BOARD OF DIRECTORS MEETING

Roundup Report

Following 01/03 HVAC Riser Town Hall Meeting

Monday April 8, 2024 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/or personnel matters. 

7:30PM –  01/03 HVAC Riser Town Hall Meeting 

Management and the building plumber met with Owners and residents to discuss the coming 01/03 HVAC Riser Projects and addressed questions. 

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 8:16pm.

Confirm Quorum

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

Present from the Board of Directors was Michael Parrie, Monique Fouant (via speakerphone), 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 Sheldon Atovsky reported on recent events including the Ukranian Egg Decorating workshops and the Easter Egg Hunt and Brunch on Saturday March 30th. The next movie night, will be Saturday May 11th at 4:45pm and the next Commission Meeting will be Monday April 15th at 7pm via ZOOM. Watch for additional bulletins in the Weekly News and Updates and/or join the Commission’s e-mail list by sending a request to ptcasocial@rcn.com.

To review or download the most recent Social Commission Report, Click Here.

On behalf of the Home Improvement Commission, Board Liaison Michael Parrie reported the  Commission’s next meeting is Monday, April 15th at 6:00 pm in the party room, and they will continue the planning for the elevator cabs.  All owners are welcome to attend.

To review or download the most recent Home Improvement Commission Report, Click Here.

On behalf of the Ad-hoc Rules & Regulations Review Commission, Board Liaison Michael Parrie reported the Commission had its first meeting last week and began to review the rules.  The commission’s next meeting is Tuesday, April 9^th at 5:00 pm in the party room.  All owners are welcome to attend.

To review or download the report from the most recent meetings of the Ad-hoc Rules Review Commission, Click Here for 3-19-2024, Click Here for 3-27-2024, Click Here for 4-2-2024.

Board Report

The board has heard rumors that the board is considering the beginning steps of converting Park Tower to apartment rentals.  Please know that this is not true.  In addition, a deconversion cannot be decided by a simple board vote.  Instead, 85% of unit owners would need to vote in the affirmative for this to occur.  This extremely high threshold was approved by Chicago aldermen in 2019.

The board would like to thank the social commission for another excellent Easter egg hunt and brunch event.

Finally, the board thanks management, the maintenance team, and specifically Louie Mezzano, our building plumber, on all their work in preparation for the ‘01/’03 HVAC riser tier.  This is an opportunity for us to try out this riser as a test for all HVAC risers being replaced beginning in 2029, according to the reserve study.

Action Items

1. Closed Session Business

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine nine 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 for not providing adequate proof of insurance.

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine two 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 per month, until attendance to the meeting is satisfied.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a Unit Owner $200 for unauthorized use of the service elevator misuse and garage dock parking obstruction.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a Unit Owner $400 for an unauthorized move.

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve two Unit Owner requests for support animals, consistent with recommendations from the Association’s legal counsel.

2. Minutes – Board Meeting March 11, 2024

After a motion by Sheldon Atovsky, seconded by Angie Eden, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday March 11, 2024. 

To review and download the approved minutes, Click Here.

3. Updated 22.1 Disclosure

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

4. 01/03 HVAC Riser Project

After a motion by Angie Eden, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the replacement of the 01/03 HVAC riser as proposed by WJO Chicago for plumbing at $144,094, by Dettmann Industries, Inc. for insulation and firestopping at $68,220, and by Green Tech Decorating, Inc. for preparations, carpentry and paint at $109,200, and hereby establishes a budget of $130,000 for plumbing supplies and materials and a provision of $22,500 to address unknown conditions as they arise, for a total estimated project cost of $474,014, to be funded by the Reserve fund. 

5. Weight Room/Racquetball Court HVAC

After a motion by Monique Fouant, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the replacement of the rooftop heating and cooling unit for the weight room and racquetball court as proposed by Corcoran Heating & Air Conditioning at an expense of $23,954.92, to be funded by the Reserve fund.

6. 2nd Floor Deck Membrane

After a motion by Lloyd Allison, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the replacement of the 2^nd Floor Deck Membrane as proposed by Monson Nicholas at an expense of $166,200, to be funded by the Reserve fund.

7. Plaza Sealing

After a motion by Angie Eden, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the plaza sealer maintenance as proposed by Monson Nicholas at an expense of $10,805, to be funded by the Reserve fund.

8. Metal Maintenance

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve a three year extension of the metal maintenance contract with Stuart Dean, as proposed at a rate of $1289.47 per month for maintenance and refinishing of the exterior metal columns, canopy, doors, window frames and fire hydrants.

9. Life Safety Maintenance Contract

After a motion by Lloyd Allison, seconded by Angie Eden, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve a three year extension of the life safety maintenance contract with Fox Valley Fire & Safety for three years as proposed at a base rate of $8565 for year one, $8763 for year two and $8990 for year free, not inclusive of any repair or replacement costs or ancillary fees related to City of Chicago inspections.

10. Construction Requests

After a motion by Michael Parrie, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted 4 to 1 in favor of a resolution to approve the remodeling plans for 2201, 3105 and 3211 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. Angie Eden abstained. 

Business Reports 

Treasurer’s Report

Board Treasurer Lloyd Allison reported from the February 2024 Balance Sheet and Statement of Income & Expenses as presented by the Habitat Company.

Fund Balances End of February 2024

Operating assets totaled $1,955,021 and the Reserve cash and investments were $4,706,182 for a total of cash and investments of $6,661,203.

February 2024 Revenue and Expenses

Total Operating Revenue: $614,863

Total Operating Expenses: $473,318

Income (Loss) From Garage: $40,056

Contribution To Reserve: $164,975

Total Surplus/(Deficit): $16,626

Management Report

General Manager Tim Patricio reviewed current business and activity of interest and reported and sales for the month and year end average.

ADJOURNMENT

There being no further business, after a motion by Angie Eden, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve adjourning the April 8, 2024 Board Meeting at 8:39PM.

OWNER FORUM

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

The next Board Meetings are scheduled for Monday April 22nd and May 13th 7:30PM. At this time, all such events are anticipated to be held in the 2^nd Floor Party Room unless otherwise posted. The Resident Forum scheduled for Tuesday April 23^rd at 7PM has been cancelled.