Monday August 11, 2025 7:30PM
2nd Floor Party Room
Agenda & Report
6:30PM – CLOSED SESSION
The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
7:30PM – 2024/2025 Audit Review With Picker And Associates
To review or download the accepted Audit report, Click Here.
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 July 14, 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 Monday July 14, 2025.”
Attached to the report for Board Member review is the updated 22.1 disclosure as of July 2025 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 June 2025.”
Attached to the report for Board Member review is the current contract and rates with Republic Services, and a new interim contract proposal. This is following meetings we’ve held with our reps, due to problems with scheduling, pick ups and billing. This will actually bring our base monthly costs down – only by $25/month but down at all in the present economic times is great. The better news, they are already addressing some of the problems we’ve had, and service appears to be improving quickly.
Working with Republic, we analyzed our pick up history, and the proposal brings service more in line with what we need. One thing addressed with this, that we’ve needed to do for a while, is adjusting our garbage versus recycling capacity. We are recycling more than ever to the point we have been over capacity. That has resulted in extra charges on almost a monthly basis. They will be replacing the 4 yard recycling dumpster on the dock, with a 6 yard, giving us a lot more capacity. With regular waste, we have dumpsters in the compactor room that never get used they will be removing.
The annual escalation cap remains at 4%.
We recommend approving this interim contract adjustment, which will be good for 3 years.
A sample motion: “I move the Board of Directors schedules approves a new contract with Republic Services, to replace the current contract set to expire in October 2026, for waste removal and recycling, as proposed with a base monthly rate year 1 of $2475.74, beginning August 2025, and a cap on annual increases of 4% for years 2 and 3.”
Attached to the report for Board review are two bids to purchase new isolation valves for the main heat exchanger. Previously, the Board approved to replace the heat exchanger bundle with Kroeschell Engineering. As that was about to get underway, and insulation was being removed from the work location, both gate valves serving the exchanger were found to be inoperable.
Kroeschell reported they could get the needed heavy duty valves for $20,400, but there was no guarantee on the delivery before sometime in October. Also they may be subject to tariffs. Our team contacted WJO Chicago, who said they have the needed valves in stock and they can arrive within a week. They are also an excellent brand – Milwaukee – for $23,956. The timing is awkward and we may have to hold off on the heat exchanger replacement until Spring. Regardless, we would like to move ahead with purchasing the valves while they are available and not impacted by tariffs. Once our team has them in hand, we will work out finalizing the project schedule with Kroeschell.
They’ve given prices for the valves and labor. We suggest only approving the material cost for now.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves purchasing two heavy duty gate valves intended for replacement of those serving the main heat exchanger bundle, as proposed by WJO Chicago for $23,956, to be funded by the Reserve.”
Attached to the report for Board Member review are the remodeling packets for the following Unit Owner projects:
Suite 106 – Plumbing Improvements
901 – Hard Surface Flooring
2608 – Electrical For Dishwasher
3504 – Hard Surface Flooring
5114 – Replace Electrical Panel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for Suite 106, 901, 2608, 3504 and 5114 as submitted by the unit owners, 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 June 2025, are attached to the report for Board review.
Fund Balances End of June 2025
Operating assets totaled $1,794,317 and the Reserve cash and investments were $5,265,702 for a total of cash and investments of $7,060,073.
June 2025 Revenue and Expenses
Total Operating Revenue: $667,514
Total Operating Expenses: $481,171
Income (Loss) From Garage: $25,568
Contribution To Reserve: $176,058
Total Surplus/(Deficit): $35,854
2. Management Report
Attached to the report for Board review are the updated Monthly Activity Report and Sales and Lease 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 August 11, 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 expected for Monday August 25th and September 8th at 7:30PM. All meetings are planned to be held in the 2nd Floor Party Room unless otherwise posted.
