Board Meeting Monday December 9th 7:30pm
December 6, 2024
BOARD OF DIRECTORS MEETING
Monday December 9, 2024 7:30PM
2nd Floor Party Room
Report And Agenda
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 – OWNER FORUM
The Board of Directors and Management may welcome and address feedback and questions from Unit Owners.
CALL TO ORDER – Board Meeting 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
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
1. Closed Session BusinessThis agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
2. Minutes – Board Meeting November 25, 2024
Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday November 25, 2024, 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 November 25, 2024.”
3. Mailing Of Proposed 2024/2025 Budget
Attached to the meeting report for Board review is the final draft of the proposed budget as edited following the Board Meetings held to discuss the budget November 2nd, 9th, & 16th, 2024. This requires mailing to the Unit Owners for their review period and consideration, which we propose be done by the week ending December 13th.
Members will also find the edited 10 Year Projection and Reserve Project Definitions based on the third and final budget meeting on November 16th. The edits made were to adjust the Association owned unit assessments to a 3.8% increase, and the proposed reserve contribution revised to $2,112,700.
In addition, the Board will find a proposed cover letter and Special Meeting Notice to include with the budget, drafted by Board President Michael Parrie and edited with the help of Management, highlighting the key adjustments and changes, and emphasizing the challenges the Association faces.
A sample motion: “I move the Board of Directors accepts the draft of the proposed Park Tower Condominium Association Budget for the 2025/2026 fiscal year, and hereby directs Management to mail the document in its entirety to all Park Tower Condominium Association Unit Owners for the required review period and for their consideration, as well as a notice for a Special Meeting of the Unit Owners scheduled to be held January 13th at 7:30pm prior to the monthly Board of Directors Meeting, for the purpose of Unit Owner discussion of the proposed budget, as required prior to the Board of Directors considering formal adoption.”
4. Management Office 2025 Holiday Schedule
As we prepare for the upcoming calendar year, the Habitat Company released their holiday schedule for corporate employees, which includes the management office staff. Following is our proposed schedule for the Park Tower office:
Wednesday, 1/1/25 New Year’s Day
Monday, 1/20/25 Martin Luther King Day
Monday, 5/26/25 Memorial Day Office closing @ 1:00 Friday-5/23/25
Friday, 7/4/25 Independence Day Office closing @ 1:00 Thursday-7/3/25
Monday, 9/1/25 Labor Day Office closing @ 1:00 Friday-8/29/25
Thursday, 11/27/25 Thanksgiving Day Office closing @1:00 Wed-11/26/25
Friday, 11/28/25 Thanksgiving Holiday
Thursday, 12/25/25 Christmas Day Office closing @1:00 Wednesday-12/23/25
Friday, 12/26/25 Christmas Holiday
Thursday, 1/1/26 New Year’s Day Holiday Office closing @1:00 Wednesday-12/31/25
In addition, Habitat corporate employees get two floating holidays for their birthday and Habitat Founder’s Day. Also, the office will close at 12pm since we open at 8am for business.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association formally accepts the holiday schedule for the management office as presented by the Habitat Company for the 2025 calendar year, with the office scheduled to be closed for the following holidays: New Year’s Day, Martin Luther King Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and the day after Thanksgiving, Christmas Day and the day after Christmas Day, and early closings at 12pm the business day before each holiday with the exception of Martin Luther King Day.”
5. Chiller Project Change Order
Attached to the report for Board review is a proposal and pictures of some surprises found as WJO Chicago has progressed with the teardown on Chiller 1. Several failing seals, gaskets and pumps require either replacement or significant repair. All together the change order is $49,706.
Because we’ve found timing to be a huge factor with purchasing mechanical parts in recent years, after a discussion with the Board President we authorized this work to commence on an emergency basis. Work cannot continue on Chiller 1 until they receive these parts and while it is only December, the teardown for each Chiller was already expected to take around 2 months. Any delay waiting for parts – and particularly the oil pump which needs to be replaced entirely – could bring us dangerously close to cooling season.
Sadly, getting bids for these in the middle of a teardown is just not practical. Other vendors will obviously see we are working with another vendor, and even if we did get a better price, we would not get an warranty.
In the meantime, WJO’s team started work on Chiller 2 while they await the parts, so time is not being wasted. Since the Chillers are the same age, it is possible additional work may be necessary for this one as well. We are hoping to have at least a partial rundown of expectations in time for the meeting.
The Board should ratify our decision to move forward with this work as part of the project.
A sample motion: “I move the Park Tower Condo Board of Directors approves the chiller teardown project ‘extras’ as proposed by WJO Chicago, at a total expense of $49,706 to be funded by the reserve fund.”
6. Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
Unit 302 – Kitchen Cabinets and Dishwasher
Unit 2114 – Bathroom Remodel
Unit 4511 – Hard Surface Flooring
Unit 5114 – Bathroom Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for Units 302, 2114, 4511, 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 October 2024, were reviewed at the November 25th meeting. For reference:
Fund Balances End of October 2024
Operating assets totaled $2,254,988 and the Reserve cash and investments were $4,230,284 for a total of cash and investments of $6,485,272.
October 2024 Revenue and Expenses
Total Operating Revenue: $635,068
Total Operating Expenses: $480,398
Income (Loss) From Garage: $29,220
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $11,857
2. Management Report
Attached to the report for Board Review is the current Monthly Activity Report and Sales and Lease Reports.a) Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
b) Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.
c) Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the December 9, 2024 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 scheduled for Monday January 13th following the Special Meeting Of The Unit Owners To Review The 2025/2026 Proposed PTCA Operating Budget and Monday January 27th at 7:30PM. Also, the next Resident Forum is scheduled for Saturday January 25th at 11am, all to be held in the 2nd Floor Party Room unless otherwise posted.
About the Author: Tim Patricio
Park Tower Horizons
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