PARC CONDOMINIUM ASSOCIATION MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PARC CONDOMINIUM ASSOCIATION, INC. HELD ON FEBRUARY 26, 2009 IN THE PARC IV GARDEN ROOM, 3614 MONTROSE BOULEVARD, HOUSTON, TEXAS 77006. PRI Daniel Tighe, President Russell Duesterhoft, Vice President Kleta Gerhart, Treasurer Amn Miller, Secretary Rob Yannaccone Scott Hairston IN ATTENDANCE: 31 Homeowners Frank Cario, General Manager, Parc 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 presided and Derek Howard assisted in recording the minutes. ADOPTION OF AGENDA: ‘The agenda was adopted as presented. APPROVAL OF THE MINUTES: On a motion duly made and seconded, the minutes of the Board Meeting held on January 29, 2009 were approved as submitted. FINANCE COMMITTEE: Don Poole reviewed the financial report for the month ending January 31, 2009. He noted that the balance in the Operating Account was $412,920.09 and the balance in the Capital Improvements Account was $501,719.17. Mr. Poole also noted that electricity expense for the ‘month was under budget. He advised that the roof repair represents a significant capital expense, but does not feel that a special assessment would be needed to fund the cost; however other planned projects might need to be postponed. Mr. Poole also suggested that the Board consider a bank loan. After discussion, the January 31, 2009 financial statements were accepted. COMMITTEE REPORT! Conservation No report, Reserve Study ‘No report. Capital Improvements — Sprinkler No report. Capital Improvement - Plumbing No report.Web Committee ‘No Report. Interiors Committee ‘No Report, Community Action ‘No Report. Architectural Review ‘No Report. ‘Window Replacement No Report. GENERAL MANAGER'S REPORT Frank Cario provided the construction update and noted that of 77 units damaged in Pare IV, 2 are using their own contractor, 20 are waiting to start, and 55 have sheetrock and paint completed, with flooring replacement in various stages. Of the 72 damaged units in Parc V, 31 are waiting to start, 17 have sheetrock and painting completed, 14 units arc in process, and 10 are in the process of selecting flooring. ‘The pipe re-lining project is currently on schedule. Walter P. Moore engineers will perform their inspection of the parking garage on Wednesday, March 4th. ‘The first of two semi-annual fire drills is scheduled for Tuesday, March 10th at 1:00 p.m. Digital Air Controls will be on site March 11-12 to calibrate the HVAC controls. Southern Landscape will begin their weekly landscaping maintenance schedule on Thursday afternoons beginning in March, ‘Manuel Salguero will be attending a course April 13-17 to obtain an asbestos supervisors license which will enable him to perform minor abatements up to 160 square feet. MANAGING AGENT’S REPORT: Derck Howard reported that the recent packages had been sent out to Owners in the mail including next fiscal year’s coupon book, the approved budget, and assessment letters, LEASE/ SALE CONSIDERATION: On a motion duly made and seconded it was agreed that the Association decline to exercise its right of first refusal with regard to the following: Lease of Unit 405 Pare V ADDITIONAL BUSINESS: Rob Yannaccone advised that a contract was signed with Gexa Energy to provide electricity beginning in December 2009 for a 36 month term. The fixed rate under the new contract is 0729 cents per kilowatt hour. 2SCHEDULING OF NEXT BOARD MEETING: The next Board Meeting is scheduled for March 26, 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: /, Recording Secretary Approved as Correct 26 oo GB 3/98/09