Monday April 8, 2024 7:30PM
2nd Floor Party Room
6:00PM – CLOSED SESSION
The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues or personnel matters.
7:30PM – 01/03 HVAC Riser Town Hall Meeting
OWNER FORUM
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 are the most recent Home Improvement Commission and Ad Hoc Rules Review Commission reports.
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
Attached to the meeting report for Board Member review, are the proposed minutes for the Board of Directors Meeting held on Monday March 11, 2024, as submitted by Property Manager Timothy 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 Monday March 11, 2024.”
Attached to the report for Board Member review is the updated 22.1 disclosure through March 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:
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 March 2024.”
Due to conditions our team experienced and observed while making very recent leak repairs along the lower half of the 01/03 heating and cooling riser, we recommend beginning the replacement process prior to cooling season. This is the riser serving the heating and cooling “convector” units in the ’03 studios and the ’01 guest bedrooms. The advantages are, this addresses potentially imminently problematic conditions we are aware of AND it will give us a better roadmap forward on the replacement of other such risers. These are tentatively earmarked by the Reserve Study to be done in phases beginning in 2029. It also helps us make sure we are adequately budgeting.
The obvious disadvantage is, this was not budgeted. Dollars though have been accruing in the reserve for this work to begin in 2029.
Attached to the report for Board review are the following proposals for the project, and we have starred “*” our recommendations:
HVAC Plumbing [Labor Only]
Biedron Heating & Cooling $160,090
Fettes Love & Sieben $268,970
WJO Chicago $144,094*
Insulation & Firestopping
Biedron Heating & Cooling $84,543 (on plumbing bid)
Dettmann Industries $68,220*
WJO Chicago $75,755 (on plumbing bid)
Preparation, Carpentry & Painting
Green Tech Decorating $109,200*
(Expecting at least one more proposal in time for meeting.)
For plumbing materials, attached you will find quote sheets from Porter Supply and Shilvock & Company. These are the wholesalers our team uses for routine work and other projects.
Porter Supply $117,550.21*
Shilvock Co. $80,154.73*
Shilvock does not carry everything we need, however, most of their stock is less expensive. Porter Supply’s quote reflects the bulk of the materials we believe are needed at present.
Members may have also noticed that each contractor quoted a material figure:
Biedron Heating & Cooling $158,443
WJO Chicago $144,323
(We are not including Fettes, as their number did not reflect several things including some big ticket materials.)
This demonstrates we can save tens of thousands of dollars by purchasing from our suppliers. We suggest a budget of $120,000. We should come under this, but plumbing unknowns may arise from unit to unit and convector to convector.
For other materials, including primer, drywall and other carpentry supplies, our team asked we consider setting a budget of $10,000. Attached you will find a Home Depot order which represents what we believe we will need, at $5768.40. However, from unit to unit we can anticipate more needs will arise as work progresses. Our team will be pricing materials as needed between Home Depot, Clark Devon, JC Licht, Sherwin Williams and others. Typically Home Depot has most materials in stock but at times JC Licht has better bulk pricing. They suggest establishing a base budget of $10,000.
In total, this is $451,514. We suggest a provision for unknown conditions of 5%, or about $22,500. So $474,014.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the replacement of the 01/03 HVAC riser as proposed by WJO Chicago for plumbing at $144,094, by Dettmann Industries, Inc. for insulation and firestopping at $68,220, and by Green Tech Decorating, Inc. for preparations, carpentry and paint at $109,200, and hereby establishes a budget of $130,000 for plumbing supplies and materials and a provision of $22,500 to address unknown conditions as they arise, for a total estimated project cost of $474,014, to be funded by the Reserve fund.”
Attached to the report for Board review are the following bids for the budgeted replacement of the rooftop heating and cooling unit for the weight room and racquetball court spaces within the health club:
Corcoran Heating & Air Conditioning $23,954.92
Hayes Mechanical $41,000
WJO Chicago $46,623
Corcoran is typically the lowest bidder on projects like this, however, Hayes and WJO propose using a crane to remove the existing unit and deliver the new one. If they are renting this equipment, it is likely adding quite a bit to their quote.
You will also see the spec sheet for the unit we specified, which is a Trane. There will be a one year labor warranty and 5 years on the Trane unit.
This replacement is budgeted for $28,400.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the replacement of the rooftop heating and cooling unit for the weight room and racquetball court as proposed by Corcoran Heating & Air Conditioning at an expense of $23,954.92, to be funded by the Reserve fund.”
