Meeting Location

2nd Floor Party Room

Call to Order at 7:48pm

Members Present

Michael Parrie, Jean Shamo, Monique Fouant, Sheldon Atovsky, Catherine Kestler

Management

Dave Barnhart, Property Supervisor; Timothy Patricio, Property Manager

Open Session

Board President Michael Parrie called the meeting to order and confirmed a quorum of Board Members were present.

Commission Reports

ASCO Liaison Catherine Kestler discussed the most recent business meeting with ASCO, including discussion of flood insurance purchased at a lakeside building, the growing number of tents in the park, and a neighboring building that has joined a solar power program through ComEd.

Social Commission Acting Chair Sheldon Atovsky discussed the upcoming “Gather To Talk” program.

Health Club Commission Acting Chair Monique Fouant reported that they expect the next meeting will be in January.

On behalf of the Home Improvement Commission, Board President Michael Parrie encouraged interested Owners to join the next meeting Wednesday January 12th at 6pm in the Party Room.

Board Report

On behalf of the Board, Board President Michael Parrie thanked management for its excellent job in handling of Park Tower finances. At the meeting on November 22nd, independent auditor, Ralph Picker, stated that our building earned an unqualified, or “clean” opinion, and that all actions followed generally accepted accounting principles. Mr. Picker reported that Park Tower has sufficient cash resources and low uncollected debt write-off. He stated that the comparability analysis of income and expenses is remarkable in how close the projected amounts came to actual amounts. From the perspective of handling over 400 associations over 35 years, Mr. Picker said there has been no mismanagement, that our association deserves high marks, and management should be commended. The Board and owners should take comfort in knowing that our management company does everything correctly and by the book.

He also mentioned the targeted deadline for residents and Owners to donate to the Park Tower Employee Holiday fund is this week Friday, December 17th.

Finally he said the Board wishes everyone a happy holiday season and new year!

Action Items

Closed Session Business

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 deny an owner’s request to remove a $1,000 fine for unlawful and nuisance behavior.

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 deny an owner’s request to remove fines for lack of proof of insurance.

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 fine 7 unit owners $100 for not having proof of insurance, to double thereafter for each subsequent month, up to the maximum fine of $1,000 per month, until adequate proof of insurance is provided.

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 fine 1 unit owner $50 for the first month, to double thereafter for each subsequent month, up to a maximum fine of $200, for not attending the new residents’ meeting.

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 request an owner submit a completed construction packet for approval, and schedule an inspection by the staff and plumber, and if the owner does not comply within 30 days, then a $500 per month fine applies until the matter is resolved.

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 $250 for unlawful behavior and that the fine be applied in the future for trespassing into the laundry room, and additionally for package room use the resident must make an appointment and be escorted by a member of the staff.

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 fine a unit owner $500 for negligence of unit maintenance, which may double up to $1,000 per month, until the repairs are confirmed to be completed.

Minutes – Board Meeting November 8, 2021

After a motion by Sheldon Atovsky, seconded by Jean Shamo, 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 November 8, 2021.

Minutes – Board Meeting November 22, 2021

After a motion by Sheldon Atovsky, seconded by Catherine Kestler, 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 November 22, 2021.

Proposed 2022/2023 Operating Budget

After a motion by Jean Shamo, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to accept the draft of the proposed Park Tower Condominium Association Budget for the 2022/2023 fiscal year, and hereby directs Management to mail the document in its entirety to all Park Tower Condominium Association Unit Owners for the required review period and for their consideration, as well as a notice for a Special Meeting of the Unit Owners to be held prior to the January 10, 2022 Board of Directors Meeting for the purpose of Unit Owner discussion of the proposed budget, as required prior to the Board of Directors considering formal adoption.
2020/2021 Audited Financials

After a motion by Jean Shamo, seconded by Monique Fouant, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to formally accept the audit of the Association’s financial statements for the fiscal year ending February 28 2021 performed by Picker and Associates.

Disposition of 2020/2021 Audited Surplus

After a motion by Jean Shamo, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution 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 2020/2021 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 $129,873, after considering board approved credits to a Unit Owner fine, an anticipated credit of rent to the market space and the expected cost of the property tax appeal all totaling $71,800; 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 $129,873, the identified year-end operating fund surplus cash for 2020/2021 after considering board approved credits to a Unit Owner fine, an anticipated credit of rent to the market space and the expected cost of the property tax appeal all totaling $71,800, 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.

Updated 22.1 Disclosure

After a motion by Monique Fouant, seconded by Catherine Kestler, 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 October 2021.

2022 Holiday Schedule

After a motion by Sheldon Atovsky, seconded by Monique Fouant, and discussion the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the following holiday schedule for 2022 for the Management Office to be closed on the Martin Luther King Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and the day after, the Monday following Christmas Day, and the Monday following New Year’s Day , and early release on the business day preceding the holidays with appropriate notice (with the exception of Martin Luther King Day).

Home Improvement Commission Membership

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 appoint Unit Owners Christopher Ibrahim of 3911 and Betty Terry-Lundy of 4306-4406 to the Home Improvement Commission.

2022 Reserve Study Update
After a motion by Catherine Kestler, seconded by Monique Fouant, and discussion the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve to hire Reserve Advisors, LLC to conduct an update of 2020 Reserve Study as proposed, at an expense of $11,300.

Garage Credit Card System

After a motion by Monique Fouant, seconded by Jean Shamo, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve for Management to enter an agreement with Elavon, at a minimum on a trial basis, to install a terminal to accept credit and debit cards for guest parking in the garage at an initial cost of $39 per month for the equipment, software and service, and directs that should the program be determined to be successful, to establish a plan to phase out accepting cash in the parking garage.

Construction Requests

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 the remodeling plans of units 4408, 4509, 5012, and 5412 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.

Treasurer’s Report
Board Treasurer Jean Shamo reviewed key details from the October 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
At the end of October 2021, Operating assets totaled $1,444,446, and the Reserve cash and investments were $3,027,214 for a total of cash and investments of $4,471,660.
October 2021 Revenue and Expenses included Total Operating Revenue of $574,098, Total Operating Expenses of $420,194, Income From Garage of $16,332, and a Contribution To Reserve of $146,508, resulting in a Surplus for the month of $23,728.

Management Report

Property Manager Tim Patricio reviewed current business and activities of interest, key Monthly Activity Report items, the Engineer’s Report for the month and recent sales activity.

ADJOURNMENT

After a motion by Monique Fouant, seconded by Jean Shamo, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to adjourns the December 13, 2021 Board Meeting at 8:30PM.

Signed (as seen on pdf of official minutes for this meeting, upper right corner of these minutes).

Michael Parrie, Board President

Sheldon Atovsky, Board Secretary