At their February 12th 2018 meeting, the PT Board of Directors approved the proposed ‘Revised, Amended and Restated’ Declaration as presented by the Association’s legal counsel with Kovitz, Shifrin and Nesbit.

The proposed document, approved by the Board is now available for Unit Owner review, as presented by counsel, including other documents to help owners more easily identify the changes that were made for consideration:

PTCA Revised and Restated Declaration & Bylaws

Red-lined Version Identifying Changes due to previously recorded amendments

Red-lined Version Identifying Changes for conformance to the Illinois Condo Act

The revised Consolidated, Amended and Restated Declaration of Condominium is a redrafted document which integrates all past amendments (such as approved unit combinations and the amendment related to statutory insurance related changes), and amends the Association’s Declaration to conform with the current provisions of the Illinois Condominium Property Act (“Act”), effective as of January 1, 2018. All of this is integrated into one document. This was done by the Association’s legal counsel, pursuant to Section 27(b) of the Act, and as directed by the Board of Directors.

Also attached are two red-line versions, so owners can more easily consider what was edited and changed:

1. The first shows the previously recorded amendments to the Declaration.

2. The second shows the revisions made to the Declaration to conform to the current provisions (as of January 1, 2018) of the Act.

The proposed Declaration & Bylaws document HAS NOT been recorded. The Board has directed it be posted and made available upon request for Unit Owners to review, consider and raise any questions. It is expected though, it will be considered for formal adoption at a future Board Meeting, after which it would be recorded, and will become the Declaration of record for the Park Tower Condo Association.

This was considered and planned as a part of the process the Association went through last year, with a number of proposed amendments put out for a vote of Unit Owners. None of those amendment measures passed, so they were not integrated. However, because the original Declaration document had become somewhat of a hodge-podge of documents from past amendments, and seriously outdated when you consider provisions in the current Illinois Condo Act, the Board decided to proceed with this effort.

You can see just how much of a “hodge-podge” it was, by visiting the PTCondo Library.  The original Declaration and various amendments are listed under “Governing Documents”.

Owners with any questions about the revised document, or the process involved, please let us know.