As a part of an ongoing collections lawsuit by the Association for unpaid assessments, Unit Owners help is urgently needed in order to complete the Associations foreclosure of Unit 12c and bring the matter to a favorable conclusion. The PTCA Board is requesting Unit Owners permission to purchase and then sell the unit. To begin this process in earnest, a Special Meeting of the Unit Owners was scheduled for September 25th, 2017 at 7:30pm. The following letter from Board President Michael Parrie, and the necessary Proxy Form, have been sent via regular US Mail to all PTCA Unit Owners:
July 28, 2017
Dear Unit Owner,
I am writing to all Park Tower Unit Owners to discuss the effort beginning to seek Unit Owners permission to purchase Unit 12c in the mall. A Special Meeting of the Unit Owners of the Park Tower Condominium Association is tentatively scheduled for Monday September 25, 2017, beginning at 7:30pm, to hold a vote to give the Association permission to buy and subsequently sell Unit 12c. (A separate formal notice will be forthcoming closer to the date of the meeting.) For several years, Unit 12c has been in collections for unpaid assessments. This process is nearing conclusion, with the Association poised to foreclose its lien. (The case is pending in the Circuit Court of Cook County as Case No. 2016 CH 14259, and entitled Park Tower Condominium Association v. Sheridan Land Trust 5419, Unknown Occupants, and Unknown Owners.)
To properly conclude this foreclosure and purchase the unit, the Board must have the approval of at least 66 and 2/3rds of Association Unit Owners (based on percentage of ownership). As of the date of this letter the Association’s lien for unpaid assessments and fees totals $78,724.25, and this is growing at a rate of $1,919.40 per month plus legal fees and court costs. The Association would have to open the bidding at the judicial sale for the foreclosure in the amount of its judgment and all sums due to the Association by the unit owner. The Association would become the successful purchaser by default if there are no higher bidders.
If the Association does not get Owners permission to buy this Unit, we would be unable to proceed with the foreclosure. If we don’t foreclose, the balance owed to the Association will continue growing. The Board of Directors would be forced to consider budgeting to make up the difference for this lost income from all other Unit Owners. This would include the Unit’s monthly assessments going forward indefinitely. To put this in perspective, to make up the difference in income, if next year’s assessment increase holds at 3.5% for handling regular business, it would need to be an additional 3% (or about 6.5% total) to cover the difference for bad debt and monthly assessments for Unit 12c.
If the Association gets the necessary permission and is able to foreclose, we will make an opening bid in the amount of our judgement for past due assessments and fees. FORTUNATELY, we have a potential buyer. Your co-owner and neighbor in the mall, Lettuce Entertain You, has expressed their interest in potentially attending the judicial sale to bid. This could mean the entire balance due or more may be recovered, preventing increased assessments to make up any lost income, and the Unit would be occupied by a business with a long proven track record of paying assessments. This would be a positive outcome for Park Tower.
All Unit Owners should plan to attend this meeting or complete the attached Proxy Form and vote to give the Association permission to purchase and subsequently sell Unit 12c. That way this very important foreclosure process can be favorably concluded. If you are unable to attend the meeting or would like to send your Proxy Form in early, please complete, sign and return the enclosed Proxy Form to the Management Office any time before 5:00 pm Monday, September 25, 2017. We must have a proxy form with the Unit Owners original signature – no copies, faxes or e-mail forms can be accepted.
Please contact the Management Office with any questions, 773-769-3250. You can also e-mail your questions to firstname.lastname@example.org.
Park Tower Condominium Association
For a PDF of this letter and the Proxy Form, Click here: 12c Initial Mailing 07.28.17
Please remember, proxies must be returned with an original signature. You can mail them or drop them off at the Management Office, or in the drop slot at the front desk.
Park Tower Condo Association
Attn: Management Office
5415 North Sheridan Rd. Suite 107
Chicago, IL 60640