BOARD OF DIRECTORS MEETING AGENDA

Monday October 12, 2020, 7:30pm

Management Report & Agend

6:00PM – CLOSED SESSION (Via ZOOM With PT Board)

OWNER FORUM – Via Zoom Chat (Via ZOOM – Meeting ID# 832-9878-5606)

Link:    https://us02web.zoom.us/j/83298785606

Phone: 312-626-6799

NOTE – For Owners attending the meeting, please feel welcome to share questions via the ZOOM Chat feature online.

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.

2019/2020 Audit Review w/Ralph Picker of Picker & Associates

A draft of the annual audit report has been completed and forwarded to the Board for review. Ralph Picker is expected to attend the meeting, to give an overview of the audit results, answer questions, and address any concerns. Attached to the report for Board Member, review is the draft audit for referencing purposes.

While the 2019/2020 Fiscal Year Financial Audit has not been finalized, and won’t be until the draft under review is accepted by the Board Of Directors, Owners who are interested in following along at the meeting may review or download it, Click Here.

Commission Reports

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

Attached for Board Review, is a report from the Social Commission.

Board Report

The Board President may give a report on current Association business and activities of interest.

Action Items

Closed Session Business

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

Minutes – Board Meeting September 14, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday September 14, 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 September 14, 2020.”

2019/2020 Audit Acceptance

By now all Board Member should have received and reviewed the preliminary draft of the 2019/2020 Audited Financial Statements, originally distributed in September. Ralph Picker of Picker and Associates is expected to present an overview at the beginning of the meeting to discuss their audit report, findings and determinations.

As required by the Association’s governing documents, the report should be accepted and made available to Unit Owners.

A sample motion: “I move the Board of Directors accepts the audit of the Financial Statements for the 2019/2020 Fiscal Year as presented by Picker and Associates, Inc, and hereby directs Management to make the necessary adjusting entries as recommended with the audit, and once finalized make the report available to Unit Owners upon request.”

Note: The Board may also discuss whether to act on the disposition of the audited operating surplus, reported by Picker and Associates. We suggest that remaining pending at this time, as attention turns toward the budget for the upcoming 2021/2022 Fiscal Year.

 2021/2022 Budget Calendar

Attached to the report for Board review and consideration, is a proposed Budget Calendar for work and activities related to creating and reviewing the PTCA Budget for the upcoming 2021/2022 Fiscal Year.

A sample motion: “I move the Board of Directors approves the proposed Budget Activity Calendar for the 2021/2022 Fiscal Year, as proposed by Management.”

Emergency Boiler Tube Repairs

Attached to the report for Board review is a proposal from W. J. O’Neil for the replacement of 17 tubes in boiler #1, found to be in critical condition during seasonal maintenance. Because of the timing of the colder weather we began experiencing, and the mandate to provide heat, after consultation with Dave Barnhart and Michael Parrie, we approved proceeding with the repair immediately on an emergency basis.

We believe this should be coded as a reserve expense. It is small enough to have a negligible impact on the bottom line. However, overall the planned HVAC and plumbing capital improvements for this year have fallen well within the budgeted parameters.

A sample motion: “I move the Park Tower Condo Board of Directors approves the replacement of 17 tubes in boiler #1, as previously authorized by Management on an emergency basis, completed as proposed by W. J. O’Neil for $13,792, to be funded by the reserve.”

Low Zone Domestic Water Heaters Project

Attached to the report for Board review are proposals for the budgeted replacement of Low Zone Domestic Water Heaters #2 & #3. This work was anticipated, and follows the replacement of #1 just over a year ago. The Reserve Budget includes a provision of $100,000 for this effort.

Good news – the proposals are as follows:

Biedron Heating & Cooling, Inc.               $33,200

WJ O’Neil                                                    $29,995

Westside Mechanical                                 $35,000

We see no reason not to proceed with the low bidder WJ O’Neil. We also ask the Board for an additional provision of $10,000, to address any unknow conditions if they arise, but also so we can complete insulation of the lines and valves which interconnect with the heaters.

A sample motion: “I move the Park Tower Condo Board of Directors approves the replacement of low zone domestic hot water heaters #2 and #3, as proposed by W. J. O’Neil, at an expense of $29,995, and a provision of $10,000 for insulation work and unknown conditions that may arise, to be funded by the reserve.”

