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 Home Improvement and Social Commissions.
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 June 8, 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 Monday June 8, 2026.”
Attached to the report for Board member review is the updated 22.1 disclosure through May 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 May 2026.”
Attached to the report for Board Member review, as drafted by the Board President, is a proposed notice to Unit Owners with a schedule of Board Meeting and Resident Forum dates for the 2026/2027 business year. The pattern of meeting dates continues consistent with the schedule of past business years, with the primary Board Meetings held on the 2nd Monday evening each month, and a secondary Board Meeting scheduled for the 4th Monday each month. The 2nd and 3rd Saturdays in November are included for budget review. Due to the manager’s expected availability, rather than the 1st Saturday of the month being scheduled for budget review, the 4th Monday is proposed as the 3rd budget meeting. Resident forums are scheduled for Wednesday July 22nd, Thursday October 22nd, Saturday January 23rd, and Thursday April 22nd.
A sample motion: “I move the Board of Directors schedules Board Meetings for the 2026/2027 Park Tower Condo Association business year, on the dates as proposed by Board President Michael Parrie, and directs Management to issue a formal notice via US Mail accordingly.”
The audit of the 2024/2025 Financial Statements reported an operating surplus of income over expenses in the amount of $68,664 as previously reported. We typically wait to identify any business that may impact that figure, such as uncollectible rent or other questionable receivables. As of now we believe business ended cleanly enough and it appears all considerations were buttoned up with the audit. We suggest the wisest course of action would be for the Board to approve transfer of the full amount to the Reserve. Particularly considering the continued inflationary economic reality, as well as the recent discovery of asbestos concerns which is putting pressure on the cost of many projects.
A sample motion: “I move that WHEREAS, the Board of Directors (the “Board”) of Park Tower Condominium Association (the “Association”) is the governing body of said Association and is charged with the direction and administration of the Property subject to that certain Declaration of Condominium for Park Tower Condominium, as from time to time amended (the “Property”); and
WHEREAS, the Declaration provides that the Association is obligated to maintain, repair, and replace the common elements located in the Property; and
WHEREAS, an accounting for the 2024/2025 fiscal year revealed that there is an accumulated amount of income in excess of the amount required for actual expenses (“excess”) in the amount of $68,664; and
WHEREAS, the Board has reviewed the status of the Association’s capital reserve account; and
WHEREAS, the Condominium Property Act requires, pursuant to section 9 (c) (2), the Association to maintain reasonable reserves for capital expenditures and deferred maintenance for repair or replacement of the common elements located in the Property; and
WHEREAS, the Board has considered the following factors relative to the reasonableness of the Association’s reserves:
1) The repair and replacement cost, and the estimated useful life, of the property which the Association is obligated to maintain, including but not limited to structural and mechanical components, surfaces of the buildings and common elements, and energy systems and equipment;
2) The current and anticipated return on investment of the Association’s reserve funds;
3) The amount that the Association’s most recent capital reserve study provides should be on deposit in the capital reserve account;
4) The financial impact on the unit owners in the market value of the condominium units of an immediate assessment increase to fund the reserves and
5) The ability of the Association to obtain financing or refinancing as a supplement to the capital reserve account; and
WHEREAS, after due consideration of the foregoing factors, the Board contends that their fiduciary duty demands that the excess funds be transferred into the capital reserve account.
NOW, THEREFORE, BE IT RESOLVED that the Park Tower Condominium Association Board of Directors approves the transfer of $68,664, the identified year-end operating fund surplus cash for 2024/2025, to the Association’s reserve account, after taking into consideration the criteria for establishing a reasonable reserve set forth in Section 9(c)(2) of the Illinois Condominium Property Act, in order to more properly fund said reserve account.”
A. Low Zone Jockey Pump – First, attached to the report for Board review are proposals for replacement of the Low Zone Jockey Pump, which moves water to the standpipes and hose up to the 29th floor. Following routine inspections, it was found to have leaking seals and multiple contractors looking at it have reported that disassembly and repair could be almost as costly as replacement, and that due to its age (20 years +), the repairs could not be guaranteed.
Attached to the report for Board review are the following proposals for replacement:
Fox Valley Fire & Safety $8960.42
Great Lakes Plumbing & Heating $7775*
USA Fire Protection $11,020
*Great Lakes did not include replacement of the controller, which is necessary and we are waiting for a revised proposal. We should have this in time for the meeting. Once we have that update, we do not see any reason not to go with whichever is the lowest bidders, as these are all reliable contractors.
This was not expected by the budget.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves of the low zone jockey pump as proposed by ______ at an expense of $_____, to be funded by the reserve fund.”
B. Fire Hose Testing – As we were conducting annual fire safety efforts, it came to our attention that 5 year Hydrostatic testing of our fire hoses needs to be done, in order for them to be tagged. (Basically, they are taken offsite and pressurized with water for five minutes to test for leaks or weakness.) There are 130 hoses all together throughout Park Tower, which are visually inspected annually and tagged. In the past this was done by Martin Mack who, side-note, are being acquired by Reliable Fire Equipment.
If any hoses fail the test, they will need to be replaced. They are only 5 years old, so we don’t expect many replacements if any at all.
Our team missed this during budgeting for the year, but normally would have expected Martin Mack to note this following the prior year’s inspection. It was not in our defense. Nonetheless, we sought multiple proposals, attached to the report for Board review:
TESTING HOSES
Fox Valley Fire Safety $17,062.50 $225/hose
Great Lakes Plumbing & Heating $182,585 $522/hose
Reliable Fire Equipment $10,450 $230/hose
USA Fire Protection N/A $450/hose
Great Lakes and USA Fire Protection do not have facilities capable for the testing, so they are shipped out. USA would not even provide a proposal, knowing that Martin Mack and now Reliable do the testing and were likely bidders. Our team is trying to get another bid from a firm suggested by another manager, but it is unclear if we will have another number in time for the meeting.
