As mailed to PTCA Unit Owners on Friday May 17th

2024 ANNUAL MEETING NOTICE

Monday June 10, 2024 at 7:30PM

Dear Unit Owner,

The Park Tower Condo Association’s 2024 Annual Meeting of the Unit Owners will be held on Monday June 10, 2024, at 7:30pm in the 2nd Floor Party Room at 5415 North Sheridan Road, Chicago, IL, 60640. An election to fill two (2) open Board seats will be held, as well as the June 2024 Board Meeting. The Association’s auditors with Picker & Associates will be present to accept proxy forms, facilitate voting for anyone who prefers to vote in person at the meeting via an Official Ballot, and ultimately to tabulate and certify the results. The Board Meeting is expected at either a suspension of the Annual Meeting or the adjournment, depending on the timing of the auditor’s tabulation efforts.

Owners are welcome and strongly encouraged to participate in the meeting, but we urge as many Owners to participate in advance by submitting their proxy forms by mail or dropping them in the Proxy Box at the front desk. This is particularly important should you be unable to attend in person so we can reach the 20% quorum required to conduct business.

During the Annual Meeting, the Association will hold an election to fill two (2) positions on the Board of Directors for two (2) year terms. The meeting requires a minimum 20% presence of unit Owners for quorum, either in person or by proxy. To participate via proxy, please follow the enclosed instructions and either return a signed and dated proxy form in the addressed envelope (to the auditing firm Picker and Associates) or have the individual you assign as proxy attend the meeting with the form.  For Owners of multiple units, a proxy form for each unit is enclosed. At the meeting, the auditor will transfer any indicated votes on proxy forms to Official Ballots at the meeting.

Owners can also vote via the Official Ballot to be provided at the meeting, to be issued by an auditor. The auditor will register all ballots for use at the election in the 2^nd Floor Party Room. IMPORTANT – To receive formal ballots at the meeting, Owners and proxy holders will need to bring a current government issued picture ID to confirm their identity.

The election will be conducted by ‘Secret Ballot’. Ballots shall be marked only with the percentage of Ownership for the unit, and the list of candidates and lines for write-ins. The auditor will register the ballots to Owners and proxy holders who choose to vote via ballot. They will also assign ballots to any proxy forms mailed without another individual assigned as proxy. Owners who mail or drop off the proxy form in advance, can either assign another individual as proxy (where indicated), or leave it blank. For the purpose of exercising the proxy form as directed by the Owner, a designated Board Member not running for election, will cast a ballot as indicated by the Owner. If a vote is not exercised on the proxy form, only the unit’s percentage of Ownership will be counted towards quorum.

Owners of record who submitted Candidate Application Forms by the May 10, 2024 deadline are listed as candidates on the proxy form and ballots.  There are blank spaces for write-in candidates.  Nominations for additional candidates can be taken in advance of balloting the night of the meeting. Candidates listed on the proxy have agreed to abide by the ‘Board Election Rules’ from the Park Tower Condominium Rules and Regulations Handbook. Included in the ‘Board Election Rules’ are the policies on campaigning, solicitation, and advertisement. Please contact the Management Office if you would like a copy or to report any violations. The rules can also be found at www.ptcondo.com/library.

It is important to note that in accordance with the Corporate Transparency Act (CTA) that went into effect on January 1, 2024, all new and incumbent board members will be required to file “Beneficial Ownership” information and documentation with Financial Crime Enforcement Network (FinCEN) before January 1, 2025. Non-compliance of this requirement may result in a daily inflated fine of $591 and criminal penalties such as $10,000 fine and possible incarceration. At the annual meeting, all qualifying elected and current board members will be required to complete the form needed to file the BOI with FinCEN. Please refer to the attached article for more information on CTA and visit https://www.fincen.gov/boi-faqs.

The formal applications and information submitted by each candidate is enclosed for consideration. Each are invited to speak at Meet The Candidates Night, Wednesday, June 5th at 7pm in the 2nd Floor Party Room. 

The Meet The Candidates Night is intended as a formal group meeting, chaired by a non-participating Board Member or an individual selected by the Board. Candidates will be welcome to make a short statement and then answer questions from members of the audience. Owners who cannot participate are invited to email questions in advance to parktowercondo-mgmt@habitat.com. We will forward these questions to the meeting chair for consideration, and respond with the answers once they are made available.  We encourage Owners to participate in the Meet The Candidates Night and discuss issues with them.

Due to the nature of this event, it is possible a quorum of the current Board will be present and may be discussing business related to the operation of the Association. Voting on resolutions will not take place and minutes will not be kept. However, consistent with the Association’s Bylaws and applicable law, since a quorum of Board Members is anticipated, please consider this formal notice of a Board Meeting at the above dates and times.

Please contact the Management Office if you have any questions regarding the 2024 Annual Meeting, proxy form, voting procedure or any other related business. The team can be reached at parktowercondo-mgmt@habitat.com, or by phone at 773-769-3250.

Respectfully,

Michael Parrie

Board President

Park Tower Condominium Association

PTCA 2024 Annual Meeting Notice Mailing

Generic 2024 Proxy Form