Minutes for the Housing Committee Meeting held on August 28, 2004 at the
Chapter House on Three Notch
Street, Troy Al.

Those signed in
attendance:                                      Housing Committee

Mat
Owen #784                                               Keith
Maddox #512, Chairman

Alan
Bryant #527                                             Chuck
Norris #500

Jeff
Massey #329                                             Greg
Wilkes #359

Mark
Tatum #245                                            Steve
Calton #385

Benny
Pinckard #113                                       Jason
Jones #469

Carl
Nelson #645                                             Lee
Hussey #703

Steve
Calton #385                                            Carl
Nelson #645

Greg
Wilkes #359                                            John
Browning #776

Keith
Maddox  #512                                        Mike
Bunn #594

Chuck
Norris #500                                          Tom
Melton #442

Brice
Paul #127

Jason
Jones #469

Larry Turrin #398

Lee
Hussey #703

John
Browning #776

Tom
Melton #442

The meeting was started by Larry
Turrin, President - Alumni Chapter.

An opening prayer was given by Steve Calton, #385, Secretary
– Alumni Chapter.

A brief introduction was given by Larry
Turrin, including that over $3,800 had been raised at the
David Gulliot Golf Tournament, cumulative donations
for the chapter housing fund are just over $47,000 and we are moving closer to
our goal of $60,000. Also, that brother Keith Pichanick
#407 has passed to Chapter Eternal.

Johnny Moncrief, Archon –
Student Chapter, gave a status report of the chapter including they have 28
active return for fall and currently have 23 pledges and should have 25 or 26
before the end of rush.

Keith Maddox, Chairman – Housing Committee took the
floor and stated our housing options are wide open, no commitments have been
made. We need to address both Short Term and Long Term housing. Keith then
introduced Herb Reeves, Troy University Housing.

Mr. Reeves explained the New Fraternity Row Complex proposed
by Troy University. Some points that were made
by Mr. Reeves:

Can
include 6-7 houses

Each
house estimated cost is between $600-$850K or $80
to $120 per square foot.

Revenue
potential of $62,700 annually, with 50% occupancy in the Summer.

Four
or Five commitments from Fraternities are need to go forward.

10% of
the cost of the house will be required to be escrowed in the Housing Corporations
name to cover low occupancy or damage.

Troy will pay all
maintenance and utilities and collect the rent direct from each student.

Rents
will be the going dormitory rate.

Occupancy
requirements are negotiable.

Once
our rents have amortized the debt (just our house), the house will be rent
free to the Fraternity. The Fraternity at that point will be responsible
for utilities and maintenance. Troy
will still provide major repairs.

Right
now, Fraternities interested are Pi Kappa Phi, Delta Chi, Sigma Alpha
Epsilon, Farmhouse and Alpha Tau Omega.

Target
ground breaking is for Homecoming 2004.

Construction
is estimated at one year.

A question and answer session began, some of the answers
were:

We
will only be responsible for our portion of the debt (bond issue),
regardless if other Fraternities default

There
is 11 acres total for Fraternity row.

Lots
will probably be assigned by lottery.

House
and Floor plans are open to design; we can design our house within the
limits of the lot.

Houses
should be same basis size, but with different looks.

Modifications
will be allowed, with approval and must meet code.

We can
put up a fence.

If the
chapter loses its status, a sub-lease will be worked out until such time
the chapter is active again.

Troy University will provide all
utilities, including cable and internet, same as the dorms.

A discussion was then held on housing availability on Pell Avenue.

A 22
person house will be available Oct 1 or at latest Nov 1.

100%
occupancy is not required; Troy
University will work
with us on a transition period, terms are negotiable.

We can
have a one year lease and can break the lease to move into the new
Fraternity housing.

Pi
Kappa Phi has the first right of refusal on any available house on Pell.

A short discussion on Rush was held with Mr. Reeves and a
break was taken.

Keith commented on our Short Term housing needs. The house
we have now leaks and has many other problems. The lease expires 1-1-04, by we may have cause to break the lease without recourse.
Pell will NOT be long term.

Mark Tatum and Benny Pinckard took the floor to present an
alternative Housing plan. This idea began back in May, including meetings with
Dr Doug Hawkins (Chairman of the Board at Troy University)
and his approval.

Points of the proposal were:

Purchase
Royal Heights Apartments, owned by Dr Doug Hawkins, for $320,000.

There
are 8-two bedroom apartments. Maximum occupancy would be 32 with per each
room or four per apartment.

$180,000
was added to build a facade, Chapter room and Party room, but these costs
have not been determined.

At
$500,000 cost, it was estimated the debt could be paid off in less than 10
years.

Other
financing details were not available.

No
estimate was given on cost on maintenance, insurance, utilities and other
expenses.

A goal
to raise $200,000 has been set. This will be placed in escrow and once the
apartments are purchased will be available for repairs, additions or
shortages. $75K has been pledged to date.

The
Housing Corporation would own the apartments/house.

The discussion was ended.

Next meeting has tentatively been set for October 2, 2004.

The meeting was adjourned with a prayer given by Keith
Maddox.