2nd Floor Party Room
7PM – 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 – Board Meeting Open Session
The meeting chair, expected to be Board Vice President Monique Fouant, 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 report.
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 10, 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 June 10, 2024.”
Attached to the report for Board Member review is the updated 22.1 disclosure through May 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 May 2024.”
Attached to the report for Board Member review is a draft notice to Unit Owners with a list of proposed Board Meeting and Resident Forum dates. The pattern of meeting dates continues consistent with the schedule for the past several 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. Three Saturdays in November are included for budget review, and resident forums are scheduled for Wednesday July 24th, Thursday October 24th, Saturday January 25th, and Tuesday April 22nd.
A sample motion: “I move the Board of Directors schedules Board Meetings for the 2024/2025 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 purpose of this action item is for the Board of Directors to formally agree to a settlement with Go Grocer for unpaid rent, early termination of the lease and possession of the premises.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves a settlement with Go! Grocer 7, Inc., as drafted and presented by the Association’s legal counsel Kovitz, Shifrin, Nesbit, which includes early termination of the lease effective June 30, 2024, and a settlement for unpaid rent in the amount of $52,000.”
The purpose of this action item is for discussion, if needed, for possible security system improvements. If a resolution is necessary as a result of discussion, a motion can be proposed at the meeting.
Attached to the report for Board review is the most recent Home Improvement Commission report. They are recommending against the replacement of the carpet on the 2nd floor.
The material has not been ordered, so this effort can be cancelled.
A sample motion: “I move the Park Tower Condo Board of Directors hereby reverses approval of the change order for the 2nd floor carpeting replacement, as recommended by the Home Improvement Commission.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
2904 – Hard Flooring Install
3314 – Bath Remodel & Washer/Dryer
3414 – Window Panel & Film
4007/4008 – Kitchen Remodel, Hard Floor and Physically Combining Units
5105 – Window Panel & Film
5108 – Kitchen Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for 2904, 3314, 3414, 4007/4008, 5105 and 5108 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
Attached to the report for Board review are the May 2024 Balance Sheet and Statement of Income & Expenses as presented by the Habitat Company.
Fund Balances End of May 2024
Operating assets totaled $1,853,977 and the Reserve cash and investments were $4,633,104 for a total of cash and investments of $6,487,081.
May 2024 Revenue and Expenses
Total Operating Revenue: $659,333
Total Operating Expenses: $489,945
Income (Loss) From Garage: $36,829
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $33,984
2. Management Report
Attached to the report for Board Review is the updated 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 24, 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 August 12th and August 26th at 7:30PM, and a Resident Forum is scheduled for Wednesday July 24 at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.
