BOARD OF DIRECTORS MEETING

Monday March 8, 2021  7:30pm

Roundup Report

Meeting Held Via ZOOM Meetings Online.

Important Note – The Meeting Roundup Reports are provided as a courtesy for Owners to review business the Board considered and conducted at meetings. They are not intended to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after the meeting and approved at the next regularly scheduled meeting, after which they are posted and available upon request. 

6:30PM – CLOSED SESSION (Via ZOOM With PT Board)

The Board met with Management to discuss rule violations, Unit Owner account issues and personnel matters.

7:30PM – OWNER FORUM – Via ZOOM Chat              

There were no questions or feedback at this time, from Unit Owners participating in the meeting.

CALL TO ORDER

Board President Michael Parrie called the meeting to order at 7:35PM.

Roll Call – Confirm Quorum

Board President Michael Parrie confirmed a quorum of Board Members were present via ZOOM.

Present from the Board was Michael Parrie, Jean Shamo, Sheldon Atovsky, Monique Fouant and Catherine Kestler. Present from Management was Property Supervisor David Barnhart, General Manager Timothy Patricio, and Assistant Manager Christopher Rayburn.

Commission Reports

Health Club acting Chair and Liaison Monique Fouant reviewed discussion at recent meetings, including the effort to clean out pool area bins, adding a chair and bringing up some of the deck furniture for use in the pool area, a request for a Peloton bike and volleyball net. The Commission has set a goal to issue a survey to get feedback on these and potential other future improvements.

To review the latest report from the Commission: Click Here

ASCO Liaison Catherine Kestler reported Alderman Osterman and his Chief of Staff Dan Luna attended their most recent meeting. They addressed the illegal parking across the street and adjacent to the construction at 5440 Sheridan, illegal parking at Bryn Mawr and Sheridan, and proposals for cut outs for emergency vehicles along Sheridan Road. Also discussed was the new restaurant ‘La Pharmacie’ in the pink building.

To review the latest ASCO Report from Catherine: Click Here

Social Commission Chair Sheldon Atovsky talked about the Coronavirus Vaccine discussion held on February 24th, and the upcoming Commission Meeting on March 10th.

To review the full report from Sheldon: Click Here

Home Improvement liaison Michael Parrie talked about business discussed at the March 3rd Commission Meeting, including landscaping efforts for 2021, the progress on the BBQ stations for the deck, and requests the Association consider EV charging stations.

To review the full notes from the meeting by Michael: Click Here

The full reports are posted here with the permission of the authors.

 Board Report

On behalf of the Board of Directors, Board President Michael Parrie thanked the maintenance team on their excellent job clearing all the snow last month.  February 2021 had more snow than some entire winter season’s worth of snow.

Additional Agenda Items

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 add item number 7 to the Agenda, for consideration of loading dock roof masonry and flashing repairs.

Action Items 

1. Closed Session Business

After a motion by Michael Parrie, Seconded by Jean Shamo the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to fine 21 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 per month, until adequate proof of insurance is provided.

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 two unit owners $150 each for misuse of the passenger elevators.

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 direct that two owners receive a final warning on a health club face covering violation, and that if this occurs again, then the health club membership will suspended until the coronavirus pandemic concludes and face coverings are no longer required.  In addition, the time from notice of violation to the board meeting will not result in a refund or extension of membership.

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 an owner’s request to waive the 30-day notice for a stop on the garage parking license.

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 deny an owner’s request to remove a service fee.

2. Minutes – Special Meeting February 8, 2021

After a motion by Sheldon Atovsky, Seconded by Jean Shamo 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 February 8th, 2021.

To review or download the approved minutes, Click Here

3. Annual Meeting Schedule

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 scheduling of the 2021 PTCA Annual Meeting of Unit Owners for Monday June 14^th, 2021, at 7:30pm, as well as Meet the Candidates Night on Wednesday June 9^th at 7pm, and directs the necessary notices and mailings be drafted and distributed by Management as proposed.

4. Garage Project Change Order

After a motion by Sheldon Atovsky, Seconded by Jean Shamo and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve a contract with Monson Nicholas, Inc., as proposed at a cost of $15,370, as a change order to the Garage Project, for surface repairs and the installation of a traffic coating in the 1P trash room.

