IMPORTANT NOTE: The “Post Meeting Roundup” is neither official meeting minutes, nor are they intended as a replacement of actual meeting minutes for Board Meetings.  The minutes of any given meeting are typically not available until after they are reviewed and approved by the Board, which usually occurs at the next scheduled meeting.  Rather, the roundup is a review of the activity and business considered at the meeting as observed by management, provided as a courtesy and convenience to Owners.

PTCA Board Meeting July 13th

Monday July 13, 2015 at 7:30PM

LOCATION: Mall Atrium Under The Skylight

OWNER FORUM – 7:30PM

The Board and Management addressed questions and feedback from Owners.

OPEN SESSION – Call to Order

Acting Chair George Pauley called the meeting to order and confirm a quorum of Board Members was present. Present from the Board was George Pauley, Jean Shamo, David Nicosia and Michael Parrie. Absent was Betty Terry-Lundy. Present from Management was Margaret Shamberger, DK Condo Vice President, Timothy Patricio, Property Manager, and Amir Cobalovic, Assistant Property Manager.

Committee Reports

Budget & Finance Committee Chair Paul Groeninger reported that the Committee had no questions for the Auditor, relative to the 2014/2015 audited financial statements. He said it was another clean audit. He polled the committee and they unanimously felt a meeting with the auditor was unnecessary this year. He reminded the Board the Association recommends the operating surplus reported by the auditor, of $138,678, be divided 25% to the Operating Contingency Fund and 75% to the Reserve Fund. He said a meeting has been called for Wednesday August 5th at 4:30pm in the Party Room.

Board Report

Acting Chair George Pauley mentioned his comments prior to the meeting would act as a report – he welcomed and congratulated Jean Shamo on her election to the Board, and he thank Don Yuratovic and the Social Committee for their efforts putting together the 4th of July Party.

Action Items – New Business

Election Of Officers

After a motion by Dave Nicosia, seconded by Michael Parrie, the Board of Directors unanimously passed a resolution appointing George Pauley as Board President, Betty Terry-Lundy as Board Secretary, Jean Shamo as Treasurer, Michael Parrie as Board Vice President and Dave Nicosia as Board 2nd Vice President.

George noted that he corresponded with Betty Terry-Lundy via e-mail, and she did offer to continue as Board Secretary.

2015/2016 Board Meeting Schedule

After a motion by Michael Parrie, seconded by Dave Nicosia, the Board of Directors unanimously passed a resolution scheduling Board Meetings as proposed by Management on the 2nd and 4th Monday of each month, and home owners forums on August 3rd, November 7th, February 2nd and May 4th.

Minutes – Board Meeting June 15, 2015

After a motion by Dave Nicosia, seconded by Michael Parrie the Board of Directors passed a resolution approving the minutes from the Board Meeting held on June 15, 2015. All members voted in favor except Jean Shamo who abstained.

It was noted, Jean Shamo neither attended the June 15th Board Meeting, nor was she a Board Member at the time.

Affirm Commissions, Charters and Commission Chairs

After a motion by Michael Parrie, seconded by George Pauley, and following discussion and amendment to the motion, the Board of Directors unanimously passed a resolution affirming the existence of all present Commissions, the current charters they are operating under, and their current Commission Chairs and membership.

After a motion by Dave Nicosia, seconded by Jean Shamo, and following discussion, the Board of Directors unanimously passed a resolution appointing Jean Shamo as liaison to the Budget & Finance Committee, George Pauley as liaison to the Health Club Committee, Betty Terry-Lundy as liaison to the Home Improvement Committee, George Pauley as liaison to the New Resident Committee, Dave Nicosia as liaison to the News and Social Media Committee, Michael Parrie as liaison to the Rules and Regulations Committee, George Pauley as liaison to the Social Committee, and George Pauley as liaison to the Ad-hoc Declaration Review Committee.

Handling Meeting Disruptions

After a motion by Dave Nicosia, seconded by George Pauley, and following discussion, the Board of Directors unanimously passed a resolution establishing a policy that existing rules related to disputes and disruptions would apply to behavior and disruptions of Board and Committee Meetings and other Association sponsored events.

