BOARD OF DIRECTORS MEETING

Monday January 11, 2021, 7:30pm

Following Special Meeting Of The Unit Owners

Management Report and Agenda

6:30PM – CLOSED SESSION (Via ZOOM With PT Board)

7:30PM – Special Meeting of the Unit Owners For Review Of PTCA 2021/2022 Proposed Operating Budget

ZOOM Meeting ID# 857-8916-2946

ZOOM Meeting Link: https://us02web.zoom.us/j/85789162946         

ZOOM Conference#: 1-312-626-6799

Call to Order

This is a meeting of the owners. The meeting chair is expected to be the Board President Michael Parrie who will bring the meeting to order, direct discussion and call on participants to speak as necessary. Please be courteous and respectful to those speaking. Wait to be recognized by the meeting chair before speaking.

Report Items: 

1. Presentation and Comments from Board.
2. Unit Owner Questions and Comments Regarding the Proposed Operating Budget for the 2021/2022 Fiscal Year, Distributed by U.S. Mail on December 21, 2020.
3. Further Considerations.

Adjournment

After a motion and second from the floor, the Unit Owners may vote to adjourn the Special Meeting of Unit Owners.

A sample resolution for an owner from the floor follows: “I move to adjourn the January 11^th 2021 Special Meeting of the Park Tower Condo Association Unit Owners for review of the proposed operating budget for the 2021/2022 fiscal year, at___PM.”

OWNER FORUM – Via Zoom Chat The meeting chair, expected to be Board President Michael Parrie, will confirm a quorum of Board Members is present via ZOOM. 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.

Board Report

The Board President may give a report on current Association business and activities of interest.

Action Items 

1. Open Board Position

At the December 14, 2020, it was announced the Cheryl Ronnett formally resigned her position on the Board, effective at the end of the month.

Management understands an Owner will be nominated by a Board Member to fill the position until the 2021 Annual Meeting and Election.

A sample motion: “Be it resolved that the Board of Directors of the Park Tower Condo Association formally accepts the resignation of 2^nd Vice President Cheryl Ronnett, and hereby appoints Unit Owner _________ to fill the open position on the Board and complete the term through the Annual Meeting and election expected on Monday June 14^th.”

2. Closed Session Business

This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.

3. Minutes – Board Meeting December 14, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday December 14, 2020, Budget Meeting #1, as submitted by Timothy Patricio, Property Manager.

A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the minutes from the Board Meeting held on Monday December 14, 2020.”

4. Adoption of PTCA 2021/2022 Budget

Following the Special Meeting of the Unit Owners for the purpose of review and consideration of the proposed operating budget for the 2021/2022 fiscal year, the Board may consider formally accepting and adopting it.

A sample motion: “I move the Board of Directors adopts the budget as proposed and presented to Unit Owners for the fiscal year starting March 1st 2021 and ending February 28th 2022, with a 3.4% increase in assessments, a 4.69% increase in total operating expenses, and a projected reserve contribution of $1,758,100.”

Should the Board wish to make edits to the budget, it should be noted in the resolution, as well as whether a revised proposed budget should be mailed to the ownership.

5. 2021 Holiday Schedule

Attached to the report for Board Member review, is the Habitat Company’s corporate holiday schedule. There are 9 holidays being recognized and employees are entitled to a total of 9 paid days off. All together there are also 6 days where early close is acceptable.

For the 2020 holiday schedule the Board approved the Management Office to be closed on 6 holidays – New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day, with a reduced staff early closure for the other holidays as deemed appropriate. Notice is posted for early release days.

A sample motion follows: “I move the Board of Directors approves the following holiday schedule for the management office employees for 2019, with the Management Office to close on the observed Martin Luther King Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, the day after Thanksgiving and Christmas Eve, and New Year’s Eve, with a reduced staff as deemed appropriate by management for the balance of the Habitat scheduled holidays, and early release dates with appropriate notice.”

6. Lobby Revolving Door Repair

After having several vendors investigate the west lobby door, it was determined for safety and convenient operation, the bearing assembly needs to be replaced. After speaking with the Board President, so parts could be ordered ASAP, consistent with his spending authorization limit our team proceeded with Tee Jay Service Company. Proposals for the work (attached for Board confirmation) included:

Door Systems                  $9,065

Industrial Door                $7,648

Tee Jay Service                $4,826

A sample motion follows: “I move the Board of Directors ratifies the decision for approval of the repair of the west revolving door in the lobby, as proposed by Tee Jay Service at an expense of $4,826.”

7. High Zone Hot Water Heater Valve Replacement

Throughout December the building plumber investigated problems with the High Zone hot water heaters and the main line serving them. In one case it was determined a main valve serving the line needed to be rebuilt. Bids were sought, and attached for Board review. We received a bid to have the work outsourced, as well as a bid from our primary plumbing supplier for just the cost of the parts:

WJ O’Neil (Parts and Labor)        $36,500

Porter Pipe & Supply                    $4426.29

The building plumber determine he was able to do the work in house, and after getting authorization from the Board President, the materials were ordered from Porter. We are providing both quotes, as this is an example for the Board and Owners in black and white, how much having an in house plumber can save.

A sample resolution follows: “I move the Board of Directors ratifies the decision for approval of the purchas of materials for rebuilding the tempering valve serving the high zone main hot water line, as propose by Porter Supply & Pipe, at a cost of $4426.29.” 

It is worth mentioning other parts and supplies were need for this and other work which were purchased as well, as needed. But those expenses are much more incidental in nature. 

8. Construction Request

Attached to the report for Board Member review are remodeling packets for the following Unit Owner construction projects:

315   – Kitchen & Bath remodel

3005 – Kitchen remodel

3208 – Kitchen remodel

5414 – Kitchen & Bath remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 315, 3005, 3208 and 5414 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

Attached to the Report for Board Review is the November 2020 Balance Sheet and Statement of Income & Expenses from the Habitat Company.

Fund Balances End of November 2020

Operating assets totaled $1,303,412 the Reserve cash and investments were $2,558,256 for a total of cash and investments of $3,861,668.

November 2020 Revenue and Expenses

Total Operating Revenue: $574,390

Total Operating Expenses: $401,287

Income (Loss) From Garage: $22,810

Contribution To Reserve: $149,258

Total Surplus: $46,656

Management Report

Business and Activities – Property Manager Tim Patricio will review current business and activities of interest. The Monthly Activity Report is attached to the meeting report for Board review.

Engineer’s Report – Property Manager Tim Patricio will review items of interest from Maintenance.

Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales. The current Sales & Lease reports are attached to the meeting report for Board review.

ADJOURNMENT

There being no further business, the Board will consider adjourning the meeting.

A sample motion: “I move the Board of Directors adjourns the January 11, 2021 Board Meeting at ____PM.”

OWNER FORUM – Via ZOOM Chat

The Board of Directors and Management will welcome and address feedback and questions from Unit Owners via ZOOM chat.

The next Board Meetings are scheduled for Monday January 25^th and February 8^th. All meetings will continue to be held online via ZOOM. Instructions to join the meeting will be posted in advance on our bulletin boards, and the website at www.ptcondo.com.