2nd Floor Party Room
Agenda & Report
7:00PM – 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 February 10, 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 February 10, 2025.”
Attached to the report for Board Member review is the updated 22.1 disclosure through January 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 January 2024.”
Attached to the report for Board review is a proposal from OTIS Elevator for custom door hold buttons. This was sought following a suggestion at the last Resident Forum. For about $278 per elevator, we can have custom made color buttons. The options are red, green, blue, yellow, pink and purple.
Elevator 9 is the garbage lift, so that one would not be needed.
A resolution can be proposed following discussion at the meeting as needed.
Attached to the report for Board Member review are proposals for the budgeted replacement of the inner and outer compactor room doors. This was budgeted due to their age and growing malfunctions requiring frequent repairs and maintenance.
Here are some representative pictures of the locations:
Our team sought three proposals:
Door Systems Inner doors – $7567 Outer doors – $7576 Total: $15,143
Industrial Door Co. Inner doors – $7595 Outer doors – $8888 Total: $16,483
Tee Jay Service Co. Total: $18,391
The planned budget for this work was $20,000. Our head engineer would like to suggest proceeding with Industrial Door. He said, although not the low bidder, we’ve given a lot of work to Door Systems, and he feels as though they have been moving slow on orders. Industrial has done excellent work in the past, and he would like us to consider them so we are cultivating more than one relationship for this type of work.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the replacement of the inner and outer compactor room doors as proposed by Industrial Door Company at an expense of $16,483, to be funded by the Reserve.”
Attached to the report for Board Member review are proposals for the budget repairs to the circle driveway and planter concrete and coping stones. This was planned by our team proactively due to noticeable deterioration of the planter copings and concrete around the triangle planter, as well as sealants and joints in the driveway. This will include the replacement of two of the circle drive planter copings which are exhibiting much more physical deterioration. Our team sought three proposals:
JLJ Contracting $29,990
Monson Nicholas $17,155
Ward Contracting $18,895
We also suggest a provision of $5000 to address any unforeseen conditions as they are conducting this work.
This effort was budgeted for $25,000. We would like to suggest proceeding with the low bidder on this work, Monson Nicholas.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the sealant, concrete and coping repairs to the circle drive and triangle planter, and driveway, as proposed by Monson Nicholas, Inc. at an expense of $17,155 and a provision of $5000 to address unforeseen conditions that may arise during the course of completing the work, for a total of $22,155, to be funded by the Reserve.”
We’ve continued encountering a lack of responsiveness from the supplier for the stone, planned for installation on the upper wall of the elevator. Home Improvement Commission chair Erilk Butka has been seeking out alternative materials, and in fact received a number of options from the flooring vendor. The flooring is actually already in hand, and the reps were very responsive. They’ve suggested a number of possibilities which Erik is exploring.
We expect to have some direction and suggested changes in time to discuss at the meeting. If a resolution is necessary, a motion can be proposed at that time.
We expect we may have construction requests for the Board to consider, in advance of the meeting.
A sample motion follows: “I move the Board of Directors approves the remodeling plans for _______, 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
1. Treasurer’s Report
The most recent financial reports, for the period January 2025, are attached to the report for Board review.
Fund Balances End of January 2025
Operating assets totaled $1,896,389 and the Reserve cash and investments were $4,937,034 for a total of cash and investments of $6,833,423.
January 2025 Revenue and Expenses
Total Operating Revenue: $638,738
Total Operating Expenses: $515,418
Income (Loss) From Garage: $4648
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $(44,264)
Action On Investments
An Operating Fund CD with Gold Coast Bank expired in February. After consultation with the Board President and Treasurer this was reinvested with the bank for a period of 60 months (5 years) at 4.5%. The investment confirmation is attached to the report for Board review. It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with the Treasurer and Board President for ongoing investment considerations.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of an operating fund CD with Gold Cost Bank, totaling $101,795, with an interest rate of 4.5% for a period of 60 months, and affirms 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
Our team is still working on the Monthly 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 10, 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 scheduled for Monday March 24th and April 14th at 7:30PM. Also, the next Resident Forum is scheduled for Thursday April 22nd at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.
