BOARD OF DIRECTORS MEETING

Agenda & Report

Monday January 13th, 2020, 7:30pm

Following Special Meeting of the Unit Owners

2nd Floor Party Room

6:30PM – CLOSED SESSION (Management Office)

7:30PM – Special Meeting of the Unit Owners – 2020/2021 Budget Review

OWNER FORUM – 15 minutes, 2 minutes per person

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

CALL TO ORDER

Roll Call – Confirm Quorum

The meeting chair, expected to be Board President Michael Parrie, 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.

Board Report

The Board President 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 December 9, 2019

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday December 9, 2019, as submitted by Timothy Patricio, Property Manager.

A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Saturday December 9, 2019.”

3. PTCA 2020/2021 Budget

The purpose of this action item is should the Board to consider formally accepting the budget for the Association’s 2020/2021 fiscal year.

A sample motion: “I move the Board of Directors adopts the budget as proposed and presented to Unit Owners for the fiscal year starting March 1st  2020 and ending February 29th 2021, with a 3.5% increase in assessments, a 4.12% increase in total expenses, and a projected reserve contribution of $1,791,100.”

Should the Board wish to make edits to the budget, they should be noted in the resolution, as well as whether a revised proposed budget should be mailed to the ownership.

4. Amended Rules and Regulations

Attached to the meeting report for Board review is the final revised and proposed Rules & Regulations handbook. Should the Board agree with the content and changes, we suggest it be forward to legal counsel to review and comment on the changes.

After that step, it should be mailed to Unit Owners for their review and consideration. It is suggested that the required Special Meeting of the Unit Owners be held following the necessary review period and prior to adoption of the Rules, which could be held prior to a future Board of Directors Meeting. Following review by counsel, any necessary edits can be made, such a meeting could be scheduled and a draft forwarded to owners.

A sample motion: “I move the Board of Directors accepts the proposed draft of the Rules and Regulations handbook including changes proposed by the Board of Directors and Ad Hoc Commission to Review the Rule and Regulations, and hereby directs Management to submit the changes to legal counsel for review.”

5. Support Animal Request

Attached to the meeting report for Board review is an application from a Unit Owner for authorization to keep a Support Animal in the unit, as well as a written opinion in response from the Association’s legal counsel.

A sample motion: “I move the Board of Directors approves [or] denies a Unit Owner’s request for a support animal.”

6. Garage Project Credits

As a part of the planning process for the Garage Project, we have devised a credit schedule for parkers that are displaced when their space is being worked on. The Board approved a budget of $75,000 for potential credits, which represents one total month of income for garage business.

We propose the following: On 1p, we expect every parker to be displaced during their phase, for up to 4 weeks barring unforeseen conditions. On 2p, parkers will be displaced for the first 3 days of their scheduled phase, and as needed to perform concrete repairs on the ceiling. We anticipate the ability to accommodate up to 35 parkers in valet, and plan to do that on a first come first serve basis for 1p parkers, and 2p parkers as we are able. Parkers would have a choice to valet park, or accept a credit for their space based on the time they are otherwise without parking.

We anticipate 8 phases of work – and 7 will displace parkers on 1p and 2p. All phases of work are expected to be completed within 4 weeks. Barring unknown conditions, our plan for credits as outlined above should fall well within the budget of $75,000.

We request the Board discuss this, and approve a requisite resolution.

Business Reports

1.     Treasurer’s Report

We did not receive the traditional reports we have in the past, so the following is the best we can ascertain (for now) from what was reported by FirstService Residential:

Fund Balances End of Novermber 2019

Operating Funds $673,925 (increase of $290,010 from prior month)

Reserve Funds $2,350,329 (increase of $1,744 from prior month)

Total Cash and Investments $2,731,870 (increase of $292,384 from prior month)

November 2019 Revenue and Expenses

Total Operating Revenue: $569,615

Total Operating Expenses: $473,793

Income From Garage: (included above)

Contribution To Reserve: $144,975

Total Defecit: $49,153

CD Transactions

In consultation with the Board Treasurer, a 1 year CD with Veritex Community Bank was purchased from matured funds at Byline bank, totaling $104,252.22 with a 1.81% yield:

A sample motion follows: “I move the Board of Directors approves the purchase of a $104,252.22 Certificate of Deposit with a 1.81% interest rate yield for 12 months with International Bank of Chicago, for the Operating Fund investments, scheduled to mature on December 11, 2020.”

2. Management Report

a. Business and Activities

b. Recent Sales Activity

c. Garage Project Discussion

ADJOURNMENT

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

A sample motion: “I move the Board of Directors adjourns the January 13, 2020 Board Meeting at ____PM.”

OWNER FORUM – 15 minutes, 2 minutes per person

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

Next Board Meetings Scheduled for Monday January 27th at 7:30pm, and Monday February 10th. All meetings are held in the 2nd Floor Party Room at 7:30pm unless otherwise posted.