BOARD OF DIRECTORS MEETING

Monday August 10, 2020, 7:30pm

Report and Agenda

Via “ZOOM” Meetings Online

6:30PM – CLOSED SESSION (Via ZOOM With PT Board)

OWNER FORUM – Via Zoom Chat (Via ZOOM – Meeting ID# 871-7595-0520)

Link:  https://us02web.zoom.us/j/87175950520

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 via ZOOM. 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 an update from the Social Commission.

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 July 13, 2020

Attached to the meeting report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday July 13, 2020, as submitted by Timothy Patricio, Property Manager.

A sample motion for resolution: “I move the Park Tower Condo Board of Directors hereby approves the minutes from the Board Meeting held on Monday July 13, 2020.”

3. Unit Owner Request – Leasing Policy Exception

Attached to the report for Board Review, is a request for the Board to grant a waiver from rental restrictions to the Owner of Unit 1708. The Board has the discretion to waive the rental limit if they believe there is a reasonable hardship or justifiable purpose for an exception.

A sample motion follows: “I move the Board of Directors (grants/denies) the rental exception request for the Unit Owners of 1708.”

4. Emergency Chiller Repair

At the July 13th Board Meeting, management explained problems we were experiencing with Chiller number 2. Ultimately, the purge unit installed last year by Johnson Controls failed and had to be replaced. Due to the season and weather at the time, Management acted on an emergency basis to have it replaced. It was found that small refrigerant leaks and a valve that would not seal completely were causing the motor to frequently run non-stop, which likely caused it to burn out.

We suggested this be ratified as a reserve expense – we do have some room within the Reserve Budget, thanks to savings relative to other anticipated HVAC Projects. Also, the purge units were originally replaced as a reserve expense so this would be most appropriate.

A sample motion follows: “I move the Board of Directors ratifies the decision by Management to act on an emergency basis to replace the failing purge unit on Chiller #2, as proposed by WJ O’Neil, as a reserve expense for $10,498.”

5. Construction Requests

Attached to the report for Board review are 4 requests for remodeling and construction approval.

2412 – Hard flooring installation

3008 – Hard flooring installation (3008); also noted 909 leak repair (noted to address any confusion)

3305 – Kitchen and Bathroom Remodel, and hard flooring installation

3615 – Bath tub surround and plumbing

NOTE: 3305 needs the final approval letter from engineer also expected Monday.

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 2412, 3008, 3305 and 3605 as submitted by the unit owner, following the recommendations of the building 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 June 2020 Balance Sheet and Statement of Income & Expenses from the Habitat Company.

Fund Balances End of June 2020

Operating assets totaled $1,263,581 the Reserve cash and investments were $2,352,989 for a total of cash and investments of $3,616,570.

June 2020 Revenue and Expenses

Total Operating Revenue: $531,271

Total Operating Expenses: $394,717

Income From Garage: $21,640

Contribution To Reserve: $149,258

Total Surplus: $8,936

2.     Management Report

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

b. 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 August 10, 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 via ZOOM chat.

The next Board Meetings are scheduled for Monday August 24th and Monday September 14th at 7:30pm. Also, a Coronavirus Update Town Hall is scheduled in tandem with the August 24th Meeting. Until Further Notice, all meetings will be held online via ZOOM. Instructions to join the meeting will be posted in advance.