BOARD OF DIRECTORS MEETING

Management Report

Monday January 9, 2023

Following the Special Meeting of the Unit Owners To Review the Proposed 2023/2024 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

Click Here for the Special Meeting Agenda.

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 12, 2022

Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday December 12, 2022, 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 12, 2022.”

3.  Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through November 2022 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:

(1)         A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations.

(2)         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 instruments.

(3)         A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.

(4)         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 Managers.

(5)         A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.

(6)         A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.

(7)         A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.

(8)         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 instruments.

(9)         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 notices.

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 November 2022.”

4.  Proposed 2022/2023 Operating Budget

Following the Special Meeting of the Unit Owners for the purpose of review and consideration of the proposed operating budget for the 2023/2024 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, 2023 and ending February 29, 2024, with a 4.5% increase in assessments, a 9.9% increase in total anticipated operating expenses, and a projected reserve contribution of $1,979,700.”

5.  Leasing Policy Discussion

The purpose of this action item previously tabled, is by request for the Board to consider a policy regarding Owners of multiple units swapping their primary residential unit for a rental unit, where that rental unit would become the new primary residence of the unit owner.

Legal counsel recommends that the policy be formally integrated into the Rules and Regulations, and until it is it could be open to a challenge or dispute. If you wish to do this, a proposed resolution follows:

“I move the Board of Directors of the Park Tower Condo Association approves a policy allowing a Unit Owner who is leasing a Unit pursuant to the PTCA rules and regulations, and who owns and resides in another Unit in the Association, may “swap” such Units such that said Unit Owner may lease the Unit they own and reside in so long as they reside in the Unit they previously leased to a third party.”

6.  Elevator 7 & 8 Fire Service Upgrade

As previously reported, and thus budgeted for with the 2023/2024 planned reserve projects, the fire service feature for elevators 7 and 8 needs to be brought up to code.

Fire Service consists of Phase I and Phase II operation. The code requirement in question is for Phase II. Phase I is initiated by smoke detectors located in the elevator lobby, machine room, hoistway or manually with a key. Upon activation, all elevators in the group return to the lobby, where they park with the doors open. This is to ensure no one is trapped.  Phase II allows trained emergency personnel to override Phase I operation and manually use the elevator with a key-switch. This is what we need to do.

While we had been planning this upgrade with budgeting anyway, the City did inspect the elevators in the fall and we received a notice that this is mandatory, so although the budget does not start until March, we suggest the Board approve this now. We can begin the permitting process and demonstrate to the City that we intend to comply with their demand.

OTIS Elevator provided the bid which was used to budget, and the expense of $28,354 as proposed (attached to the report for Board review) is integrated in the elevator safety line item.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the fire service upgrades to elevator 7 and 8 as proposed by OTIS Elevator.”

7.            Construction Requests

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

Unit 905               Hard flooring installation

Unit 2111             Washer/Dryer & Hard flooring installation

Unit 5111             Master bath remodeling

A sample motion follows: “I move the Board of Directors approves the remodeling plans for 905, 2111 and 5111 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 2022 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of November 2022

Operating assets totaled $1,706,978 and the Reserve cash and investments were $4,075,097 for a total of cash and investments of $5,782,075.

November 2022 Revenue and Expenses

Total Operating Revenue: $590,892

Total Operating Expenses: $434,371

Income (Loss) From Garage: $18,958

Contribution To Reserve: $149,567

Total Surplus/(Deficit): $25,912

2.  Management Report
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. The current Sales & Lease reports are attached to the meeting report for Board review.

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 9, 2023 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 23rd and February 13th at 7:30PM. On Saturday January 28th 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 2nd Floor Party Room.