PTCA SPECIAL MEETING OF THE UNIT OWNERS and

BOARD OF DIRECTORS MEETING

Roundup Report

Monday January 14, 2019  7:30PM

2^nd Floor Party Room

 6:30PM – Closed Session was held by the Board in Management Office.

 7:30PM – Special Meeting of Unit Owners to Review 2019/20 Budget

Board President Michael Parrie, the meeting chair, called the Unit Owner Meeting to order at 7:30pm, and began by explaining the purpose of the meeting to discuss the proposed budget for the PTCA 2019/2020 fiscal year. He reviewed the process for budgeting; the initial proposed budget was put forward by the Property Manager. The Board and members of the Budget and Finance Committee met over 3 meetings in November and went from category to category through each line item. The Board accepted the proposed budget for mailing in December, and it was mailed to Unit Owners on December 26th for their review.

Click Here for a copy of the budget mailing to Unit Owners.

He explained the same mailing included notice of the Association’s new dispute resolution policy and complaint form, required to be distributed to Unit Owners by January 1st, 2019.

Click Here for a copy of the Association’s Dispute Resolution Policy and Complaint form.

He then made a presentation regarding the proposed budget and the process for approval. He highlighted changes in the rate of assessments and other fees collected as income, as well as projects anticipated for the upcoming fiscal year.

He then opened the floor for comments, questions and discussion regarding either the budget or the dispute resolution policy and complaint form. The Board and Management addressed questions and feedback from Unit Owners.

After a motion by Matthew Ditto (owner of Unit 1908), seconded by Dennis Bradley (owner of Unit 304), the Board President Michael Parrie called for a vote to adjourn, and the ownership present at the meeting voted all in favor to adjourn the Special Meeting of the Unit Owners at 8:09pm. Michael Parrie indicated the Ayes had it unanimously.

OWNER FORUM – 15 minutes, 2 minutes per person

The Board and Management addressed feedback and questions from Unit Owners.

 OPEN SESSION – Call to Order

Board President Michael Parrie, the meeting chair, called the meeting to order at 8:19pm.

Roll Call – Confirm Quorum

The meeting chair confirmed a quorum of Board Members were present. Present from the Board was Board President Michael Parrie, 1st Vice President Monique Fouant, 2nd Vice President Cheryl Ronnett, Treasurer Jean Shamo, and Secretary Kenneth Anderson.

Present from management was Draper and Kramer Senior Vice President and Property Supervisor David Barnhart, Property Manager Timothy Patricio and Assistant Manager Tricia Bulaclac.

Committee Reports

Sheldon Atovsky, Chair of the Social Committee talked about the Movie Night held on January 12th, attended by over 60 owners and residents, with fresh popcorn, pizza, snacks and beverages enjoyed by all on the cold, snowy evening.

He mentioned the Committee continues the People-to-People project, with information cards continuing to be located at the front desk.

Their next event is the Academy Awards Party on Sunday, February 24th at 7 PM in the Party Room, but he noted Management and Maintenance will host a Super Bowl Party on Sunday, February 3rd.  Hangouts IV with our own in-house DJ, Denis Timofeev, is scheduled for Saturday, March 23rd, and the Annual Easter Egg Hunt and Brunch will be this year on Saturday, April 2oth, the day before Easter with the hope that more people will be able to attend.  Another movie night, TGIF reception and the 2019 July 4th party are in the works.

He advised all are welcome to the next meeting will be this Wednesday, March 20, 2019, from 6:15-8:00 PM, in the Party Room.

Board Report

Board President Michael Parrie said the Board would like to thank the social committee for another successful movie night last Saturday, the management office and Ken and Jan Anderson who continue to handle all the packages until the package room is ready, and the residents and owners who contributed to the Park Tower Employee Holiday Fund.

Action Items – New Business 

1. Closed Session Business

No business from Closed Session required a resolution. 

2. Minutes – Board Meeting December 10, 2018

After a motion by Kenneth Anderson, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday December 10, 2018. 

Click Here to review and/or download the approved minutes.

3. Budget 2019/2020

The purpose of this action item was for review and consideration of any matters raised for discussion in the Special Meeting for review of the budget.

There being no business requiring resolution, the Board President Michael Parrie confirmed the Board would consider adoption of the budget for the 2019/2020 fiscal year at the next regularly scheduled Board Meeting, Monday January 28th at 7:30pm in the Party Room. 

Click Here to review the proposed budget for the 2019/2020 fiscal year.

4. Key Fob Security

After a motion by Monique Fouant, seconded by Cheryl Ronnett, the Board of Directors voted unanimously in favor of a resolution to approve the plan for replacement of all security fob readers and key fobs, and establishes a budget of $18,000 for management to carry out this project, consistent with the proposal presented for this purpose by Chicago Building Services, Inc.

5. Unit Owner Request – Leasing Exception

After a motion by Cheryl Ronnett, seconded by Kenneth Anderson, the Board of Directors voted unanimously in favor of a resolution to deny the request of the Unit Owner of 4909 for an extension of their exception to the Association’s Leasing Policy.

6. Unit Owner Request – Unit Combination Amendment

After a motion by Jean Shamo, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve an Amendment to the Declaration, as drafted by Association counsel with Kovitz Shifrin and Nesbit, formally combining Units 1706 and 1707 into one Unit with a total combined percentage of ownership of .283532%.

7. Construction Requests

After a motion by Michael Parrie, seconded by Kenneth Anderson, the Board of Directors voted unanimously in favor of a resolution to approve the remodeling plans of units 1106, 1404, 2015, 3705, and 5010 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

Treasurer’s Report

Board Treasurer Jean Shamo reviewed the current available fund balances and revenue and expense summary, through November 2018.

Fund Balances End of November 2018

Operating Funds $706,785 (increase of $129,794 from prior month)

Reserve Funds $1,991,822 (increase of $88,702 from prior month)

Total Cash and Investments $2,698,606 (increase of $218,496 from prior month)

November 2018 Revenue and Expenses

Total Operating Revenue: $514,918

Total Operating Expenses: $336,555

Income From Garage: $13,756

Contribution To Reserve: $136,675

Total surplus: $55,444

Management Report

Property Manager Timothy Patricion reviewed current business and activity of interest and shared the most recent sales activity.

ADJOURNMENT

There being no further business, after a motion by Kenneth Anderson, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve adjournment ofthe January 14, 2019 Board Meeting at 8:37PM.

OWNER FORUM – 15 minutes, 2 minutes per person

The Board and Management addressed feedback and questions from Unit Owners present at the meeting.

Next regular Board Meetings – Monday January 28^th and February 11^th 7:30PM

Resident Forum Saturday February 2nd at 11am