Board Of Directors Meeting Monday Jan. 10th 7:30PM
January 7, 2022
BOARD OF DIRECTORS MEETING
Monday January 10, 2022
7:30PM – 2nd Floor Party Room
Proper Masking and Social Distancing Mandatory
Agenda & 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 – Special Meeting To Review The Proposed Budget
For the anticipated Special Meeting Agenda, Click Here
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, is the most recent report 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 December 13, 2021
Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday December 13, 2021, as submitted by Timothy Patricio, Property Manager for Board consideration.
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 December 13, 2021.”
- Proposed 2022/2023 Operating Budget
Following the Special Meeting of the Unit Owners for the purpose of review and consideration of the proposed operating budget for the 2022/2023 fiscal year, the Board may consider formally accepting and adopting it.
A sample motion: “I move the Board of Directors adopts the budget as proposed and presented to Unit Owners for the fiscal year starting March 1, 2022 and ending February 28, 2023, with a 3.9% increase in assessments, a 4.54% increase in total anticipated operating expenses, and a projected reserve contribution of $1,794,800.”
Should the Board wish to make edits to the budget, it should be noted in the resolution, as well as whether a revised proposed budget should be mailed to the ownership.
For a copy of the proposed budget, Click Here
For a copy of the original notice regarding the Special Meeting and Budget, Click Here
- Health Club Vaccine Mandate
The purpose of this action item is to formally accept the mandate by the City of Chicago, and the procedure we are following.
Some figures for consideration.
As of Monday January 3rd, out of 261 memberships, we received proof of vaccination from about 86 members, and shut off approximately 175 memberships. As of drafting of this report, 158 members have provided proof, and 103 fobs remain deactivated.
A sample motion: “I move the Board of Directors accepts the City of Chicago vaccine mandate as it relates fitness facilities, and directs management to continue either collecting proof of vaccination for Park Tower Condo Association Health Club members, to be verified with a government issued picture ID, or to consider reasonable exceptions on a case by case basis based on CDC guidelines, and otherwise leave the members key fob deactivated for Health Club use.”
- Ratify Leak Repair
During recent rainstorms, leaking was experienced in Suite 116, along the north side masonry façade. It was determined to be from an area of deteriorated sealant along an expansion joint, which would easily be penetrated by a wind driven rain:
Because of the risk of continued leaking, our team proceeded with authorizing repairs on an emergency basis by JLJ Contracting, though, we were able to get two bids quickly, which are as follows and attached for Board review:
JLJ Contracting $3,350
Monson & Nichols $5,199
Not a surprise, as JLJ tends to be the most reasonable bidder with masonry repairs.
A sample motion: “I move the Board of Directors approves the action taken by the staff to address leaking in commercial unit 16C, as proposed by JLJ Contracting at an anticipated expense of $3,350.”
- Garage Credit Card System
The purpose of this action items is to discuss an unexpected hiccup in the effort to go cash free in the garage.
After completing the application for the Elavon credit card terminal, approved for use in the garage at the December Board meeting, the sales representative reported to us that the particular terminal we were looking at – the Talech Poynt terminal – no longer supports credit card surcharges. Meaning, the Association would pay the fees associated with each transaction, which are as high as 4.2% plus 10 cents. Also, due to the timing I placed the application, the $450 credit we expected is no longer available. The monthly fee for equipment, software and support, was expected to be $39 per month.
A similar terminal, Ingenico Desk 5000 Terminal, does support surcharges applied to the user, and only debit card use would result in a merchant fee of 1% plus 25 cents per transaction:
The monthly rate for equipment, software and support of this device, is $30.
Frankly, one of the reasons we were interested in this program, was due to the incentive which would have zeroed out the fee for a year, and amounted to a virtual free trial. One approach in response would be to inform the rep that should another incentive program arise, we may reconsider at that time.
However, $30 per month – $360 per year – is obviously not significant.
- Construction Requests
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
3905 – Hard Surface Flooring
3909 – Kitchen Remodeling & Electrical
4809 – Kitchen Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 3905, 3909 and 4809 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
- Treasurer’s Report
Attached to the Report for Board Review is the November 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of November 2021
Operating assets totaled $1,597,133, and the Reserve cash and investments were $3,211,270 for a total of cash and investments of $4,808,403.
November 2021 Revenue and Expenses
Total Operating Revenue: $575,199
Total Operating Expenses: $371,383
Income (Loss) From Garage: $42,485
Contribution To Reserve: $146,508
Total Surplus/(Deficit): $99,793
- Management Report
Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.
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 January, 2022 Board Meeting at ____PM.”
OWNER FORUM
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next Board Meetings are scheduled for Monday January 24th and February 14th at 7:30PM. On Saturday January 29th at 11AM, there will be a Resident Forum. At this time, all such events are anticipated to be held in the 2nd Floor Party Room. Masking and Social Distancing are mandatory.
About the Author: Tim Patricio
Park Tower Horizons
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