To Be Followed By The Regular Board Of Directors Meeting

BOARD OF DIRECTORS MEETING

Following Special Meeting Of The Unit Owners To Review The 2025/2026 Proposed Budget

Monday January 13, 2025  7:30PM

2nd Floor Party Room

Report & Agenda 

6:00PM – CLOSED SESSION

The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters. 

7:30PM – Special Meeting Of The Unit Owners To Review The 2025/2026 Proposed Budget

A representative with Prospect Resources is expected to attend to discuss the increase in the anticipated budget for electricity expense.

To review and download a copy of the Special Meeting Agenda, along with a copy of the original Notice and Proposed Budget Summary, Click Here.

CALL TO ORDER – Open Session (following Special Meeting)

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 representatives will be invited to give oral reports to the Board.

Board Report

The meeting chair 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 December 9, 2024

Attached to the meeting report for Board Member review are the proposed minutes for the Board of Directors Meeting held on Monday December 9, 2024, as submitted by Community Manager Tim Patricio, for Board consideration.

A sample motion follows: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on December 9, 2024.” 

3. Updated 22.1 Disclosure

Attached to the report for Board Member review is the updated 22.1 disclosure through November 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:

• A copy of the Declaration, by-laws, other condominium instruments and any rules and
• A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing as authorized and limited by the provisions of Section 9 of this Act or the condominium
• A statement of any capital expenditures anticipated by the unit owner’s association within the current or succeeding two fiscal
• A statement of the status and amount of any reserve for replacement fund and any portion of such fund earmarked for any specified project by the Board of
• A copy of the statement of financial condition of the unit owner’s association for the last fiscal year for which such statement is
• A statement of the status of any pending suits or judgments in which the unit owner’s association is a party.
• A statement setting forth what insurance coverage is provided for all unit owners by the unit owner’s association.
• A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are in good faith believed to be in compliance with the condominium
• The identity and mailing address of the principal officer of the unit owner’s association or of the other officer or agent as is specifically designated to receive

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 follows: “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 November 2024.” 

4. Proposed 2025/2026 Operating Budget

Attached to the report for Board reference is the Special Meeting Notice to Unit Owners and the Proposed 2025/2026 Operating Budget Summary. Following the Special Meeting of the Unit Owners for the purpose of review and consideration of the proposed operating budget for the 2025/2026 fiscal year, the Board may consider formally accepting and adopting it.

A sample motion follows: “I move the Board of Directors adopts the budget as proposed and presented to Unit Owners for the fiscal year starting March 1, 2025 and ending February 28, 2026, with a 3.8% increase in assessments, a 3.88% increase in total anticipated operating expenses, a projected reserve contribution of $2,112,700, and planned reserve projects totaling $1,303,200.” 

5. Attic Stock For Elevator Materials

OTIS Elevator informed us that while manufacturing of the new elevator wall material was underway, they learned that the particular style and thickness ordered is being discontinued. A limited amount remains in stock, and we believe it would be prudent to order some extra to hold in storage should we ever have an extraordinary damage to one or more of the walls.

We believe it is prudent to purchase enough to hold for at least the full replacement of one cab. OTIS provided a quote of $10,023 (attached to the report for Board review) to place the order, which is consistent with such material cost for the rehab project already approved.

A sample motion follows: “I move the Park Tower Condo Board of Directors approves the purchase of addition elevator wall material as attic stock, enough for replacement of one full passenger elevator cab, as proposed by Otis Elevator Company at an expense of $10,023.” 

6. Accessible Parking Policy

Due to a recent amendment to the Illinois Condominium Property Act, Association legal counsel recommends the following policy be adopted by the Association, as it relates to requests for accessible parking:

PARK TOWER CONDOMINIUM ASSOCIATION

ACCESSIBILITY PARKING POLICY

1. This policy is being adopted by the Park Tower Condominium Association (“Association”) pursuant to Section 18.12 of the Illinois Condominium Property Act, the federal Fair Housing Act and the Illinois Human Rights Act. It is the intention of the Association to utilize this policy to provide accessible parking spaces to those unit owners and residents with disabilities who require such parking spaces.

2. “Disability” means with respect to an individual: (a) a physical or mental impairment that substantially limits one or more major life activities of such individual; (b) a record of such an impairment; or (c) being regarded by the employer as having such an impairment.

3. “Accessible Parking Space” includes parking spaces that comply with the Illinois Accessibility Act or parking spaces that are located closer to an entrance.

4. A Unit Owner or resident that has been assigned a state-issued disability placard or license plate may park in any Common Element designated Accessible Parking Space that has not been reserved for another Disabled Unit Owner’s use. If a Unit Owner or Resident has been assigned a state-issued disability placard or license plate as a caregiver for an individual with a disability, the Unit Owner or Resident may only use the Accessible Parking Space when the individual with a disability is in the vehicle.

5. A Unit Owner or Resident with a disability that requires an Accessible Parking Space can submit a written request for an Accessible Parking Space to the Association’s property manager.

6. A Unit Owner or Resident that owns a parking unit or has the exclusive right to a Limited Common Element parking space can submit a written request for an Accessible Parking Space to the Association’s property manager in exchange for permitting the Association use of that parking unit or Limited Common Element parking space.

7. The Unit Owner or Resident must submit a copy of the state-issued disability placard or license plate with their request for an Accessible Parking Space. Additional documentation evidencing the Unit Owner’s or Resident’s disability and disability-related need for the Accessible Parking Space may be required.

