The Woods Townhouse Condominium Association

 

Minutes

 

2008 Annual Meeting

 

 

 

DATE:             Saturday, December 13, 2008

 

TIME:              5:00 PM to 7:00 PM

 

PLACE:           The Woods Exercise Room

 

 

Owners in attendance were Jim & DeAnn Anchustegui (#15), Katy Buchanan (#7), Kyle and Allison (Krausen) Webb (#20), Elliott Ross (#9), Coupar Lester (#3), David Walder (#14), Ann Pettus (#10), and Michelle Burns (#2) via telephone.  Units #6, #8, #11, #13, #17, and #21 were represented by properly executed proxies.  Dave and Jennifer Sturgeon (Managers) and Katherine Paison-Senn (Select Management) were also in attendance.  There was no representation for Units #4, #5, #12, #16, #18 and #19.

 

  1. Jim Anchustegui called the meeting to order, welcomed those in attendance, and made all proxies known.  A quorum was present as 14 of the 20 Units were represented.

 

  1. It was moved, seconded, and approved to waive the reading of the 2007 Annual Meeting Minutes.  Jim gave a brief summary of the Minutes and reminded everyone that the Minutes are posted on the Woods Web Site at:  www.woodscondoassoc.com.

 

  1. Katherine Paison-Senn briefly reviewed the Financial Statements for the 11 months ending November 30, 2008 and year end projections which reflected a potential surplus of approximately $2,500.  Most categories were on or under budget with the exception of snow removal.

 

  1. In 2008, the lower north side decks on Building B (Units 4-9) were replaced due structural and safety concerns.  18 skylights were replaced or resealed.  A portion of the tree between Unit #5 & #6 was removed as was the entry tree next to unit #21.  The French drains next to #21 and the Club House were cleaned and rebuilt.

 

  1. Dave and Jennifer Sturgeon updated the Owners with completed projects and those still in process.

 

  1. Jim Anchustegui updated the Owners on the research that was completed concerning coverage and deductibles as requested at the 2007 Annual Meeting.  The coverage appears adequate, and the premium savings with increased deductibles was minimal, and not a justifiable risk.  An appraisal for replacement costs will be completed in early 2009, and Owners were reminded that they should review their individual coverage as the HOA policy covers “what was originally conveyed to the first owner by the Declarant (Warner Development).”  This means that any improvements that have been made in a Unit, less reimbursement of the replacement cost of the original conveyance, is the Owner’s responsibility.  Once the Replacement Cost Appraisal is completed, the Agent will send a letter to all Owners explaining this in more detail.

 

  1. There was no report from the Exteriors Committee (chaired by Tony Fridovich #13).  They continue to obtain input for paint colors, lights, etc, but nothing will be done until decisions are made concerning exterior deferred maintenance repairs and replacement.

 

  1. Earlier this year, the Board had retained legal counsel to review our Legal Documentation.  Is this review, several conflicts were identified, along with new rules and regulations concerning Home Owner Associations.  As Doug Tisdale was unable to attend the Meeting and discuss these findings in detail, the Owners agreed that we should proceed with this review and finalize the changes that need to be made and correct any deficiencies and inconsistencies, with clearer Owner and HOA responsibilities.  

 

  1. 2009 and beyond will require significant capital expenditures to repair and/or replace much of the exterior structure, after the cause of the problems are determined (water and moisture) in many areas.  Some preliminary recommendations are being reviewed, but it was the recommendation of the Owners that we retain a Roofing Consultant, and possibly a Building Materials Scientist/Consultant, to evaluate our current and long term requirements and needs.  A letter to all Owners will be drafted as additional information is obtained outlining these expenditures and the timing.  See additional comments under the 2009 Capital Requirements and Assessments.

 

  1. Katherine presented the proposed 2009 Operating Budget and the monthly Operating Assessments (Dues).  This Budget could reduce the monthly Operating Assessments, but after much discussion, it was recommended that these remain the same in 2009 as they were in 2008 to cover the insurance appraisal cost, the legal review and recommendations, and an increase for snow removal.  If these expenses are less than anticipated, then a reduction in Monthly Operating Assessments could occur in mid-year.  It was moved, seconded, and approved that the 2009 Budget be accepted with no change to the Monthly Operating Dues.

 

  1. In August, the Board approved an initial 2009 Capital Assessment in the gross amount of $200,000.  Monthly charges, or a single January discounted amount, continue to be options in 2009.  Due to the cash requirements in 2008, a pre-paid discount was offered to Owners if paid by September 15, 2008.  15 of the 20 Owners elected this option for prepayment.  As discussed earlier, an additional Reserve Assessment will most likely be required in 2009 with a start date of July 2009, and the amount could be as much as 150% of the amount already assessed.  The Board will make the decision concerning the amount once the findings are complete.  This will be addressed in a separate letter to Owners once more is known from the consultants concerning requirements, priorities, and timing.

 

  1. Elliott Ross has agreed to chair a Reserve, Capital, and Finance Committee, which will use the Reserve Study as a basis coupled with the consultant reviews, and then make recommendations to the Board and Owners concerning short term and long term requirements for expenditures and assessments with the goal being the rebuilding of Reserves.

 

  1. Jim reported that according to the latest issue of EVPOA Newsletter, the EVPOA is still planning a trail in use by late summer 2009 even though the Environmental Analysis is not yet complete, and there is still a question of interference with the existing game trails, and a new survey had to be completed as they made an error in the previous survey concerning the Woods’ property.  Owners can visit their Web Site at: www.eaglevail.org.

 

  1. At this time there is nothing new to report concerning the Flood Plain/Zone.  Once again, Owners were advised to check out EVPOA’s Web Site (www.eaglevail.org) for current information as reported by ULI (Urban Land Institute) and FEMA.  EVPOA is optimistic that the new submission will help eliminate the lender requirements for flood insurance.

 

  1. There are no Board positions expiring this year, but two expire next year.  The Board remains as is:

 

Jim Anchustegui, President                                12/31/2009

Doug Tisdale, Vice President                            12/31/2010

Katy Buchanan, Secretary/Treasurer                 12/31/2010

Allison Krausen (Webb)                                   12/31/2010

Michelle Burns                                      12/31/2009

 

  1. After much discussion, it was moved, seconded, and approved that the Association would discontinue the $100 deductible for repairs with the exception of decks, doors, and windows.  This may need to be readdressed following the document legal review.

 

  1. As there was no further business, it was moved and seconded to adjourn.  The motion passed unanimously, and the meeting adjourned at 7:00 pm.