Post Meeting Roundup July 10th
July 14, 2017
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 July 10, 2017
2nd Floor Party Room
Unit Owner Forum 7:30pm
The Board of Directors and Management addressed questions and feedback from Unit Owners.
OPEN SESSION – Call to Order 7:52pm
The meeting chair, Board President Michael Parrie, called the meeting to order at 7:52pm.
Roll Call – Confirm Quorum
The meeting chair confirmed a quorum of Board Members were present. Present from the Board was President Michael Parrie, 1st Vice President Paul Heck, Board Treasurer Jean Shamo, and 2nd Vice President Monique Fouant. Present via speakerphone was Board Secretary David Nicosia.
Present from management was Property Manager Timothy Patricio, and Assistant Manager Amir Cobalovic.
Board Report: Board Member Michael Parrie
On behalf of the Board, Board President Michael Parrie thanked the Ad Hoc Declaration and Bylaw Review Committee for their work on proposed recommendations on securing more signature pages which the Board will consider. He requested that any owner who has not submitted their signature page, please do so as soon as possible. Please also be aware that a special meeting of the unit owners is scheduled for Monday, September 25th to formally consider the purchase of unit 12C. A formal notice and proxy will be mailed by the end of August.
Also, he commented that residents have no doubt seen all of the construction activity around Park Tower. Please check the ptcondo.com website for weekly updates provided by management on all the projects.
Finally, he reminded all owners that our auditor, Ralph Picker from Picker & Associates, will be presenting at our August 14th meeting. Management made a copy of the draft of last year’s audit available on the website, or owners can stop by the management office to get a hard copy if that is preferred. Owners are encouraged to review the contents and welcome to attend the meeting with questions for our auditor.
Action Items – New Business
- 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 approve fining 17 unit owners who have not shown adequate proof of insurance, $100 for the first month, to double thereafter for each subsequent month, up to a maximum fine of $1,000 per month, until proof of insurance is provided.
After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to approve fining for 2 unit owners whose residents have not attended the new residents meeting $50 for the first month, to double thereafter for each subsequent month, up to a maximum fine of $200 per month, until attendance at the new residents meeting is fulfilled.
- Minutes – Board Meeting June 26, 2017
After a motion by Paul Heck, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday June 26th, 2017.
Copy of June 26, 2017 Minutes: Board Minutes 06.26.17
- Ad-Hoc Commission Report
The Board of Directors discussed the Report to the PTCA Board of Directors, from the Ad-hoc Committee to Review the Declaration & Bylaws. (available here: 2017-07-01 Ad-hoc Committee Board Report)
After a motion by Paul Heck, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve the Board continue to move forward simultaneously with proposed initiatives to amend the Declaration & Bylaws and the purchase of Unit 12c.
After a motion by Paul Heck, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to authorize the funding necessary to perform robo calls to Unit Owners for the purpose of retrieving proxies in the effort to purchase unit 12c.
After a motion by Paul Heck, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve the placement and volunteer manning of tables in common areas for the purpose of soliciting Unit Owners for signature pages and proxies related to the initiatives for amending the Declaration & Bylaws and purchasing Unit 12c.
After a motion by Paul Heck, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution authorizing an early mailing with regard to the purchase with 12c, including proxies, contingent upon discussion with the Association’s legal counsel.
- Health Club Memberships
After a motion by Monique Fouant, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to ratify and approve the decision made by Management to extend all current Health Club Memberships by one month, in response to the delayed installation of the new Pool Liner.
Business Reports
Treasurer’s Report
Board Treasurer Jean Shamo reported key financial data through the month of May.
Fund Balances End of May 2017
Operating Funds $410,862 (decrease of $12,085 from April)
Reserve Funds $2,119,493 (decrease of $120,594 from April)
Total Cash and Investments $2,530,355 (decrease of $132,679 from April)
May Income and Expenses
Total May Income: $527,132
Total May Expenses: $343,350
Income From Garage: $10,351
Contribution To Reserve: $131,417
Total Surplus: $62,716
Management Report
The Property Manager reviewed current PT Business and Activities, items of interest from the Monthly Activity Report and Recent Sales Activity.
ADJOURNMENT
There being no further business, after a motion by Monique Fouant, seconded by Paul Heck the Board of Directors voted unanimously in favor of a resolution to adjourn the July 10th, 2017 Board Meeting at 8:23pm.
Unit Owner Forum
The Board of Directors and Management addressed questions and feedback from Unit Owners.
Next Meeting Dates Monday July 24th and Monday August 14th at 7:30pm.
Resident Forum Wednesday August 2nd at 7pm.
About the Author: Tim Patricio
Park Tower Horizons
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