BOARD OF DIRECTORS MEETING

Monday January 8, 2018  7:00PM

Following Town Hall Meeting with Rep. Kelly Cassidy

And Special Unit Owner Meeting To Review Proposed Budget

2nd Floor Party Room

Agenda and Management Report

7:00PM – Town Hall Meeting with Rep. Kelly Cassidy

TBD – Special Meeting To Review Proposed 2018/2019 Budget

FOLLOWING SPECIAL MEETING TO REVIEW BUDGET

OWNER FORUM – 15 minutes, 2 minutes per person

The meeting chair, expected to be Board President Michael Parrie, will call on audience members to speak. Please be courteous and respectful, and do not interrupt speakers who have been acknowledged by the chair.

Management and the Board will address questions and feedback from Owners.

OPEN SESSION – Call to Order

The meeting chair will call the meeting to order. Please be courteous – if applicable, the meeting chair will entertain questions as may be applicable to each agenda item; all speakers shall be recognized by the chair as necessary.

Roll Call – Confirm Quorum

The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.

Committee Reports

Committees will be invited to give updates to the Board on business and activities.

Board Report

The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.

Action Items – New Business

Closed Session Business

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

Minutes – Board Meeting December 11th, 2017

Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday December 11th, 2017, 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 December 11th, 2017.”

Proposed 2018/2019 Budget

The purpose of this action item is for discussion and any further necessary considerations with the proposed budget for 2018/2019. For example, should the Board wish to consider any changes, resolutions or direction resulting from discussion at the Special Meeting.

Should any resolutions be needed, motions can be proposed at the meeting.

Consolidated and Restated Declaration

The purpose of this items is for the Board to formally approve a “refresh” of the Declaration.

Specifically, for Association’s counsel to update the Association’s Declaration to conform to the most current provisions of the Illinois Condominium Property Act (“Act”), and to consolidate the Declaration and all prior recorded amendments into a single document.

Attached for Board review is the original proposal for counsel to do this, from March of 2015. At the time, they proposed a fee of $3420. We asked for an updated proposal, which the quoted $3750. Counsel indicated this will include the most recent changes in the Condo Act, effective in 2017 and 2018.

A sample motion: “I move the Board of Directors approves for legal counsel with Kovitz, Shifrin and Nesbit to consolidate, amend and restate the Declaration of the Park Tower Condominium, to conform with the most current provisions of the Illinois Condominium Property Act, and to combine the Declaration with all prior recorded amendments into a single document at a cost not to exceed $3750.”

Once this process is completed, we will be provided with the proposed document and all necessary documentation required to obtain Board approval, and then record the updated Declaration.

Procedure For Sharing Private Contact Information

The purpose of this action item is for consideration of a resolution suggested to the Board by legal counsel, related to recent changes to the Illinois Condo Act. Specifically, Section 19(a)(7), a provision dealing with the collection, maintenance and disposition of contact information by Unit Owners and Associations, and the availability of private information such as phone numbers and e-mail addresses to be examined upon request by Unit Owners.

The Board will be considering how best to comply with new law related to such contact information, and its distribution, and how owners can designate what and which contact information is to be used for Association business.

A sample motion is attached for Board review as a part of materials to be considered in Closed Session – any final resolution acted on will be published in the meeting minutes. The Board should also consider directing management to distribute any relative notices and documents that will be needed for compliance.

TowerTalk Political Ad Request

A unit owner running for a Cook County Judge position requested putting an ad in Tower Talk. The purpose of this action item is for any discussion or direction needed regarding the request, or a should a resolution be necessary to set a policy regarding such requests.

Rental List Waiting Form

Due to the growth of the rental waiting list, since the Association’s leasing policy went in place, it has become a challenge to manage. For example, some owners have become concerned knowing what their number is in line. To help, we would like to request the Board pass a policy requiring a form be completed to secure a spot on the list. The owner and Association can then have documentation to fall back on should a future concern arise, such as their position on the list.

Attached for Board review is a sample form we drafted for example and consideration.

A sample motion: “I move the Board of Directors sets a policy that owners requesting to be added to the Rental Unit Waiting List be required to complete a form, as proposed and drafted by Management.”

Unit Owner Request – Leasing Policy Exception

Attached to the report for Board review is a request from the Unit Owner of 5206, for a hardship exception to the leasing policy such that the Owner can sell the Unit to a potential investor owner who would like to keep the unit as a rental.

A sample motion: “I move the Board of Directors grants/denies the request by the Unit Owner of 5206 for a hardship exception to the leasing policy, such that the Unit may be sold to an investor owner who may then keep the unit as a rental.”

Construction Requests

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

4614 Window Double Pane Installation

5101 Guest Bathroom Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 4614 and 5101 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 – Board Treasurer Jean Shamo will review recent financial data.

a. Fund Balances End of November 2017

Operating Funds $482,461 (increase of $73,092 from prior month)

Reserve Funds $1,337,254 (decrease of $564,777 from prior month)

Total Cash and Investments $2,311,400 (increase of $108,151 from prior month)

b. November 2017 Revenue and Expenses

Total Operating Revenue: $496,933

Total Operating Expenses: $361,599

Income From Garage: $20,633

Contribution To Reserve: $131,417

Total Surplus: $24,550

2.     Management Report – Property Manager Timothy Patricio will review notable current business and activities.

a. Business and Activities

b. Recent Sales Activity

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, 2018 Board Meeting at _ _ PM.”

OWNER FORUM – 15 minutes, 2 minutes per person

Management and the Board will address questions and feedback from Owners.

Next Meeting Date Monday January 22nd 7:30pm and Resident Forum Saturday February 3rd 11am