IMPORTANT NOTE: The “Post Meeting Roundup” is neither official meeting minutes, nor is it 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.

BOARD OF DIRECTORS MEETING

Roundup Report

Monday April 10th, 2017 at 7:30PM

2^nd Floor Party Room

OWNER FORUM – 7:30PM

The Board and Management addressed questions and feedback from Unit Owners.

OPEN SESSION – Call to Order

Board President Michael Parrie, called the meeting to order at 7:36PM.

Roll Call – Confirm Quorum

The meeting chair confirmed a quorum of Board Members were present. Present from the Board was President Michael Parrie, 2nd Vice President Paul Heck, Board Treasurer Jean Shamo, and Board Secretary David Nicosia via speakerphone. Board Vice President Monique Fouant was absent.

Present from management was Property Supervisor David Barnhart, Property Manager Timothy Patricio, and Assistant Manager Amir Cobalovic.

Committee Reports

Committees were invited to deliver updates to the Board on business and activities.

ASCO rep Cheryl Ronnet shared information of interest from the most recent ASCO meeting. They discussed enforcement of bike ordinances, such as biking on sidewalks and Sheridan Road which could result in fines and confiscation of bikes. ASCO and the Alderman’s office presented signage for buildings to post in their bike rooms and elsewhere. The next meeting will be Thursday April 27 at 7pm, and they will be discussing legal happenings.

Health Club Committee Chairman Ken Anderson announced that demo in the Health Club is expected to begin May 15th. After the demo phase, with walls open, the Committee will work with the contractor to refine the design details, but for the most part the Committee was very happy with the presentation by the contractor at the April 4th meeting, where materials, fixtures and configuration were discussed. As of now, the preliminary date for the next meeting is May 23rd. Construction is expected through at least early July.

Board Report

On behalf of the Board, Board President Michael Parrie thanked Kent Brave for all his years of service on taking care of the landscaping around Park Tower.  His green thumb will be missed!

In addition, he thanked the Social Committee and Vibe Pass for the Park Tower Hangouts social event on March 31^st.  Special thanks were shared for residents Denis, who served as the DJ, and Rachel, who served as the hostess.  A good time was had by all.

He shared that the Association has reduced the renter percentage to 32% of units.  He reminded owners that originally we were at a high point of 38%, and the goal is to be under 30% leases, so we are almost there.

He asked for everyone’s patience and understanding as we begin to do work on the 2^nd floor, namely the closure of the pool to install the new pool liner, as well as the public restrooms and locker rooms to do a major remodel.  We are very pleased there has been renewed interest in our health club, with more memberships being added.

He discussed the upcoming Park Tower Green Week and suggested residents check the announcements for activities on each day, in an effort to collectively reduce our carbon footprint.  He thanked Management for coordinating this important event.

He also reminded residents that power washing will occur in the garage during the week of May 8^th.  All cars need to be removed on your designated day as posted.

Finally, the Board would like to remind everyone to please vote in the declaration and bylaw amendment process.  Your input is essential!

Action Items – New Business

Additional Agenda Items

After a motion by Paul Heck, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to add consideration of opening an Association credit card account, and approval of a change order to the Hot Water Heater Replacement Project, to the Agenda.

1. Closed Session Business

After a motion by Michael Parrie, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to fine 29 unit owners for failure to provide adequate proof of insurance, $100 to double each month up to the maximum fine of $1000 per month.

After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to fine a unit owner $50 for an excessive noise disturbance.

2. Minutes – Board Meeting March 27, 2017

After a motion by Dave Nicosia, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday March 27, 2017.

3. Roof Deck Planter Repairs

After a motion by Paul Heck, seconded by Jean Shamo, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve the planter liner project for the two northern and eastern most planters on the roof deck, with Brightview Landscaping for excavation and planting at $64,542, and Allied Waterproofing for replacing the planter liners for $99,400, as proposed, as well was a provision of $25,000 to address unknown conditions should they arise.

4. Health Club Committee Membership

After a motion by Jean Shamo, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve the appointment of James Jardine, Unit Owner of 4004, to the Health Club Commission.

5. Construction Requests

After a motion by Michael Parrie, seconded by Paul Heck, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve the remodeling plans of units 4202, 5204 and 5406, 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.

6. PTCA Credit Card

After a motion by Jean Shamo, seconded by Paul Heck, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve opening a credit card account for the Association, through Barrington Bank, with a limit not to exceed $10,000, and designating the property manager Timothy Patricio as the signer.

7. Hot Water Heater Project Change Order

After a motion by Jean Shamo, seconded by Paul Heck, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve a change order and final payment for the Hot Water Heater Project materials, to general contractor Fettes, Love & Sieben, in the amount of $10,841.60.

Business Reports

1. Treasurer’s Report

Board Treasurer Jean Shamo reported Fund Balances End of February 2017; Operating Funds totalled $353,941, Reserve Funds $2,211,095, for Total Cash and Investments of $2,688,421.

February Income and Expenses

Total February Income was $472,476, total February Expenses were $341,638; Net Income From Garage activities was $17,781; the Contribution To Reserve was $122,738; there was a net surplus of $25,881 for the month.

CD Transactions

After a motion by Jean Shamo, seconded by Paul Heck, the Board of Directors approved the purchase of a $26,761.08 Certificate of Deposit with a 1.25% interest rate for 18 months with International Bank of Chicago for the Operating Contingency Fund, scheduled to mature on September 28, 2018.

2. Management Report

Property Manager Timothy Patricio reported on current business and activities, such as the upcoming window washing schedule, the Emergency Procedures Town Hall Meeting scheduled for Saturday May 20th at 11am, garage power washing the week of May 8th, the status of the current Riser Project, items of interest from the Monthly Activity Report and recent sales activity.

ADJOURNMENT

After a motion by Paul Heck, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to adjourn the April 10, 2017 Board Meeting at 7:58PM.

OWNER FORUM

The Board and Management addressed questions and feedback from Unit Owners.

Next Meeting Date Monday April 24th at 7:30pm

Resident Forum Wednesday May 3rd at 7pm