We see no reason not to go with Reliable’s proposal, and just to be conservative, we would suggest planning for 10% failure, just in case. That is about $3000.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves 5 year hydrostatic testing of all fire hoses as proposed by Reliable Fire Equipment at an expense of $10,450, with a provision of $3000 to replace hoses that may fail, to be funded by the reserve fund.”
The purpose of this action item is for quick discussion purposes only, at this time. We have been interviewing several vendors for renewal of our annual chiller preventative maintenance. But the initial proposals have been all over the place. On top of that, the incumbent has been sold – WJO Chicago, to MZI. To help the process, and refine the effort, I have put together an RFP.
However, we believe the annual cost, presently around $16,000/year could triple or more. This is for variety of reasons – mostly age – which I can cover at the meeting and answer any questions.
A. Boiler Interior and Refractory Repairs – While conducting seasonal maintenance, some minor issues that are beyond the covered were found. Most specifically is shoring up of some of the masonry and reapplying a protective coating on the interior.
Attached to the report for Board review are the following proposals for this work:
Biedron Heating & Cooling $7000
Nolan Boiler & Tank Service $5953
WJO Chicago (MZI) $7895
Many HVAC maintenance contractors sub out to Nolan; even WJO has in the past, which is why we’ve used them several times for similar work. We suggest approving their proposal.
This should be funded by operating.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves boiler interior and refractory repairs as proposed by Nolan Boiler & Tank at an expense of $5953.”
B. Cooling Tower Drain Repair – While conducting routine maintenance rounds, our team found deteriorating condition along the main cooling tower drain line at the roof level, and suggest the line be replaced before it begins leaking.
Attached to the report for Board review are the following proposals for this work:
Biedron Heating & Cooling $7275
J & J Plumbing Inc. $5953
WJO Chicago (MZI) $5895
Many HVAC maintenance contractors sub out to Nolan; even WJO has in the past, which is why we’ve used them several times for similar work. We suggest approving their proposal.
This should be funded by operating.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves boiler interior and refractory repairs as proposed by Nolan Boiler & Tank at an expense of $5953.”
Both these items are not specifically budgeted, but provisions for HVAC maintenance are built into the operating budget.
On the back burner for quite some time now, we are now prepared to recommend replacement of the snow removal tractor, which has been around longer than your current property manager. While it has been overhauled a couple times over the last 10 years, it will eventually start becoming more and more costly to maintain. Fortunately, prices have not changed over that time as much as you would have expected from inflation.
Attached to the report for Board review are three bids to replace the existing John Deere Tractor with its 2026 model.
AHW LLC $30,550
Shorewood Home & Auto $32,199.03
Tony’s Lawnmower & Tool $32,908.30
In this case, our team is advocating for the high bidder. Tony’s presently services our snow blowers and tractor. But, more importantly, AHW and Shorewood ship the tractor, cab, heater, spreader and all the parts and pieces…they do not assemble it. Tony’s will not only deliver it, but they assemble it as well. That and the trust in their maintenance service over the years makes it worth the relatively small premium.
The budget for this purchase is $33,200.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves purchase of a new Snow Removal Tractor, as proposed by Tony’s Lawnmower & Tool, at an expense of $32,908, to be funded by the reserve fund.”
As budgeted, attached to the report for Board review are proposals for needed repairs to concrete in the Circle Drive Mechanical Room. This area gets quite a bit of exposure to salt and moisture due to its location and almost daily traffic, being a storage area and the location where the laundry room, lobby and 2nd floor air handling mechanicals are located.
Here are some representative areas of the concrete needing attention:
We sought the following proposals:
Asuma Masonry Restoration $51,156
JLJ Contracting $43,110
Monson Nicholas $37,206
We have great experience with Monson Nicholas and see no reason why they should not be chosen for this effort, and their bid falls within the budget for this effort, $40,000.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the circle drive mechanical room concrete repairs, as proposed by Monson Nicholas, Inc., at an expense of $37,206, to be funded by the reserve fund.”
As considered with the operating budget, attached to the report for Board review are proposals for repair and painting of the west exterior face of the racquetball court structure.
Following is a photo of the conditions being addressed:
We sought the following proposals:
Green Tech Decorating $5400
Monson Nicholas $7758
Red Cardinal Remodeling $7400
A provision of $8000 was considered for this effort with the operating budget this year. Green Tech did the same exact work on the east side of the structure several years ago, which turned out great, so we suggest proceeding with their proposal.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves repair and painting of the metal paneling on the west face of the racquetball court structure, as proposed by Green Tech Decorating, at an expense of $5400.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
1105 – Kitchen Remodeling & Hard Flooring
3001 – Hard Flooring
3908 – Hard Flooring, Electrical and Cosmetic Repairs
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 1105, 3001, and 3908, 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 April 2026, are attached to the report for Board review.
Fund Balances End of April 2026
Operating assets totaled $1,940,892 and the Reserve cash and investments were $5,940,540 for a total of cash and investments of $7,881,432.
April 2026 Revenue and Expenses
Total Operating Revenue: $658,094
Total Operating Expenses: $431,718
Income (Loss) From Garage: $36,472
Contribution To Reserve: $188,258
Total Surplus/(Deficit): $74,589
Management Report
We expect to forward the Monthly Activity Report and Sales and Lease Reports to Board Members in time for the meeting.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the July 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 scheduled for Monday July 27th and August 10th at 7:30pm, and a Resident Forum is expected Wednesday July 22nd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
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