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

Monday January 23rd, 2017 at 7:30PM

2nd Floor Party Room

OWNER FORUM – 7:30PM

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

Board President Michael Parrie also addressed and provided responses to questions from the Unit Owner Meeting on January 9th to Discuss the Proposed Budget. Specifically, regarding Moving Fees, an analysis was done showing that Park Tower does not have the lowest or highest fees along the Sheridan Road corridor. Also, regarding Water and Laundry Income, total anticipated returns from activity in the laundry room were left relatively flat due to the increase in presence of in unit washers. Due to the increase over the past several years, an increase in the fees per wash will not necessarily translate into an increase from business conducted in the laundry room. The Board and Finance Committee will continue to monitor receipts as it relates to the number of washers being installed in units.

OPEN SESSION – Call to Order

The meeting chair, Board President Michael Parrie, called the meeting to order at 7:46PM.

Roll Call – Confirm Quorum

The meeting chair confirmed a quorum of Board Members was present. Present from the Board was President Michael Parrie, Vice President Monique Fouant, Secretary David Nicosia, 2nd Vice President Paul Heck and Board Treasurer Jean Shamo.

Present from management was Property Manager Timothy Patricio and Assistant Manager Amir Cobalovic.

Committee Reports

The meeting Chair requested an update from Health Club Committee Chair Ken Anderson about the success of the recent Health Club Open Houses. Mr. Anderson stated only one person came to the Friday evening event, but 15 came on Saturday. About half came for tours and the other half to meet with the Matrix rep to learn more about the equipment. It was noted that to the best recollection of Management, the present number of memberships is the highest it has ever been.

Action Items – New Business

Additional Agenda Items

After a motion by Monique Fouant, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to add discussion about the News And Social Media Committee and a CD Renewal to the Agenda.

Closed Session Business

No business from Closed Session required action.

Minutes – Board Meeting January 9, 2017

After a motion by Dave Nicosia seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday January 9, 2017.

2017/2018 Budget Adoption

After a motion by Jean Shamo, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to adopt the budget as proposed and presented to Unit Owners for the fiscal year starting March 1st 2017 and ending February 28th 2018, with a 3.5% increase in assessments, a 3.8% increase in expenses, and a projected reserve contribution of $1,587,000.

Roof Project Engineering

After a motion by Monique Fouant, seconded by Paul Heck, and following discussion, the Board of Directors voted unanimously in favor of a resolution to approve hiring Wiss, Janney, Elstner, as proposed to provide consulting and engineering services for the main roof replacement project.

Riser Projects Proposal

After a motion by Jean Shamo, seconded by Monique Fouant, and following discussion, the Board of Directors voted unanimously in favor of a resolution to approve the planned domestic hot water riser replacement projects as proposed, for the high zone 02/04 units riser, and the low zone 14/15, 05/06 and 03/15 units risers, and hiring contractors MPD Construction Group for carpentry, AMS Mechanical Systems Inc for plumbing, Dettman Industries Inc. for insulation and fire-stopping, and a approving an in house purchasing budget of approximately $76,000 for permitting and bulk purchase of materials.

Unit Owner Request – Formally Combining Units

After a motion by Paul Heck, seconded by Monique Fouant, and following discussion, the Board of Directors voted unanimously in favor of a resolution to approve hiring Kovitz Shifrin Nesbit to prepare an amendment to the declaration to record physically combining units 1609, 1610 and 1611 into a singly recognized unit, with a percentage of ownership totaling .361978; all associated legal fees for this process are to be charged back and paid by the Unit Owner, and the Unit Owner will be responsible to hire a surveyor for the necessary amended Plat of Survey and any copies thereof that may be necessary, as well as any other activities and all associated costs which may otherwise be necessary to appropriately complete this process.

Construction Requests

After a motion by Michael Parrie, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to approve a construction request for the Unit Owner of 2412, 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.

News and Social Media Committee

After a motion by Paul Heck, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to separate operations for the website and quarterly newsletter and to form two new Commissions, the ‘Website and Social Media’ and ‘Newsletter’ Commissions, and request for drafts of proposed charters from both; also, Paul Heck is appointed as liaison to the Newsletter Commission and Dave Nicosia is appointed as liaison to the Web and Social Media Commission.

CD Purchase

After a motion by Jean Shamo, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to purchase a CD for the Reserve Fund for a 1 year from Met Cap Bank, in the amount of $111,151.01 with a yield of 1.1%.

ADJOURNMENT

There being no further business, after a motion by Dave Nicosia, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to adjourn the January 23rd, 2017 Board Meeting at 8:11PM.

OWNER FORUM – The Board and Management addressed questions and feedback from Unit Owners.

The Next Meeting Date is February 13th at 7:30PM.

A Residents Forum is scheduled for February 6th at 7PM