PARK TOWER CONDOMINIUM ASSOCIATION

2022 PTCA Annual Meeting and June 2022 Board Meeting

Round Up Reports

2022 ANNUAL MEETING

Monday June 13, 2022 7:30PM

Party Room 2nd Floor

Call To Order

The Meeting Chair current Board President Michael Parrie called the 2022 Annual Meeting of the Park Tower Condominium Association to order at 7:32PM, and confirmed with the Picker and Associates auditor a minimum 20% quorum of Association members present in person or by proxy, in order to conduct the meeting.

Introduction of Board Members, Management and Election Tabulator

The meeting chair introduced the current Board Members, representatives present from Management and Election Tabulator from the Association’s auditing firm Picker and Associates.

Present from the Board of Directors was Michael Parrie, Jean Shamo, Sheldon Atovsky and Catherine Kestler. Absent was Monique Fouant.

Present from Management was Property Supervisor Dave Barnhart, Property Manager Tim Patricio and Assistant Manager Danny Bravman.

Present from Picker and Associates for ballot tabulation, was auditor Alexa Freeman.

Approval of Minutes: Annual Meeting June 14, 2021

Meeting Chair Michael Parrie called for a motion to approve the minutes of the June 14, 2021 PTCA Annual Meeting.

After a motion by Betty Terry-Lundy (4306-4406), seconded by Martin Fiesler (4801), the Unit Owners of the Park Tower Condo Association unanimously voted in favor of a resolution to approve the minutes from the 2021 Park Tower Condo Association Annual Meeting held on June 14, 2021.

Meeting Chair Michael Parrie confirmed the ayes had it unanimously.

To review or download the approved minutes, Click Here.

Statement of Purpose of Meeting: 

Meeting Chair Michael Parrie stated the purpose of the 2022 Annual Meeting is to elect two Unit Owners to the Board of Directors to each serve a two-year term.

Introduction of Candidates

Meeting Chair Michael Parrie introduced the Candidates of Record: Sheldon Atovsky (Unit 3306), Shalise S. Ayromloo (Unit 4906), Monique Fouant (Unit 4701). He then called for any nominations from the floor, and none were made.

He then called for a motion for final call for ballots.

After a motion by Carlos Vargas (4914), seconded by Lloyd Allison (1901), the Unit Owners of the Park Tower Condo Association unanimously voted in favor of a resolution to approve making a final call for ballots at 7:36PM.

Meeting Chair Michael Parrie confirmed the ayes had it unanimously.

The Association’s auditor made a final collection of ballots.

Announcement of Election Results

Meeting Chair Michael Parrie confirmed with the auditor that the preliminary election results were ready to be summarized by the Election Tabulator Alexa Freeman. The Election Tabulators presented the percentage of the quorum, and portion of the vote each candidate received:

Total Quorum:          29.04%

In order by highest percentage of vote:

Monique Fouant       24.98%

Sheldon Atovsky       21.81%

Shalise Ayromloo        8.7%

It was noted the election results were expected to be formally certified by letter from the auditor the next business day: Click Here To Review Certified Results

Adjournment

There being no further business, Meeting Chair Michael Parrie called for a motion to adjourn the 2022 Annual Meeting.

After a motion by Lloyd Allison (1901), seconded by Terry Gorman (3307), the Unit Owners of the Park Tower Condo Association unanimously voted in favor of a resolution to approve adjourning the 2022 Annual Meeting at 7:41PM.

Meeting Chair Michael Parrie confirmed the ayes had it unanimously.

June 13, 2022 Board of Directors Meeting

Monday June 13, 2022

Roundup Report

OWNER FORUM – 7:41PM

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

CALL TO ORDER – Board Meeting Open Session

Current Board President Michael Parrie, called the meeting to order at 8:17PM.

Confirm Quorum

Meeting Chair Michael Parrie confirmed a quorum of Board Members is present.

Present from the Board of Directors was Michael Parrie, Jean Shamo,  Sheldon Atovsky and Catherine Kestler. Absent from the Board was Monique Fouant.

Present from Management was Property Supervisor Dave Barnhart, Property Manager Tim Patricio and Assistant Manager Danny Bravman.

