BOARD OF DIRECTORS MEETING

Agenda With Management Report

Monday October 10, 2016 at 7:30PM

2nd Floor Party Room

OWNER FORUM – 7:30pm

15 minutes, 2 minutes per person

The Board and Management will address questions and feedback from Unit Owners.

OPEN SESSION – Call to Order

The meeting chair will call the meeting to order. Please be courteous – no audience participation is permitted.  If applicable, speakers will be recognized by the Meeting Chair.

Roll Call – Confirm Quorum

The meeting chair will confirm a quorum of Board Member is present. Board Members and representatives from Management will be introduced.

Committee Reports

Committees will be invited to deliver updates to the Board on business and activities.

Board Report: Board President Michael Parrie

The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.

Action Items – New Business

(Note – as of the publishing of the Agenda, Management is aware of pending business, including appointments of new members to the News and Social Media Committee, and Health Club hours, may be added.)

Closed Session Business

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

Minutes – Board Meeting September 12, 2016

Attached for Board Member review, are the proposed minutes from the Board Meeting held on Monday September 12, 2016, submitted by Timothy Patricio, Property Manager.

A sample motion follows: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday September 12, 2016.”

Budget Meeting Schedule

This action item is provided for Board discussion regarding a schedule to review the draft of the proposed 2017/18 Operating Budget.

If any meetings are scheduled that are not already noticed, management will need to send unit owners a formal notice via US Mail. Upcoming meeting dates already scheduled and noticed:

Monday October 24th 7:30pm

Saturday November 5th 1pm (Unit Owner Forum)

Monday November 14th 7:30pm

Monday November 28th 7:30pm

Monday December 12th 7:30pm

A formal resolution is not needed. The Board President can simply direct Management to issue notice.

Rental Exception Request

We received a request from the Unit Owner of 4105, for an exception to the Association’s leasing policies. Attached to the report for Board Review is the written request. After discussing the request with Board President Michael Parrie, Management requested documentation verifying the nature of the situation warranting the request. As of the drafting of this report, we have not received a response.

A sample motion follows: “I move the Board of Directors (grants/denies) a request by the Unit Owner of 4105 for an exception to the Park Tower Condo Association Leasing Policies.”

AT&T Fiber Network Plan Revision

Following approval by the Board (earlier this year) to schedule installation of a fiber network, AT&T began the process with a pre-construction meeting and inspections on site. During that process, their construction team discovered they would be unable to utilize the existing phone conduit as previously anticipated.

Attached to the report for Board review is a revised plan they have proposed. This returns to a plan to run the fiber strand through the hallway with a small white junction box above each door. The strand (about the size of dental floss) will be hidden in seams in corners and between walls and ceilings, and can be painted over. It will be run from the main entrance door to a location chosen by each resident as the primary media wall – typically, wherever the resident has their present RCN coax jack. From there, a media router would be placed and other devices can be connected wirelessly. Theoretically this could be in a different location in every unit, and with that and other nuances, their construction team would be working on a case by case basis in every unit to devise the appropriate approach for placement.

I have asked AT&T for a sample of the junction box to show the Board, as well as the fiber strand, but have not received it as of the drafting of this report. We suggest the Board withhold considering formal approval until we receive such samples. However, we encourage continuing this process:

1. Upgrading the infrastructure of Park Tower to include fiber capability is all but necessary for staying competitive in the market, particularly with new construction.

2. By continuing the process with AT&T, we incentivize RCN to plan an upgrade to fiber. RCN is drafting a construction and installation plan. So continuing the preliminary phases with AT&T should be leverage enough to get a proposal from RCN.

3. Studies show (as discussed at a past meeting) just the presence of a fiber network increases property value. Whether we ultimately moved to a bulk media program through AT&T or not, just having it present gives residents the option to use it, which is where the primary difference is for potential market value.

A sample motion follows: “I move the Board of Directors approves the revised Fiber Network Installation plan proposed by AT&T, provided the Association is given samples of all materials that would be exposed in the common areas and units (junction box and fiber ‘invisilight’ strand) for consideration and approval by the Board prior to scheduling construction.”

Electronic Lock Specifications

At the last Board Meeting, Management was asked to propose parameters for consideration of Unit Owner installation of digital and electronic locks.

We suggest the following:

1. Locking mechanisms only. No knobs or levers on the device.

2. The device should not glow or have any permanent backlighting.

3. A maximum size of 6” in height and 4” in width.

4. A brushed metal finish only – preferably brushed nickel or aluminum. No polished finishes.

5. The office shall be provided a color picture with specifications of the device for formal approval prior to scheduling installation.

6. The office shall be provided with the combination to keep on file, for emergency access.

Attached to the report for Board review is the result of a Google image search of typical electronic locks.

If the Board wishes to establish a policy, a resolution can be suggested at the meeting based on the desired parameters.

Social Committee Activity

This item is provided for discussion of a proposed Social Activity for residents. Any direction for Management or resolution needed for approval can be considered if necessary.

Construction Requests

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

711  Kitchen Remodel

2001  Bathroom Remodel

3004  Full Remodel with hard flooring, and installation of dishwasher and washer and dryer

Several other requests are pending, but we are awaiting confirmation of insurance certification. If we receive those prior to the meeting, we will forward the materials to Board Members for consideration to add to the agenda.

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 711, 2001 and 3004, 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

Fund Balances End of August 2016

Operating Funds $489,628 (decrease of $249,498 from July)

Reserve Funds $1,687,026 (increase of $95,846 from July)

Total Cash and Investments $2,176,655 (decrease of $153,653 from July)

August Income and Expenses

Total August Income: $489,333

Total August Expenses: $339,916

Income From Garage: $13,987

Contribution To Reserve: $122,742

Total Surplus or (Deficit): $40,633

CD Transactions

Management acted, in consultation with the Board Treasurer, to renew a CD with Met Cap Bank, for the Reserve Fund. This is a 13 months CD for $103,142.08 with a 1% yield.

A sample motion follows: “I move the Board of Directors approves the renewal of a $103,142.08 Certificate of Deposit with a 1% interest rate for 13 months with Metropolitan Capital Bank for the Reserve for Replacement Fund, scheduled to mature on October 14, 2017.”

2.     Management Report

a. Business and Activities

b. Monthly Activity Report

c. Recent Sales Activity

ADJOURNMENT

There being no further business, the Board will consider adjourning the meeting.

A sample motion follows: “I move the Board of Directors adjourns the October 10, 2016 Board Meeting at _ _ PM.”

OWNER FORUM – 15 minutes, 2 minutes per person

Next Meeting Dates October 24th and November 14th

Unit Owner Forum Saturday November 5th at 1pm