MINUTES OF THE ANNUAL MEETING OF

OWNERS OF THE WOODS TOWNHOUSE CONDOMINIUMS

January 28, 2006  

DRAFT

 

Pursuant to Due Notice, the Annual meeting of the Owners of The Woods Townhouse Condominium Association, (the "Association"), was held at The Clubhouse of The Woods Townhouse Condominiums, 654 Stone Creek Drive, Eagle‑Vail, Colorado at 8:00 A.M. on January 28, 2006.

 Elliott Ross, Owner of Unit 9 and a Director and President of the Association greeted those present and welcomed them to the 2005 Annual Meeting.

 The following Owners were present at the Meeting:

Unit I                        The Woods Townhouse Condominiums (Ted Ryczek)

Unit 2                        Michele Burns

Units 4&5                  Billy Marcus

Unit 7                        Katy Buchanan

Unit 9                        Elliott Ross

Unit I I                      Nancy Besancon

Unit 12                      Jeff Rubenstein

Unit 16                      Nick & Sharon Franco

Unit 17                      Leeski Partnership

Unit 20                      Allison Krausen

Unit 21                      Doug Tisdale

Proxy represented the following Owners at the Meeting:

Unit 3                        Coupar Lester                        Proxy to Ted Ryczek

Unit 6                        Eagle‑Vail Partnership                        Proxy to Ted Ryczek

Unit 8                        Jim Warner                        Proxy to Ted Ryczek

Unit 10                      Don Pettus                        Proxy to Ted Ryczek

Unit 13                      Jimbo Grisebaurn                        Proxy to Ted Ryczek

Unit 15                      Jim Anchustegui                        Proxy to Ted Ryczek

Unit 18                      Eagle-Vail # 18 Partnership     Proxy to Ted Ryczek

Inasmuch as 19 of the 21 Owners, 91 %, were present either in person or by Proxy. A quorum existed.

No response from the following Owners:  Unit 14 and Unit 19.

 •            Proof of Notice of Meeting was referred to and confirmed as having been proper in all respects and sent out to all owners of the Association in a timely manner.

 •            The next item of business was the reading of the Minutes of the 2004 Annual Meeting of the Owners held on March 12, 2005.  

•           Ted Ryczek reported on the financials of 2005. Year End results included $107,545 liquid assets, $104,141 in the Vanguard Prime Money market account and $2,984 in the First Bank checking account. The year ended up being $3,404 under budget for the 2005 fiscal year with no receivables due.

 •           Repairs in 2005 included touch up painting of all buildings and decks, replacing of the sauna controls and heater, roof inspections on all four buildings, replacing the hot tub recalculating pumps, replacing the pool heat exchanger, tree thinning on the cottonwood trees and the trees on the hillside next to the dumpster, temporary roof repairs on the entry decks and minor repairs throughout the condominium complex.

 •           A discussion took place on closing of the pool and one hot tub in the off‑season, from April 1 to July 1st and again in the fall, after Labor Day to Thanksgiving because of lack of use. Ted announced that the savings was approximately $3,500 for the year in utilities when closed in the past. With the increase in utilities, the savings will be greater. Utility costs for 2006 are expected to increase approximately 20%. A motion was made and seconded that the pool and one hot tub be closed during the time frame mentioned above.

 •           The 2006 Budget was discussed was unanimously approved by the Owners. The 2006 Budget also reflects a special assessment to increase the Reserve account for the future of the condominium complex. All owners will have the opportunity to save 10% by paying a one‑time assessment payment. This discounted payment will be included in the February statement. This payment must be received before February 28, 2006. If we do not receive the full payment for the assessment, you will. be billed monthly, approximately $100 per unit per month, starting retroactively from January 2006, depending on the Unit size. (See the payment schedule below). After further discussion, it was agreed that the 2006

             Operating Budget be approved as submitted.

 Annual                                Monthly                One Discounted

 Assessment                        Payment                        Payment

Unit #2, Building A                        $1,017                        $85                         $915

Unit #3, Building A                        $1,163                        $97                        $1,047

Three bedrooms, Units 4‑9 & 16‑21, Buildings B&D $1,200                        $100                         $1,080

Four bedrooms, Units 10‑ 15, Building C                        $1,272                        $106                         $1,145

•           The budget also reflects an increase in utility costs, natural gas and electricity are expected to increase 20% and insurance rates have increased 7%. Ted will look at other insurance proposals for lower rates.

 

•             Improvements in 2006 will include repairing and staining all decks, repairs to the siding and railings on all buildings, seal and stripe the parking lot and roof repairs based on the inspectors' recommendations.

The roof repair will be funded by our Reserve account.

An engineer will be assigned to inspect and make recommendations on the ongoing issues with leaking skylights and deteriorating supports for the living room decks on buildings B & D (Units 4‑9 and 16‑21). He will also make recommendations on repairing the deck for unit #2.

The Board is looking into replacing the exterior lights on all units. It will only include the main entrance light on all units at this time and the pole lamps throughout the complex this year. Any feedback will be welcomed.