BOARD OF DIRECTORS MEETING

Monday July 10, 2023 7:30PM

Round Up 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, pending litigation, Unit Owner account issues and personnel matters.

7:30PM – OWNER FORUM

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

CALL TO ORDER – Board Meeting Open Session

Board President Michael Parrie called the meeting to order at 7:38PM.

Confirm Quorum

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

Present from the Board of Directors was Michael Parrie, Monique Fouant, 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 and liaison Sheldon Atovsky spoke about the Independence Day Picnic and thanked the 55 volunteers who filled 124 shifts. He reported that 533 Owners, residents and guests attended the event. He thanked those who made donations.

For the 4th of July credits and full list of ‘Thank Yous’, Click Here.

For the most recent Social Commission Report, Click Here.

Cable/Internet Taskforce liaison Lloyd Allison discussed the latest including consideration of the survey results, and the next steps including management discussing the latest possible services Astound may have available for consideration with a renewal. The next meeting is expected in August.

Health Club Commission Acting Chair and liaison Monique Fouant discussed recent Commission business including discussion about lighting and the mirror in the cardio room.

For the most recent Health Club Commission report, Click Here.

Home Improvement Commission liaison Michael Parrie reported that the next meeting of the Commission is expected on Monday July 17th at 6PM in the Party Room.

Board Report

Board President Michael Parrie thanked all the volunteers and staff who helped to make the Independence Day celebration a success, and expressed special thanks to Sheldon Atovsky for all of his leadership, organization, and coordination of activities.

Action Items

1. Closed Session Business

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 approve fining 5 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, until adequate proof of insurance is provided.

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 approve fining 2 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, until attendance to the meeting is satisfied.

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted 4 to 1 in favor of a resolution to approve fining a unit owner $1,000 for a leasing policy violation. Angie Eden voted no.

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 approve fining a unit owner $250 for a construction violation.

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 approve fining a unit owner $50 for property damage.

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors of the Park Tower Condo Association voted 4 to 1 favor of a resolution to deny an owner’s request to waive the power wash fee. Sheldon Atovsky abstained.

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 a leasing policy exception.

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 approve two owners’ applications for an emotional support animal based on the advice from the Board attorney.

2. Minutes – Board Meeting June 12, 2023

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 Monday June 12, 2023.

To review or download the approved minutes, Click Here.

3. Updated 22.1 Disclosure

After a motion by Monique Fouant, seconded by Angie Eden, 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 as of July 2023.

4. Board Meeting Schedule 2023/2024

After a motion by Lloyd Allison, seconded by Angie Eden, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approves scheduling Board Meetings for the 2023/2024 Park Tower Condo Association business year, on the dates as proposed by Board President Michael Parrie, and directs Management to issue a formal notice via US Mail accordingly.

5. Rules and Regulations Commission Appointment

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 appoint Unit Owner Jean Shamo to the Rules and Regulations Commission.

6. Health Club Commission Recommendations

After a motion by Monique Fouant, seconded by Sheldon Atovsky, and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve replacement of the cardio lighting to softer lighting as recommended by the Commission for a cost not to exceed $700, and remove mirror and tinting at a cost not to exceed $1500.

7. Construction Requests

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 approve the remodeling plans for units 1104 and 5102 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.

Business Reports

1. Treasurer’s Report

Board Treasurer Lloyd Allison reviewed the Association’s financial status as reported by the May 2023 Balance Sheet and Statement of Income & Expenses presented by the Habitat Company.

a. Fund Balances End of May 2023

Operating assets totaled $1,677,439 and the Reserve cash and investments were $4,640,620 for a total of cash and investments of $6,318,059.

b. May 2023 Revenue and Expenses

Total Operating Revenue: $644,347

Total Operating Expenses: $394,330

Income (Loss) From Garage: $40,597

Contribution To Reserve: $164,975

Total Surplus: $125,639

c. Ratify CD and T-Bill Purchases

After a motion by Lloyd Allison, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the purchase of a $225,000 Certificates of Deposit for the Operating Fund, and a $249,881.21 Treasury Bill, for the Reserve Fund, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making new investments or future adjustments to such investments.

2. Management Report
Property Manager Tim Patricio reviewed current business of interest and the latest sales.

ADJOURNMENT

There being no further business, after a motion by Monique Fouant, seconded by Lloyd Allison, the Board of Directors voted unanimously to adjourn the July 10, 2023 Board Meeting at 8:14PM.

OWNER FORUM

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

The next regular Board Meetings are expected to be scheduled for July 24th and August 14th at 7:30PM. All such meetings are expected to be held in the 2nd Floor Party Room unless otherwise posted.