Commission Reports

Acting Social Commission Chair Sheldon Atovsky discussed Zoom discussion groups and mentioned notes from Reducing Your Carbon Footprint are available on request. He discussed the success of movie night (Encanto) and there were 44 attendees, and spoke about the important need for volunteers and coolers for the upcoming Independence Day Celebration planned for July 3rd. Click Here for the latest Commission Report

Liaison Catherine Kestler reported there was no ASCO report for the month.

As Commission Liaison, Michael Parrie discussed key Home Improvement Commission efforts, including selecting a carpeting plan for the hallway remodel mock ups. Paint and wallpaper choices are set for discussion at their July 12th, 6pm meeting. Click Here for the latest Commission Report

Board Report

Board President Michael Parrie thanked owners who voted in our annual meeting in order to ensure we meet the 20% quorum required by our Declaration.

He said the Board would also like to thank our chief engineer Patrik Janic and the maintenance team for their work on the HVAC pump project.  The new pumps replace ones original to the building and are more energy efficient.  Owners should be aware that these pumps move all the water throughout our convectors, and thus it was necessary to turn off all heat and air conditioning.  A week’s worth of discomfort has gained us years of stability.

Finally, he reported that Reserve Advisors has provided the Board and Management with a 124-page draft copy of our updated reserve study.  Over the next month, we will be reviewing it and planning for future short- and long-term projects.  It will be a strong consideration of our reserve account assessment contribution based on updated costs relative to our current economic environment and inflation.  Reserve Advisors is using 3.5% as the estimated inflation rate for estimating future replacement costs and 1.3% as the estimated annual rate of return on invested reserves (CDs).  They recommend we increase our reserve contribution from $1,794,800 this year to $2,162,800 next year, an increase of $368,000.  This reflects a potential 6.3% increase in assessments, besides consideration of utilities and payroll.  Once the Board formally accepts the draft, most likely at the July 11^th Board meeting, it will be available for owners to review.

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 deny an owner’s request to reimburse the difference between the double membership and a single membership of the health club.

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 an owner’s request to remove additional late fees beyond the typical one waived per calendar year, and the same owner’s request to remove attorney’s legal fees.

2.            Minutes – Board Meeting May 9, 2022

After a motion by Sheldon Atovsky, seconded by Catherine Kestler, 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 May 9, 2022.

3.            Updated 22.1 Disclosure

After a motion by Jean Shamo, seconded by Catherine Kestler, 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 through April 2022.

4.            Health Club Cardio Equipment

After a motion by Catherine Kestler, 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 replacement of the Cardio Room equipment as recommended by the Health Club Commission and proposed by Total Fitness Connection at a total cost of $61,233.48.

5.            Party Room Chairs

After a motion by Michael Parrie, 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 the purchase of 40 new chairs and 4 racks for the Party Room, as recommended, at an expense of $23,776.98, and approves the removal of the current upholstered chairs and the orange hard shell chairs.

6.            Outdoor Pool Electrical Repair

After a motion by Catherine Kestler, seconded by Jean Shamo, and discussion, the matter was tabled for further consideration at a later meeting.

7.            Fire Panel Replacement

After a motion by Sheldon Atovsky, seconded by Catherine Kestler, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approves the replacement of the lobby Life Safety Panel and ancillary devices as proposed by Fox Valley Fire & Safety at an expense of $78,260.

8.            Construction Requests

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 the remodeling plans for units 1714, 2602 and 3812 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 Jean Shamo reviewed key data from the April 2022 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.

Fund Balances End of April 2022

Operating assets totaled $1,472,694 and the Reserve cash and investments were $3,534,637 for a total of cash and investments of $5,007,331.

April 2022 Revenue and Expenses

Total Operating Revenue: $595,932

Total Operating Expenses: $416,617

Income (Loss) From Garage: $30065

Contribution To Reserve: $149,567

Total Surplus/(Deficit): $59,813

2.     Management Report

Property Manager Tim Patricio reviewed key data from the monthly activity report and the most recent sales.

ADJOURNMENT

There being no further business, after a motion by Catherine Kestler, 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 adjourning the June 13, 2022 Board Meeting at 8:47PM.

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 June 27th and July 11th at 7:30PM in the 2nd Floor Party Room.