8. Within thirty (30) calendar days of receipt of the written request, including the documentation set forth in Paragraph 7, the Board shall inform the Unit Owner or Resident of the status of their request. The Board will make a decision on the request within a reasonable period of time.

9. The Board shall make reasonable efforts to facilitate a resolution between Unit Owners to provide an Accessible Parking Space when the Association does not own or otherwise control parking that meets the accessible parking needs of the Unit Owner or Resident with a disability. Those reasonable efforts shall include but are not limited to requesting a Unit Owner with a parking space that will accommodate the Unit Owner’s or Resident’s disability to swap parking spaces with the Unit Owner or Resident. Any swap of parking spaces shall be set forth in a License Agreement prepared by the Association and shall include a provision that the parking space swap shall not constitute a sale or conveyance of the parking spaces and may be terminated at any time.

10. A copy of this Policy shall be given to any Unit Owner upon request.

In the future, this could be formally integrated in the Rules and Regulations, the next time an amendment effort is sought.

A sample motion follows, provided by counsel: “I move that WHEREAS, the Park Tower Condominium Association (“Association”) is governed by provisions of the Illinois Condominium Property Act, the Association’s Declaration of Condominium Ownership (“Declaration”) and its By-Laws; and WHEREAS, the Board, in accordance the Declaration has the authority to adopt policies the Board deems appropriate for the operation and use of the residential property conservation and beautification of the Property and for the health, comfort, safety and general welfare of the owners and occupants of the Property; and WHEREAS, it is the intent of the Board of Directors to utilize this policy in order to reasonably accommodate a unit owner or resident with a disability who requires accessible parking as required by Section 18.12 of the Illinois Condominium Property Act; and WHEREAS, the Board, in accordance with Section 18.4(h) of the Illinois Condominium Property Act, has the authority to adopt policies and procedures covering the details of the operation and use of the Property; and NOW THEREFORE, in furtherance of the foregoing­, the Board does hereby adopt the policy for accessible parking, as proposed by Association legal counsel with Kovitz, Shifrin and Nesbit.” 

7. Newsletter Ad Policy

Demand has increased to place ads in the Weekly Newsletter for private businesses and events, aside from any possible use of the website’s classifieds capability. We believe this is a great resource and opportunity for Owners, residents and businesses, as the Newsletter has about 1350 e-mail addresses subscribed. However it has created work and can distract from the main purpose of the Newsletter, which is to get Association notices and information out to Owners and residents.

We therefore believe it would be prudent to begin charging a minimal fee for this, much like ads were sold for the “Tower Talk” Newsletters in the past. This may act to deter the use of the Weekly Newsletter for this purpose, but we actually believe that is a good thing – without some form of policy to manage this, it could get out of control. Also, it encourage more individuals to utilize the website’s Classifieds section.

The alternative is that the Board could simply direct that no private interest or business posts be made, or to limit the number and they be handled first come first serve. Though we believe there is value to many such posts like those advertising Yoga which is seen by some as an amenity and the monthly coupons and sales for the Tide Cleaners service. Up to now, we have provided this as a courtesy for any reasonable and appropriate advertising request. However, we have several new inquiries, and we can expect more if we simply just keeping adding them without a policy to manage it.

Our team brainstormed and came up with a possible fee structure, to at least start the discussion: $15 for a one time ad, $25 for a month and $55 for 3 months.

A motion can be proposed at the meeting, if needed, to accommodate whatever course the Board would like to consider addressing this. 

8.  Construction Request

Attached to the report for Board Member review is the remodeling packet for the following Unit Owner construction project:

Unit 814  – Full Unit Remodel

A sample motion follows: “I move the Board of Directors approves the remodeling plans for Unit 814, 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

The most recent financial reports, for the period November 2024, are attached to the report for Board review.

Fund Balances End of November 2024

Operating assets totaled $2,392,912 and the Reserve cash and investments were $4,349,421 for a total of cash and investments of $6,742,333.

November 2024 Revenue and Expenses

Total Operating Revenue: $630,734

Total Operating Expenses: $477,982

Income (Loss) From Garage: $59,455

Contribution To Reserve: $172,233

Total Surplus/(Deficit): $39,974

Action On Investments

A Reserve Fund CD with Cross River Bank and a Treasury Bond expired in December, and one Treasury Bond expired in January. After consultation with the Board President and Treasurer the Cross River CD was renewed for 36 months at 4%. With the expiring Treasuries, a new one was purchased for 24 months at 4.314% and a second for 18 months at 4.5%. The investment confirmations are attached to the report for Board review. It would be appropriate for the Board to ratify this action, and reaffirm the policy for Management to consult with the Treasurer and Board President for ongoing investment considerations.

A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the renewal of an operating fund CD with Cross River Bank, totaling $230,000, with an interest rate of 4%, the purchase of a US Treasury Note for $234,082 at a 4.314% yield, and the purchase of a US Treasury Note at a 4.5% yield, and affirms that management continue consulting with the Board Treasurer and President between Board Meetings when making any new investments or future adjustments to such investments.”

2. Management Report

Attached to the report for Board Review is the current Monthly Activity Report and Sales and Lease Reports.

1. Business and Activities – Property Manager Tim Patricio will review current business and activities of
2. Engineer’s Report – Property Manager Tim Patricio will review activity of interest from the Maintenance team.
3. 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 January 13, 2025 Board Meeting at ____PM.”

OWNER FORUM

The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.

The next regular Board Meetings are scheduled for Monday January 27th and February 10th at 7:30PM. Also, the next Resident Forum is scheduled for Saturday January 25th at 11am, all to be held in the 2nd Floor Party Room unless otherwise posted.