Post Meeting Roundup Report

Budget Meetings Fiscal Year 2020/2021

Important Note – The Board Meeting Roundup Reports are provided as a courtesy for Owners to review business the Board considered and conducted at the meeting. It is neither intended to be nor to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after the meeting and approved at the next regularly scheduled meeting, after which they are posted and available upon request.

Saturday Nov. 2, 2019

OPEN SESSION

Board President Michael Parrie called the meeting to order at 9:02AM.

Roll Call – Confirm Quorum

Present from the Board was Board President Michael Parrie, Vice President Monique Fouant, 2nd Vice President Cheryl Ronnett, Treasurer Jean Shamo and Secretary Sheldon Atovsky.

Present from management was Property Supervisor Scott Oblander, Property Manager Timothy Patricio, and Assistant Manager Tricia Bulaclac.

Present from the Budget & Finance Commission were Unit Owners Rebecca Rossoff and Oliver Tugend.

Discussion of Proposed Budget

Board Treasurer Jean Shamo led discussion for Budget Meeting #1, and opened by thanking Management for presenting the first draft, in which was suggested a 3.66% increase in assessments. She discussed the purpose of the meeting to review the proposed budget, and explained that Budget & Finance Commission members Rebecca Rossoff and Oliver Tugend were invited to help with review of the budget and encouraged to participate. Page by page discussion followed for expense categories Administrative, Contracted Operating, General Operating, Maintenance & Repairs, and Recreational Expenses.

Management took notes for questions and editing for consideration and final review at scheduled Budget Meeting #3 planned for November 16th.

Following the discussion, Jean Shamo reminded the group the next budget meeting would be Saturday November 9th, at 9AM,

ADJOURNMENT

There being no further business, after a motion by Jean Shamo, seconded by Michael Parrie, the Board of Directors voted unanimously in favor of a resolution to adjourn the November 2nd, 2019 meeting at 11:48AM.

Saturday Nov. 9, 2019

OPEN SESSION

Board President Michael Parrie called the meeting to order at 9:03AM.

Roll Call – Confirm Quorum

Present from the Board was Board President Michael Parrie, Vice President Monique Fouant, 2nd Vice President Cheryl Ronnett, Treasurer Jean Shamo and Secretary Sheldon Atovsky.

Present from management was Property Supervisor Scott Oblander, Property Manager Timothy Patricio, and Assistant Manager Tricia Bulaclac.

Present from the Budget & Finance Commission were Unit Owners Rebecca Rossof and Oliver Tugend.

Discussion of Proposed Budget

Board Treasurer Jean Shamo led discussion for Budget Meeting #2. Page by page discussion was held for expense categories Garage Income and Garage Expenses.

Management took notes for questions and editing for consideration and final review at scheduled Budget Meeting #3 planned for November 16th.

CLOSED SESSION

With unanimous consent, Board President Michael Parrie suspended the Open Session of the Board of Directors Meeting at 10:48AM, to conduct Closed Session. At this time the Board of Directors reviewed budget items relative to legal and personnel matters.

ADJOURNMENT

Following Closed Session, there being no further business, after a motion by Jean Shamo, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to adjourn the November 9th, 2019 meeting at 11:45AM.

Saturday Nov. 16, 2019

OPEN SESSION

Board President Michael Parrie called the meeting to order at 9:03AM.

Roll Call – Confirm Quorum

Present from the Board was Board President Michael Parrie, Vice President Monique Fouant, 2nd Vice President Cheryl Ronnett, Treasurer Jean Shamo and Secretary Sheldon Atovsky.

Present from management was Property Supervisor Scott Oblander and Property Manager Timothy Patricio.

Present from the Budget & Finance Commission were Unit Owner Oliver Tugend.

Discussion of Proposed Budget

Board Treasurer Jean Shamo led discussion for Budget Meeting #3. She began by noting that Management had provided memos addressing all the matters raised for follow up review, and asked if there were any questions. There being no questions, page by page discussion followed for proposed and budgeted Reserve and Replacement Projects. Following that, assessments and other revenue was discussed.

Proposed Assessment Increase

After a motion by Jean Shamo, seconded by Cheryl Ronnett, and discussion, the Board of Directors voted unanimously to accept a preliminary budgeted increase of 3.5%, for consideration for the 2020/2021 fiscal year.

Management was directed to draft the 10 Year planning outlook using a variation for a 3%, 3.25% and 3.5% increase, so the Board could consider the projected net effect on the Association’s Reserve Fund.

Management was directed to seek a proposal for a new Reserve Study.

Separation From Managing Agent

After a motion by Michael Parrie, seconded by Jean Shamo, and discussion, the Board of Directors voted unanimously in favor of a resolution to request our Board attorney to finalize a letter confirming termination of the management agreement between Park Tower Condo Association and its current managing agent First Service Residential, the initial 90-day notice having been approved at an open meeting by the Board of Directors at the September 23, 2019 meeting, and such notice being given to First Service Residential on September 24, 2019, both in writing and by personal phone call; the agreement shall terminate on December 31, 2019; furthermore, the Board of Directors hereby approves to enter into a managing agent contract agreement with The Habitat Company that shall begin on January 1, 2020, subject to our Board attorney review with a proposed term of three years at a rate of $10,600 per month for all three years, including management of the garage, with successive one-year optional extensions that may be added, with year 4 at a rate of $10,600 per month, year 5 at a rate of $10,600 per month, year 6 at an increase of 2% (or $10,812), and year 7 at an increase of 2% (or $11,028), and either a 60-day or 90-day termination option for either party.

ADJOURNMENT

There being no further business, after a motion by Jean Shamo, seconded by Cheryl Ronnett, the Board of Directors voted unanimously in favor of a resolution to adjourn the November 2nd, 2019 meeting at 11:34AM.

Other Upcoming Meetings with anticipated Budget Related Business:

• Board of Directors Meeting for final considerations and approval to mail proposed budget for Unit Owner Review expected Monday December 9^th, 2019, 7:30pm

• Budget to be mailed for Unit Owner Review, expected Week of December 16^th, 2019

• Special Unit Owner Meeting To Review Budget expected Monday January 13^th, 2020, 7:30pm

Should there be no further issues to consider as a result of the Special Unit Owner Meeting, the Board of Directors is expected to vote to adopt the Budget, at the January 13^th Board Meeting, scheduled to follow the Special Meeting.