Events Calendar
S | M | T | W | T | F | S |
---|---|---|---|---|---|---|
1 | 2 | 4 | 7 | |||
8 | 14 | |||||
15 | 16 | 19 | 21 | |||
22 | 23 | 24 | 25 | 26 | 27 | 28 |
29 | 30 | 31 | 1 | 2 | 3 | 4 |
Following The 2024 Park Tower Condo Association Annual Meeting
Monday June 10, 2024 7:30PM
2nd Floor Party Room
AGENDA and 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 – 2024 Park Tower Condo Association Annual Meeting
Attached to the report for Board Members is the Agenda and report for the 2024 Annual Meeting, as well as the proposed minutes of the 2023 Annual Meeting.
Either Following Or At The Suspension Of The 2024 Annual Meeting:
OWNER FORUM
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 Home Improvement Commission and Social Commission reports.
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
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.”
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 May 13, 2024, 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 May 13, 2024.”
Attached to the report for Board Member review is the updated 22.1 disclosure through April 2024 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:
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 April 2024.”
Attached to the report for Board review is a formal request from the Unit Owners of 3810 and 3811, to legally combine the units into one. This means the wall space which is presently a common element between the units would become a limited common element, the percentage of ownership would be combined, and a new unit number would be created, 3810-3811. This would be reflected in amendment to the Declaration which only requires a vote of the Board to pass.
A write up from the Assocaition’s attorney about the logistics and requirements of this process is also attached for Board review. This includes other steps the Owners will need to take to complete the effort, such as having an amended Plat of Survey prepared, showing the combined units and then recording the changes formally with the county and getting a new TAX PIN, as well as the formal amendment to the Declaration. All legal expenses and ancillary costs to do this, would be bourn by the Unit Owner.
Such an endeavor has been undertaken for eight other units; most recently 1706 and 1707 became unit 1706-1707, in 2019. The procedure the Owners will need to follow is pretty much the same.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves a request by the Unit Owners of 3810 and 3811 to pursue an amendment to the Association’s Declaration combining the units and designating the wall space between the units as limited common elements, and creating a new unit number, 3810-3811, with a combined percentage of ownership of .281925%, subject to the Unit Owners providing the necessary materials to the Association’s legal counsel (via management) entirely at the Unit Owners expense, including but not limited to an amended Plat of Survey showing the combined unit boundary, the combined unit number and the portion of the common elements to become limited common elements, consistent with direction from the Association’s legal counsel”
Previously distributed to the Board were the final meeting notes from the Ad-hoc Rules Review Commission, as well as the final Rules Handbook mark-up. At the last meeting, the Board directed the final mark-up be sent to legal counsel for review and comment, and the response was presented to the Board for consideration.
The next step is for the Board to accept the amendments, they should be mailed to the Unit Owners for review with a Notice for a Special Meeting at which Owners would have an opportunity to ask questions about the changes. For reference, the next noticed Board Meetings are June 24th and July 8th.
As discussed previously, we could couple this mailing with the expected mailing of the 2024/2025 Board Meetings’ Notice. The requirement for Board Meetings is 48 hours, and the requirement for special Ownership meetings is no less than 10 days and no more than 30. Assuming the Board keeps the typical meeting schedule of 2nd and 4th Mondays, we could aim for the mailing around the 15th of July. This would allow for a Board Meeting on July 22nd (if needed) and a Special Meeting on August 12th to be followed by a regular Board Meeting.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the proposed amendments to the Rules and Regulations as drafted with the changes recommended by the Association’s legal counsel, and hereby directs management to prepare and appropriately distribute a list of the proposed amendments to the Unit Owners for their review, and hereby schedules a Special Meeting of the Unit Owners for discussion of the amendments on Monday August 12th, at 7:30pm.”
Attached to the report for Board review, members will find two proposals for new surveillance cameras (for reference at the following locations), discussed at the May 13th Board Meeting:
Plaza North Mall Entrance (outside – directional)
This is perhaps the most important location where there are multiple openings to the building but little clear coverage. Also, it is a lot of space where you could have uninvited individuals loitering.
