BOARD OF DIRECTORS MEETING

Management Report

Monday June 12th, 2017

At Suspension of 2017 Annual Meeting

2nd Floor Party Room

OPEN SESSION – Call to Order

The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order. Please be courteous – no audience participation is permitted.  If applicable, speakers will be recognized by the Meeting Chair.

Roll Call – Confirm Quorum

The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.

Committee Reports

Committees will be invited to deliver updates to the Board on business and activities.

Board Report: Board President Michael Parrie

The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.

Action Items – New Business

1. Closed Session Business

This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.

2. Minutes – Board Meeting May 8, 2017

Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday May 8, 2017 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 Monday May 8th, 2017.”

3. Ad Hoc Commission Membership

This item is provided for the Board to re-form and appoint members to the Ad Hoc Declaration and Bylaws Commission. The purpose of re-forming the Commission is to begin in earnest to raise awareness with the ownership, and to encourage every owner to return their signature pages.

A sample motion: “I move the Board of Directors approves re-forming the Ad Hoc Declaration and Bylaws Commission, and tasks the Commission with raising awareness about the proposed amendments and purchase of Unit 12c, and encouraging all owners to return their completed signature pages, and additionally the Board of Directors hereby appoints _____________________as members of the Commission, ____________________as the Chairperson of the Commission, and ______________________as the Board Liaison to the Commission, and furthermore directs the Commission to present a plan to the Board to achieve these tasks by ____________, 2017.”

4. Initiate Process To Purchase Unit 12c

As discussed at prior Board Meetings, to begin the process to secure Unit Owner authorization to purchase 12c, a Special Meeting of the Unit Owners and Board for that purpose needs to be scheduled. The process is much like the Annual Meeting and Board Election process, in terms of timing and the fact formal notices need to be issued to Unit Owners, with a Proxy form. The meeting is held and ballots are issued, much like an election.

Management suggests at least a 90 day process be considered so the appropriate documentation may be drafted, reviewed by counsel and distributed, and so that the Ad Hoc Commission will have time to plan and initiate the proposed awareness efforts.

A sample motion: “I move the Board of Directors schedules a Special Meeting of the Unit Owners and Board of Directors on _______________, 2017, for the purpose of voting on the purchase of Unit 12c which is the subject of a lien foreclosure initiated by Park Tower Condominium Association in a case pending in the Circuit Court of Cook County as Case No. 2016 CH 14259 and titled ‘Park Tower Condominium Association v. Sheridan Land Trust 5419, and such other matters as may properly come before the meeting.”

5. Peoples Gas Rebate

Attached to the meeting report for Board review, is a copy of the $9100 rebate check we received, in conjunction with the Hot Water Heater Replacement Project completed last year. Because the project was completed with Reserve Funds, management suggests the Board approve returning these funds to the Reserve.

A sample motion: “I move the Board of Directors approves transferring the $9100 Peoples Gas Hot Water Heater Project Rebate in operating funds, to the reserve fund.”

6. Main Roof Replacement

Attached to the meeting report for Board review, is a detailed summary of the bid proposals received for the Main Roof Replacement Project. The estimates are as follows:

Berglund                          $800,000

Bulley & Andrews           $1,015,500

L. Marshal                        $829,000

Mark 1                             $849,900

Ward                                $1,082,220

We expect to receive the Anchorage Project bids from each of these vendors by a deadline set for Wednesday June 14th. We suggest the Board authorize Management, following formal bid review and vetting by our consultants with Wiss, Janney, Elstner, to enter a contract with the lowest bidder, once the estimates are combined for a total project cost.

A sample motion: “I move the Board of Directors authorizes Management to formally enter a contract with the lowest bidder for the Main Roof Replacement Project, once the bids for the Roof Anchorage Support System have been received, reviewed and vetted by the Association’s consultants with Wiss, Janney, Elstner, and added together for a combined total cost of the project.”

7. Pool Walkway Door

Attached to the meeting report for Board review, are bids for replacement of the main door and connecting framed sidelites, leading out to the pool and roof deck walkway. At a recent meeting of the Home Improvement Committee, the Committee requested replacement be considered due to the condition of the frame. Due to repeated alterations to the frame and work done to the door and door operator in the past, the condition of the frame could be unsafe and possibly cause injury if someone were to rub up against the area where the metal has been cut and opened in the past.

It is also fair to say the door has been problematic and repaired repeatedly over the past several years. Maintenance has done their best to keep it operational, and conduct the bulk of repairs in house. The new door will have a single continuous hinge which should be an improvement preventing some of the difficulties we’ve had with this door over the years.

Management sought 3 bids from vendors we’ve had relatively similar work done by in the past:

Door Service, Inc:            $9,733

Industrial Door:               $5,784

JLJ Contracting:               $9,825

A total of $3000 was budgeted to repack the hinge and otherwise repair this door. As it turns out, it will not be all that much more to do a full replacement including the frame.