Attached to the report for Board review are the following bids for the budgeted replacement of the 2nd Floor Roof Deck Membrane:
JLJ Contracting, Inc. $399,850
Monson Nicholas, Inc. $166,200
Ward Contracting $181,995
The budget for this project is $265,100
Monson Nicholas was also much lower than other bidders on the Garage Project, which was a very similar effort, installing the same material. JLJ has a history of being the lowest on some such projects and inexplicably high on others so this is not a total unprecedented pricing difference. We see no reason not to proceed with Monson.
There are an array of colors to choose from (much like there was with the garage project), and Monson will be providing that in time for the meeting. Assuming they are chosen, we suggest forwarding this to the Home Improvement Commission to make a choice to proceed with.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the replacement of the 2nd Floor Deck Membrane as proposed by Monson Nicholas at an expense of $166,200, to be funded by the Reserve fund.”
Attached to the report for Board review are the following bids for the routine sealer maintenance of the exposed aggregate surface of the plaza, budgeted as a part of the operating activities this year:
JLJ Contracting, Inc. $11,340
Monson Nicholas, Inc. $10,805
Under Building Repairs we considered about $12,000 for funding of this effort. In 2022 Monson completed this work for $14,441, so they have actually come down. The did some extra crack sealants at that time, but believe they’ve also come down a bit because the know the space and can now complete the work more efficiently.
Also, historically Monson has been the low bidder on this type maintenance work.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves the plaza sealer maintenance as proposed by Monson Nicholas at an expense of $10,805, to be funded by the Reserve fund.”
Our contract with Stuart Dean for professional metal maintenance and refinishing of the exterior exposed columns, canopy, doors, window frames and fire hydrants is up after 6 years.
We’ve negotiated a 3 year extension, with only a 2% increase per year (6% amortized). The proposal is attached to the report for Board Member review. All activity timing remains the same.
We are prepared to put the contract through the RFP process if the Board would prefer, however, we believe a 2% increase is an outstanding offer considering the last several years of inflation. We recommend saving their time and ours and agreeing to the extension.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves a three year extension of the metal maintenance contract with Stuart Dean, as proposed at a rate of $1289.47 per month for maintenance and refinishing of the exterior metal columns, canopy, doors, window frames and fire hydrants.”
Our contract with Fox Valley Fire & Safety for professional inspection, testing and maintenance is up as well. They originally proposed a 7% increase for one year. We negotiated a 3 year extension for a first year decrease of almost 4% year one, about a 1% decrease for year two, and just a 1.5% increase for year three.
With the 7% increase already proposed, we had started the RFP process. We actually received one response and may get others. As it stands, the following proposals are attached to the report for Board review:
Fox Valley Fire & Safety $8565 annually ($8763 yr. 2, $8990 yr. 3)
Johnson Controls $17,709 annually
It should be noted that these values do not include City of Chicago inspections fees and filing costs which are something we cannot control.
Fox Valley has a huge advantage because of their experience with the building and the fact they installed the present fire panel and most of the devices. They know the building like the back of their hand (as they say), and can complete this work more efficiently. Beyond that, historically they have bid this contract and much of the replacement work over the years far more competitively than other firms.
We recommend not continuing the RFP process and agreeing to the extension.
A sample motion: “I move the Park Tower Condo Board of Directors hereby approves a three year extension of the life safety maintenance contract with Fox Valley Fire & Safety for three years as proposed at a base rate of $8565 for year one, $8763 for year two and $8990 for year free, not inclusive of any repair or replacement costs or ancillary fees related to City of Chicago inspections.”
Attached to the report for Board Member review are remodeling packets for the following Unit Owners’ construction projects:
2201 – Window Film Install
3105 – Vinyl Flooring, Countertops & Walls
3211 – Guest Bathroom Remodel
A sample motion follows: “I move the Board of Directors approves the remodeling plans for 2201, 3105 and 3211 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
Treasurer’s Report
Attached to the Report for Board Review is the February 2024 Balance Sheet and Statement of Income & Expenses as reported by the Habitat Company.
Fund Balances End of February 2024
Operating assets totaled $1,955,021 and the Reserve cash and investments were $4,706,182 for a total of cash and investments of $6,661,203.
February 2024 Revenue and Expenses
Total Operating Revenue: $614,863
Total Operating Expenses: $473,318
Income (Loss) From Garage: $40,056
Contribution To Reserve: $164,975
Total Surplus/(Deficit): $16,626
Management Report
Attached to the report for Board Review is the updated Monthly Activity Report, and the Sales and Lease Reports.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the April 8, 2024 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 April 22nd and May 13th 7:30PM. At this time, all such events are anticipated to be held in the 2nd Floor Party Room unless otherwise posted. The next Resident Forum is scheduled for Tuesday April 23rd at 7PM, and is expected to be held in the mall atrium under the skylight.
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