PARC CONDOMINIUM ASSOCIATION MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PARC CONDOMINIUM ASSOCIATION, INC. HELD ON APRIL 24, 2008 IN THE PARC IV GARDEN ROOM. 3614 MONTROSE BOULEVARD, HOUSTON, TEXAS 77006 PRESENT: Daniel Tighe, President Jose Fernandez, Vice President Aan Miller, Secretary Erik Harssema, Treasurer Rob Yannaccone IN ATTENDANCE: 16 Homeowners Frank Cario, General Manager, Parc Condominium Association ‘Tanzee Daily, 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. ‘Tim Frederick was unable to attend the meeting. Daniel Tighe presided and Tanzee Daily assisted in recording the minutes. ADOPTION OF AGENDA: The agenda was adopted as presented. APPROVAL OF THE MINUTES: ‘The minutes of the Board Meeting held on March 27, 2008 were reviewed, and on a motion duly made and seconded were approved as presented. FINANCE COMMITTEE Don Poole reviewed the financial report for the month ending March 31, 2008. He noted that the balance in the Operating Account was $28,235.98 and the balance in the Replacement Reserve Account was $608,686.05. Mr. Poole informed the Board that the Finance Committee would be recommending a special assessment in 2009 with a comprehensive financial plan, He is also working with AMI to finalize the 2007 year end financials, which will be forthcoming. Tanzee Daily of AMI reported that she was working with the energy consultant to recover the late fees that were paid on the Champion Energy account. After discussion, the March 31, 2008 financial statements were accepted. COMMITTEE REPORTS: Conservation No report. Reserve Study Bill Deuschle recommended that a line of credit be obtained to initially fund the $1,500,000 pipe-relining project, and that a special assessment be approved to pay back the loan. Frank Cario reported that he had begun negotiations with Amegy Bank with regard to a line of credit.Capital Improvements ~ Sprinkler Jose Fernandez reported that the Committee had received a draft of the sprinkler proposal and would be going to bid. The estimated project cost is $100,000 - $200,000 and the fire panel may need to be upgraded. Capital Improvements — Plumbing Daniel Tighe reported that a Town Hall Meeting would be held on May 6th to address the pipe re-lining project and the special assessment. After discussion and on a motion duly made and seconded, the proposal from Texas Drain Technologies was approved with a tentative start date of August 1, 2008. It was agreed that the hallway renovations be done after the plumbing project is completed. Web Rob Yannaccone reported that he had reviewed the AMI website proposal and services offered. After discussion, the Board tabled the issue for consideration at a future meeting. Interiors Jim Halloran recommended that an architect be hired to develop a master plan to renovate the buildings. After discussion and on a motion duly made and seconded, the Board approved the recommendation. Jim Halloran will solicit proposals and present them to the Board for review and approval. The Board agreed to proceed with the renovation of the management offices. Community Action Ann Miller requested that the committee chairs draft articles for the next issue of the Part Bench. Architectural Review No report. Window Replacement Committee No report. GENERAL MANAGER'S REPORT: Frank Cario reported on the following: Building Maintenance — A significant amount of time has been invested in maintenance and repair work at the Pare IV entrance. The fountain was drained and painted and a new pump was installed. The ceiling overhang at the entrance was pressure washed and is now much cleaner. ‘The light fixtures were also painted to match the white ceiling. The same work at the Pare V entrance will begin next week. HVAC System — The chronic problems that have plagued the HVAC system for the past year have largely been solved by American Mechanical Services (AMS). We are now working with Digital Air Controls to fine tune their sensors. AMS has submitted a proposal to perform quarterly preventive maintenance and annual maintenance on the Parc TV and V chillers at a cost of $7,120, approval of which is recommended. After discussion and on a motion duly made and seconded the Board approved the AMS proposal. Smart Strips — The Smart Strip surge protectors have been delivered. A quantity of fifty was ordered and can be purchased at either of the management offices at a cost of $10, Until we can gauge demand for these devices, Residents are requested to limit their purchase to one Smart Strip.Garage Elevator — The garage elevator room pump is still being fabricated due to a backlog of repair work at ThyssenKrupp. Courtyard — Impatiens have been planted in the bed facing Marshall Street to add some additional color to the pool area. The metal edging around many of the beds which is now badly rusted will be replaced next week. Fire Drill - A fire drill is planned for the week of May Sth and Residents will be notified of the exact date well in advance. Staff — Pare V porter Don Johnson is retiring on June 10, 2008 and the search for a replacement has begun. MANAGING AGENT'S REPORT ‘No report. 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 806 Pare V Lease of Unit 1101 Pare IV Sale of Unit 1202 Pare IV ADDITIONAL BUSINESS: On a motion duly made and seconded the Board approved the special assessment in the amount of $1,500,000 to cover the pipe re-lining project to be assessed in installments due on April 1, 2009 and April 1, 2010. Daniel Tighe will draft a cover letter to be mailed to Owners informing them of the Special Assessment, The Board discussed the Emergency Preparedness Plan, Frank Cario reported that he was reviewing the current plan and would report back to the Board. SCHEDULING OF NEXT BOARD MEETING: ‘The next meeting of the Board of Directors is scheduled for May 29, 2008 at 6:00 p.m. in the Pare IV Garden Room, ADJOURNMENT: There being no further business to discuss, the meeting adjourned. Respectfully Submitted: Recording Secretary Approved as Correct 5/29 /oP a Date