BOARD OF DIRECTORS MEETING

Monday June 14, 2021

Management Report

Expected At Suspension Of The 2021 Annual Meeting

Via “ZOOM” Meetings Online 

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

The Board is scheduled to meet to discuss rule violations, Unit Owner account issues and personnel matters. 

7:30PM – PTCA 2021 Annual Meeting of Unit Owners 

At Suspension or Adjournment of Annual Meeting: 

OWNER FORUM – Via Zoom Chat                        

ZOOM Meeting ID #878-1998-0434

ZOOM Meeting Link  https://us02web.zoom.us/j/87819980434

ZOOM Conference #1-312-626-6799 

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. 

CALL TO ORDER – Board Meeting Open Session 

Confirm Quorum 

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. Closed Session Business

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

2. Minutes – Board Meeting May 10, 2021

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday May 10, 2021, as submitted by Timothy Patricio, Property Manager.

A sample motion: “I move the Park Tower Condo Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on Monday May 10, 2021.”

3. COVID-19 Policy Changes

Members are aware Management already announced several changes to COVID-19 response policy:

Face Coverings only required if an individual has not been fully vaccinated, or if an individual so chooses to continue wearing a face covering.

Elevator Capacity returns to normal with no further limitation besides those posted by the manufacturer.

Guest Limits within units eliminated.

Party Room restrictions eliminated.

We request the Board formally pass a resolution ratifying these changes. In addition to this, we would like to suggest changes be considered to Health Club restrictions. Since this is a more sensitive area and topic, we felt it be best this be discussed.

Obviously, one solution could be to completely re-open. There does not seem to be anything prohibiting this, at this time. However, if the Board is uncomfortable with full re-opening, we suggest a measured approach would be reasonable. For example, one solution we’ve discussed is that the capacity limitations for vaccinated individuals could be completely lifted. Members could register with the office and their fobs would be programmed to access the Health Club freely, and they would receive a pass that can be carried to show they’ve registered with the office.

We recommend this be discussed, and a consistent resolution be passed.

A partial sample motion: “I move the Park Tower Condo Board of Directors of the Park Tower Condo Association hereby ratifies and approves Management’s action amending the COVID-19 response policies, to eliminate the requirement for face coverings for individuals appropriately vaccinated, to eliminate the capacity restrictions in Units and the elevator, eliminating restrictions for Party Room use, and hereby further adopts the following additional changes ____________.”

4. High Zone Hot Water Mixing Valve

Complications have continued with the mixing valve which delivers Hot Water to the entire high zone, from the 30^th to 55^th floors. Ultimately our team contacted Elara Engineering and Fettes Plumbing, the teams that installed the new hot water heaters about 6 years ago. A number of repair suggestions were employed, but failed and while a temporary solution is in place, it is not tenable for the long term.

So, at this point all parties – Management, Elara Engineering, Fettes, our plumber and engineer recommend that the entire valve be replaced. Our plumber sought three bids to have this done:

Fettes, Love & Sieben                  $22,250

W.J. O’Neil                                     $23,460

We are awaiting a couple additional bids, which we hope to have numbers for in time for the meeting.

Because of it’s location and the potential for complications, we would suggest a $5000 provision to address unknown conditions, should additional work be necessary. The likelihood is low, but a small window just in case is wise.

This project is not specifically budgeted, but we still suggest it be financed as a Reserve Project due to the cost and nature of the work.

A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves replacement of the high zone hot water mixing valve, at a cost of __________ as proposed by _________, and a provision of $5000 to address unknown conditions should they arise, to be funded by the reserve fund.” 

5. Construction Request

Attached to the report for Board Member review is the remodeling packet for the following Unit Owner construction project:

Unit 4302           Bathroom Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plan for unit 4302 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

Attached to the Report for Board Review is the April 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of April 2021

Operating assets totaled $1,359,286, and the Reserve cash and investments were $2,897,911 for a total of cash and investments of $4,257,197.

April 2021 Revenue and Expenses

Total Operating Revenue: $549,464

Total Operating Expenses: $388,440

Income (Loss) From Garage: $5,616

Contribution To Reserve: $146,508

Total Surplus: $20,132

2. Management Report
3. Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
4. Engineer’s Report – Property Manager Tim Patricio will review items of interest from Maintenance.
5. 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 June 14, 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 June 28th and July 12th in the 2^nd Floor Party Room.