Roundup Report
Important Note – The Meeting Roundup Report is provided as a courtesy for Owners to review business the Board considered and conducted at a meeting. This is not intended to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after that meeting and approved at the next regularly scheduled meeting. Then they are posted in the PT Condo Online Library and otherwise available upon request from the Management Office.
6:30PM – CLOSED SESSION
The Board met to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
7:30PM – Ralph Picker of Picker & Associates made a presentation of the 2025/2026 Audited Financial Statements and answered questions from Unit Owners and the Board.
To review and download the audit report, Click Here.
OWNER FORUM
The Board of Directors and management welcomed and addressed feedback and questions from Unit Owners.
OPEN SESSION CALL TO ORDER – Confirm Quorum
The meeting chair, Board President Michael Parrie, called the meeting to order at 8:09pm.
Confirm Quorum
The meeting chair confirmed a quorum of Board Members is present. Present from the Board of Directors were Michael Parrie, Monique Fouant, Lloyd Allison, Sheridan Hodges and Sheldon Atovsky.
Also, present from Management were Tricia Conway, Property Supervisor, General Manager Tim Patricio, and Community Managers Scott Turton and Danny Bravman.
Commission Reports
ASCO Liaison Sheridan Hodges reported on the candidates running for Alderman, and that ASCO is trying to arrange a forum. She said they continue to monitor the Emmanuel Congregation development and the Sheridan/Bryn Mawr water main project continuing to be delayed.
Social Commission Acting Chair Sheldon Atovsky talked about the TGIF event held on Friday September 18th at 5:30pm in the lobby lounge. He also announced that Halloween Movie Night – presenting “Hocus Pocus” – will be held on October 24th with doors opening in the party room at 5:15pm. Announcements with more information will be posted on the bulletin boards, as well as in the Activity Planner on the website and weekly News & Updates. The next commission meeting is Wednesday at 7:30pm via zoom. Join the Social Commission e-mail group to be included on news and announcements for coming events. Just send a request to: ptcasocial@rcn.com.
Health Club Commission liaison Monique Fouant talked about an upcoming meeting to be scheduled, and the potential repainting of the weight room.
Home Improvement Commission liaison Michael Parrie reported that the next meeting is on Monday, October 19th at 6 pm in the party room. All owners are welcome to attend.
To review and download the Commission’s most recent report, Click Here.
Board Report
On behalf of the Board, Michael Parrie invited owners and residents to our upcoming residents’ forum on Thursday, October 22, at 7:00 pm.
Also, he reminded owners that the Association will hold a special meeting of the unit owners prior to the next Board meeting on Monday, November 9, at 7:30 pm. With a change in the Illinois Condo Act, the Board attorney recommends very specific language be included within the rules in order to proceed with assessment collections beginning in 2027.
Also, he thanked unit owner Laura Cossa for her many years spent on the rules and regulations commission, as she steps down.
Action Items
After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to write off $29,461.25 to bad debt, having determined that the balance remaining on a former unit owner’s account is uncollectible following a foreclosure.
After a motion by Michael Parrie, seconded by Sheridan Hodges, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine six Unit Owners $100 for not having proof of insurance, to double thereafter for each subsequent month, up to the maximum fine of $1,000/month until adequate proof of insurance is provided.
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine one Unit Owner $50 for not attending the new residents meeting, to double thereafter for each subsequent month, up to a maximum fine of $200 per month, until attendance to the meeting is satisfied.
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a Unit Owner $250 for a health club violation and misuse of association property, and that this fine may double and the health club membership permanently revoked if the incident happens again; in addition, this owner is removed from the health club commission due to violating the health club rules. .
After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a Unit Owner $250 for a construction violation.
After a motion by Sheldon Atovsky, seconded by Monique Fouant, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday September 14, 2026.
To review and download the approved minutes, Click Here.
After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday September 28, 2026.
To review and download the approved minutes, Click Here.
After a motion by Sheridan Hodges, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the 22.1 disclosure as drafted with the best available information through August 2026.
After a motion by Lloyd Allison, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve 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 2025/2026 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 $274,329; 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 $274,329, the identified year-end operating fund surplus cash for 2025/2026, 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.
After a motion by Lloyd Allison, seconded by Monique Fouant, and discussion, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve a contract as proposed by Picker and Associates LLC, for annual auditing services for fiscal years 2026/2027 at $6500, and 2027/2028, and 2028/2029 at $6800 per year, and tabulation for the 2027, 2028 and 2029 annual meeting board election results for $2500 each year.
After a motion by Lloyd Allison, seconded by Sheridan Hodges, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to formally accept the 2026 Reserve Study as presented by Reserve Advisors, LLC, and hereby directs it be made available to Unit Owners electronically upon request.
After a motion by Monique Fouant, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the mandatory 5-year code required replacement of the indoor pool main drain cover as proposed by All Seasons Pool and Spa at an expense of $10,365, to be funded by the Reserve Fund.
9. Construction
After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the remodeling plans for units 408, 1505, 1903, 2109, 2412, 4101, 4202 and 5003 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
Board Treasurer Lloyd Allison reviewed the most recent financial reports, for the period of August 2026, as presented by the Habitat Company.
Fund Balances End of August 2026
Operating assets totaled $1,936,135 and the Reserve cash and investments were $5,997,620 for a total of cash and investments of $7,933,755.
August 2026 Revenue and Expenses
Total Operating Revenue: $699,788
Total Operating Expenses: $548,774
Income (Loss) From Garage: $109
Contribution To Reserve: $256,922
Total Surplus/(Deficit): ($37,135)
Management Report
Property Manager Tim Patricio reviewed current business and activities of interest, and the latest sales.
To download and review the updated Sales Report, Click Here.
ADJOURNMENT
There being no further business, after a motion by Sheridan Hodges, seconded by Monique Fouant, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to adjourn the October 12, 2026, Board Meeting at 8:37PM.
OWNER FORUM
The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.
The next regular Board Meetings are scheduled for Monday October 26th and November 9th at 7:30pm. A Resident Forum is scheduled for Thursday October 22nd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
