BOARD OF DIRECTORS MEETING
Monday October 8, 2018 7:30PM
2nd Floor Party Room
6:30PM – Closed Session (Held by Board in Management Office)
7:30PM – OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners. Audience: please wait to be called upon by the Meeting Chair, expected to be Board President Michael Parrie. Be courteous and respectful to speakers who have the floor, and please do not interrupt.
OPEN SESSION – Call to Order
Roll Call – Confirm Quorum
The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.
Committee Chairs or others so designated will be invited to update the Board on business and activities.
The Board President may review business or other matters of interest with the Board and audience.
Action Items – New Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday September 24, 2018, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday September 24, 2018.”
Attached to the report for Board Member review, are bids for replacement of the East central roof, located to the South of the pools and just above the dock the dock area. An aerial photo identifying the location is attached. This is budgeted in our long range forecast for 2025. However, while investigating leaking in Suite 108 and around the Security Office, problematic conditions were found. Areas of the roof are blistering and fragile to the touch. There is no general access to this location, just a couple air conditioner units.
This roof is original, and the last remaining gravel rooftop (or at the very least extremely old – we could not easily identify any records showing it’s ever been replaced). This was concerning enough, that we paused progress on the planter liner replacements to investigate this area further. The engineers who helped manage the main roof replacement identified several locations, particularly termination points near the air conditioners and along the parapet walls, which future freezing and thawing could cause splitting and water infiltration. Because of this, and because we’ve been fortunate not to have further leaking under the planter liners scheduled this year, we suggest replacement of this roof be considered.
Also, as with the replacement of other gravel roof locations, we recommend a two-ply insulation and PVC membrane solution. (Consistent with the white roof north of the Party Room.) This roofing systems is consistent current code requirements.
The proposals are as follows:
Elen & Maichin Roofing $86,800
Knickerbocker Roofing $78,400
Ridgewood Roofing $83,773
This was estimated in the long range forecast for 2025 at a cost of $81,500. Obviously with the completion of this replacement, this project can be removed from the forecast. The warranty for the roof is 20 years, and it is likely we can expect a useful life of 30 years or more.
We suggest Knickerbocker be chosen. Not only are they the lowest bidder, they were the subcontractor for the main roof project last year. Aside from the warranty, we’ll have more of a relationship with them and leverage for either future maintenance or to address any problems at other locations.
A sample motion: “I move the Board of Directors approves replacement of the East Central gravel roof, as proposed by Knickerbocker Roofing at an estimated expense of $78,400.”
Attached to the report for Board Member review, are proposals to perform a periodic inspection of the exterior sealants as well as performing the annual certification of our roof top anchorages. In conjunction with the inspection of the exterior, we’ve asked our engineering firm WJE to present a Critical Examination report to the City. It is not required at this time, but by virtue of the fact we need to do the sealant inspections, it is smart to bring us in very good standing with the City. It is just a form presented to the Department of Buildings, and does not impact the cost.
This was originally budgeted to take place last year, however, we could not schedule the work due to the roof project and requirement for the anchorages.
The proposals are as follows:
WJE Inspection Estimates
Exterior Critical and Sealants $10,000
Swing Stage Operators
Bully & Andrews $21,800
JLJ Contracting $20,960
Western Specialty $39,390
A sample motion: “I move the Board of Directors approves the exterior sealant and anchorage inspections as proposed by Wiss, Janney, Elstner, including the presentation of a Critical Examination Report to the City of Chicago, at a cost not to exceed $13,500, and the proposal by JLJ Contracting for swing stage rental and operation for $20,960.”
As the contract for leasing the package room space to Park Tower Cleaners is active through June of 2020, the Board should formally agree to early termination. The present agreement requires a payment of $600 per month to the Park Tower Cleaners as compensation for receiving activities. As proposed that will cease as of October 31, 2018.
A sample motion: “I move the Board of Directors approves the early termination of the ‘Receiving Room Lease’ with Sue and Jim Kim and Park Tower Cleaners as of October 31, 2018.”
Fund Balances End of August 2018
Operating Funds $862,762 (decrease of $36,452 from prior month)
Reserve Funds $1,574,454 (increase of $203,899 from prior month)
Total Cash and Investments $2,437,216 (increase of $194,447 from prior month)
August 2018 Revenue and Expenses
Total Operating Revenue: $524,014
Total Operating Expenses: $335,202
Income From Garage: $28,784
Contribution To Reserve: $136,675
Total surplus: $80,921
Management acted, in consultation with the Board Treasurer, to purchase a Certificate of Deposit at Byline Bank with funds from a matured CD with Metropolitan Bank. These actions should be formally ratified by the Board. Attached to the report for Board review is the memo from Draper and Kramer with specific details summarized as follows:
A CD with Byline Bank for the Reserve Fund, was purchased for 17 months, totalling $105,180 with a 2.6% yield:
A sample motion follows: “I move the Board of Directors approves the purchase of a $105,180 Certificate of Deposit with a 2.6% interest rate for 17 months with Byline Bank, for the Reserve Fund investments, scheduled to mature on February 20, 2020.”
Business and Activities – Property Manager Tim Patricio will review current business and activities of interest, and key data from the Monthly Activity Report issued to the Board.
Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales data available.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the October 8, 2018 Board Meeting at ____PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners.
Next regular Board Meetings – Monday October 22nd 7:30PM and Saturday November 3rd 9AM
Resident Forum – Monday October 29th 7:00PM