BOARD OF DIRECTORS MEETING

Management Report

Monday January 8, 2024

Following the Special Meeting of the Unit Owners

To Review the Proposed 2024/2025 PTCA Operating Budget at 7:30PM 

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 – Special Meeting To Review The Proposed Budget 

OWNER FORUM

The Board of Directors and Management will 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

Commission chairs or members so designated will be invited to update the Board and Owners on business and activities.

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 – Board Meeting December 11, 2023

Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday December 11, 2023, as submitted by Property Manager Timothy 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 December 11, 2023.” 

3. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through December 2023 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 2023.” 

4. Proposed 2024/2025 Operating Budget

Following the Special Meeting of the Unit Owners for the purpose of review and consideration of the proposed operating budget for the 2024/2025 fiscal year, the Board may consider formally accepting and adopting it.

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 1, 2024 and ending February 28, 2025, with a 4% increase in assessments, a 4.6% increase in total anticipated operating expenses, and a projected reserve contribution of $2,066,800.” 

5. Water Treatment Contract

The purpose of this action item is to consider renewal of the service and supply contract for water treatment chemicals for the pool area and HVAC plant.

We have been locked in a fixed long term contract with HOH Water Technology, which expires at the end of February 2024. We’ve paid a fixed monthly price now for 5 years, this even despite inflation and particularly the volatility in chemical pricing. They presented a renewal plan for 3 years (attached to the report for Board review), but will not lock in for the time being due to the past couple years of fluctuations.

Year 1

• $1,200.00 Billed Monthly
• $14,400 Total Annual Billing

Year 2

• $1,400.00 Billed Monthly
• $16,800.00 Total Annual Billing

Year 3

• $1,600.00 Billed Monthly
• $19,200.00 Total Annual Billing

They explained the increase in pricing over 3 years is necessary to return our contract to balanced pricing that is more realistic. Fortunately, between HVAC Materials and Pool Supplies we budgeted $1200/month for this effort, which is about a $300/month increase. We expected this due to the dramatic inflation and volatility in chemical prices over the past several years.

We are presently seeking competitive proposals, and hope to have at least two alternatives to present in time for the meeting.

“I move the Board of Directors of the Park Tower Condo Association approves the water treatment service and supply contract as proposed by _______ at an expense of ________.” 

6. Garage EV Charging Stations

The purpose of this action item is for discussion of some of the EV charging station expansion options our team has been looking into.

7. Construction Requests

Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:

Unit 3201             Full Unit Remodel and Hard Flooring

Unit 3309             Full Unit Remodel and Hard Flooring

Unit 4507             Replace Hard Flooring

A sample motion follows: “I move the Board of Directors approves the remodeling plans for 3201, 3309 and 4507 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

Attached to the Report for Board Review is the November 2023 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of November 2023

Operating assets totaled $1,952,356 and the Reserve cash and investments were $4,807,022 for a total of cash and investments of $6,759,378.

November 2023 Revenue and Expenses

Total Operating Revenue: $618,799

Total Operating Expenses: $449,288

Income (Loss) From Garage: $45,371

Contribution To Reserve: $164,975

Total Surplus/(Deficit): $49,908

2. Management Report

Business and Activities – Property Manager Tim Patricio will review current business and activities of

Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.

Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales. The current Sales & Lease reports are attached to the meeting report for Board.

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 8, 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 Board Meetings are scheduled for Monday January 22nd and February 12th at 7:30PM. On Saturday January 27th at 11AM, there will be a Resident Forum (Open to Owners and residents). At this time, all such events are anticipated to be held in the 2^nd Floor Party Room.