BOARD OF DIRECTORS MEETING

Monday June 24, 2024 7:30PM

2nd Floor Party Room

 7PM – 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 – Board Meeting Open Session

The meeting chair, expected to be Board Vice President Monique Fouant, 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.

Attached to the report for Board review are the most recent Home Improvement Commission report.

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 June 10, 2024

Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday June 10, 2024, 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 June 10, 2024.” 

3. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through May 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 May 2024.” 

4. Board Meeting Schedule 2024/2025

Attached to the report for Board Member review is a draft notice to Unit Owners with a list of proposed Board Meeting and Resident Forum dates. The pattern of meeting dates continues consistent with the schedule for the past several business years, with the primary Board Meetings held on the 2nd Monday evening each month, and a secondary Board Meeting scheduled for the 4th Monday each month. Three Saturdays in November are included for budget review, and resident forums are scheduled for Wednesday July 24th, Thursday October 24th, Saturday January 25th, and Tuesday April 22nd.

A sample motion: “I move the Board of Directors schedules Board Meetings for the 2024/2025 Park Tower Condo Association business year, on the dates as proposed by Board President Michael Parrie, and directs Management to issue a formal notice via US Mail accordingly.”

5. Go Grocer Settlement

The purpose of this action item is for the Board of Directors to formally agree to a settlement with Go Grocer for unpaid rent, early termination of the lease and possession of the premises. 

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves a settlement with Go! Grocer 7, Inc., as drafted and presented by the Association’s legal counsel Kovitz, Shifrin, Nesbit, which includes early termination of the lease effective June 30, 2024, and a settlement for unpaid rent in the amount of $52,000.” 

6. Security System Improvements

The purpose of this action item is for discussion, if needed, for possible security system improvements. If a resolution is necessary as a result of discussion, a motion can be proposed at the meeting.

7. 2^nd Floor Carpet

Attached to the report for Board review is the most recent Home Improvement Commission report. They are recommending against the replacement of the carpet on the 2nd floor.

The material has not been ordered, so this effort can be cancelled.

A sample motion: “I move the Park Tower Condo Board of Directors hereby reverses approval of the change order for the 2^nd floor carpeting replacement, as recommended by the Home Improvement Commission.”

8. Construction Requests

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

2904  –  Hard Flooring Install

3314 – Bath Remodel & Washer/Dryer

3414 – Window Panel & Film

4007/4008 – Kitchen Remodel, Hard Floor and Physically Combining Units

5105 – Window Panel & Film

5108 – Kitchen Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans for 2904, 3314, 3414, 4007/4008, 5105 and 5108 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 are the May 2024 Balance Sheet and Statement of Income & Expenses as presented by the Habitat Company.

Fund Balances End of May 2024

Operating assets totaled $1,853,977 and the Reserve cash and investments were $4,633,104 for a total of cash and investments of $6,487,081. 

May 2024 Revenue and Expenses

Total Operating Revenue: $659,333

Total Operating Expenses: $489,945

Income (Loss) From Garage: $36,829

Contribution To Reserve: $172,233

Total Surplus/(Deficit): $33,984

2. Management Report

Attached to the report for Board Review is the updated Activity Report, and the Sales and Lease 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 June 24, 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 regular Board Meetings are scheduled for August 12th and August 26th at 7:30PM, and a Resident Forum is scheduled for Wednesday July 24 at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.