Special Meeting of The PTCA Unit Owners

Followed By The

Board of Directors Meeting

Roundup Reports

Special Unit Owner Meeting To Vote On The Purchase/Sale Of Unit 12c

Monday September 25^th, 2017

2^nd Floor Party Room

Call to Order – Board President Michael Parrie called the meeting to order at 7:32PM, and confirmed a quorum of at least 66 and 2/3rds of unit owners were present for the meeting and to hold the vote, either in person or via proxy.

Purpose of Meeting

Board President Michael Parrie explained the history of the 12c matter and purpose of the meeting to vote on giving the Board of Directors the authorization for the proposed purchase/sale of Unit 12c by the Association. This authorization is needed in order to complete the collections and foreclosure process against the unit owner for unpaid assessments and fees.

He explained that some owners may recall the space was the ‘old pharmacy’. Due to it’s percentage of ownership, it has an unusually high assessment and tax burden. Some things we know – the unit was sold for $15,000 in 2014, has a monthly assessment of about $1,900, the assessments have accumulated over the last few years to be around $80,000 and the annual property taxes appear to be just under $5,000 at present. Also, Lettuce Entertain You Enterprises has expressed oral and written interest in obtaining the property.

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

Call For Vote

After a motion by Patrick Wooldridge, owner of Unit 4206, seconded by Paul Groeninger, owner of Unit 4211, the Unit Owners of the Park Tower Condominium Association voted unanimously in favor of a resolution to vote whether to approve the proposed purchase and subsequent sale of Unit 12c by the Park Tower Condominium Association, specifically whereas the Board of Directors (the “Board”) of the 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 (“Declaration”), as from time to time amended (the “Property”); and WHEREAS, Unit 12(c) located at the Association is the subject of a lien foreclosure initiated by the Park Tower Condominium Association in a case pending in the Circuit Court of Cook County as Case No. Case No. 2016 CH 14259 and entitled Park Tower Condominium Association v. Sheridan Land Trust 5419, Unknown Occupants, and Unknown Owners. The Association would have to open the bidding at the judicial sale in connection with these proceedings in the amount of all sums due the Association by the unit owner, and the Association could become the successful purchaser if there are no higher bidders, and the Board of Managers of the Association and the unit owners contend that it is in the Association’s best interests to purchase and to subsequently sell Unit 12(c); and WHEREAS, Article III, Section 7 of the Association’s By-laws (attached to the Declaration as Exhibit C) and Section 18(b)(13) of the Illinois Condominium Property Act provide that the purchase and sale of Unit 12(c) requires the affirmative vote of not less than two-thirds (2/3) of the votes of unit owners in the Association at a meeting duly called for that purpose, NOW, THEREFORE, BE IT RESOLVED THAT the Park Tower Condominium Association, through the Board of the Association, purchase and subsequently sell Unit 12(c) on such terms and conditions as determined by the Board of the Association.

After confirming the ayes have it, and the motion passed unanimously, the Board President Michael Parrie called for Owners to complete their ballots and turn them in to the Property Manager for tabulation.

Call To Close Vote

Once ballots were collected, Management was directed to begin a preliminary tabulation of the results, to be audited and confirmed within the next business day by the Association’s auditing firm Picker and Associates. After a motion by Paul Groeninger, owner of Unit 4211, seconded by Dennis Bradley, owner of Unit 304, the Unit Owners of the Park Tower Condominium Association voted unanimously in favor of a resolution to close the vote of the Unit Owners on whether to approve the proposed purchase and subsequent sale of Unit 12c by the Park Tower Condominium Association.

The Board President confirmed the ayse have it, and the motion passess.

Unit Owner Forum

While Management tabulated the preliminary results, the Board addressed questions and feedback from the Unit Owners present at the meeting.

Review Of Preliminary Results

Management reported completing a preliminary tabulation of the results. Upon request by Board President Michael Parrie, Property Manager Timothy Patricio reported that the measure passed with about 77.9% apparently in favor and .9% apparently against. He reported in lieu of the audit, the measure apparently passes with a vote exceeding the 66 and 2/3rds approval of the ownership required by the PTCA governing documents.

(CLICK HERE for the results of the audit of ballots and Proxy Forms, completed by Picker and Associates the following business day, and confirmation that the measure passed.)

Adjournment

There being no further business, after a motion by Ramona Weingarten, owner of Unit 4611, seconded by Laura Carl, owner of Unit 3015, the Unit Owners of the Park Tower Condominium Association voted unanimously in favor of a resolution to adjourn the September 25th, 2017 Special Meeting of the Park Tower Condo Association Unit Owners to vote on the proposed purchase and subsequent sale of Unit 12c, at 8:52PM.

SEPTEMBER 25th, 2017  BOARD OF DIRECTORS MEETING

Following Special Unit Owner Meeting

2nd Floor Party Room

OPEN SESSION – Call to Order

Board President Michael Parrie called the meeting to order at 8:52PM.

Roll Call – Confirm Quorum

The meeting chair confirmed a quorum of members was present; Board President Michael Parrie, Vice President Paul Heck, 2nd Vice President Monique Fouant, Board Treasurer Jean Shamo and Board Secretary Dave Nicosia, were all present.

Present from Management was Property Manager Timothy Patricio.

