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.
OPEN SESSION CALL TO ORDER – Confirm Quorum
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order and 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, is the most recent report from the Social Commission.
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 February 9, 2026, as submitted by General 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 February 9, 2026.”
Attached to the report for Board Member review is the updated 22.1 disclosure through January 2026 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 January 2026.”
Below for Board Member consideration is the proposed schedule for the 2026 Annual Meeting of the Unit Owners:
Attached to the report for Board review is a draft of the notice, election rules and candidate information form to be distributed following approval of the schedule.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approve formal scheduling of the 2026 PTCA Annual Meeting of Unit Owners for Monday June 8th, 2026, at 7:30pm, as well as Meet the Candidates Night on Wednesday June 3rd at 7pm, and directs the necessary notices and mailings be drafted and distributed by Management as proposed, with formal candidate applications due to the Management Office no later than Friday May 8th at 5pm.”
Attached to the report for Board review, and consistent with discussion and direction during the budget review meetings in November 2025, is a proposal from Reserve Advisors to conduct an update of the 2024 professional Reserve Study. This was budgeted as committed by Reserve Advisors for a fee of $12,000, and as expected, their proposal holds that rate. For comparison sake, their previous update was done in 2022 for a fee of $11,300, which is only 1.5% increase annualized.
A sample motion: “I move the Board of Directors approves to hire Reserve Advisors, LLC to conduct an update of the 2024 Reserve Study as proposed, at an expense of $12,000, to be funded by the Reserve Fund.”Window Washing Contract
The contract with our present provider, Corporate Cleaning Services, ended and an RFP was put out to 5 service providers. Of course we invited the incumbent to present a renewal offer, we received 3 referrals from other managers, and reached out to another provider as well. The deadline was Thursday March 5th, and as of that time the proposals are as follows:
_____________ Year 1 Year 2 Year 3 Year 4 Year 5
ABM Janitorial
Tower Windows $14,995 x3 5% 5% 5% 5%
Lobby $1050 x3
2nd Floor Walkway $520 x2
Spiderkill $6000 x2
ANNUALLY $60,135 $63,142 $66,299 $69,614 $73,094
A-Reliable Window Cleaning
Tower Windows $17,550 x3 *N/A *N/A *N/A *N/A
Lobby $1300 x3
2nd Floor Walkway $1300 x2
Spiderkill $5265 x2
ANNUALLY $69,680
*A-Reliable provided confusing numbers for proceeding years, however, trying to extrapolate as best we can, they may have been applying about a 3.5% increase annually.
Corporate Cleaning Services
Tower Windows $10,120 x3 4% 4% 4% 4%
Lobby $440 x3
2nd Floor Walkway $225 x2
Spiderkill $3300 x2
ANNUALLY $38,730 $40,295 $41,930 $43,620 $45,390
Corporate Cleaning provided a budget of $40,520 beginning next year, so they’ve actually bid lower than what they originally estimated. One anomaly though, if you dig into the number, the spiderkill is about $225 higher per event than budgeted. They explained that is due to inflation on such products continuing to be relatively high. However, altogether this represents a savings of $1790 for this year.
Initially when discussing the budget with them, they had advised the because of projected cost increases, they warned that proceeding years may be subject to 5% increases annually. When presenting their proposals however, they reported that changes in expectations were favorable, hence their offer of 4% to lock for 5 years.
Considering the competitive bids, and their overall performance as the incumbent, we suggest the renewal as proposed for 5 years.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves renewing the Window Washing Service Contract as proposed with Corporate Cleaning Services for 5 years, at an estimated total annual expense for year 1 at $38,730, and a 4% increase for proceeding years 2, 3, 4 and 5.”
As budgeted for the year, we asked our Security System maintenance team with S&P Integrated Solutions, to provide a recommendation for a replacement Exacq server. While budgeted, we did experience some instability last year and this does need to be done. We believe this is because we’ve added new and more sophisticated cameras to the system. Additionally, we now provide the Exacq mobile app access to residents, and as more users access the app the server has had to work harder.
