BOARD OF DIRECTORS MEETING

Monday December 14, 2020, 7:30pm

Management Report

6:30PM – CLOSED SESSION (Via ZOOM With PT Board)

7:30PM – OWNER FORUM – Via Zoom Chat      

ZOOM Meeting ID# 851-9112-8464

ZOOM Meeting Link: https://us02web.zoom.us/j/85191128464          

ZOOM Conference#: 1-312-626-6799

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.

Commission Reports

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

Board Report

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

Action Items

1. Closed Session Business

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

2. Minutes – Board Meeting November 7th, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday November 7, 2020, Budget Meeting #1, 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 November 7, 2020.”

3. Minutes – Board Meeting November 9th, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday November 9, 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 November 9, 2020.”

4. Minutes – Board Meeting November 14th, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday November 14, 2020, Budget Meeting #2 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 November 14, 2020.”

5. Minutes – Board Meeting November 21st, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday November 21, 2020, Budget Meeting #3, 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 November 21, 2020.”

6. 2021/2022 Proposed Budget

Attached to the meeting report for Board review is the final draft of the proposed budget as edited following the Board Meetings held to discuss the budget, November 7^th, 14^th and 21^st, 2020. This will need to be mailed to the Unit Owners for their review period and consideration, which we propose be done the week of December 21^st.

In addition, the Board will find a proposed cover letter and Special Meeting Notice drafted by Board President Michael Parrie to include with the budget, highlighting the key adjustments and changes, and emphasizing the challenges the Association faces.

We also suggest the attached “50 Household Tips For Saving Water” flyer, be considered for mailing with the proposed budget. Given the sharp increase in water use, and the impact on the proposed budget, the opportunity to communicate and emphasize how personal habits can impact the bottom line could be very helpful. This will be included if the Board so directs.

A sample motion: “I move the Board of Directors accepts the draft of the proposed Park Tower Condominium Association Budget for the 2021/2022 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 11, 2020 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.”

7. Updated 22.1 Disclosure

Attached to the report for Board review is the updated 22.1 disclosure 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:

(1) A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations.

(2) 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 instruments.

(3) A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.

(4) 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 Managers.

(5) A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.

(6) A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.

(7) A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.

(8) 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 instruments.

(9) 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 notices.

As a matter of routine, we update this regularly, and will present it for Board review and approval.

A sample motion: “I move the Park Tower Condo Board of Directors approves the 22.1 disclosure as drafted for November 2020.”

8. Unit Owner Request – Leasing Policy Exception

Attached to the report for Board Review, are requests from the Unit Owners of 3705 and 5502 for the Board to consider granting a waiver from rental restrictions. The Board has the discretion under the present Leasing Policies in the Rules and Regulations to waive the rental limit if they believe there is a reasonable hardship or justifiable purpose for an exception.

A sample motion follows: “I move the Board of Directors (grants/denies) the rental exception request for the Unit Owner of ______.”

9. Garage Project Change Order

Attached to the report for Board review, is proposed Change Order #2 for the Garage Project. The purpose of this possible change order is to make the entry ramp its own phases (one side then the other), to complete it separately rather than in tandem with other phases. This was specifically sought to address what we learned completing the 2p ramp, and to make it easier for drivers to maneuver. The changes and additional labor for mobilizing and demobilizing (moving equipment and barricades) and extending the time we are using equipment for the effort, will allow us to complete the ramp faster and have barricades up in that location for much less time. But this does create more work as described in the proposal.

The proposed cost at $9,520 is well within the planned contingencies. However, with half the project under our belts, the savings we’ve experienced from quantity reductions also provide plenty of flexibility. Should the Board wish to spend these funds to lessen the inconvenience for drivers when the ramp is being addressed, this expense will not dent the favorable trajectory we are already on.

A sample resolution follows: “I move the Board of Directors approves Garage Project Change Order #2, as proposed by Monson Nicholas to separate the entry/exit ramp from the other planned phases to complete independently, at the proposed added expense of $9,520.”

10. Construction Request

Attached to the report for Board Member review is a remodeling packet for the following Unit Owner construction project:

2601 – Remodeling, Washer/Dryer Install, Hard flooring

A sample motion follows: “I move the Board of Directors approves the remodeling plans of unit 2601, 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

Attached to the Report for Board Review is the October 2020 Balance Sheet and Statement of Income & Expenses from the Habitat Company.

Fund Balances End of October 2020

Operating assets totaled $1,220,130 the Reserve cash and investments were $2,496,346 for a total of cash and investments of $3,716,476.

October 2020 Revenue and Expenses

Total Operating Revenue: $562,277

Total Operating Expenses: $399,274

Income (Loss) From Garage: ($272)

Contribution To Reserve: $149,258

Total Surplus: $13,474

Management Report

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.

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

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 December 14, 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 December 28^th and January 11^th. All meetings will continue to 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.