Plaza North Lobby Entrance (outside – directional)
This opening into the building has no coverage, and someone could relatively easily enter and tailgate through the service area and into the Tower.
South Mall Entrance (outside – directional)
While there is coverage inside the mall, there is nothing covering this driveway. Recent events might have been met with some deterrence had there been a camera here.
1P Garage North Intersection (360)
We propose a 360 camera here (so you’ll see much much more than what is depicted here), where there are many valet vehicles. This would be helpful at times with damage claims, but more importantly deterring and/or assisting with vehicle theft or trespassing into the garage.
1P Garage South Intersection (Directional)
This location is near the storage locker structure, but covers many blind spots should a bad actor enter.
2P Garage South Intersection (Directional)
Same as the previous camera.
Garage Entrance Facing East (Directional)
There is a camera on the other side of the driveway entrance facing west. But the entire corner under this location and the driveway behind it adjacent to the park entrance is a blind spot. Coverage here could have assisted with several past events.
Last year, the Association budgeted $39,300 in reserve funds for capital repairs to the Security System. The only issue identified was a bad server which was replaced. This resulted in an expense of only $7800. So about $31,500 remained for any further efforts. We are working on a bid now with our current service provider and maintenance contractor Chicago Building Services. The directional cameras will fall around $600 apiece and the 360 camera about $900. The biggest variable should be any hardware, memory improvements, cables and parts that are needed.
(We also have $11,300 budgeted in Operating funds for Security Equipment. That includes routine maintenance for the surveillance and fob system, and the AED units. About $5000 is intended for equipment replacement. Not enough for this effort entirely.)
Following are the proposals we received for these additions:
CBS Building Services $16,755.04
S&P Integrated Solutions $12,940.46
CBS Building Services installed the present network and is who we typically use for maintenance. We also reached out to S&P Integrated Solutions, which is a newer firm but is led by a former partner of CBS who was responsible for designing and leading the install of our present network, which we’ve been very satisfied with. So, we trust this proposal. Both firms are bidding reputable cameras, CBS bidding Hanwha and S&P is bidding Axis.
Aside from being the higher bidder, we have had some responsiveness issues with CBS. We can use this case as a good example. To get their proposal took almost 3 weeks. For S&P, the rep came out on a Friday and had his bid to us by the end of the day on Monday. We are working out some differences between them on the ancillary materials, and will see if that has a major impact on the rate, but as of now we are leaning towards S&P.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the installation of 7 new surveillance cameras at new locations as proposed by S&P Integrated Solutions, at an expense of $__________, to be funded by the Reserve Fund.”
Attached to the report for Board review is a change order for the 2nd floor deck membrane project, resulting from concrete repairs that had to be made as they work progressed in phase 2 of the effort. Management authorized they proceed with the repairs as weather permits, because exposure to precipitation risked leaking or even flooding (and we actually did experience some minor leaking). For reference, below is a picture of a sample location that was identified near the exterior of the party room.
This project was originally budgeted at $265,128, and the Monson Nicholas proposal was approved at $166,200. The change order which covers about 150 square feet of prepping and patching the necessary locations is $16,044. So, despite the additional work we remain under budget.
Work is underway on the north and east side of the deck adjacent to the pool structure, and it is possible we may find some unknown conditions there as well.
We request the Board formally approve the change order.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the change order for the 2nd Floor Deck Membrane Project, for concrete patches to the deck as completed by Monson Nicholas at an expense of $16,044, to be funded by the Reserve fund.”
As previously reported, the Health Club Commission has been working on a plan to replace the now defunct Life Fitness Multi Gym. They recommend a proposal from The Fitness Connection, attached for Board review with a floor plan for reorganization of the space. We expect the Health Club Commission Liaison, Monique Fouant, to speak about this effort.
After research by management and several members of the Commission, they’ve identified a Matrix Multi Gym that will fit the space. In addition to that, based on member feedback and requests, they are suggesting some ancillary equipment including replacement of the dumbbell rack, and purchase of a new kettlebell set, rack and decline bench. The total as proposed is $12,493.75 delivered and installed.