Domestic Water Pump #2 Rebuilding

Attached to the report for Board review are proposals for rebuilding of domestic water pump #2. Replacement of this pump was budgeted, however further investigation resulted in opinions that replacement is not necessary. However, we’ve had problems and capital repairs are needed. Basically, taking the motor apart and rebuilding it with new parts. Work was anticipated though the exact timing was not predictable. The Reserve Budget includes a provision of $60,000 for this effort.

The proposals are as follows:

Fluid Technologies                                      Up to $18,912

Omni-Pump Repairs                                   Up to $12,760 *albeit labor time limitations

Westside Mechanical                                 $26,060

We suggest proceeding with Fluid Technologies, with a provision of $5000 for insulation and to address unforeseen conditions should they arise. Omni-pump, while the low bidder, is not a turn-key proposal and Fluid Pump is more familiar with our mechanicals.

A sample motion: “I move the Park Tower Condo Board of Directors approves the rebuild of domestic water pump #2, as proposed by Fluid Technologies, at an expense of up to $18.912, and a provision of $5000 for insulation work and unknown conditions that may arise, to be funded by the reserve.”

Pool Area Doors/Mall Leak Repairs

Attached to the report for Board review are proposals from JLJ contracting. The first is to replace three more doors in the pool area, for $42,855. Our team has traced leaks into Suite 113 from this location, and they strongly suspect penetrations into the concrete are resulting in the leak when there is a driving rain. Since removal of the doors and frames is necessary to repair the location, replacing the doors makes the most since.

To test the number, we pulled the JLJ proposal from 2017 when seven doors were replaced for $114,995. While that proposal included sealant work on the remaining doors, we believe this demonstrates their number is reasonable. They already have the necessary shop drawings and relationship to get matching doors and we suggest proceeding to address the leaking.

If the Board would prefer competitive proposals, because of the nature of the work it could take 30 to 60 days as they involve some customization, but given the comparison to the bidding in 2017, we believe the number to be reasonably consistent. Also, as we did then, we also suggest a provision of 15% – say $6500, to address any unknown conditions. It is certainly possible when they remove the frames, more significant concrete work may be needed.

This is not a budgeted project, unfortunately, however, savings in projects such as those described above, give us room.

A sample motion: “I move the Park Tower Condo Board of Directors approves the replacement of 3 doors in the pool area suspected to be the source of leaking, as proposed by JLJ Contracting, at an expense of up to $42,855, and a provision of $6500 for to address unknown conditions that may arise, to be funded by the reserve.”

Construction Requests

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

4605 – Kitchen & Bath Remodel

5311 – Washer/Dryer Install

A sample motion: “I move the Board of Directors approves the remodeling plans of units 4605 and 5311, 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.”

NOTE – As a precautionary measure to limit traffic during the pandemic, we are limiting construction and remodeling to 10 units at a time. Right now, with these units we are at that maximum. We are keeping close watch on progress and pending projects and are keeping them rotating. So far, Owners have been respectful and understanding of this limitation.

Jacuzzi Reopening

Following closing of the kiddie pool, on Monday October 5th after consultation with Michael, Monique, Habitat and the Alderman’s Office, it was agreed to open the jacuzzi for use by one ‘membership’ at a time, for up to 30 minutes. Meaning, if you have a single membership, just you. If it is a husband and wife, just them.

Because previous policy was to keep it closed, we request the Board formally ratify this action.

A sample motion follows: “I move the Board of Directors approves the action by Management to reopen the pool area jacuzzi, but limited for use by one membership at a time for up to 30 minutes per day.”

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 July 2020

Operating assets totaled $1,141,516 the Reserve cash and investments were $2,480,465 for a total of cash and investments of $3,245,908.

July 2020 Revenue and Expenses

Total Operating Revenue: $535,134

Total Operating Expenses: $429,564

Income From Garage: $29,971

Contribution To Reserve: $149,258

Total Deficit: $13,717

2.     Management Report

a. 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.

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

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 October 12, 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 Monday October 26th and November 9th at 7:30pm and Saturday November 7th at 9am. Also, the next Resident Forum is Tuesday October 27th at 7pm. Until Further Notice, all meetings will 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.