PTCA BOARD OF DIRECTORS MEETING

Monday February 10, 2025  7:30PM

2nd Floor Party Room

Management 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 – 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

1. Closed Session Business

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

2. Minutes – Special Budget Meeting January 13, 2025

Attached to the meeting report for Board Member review are the proposed minutes for the Special Meeting of the PTCA Unit owners to review the proposed budget for the 2025/2026 fiscal year held on Monday January 13, 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 Special Meeting of the PTCA Unit owners to review the proposed budget for the 2025/2026 fiscal year held on Monday January 13, 2025.” 

3. Minutes – Board Meeting January 13, 2025

Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday January 13,2025, 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 January 13, 2025.” 

4. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through December 2024 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:

• A copy of the Declaration, by-laws, other condominium instruments and any rules and
• A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of this Act or the condominium
• A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal
• A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of
• A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is
• A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.
• A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.
• A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium
• The identity and mailing address of the principal officer of the unit owner’s association or of the other officer or agent as is specifically designated to receive

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 December 2024.” 

5. Garage Power Wash Policy

The purpose of this action item is by request, to consider a policy of allowing senior citizens to park at the East dock and driveway on days power washing is scheduled.

A resolution can be proposed at the meeting as needed. 

6. 2025 Commercial Package Insurance Program

The purpose of this action item is to discuss the current status of the insurance program renewal with Alliant Insurance Services. All the numbers are in, except the Umbrella program, which for the 3rd year in a row is presenting substantial challenges.  Attached to the report for Board review is an updated budget worksheet with comparisons. To summarize so far:

Our broker with Alliant, Nancy Ayers reports:

“I received the first umbrella quote. Last year GenStar offered the first $10,000,000. This year, they cut the limit back to $5,000,000. The umbrella market is extremely tough right now due to increased litigation and high jury verdicts. The underwriters know that I need the full $15,000,000 by the end of the week, and have promised the quotes. I was not expecting GenStar to cut the limit to $5,000,000. I need GenStar on the lead, to avoid an assault and battery exclusion (many carriers are adding this now). [See updated budget sheet] The first $5,000,000 is $42,253. Last year Genstar charged $56,999 for the first $10,000,000. I will keep you updated.”

Therefore, we do not quite have a formal proposal yet, but hopefully we will in time for the meeting.

Depending on the circumstances, a motion can be proposed at the meeting. 

7. Water Valve Project Phase 2

Our team is working on a number of our budgeted goals for 2025/2026. The first involves some HVAC system related valves which were budgeted as a part of a three year main valve replacement program. Phase 1 was completed in 2024/2025. Our team is prepared for two efforts out of three planned as Phase 2 for the coming budget year:

HVAC Closed Loop Make Up Water Level Control

This effort is to replace the valve assembly which helps automatically control the water level in the closed loop system, and helps our team regulate air in the lines. The current assembly is antiquated. The new device will help our team better manage the water, particularly when we need to drain and refill the lines. This will be very important as we approach a time when HVAC Risers are more and more likely to need replacement.

Our team collected 3 proposals:

Biedron Heating & Cooling           $15,726

Fluid Technologies                          $18,112

WJO Chicago                                    $14,726

WJO Chicago presently manages our chillers and are very familiar with our system, so their proposal is ideal.

A picture of the assembly, for reference.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the replacement of the HVAC water level control assembly as proposed by WJO Chicago at an expense of $14,726, to be funded by the Reserve.” 

Cooling Tower Valves And Flexes

As the cooling tower approaches 20 years of age, our team has been hyper sensitive to any adverse conditions they observe. As a part of the valve replacement program they identified several of the exterior valves and expansion systems, called flexes, which are beginning to visibly show their age. These are exposed to the weather, expand and contract with the change of seasons, and move as the building moves, hence they due naturally get a good deal of abuse.

As the pictures illustrate, they are all located in, around, under and leading up to the cooling tower, helping control and regulate its various functions, including water intake and outflow. Doing a full replacement of these devices all at once, in a single mobilization, will save a great deal of time and expense. If any fail during the cooling season, just one of these valves could lead to a lengthy outage of AC service. So we believe the best approach is a package replacement.

Our team collected 3 proposals:

Biedron Heating & Cooling           $34,732

Fluid Technologies                          $42,189

WJO Chicago                                    $32,888

As with the make up water level control assembly, we believe WJO is best suited for this effort.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the replacement of the Cooling Tower Valves and Flexes as proposed by WJO Chicago at an expense of $32,888, to be funded by the Reserve.” 

