BOARD OF DIRECTORS MEETING

Monday August 14, 2023 7:30PM

2nd Floor Party Room

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 – OWNER FORUM

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

CALL TO ORDER – Board Meeting Open Session

The meeting chair, Board President Michael Parrie, called the meeting to order at 7:49PM. 

Confirm Quorum

The meeting chair confirmed a quorum of Board Members was present.

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

Present from Management was Property Supervisor Shruti Kumar, Property Manager Tim Patricio and Assistant Manager Danny Bravman.

Commission Reports

Social Commission acting chair and liaison Sheldon Atovsky spoke about the coming 50th Anniversary events, with an opening event being planned for Friday September 8th and closing event on Sunday October 8th. He expressed thanks to Habitat for creating the logos that are being used. He mentioned a movie night is planned for October 14th, a karaoke plus night for November 18th, and this years Holiday Cheer event is planned for December 8th.

For the most recent Social Commission Report, Click Here.

Cable/Internet Commission liaison Lloyd Allison spoke about Agenda for meeting on August 15th. The taskforce expects to review the survey results, discuss options and priorities and next steps. The meetings are presently closed to Commission members.

Health Club Commission Monique Fouant reported on the cardio room mirror removal and installation of dimmers for the lights, and new exercise balls in the weight training area.

Home Improvement liaison Michael Parrie reported the next meeting is August  21st at 6PM in the Party Room.

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

Action Items 

1. Closed Session Business

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 5 unit owners $100 for not having proof of insurance, and to double the fine 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 Angie Eden, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine 3 unit owners $50 for not attending the new residents meeting, and may double thereafter for each subsequent month, up to a maximum fine of $200, until attendance at the meeting is satisfied.

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 $500 for a use and occupancy violation.

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 $100 for an unapproved dog and $50 for noise.

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 and a suspend their health club membership for one month.

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 a leasing policy hardship exception.

After a motion by Michael Parrie, seconded by Angie Eden, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to deny a leasing policy hardship exception.

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 approve the management office arranging for a 3-month penalty for a resident at 5445 N. Sheridan Road, whose health club membership was suspended for cause, if they choose to renew their health club membership.

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 deny the request by a resident of 5445 N. Sheridan Road, a refund or extension.

2. Minutes – Board Meeting July 10, 2023

After a motion by Sheldon Atovsky seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday July 10, 2023.

To review and download the approved minutes, Click Here.

3. Updated 22.1 Disclosure

After a motion by Angie Eden seconded by Sheldon Atovsky, 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 as of August 2023.

4. Fidelity Bond Increase

After a motion by Lloyd Allison seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve increasing our total crime policy coverage from $4.5 Million to $7 Million, as proposed by Alliant Insurance Services, for an estimated additional premium of $1538 for the remainder of the 2023/2024 fiscal year.

5. Annual Plaza Terrazzo Sealing

After a motion by Monique Fouant seconded by Angie Eden, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the plaza spray wash and sealing as proposed by JLJ Contracting at an expense of $10,125.

6. Garage Electrical Panel

After a motion by Angie Eden seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the garage electrical panel project as proposed by Dunning Electrical Services, Inc., at an expense of $6,710.07.

7. Roof Lighting Samples

After a motion by Monique Fouant seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve a budget of $8750 for conducting a test of the light fixture (Senik Graze) proposed by Active Electrical Supply for the roof lighting project, to be funded by the reserve.

8. Dock Masonry & Flashing Repairs

After a motion by Sheldon Atovsky seconded by Angie Eden, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the the masonry and flashing repairs along the exterior dock wall as proposed by JLJ Contracting Inc., at an expense of $19,785, to be funded by the reserve.

Here is the area to be repaired, just outside the back dock doors on the left:

9. Construction Requests

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 approve the remodeling plans for units 703, 808, 2506 and 3906/3907 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 

1. Treasurer’s Report

Board Treasurer Lloyd Allison reviewed the Association’s financial status as reported by the June 2023 Balance Sheet and Statement of Income & Expenses presented by the Habitat Company.

Fund Balances End of June 2023

Operating assets totaled $1,680,475 and the Reserve cash and investments were $4,739,781 for a total of cash and investments of $6,420,256.

June 2023 Revenue and Expenses

Total Operating Revenue: $641,371

Total Operating Expenses: $485,314

Income (Loss) From Garage: $7,917

Contribution To Reserve: $164,975

Total Deficit: ($1,000)

Ratify Treasury Bill Roll Over

After a motion by LLoyd Allison seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the reinvestment of a $510,887 Treasury Bill for the Reserve Fund, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making new investments or future adjustments to such investments.

2. Management Report

Attached to the report for Board review is the most recent Monthly Activity Report and Sales & Lease Reports. Property Manager Tim Patricio is expected to review current business and activity of interest and the latest sales.

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 approve adjourning the August 14, 2023 Board Meeting at 8:13PM.

OWNER FORUM

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

The next regular Board Meetings are expected to be scheduled for August 28th and September 11th at 7:30PM. All such meetings are expected to be held in the 2nd Floor Party Room unless otherwise posted.