Also, as we’ve added cameras, we’ve lost the amount of time that we can save surveillance. Right now it is about 4 to 6 weeks at most on average. (Recording depends on motion, so some periods require more memory than others.) So they proposed a server that has more than double the capacity for all such activity and they estimate we will be able to store at least 60 days of surveillance.
Attached to the report for Board review is the proposal from S&P, quoting $23,855.30. This includes labor for the installation, software updates to our current system, all tax and a lifetime license for future updates. The budget for this is $31,300.
Rather than seek bids from other vendors, we first sought to explore what the cost would be for us to buy directly from a supplier. We did some research on the cost of such servers. (For this type of effort, it would not be our preference to work with another vendor, who is unfamiliar with our network, even if they bid a bit less). We’ve attached some of that research to the report for members to look over. From this and actually talking to a wholesale supplier, it seems that for an entity such as PTCA, to purchase directly, the equipment would cost between $21-26,000 before tax.
With that in mind, we have confidence S&P has provided a very fair proposal, and suggest proceeding. This also leaves room to consider adding cameras to a couple locations, which is something we may suggest discussing at a later meeting.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves replacement of the security system’s main server as proposed by S&P Integrated Solutions at an expense of $23,855.30, to be funded by the Reserve Fund.”
Elevator #4 has been out of service, following an outage due to a bad bearing. In the midst of OTIS Elevator conducting that work, they discovered a problem with a safety device known as a “governor”, which helps regulate the cabs speed and motion. These devices are no longer manufactured as is, and so are obsolete. They did a search for a replacement part to complete a repair, however, it was unsuccessful. At this time, replacement with a new type of governor is the only option.
Attached to the report for Board member review is the proposal for replacement of this device, estimated at $36,284.71. After discussion with the Board President, we authorized this replacement ASAP on an emergency basis, since elevator 4 remains out of service – should a service elevator and/or car #3 go out of service, this could create chaos. We request the Board ratify this action.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the action by management to authorize the replacement of the elevator #4 governor device, as proposed by OTIS Elevator Company, at an expense of $36,284.71, to be funded by the Reserve Fund.”
Our team reported the main Bathroom Exhaust Fan had to be taken out of service due to a serious problem with the drive shaft. Because this impacts ventilation throughout the building, after consulting with one of our regular HVAC vendors, and discussing this with the Board President, management authorized repair as immediately as possible on an emergency basis. Attached to the report for Board Member review is a service order proposal from Oak Brook Mechanical Services, to conduct this repair.
Based on what Oak Brook reported, we believe this failure may have been the result of work by another vendor in the past. We are evaluating that and if appropriate and practical we will pursue the matter with them.
We request the Board ratify this action.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the action by management to authorize the repair to the main bathroom exhaust fan, as proposed by Oak Brook Mechanical Services, Inc., at an expense of $12,542, to be funded by the Reserve Fund.”
As planned with the budget, our team pursued a quote from our pool maintenance provider, All Seasons Pool and Spas, for replacement of a main pool filter (1 of 3). This is one part of activity planned for maintenance to the main pool this year budgeted from the Reserve.
All Seasons bid $7,928, which our team thought was a bit steep compared to past such efforts, even with inflation, so we did get another proposal, both attached to the report for Board Member review. The quotes are as follows:
All Seasons Pool & Spa $7,928
SPLASH Pure Water $6,723
This years budget includes funding of $36,400 for the pool area, but keep in mind we do expect to recommend at least one other project. We expect that work will be within $10,000 at this time, so it does appear we should remain under budget.
This is not the first time we feel All Seasons has been on the higher side recently, and the team suggested for a smaller job like this it would be good to let another vendor have the work.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the replacement of a main pool filter (1 of 3) as proposed by Splash Pure Water, Ltd., at an expense of $6723, to be funded by the Reserve Fund.”
As planned with the budget, our team pursued quotes for replacement of the racquetball court roof. We learned from visits by multiple vendors that this particular roof is a prime candidate for a less costly ‘overlay’. It is relatively small and in fair condition, and contractors are willing to give it the same warranty. It also involves less time and less chaos as you do not need to demo the existing roof. Furthermore, in the future, the difference in cost of demo’ing the roof with or without an overly, is relatively negligible.