The total budgeted for Phase 2 of our water valve replacement program is $60,000, of which these efforts total $47,614. We do expect at least one more effort for valves serving the mall area, but we expect that will fall around $10,000, keeping us within budget. 

8. Elevator Room Air Handler

Attached to the meeting report for Board Member review is a proposal to replace the air handler serving the 26^th floor mechanical room for the low rise elevators. We are waiting for revised proposals from vendors who submitted initial bids, which our team found problems with. We expect these in time for the meeting.

Biedron Heating & Cooling           *revising*

Corcoran Heating & Air                 $14,450.70

WJO Chicago                                    *revising*

This effort was budgeted for $26,900.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the replacement of the 26th floor elevator mechanical room air handling unit as proposed by ________ at an expense of $_________, to be funded by the Reserve.”

9. 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 2. You may recall from the December meeting, these problems are very similar to what we encountered on Chiller 1. At that time we reported it was certainly possible to expect similar obstacles with Chiller 2. Several failing seals, gaskets and pumps require either replacement or significant repair. All together the change order is $58,657.

We found timing to be a huge factor with purchasing mechanical parts in recent years, and after a discussion with the Board President we authorized this work to commence on an emergency basis. Work would otherwise not be able to continue, and they estimated about 2 months is left to complete that chiller. Any delay waiting for parts – and particularly the oil pump which needs to be replaced entirely – could bring us close to or even past the start of cooling season.

Sadly, as with the prior change order, 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 a warranty.

WJO’s team already started work on Chiller 2, so time was not being wasted.

As a formality, 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 $58,657, to be funded by the reserve fund.” 

10. Garage Sprinkler Project Change Order

Attached to the report for Board review is a proposed change order for the Garage Sprinkler Replacement Project. It was discovered that there are 4 zones containing antifreeze. These are 4 separate loops near air handler openings, so it makes sense. However, this was a previously an unknown condition. The zones are not marked with any indicators.

After meeting with our team and discussing this with Fox Valley, we believe it is prudent to keep these loops guarded by anti-freeze. However, to change out the sprinklers in this area, it will have to be emptied and handled appropriately, and then of course refilled as such. They will also mark them appropriately so that future such efforts will have a heads up that antifreeze is present. The total expense for this is $8,470.

They also found a flow switch required replacement, for $1,160.

In December, the Board approved $97,960 for this effort which included a preauthorized $9000 for unforeseen conditions. The total budget was set at $135,000, so fortunately we are still falling within that parameter.

As a formality, 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 garage sprinkler head project change order to replace the antifreeze found in 4 zones throughout the garage at $8470 and a leaking water flow switch for $1,160, for a total expense of $9630, to be funded by the reserve fund.” 

11. Construction Request

Attached to the report for Board Member review is the remodeling packet for the following Unit Owner construction project:  Unit 3306  –  Guest Bathroom Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans for Unit 3306, 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

• The most recent financial reports, for the period December 2024, are attached to the report for Board review. 

Fund Balances End of December 2024

Operating assets totaled $2,292,360 and the Reserve cash and investments were $4,429,137 for a total of cash and investments of $6,721,497.

December 2024 Revenue and Expenses

Total Operating Revenue: $605,682

Total Operating Expenses: $544,088

Income (Loss) From Garage: $(6267)

Contribution To Reserve: $172,233

Total Surplus/(Deficit): $(116,907)

Action On Investments

A Reserve Fund CD with Sandy Spring Bank expired in February. After consultation with the Board President and Treasurer this was reinvested with Bank of America Charlotte for a period of 24 months at 4.2%. The investment confirmation is attached to the report for Board review. It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with the Treasurer and Board President for ongoing investment considerations.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of a reserve fund CD with Sandy Spring Bank, totaling $225,005, to a CD with Bank of America Charlotte with an interest rate of 4.2% for a period of 24 months, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.”

2.               Management Report

Our team is still working on the Monthly Reports.

1. Business and Activities – Property Manager Tim Patricio will review current business and activities of
2. Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.
3. 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 February 10, 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 scheduled for Monday February 24th and March 10th at 7:30PM. Also, the next Resident Forum is scheduled for Thursday April 22nd at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.