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 March 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 March 9, 2026.”
Attached to the report for Board member review is the updated 22.1 disclosure through February 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 February 2026.”
As reported and approved at the February, we hired EHC – who will be doing the asbestos operations manual – to inspect the riser units with our plumber. 45 of the 52 locations tested positive, though all on the very lowest end of the testing scale. Nonetheless we will need to do asbestos mitigation.
This results in a change order which exceeds our provision for unknown conditions. In December, only 10% ($50,880) was budgeted for all three of this year’s planned risers, and $43,500 for next year’s final 3 risers. Attached to the report for Board review are the relevant proposals. EHC proposed $1,367.65 per unit for the mitigation and most of that number is just the cost of mobilizing and demobilizing the materials and equipment needed to do the work. This is offset by a reduction of $175 for Green Tech since they will not be removing any drywall. This nets to $1,192.65 per unit. The total expected as a result is $53,669.25.
Since this exceeds the provision budgeted for unknowns, and we have not even opened any walls, we request the Board approve this additional budget for the work needed to do the appropriate mitigation.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves asbestos mitigation for the high zone 11/12 units riser project, as proposed by EHC Industries, Inc., at an expense of $53,669.25, to be funded by the reserve fund.”
This action item is primarily for discussion at this time. We are watching an area on 2p for possible leaking, though we are hopeful it was only puddling along a lower spot of the floor, following the more recent snow storms.
We received an initial bid of $14,628 from Monson Nicholas, attached for Board member review, to do sealant work and concrete injections around the subject location (approximately along the wall where we have EV parking). Fortunately though, the recent very heavy rains have resulted in no puddling. And the puddle marks present now, clearly show salty outlines. Our plan is to continue observing this area closely over the spring, particularly if we have any driving rains, to see if nothing happens, which would support the theory it was merely melting snow from vehicles puddling up.
However, if it becomes clear that there is a problem, and repairs are needed, we would like the Board to consider pre-authorizing an amount not to exceed $15,000 to address this. We will get at least one more bid, unless there is some type of emergency condition, should we believe it necessary. We could consult with the Board President once we receive at least one more proposal.
A sample motion: “I move the Board of Directors approves a budget of $15,000 to address possible leaking identified on 2p, to fund repairs as may be determined necessary should conditions warrant, and authorizes management and the engineer to approve a proposal in consultation with the Board President, to be funded by the reserve fund”
At the previous meeting, we discussed leaking repairs being completed on the ’02 HVAC riser. This resulted in damage to the exterior underside canopy around the perimeter of the building. You can see this on the East exposure as you look up at the underside of the building from the Circle Drive.
And as you gaze up you will see other locations that have some deterioration due to other leak events and really just normal wear and tear from the passage of time.
Green Tech Decorating proposed $4200 (attached to the report for Board member review) to repair the locations impacted by the leak. A great deal of that is just the cost of mobilizing and demobilizing, since a lift will be needed to access these areas. Then they will be scraping and priming and painting. Since this alone is so costly, and will result in a patchwork appearance, we asked for the cost to do the entire perimeter, and they proposed $19,200. This will include the smaller entryway overhang canopy as well.
We are awaiting at least two other proposals, but because this is so visible, we would like the Board to approve a budget so we can get this done once the weather permits; and we believe it is wisest to have this done all the way around the perimeter, so there is a uniform appearance. Since the Association would be paying for such mobilization and demobilization regardless, we suggest this is the most cost effective approach.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves a budget not to exceed $19,200 to complete painting of the underside of the exterior canopy, and authorizes management and the engineer to approve a proposal in consultation with the Board President, to be funded by the reserve fund.”
As budgeted for the year, our team sought bids for the replacement of the two 12” main chiller isolation valves. These valves help with isolating the cooling network when needed seasonally and for maintenance and repairs. The proposals are as follows, attached for Board member review:
Althoff Industries $67,668
Great Lakes Plumbing & Heating $63,840*
Oak Brook Mechanical $62,970
WJO Chicago $65,174
*This represents discounted pricing, if the project is approved in conjunction with the Heat Exchanger project (Action Item 8), and we intend to suggest the Board do exactly that.
We recommend a provision of $3200 for the necessary materials and work to properly insulate the valves.
This project was budgeted for $65,000.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves replacement of the two main chiller isolations valves, as proposed by Great Lakes Plumbing & Heating Company, at an expense of $63,840, and a provision of $3200 for insulation work, for a total of $67,040 to be funded by the Reserve Fund.”
