Board Meeting Roundup Monday Oct. 10th
October 13, 2022
BOARD OF DIRECTORS MEETING
Monday October 10, 2022 7:30PM
Roundup Report
Important Note – The Meeting Roundup Report is provided as a courtesy for Owners to review business the Board considered and conducted at meetings. This is not intended to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after that meeting and approved at the next regularly scheduled meeting, after which they are posted and available upon request.
6:30PM – CLOSED SESSION
The Board met to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
OWNER FORUM – 7:35PM
The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.
CALL TO ORDER – Board Meeting Open Session
Board President Michael Parrie called the meeting to order at 8PM.
Confirm Quorum
Michael Parrie confirmed a quorum of Board Members were present.
Present from the Board of Directors was Michael Parrie, Jean Shamo, Monique Fouant, Sheldon Atovsky and Catherine Kestler.
Present from Management was Property Supervisor Dave Barnhart, Property Manager Tim Patricio and Assistant Manager Danny Bravman.
Commission Reports
ASCO Liaison Catherine Kestler reported that the groups next meeting is expected to be held the evening of October 11th.
To review the most recent ASCO report, Click Here.
Social Commission acting chair Sheldon Atovsky reported the “Walk Together” program concluded and invited everyone to attend the first TGIF since prior to the pandemic, Friday September 16th at 5:30PM in the main lobby. A movie night, karaoke night, holiday chorus and more are in the planning stages. Join the Commission for their next meeting on Tuesday September 20th at 7pm via ZOOM. Notices with details to be posted.
To review the most recent Social Commission report, Click Here.
Health Club Commission acting chair Monique Fouant mentioned the new Cardio Room equipment has been installed and confirmed a rep will be present from 5 to 8pm on October 11th to help introduce the new equipment and answer questions. Also, the new shelf has been installed in the weight room. A meeting will be scheduled soon. She inquired if any members present had an objection to the 104 degree temperature of the jacuzzi, and there were none.
Home Improvement Commission Liaison Michael Parrie reported the commission met last week and finalized the recommendation of the new Park Tower Logo for consideration by the Board tonight. Its next meeting is Tuesday, November 1 at 6:00 pm in the party room. All owners are welcome to attend.
To review the most recent Home Improvement Commission report, Click Here
Board Report
Board President Michael Parrie reported there has been concern about providing air conditioning during some of the days this past month. The Board sympathizes with residents’ discomfort. Management provided great detail on the conversion from heat to air conditioning. With lows at the nighttime requiring heat, it is almost impossible to switch to air conditioning and back to heat within a day span. It takes about 6 hours to switch from one system to the next, and then back again. In fact, our HVAC system is not capable of switching from heat to air conditioning with the flip of a switch like other newer buildings. In addition, the city requires heat in the evening, and that is the building’s priority. The Board recommends residents open the windows, pull down the shades, and wear light clothes. Management has also shared info on how you may purchase stand-alone air conditioning units.
He further reported from last month’s meeting, the Board and owners should be pleased by our independent auditor’s final analysis for the last fiscal year 2021-2022. Brad Kovach from Picker & Associates stated that Park Tower is in a strong position with a healthy cash balance as well as $3.4 million in reserves. In fact, he noted that 30% of assessments went to reserves, which is very strong. Brad suggested we continue to fund the reserve in order to avoid a special assessment. He concluded that tonight’s motion for the Board to deposit the surplus of $302,304 into the reserve demonstrates at commitment to this recommendation.
The Board will begin meeting with the Budget & Finance Commission next month to begin discussions on the proposed budget as presented by management. Owners are welcome to observe the process scheduled for Saturdays, November 5, 12, and 19, from 9 am to 12 pm in the party room.
On behalf of the Board he thanked the social commission for a successful TGIF event last month. He also thanked home improvement commission chair Erik Butka for his presentation of various Park Tower logos from which to choose. Thanks to the health club commission and management for securing new cardio equipment, with a demonstration to be held Tuesday, October 11 at 5:00 pm in the cardio room for health club members.
Finally he invited all residents to attend the scheduled residents’ forum on Thursday, October 27th at 7 pm in the party room to discuss what is on their mind.
Action Items
- Closed Session Business
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to give a final warning to an owner for inappropriate language and behavior, and if this occurs again in the future, then the Board will fine the owner $100 for the first offense, to double thereafter for each future offense, up to a maximum fine of $1,000 per offense.
After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine a unit owner $350 for a move violation.
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve a health club vaccination exception, as recommended by the Board attorney, however directed that the health club member must wear a face covering and present a negative COVID-19 test result before beginning membership.
After a motion by Michael Parrie, seconded by Catherine Kestler, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve support animal requests for two residents as recommended by the Association’s legal counsel, and deny the request for a potential purchaser with the latter being approved if new documentation is provided and it is recommended to be approved by legal counsel.
After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve a hardship lease exception to last for one year due to the owner being called to military deployment following which the owner intends to return to Park Tower, however any future extensions should be applied for one year from now.
- Minutes – Board Meeting September 12, 2022
After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday September 12, 2022.
Click Here, to review or download the approved minutes.
- Updated 22.1 Disclosure
After a motion by Catherine Kestler, seconded by Jean Shamo, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the 22.1 disclosure as drafted with the best available information through August 2022.
- 2023/2024 Budget Calendar
After a motion by Jean Shamo, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to formally accept the budget calendar for the 2023/2024 fiscal year as proposed by Management.
The calendar follows:
Friday October 28, 2022 – Management to present Proposed Budget.
Saturday November 5, 2022 @ 9am to 12pm – Budget Review Meeting #1 – Categories: Expenses – Administrative, Utilities, Building Operating, Contracts, Maintenance, and Recreational.
