BOARD OF DIRECTORS MEETING

At Suspension and/or Following 2022 PTCA Annual Meeting

Monday June 13, 2022 7:30PM

Management Report

6:30PM – CLOSED SESSION

The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.

2022 PTCA ANNUAL MEETING – 7:30PM

OWNER FORUM – TBA

The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.

CALL TO ORDER – Board Meeting Open Session

The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order.

Confirm Quorum

The meeting chair will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.

Commission Reports

Commission chairs or members so designated will be invited to update the Board and Owners on business and activities.

Attached to the report for Board Review is the most recent report submitted by the Home Improvement Commission.

Board Report

The meeting chair may give a report on current Association business and activities of interest.

Action Items

1.            Closed Session Business

This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.

2.            Minutes – Board Meeting May 9, 2022

Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday May 9, 2022, as submitted by Assistant Property Manager Danny Bravman, for Board consideration.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on Monday May 9, 2022.”

3.            Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through April 2022 for formal Board approval.

The 22.1 Disclosure, is a standard document we provide upon request in the event of any sale and make available for inspection to the prospective purchaser. This incorporates:

(1) A copy of the Declaration, by-laws, other condominium instruments and any rules and regulations.

(2) A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of this Act or the condominium instruments.

(3) A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal years.

(4) A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of Managers.

(5) A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is available.

(6) A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.

(7) A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.

(8) A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium instruments.

(9) The identity and mailing address of the principal officer of the unit owner’s association or of the other officer or agent as is specifically designated to receive notices.

As a matter of routine, we continue to update this regularly, and will present it periodically for Board review and formal approval.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the 22.1 disclosure as drafted with the best available information through April 2022.”

4.            Health Club Cardio Equipment

Attached to the report for Board Review is the proposal and spec sheets for the as is replacement of the Cardio Room Equipment. Existing MATRIX equipment is proposed to be replaced with the newest MATRIX models.

Although this project has been bumped a couple years due to extenuating circumstances, this planned 5 year replacement has been on the outlook. The 2022/2023 reserve budget includes $55,000 for as is replacement of the existing cardio equipment. However, since the time of securing a quote for budgeting, the cost of the equipment has gone up due to inflation, now at a total of $61,233.48.

Attached you will find correspondence relative to this between the Board President, management and the acting Commission Chair. The Health Club Commission suggested they could forego replacement of the Nu-Step machine, which would bring the total closer to budget, at $56,476.42. Management believes the difference with the Nu-Step is really not a very material difference when you consider the Association’s present finances, and other business we’ve been fortunate to experience savings on. It is really for the Board to decide.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves 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

Attached to the report for Board Review is a proposal for replacement of the Party Room chairs, as recommended by the Home Improvement Commission. The 2022/2023 Reserve Budget included funding of $39,700 for improvements to the Party Room. The proposed chairs and finishes were reported in the March and April Commission reports, and a final decision was made at their May meeting.

They chose the above (of those considered at the meetings), the Davis Furniture A-Chair w/Argyle Boucle, Watercolor fabric and Stone shell (off white). The recommend purchasing 40 of these chairs and 4 of the corresponding racks to hold them. They also recommend getting rid of the current upholstered chairs and orange hard shell chairs, while only keeping the brown hard shell chairs.

The total proposed expense is $23,776.98 through Stack/Brogan. Attached to the report with the proposal for Board review, you will see an original proposal as well as communication with the vendor – we have the Commission Chair Erik Butka to thank for 50% discount on this particular chair.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves 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

While completing the outdoor pool repair, it was discovered both lights are no longer working. As they troubleshooted, several problems with the line were discovered and since much of it has to be accessed in hard to reach locations, we are opting to recommend replacement of the lights and a full replacement of the wiring, conduit and circuit breaker box. The box appears to be original, if not several decades old:

This was not specifically budgeted for. However, $33,800 was considered in the 2022/2023 Reserve Budget for the Outdoor Pool Repair Project, and that came in at just under $16,000, a difference of about $17,800.

The proposals for the electrical work are attached to the report for Board review, and are as follows:

Dunning Electrical Services           $8,873

Quality Mechanical                         $10,420

Sievert Electric                                 $10,875

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the outdoor pool electrical repairs as proposed by Dunning Electrical Services at an expense of $8,873.”

7.            Fire Panel Replacement

Attached to the report for Board review are proposals for replacement of the main lobby fire panel and devices. Consistent with code, industry recommendations and the Reserve Study, these are recommended for replacement after 15 years – in fact, some would consider our current system to now be obsolete with the risk of some parts becoming unavailable relatively soon. As most major components were installed in 2007, including the lobby panel itself, replacement was budgeted now that we’ve reached that benchmark.

The reserve budget for 2022/2023 included $67,900 for this effort. Following the proposals, you will find the spec sheets for the brand of equipment each vendor is proposing:

Fox Valley Fire & Safety (HONEYWELL)    $78,260

Johnson Controls (SIMPLEX)                        $89,222 plus tax*

Phoenix Fire Systems (GAMEWELL)           $71, 896

*Johnson Controls has advised us this number is no longer good due to supply issues, and we are awaiting a revised proposal.

As you can see, inflation has impacted the pricing compared to what we budgeted, which is no surprise since this involves complicated electronics. Something that has been heavily influenced by the present state of the economy. However, we would say the difference is relatively negligible when you consider the Association’s present finances and our performance relative to other budgeted projects.

Of the brands, management is most comfortable with Honeywell and Simplex. Also, the vendor most familiar with our building at this time, is Fox Valley. So with the information we have, we are willing to suggest proceeding with Simplex.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association 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

Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:

Unit 1714            Bathroom Remodel/Washer & Dryer

Unit 2602            Kitchen Remodel

Unit 3812            Kitchen Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans for units 1714, 2602 and 3802 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

Attached to the Report for Board Review is 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

a. Business and Activities – Property Manager Tim Patricio will review current business and activities of interest.

b. Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.

c. Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales. The current Sales & Lease reports are attached to the meeting report for Board review.

ADJOURNMENT

There being no further business, the Board will consider adjourning the meeting.

A sample motion: “I move the Board of Directors adjourns the June 13, 2022 Board Meeting at ____PM.”

OWNER FORUM

The Board of Directors and Management will welcome and address 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.