Proposals are attached to the report for Board Member review. The quotes are as follows:
___________________ New Roof Overlay
Anchor Point Roofing $51,105 $37,730
Knickerbocker Roofing $96,500 $59,825
JLJ Contracting, Inc. $129,580 N/A
The budget for this project is $101,300.
We suggest proceeding with Knickerbocker Roofing, for an overlay. Overlays are a great solution for a smaller roof, and given their 20 year warranty on materials and workmanship, it is a more cost-effective and efficient solution. Also, they are our regular maintenance contractor at this time, and have performed excellently in their tenure inspecting and managing all our roof locations.
Anchor Point has only offered a 10 year warranty, and we believe the cost difference alone is worth 10 years.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the overlay of the racquetball court roof as proposed by Knickerbocker Roofing and Paving, Inc., at an expense of $59,825, to be funded by the Reserve Fund.”
As planned with the budget, our team pursued quotes to do a professional clean out of the kitchen and bath duct work in each unit, and penthouse fan units and connected duct work.
To the best of our knowledge, this has never been done in the history of the Association.
Attached to the report for Board Member review are the following quotes are as follows:
Airway Systems Inc. $59,250
ServPro $136,973
The budget for this project was $65,000.
We are expecting one more bid from Brouwer Brothers in time for the meeting, though we anticipate Airway systems will be the low bidder. They tend to be for jobs such as this, which we know from experience. They presently hold the contract for annual professional cleaning of the laundry room dryer ductwork.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the kitchen and bath exhaust duct cleaning project as proposed by Airways Systems, Inc., at an expense of $59,250, to be funded by the Reserve Fund.”
Planned as a part of the Water Valves Phase 3 effort budgeted for 2026, our team pursued quotes to install a new supplemental PRV (pressure reducing valves) station. A quick tutorial…we pump city water into the building with about 250 pounds of pressure which is what is needed to get water to the roof, to serve floors 30 to 55 and the Cooling Tower. We need the PRV stations to lower this pressure and stabilize the stream of water coming in for use in the low zone plumbing, serving floors 2P (including the mechanical areas) through 29.
These PRVs frequently require maintenance and can cause unexpected outages and flooding in our lower mechanical room. The budgeted effort is to back-ups in place to help reduce the strain on the existing PRV station, will allow for more warning when there are problems that may result in flooding and surprise outages, and give us more flexibility when maintenance is needed on any of the equipment.
Attached to the report for Board member review are the following proposals:
Ewing Doherty Mechanical $56,712
Fluid Technologies $54,465
TRAMCO Pump Co. $54,125
We would also suggest a provision of $5000 for insulation work and any unknown conditions.
The Water Valves Phase 3 effort was budgeted for $130,000. Keep in mind there is one more expected project, for the Chiller Room Isolation Valve replacement. Once that is bid out, we expect to come close to or just below this budget in total.
Our team suggests using Fluid Technologies, as they are most comfortable with their history here with similar projects.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the PRV Station Back-ups as proposed by Fluid Technologies Pumps & Controls, Inc., at an expense of $54,465, and a provision of $5000 for insulation and unknown conditions, to be funded by the Reserve Fund.”
After investigating leaking reported along the ’02 heating riser, our team discovered two failing expansion joints along the line that need to be replaced. Ordinarily this would be work we are anticipating to be done with the coming HVAC riser replacement efforts, with building wide replacements being something accounted for down the road with the reserve study.
Attached to the report for Board member review are the following proposals:
Althoff Industries $54,945
Oakbrook Mechanical $49,000
WJO Chicago $47,535
We would also suggest a provision of $15,000 for insulation work and any unknown conditions. Part of this has already been allocated during the investigation, to test for and abate suspected drywall related asbestos.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the replacement of two ’02 unit HVAC riser expansion joints as proposed by WJO Chicago, Inc., at an expense of $47,535 and a provision of $15000 for insulation and unknown conditions, to be funded by the Reserve Fund.”
