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 and Unit Owner account issues and questions.
7:30PM – 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 7:39pm.
Confirm Quorum
The meeting chair, Board President 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 and Community Manager Danny Bravman.
Commission Reports
ASCO Liaison Angie Eden reported about the new developer that has purchased the “Wing Hoe” lot across the street, and answered a question about traffic at the stop sign at Sheridan and Catalpa and said it is an issue being targeted by ASCO.
Social Commission Acting Chair Sheldon Atovsky discussed plans for the upcoming Ukrainian Egg Decorating Workshops and the next TGIF expected on Friday March 28th. The next meeting is Wednesday February 12th at 5:30pm via ZOOM. Watch for flyers and postings, and feel free to join their mailing list by emailing a request to ptcasocial@rcn.com.
Lloyd Allison, liaison to the Budget & Finance Commission reported that a maturing operating CD is being renewed for 5 years at 4.5%.
Monique Fouant, liaison to the Health Club Commission mentioned a member has circulated a racquetball league sign up, and encouraged any interested members to respond.
Home Improvement Board Liaison Michael Parrie reported the next meeting is expected Monday February 17th at 6pm in the party room. All owners are welcome to attend.
To review and download the Commissions most recent report, Click Here.
Board Report
On behalf of the Board, Board President Michael Parrie reminded owners that the next month begins a new fiscal year and a 3.8% increase in the amount of assessments due, as well as changes to the monthly parking on 1P and 2P. If you have automatic payments on a fixed dollar amount, then please review and make any appropriate changes. It is the responsibility of unit owners to review their balances and pay in full. If you did not receive your statement via US mail or cannot access it electronically, then please contact the management office.
Please review the calendar of proposed work for the nine remaining risers to be done over the next three years. The calendar is subject to change based on new conditions, but gives affected owners a sneak peek on when work will be done.
Action Items
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 a request from a Unit Owner to waive work ticket fee.
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 offer a Unit Owner the option that if they pay 50% of the balance up front and a payment plan is entered, then half of the late fees will be waived. If any part of the payment plan is not fulfilled, then any waived late fees will be reassessed to the account.
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 nine 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 Angie Eden, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine six 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 fine a Unit Owner $250 for failure to report the presence of bed bugs and $500 for the self-treatment of bed bugs.
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 fine a Unit Owner $800 each for three excessive noise disturbances, totaling $2400, with a warning the further events may result in fines doubled to $1600 per event.
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 $2000 per month for a leasing policy violation, to continue until the resident moves out.
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 $1000 for a construction violation.
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 $400 for an unauthorized move and $100 for improper use of a luggage cart.
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 $400 for an excessive noise disturbance with a warning that further such events could result in a fine doubled to $800.
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 $50 each for four excessive noise disturbances, totaling $200, with a warning the further events may result in fines doubled to $100 per event. Also the Board warns the Owner to behave appropriately in the common areas.
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 waiving a second late fee beyond the one that is typically allowed in one year.
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 a support animal application as recommended by the Association’s legal counsel, but will approve it if additional information is provided and the attorney so recommends.
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 an application for a support animal per the recommendation of legal counsel.
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 minutes Special Meeting of the PTCA Unit owners to review the proposed budget for the 2025/2026 fiscal year held on Monday January 13, 2025.
To review and download the approved minutes, Click Here.
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 January 13, 2025.
To review and download the approved minutes, Click Here.
After a motion by Monique Fouant, 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 through December 2024.
This action item was tabled for more information.
After a motion by Lloyd Allison, seconded by Monique Fouant, and following discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve renewal of the Association’s annual insurance program for the 2025/2026 fiscal year, as proposed and recommended by Alliant Insurance Services, for all policies including Property Insurance, General Liability Insurance, Equipment Breakdown Insurance, Crime Insurance, Director’s & Officers Insurance, Cyber Liability, Workers Compensation Insurance and Umbrella Insurance, at a total combined premium expense of $588,862, with the Board President or Treasurer given the authorization if necessary to approve any last minute adjustments related to the Umbrella Coverage for ratification at the next regularly scheduled Board Meeting.
HVAC Water Level Control Assembly
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 replacement of the HVAC water level control assembly as proposed by WJO Chicago at an expense of $14,726, to be funded by the Reserve.
Cooling Tower Control Valves and Flexes
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 replacement of the Cooling Tower Valves and Flexes as proposed by WJO Chicago at an expense of $32,888, to be funded by the Reserve.
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 replacement of the 26th floor elevator mechanical room air handling unit as proposed by Corcoran Heating & Air Conditioning at an expense of $14,450, to be funded by the Reserve.
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 approve the chiller teardown project ‘extras’ as proposed by WJO Chicago, at a total expense of $58,657, to be funded by the reserve fund.
After a motion by Monique Fouant, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the garage sprinkler head project change order to replace the antifreeze found in 4 zones throughout the garage at $8470 and a leaking water flow switch for $1160, for a total expense of $9630, to be funded by the reserve fund.
After a motion by Michael Parrie, seconded by Angie Eden, the Board of Directors of the Park Tower Condo Association voted 4 to 1 in favor of a resolution to approve the remodeling plans for Unit 3306, 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. Sheldon Atovsky abstained from the vote.
Business Reports
Treasurer’s Report
Board Treasurer Lloyd Allison reviewed key information from the most recent financial reports, as presented by the Habitat Company for the period December 2024.
Fund Balances End of December 2024
Operating assets totaled $2,292,360 and the Reserve cash and investments were $4,429,137 for a total of cash and investments of $6,721,497.
December 2024 Revenue and Expenses
Total Operating Revenue: $605,682
Total Operating Expenses: $544,088
Income (Loss) From Garage: $(6267)
Contribution To Reserve: $172,233
Total Surplus/(Deficit): $(116,907)
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 reinvestment of a reserve fund CD with Sandy Spring Bank, totaling $225,005, to a CD with Bank of America Charlotte with an interest rate of 4.2% for a period of 24 months, 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.
Management Report
General Manager Timothy Patricio reviewed current business of interest, monthly activity and the most recent 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 adjourn the February 10, 2025 Board Meeting at 8:10pm.
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 February 24th and March 10th at 7:30PM. Also, the next Resident Forum is scheduled for Thursday April 22nd at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.
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