A sample motion: “I move the Board of Directors approves the bid as proposed by Industrial Door Service for $5,784, to replace the entry door and frame leading to the pool and deck area walkway.”

8. Elevator Carpet Replacement

The Home Improvement Committee recommends Interface Carpet Tiles to replace the mats in the passenger elevators. Attached to the report for Board review is a photo of the sample. We will have the actual samples the Committee narrowed their search to, including the recommended “Step Repeat” Style, in the brands “Sable” color scheme.

Upon approval, management will have the material ordered and installed – enough for 2 sets per elevator. This will cost about $500 per elevator per set, which for comparison sake is about $100 less than the previous material.

A sample motion: “I move the Board of Directors approves the replacement of the elevator carpet mats, with Interface Carpet Tiles, specifically the “Step Repeat” pattern and “Sable” color, as recommended by the Home Improvement Commission, and furthermore the Board of Directors authorizes the purchase of enough material for 2 full sets per passenger elevator, at a combined cost not to exceed $4000.”

9. Wallpaper Replacement Sample

The Home Improvement Committee recommends for hallway replacement stock and replacement on the 2nd floor, that we use the product “Redbridge Stripe – Natural” by Wolf Gordon. Attached to the report for Board review is a photo of the sample. A large sample of the product and others they were considering, will be available at the meeting.

Upon approval, management would like to plan to order about 300 yards – enough for the 2nd floor and Health Club Hallway, and about 5 hallway elevator bays. This product costs $23.75/yard with a minimum 30 yard order. Enough is not in stock at this time to fill the order. There is a 4 to 5 week lead time on anything over 200 yards. We should get enough to begin work on the 2nd floor, which will actually give the Board and Committee an opportunity to consider it as a mock-up before using any in the residential hallways.

We suggest authorizing a budget of $8000 to get started. This would be coded to General Building in the Operating budget.

A sample motion: “I move the Board of Directors approves the use of ‘Redbridge Strip – Natural’ wall covering by Wolf Gordon, for 2nd floor replacement work, and stock for hallway replacement, and authorizes a budget of $8000 to make an initial purchase of material.”

10. Roof Deck Furniture

The Home Improvement Committee recommends the replacement of the roof deck furniture with products from “Tropitone”. Attached to the report for Board Review, is a quote worksheet from Tropitone with the specific pieces and styles chosen, with my handwritten notes on possible quantities to consider with a bottom line budget. Also attached are color photos of the samples and pictures of the key pieces under consideration. I will have the fabric and frame samples at the meeting for the Board to consider.

Because we are already approaching mid-summer and it will likely take 8 weeks or so for the furniture to get here after the order is placed, we suggest the Board approve the recommended styles and quantities for budgeting with the 2018/19 operating budget. If so approved with the budget, the order could then be placed in the early Spring in time for Summer use next year.

We suggest a preliminary budget of $15,000 for this furniture, which will give some flexibility for tax, inflation and quantities. Of course, this could be refined at the meeting should the Board wish to adjust the quantities.

A sample motion: “I move the Board of Directors directs management to budget for the replacement of the roof deck furniture, with Tropitone products consistent with the recommendations of the Home Improvement Commission.”

11. BBQ Grill Fee Recommendation

The Home Improvement Committee recommends the $10 fee to rent the barbecue grills be eliminated.

A sample motion: “I move the Board of Directors approves eliminating the $10 fee to rent the barbecue grills, and authorizes grills be available on a reservation or first come first serve basis.”

12. Construction Requests

Attached to the report for Board Member review are remodeling packets for the following Unit Owner construction projects:

1910 – Hard Flooring Replacement

2010 – Remodeling with Hard Flooring

3012 – Bath Remodel

5209 – Bath Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 1910, 2010, 3012 and 5209, 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

a.           Fund Balances End of April 2017

Operating Funds $422,947 (increase of $28,302 from March)

Reserve Funds $2,240,087 (decrease of $113,730 from March)

Total Cash and Investments $2,663,034 (decrease of $85,428 from March)

April Income and Expenses

Total April Income: $484,779

Total April Expenses: $389,811

Income From Garage: $25,770

Contribution To Reserve: $131,417

Total Surplus or (Deficit): ($10,679)

2.     Management Report

a. Business and Activities

b. Monthly Activity Report

c. Recent Sales Activity

ADJOURNMENT

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

A sample motion follows: “I move the Board of Directors adjourns the June 12th, 2017 Board Meeting at _ _ PM.”

RECONVENE ANNUAL MEETING

ADJOURN ANNUAL MEETING

OWNER FORUM – 15 minutes, 2 minutes per person

Next Meeting Date Monday June 26th at 7:30pm