BOARD OF DIRECTORS MEETING

Monday October 14, 2024  7:30PM

Roundup Report

Important Note – The Meeting Roundup Reports are provided as a courtesy for Owners to review business the Board considered and conducted at meetings. This is not intended to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after that meeting and approved at the next regularly scheduled meeting, after which they are posted in the PT Condo Online Library and otherwise available upon request from the Management Office.

6:30PM – CLOSED SESSION 

The Board met to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters. 

7:30PM – Review Of Audit By Ralph Picker Of Picker & Associates 

Ralph Picker of Picker and Associates delivered a review of the audited 2023/2024 financial statements, and addressed questions from the Board and Unit Owners.

OWNER FORUM

The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.

CALL TO ORDER – Board Meeting Open Session

Board President Michael Parrie called the meeting to order at 8:05pm. 

Confirm Quorum

Michael Parrie confirmed a quorum of Board Members was present.

Present from the Board of Directors was Michael Parrie, Monique Fouant, Lloyd Allison and Sheldon Atovsky. Angie Eden was absent.

Present from Management was Property Supervisor Shruti Kumar and General Manager Tim Patricio.

Commission Reports

On behalf of the Social Commission, Board Liaison Sheldon Atovsky reported on the recent TGIF event and upcoming events including movie night on Saturday October 19th, and Holiday Cheer in December.

For the most recent Social Commission Report, Click Here.

On behalf of the Home Improvement Commission, Board Liaison Michael Parrie reported on business at the most recent Board Meeting, including discussion of fall plantings, the elevator cab project, and signage. The Home Improvement Commission will next meet on Monday, October 21st at 6:00 pm in the Party Room.

For the most recent Home Improvement Commission Report, Click Here.

Board Report

Board President Michael Parrie stated that as we heard from Ralph Picker of Picker & Associates, our independent auditing firm, the financial statements for the fiscal year ending on February 29, 2024, are audited in accordance with standard accounting principles. Similar to prior years, Mr. Picker gave the association an unqualified opinion, or a “clean” opinion, on all our financials. The board and management always take pride in having this audit done each year to assure owners that money is being handled correctly, and giving owners an opportunity to ask questions of the auditor at a board meeting.

The board will be meeting with the Budget & Finance Commission next month to begin discussions on the proposed budget for the next fiscal year, as presented by management.  Owners are welcome to observe the process on Saturdays, November 2, 9, and 16, from 9 am to 12 pm in the party room.

Finally, residents are welcome to attend our residents’ forum on Thursday, October 24 at 7 pm in the party room to discuss what is on their mind.

Action Items

1. Closed Session Business

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to deny an owners request to reimburse a locksmith charge.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine seven unit owners $100 for not having proof of insurance, which may double thereafter for each subsequent month, up to the maximum fine of $1,000, until adequate proof of insurance is provided.

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine four unit owners $50 for not attending the new residents meeting, which may double thereafter for each subsequent month, up to a maximum fine of $200, until attendance to the meeting is satisfied.

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine a unit owner $250 for a common area disturbance.

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine a unit owner $100 per event for seven repeated noise disturbances.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine a unit owner $400 for an unauthorized move on a weekend.

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine a unit owner $50 for a noise disturbance.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to deny two unit owners’ requests for support animals, but to approve them if additional information is provided and the Board attorney so recommends.

2. Minutes – Board Meeting September 9, 2024

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted 3 to 1 in favor of a resolution to approve the minutes from meeting held on Monday, September 9, 2024. Monique Fouant abstained.

To review and download the approved minutes, Click Here.

3. Updated 22.1 Disclosure

After a motion by Lloyd Allison, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the 22.1 disclosure as drafted with the best available information through August 2024.

4. 2023/2024 Audited Financial Statements

After a motion by Llloyd Allison, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to formally accept the audit of the Association’s financial statements for the fiscal year ending February 29, 2024 as performed and presented by Picker and Associates.

Once the auditor preps and submits a final draft (now that it is accepted by the Board), it will be made available for Unit Owners.

5. 3810-3811 Unit Combination Amendment

After a motion by Monique Fouant, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the Owner’s application to combine Unit 3810 and Unit 3811 into a single Unit to be known as Unit 3810-3811, and approve the proposed Unit Combination Amendment to the Declaration of Condominium to memorialize this transaction.

6. 1P, 2P and 2nd & 1st Floor Signage

This matter was tabled.

7. Exterior Sealant Inspection

After a motion by Sheldon Atovsky, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the proposal by Wiss Janney Elstner Associates, Inc., for an inspection and report on the condition of the exterior and sealants, at a cost of $9,500, and approves Service One as proposed for $17,336.40 to install the necessary scaffolding and operate the needed swing stage for up to 4 inspection drops, and a provision of $10,000 should Wiss Janney Elstner Associates and Management believe an additional drop or spot repair is warranted by any findings.

8.   Staff Uniform Contract

After a motion by Lloyd Allison, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the staff uniforms contract with Lechner & Sons Services, as proposed at a base rate not to exceed at $137.40 per week for three years, with an annual increase capped at 5% or the consumer price index for inflation.

9. Construction Requests

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the remodeling plans for Suite 116 and Unit 609 as submitted by the unit owners, 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

Board Treasurer Lloyd Allison reviewed key details from the August 2024 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of August 2024

Operating assets totaled $2,138,652 and the Reserve cash and investments were $4,297,118 for a total of cash and investments of $6,435,770.

August 2024 Revenue and Expenses

Total Operating Revenue: $647,356

Total Operating Expenses: $484,388

Income (Loss) From Garage: $28,831

Contribution To Reserve: $172,233

Total Surplus/(Deficit): $19,565

Management Report

General Manager Timothy Patricio reviewed current business of interest and recent sales activity.

ADJOURNMENT

There being no further business, after a motion by Lloyd Allison, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to adjourn the October 14, 2024 Board Meeting at 8:23pm.

OWNER FORUM

The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.

The next regular Board Meetings are scheduled for Monday November 11th and 25th at 7:30PM, and the next Resident Forum is scheduled for Thursday October 24th at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted. Board and Finance Commission Budget Meetings are scheduled for Saturday November 2nd, 9th, and 16^th from 9am to 12pm.