BOARD OF DIRECTORS MEETING AGENDA

Monday November 9, 2020, 7:30pm

Management Report & Agenda

6:30PM – CLOSED SESSION (Via ZOOM With PT Board)

7:30PM – Nancy Ayers of Alliant/Mesirow – Projected Cost of 2021/2022 Insurance Program

As the budgeting process has gotten underway, we’ve learned the Association can expect a dramatic increase in insurance premiums. As it is understood, this is due to forces outside the Association’s control. Therefore, the Board invited the Association’s insurance broker, Nancy Ayers of Alliant/Mesirow, to meet and discuss this challenge.

OWNER FORUM – Via Zoom Chat (Via ZOOM – Meeting ID# 820-4244-6045)

Link:    https://us02web.zoom.us/j/82042446045

Phone: 312-626-6799

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 via ZOOM. 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 Board President 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 October 12, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday October 12, 2020, as submitted by Timothy Patricio, Property Manager.

A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the minutes from the Board Meeting held on Monday October 12, 2020.” 

3. Boiler Room Fresh Air Intake

An HVAC project planned for this year (in conjunction with the water heaters), the fresh air intake for the boiler area is similar to those installed last year in the garage. (At the time, the garage work was demanded by a City ventilation inspector.) The boiler room location is more important structurally speaking, being adjacent to the boilers, PRVs and the low-rise hot water heaters. Fresh air blows in, directly at the water heaters. The louvers will allow greater control over this flow of air – which will save energy particularly in the winter and during mid to late summer – AND, provide protection for very sensitive mechanicals and plumbing lines during severe weather events such as a polar vortex.

Attached you will find a photo showing the location in question. This is pretty much identical to the garage locations with the addition of filters. Some parkers would be familiar with these being boarded up seasonally. Air comes in this location, with very little regulation. This project will give our team power to control when and how much air flow there is.

So far, we have one proposal and are expecting two others in time for the meeting.

DEMCO             

Quality Mechanical

WJO’Neil                          $68,500  

In discussing this with our team, as with the Garage air intakes, it is conceivable an inspector could tag this location as well. Particularly given its proximity to gas and exhaust lines serving the water heaters and boilers. One could argue it took them 46 years to tag the garage locations, but, you never know.

A sample resolution follows: “I move the Board of Directors approves the installation of the boiler room fresh air intake apparatus, as proposed by __________, at an expense of $__________.” 

4. Construction Requests

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

407 – Kitchen & Bath Remodel

1806 – Kitchen Remodel

4111 – Washer/Dryer install

5011 – Electrical Upgrades

5111 – Electrical Upgrades

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 401, 1806, 4111, 5011 and 5111, 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

Attached to the Report for Board Review is the July 2020 Balance Sheet and Statement of Income & Expenses from the Habitat Company.

Fund Balances End of September 2020

Operating assets totaled $1,169,364 the Reserve cash and investments were $2,828,045 for a total of cash and investments of $3,997,409.

September 2020 Revenue and Expenses

Total Operating Revenue: $543,219

Total Operating Expenses: $417,961

Income From Garage: $36,372

Contribution To Reserve: $149,258

Total Surplus: $12,372

2. Management Report

Business and Activities – Property Manager Tim Patricio will review current business and activities of interest. The Monthly Activity Report is attached to the meeting report for Board review.

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

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 November 9, 2020 Board Meeting at ____PM.”

OWNER FORUM – Via ZOOM Chat

The Board of Directors and Management will welcome and address feedback and questions from Unit Owners via ZOOM chat.

The next Board Meetings are scheduled for Saturday November 14^th and November 21^st at 9am, and Monday November 23^rd. All meetings will continue to be held online via ZOOM. Instructions to join the meeting will be posted in advance on our bulletin boards, and the website at www.ptcondo.com.