PARC CONDOMINIUM ASSOCIATION MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PARC CONDOMINIUM ASSOCIATION, INC. HELD ON MARCH 26, 2009 IN THE PARC IV GARDEN ROOM, 3614 MONTROSE BOULEVARD, HOUSTON, TEXAS 77006 PRESENT: Daniel Tighe, President Russell Duesterhof, Vice President Kleta Gerhart, Treasurer ‘Aan Miller, Secretary Rob Yannaccone Scott Hairston IN ATTENDANCE: 20 Homeowners Frank Cario, General Manager, Parc Condominium Association Derek Howard, representing Association Management, Ine. 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 scconded, the minutes of the Board Meeting held on February 26, 2009 were approved as submitted. PRESIDENT’S REPORT Daniel Tighe reported that the pipe re-lining project is on schedule, He also advised that the Board is meeting with Moisture Technology on Monday to review their report on the roofs and repair recommendations. ‘The Board will then choose one of the three toofing contractors from whom bids have been received and authorize the work. FINANCE COMMITTEE: Frank Cario reviewed the financial report for the month ending February 28, 2009, He noted that the balance in the Operating Account was $84,874.01 and the balance in the Capital Improvements Fund Account was $513,110.67. He also noted that there was a year end deficit of $16,362.33 due mainly to a spike in natural gas prices last year, He further noted that many of the expenses at year end were in line with the budget. Russell Duesterhoft asked if financing the insurance premium instead of borrowing from the Capital Improvements Fund was an option, and Kleta Gerhart responded that there is an interest cost and there must also be a 30% down payment. Daniel Tighe asked about the status of delinquent accounts receivable and was advised by AMI that the collection process is moving forward. After discussion, the February 28, 2009 financial statements were accepted. COMMITTEE REPORTS: No reports.GENER, GER’ ‘Construction Update - OF 77 units damaged in Parc IV, 53 are completed, 2 are using their own contractor, 15 are waiting to start, and 7 have shectrock and paint completed, with flooring replacement in various stages. Of the 72 damaged units in Parc V, 39 are completed, 3 are using their own contractor, 16 are waiting to start, and 14 units are in process. LifelSafety Inspections - A-] Fire Equipment conducted their annual inspections and found that the fire hoses and fire extinguishers are functioning properly. Fire Safety Plan - The fire marshal has approved the revised fire safety plan. Copies must be signed for and are available in both management offices. For Residents who have not picked up their copy by April 15th, the managment office will with prior notice, designate an evening when Rosa Hernandez and Frank Cario will visit their units to deliver the plans, ‘Tax Appraisals ~ These are normally determined as of January Ist of each year, Since none of the taxing jurisdictions in Haris County authorized a “disaster reappraisal”, 2008 taxes were calculated on the January 1, 2008 value, even if an Owner had damage from Hurricane Ike. Ifa home still had unrepaired damage on January 1, 2009 the appraisal would take that into account as long as HCAD was informed of the damage. Owners who qualily should file a report of Decreased Value with HCAD. The deadline for filing a report is April 15, 2009. MANAGING AGENTS REPORT: Derek Howard reported that reminder letters for the pipe re-lining assessment were mailed to all ‘Owners advising them that the first installment is due April 30th, He also reported that Owners who have not paid their insurance deductible assessment have been contacted. ADDITIONAL BUSINESS: Jose Fernandez reported that a meeting is scheduled for April 2nd to reconcile diserepancies in the window bids. ‘The bid from Signature Glass was deemed too high by the insurance company and they obtained a bid that was significantly lower; however it does not meet the Pares window specifications. The Board agreed that given Jose’s knowledge of the window specifications, he should attend the meeting, Basic Builders, Signature Glass, and the Pares window consultant, Peter Muller, will also attend. SCHEDULING OF NEXT BOARD MEETING: The next Board Meeting is scheduled for April 30, 2009 at 6:00 p.m, in the Pare IV Garden Room. ADJOURNMENT: ‘With no further business to conduct, the meeting was adjourned, Respectfully Submitted: Recording Secretary Approved as Correct i 4.30.04 ‘Chairman Date 2