Message From Park Tower Board President Michael Parrie, on behalf of the PT Board of Directors

December 16, 2019

Dear Owner,

The purpose of this letter is to share important information regarding our managing agent.  As many of you know, the condo division of our management company, Draper & Kramer, provided Park Tower solid service for 15 years.  Earlier this year, Draper & Kramer decided to exit the condo management business, and that division was sold to First Service Residential.  The Board approved assignment of the contract.  However, as the transition progressed and concerns arose, the Board felt that it was appropriate to examine all of our options in management companies.  Thus, the Board made the difficult decision to put the management contract out to bid to four large companies which were determined to be capable of handling and Association the size of Park Tower—including First Service Residential.

The Board hosted a thorough walk-through of our building for all four companies.  In addition, over the course of multiple meetings the Board considered the pros and cons for each company, and gathered input from an independent condo management consultant.  The Board eventually identified two companies to invite to finalist interviews in closed session, during which the chief engineer and property manager were included to provide their input.  Ultimately, the Board voted in open session to award a three-year management contract to The Habitat Company to oversee our management office and garage beginning next year, with all four members of the on-site office staff to remain.  There is an option to add annual extensions to the contract for years four through seven, thereby providing stability to owners and the Board alike, and a known cost for budget purposes.

The benefits of The Habitat Company include the ability for owners to drop off assessment checks to the office; a property supervisor who is very familiar with our building from Draper & Kramer, David Barnhart; a solid accounting platform called Yardi that was used at Draper & Kramer; a modern payroll system including the ability to track paid time off electronically; a process in which all invoices come on site for review of accuracy by the property manager; and a process that keeps vendors at arms-length so that Park Tower can get the best price and service with no conflicts of interest or paid preferences.

Overall, this was a very time-consuming but necessary process.  Your Board acted together as a team to ensure our building was in the best management hands possible.  There may be some bumps in the road as we transition out of First Service Residential and into The Habitat Company.  Our current office staff will try their very best to make the transition as smoothly as reasonably possible, addressing any questions or challenges that arise as the Association’s business functions and accounting are transferred.  Thank you for your patience and understanding during this time.

Sincerely,

Michael Parrie

Board President

Park Tower Condominium Association