Capital Improvement efforts in the Health Club are on the budget outlook for 2026/2027, for about $78,000. This proposed purchase is small enough that you could borrow from that future effort to complete this work now.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the replacement of the Life Fitness Multi Gym with a Matrix Multi Gym and the purchase of dumbbell rack, decline bench and kettlebell set and rack, including delivery and installation, as recommended by the Health Club Commission and as proposed by Total Fitness Connection at an expense of $12,493.75, to be funded by the Reserve fund.”
Attached to the report for Board review is a change order for consideration of the 2nd floor carpet, from Chicago Floor Systems. The total is $14,400 which is consistent with the residential hallways, with the addition of a 2nd herringbone pattern.
As we near the end of this effort, we will be considering the lower floors. All that was planned was the signage. However, the 2nd floor was the original mock-up for the carpet. In a response to inquiries we felt it would reasonable for the Board to consider if the flooring should be changed to be consistent with the residential hallways.
To sum up the Hallway Project so far, the entire start to finish budget including the mock-up funds and service areas, is $1,513,941. That is:
Signage and Hallway Mock-ups – $82,800
Hallway Light Fixtures – $230,000
Hallway Carpeting – $617,400
Hallway Painting & Decorating – $415,300
Signage – $67,000
Service Area Flooring (2026/27) – $101,441
As a reminder, in November 2022 the mock-up process was started, and that was approved at $75,894. $1500 was added to do heavy duty door sanding, bringing the total to $77,394.
When the mock-up was chosen, the approved expenditures were as follows:
Midwest Lighting Light Fixtures 51 Floors = $235,317
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. 51 Floors = $127,500
And approved separately in February 2023:
Alphabet Shop, Inc.
Signage $2,417.54/hallway 49 Floors = $118,459.46
We suggested a provision of about $10,000 so we have flexibility to address unknowns.
So that brings the total approved before change orders to $1,582,295. Keep in mind we discussed at the time that the project had been pushed off for several years and the numbers budgeted did not account for the huge inflation experienced around 2022 and 2023. You may recall, this really hit with the cost of signage and flooring materials. We also discussed that there was a substantial surplus from other projects and operations, that could help absorb the impact of inflation on this project.
After the project got underway, in October 2023 the Home Improvement Commission recommended we include the Service Areas (considered in the Reserve Study for 2026) to reduce future hassle, and that was approved for $91,000. This was followed by the discovery of the asbestos condition, and $54,700 was approved for the needed abatement. The total for this effort, $145,700.
So the total approved for the hallways and service areas to date is $1,727,995.
To come is the signage for the lower levels. We are waiting for the Home Improvement Commission to sign off on the plans from the Alphabet Shop to get the final proposals. This is for the 2nd floor, 1st floor, 1p and 2p. We can only guess right now, but a conservative figure would be $7500 per level, or about $30,000. It will probably be much less, but trying to be conservative.
If the Board would like to add the 2nd floor carpeting, a sample motion: “I move the Park Tower Condo Board of Directors hereby approves the change order for the 2nd Floor Carpeting, to install carpeting consistent with the residential hallways, as proposed by Chicago Floor Systems Corp., at an expense of $14,400, to be funded by the Reserve Fund.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
307 – Vinyl Flooring
1503 – Bathroom Remodel
2105 – Vinyl Flooring Install and Kitchen Improvements
3314 – Washer/Dryer Install
A sample motion follows: “I move the Board of Directors approves the remodeling plans for 307, 1503, 2105 and 3314 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
Treasurer’s Report
Attached to the Report for Board Review is the April 2024 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of March 2024
Operating assets totaled $1,904,719 and the Reserve cash and investments were $4,778,978 for a total of cash and investments of $6,683,697.
March 2024 Revenue and Expenses
Total Operating Revenue: $655,930
Total Operating Expenses: $448,296
Income (Loss) From Garage: $33,687
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $69,088
Management Report
Attached to the report for Board Review is the updated Monthly Activity Report, and the Sales and Lease Reports.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the June 10, 2024 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 scheduled for June 24th and July 8th at 7:30PM, to be held in the 2nd Floor Party Room unless otherwise posted.