Post Meeting Roundup Monday Oct. 8th
October 10, 2018
BOARD OF DIRECTORS MEETING
Monday October 8, 2018 7:30PM
Roundup Report
2nd Floor Party Room
6:30PM – Closed Session (Held by Board in Management Office)
7:30PM – OWNER FORUM
The Board and Management addressed feedback and questions from Unit Owners.
OPEN SESSION – Call to Order
The meeting Chair, Board President Michael Parrie called the meeting to order at 7:38PM.
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 Paul Heck, 2nd Vice President Monique Fouant, Treasurer Jean Shamo, and Secretary Kenneth Anderson.
Present from management was Draper and Kramer Senior Vice President and Property Supervisor David Barnhart, and Property Manager Timothy Patricio.
Committee Reports
Social Committee Chair Sheldon Atovsky reviewed business and activities underway, including the People To People kick-off meeting planned for Tuesday October 9th, and the upcoming Movie Night on Saturday October 13th. The next meeting of the Committee will be Wednesday October 17th at 6:30PM in the Party Room.
Board Report
On behalf of the Board, Board President Michael Parrie thanked the social committee for another successful TGIF event last month, which he commented was even more special as the PT community celebrated the retirement of Sue and Jim. The Board thanks Sue and Jim for their 37 years of service as our dry cleaning and package receiving service, and wishes them well as they begin their retirement next month.
Action Items – New Business
- Closed Session Business
After a motion by Michael Parrie, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve fining 9 unit owners $100 for the first month, to double thereafter for each subsequent month, up to the maximum fine of $1,000 per month, for not having proof of insurance.
After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to approve fining 2 unit owners $50 for the first month, to double thereafter for each subsequent month, up to the maximum fine of $200, for not attending the new residents’ meeting.
After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve fining a unit owner in case #9.5.18 $250 for an unauthorized tenant move in.
After a motion by Michael Parrie, seconded by Kenneth Anderson, the Board of Directors voted unanimously in favor of a resolution to approve fining a unit owner in case #9.12.18 $250 for an unauthorized construction, $50 for excessive noise and $250 for a health and safety violation.
- Minutes – Board Meeting September 24, 2018
After a motion by Kenneth Anderson, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve the minutes from the Board Meeting held on Monday September 24, 2018.
To view or download a copy of the minutes, Click Here
- East Central Roof Replacement
After a motion by Paul Heck, seconded by Monique Fouant, and discussion, the Board of Directors voted unanimously in favor of a resolution to approve replacement of the East Central gravel roof, as proposed by Knickerbocker Roofing at an estimated expense of $78,400.
- Exterior Inspection
After a motion by Paul Heck, seconded by Monique Fouant, and discussion,the Board of Directors voted unanimously in favor of a resolution to approve the exterior sealant and anchorage inspections as proposed by Wiss, Janney, Elstner, including the presentation of a Critical Examination Report to the City of Chicago, at a cost not to exceed $13,500, and the proposal by JLJ Contracting for swing stage rental and operation for $20,960.
- Termination of Package Room Lease
After a motion by Monique Fouant, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve the early termination of the ‘Receiving Room Lease’ with Sue and Jim Kim and Park Tower Cleaners as of October 31, 2018.
Business Reports
Treasurer’s Report
Board Treasurer Jean Shamo reviewed Fund Balances and Revenue and Expenses for the most recent month of activity.
Fund Balances End of August 2018
Operating Funds $862,762 (decrease of $36,452 from prior month)
Reserve Funds $1,574,454 (increase of $203,899 from prior month)
Total Cash and Investments $2,437,216 (increase of $194,447 from prior month)
August 2018 Revenue and Expenses
Total Operating Revenue: $524,014
Total Operating Expenses: $335,202
Income From Garage: $28,784
Contribution To Reserve: $136,675
Total surplus: $80,921
CD Transaction
After a motion by Jean Shamo, seconded by Kenneth Anderson the Board of Directors approve the purchase of a $105,180 Certificate of Deposit with a 2.6% interest rate for 17 months with Byline Bank, for the Reserve Fund investments, scheduled to mature on February 20, 2020.
Management Report
Property Manager Tim Patricio reviewed current business and activities of interest, and key data from the Monthly Activity Report, and the most recent Sales data available.
ADJOURNMENT
There being no further business, after a motion by Kenneth Anderson, seconded by Monique Fouant,the Board of Directors adjourns the October 8, 2018 Board Meeting at 8:01PM.
OWNER FORUM
The Board and Management addressed feedback and questions from Unit Owners.
Next regular Board Meetings – Monday October 22nd 7:30PM and Saturday November 3rd 9AM
Resident Forum – Monday October 29th 7:00PM
About the Author: Tim Patricio
Park Tower Horizons
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