Following The 2023 Park Tower Condo Association Annual Meeting
Monday June 12, 2023 7:30PM
2nd Floor Party Room
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 – 2023 Park Tower Condo Association Annual Meeting
For the meeting Agenda and Report, Click Here.
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 is the most recent report from the Home Improvement Commission.
The meeting chair may give a report on current Association business and activities of interest.
1. Appointment of Board Officer and Commission Liaison Positions
The Board will need to formally elect corporate officers for the business year, to each of the following positions: President, 1st Vice President, 2nd Vice President, Treasurer, and Secretary. At the same time Commission Liaisons for the business year can be accepted for each of the following active Commissions: Budget & Finance, Health Club, Home Improvement, New Residents, Rules & Regulations, and Social, as well as the ASCO representative.
If the Board Meeting occurs following adjournment of the Annual Meeting, that can be done with regular Board business.
A sample motion: “I move the Board of Directors appoints _____________, as Board President and liaison of the _____________ Commission , _____________, as Board 1st Vice President and liaison of the _____________ Commission, _____________, as Board 2nd Vice President and liaison of the _____________ Commission, _____________, as Board Treasurer and liaison of the _____________ Commission, and _____________, as Board Secretary and liaison of the _____________ Commission.”
2. Closed Session Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
3. Minutes – Board Meeting April 10, 2023 (revised)
Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday April 10, 2023, as submitted by Property Manager Timothy Patricio and revised by Danny Bravman, for Board consideration.
Specifically, we omitted the AED and Hallway Light resolutions. There were also a couple resolutions out of order, and we corrected vote reporting on one resolution. For the AED resolution, we clarified that the Board chose the Zoll #3 unit.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the revised minutes from the Board Meeting held on Monday April 10, 2023.”
4. Minutes – Board Meeting May 8, 2023
Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday May 8, 2023, as submitted by Community Manager Danny Bravman.
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 May 8, 2023.”
5. Updated 22.1 Disclosure
Attached to the report for Board Member review is the updated 22.1 disclosure as of June 2023 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 May 2023.”
6. Rules and Regulations Commission Appointment
The Rules and Regulations Commission has recommended the Unit Owner and prior Board Member Phoebe Helm (Unit 1510/11) be appointed to the Commission.
A sample motion: “I move the Board of Directors of the Park Tower Condo Board of Directors hereby appoints Unit Owner Phoebe Helm to the Rules and Regulations Commission.”
7. 50th Anniversary Logo
The Social Commission has requested the Board blessing on a special building logo, for use with upcoming management communications and business related the 50th Anniversary Events they are planning for the Association. Working with The Habitat Company’s marketing department, the following were designed:
Acting Chair, Sheldon Atovsky reported:
“Shruti called on designers at Habitat to develop a 50th anniversary logo which incorporates the latest logo the Board approved. [Above] are 2 versions of the same logo, white background and black background. They would be used interchangeably depending on where they are used. The part of the logo surrounding our present official logo would be printed for use on already existing letterhead thus requiring no extra large scale printing costs.
Shruti suggested the following sorts of uses-
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby accepts the logos designed by the Habitat Company for special use for business and activities as proposed by the Social Commission, and in particular as it relates to communications for the upcoming 50th Anniversary events presently in the planning stages.”
8. Hallway Project
The survey results for the hallways project were reported by the Home Improvement Commission as follows:
159 Votes for the 55th Floor
152 Votes for the 54th Floor
152 Votes for the 53rd Floor
It was therefore the recommendation of the Home Improvement Commission to proceed with the hallway project, based on the results of the survey, using the 55th floor hallway design.
As a reminder, in November 2022 the contractors chosen for the hallway work approved at the time we proceeded with the mock-ups, were as follows:
Green Tech Decoration, Inc.
Decorating & Carpentry $6975/hallway 51 Floors = $355,725
Following that, in February 2023, the Board approved a change order for more aggressive sanding and priming of the unit doors, which was for $1500 per hallway. 51 Floors = $76,500
Chicago Floor Systems Corp.
Carpeting 55th Floor Option $11,400/hallway 51 Floors = $581,400
For the mock-ups the Board also approved a $2500 budget per floor for the wallpaper and other building materials. Patrik reports that we are easily operating within that budget, but he suggests keeping that number, just in case additional material needs arise that need to be addressed quickly to keep the project moving.
51 Floors = $127,500
And approved in February 2023:
Alphabet Shop, Inc.
Signage $2,417.54/hallway 49 Floors = $118,459.46
Each vendor has confirmed that they will continue to honor this pricing.
Practically speaking, with the scope of this project, there is a chance we may run into one or two bigger surprises along the way. Though relative to mechanical or exterior type projects whatever it could be would probably be much lower scale. Nonetheless, we suggest a provision of about $10,000 so we have flexibility to address such unknowns.
Altogether, this is $1,269,584.46. The total budget was $1,099,700.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the hallway remodeling project as recommended by the Home Improvement Commission, using the mock-up design from the 55th Floor, with Green Tech Decorating, Inc. performing carpentry and decorating as proposed for $432,225, Chicago Floor Systems Corp. for carpeting as proposed for $581,400, the Alphabet Shop, Inc. for signage as proposed for $118,459.46, a provision of $127,500 for building materials and supplies, and a provision of $10,000 to address unknown conditions should they arise.”
8. Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects
Unit 2210 Hard Floor Installation
Unit 3310 Bathroom Remodeling
Unit 3412 Hard Flooring Installation
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the remodeling plans for units 2210, 3310 and 3412 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.”
1. Treasurer’s Report
Attached to the Report for Board Review is the April 2023 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
a. Fund Balances End of April 2023
Operating assets totaled $1,589,709 and the Reserve cash and investments were $4,680,417 for a total of cash and investments of $6,270,126.
b. April 2023 Revenue and Expenses
Total Operating Revenue: $627,179
Total Operating Expenses: $463,101
Income (Loss) From Garage: $30,850
Contribution To Reserve: $164,975
Total Surplus: $29,952
2. Management Report
Attached to the report for Board review is the updated Monthly Activity Report, and Sales and Lease Reports. Property Manager Tim Patricio is expected to review current business of interest activity and the latest sales.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the June 12, 2023 Board Meeting at PM.”
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next regular Board Meetings are scheduled for June 26th and July 10th at 7:30PM. All such meetings are expected to be held in the 2nd Floor Party Room unless otherwise posted.