directors approves for the high zone ’06 and low zone ‘09/10 Riser Projects’ carpentry to be completed as proposed by Green Tech Decoration Inc., at a cost not to exceed $22,100 for the ’06 Riser and $82,500 for the ‘09/10 Riser.”
Attached to the Report for Board Review is the August 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of August 2021
Operating assets totaled $1,552,140, and the Reserve cash and investments were $2,887,628 for a total of cash and investments of $4,439,768.
August 2021 Revenue and Expenses
Total Operating Revenue: $621,127
Total Operating Expenses: $398,777
Income (Loss) From Garage: $36,962
Contribution To Reserve: $146,508
Total Surplus: $112,804
Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
Engineer’s Report – Property Manager Tim Patricio will review items of interest from Maintenance.
Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales. The current Sales & Lease reports are attached to the meeting report for Board review.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the October 11, 2021 Board Meeting at ____PM.”
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next Board Meetings are scheduled for Monday October 25th, 7:30pm, Saturday November 6th, 9am and Monday November 8th, 7:30pm in the 2nd Floor Party Room. There is also a Resident Forum Scheduled for Thursday October 28th in the Party Room.