5. HVAC & Pool Chemical Contract

After a motion by Monique Fouant, Seconded by Jean Shamo the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve renewal of the contract for HVAC and Pool chemicals with HOH Water Technology, as proposed at a cost of $975.52 per month for year 1, with a 4% increase total for years 2 and 3.

6. Construction Requests

After a motion by Michael Parrie, Seconded by Catherine Kestler the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the remodeling plans of units 1101, 2906, 3005, 4004 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.

7. Loading Dock Roof Masonry and Flashing Repairs

After a motion by Catherine Kestler, 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 a contract with JLJ Contracting, Inc., as proposed for flashing and masonry repairs along the loading dock parapet wall, at an estimate cost of $47,950, and a provision of $7500 to address unknown conditions should they arise.

Business Reports 

1. Treasurer’s Report

Board Treasurer Jean Shamo reviewed date from the January 2021 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of January 2021

Operating assets totaled $1,267,108, and the Reserve cash and investments were $2,852,855 for a total of cash and investments of $4,119,963.

January 2021 Revenue and Expenses

Total Operating Revenue: $559,188

Total Operating Expenses: $416,096

Income (Loss) From Garage: $19,061

Contribution To Reserve: $149,258

Total Surplus: $12,894

Transfer of 2019/2020 Surplus to Reserve

After a motion by Jean Shamo, seconded by Sheldon Atovsky and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution, that WHEREAS, the Board of Directors (the “Board”) of Park Tower Condominium Association (the “Association”) is the governing body of said Association and is charged with the direction and administration of the Property subject to that certain Declaration of Condominium for Park Tower Condominium, as from time to time amended (the “Property”); and WHEREAS, the Declaration provides that the Association is obligated to maintain, repair, and replace the common elements located in the Property; and WHEREAS, an accounting for the 2019/2020 fiscal year revealed that there is an accumulated amount of cash in excess of the amount required for actual expenses (“excess”) in the amount of $107,789.95; and WHEREAS, the Board has reviewed the status of the Association’s capital reserve account; and WHEREAS, the Condominium Property Act requires, pursuant to section 9 (c) (2), the Association to maintain reasonable reserves for capital expenditures and deferred maintenance for repair or replacement of the common elements located in the Property; and WHEREAS, the Board has considered the following factors relative to the reasonableness of the Association’s reserves: 1) The repair and replacement cost, and the estimated useful life, of the property which the Association is obligated to maintain, including but not limited to structural and mechanical components, surfaces of the buildings and common elements, and energy systems and equipment; 2) The current and anticipated return on investment of the Association’s reserve funds; 3) The amount that the Association’s most recent capital reserve study provides should be on deposit in the capital reserve account; 4) The financial impact on the unit owners in the market value of the condominium units of an immediate assessment increase to fund the reserves; and 5) The ability of the Association to obtain financing or refinancing as a supplement to the capital reserve account; and WHEREAS, after due consideration of the foregoing factors, the Board contends that their fiduciary duty demands that the excess funds be transferred into the capital reserve account, NOW, THEREFORE, BE IT RESOLVED that the Park Tower Condominium Association Board of Directors approves the transfer of $107,789.95, the identified year-end operating fund surplus cash for 2019/2020, to the Association’s reserve account, after taking into consideration the criteria for establishing a reasonable reserve set forth in Section 9(c)(2) of the Illinois Condominium Property Act, in order to more properly fund said reserve account.

2. Management Report

Property Manager Tim Patricio reviewed current business and activities of interest, the Engineer’s report with items of interest from Maintenance, and the most recent Sales.

ADJOURNMENT

There being no further business, after a motion by Monique Fouant, Seconded by Jean Shamo the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve adjournment of the March 8, 2021 Board Meeting at 8:39PM.

OWNER FORUM – Via ZOOM Chat

The Board of Directors and Management addressed feedback and questions from Unit Owners participating in the meeting via ZOOM chat. 

The next Board Meetings are scheduled for Monday March 22^nd and April 12^th. All meetings will continue to be held online via ZOOM. Instructions to join the meeting will be posted in advance on our bulletin boards, and the website at www.ptcondo.com.