As budgeted for the year, our team sought bids for the replacement of the four 16” main heat exchanger isolation valves. These valves help with isolating the heat exchangers from the heating and cooling loop serving the convectors in all units – specifically preventing cold water during cooling season from getting into heating lines and fixtures in the boiler room, which could cause catastrophic damage. The proposals are as follows, attached for Board member review:
Althoff Industries $70,326
Great Lakes Plumbing & Heating $61,180*
Oak Brook Mechanical $91,900
WJO Chicago $66,975
*This represents discounted pricing, if the project is approved in conjunction with the Chiller Isolation valves project (Action Item 7). Because Oak Brook was such an outlier on this project, we save around an extra $2300 by using Great Lakes for both projects.
We recommend a provision of $6800 for the necessary materials and work to properly insulate the valves.
This project was budgeted for $83,000.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves replacement of the four main heat exchanger isolations valves, as proposed by Great Lakes Plumbing & Heating Company, at an expense of $61,180, and a provision of $6800 for insulation work, for a total of $67,980 to be funded by the Reserve Fund.”
As a part of repairs planned for the pool this year, there are 4 main old original lights that are not LED. Where the other 6 fixtures were changed over the last several years, these had not been failing and were left alone. That is no longer the case, so with a portion of the reserve funding considered for pool repairs we propose changing these remaining fixtures. Our team sought the following proposals, attached for Board member review:
All Seasons Pools & Spas $8,355
Splash Pure Water $6,246
We’ve good experiences recently relying more on Splash than All Seasons, so we suggest proceeding with them.
Pool area repairs were budgeted for $36,400. At the last meeting the main pool filter was approved for $6,723, so combined we remain under budget for the year. At this time, we have no other efforts on our short-term outlook for capital reports, so we are in a favorable position budget wise at present.
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the for remaining underwater non-LED main pool light fixtures with LED fixtures, as proposed by Splash Pure Water Ltd., at an expense of $6246, to be funded by the Reserve Fund.”
We’ve learned that the City of Chicago is now requiring 5 year internal pipe and valve condition assessments for fire sprinkler systems, such as we have in the garage. We received this notification following recent annual testing of the sprinklers and fire pumps. We confirmed this with the Habitat Company’s Director of Facilities Management & Engineering, who said it has been a part of the NFPA code but was not being enforced by the City. And Travelers Insurance has actually inquired about it as well.
Presumably, it is something we could integrate into our life safety maintenance contract going forward. For now, we need to get it done to come into compliance with this newly enforced requirement. We started with a request to Fox Valley Fire & Safety who we are presently contracted with for our annual life safety systems testing and maintenance work. We thought their bid was high for the work being described, and since this is relatively new to us, we sought another proposal:
Fox Valley Fire & Safety $17,018.34
Great Lakes Plumbing & Heating $13,200
These are attached for Board member review.
Although we do not like straying mid-contract to another vendor for work like this, this is far to great a difference. So we suggest going with Great Lakes unless Fox Valley is willing to match their bid. We are presently awaiting follow up from Fox Valley on several questions related to their proposal and will try to have answers in time for the meeting.
In the meantime, a sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the 5 Year Sprinkler System Internal Pipe & Valve Fire Safety Testing, as proposed by Great Lakes Plumbing & Heating Company, at an expense of $13,200.”
Attached to the report Board Member review are the following remodeling packets for the following Unit Owner projects:
302 – Bathroom Improvements
1506/07/08 – Bathroom Renovations
2314 – Unit General Improvements
3507 – Bathroom Remodeling
4406 – Master Bath Remodeling
4806/07 – Unit Remodel with W/D and Hard Surface Flooring
4815 – Kitchen Hard Surface Flooring
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 302, 1506/07/08, 2314, 3507, 4406, 4806/07, and 4815 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
Treasurer’s Report
The most recent financial reports, for the period February 2026, are attached to the report for Board review.
Fund Balances End of February 2026
Operating assets totaled $2,224,563 and the Reserve cash and investments were $5,898,923 for a total of cash and investments of $8,123,486.
February 2026 Revenue and Expenses
Total Operating Revenue: $692,297
Total Operating Expenses: $598,071
Income (Loss) From Garage: $44,141
Contribution To Reserve: $176,062
Total Surplus/(Deficit): ($37,695)
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 April 13, 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 27th and May 11th, at 7:30pm, and a Resident Forum featuring 48th Ward Alderwoman Leni Manaa-Hoppenworth Thursday April 23rd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
| S | M | T | W | T | F | S |
|---|---|---|---|---|---|---|
29 | 1 | 3 | 4 | |||
5 | 6 | 11 | ||||
12 | 15 | 18 | ||||
26 | 1 | 2 | ||||
| S | M | T | W | T | F | S |
|---|---|---|---|---|---|---|
29 | 1 | 3 | 4 | |||
5 | 6 | 11 | ||||
12 | 15 | 18 | ||||
26 | 1 | 2 | ||||
