PTCA BOARD OF DIRECTORS MEETING

Monday October 13, 2025  7:30PM

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 are the most recent reports from the Home Improvement Commission and Social 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 September 8, 2025

Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday September 8, 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 September 8, 2025.”

3.  Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure as of September 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 August 2025.”

4.   2026/2027 Budget Calendar

Management’s work on a draft of the proposed budget for the 2026/2027 Fiscal Year is getting underway. Below is our preliminary expected calendar of activities for review and consideration by the Board. (All Meetings expected to be held in the Party Room unless otherwise directed by the Board.)

Friday October 31, 2025 – Management to present draft of Proposed Budget.

Saturday November 8, 2025 @ 9am to 12pm – Budget Review Meeting #1 – Categories: Expenses – Administrative, Utilities, Building Operating, Contracts, Maintenance, and Recreational.

Saturday November 15, 2025 @ 9am to 12pm – Budget Review Meeting #2 – Categories: Garage Income & Expenses; and Payroll and Legal Expenses during Closed Session at end of Open Meeting.

Saturday November 21, 2025 – @ 9am to 12pm – Budget Review Meeting #3 – Categories: Revenue, Capital Reserve, and Final Review and Questions.

Monday December 8, 2025 – Board of Directors Meeting for final considerations and approval to mail proposed budget for Unit Owner Review.

By Week of December 15, 2025 – Budget to be mailed for Unit Owner Review.

Monday January 12, 2026 – Special Unit Owner Meeting To Review Budget.

Monday January 12, 2026 – Board Meeting to accept and/or amend proposed budget. (If the Board amends the budget in a material way, for example changing the assessment level or contribution to the reserve, it should be mailed to Unit Owners again, and another Special Meeting should be scheduled.)

The Board can of course amend this schedule if needed, as you may see fit.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby accepts the budget activity calendar for the 2026/2027 fiscal year, as presented by Management.”

5.   Construction Request

Forwarded separately for Board Member review are the remodeling packets for the following Unit Owner projects:

1601 – General Remodel

2908 – Bathroom Remodel

2911 – Window Panel Removal

3715 – Unit Remodel

3810/11 – Kitchen HVAC & Window Improvements

4611/12 – Walk In Shower Install

A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 1601, 2908, 2911, 3715, 3810/11, 4611/12, 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 August 2025, are attached to the report for Board review.

Fund Balances End of August 2025

Operating assets totaled $1,769,813 and the Reserve cash and investments were $5,242,215 for a total of cash and investments of $7,012,028.

August 2025 Revenue and Expenses

Total Operating Revenue: $692,476

Total Operating Expenses: $531,440

Income (Loss) From Garage: $25,625

Contribution To Reserve: $176,058

Total Surplus/(Deficit): $10,603

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 October 13, 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 expected for Monday October 27th and November 10th at 7:30PM. There is also a Residents’ Forum Scheduled for Thursday October 23rd at 7pm. All such meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.