Saturday November 12, 2022 @ 9am to 12pm – Budget Review Meeting #2 – Categories: Garage Income & Expenses; and Payroll and Legal Expenses during Closed Session at end of Open Meeting.
Saturday November 19, 2022 – @ 9am to 12pm – Budget Review Meeting #3 – Categories: Revenue, Capital Reserve, and Final Review and Questions.
Monday December 12, 2022 – Board of Directors Meeting for final considerations and approval to mail proposed budget for Unit Owner Review.
Week of December 19, 2022 – Budget to be mailed for Unit Owner Review.
Monday January 9, 2023 – Special Unit Owner Meeting To Review Budget.
Monday January 9, 2023 – Board Meeting to accept and/or amend proposed budget.
- Disposition of 2021/2022 Audited Surplus
After a motion by Jean Shamo, seconded by Catherine Kestler, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve that WHEREAS, the Board of Directors (the “Board”) of Park Tower Condominium Association (the “Association”) is the governing body of said Association and is charged with the direction and administration of the Property subject to that certain Declaration of Condominium for Park Tower Condominium, as from time to time amended (the “Property”); and WHEREAS, the Declaration provides that the Association is obligated to maintain, repair, and replace the common elements located in the Property; and WHEREAS, an accounting for the 2021/2022 fiscal year revealed that there is an accumulated amount of cash in excess of the amount required for actual expenses (“excess”) in the amount of $342,056; and WHEREAS, the Board has identified $38,752 in prior year costs which should be deducted from resulting in an adjusted surplus of $302,304; and WHEREAS, the Board has reviewed the status of the Association’s capital reserve account; and WHEREAS, the Condominium Property Act requires, pursuant to section 9 (c) (2), the Association to maintain reasonable reserves for capital expenditures and deferred maintenance for repair or replacement of the common elements located in the Property; and WHEREAS, the Board has considered the following factors relative to the reasonableness of the Association’s reserves: 1) The repair and replacement cost, and the estimated useful life, of the property which the Association is obligated to maintain, including but not limited to structural and mechanical components, surfaces of the buildings and common elements, and energy systems and equipment; 2) The current and anticipated return on investment of the Association’s reserve funds; 3) The amount that the Association’s most recent capital reserve study provides should be on deposit in the capital reserve account; 4) The financial impact on the unit owners in the market value of the condominium units of an immediate assessment increase to fund the reserves and 5) The ability of the Association to obtain financing or refinancing as a supplement to the capital reserve account; and WHEREAS, after due consideration of the foregoing factors, the Board contends that their fiduciary duty demands that the excess funds be transferred into the capital reserve account. NOW, THEREFORE, BE IT RESOLVED that the Park Tower Condominium Association Board of Directors approves the transfer of $302,304, the identified year-end operating fund surplus cash for 2021/2022, to the Association’s reserve account, after taking into consideration the criteria for establishing a reasonable reserve set forth in Section 9(c)(2) of the Illinois Condominium Property Act, in order to more properly fund said reserve account.
- Garage Power Wash Compliance Policy
This matter was tabled for further consideration.
- 1P Garage Access
After a motion by Michael Parrie, seconded by Monique Fouant, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to direct management to give all residents fob access to the 1P door from the garage into the service area on a trial basis. In the future, management should share with the Board any security concerns that result from this access for re-consideration.
- Revolving Door Repair vs. Replacement
This matter was tabled for further consideration.
- Party Room Air Handler VFD
After a motion by Michael Parrie, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to purchase and install a variable frequency drive for the Party Room air handler as proposed by Oakbrook Mechanical at an expense of $4,963.
- ComEd Electrical Event VFD Replacement
After a motion by Sheldon Atovsky, seconded by Catherine Kestler, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve and ratify the decision by Management to replace to replace the failing variable frequency drive controllers for two HVAC loop motors as proposed by Fluid Technologies Pumps and Controls, Inc. at $28,358, and approves a provision of $2000 for any necessary electrical work to tie the new controllers into the building automation system, all as a Reserve expense; however, management is directed to file a claim for reimbursement with ComEd due to the nature of the damages resulting in the expense.
- Construction Request
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the remodeling plans for unit 1503 as submitted by the unit owner, following the recommendations of the chief engineer and outlined in their written specifications, and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.
- Proposed Logo
After a motion by Michael Parrie, seconded by Catherine Kestler, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the new Park Tower Condominium Logo as recommended by the Home Improvement Commission.
Business Reports
- Treasurer’s Report
Board Treasurer Jean Shamo reviewed the August 2022 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of August 2022
Operating assets totaled $1,775,749 and the Reserve cash and investments were $3,692,374 for a total of cash and investments of $5,468,123.
August 2022 Revenue and Expenses
Total Operating Revenue: $648,086
Total Operating Expenses: $411,917
Income (Loss) From Garage: $45,796
Contribution To Reserve: $149,567
Total Surplus/(Deficit): $132,398
- Management Report
Property Manager Tim Patricio reviewed current business, items of interest from the most recent activity report and the latest sales.
ADJOURNMENT
After a motion by Monique Fouant, seconded by Jean Shamo, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve adjourns the October 10, 2022 Board Meeting at 8:51PM.
OWNER FORUM
The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.
The next Board Meetings are scheduled for Monday October 24th and November 14th at 7:30PM. Also, Board Meetings with the Budget & Finance Commission are planned for Saturday November 5th, 12th & 19th, and the next Resident Forum is scheduled for Thursday October 27th. All such events are planned to be held in the 2nd Floor Party Room.
About the Author: Tim Patricio
Park Tower Horizons
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