PARC CONDOMINIUM ASSOCIATION MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PARC CONDOMINIUM ASSOCIATION, INC. HELD ON APRIL 30, 2009 IN THE PARC IV GARDEN ROOM, 3614 MONTROSE BOULEVARD, HOUSTON, TEXAS 77006, PRESENT: Russell Duesterhoft, Vice President Ann Miller, Secretary Kleta Gerhart, Treasurer Scott Hairston Rob Yannaccone IN ATTENDANCE: 19 Homeowners Frank Cario, General Manager, Pare Condominium Association Derek Howard, representing Association Management, Inc. CALL TO ORDER: Due notice of the meeting having been given and a quorum being present, the meeting was called to order. Daniel Tighe was unable to attend the meeting. Russell Duesterhoft presided and Derek Howard assisted in recording the minutes. ADOPTION OF AGENDA: “The agenda was adopted as presented. APPROVAL OF THE MINUTES: Ona motion duly made and seconded, the minutes of the Board Meeting held on March 26, 2009 were approved as submitted. FINANCE COMMITTEE: Don Poole reviewed the financial report for the month ending March 31, 2009. He noted that the balance in the Operating Account was $283,138.41 and the balance in the Capital Improvements Fund Account was $675,852.56. He stated that the first month of the fiscal year was on track. . Mr. Poole stated that main reason for the $16,000 operating deficit in 2008 was due to higher than anticipated electricity expense. After discussion the March 31, 2009 Financial Statements were accepted. GENERAL MANAGER'S REPORT: Construction Update - Basis Builders has substantially completed work in virtually all damaged units except for those on the 11th and 12th floors of Pare IV and V which are pending the completion of roof repairs, and also some units on other floors whose Owners are remodeling. Roof Repair Update - Phillips Roofing was awarded the roofing bid and the pre-construction meeting was held this moming. They hope to start preliminary work sometime next week, which will include pressure washing the roof. The actual repairs are tentatively scheduled to begin May 1th. They are planning to use a crane to hoist materials on the roofs, so there will not be extensive use of the service elevators during the project. The management office will provide weekly updates.Pare IV Service Elevator - ThyssenKrupp replaced a failed mother board in the Pare IV service elevator that was causing it to stop suddenly. Windows/Doors Update - The project was re-bid and the revised ones are expected on Friday. Pipe Relining Project - The project is on schedule to be completed in Parc IV by June ist. TDT Plumbing has scheduled Wednesday, May 27th at 6:30 p.m. for a town hall meeting with Pare V Residents to discuss the re-lining project. Hurricane Preparedness Meeting - Last Tuesday's hurricane preparedness meeting with the City of Houston was cancelled due to inclement weather and will be re-scheduled. MANAGING AGENT’S REPORT: Derek Howard reported that pipe relining assessment payments in the amount of $365,415.90 have been received at AMI. ADDITIONAL BUSINESS: None. SCHEDULING OF NEXT BOARD MEETING: ‘The next Board Meeting is scheduled for May 28, 2009 at 6:00 p.m. in the Parc IV Garden Room. ADJOURNMENT: ‘With no further business to conduct, the meeting was adjourned. Respectfully Submitted: Recordfhg Secretary Approved as Correct ‘Chairman