Board Meeting Monday Jan. 28th
January 17, 2019
BOARD OF DIRECTORS MEETING
Management Report and Agenda
Monday January 28, 2019 7:30PM
2nd Floor Party Room
6:30PM – Closed Session (Held by Board in Management Office)
7:30PM – OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners.
OPEN SESSION – Call to Order
Roll Call – Confirm Quorum
The meeting chair, expected to be Board President Michael Parrie, will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.
Committee Reports
Committee Chairs or others so designated will be invited to update the Board on business and activities.
Board Report
The Board President may review business or other matters of interest with the Board and audience.
Action Items – New Business
- Closed Session Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
- Minutes – Board Meeting January 14, 2019
Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday January 14, 2019, 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 January 14, 2019.”
- Minutes – Special Unit Owner Meeting to Review the Budget January 14, 2019
Attached to the report for Board Member review, are the proposed minutes from the Special Meeting of the Unit Owners held to review the proposed budget for the 2019/2020 fiscal year, on Monday January 14, 2019, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Special Meeting of the Unit Owners to review the proposed Park Tower Condo Association budget for the 2019/2020 fiscal year, held on Monday January 14, 2019.”
- PTCA Fiscal Year 2019/2020 Budget
The purpose of this action item is for the Board to consider formally accepting the budget for the Association’s 2019/2020 fiscal year.
A sample motion: “I move the Board of Directors adopts the budget as proposed and presented to Unit Owners for the fiscal year starting March 1st 2019 and ending February 29th 2020, with a 2.989% increase in assessments, a 3.775% increase in total expenses, and a projected reserve contribution of $1,739,700.”
- Commercial and Laundry Room Bathrooms
Over the course of the budget meeting process, Management was asked to put a plan together for restoration of the mall men’s and women’s bathroom, and the laundry room bathroom. Such plans would include materials substantially similar to that used in the Health Club Locker Rooms.
Working with maintenance, we produced the following budget, inclusive of all three spaces:
Plumbing Materials $1,250
New Stalls (mall only) $5,750
New Countertops/sinks $3,500
Wall Tile $8,800
Flooring $3,600
Mirrors $1,000
Electrical $5,000
Misc. Supplies, grout, mortar, etc. $5,000
TOTAL: $33,900
Provision for Unknown Conditions 15% $5,000
TOTAL with provision: $38,900
We suggest there be 2 exceptions to the similarity with the health club. First, we recommend using the same vinyl flooring used in the package room, rather than the white ceramic tile in the locker rooms. Also, we suggest a straight forward stacked block style tile pattern, rather than the offset tiles of different sizes.
Our engineers have proposed doing the work in-house, as they believe we have ample skill on the staff to complete the work. They’ve suggested with the materials in stock, each mall bathroom can be done within 3 weeks (6 all together). The laundry room bathroom, 1 week.
This project is not budgeted. As discussed in prior meetings, because of the favorable position of the Association’s performance financially year to date, if the Board agrees this work needs to be done, funding is available.
A sample motion: “I move the Board of Directors approves the plan for restoration and improvement of the mall area men’s and women’s restrooms, and the laundry room, and hereby establishes a budget of $38,900 for management to carry out this project with in-house labor.”
- 1p/2p Walkway Flooring
The purpose of this action item is for the Board to consider the installation of new flooring for the 1p and 2p corridor walkways between the garage and the service elevators. It was previously proposed that the same flooring used in the new package room, be used in this location. In planning for the use of this material in locations other than the package room, ample material was purchased in bulk for attic stock and use at other locations such as these. For this particular install, in-house labor can be used.
A sample motion: “I move the Board of Directors approves use of the Shaw hard surface ‘Moon Rock’ vinyl flooring for installation in the corridors serving 1p and 2p between the garage and service elevators.”
- Roof Lighting
Attached to the report for Board review, are quotes for 3 light fixtures we looked at and tested, for possible use at the roof level, should the Board like to consider visual enhancement of the screen wall. It has been suggested this could be a cost-effective way to significantly raise the building’s profile. And while it has not been considered in the past for budgeting, we’ve been asked to raise it as a possible improvement should we have a good opportunity financially. We’ve been considering this more closely ever since discussion of the roof replacement project got underway in 2016 and 2017.
Thanks to our presently very favorably financial position, it is our suggestion the Board consider pursuing this now. Otherwise provide direction – either take this off our list or identify it as an item for future budget consideration.
Of the 3 light fixtures we looked at, we suggest the 3rd – “AMLTG” or American Lighting. It is the least expensive for two reasons. First, we secured a very favorable bulk discount. This fixture lists between around $600 and $800 depending on the source. Our vendor, Active Electric, has quoted $500 per fixture if purchased in groups of 10.
Second, it has significantly less programming options but more than what we would need for plain white displays most of the year, and holiday lighting as needed. The other fixtures have equipment and programming that would be unnecessary for our purposes.
We would like the Board to decide formally: 1. Would you like to pursue this enhancement? And either 2. Would you like to pursue this now, and if so we recommend a budget of $50,000 from the present projected surplus to purchase and install the lights. We estimate about 75 fixtures are needed (and this would include 5 to 10 extra for replacement stock) plus a $3600 provision to have the buildings engineers with WJE produce an installation specification for properly affixing the fixture to the main roof. OR, 3. Would you like to consider this for budgeting in the future.
Depending on what the Board would like to do, a resolution can be recommended at the meeting.
Treasurer’s Report
Fund Balances End of December 2018
Operating Funds $567,329 (decrease of $139,456 from prior month)
Reserve Funds $2,027,297 (increase of $35,475 from prior month)
Total Cash and Investments $2,594,626 (decrease of $103,980 from prior month)
December 2018 Revenue and Expenses
Total Operating Revenue: $512,322
Total Operating Expenses: $378,187
Income From Garage: $18,398
Contribution To Reserve: $136,675
Total surplus: $15,859
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the January 28, 2019 Board Meeting at ____PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
The Board and Management will address feedback and questions from Unit Owners.
Next Regular Board Meetings – February 11th and February 25th, 7:30PM in the Party Room
About the Author: Tim Patricio
Park Tower Horizons
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