Committee Reports

The Ad-hoc Decs & Bylaws Commitee Chair Bob Shamo congratulated the Association, owners and Board on the passage of the 12c measure. He asked for formal thanks to be noted for Committee Members who called owners on their own time time. He estimated that members made anywhere from 20 to 60 calls apiece to encourage owners to attend the meeting or turn in a Proxy Form. Those callers were: Unit Owners Ken Anderson, Sheldon Atovsky, Dennis Bradley, Jeff Hauser, Ed Jaeger, Michael Parrie, Jean Shamo and Bob Shamo.

Board Report

On behalf of the Board, Board President Michael Parrie thanked the Ad-hoc Committee, and the management office, for all that they did to secure the vote for authorization for the Association to purchase Unit 12C, in order to proceed with the foreclosure for unpaid assessments and fees.  He acknowledged the process has been a community effort to round up owners and explain why their vote was necessary on this troublesome issue.  Finally, the Board would like to thank all owners who voted in the affirmative to purchase and re-sell unit 12C, so the foreclosure could move forward.

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 defend the case of Kevin Donnelly vs. Park Tower and Draper & Kramer, Inc. (Cook County Case No 2017 L 008772) and to tender the case to the Association’s insurance carrier for defense and coverage.

After a motion by Michael Parrie, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution for case #8.21.17.1, to approve a $50 fine for a unit owner for garbage chute abuse, and supports management’s addition of a $400 clean-up fee on the owner’s account.

After a motion by Michael Parrie, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution for case #8.17.17.1, to approve a $1,000 fine for a unit owner for violation of the Association’s leasing policy (short term/AirBnB rental).

After a motion by Michael Parrie, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution for case #8.24.17.1, to approve a $250 fine, to double thereafter for each subsequent occurrence, up to the maximum fine of $1,000, for an odor disturbance (smoking).

After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution for case #8.26.17.1, to approve a $100 fine for misuse of a luggage cart, and a $100 fine for misuse of the service elevator.

Minutes – Board Meeting August 28th, 2017

After a motion by Dave Nicosia, seconded by Monique Fouant, the Board of Directors voted 4 in favor, 1 abstention, to pass a resolution to approve the minutes from the Board Meeting held on Monday August 28th, 2017, as presented by Property Manager Timothy Patricio. Jean Shamo abstained.

(170828_Board_Minutes Click to view approved minutes.)

Purchase/Sale of Unit 12c

After a motion by Paul Heck, seconded by Monique Fouant, the Board of Directors voted unanimously in favor of a resolution to approve the purchase of Unit 12c in the pending foreclosure action filed by the Association and known as Case No. 16 CH 14259 in the Circuit Court of Cook County, following confirmation of Management’s tabulation of the Unit Owner vote results from the September 25th Special Meeting of the Unit Owners held for the purpose of getting authorization to purchase and subsequently sell Unit 12c, to be reviewed and confirmed the Association’s auditing firm Picker and Associates, and hereby directs Association’s legal counsel with Kovitz, Shifrin & Nesbit that following such confirmation and direction to proceed by Management that they take the necessary measures to complete the foreclosure process and that the bid in said foreclosure action be the sum total of the judgment of foreclosure entered on the Association’s behalf.

2nd Floor Carpeting Replacement

After a motion by Paul Heck, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to approve a budget of $14,000 to complete the replacement of the 2nd floor hallway and health club corridor carpeting, by a vendor to be determined.”

Roof Project Change Orders #1 and #2

After a motion by Monique Fouant, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve roof project change orders #1 (for $7,667) and #2 (for $6,722), to complete repairs to electrical outlets and lines found in a deteriorated condition, as proposed by the contractor Berglund Construction.

Unit Owner Request – Leasing Policy Exceptions

After a motion by Paul Heck, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to grant leasing policy exceptions for the Unit Owners of 4412, 4914 and 4909, for one year leases, with the understanding the leases will be entered within the next 8 weeks and the unit will actively remain on the market for the duration of the lease.

Health Club Membership Extensions

After a motion by Monique Fouant, seconded by Paul Heck, the Board of Directors voted unanimously in favor of a resolution to approve one month extensions to Health Club memberships, for current members who have been in good standing for the duration of the pool liner replacement project.

Construction Requests

After a motion by Michael Parrie, seconded by Jean Shamo, the Board of Directors voted unanimously in favor of a resolution to approve the remodeling plans of units 902, 1209, 3506, 5001, 5108 and 5311, 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.

Business Reports
1.     Treasurer’s Report – The Board Treasurer Jean Shamo reported recent Association financial activity.

a.           Fund Balances End of July 2017

Operating Funds $513,064 (increase of $3,664 from prior month)

Reserve Funds $1,790,337 (decrease of $79,701 from prior month)

Total Cash and Investments $2,303,400 (decrease of $76,037 from prior month)

b.           July 2017 Revenue and Expenses

Total Operating Revenue: $533,875

Total Operating Expenses: $342,669

Income From Garage: $29,436

Contribution To Reserve: $131,417

Total Surplus: $89,224

c.           CD Purchases

After a motion by Jean Shamo, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to approve the purchase of an $100,000 Certificate of Deposit with a 1.5% interest rate for 12 months with First Midwest Bank for the Reserve Fund, scheduled to mature on August 9, 2018.

2.     Management Report

Property Manager Timothy Patricio reviewed current business and activities, and recent sales info.

Adjournment

There being no further business, after a motion by Monique Fouant, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of a resolution to adjourns the September 25th, 2017 Board Meeting at 9:16PM.”

OWNER FORUM

The Board and Management addressed questions and feedback from the Owners present.