PTCA BOARD OF DIRECTORS MEETING

Monday March 10, 2025  7:30PM

2nd Floor Party Room

Agenda & Report

7:00PM – CLOSED SESSION

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

7:30PM – Owner Forum

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

CALL TO ORDER – 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

The meeting chair will invite commission representatives for any news, updates and reports.  Attached to the report for Board review is the most recent report from 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 Monday February 10, 2025

Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday February 10, 2025, as submitted by Community Manager Tim Patricio, 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 February 10, 2025.” 

3. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through January 2024 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:

• A copy of the Declaration, by-laws, other condominium instruments and any rules and
• 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
• A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal
• 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
• A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is
• A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.
• A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.
• 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
• 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

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 January 2024.” 

4. Elevator Door Hold Buttons

Attached to the report for Board review is a proposal from OTIS Elevator for custom door hold buttons. This was sought following a suggestion at the last Resident Forum. For about $278 per elevator, we can have custom made color buttons. The options are red, green, blue, yellow, pink and purple.

Elevator 9 is the garbage lift, so that one would not be needed.

A resolution can be proposed following discussion at the meeting as needed. 

5. Compactor Room Doors

Attached to the report for Board Member review are proposals for the budgeted replacement of the inner and outer compactor room doors. This was budgeted due to their age and growing malfunctions requiring frequent repairs and maintenance.

Here are some representative pictures of the locations:

Our team sought three proposals:

Door Systems     Inner doors – $7567     Outer doors – $7576     Total: $15,143

Industrial Door Co.  Inner doors – $7595     Outer doors – $8888     Total: $16,483

Tee Jay Service Co.    Total: $18,391

The planned budget for this work was $20,000. Our head engineer would like to suggest proceeding with Industrial Door. He said, although not the low bidder, we’ve given a lot of work to Door Systems, and he feels as though they have been moving slow on orders. Industrial has done excellent work in the past, and he would like us to consider them so we are cultivating more than one relationship for this type of work.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the replacement of the inner and outer compactor room doors as proposed by Industrial Door Company at an expense of $16,483, to be funded by the Reserve.” 

6. Circle Drive Planter and Driveway Repairs

Attached to the report for Board Member review are proposals for the budget repairs to the circle driveway and planter concrete and coping stones. This was planned by our team proactively due to noticeable deterioration of the planter copings and concrete around the triangle planter, as well as sealants and joints in the driveway. This will include the replacement of two of the circle drive planter copings which are exhibiting much more physical deterioration. Our team sought three proposals:

JLJ Contracting                 $29,990

Monson Nicholas            $17,155

Ward Contracting           $18,895

We also suggest a provision of $5000 to address any unforeseen conditions as they are conducting this work.

This effort was budgeted for $25,000. We would like to suggest proceeding with the low bidder on this work, Monson Nicholas.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the sealant, concrete and coping repairs to the circle drive and triangle planter, and driveway, as proposed by Monson Nicholas, Inc. at an expense of $17,155 and a provision of $5000 to address unforeseen conditions that may arise during the course of completing the work, for a total of $22,155, to be funded by the Reserve.” 

7. Elevator Remodeling Update

We’ve continued encountering a lack of responsiveness from the supplier for the stone, planned for installation on the upper wall of the elevator. Home Improvement Commission chair Erilk Butka has been seeking out alternative materials, and in fact received a number of options from the flooring vendor. The flooring is actually already in hand, and the reps were very responsive. They’ve suggested a number of possibilities which Erik is exploring.

We expect to have some direction and suggested changes in time to discuss at the meeting. If a resolution is necessary, a motion can be proposed at that time.        

8. Construction Request

We expect we may have construction requests for the Board to consider, in advance of the meeting.

A sample motion follows: “I move the Board of Directors approves the remodeling plans for _______, 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 most recent financial reports, for the period January 2025, are attached to the report for Board review.

Fund Balances End of January 2025

Operating assets totaled $1,896,389 and the Reserve cash and investments were $4,937,034 for a total of cash and investments of $6,833,423.

January 2025 Revenue and Expenses

Total Operating Revenue: $638,738

Total Operating Expenses: $515,418

Income (Loss) From Garage: $4648

Contribution To Reserve: $172,233

Total Surplus/(Deficit): $(44,264)

Action On Investments

An Operating Fund CD with Gold Coast Bank expired in February. After consultation with the Board President and Treasurer this was reinvested with the bank for a period of 60 months (5 years) at 4.5%. The investment confirmation is attached to the report for Board review. It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with the Treasurer and Board President for ongoing investment considerations.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the reinvestment of an operating fund CD with Gold Cost Bank, totaling $101,795, with an interest rate of 4.5% for a period of 60 months, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.”

2.   Management Report

Our team is still working on the Monthly Reports.

1. Business and Activities – Property Manager Tim Patricio will review current business and activities of
2. Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.
3. Recent Sales Activity – Property Manager Tim Patricio will review the most recent Sales.

ADJOURNMENT

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

A sample motion: “I move the Board of Directors adjourns the March 10, 2025 Board Meeting at ____PM.”

OWNER FORUM

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

The next regular Board Meetings are scheduled for Monday March 24th and April 14th at 7:30PM. Also, the next Resident Forum is scheduled for Thursday April 22nd at 7pm, all to be held in the 2nd Floor Party Room unless otherwise posted.