Leaking was discovered by our team during routine inspections of the HVAC drain lines in the 2nd floor crawl space, serving both the ’11 tier and ’15 tier. They were able to manage and divert the leaking, in order to buy time to get competitive proposals, attached to the report for Board member review.
The estimates are as follows.
___________________ ’11 Tier ’15 Tier
Althoff Industries $14,740 $20,974
Oakbrook Mechanical $6,600 $19,480
WJO Chicago $14,657 $23,465
We would also suggest a provision of $10,000 for any needed insulation work and any unknown conditions.
Our team suggests using Oakbrook for the ’11 tier work. They have a simpler solution to make this repair in the crawlspace. They recommend Althoff Industries for the ’15 tier. While a bit more than Oakbrook, our engineer is more comfortable with the planning expectations he has discussed with Althoff regarding some of the work specific to this location in the crawlspace.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the ’11 tier HVAC drain repair as proposed by Oakbrook Mechanical, Inc., at an expense of $6600, and the ’15 tier HVAC drain repair as proposed by Althoff Industries, at an expense of $20,974, and a provision of $10,000 for insulation and unknown conditions, to be funded by the Reserve Fund.”
The purpose of this action item is for discussion of how our team will be coordinating reasonable asbestos testing of the anticipated work locations for the upcoming Riser Project, and what the Board, Owners and residents can expect moving forward.
As planned with the budget, our team pursued quotes to conduct tuckpointing and masonry repairs to the south wall, along the shared driveway with The Breakers.
Attached to the report for Board Member review are the following quotes are as follows:
JLJ Contracting $134,445
Monson & Nicholas $91,838
Ward Contracting $73,650
The budget for this project was $147,800.
It actually is not unusual for Ward to bid lower. They have done work here before, being subcontracted for other similar work from time to time, by other contractors. We suggest approving Ward, with a 15% provision for any unknown conditions, about $11,000.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the approves the south exposure masonry and tuckpointing repair project, along the shared driveway with The Breakers, as proposed by Ward Contracting and Building Restoration, Inc., at an expense of $73,650, and a provision of $11,000 to address unknown conditions, to be funded by the Reserve Fund.”
Sent in a separate message for Board Member review are the following remodeling packets for the following Unit Owner projects:
16c – Kitchen Remodeling
1608 – Hard Surface Flooring
2705 – Bathroom Remodel
2904 – Hard Surface Flooring
3804 – Kitchen Countertops
4815 – Kitchen Countertops
5401 – Unit Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 16c, 1608, 2705, 2904, 3804, 4815 and 5401, as submitted by the unit owner, 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
The most recent financial reports, for the period January 2026, are attached to the report for Board review.
Fund Balances End of January 2026
Operating assets totaled $2,137,446 and the Reserve cash and investments were $5,722,166 for a total of cash and investments of $7,859,612.
January 2026 Revenue and Expenses
Total Operating Revenue: $656,792
Total Operating Expenses: $578,585
Income (Loss) From Garage: $43,558
Contribution To Reserve: $176,058
Total Surplus/(Deficit): ($54,292)
Action On Investments
After consultation with the Board President and Treasurer two expiring CDs totaling $269,000 were reinvested along with interest proceeds that had accumulated; one purchase was made with Wells Fargo of Sioux Falls, $145,000 for a period of 12 months at 3.75%, and one with Goldman Sachs, $145,000 for 24 months at 3.85%. This action should be ratified by the Board.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of two expiring CDs and investment proceeds, totaling $290,000, to a $145,000 CD with Wells Fargo of Sioux Falls for a period of 12 months at 3.75%, and a $145,000 CD with Goldman Sachs of New York, for 24 months at 3.85%, and reaffirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.”
2. Management Report
Attached to the report for Board review are the updated Monthly Activity Report and 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 March 9, 2026, 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 April 13th and April 27th, at 7:30pm. A Resident Forum is scheduled for Thursday April 23rd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
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