2014/2015 Audit Acceptance

After a motion by Jean Shamo, seconded by George Pauley, the Board of Directors unanimously passed a resolution accepting the audit of the Financial Statements for the 2014/2015 Fiscal Year as presented by Picker and Associates, Inc.

After a motion by Jean Shamo, seconded by Dave Nicosia, the Board of Directors unanimously passed a resolution, as it relates to the 2014/2015 audited financials, designating 25% of the audited operating surplus ($34,670) to the Operating Contingency Fund, and 75% of the audited operating surplus ($104,008) to the Replacement Reserve Fund.

The Board President thanked Management and the Budget & Finance Committee for their efforts over the 2014/2015 year, resulting in another clean audit.

Emergency Texting Proposal

Following a presentation by the Property Manager Tim Patricio, and after a motion by Jean Shamo, seconded by George Pauley, the Board of Directors unanimously passed a resolution expressing interest in pursuing an emergency texting service and directed management to present a proposal for consideration at a future meeting of the Board.

Phase 1 Exterior Sealant Inspection

After a motion by Jean Shamo, seconded by George Pauley, and following discussion, the Board of Directors unanimously passed a resolution approving the proposal by Wiss Janney Elstner to perform Phase 1 of the planned exterior sealant inspections, at an anticipated cost of $21,560.

Unit Owner Request – Rental Exception

After a motion by Michael Parrie, seconded by Dave Nicosia, and following discussion and amended motion, the Board of Directors unanimously passed a resolution granting a request from the Unit Owner of 915 for a hardship exception from the leasing restrictions in the Park Tower Condo Rules and Regulations, for a period of 2 years.

Scavenger Rebate Resolution

After a motion by Dave Nicosia, seconded by Jean Shamo the Board of Directors unanimously approved a resolution authorizing submission of the required information to the City of Chicago regarding scavenger services for the purpose of receiving the rebate for said cost under the appropriate City Ordinance for the period of January 2015 through June 2015, and for the period of July 2015 through December 2015.

Construction Requests

Owners of the following units presented the Association with remodeling plans, attached to the report for Board review and consideration:

Unit 3402 remodeling kitchen, bathroom and installing a dishwasher and washer and dryer, and installing a hardwood floor. The owner requests the plans be accepted without yet identifying the contractors (because she does not want to go through the process without knowing the work she is proposing is acceptable), and we have advised her it would be contingent upon acceptance of the necessary paperwork including signed forms, certificates of insurance and relevant licenses.

A sample resolution follows: “I move the Board of Directors approves the remodeling plans of units 3402 as submitted by the unit owner, following the recommendations of the chief engineer, and as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association, and contingent upon the receipt of the required and completed PTCA forms, certificates of insurance and license as may be required for any contractors or individuals hired to perform the work in the unit.”

Unit 1407 remodeling bathroom cabinets, crown molding and hardwood flooring.

Unit 1214 installing hard flooring and molding.

A sample resolution follows: “I move the Board of Directors approves the remodeling plans of units 1407 and 1214 as submitted by the unit owner, following the recommendations of the chief engineer, and as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.”

Reports:

Treasurer’s Report

MAY FINANCIAL ACTIVITY (Accrual Based)
Total Revenue = $470,393

Total Operating Expenses = $346,776

Net Income from Garage Operations = $15,280

Operating Income = $138,897

Reserve Contribution = $117,200

Net Surplus/(Deficit) = $21,697

Total Reserve Expenses = $615

MAY BANK ACTIVITY (Actual EOM Balances)

Operating Account Balance = $301,783

(Decrease of $365,514 from April.)

Reserve Account Balance = $2,049,868

(Increase of $378,545 from April.)

Total Cash and Investments = $2,351,651

Management Report: Tim Patricio

Updates
Monthly Activity Report
Sales and Leasing Report

ADJOURNMENT
There being no further business, the Board will consider adjourning the July 13, 2015 Board Meeting.

A sample resolution follows: “I move the Board of Directors adjourns the July 13, 2015 Board Meeting at ____ PM.”

OWNER FORUM – 15 minutes, 2 minutes per person

The Board and Management well address questions and feedback from Owners.

CLOSED SESSION
Discussion of possible or pending litigation, personnel matters, and/or violations of rules and regulations. (Condominium Act – Sec. 18, a. 9)