Board Meeting Monday October 9th 7:30PM
October 6, 2023
BOARD OF DIRECTORS MEETING
Monday October 9, 2023 7:30PM
2nd Floor Party Room
Management Report
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 – Presentation About The 2022/2023 Audit By Ralph Picker of Picker & Associates
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.
Attached to the report for Board review are the most recent reports from the Home Improvement Commission.
Board Report
The meeting chair 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 11, 2023
Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday September 11, 2023, as submitted by Property Manager Timothy Patricio.
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 September 11, 2023.”
- Updated 22.1 Disclosure
Attached to the report for Board Member review is the updated 22.1 disclosure as of September 2023 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 hereby approves the 22.1 disclosure as drafted with the best available information as of September 2023.”
- 2022/2023 Audited Financial Statements
Attached to the report for the Board (previously distributed for their advance review) is a draft of the Association’s audited 2022/2023 Financial Statements as presented by Picker and Associates. This will need to be formally accepted by the Board so any appropriate adjustments can be made to the Association’s books and records.
It does appear we have a surplus here of about $127,604. However, the while the proposed budget for 2024/2025 is being drafted, we are working out how much of this surplus is dollars we are actually holding onto, how much is on paper, and how much on paper we may not realize. We expect to propose action on the surplus at a future meeting.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association formally accepts the audit of the Association’s financial statements for the fiscal year ending February 28, 2023 as performed and presented by Picker and Associates.”
- Hallway Project Change Order
Consistent with the report and recommendation from the Home Improvement Company, attached are quotes for materials to purchase flooring and adhesive for the service areas. We had a typical flooring vendor quote, but were also able to get a quote directly from the manufacturer’s supplier thanks to contacts Home Improvement Chair Erik Butka works with.
Flooring Tiles
Tarkett Flooring $26,394.50
Exposition Flooring $29,931.82
Flooring Base
Florstar $13,995
Exposition Flooring $14,394.30
As these are quotes for the same material, we see no reason to pay more by using our usual supplier. So the total estimate for material is $40,389.50.
We asked Green Tech for a quote for the labor, to be performed in conjunction with the Hallway Project going forward as a change order. They proposed $950 per floor, so long as it is being done in conjunction with the hallways, and they realize they would need to catch up between 55 and 45. We think this is a very good deal. This would be $49,400 for all 52 floors.
This bring the total estimate for this change order to $89,789.50. We think there is minimal chance for unknown conditions, but the math is tight on the adhesive. We’d suggest a budget of $91,000 to be safe.
This was not budgeted as a part of the project this year. However, it is addressed in the Reserve Study with a target of fiscal year 2026/2027, with an estimate of $101,441. This seems reasonable considering the timing, and will reduce future inconvenience to Owners and residents.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves a Hallway Project change order for Green Tech Decorating to replace the service area tile and base with Tarkett Flooring, ‘Urban Stone Gatehouse’ and ‘Millwork’, as proposed by the Home Improvement Commission, for an estimated total budget of $91,000 for materials and labor to be funded by the reserve.”
- Roof Lighting Project
As previously approved at the August 2023 Board Meeting, our team moved forward with a mock-up for the roof lighting project. Pictures and a video of the results have been forwarded to the Board, and e-mailed with the PT News and Updates. Examples follow for reference:
This was budgeted for $63,000 in 2022/2023. Previously we reported the following quotes for materials.
Active Electrical (Senik Graze) $60,673.88
Active Electrical (Senik Flex) $36,671.36
Midwest Lighting (Insight Pilot) $106,695.12
Our engineer suggested a provision of $5000, once the project gets underway for unknowns.
Active Electric was chosen as the supplier and the Board formally approved $7500 for the mock-up effort.
Our team has spent about $9000 so far, as we needed a bit more cabling than expected, and we bought two safety harnesses and accessories for employees working on the roof. An updated quote from Active Electric is attached to the report for Board review. They estimated the remainder of materials will be $49,328.06. We suggest that plus the provision of $5000 be passed to complete the project. That will bring the total expected cost to about 63,328.06. So we should fall pretty close to the original budget.
We believe the result of the mock-up exceeded expectations, and adjusting the lights and programming them, is relatively very easy.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves Roof Lighting Project at an expected total cost of $63,328.06, with materials to be purchased from Active Electric as proposed, to be funded by the reserve.”
- Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
Unit 915 Main Electric Panel Replacement
Unit 1814 Hard Flooring Installation
Unit 5214 Hard Flooring Installation
A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association approves the remodeling plans for units 915, 1814 and 5214 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 August 2023 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of August 2023
Operating assets totaled $1,811,958 and the Reserve cash and investments were $4,651,941 for a total of cash and investments of $6,463,899.
August 2023 Revenue and Expenses
Total Operating Revenue: $672,173
Total Operating Expenses: $490,862
Income (Loss) From Garage: $28,463
Contribution To Reserve: $164,975
Total Surplus: $44,799
2. Management Report
Attached to the report for Board review is the most recent Monthly Activity Report and Sales & Lease Reports. Property Manager Tim Patricio is expected to review current business and activity of interest and the latest 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 October 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 regular Board Meetings are expected to be held on Monday October 23rd and November 13th at 7:30PM. Board Meetings are also scheduled to review the proposed 2024/2025 budget, Saturday November 4th, 11th and 18th at 9AM. The next Residents Forum is Thursday October 26th at 7PM. All such meetings are expected to be held in the 2nd Floor Party Room unless otherwise posted.
About the Author: Tim Patricio
Park Tower Horizons
-
