Board Meeting Mon. March 12th
March 10, 2018
BOARD OF DIRECTORS MEETING
Management Report
Monday March 12, 2018 7:30PM
2nd Floor Party Room
7:30PM – OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners. Speakers should be courteous and respectful, and not interrupt Owners or Board Members who have the floor.
OPEN SESSION – Call to Order
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order. Please be courteous – if applicable, the meeting chair may choose to entertain audience questions as may be applicable to each agenda item. All speakers shall be recognized by the chair as necessary. Please do not interrupt speakers who have the floor.
Roll Call – Confirm Quorum
The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.
Committee Reports
Committees will be invited to give updates to the Board on business and activities.
Board Report
The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.
Action Items – New Business
- Closed Session Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
- Minutes – Board Meeting February 12, 2018
Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday February 12, 2018, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday February 12, 2018.”
- Employee Holiday Fund Signatory
The Association holds an independent checking account at Bridgeview Bank for the annual Holiday Fund. The signatories on this Bridgeview account has been set up such that the Board terms are staggered. Currently David Nicosia and Michael Parrie are the named signatories on these accounts. A new second signatory with a member expiration date for 2018 needs to be established. Ideally that would be Kenneth Anderson or Monique Fouant so that the terms remain staggered.
A sample resolution: “Be it resolved that the Board of Directors does hereby approve removing David Nicosia and appointing _____________ as a signatory on the Employee Holiday Fund account at Bridgeview Bank.”
- Social Committee Membership
The Social Committee liaison Jean Shamo reported she expects recommendations from the Social Committee for the Board to formally appoint two new members to the committee. Dhanya Poduvattil resident of Unit 2208, and Ellen Disch owner of Unit 5109.
A sample motion follows: “I move the Board of Directors appoints Dhanya Poduvattil resident of Unit 2208, and Ellen Disch owner of Unit 5109, as members of the Social Commission.”
- Life Safety Services Agreement
Consistent with direction at the last Board Meeting, management negotiated terms of a contract with Fox Valley Fire and Safety for our required battery of annual fire safety testing and inspection services.
Attached to the report for Board Member review is a copy of the updated bid worksheet showing where all the proposals landed, compared to Fox Valley. While not the lowest bidder, they came with recommendations and references I trust, they are within striking range of the lowest bid, and agreed to lock their rates for 3 years.
The annual budget for this was $17,281. The primary savings comes from the smoke tower inspection service, which alone was budgeted at $8000. In the past, we’ve been unable to get much interest in this service, but this time each vendor was willing to bid. This shows how competition can equal meaningful savings. At their proposed total base annual expense of $7,620, we are saving almost $10,000 from our present budget.
We would like the Board to consider approving the negotiated arrangement to lock this in for 3 years. This will provide some stability and continuity over that timeframe, as well as total savings to budget of almost $30,000.
A sample motion: “I move the Board of Directors approves the proposed agreement with Fox Valley Fire and Safety, at a total base annual cost of $7,620 for 2018, 2019 and 2020 testing and inspection of the fire panel and devices, sprinklers and stand-pipes, fire pumps, back flow preventers, and the smoke tower.”
- Bulk Cable/Internet Taskforce
The purpose of this action item, is to begin discussion and consideration of the bulk Cable/Internet agreement. Management suggests the Board create a Commission to pursue renewal of bulk cable TV and internet provider services. The present RCN contract expires March 31, 2019, prior to that time, the Association should decide whether to renew the RCN contract or gear up to change to another provider. Such a task force would potentially meet with vendors, consider perhaps conducting a survey of residents (also done 5 years ago when the RCN contract was renewed and bulk internet was integrated), and ultimately make recommendations to the Board.
There are any number of alternative approaches we could discuss, such as if the Board is satisfied with RCN service, meetings could be arranged with RCN to hammer out terms of renewal without competitive bidding. The Board could do this, a task force could, or even Management. If the terms end up being unacceptable – or if at anytime the Board is uncomfortable with the process, you could opt to form a task force at that time.
Whatever the approach, it is a year away and time will go by fast. Depending on what the Board wants to see done, a lot of work may be involved.
If resolutions are needed, such as forming a task force and any direction or instructions to give the task force, they can be proposed at the meeting.
- Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owner construction projects:
2306 Bathroom Remodeling
5011 Hard Surface Flooring
A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 2306 and 5011, 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 Jean Shamo is expected to review the most recent reported fund balances and financial activity.
Fund Balances End of January 2018
Operating Funds $567,709 (increase of $79,960 from prior month)
Reserve Funds $1,452,963 (increase of $115,709 from prior month)
Total Cash and Investments $2,020,672 (increase of $143,896 from prior month)
January 2018 Revenue and Expenses
Total Operating Revenue: $522,202
Total Operating Expenses: $398,539
Income From Garage: $25,548
Contribution To Reserve: $131,417
Total Surplus: $17,794
Management Report
Property Manager Tim Patricio is expected to review current Association business and activities of interest, and recent sales activity.
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 12, 2018 Board Meeting at _ _ PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
Next Meeting Dates Monday, March 26, 2018, and Monday, April 9, 2018, at 7:30PM
About the Author: Tim Patricio
Park Tower Horizons
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