2nd Floor Party Room
Management 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.
CALL TO ORDER – 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
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 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 August 11, 2025, as submitted by Community 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 August 11, 2025.”
Attached to the report for Board Member review is the updated 22.1 disclosure as of August 2025 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 July 2025.”
As previously reported to the Board, management has been exploring new potential security firms for consideration to manage the 3rd party guards and security services. We’ve sought proposals, held several interviews and walk throughs, and began checking references for 3 firms: Harvard Protection Services, MFORT Security Services and Prudential Defense Solutions.
Annually, $136,400 is budgeted for our permanent roaming guards, moves and party room events. Following a review of their relevant fees, the proposals would result in the following annual projected expense, as compared to our current service provider, Admiral Security:
Admiral Security $132,900
Harvard Protection Services $132,700
MFort Security Services $125,200*
Prudential Defense Solutions $144,100
*This number is based on our initial analysis of the MFort proposal, but we are waiting for a few answers in order to finalize our projection.
What we can say now, based on our interviews and reference checks, is we could move to any of the three firms with reasonable confidence. As of drafting this report, we are continuing our vetting of MFort as they were invited a bit later in the process.
We will be prepared to present a recommendation and next steps in time for the meeting, and if necessary a resolution can be proposed at that time.
The purpose of this Action Item is for discussion and direction. All the EV spaces on 2P have been licensed and we are ready to pursue installing 10 more spots. We are presently awaiting a proposal from Dunning Electric to do this for spots 11 through 20 on 2p. It’s possible we may have this in time for the meeting, but management would like to discuss this with the Board either way.
If a resolution is necessary, it can be proposed at the meeting.
Recently action was taken to address leaking from around a drain on the main roof. Our roof maintenance team and engineers believed a seal was going bad, resulting in leaking during heavy rains. However, while addressing this condition, they also noticed some poor sealant conditions around the perimeter of the roof. It was thought this could be contributing – or even alternatively could have been the actual source of the leaking in question. Further inspection revealed other locations that were exhibiting signs of the same condition and it was recommended to address them as immediately as possible.
As a precaution, and because we had perfect weather at the time – and after reporting to the Board President – the proposal was authorized on an emergency basis to move forward and schedule the repair.
The size and nature of the expense justifies it for funding from the reserve.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby ratifies the action by management to approve roof repairs as proposed by Knickerbocker Roofing and Paving, Inc., at an expense of $8350 to be funded by the Reserve Fund.”
Forwarded separately for Board Member review are the remodeling packets for the following Unit Owner projects:
906 – Cabinet Replacement
2009 – Bathroom Remodel
3111 – Guest Bathroom Remodel
3606 – Hard Surface Flooring
5111 – Bathroom Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 906, 2009, 3111, 3606 and 5111 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
The most recent financial reports, for the period July 2025, are attached to the report for Board review.
Fund Balances End of July 2025
Operating assets totaled $1,769,789 and the Reserve cash and investments were $5,317,866 for a total of cash and investments of $7,087,655.
July 2025 Revenue and Expenses
Total Operating Revenue: $653,858
Total Operating Expenses: $463,052
Income (Loss) From Garage: $27,791
Contribution To Reserve: $176,058
Total Surplus/(Deficit): ($69,913)
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 September 8, 2025, 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 September 22nd and October 13th at 7:30PM. All meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.
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