Monday January 13, 2025 7:30PM
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.
6:00PM – CLOSED SESSION
The Board met to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
Call To Order – Special Meeting Of The Unit Owners To Review The 2025/2026 Proposed Budget
Meeting Chair, Board President Michael Parrie called the Park Tower Condo Association Special Meeting of the Unit Owners to order at 7:30pm, and introduced members of the Board and Management. He stated the purpose of the meeting, to discuss and answer questions about the proposed Park Tower Condo Association Operating Budget for the 2025/2026 Fiscal Year.
Report Items:
1. Electricity Budget Presentation by Prospect Resources.
Board President Michael Parrie introduced Azi Feifel from Prospect Resources who discussed the changes in expectations for electricity and utility budgeting.
2. Presentation of Proposed Budget and Comments from Board.
Board President Michael Parrie presented the budget and reviewed highlights and key changes income, expenses and ancillary fees.
3. The Board and Management addressed Unit Owner questions and comments regarding the proposed budget.
There being no further business, after a motion by Dennis Sneyers Unit 4515, seconded by Richard Hendrix Unit 3815, the Unit Owners of the Park Tower Condo Association voted in favor of a resolution to adjourn the Special Meeting for review of the proposed operating budget for the 2025/2026 fiscal year, at 8:24pm. Meeting Chair Michael Parrie affirmed the motion was agreed to unanimously.
OWNER FORUM
The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.
CALL TO ORDER – Open Session
The meeting chair, Board President Michael Parrie, called the meeting to order at 8:27pm.
Confirm Quorum
The meeting chair confirmed a quorum of Board Members is present.
Michael Parrie confirmed a quorum of Board Members was present.
Present from the Board of Directors was Michael Parrie, Monique Fouant, Lloyd Allison, Angie Eden and Sheldon Atovsky.
Present from Management was Property Supervisor Shruti Kumar, General Manager Tim Patricio, Community Manager Danny Bravman and Community Manager Scott Turton.
Commission Reports
Social Commission Acting Chair Sheldon Atovsky discussed the recent movie night event and plans for the upcoming Ukrainian Egg Decorating Workshops. Watch for flyers and postings, and feel free to join their mailing list by emailing a request to ptcasocial@rcn.com.
To review and download the Commissions most recent report, Click Here.
Home Improvement Board Liaison Michael Parrie mentioned the next meeting of the Home Improvement Commission is expected Monday January 20th at 6pm.
Board Report
On behalf of the Board, Michael Parrie asked owners and residents to please be careful with the elevators. Please do not physically hold open the doors. Instead, use the hold or door open button.
He reminded those present that a Residents’ Forum is scheduled for Saturday, January 25 at 11 am in the party room. All residents are welcome to attend.
Finally, the Special Meeting PowerPoint presentation on the budget serves as the remainder of the Board report for January 13th.
To review and download the presentation from the Special Meeting, Click Here.
Action Items
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 a unit owner $400 for four noise disturbances, for a total of $1,600, and that future violations may result in $800 per event; in addition, that this owner put the unit on the market within 30 days for a sale and the current tenants vacate the unit, or else the Board of Directors directs the Board attorney to file a lawsuit for repeated and excessive noise disturbances; and finally, the Board agrees to give Michael Parrie and Sheldon Atovsky (separately if necessary) the power to make decisions regarding the pursuit of such litigation between Board meetings.
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 direct management to remove $200 for a window leak event on an owner’s account.
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, and doubling thereafter for each subsequent month, up to the maximum fine of $1,000 monthly, 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 five unit owners $50 for not attending the new resident meeting, and doubling thereafter for each subsequent month, up to the maximum fine of $200 monthly, until they attend a new resident meeting.
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 an additional occupant fee for an exchange student.
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 owners’ requests to keep their place at the top of the leasing wait list if they do not lease their unit within the 6-month timeframe.
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 an owner’s request to remove an insurance fine beyond the most recent one.
