Events Calendar
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6:30PM – CLOSED SESSION
The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
OWNER FORUM – 7:30PM
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.
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
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 report from the Home Improvement and Health Club Commissions.
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
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 for the Board of Directors Meeting held on Monday January 10, 2022, as submitted by Property Manager Timothy 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 January 10, 2022.”
Attached to the meeting report for Board Member review, are the proposed minutes for the Special Meeting of the Unit Owners to review the proposed budget for the 2022/2023 fiscal year held on Monday January 10, 2022, 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 for the Special Meeting of the Unit Owners to review the proposed budget for 2022/2023 fiscal held on Monday January 10, 2022.”
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 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 January 2022.”
Attached to the report for Board Review is the proposal from Alliant Insurance Services for renewal of the Association’s Commercial Package Insurance program. Of particular importance is the information on pages 3-9 which summarizes the options for renewal and proposed premiums. On pages 8-9 they list the various markets that were approached for quotes and the results.
The key information follows:
POLICIES CURRENT OPTION 1 OPTION 2 OPTION 3
Total $345,058 $373,628 $368,296 $384,768
Also previously forwarded to the Board for review was a relatively lengthy narrative from our Alliant broker Nancy Ayers with highlights on some of the policies and various proposals their team sought and received, as well as key changes to any deductibles or policy limits. It reviews markets they went to that declined to bid, and the reasons which you will see were often because the building is un-sprinklered or because the carrier felt they could not be competitive and therefore did not want to take the time to go through a complicated bidding process. In a meeting held with Management, it seemed clear that the real culprit for increases in rates continues to be forces in the market outside the Association’s control.
However, the numbers fall below the approved budget for insurance for the 2022/2023 fiscal year which totals $408,900. That budget is $371,900 for the base policies and $37,000 for Worker’s Comp. And we see no reason not to go with OPTION 2 above totaling $368,296, though this will mean we will separate with ICW for Worker’s Compensation, who has served us well over the last several years. Travelers is obviously a perfectly reasonable alternative, and to pick up the business as you can see, they sharpened their pencil a bit on the property policy. With this option, we will be $40,604 under budget.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves renewal of the Association’s annual insurance program for the 2022/2023 fiscal year, as proposed and recommended by Alliant Insurance Services for all policies including Property Insurance, General Liability Insurance, Equipment Breakdown Insurance, Crime Insurance, Director’s & Officers Insurance, Cyber Liability, Workers Compensation Insurance and Umbrella Insurance, at a total combined premium expense of $368,296.”
The purpose of this meeting is by request to discuss potential activities the Social Commission is considering.
Following the recent Social Commission Meeting there are hopes to begin holding in-person events based on the lifting of mask mandates as defined by the State, the City and potentially the Association. They hope to host a presentation by John Holden, co-author of Remembering Edgewater Beach Hotel. This is tentatively planned for the second half of March. It is proposed that neither masks nor proof of vaccination would be required as long as the mandates are not in place as discussed at previous Board Meetings.
They also hope to hold a simple Easter Egg Hunt on Saturday, April 16th, once again dependent on the mandates in place at the time.
If any resolution is necessary, it can be proposed at the meeting.
The purpose of this action items is to request the Board ratify an emergency repair to elevator #5 authorized by Management.
A very recent outage of Service Elevator #5 was determined to be caused by the failure of the safety sensor which helps control the doors of the cab. Unfortunately, the existing operator could not be repaired and new ones are no longer available. So, an entirely new sensor had to be ordered.
Attached to the report for Board review is the proposal from OTIS Elevator for $6,583.94 which was authorized by Management on an emergency basis in order to prevent a lengthy outage of a critical elevator.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association ratifies the proposal approved by management at a cost of $6,583.94 as presented by OTIS Elevator for the replacement of the failed door protection sensor on Service Elevator #5.”
Business Reports
Attached to the Report for Board Review is the December 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of December 2021
Operating assets totaled $1,536,993, and the Reserve cash and investments were $3,164,473 for a total of cash and investments of $4,701,466.
December 2021 Revenue and Expenses
Total Operating Revenue: $580,580
Total Operating Expenses: $396,377
Income (Loss) From Garage: $14,446
Contribution To Reserve: $146,508
Total Surplus/(Deficit): $52,141
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the February 14, 2022 Board Meeting at ____PM.”
OWNER FORUM
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next Board Meetings are scheduled for Monday February 28th and March 14th at 7:30PM. At this time, all such events are anticipated to be held in the 2nd Floor Party Room. Masking and Social Distancing are mandatory.