BOARD OF DIRECTORS MEETING

Following The Special Meeting Of The Unit Owners To Review The Proposed 2024/2025 PTCA Operating Budget

Monday January 8, 2024

Post Meeting Roundup

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 and Unit Owner account issues.

7:30PM – Special Meeting To Review The Proposed Budget 

Board President Michael Parrie brought the meeting to order at 7:30pm, directed discussion and called on participants to speak as necessary.

MEETING BUSINESS

A PowerPoint Presentation of the Proposed Budget and related business was made and narrated by Board President Michael Parrie.

To review the Presentation, Click Here.

The Board and Management welcomed Unit Owner questions and comments regarding the Proposed Operating Budget for the 2024/2025 Fiscal Year, which was distributed by U.S. Mail the week of December 18, 2023.

ADJOURNMENT (of Special Meeting)

After a motion by Catherine Kestler (Unit 4501), seconded by Elisa Pinzon (Unit 2607), the Ownership of the Park Tower Condominium Association voted unanimously in favor of a resolution to adjourn the January 8th, 2024 Special Meeting of the Park Tower Condo Association Unit Owners for review of the proposed operating budget for the 2024/2025 fiscal year, at 8:23pm.

CALL TO ORDER – January 8, 2024 Board Meeting Open Session

The meeting chair, Board President Michael Parrie, called the meeting to order at 8:24pm. 

Confirm Quorum

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

Present from the Board of Directors was Michael Parrie, Sheldon Atovsky, Lloyd Allison, and Angie Eden. Absent from the Board was Monique Fouant.

Present from Management was Property Supervisor Shruti Kumar, Property Manager Tim Patricio and Assistant Manager Danny Bravman.

Additional Agenda Item

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to add Agenda Item #8 to consider appointing new members to the Social Commission.

Commission Reports

Social Commission Acting Chair Sheldon Atovsky reported on the coming Movie Night Saturday January 13th at 4:30pm. The next Commission Meetings via ZOOM will be on Wednesday January 17th and February 21st at 7pm. Also announcements will be coming for this years Ukranian Egg Decoration workshops expected to be held in March. Also Easter Egg Hunt and Brunch will be held on Saturday  March 30th in the Party Room at 9:30am. Watch for additional bulletins in the Weekly News and Updates and/or join the Commission’s e-mail list by sending a request to ptcasocial@rcn.com.

To review or download the most recent Social Commission Report, Click Here.

On behalf of the Home Improvement Commission, Board President Michael Parrie encouraged Owners to check out the new service area flooring on 55th and 54th Floors.

On behalf of the Health Club Commission, Board President Michael Parrie thanked members for responding to the recent survey regarding the status of the outgoing Life Fitness Multi-gym and its possible replacement.

Board Report

Board President Michael Parrie referenced the Budget Presentation to act as this evenings report. To review the presentation, Click Here.

Action Items 

1. Closed Session Business

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine three 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 for not providing adequate proof of insurance.

After a motion by Michael Parrie, seconded by Angie Eden, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine two 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 Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a Unit Owner $500 for excessive odors.

After a motion by Michael Parrie, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to fine a unit owner $400 for the unscheduled move, $100 for luggage cart misuse and $50
for improper chute use.

After a motion by Michael Parrie, seconded by Angie Eden, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to conditionally approve two Unit Owner requests for a Support Animal, pending recommendations from Association counsel to authorize the requests.

2. Minutes – Board Meeting December 11, 2023

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted 3 to 1 in favor of a resolution to approve the minutes from the Board Meeting held on Monday December 11, 2023. Angie Eden abstained.

To review and download the approved minutes, Click Here.

3. Updated 22.1 Disclosure

After a motion by Angie Eden, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the 22.1 disclosure as drafted with the best available information as of December 2023.

4. Proposed 2024/2025 Operating Budget

After a motion by Lloyd Allison, seconded by Sheldon Atovsky, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve adoption of the budget as proposed and presented to Unit Owners for the fiscal year starting March 1, 2024 and ending February 28, 2025, with a 4% increase in assessments, a 4.6% increase in total anticipated operating expenses, and a projected reserve contribution of $2,066,800.

5. Water Treatment Contract

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, and discussion, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the water treatment service and supply contract as proposed by HOH Water Technology at a base expense of $14,400 for Year 1, $16,800 for Year 2, and $19,200 for Year 3.

6. Garage EV Charging Stations

Michael Parrie discussed some of the findings reported by Management and stated at this time we are not going be pursuing the independent charging stations.

7. Construction Requests

After a motion by Michael Parrie, seconded by Angie Eden, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the remodeling plans for 3201, 3309 and 4507 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.

8. Social Commission Appointments

After a motion by Sheldon Atovsky, seconded by Lloyd Allison, and discussion, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approve the appointment to the Social Commission of Sheri Hodges (Unit 401) and John Yardley (Unit 401) as of this meeting, January 8, 2024.

Business Reports 

1. Treasurer’s Report

Board Treasurer Lloyd Allison reviewed highlights from the November 2023 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of November 2023

Operating assets totaled $1,952,356 and the Reserve cash and investments were $4,807,022 for a total of cash and investments of $6,759,378.

November 2023 Revenue and Expenses

Total Operating Revenue: $618,799

Total Operating Expenses: $449,288

Income (Loss) From Garage: $45,371

Contribution To Reserve: $164,975

Total Surplus/(Deficit): $49,908

2. Management Report

General Manager Tim Patricio reviewed current business and activity of interest and reported there were no sales in November.

ADJOURNMENT

There being no further business, after a motion by Angie Eden, seconded by Lloyd Allison, the Board of Directors of the Park Tower Condominium Association voted unanimously in favor of a resolution to approves adjourning the January 8, 2024 Board Meeting at 8:43pm.

OWNER FORUM

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

The next Board Meetings are scheduled for Monday January 22nd and February 12th at 7:30PM. On Saturday January 27th at 11AM, there will be a Resident Forum (Open to Owners and residents). At this time, all such events are anticipated to be held in the 2^nd Floor Party Room.