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 one unit owner’s request to remove a fee charged for removal of items in the garage and approve another unit owner’s request to remove a fee for the breaking down and removal of boxes in the 2P hallway.
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 unit owner’s request to waive bed bug extermination charges from their account.
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 an owner’s request to remove an insurance fine beyond the most recent one.
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 grant a hardship leasing policy exception request, for one year only, by a Unit Owner.
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 unit owner request to waive statement mailing fees.
After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condo Association voted 4 to 1 in favor of a resolution to approve the minutes from the Board Meeting held on December 9, 2024. Monique Fouant abstained.
To review and download the approved minutes, Click Here.
After a motion by Angie Eden, 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 November 2024.
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 adopt the budget as proposed and presented to Unit Owners for the fiscal year starting March 1, 2025 and ending February 28, 2026, with a 3.8% increase in assessments, a 3.88% increase in total anticipated operating expenses, a projected reserve contribution of $2,112,700, and planned reserve projects totaling $1,303,200.
To review and download the approved budget, Click Here.
After a motion by Michael Parrie, seconded by Monique Fouant, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the purchase of addition elevator wall material as attic stock, enough for replacement of one full passenger elevator cab, as proposed by Otis Elevator Company at an expense of $10,023.
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 that WHEREAS, the Park Tower Condominium Association (“Association”) is governed by provisions of the Illinois Condominium Property Act, the Association’s Declaration of Condominium Ownership (“Declaration”) and its By-Laws; and WHEREAS, the Board, in accordance the Declaration has the authority to adopt policies the Board deems appropriate for the operation and use of the residential property conservation and beautification of the Property and for the health, comfort, safety and general welfare of the owners and occupants of the Property; and WHEREAS, it is the intent of the Board of Directors to utilize this policy in order to reasonably accommodate a unit owner or resident with a disability who requires accessible parking as required by Section 18.12 of the Illinois Condominium Property Act; and WHEREAS, the Board, in accordance with Section 18.4(h) of the Illinois Condominium Property Act, has the authority to adopt policies and procedures covering the details of the operation and use of the Property; and NOW THEREFORE, in furtherance of the foregoing, the Board does hereby adopt the policy for accessible parking, as proposed by Association legal counsel with Kovitz, Shifrin and Nesbit.
After a motion by Sheldon Atovsky, seconded by Lloyd Allison, and following discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to charge for ad space in the weekly news and updates at a rate of $15 for a one time ad, $25 for a monthly ad and $55 for a quarterly ad.
Construction Request
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 approve the remodeling plans for Unit 814, 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.
Business Reports
1. Treasurer’s Report
Board Treasurer Lloyd Allison reviewed key details from the most recent financial reports and fund balances for the period November 2024.
Fund Balances End of November 2024
Operating assets totaled $2,392,912 and the Reserve cash and investments were $4,349,421 for a total of cash and investments of $6,742,333.
November 2024 Revenue and Expenses
Total Operating Revenue: $630,734
Total Operating Expenses: $477,982
Income (Loss) From Garage: $59,455
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $39,974
Action On Investments
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 renewal of an operating fund CD with Cross River Bank, totaling $230,000, with an interest rate of 4%, the purchase of a US Treasury Note for $234,082 at a 4.314% yield, and the purchase of a US Treasury Note at a 4.5% yield, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.
2. Management Report
General Manager Timothy Patricio reviewed current business of interest.
ADJOURNMENT
There being no further business, 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 adjourning the January 13, 2025 Board Meeting at 8:53pm.
OWNER FORUM
The Board of Directors and Management welcomed and addressed feedback and questions from Unit Owners.
The next regular Board Meetings are scheduled for Monday January 27th and February 10th at 7:30PM. Also, the next Resident Forum is scheduled for Saturday January 25th at 11am, all to be held in the 2nd Floor Party Room unless otherwise posted.
Any questions about Board Meeting or Association business? Feel free to e-mail our team at parktowercondo-mgmt@habitat.com.
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