PINE TERRACE HOMEOWNERS’ ASSOCIATION

BOARD MEETING

THE BANK AT BROADMOOR

Tuesday, October 20^th, 2009

CALL TO ORDER:

The meeting was called to order by Ed Osborne , President, at 2:55 p.m.

 PRESENT:

Ed Osborne, President, Frank Dowis, Vice President, Mary Osborne, Treasurer, Glenene Harris, Barbara Smith and Mike Cason, Directors-At-Large.

 ABSENT:

Lyndy Holzwarth , Secretary

 INVITED GUESTS:

Dan Rees , Property Manager and Stephanie Blair , Recording Secretary and Bookkeeper

 APPROVAL OF MINUTES:

The minutes of September 15^th, 2009 were approved without correction. The motion was made by Frank Dowis and seconded by Glenene Harris .

 OLD BUSINESS:

          Grage Letter: In a letter dated September 14^th, 2009, Mr. Grage responded that he had talked with Jay Blackman regarding completing the repairs/maintenance needing to be done at his property. He noted he had been ill and that he was now getting other bids. Frank Dowis and Dan Rees have also spoken with him regarding this maintenance and as of this date no work has been done.

          Gate Repair: Dan Rees reported that Bob Denman with Smart Gate Systems has reported that they have done everything possible to repair gates and key pads, but cannot get them working as they should. He feels that additional money on repair and maintenance would be wasteful. (See attached copy of letter) He and Dan consulted and are recommending that the HOA go ahead with the Proposal #2, with a 200 number ability, a total of $6,000 to replace to new system, with a $35.00 per month charge for maintenance and upkeep. The new system will have a warranty of approximately 1 year. After discussion and disappointment expressed by Board members that the current system can not be repaired sufficiently for the balance of year, Ed Osborne asked that the Board approve the change, amending the previous Board decision and go ahead with installation of the new system now rather than in 2010. The expense of the new system in the amount of $6,000 is to come out of the HOA reserve/replacement account. Mary Osborne moved the question, and Mike Cason seconded. The motion was carried unanimously.

          Sparks Insurance Settlement: Ed Osborne reported that the agreement between the HOA and Barbara Sparks regarding the dispensation of insurance funds from the Travelers, has been revised. An addition to the first clause, applying to the terms of the insurance policy: #12 Indemnification – “this shall not amend or expand terms of policy”. A copy of this will be sent to Travelers, and both Ben Sparks and the HOA President will sign.

          The first check from Travelers for the Sparks ’ rebuild has been received in the amount of $295,000. The HOA will have issued a cashier’s check from the Bank At Broadmoor, in the amount of $119,211 to Barbara Sparks for the current expenses to be paid. As checks from Travelers come in and when Barbara notifies the HOA, cashier’s checks will be issued to her to pay rebuilding expenses. The HOA is not responsible for any building problems or changes.

          Scrub Oaks: The scrub oaks at back gate have been trimmed, but it was noted that pine trees also needed to be trimmed, and Dan was requested to check to make sure that visibility is clear for people using the back gate.

 TREASURER’S REPORT:

          Mary Osborne reported that as of September 30^th, 2009 the total amount in Pine Terrace accounts was as follows:

           Reserve/Replacement                           $228,911,49

          Escrow (includes Sparks ’ fees)             $  11,566.19

           Total Assets                                                $264,272.74

          Mary expects to receive the new Reserve Study by the end of October. Dan Rees went through the Pine Terrace property with the men from Association Reserves Colorado. Dan answered questions regarding the property as needed and he felt that the men doing the study were very thorough. When Mary has received the study, she will call a meeting for the Budget Committee to prepare 2010 budget for the HOA. She hopes to get this done by end of November. in order for the Board to approve before end of year. At this point, and provided the Reserve Study is reasonable, Mary does not feel that HOA fees will need to be increased.

          Barbara Smith asked if the study will include all major repairs, i.e., the perimeter fence? Dan and Mary assured her that all such repairs would be considered in the new study.

          Last year’s Budget Committee consisted of Mary Osborne , Frank Dowis , Jim Marvin , Betty Abrams , and Dan Rees . Mary will confirm with these members to see if they will serve this year, and will get others if needed.

 COMMITTEE REPORTS:

          Architectural Control: The Afeman’s build is finally moving along. It is hoped that completion can be done before end of year. Dan will have Al from AAA Concrete look at damage that has been done by contractor equipment during this construction, and get cost of repairing to be deducted from Damage Fee in escrow. The Afeman’s are responsible for putting in sprinklers for their new landscaping. The contractor that puts in the sprinklers is responsible for making sure they work properly and any problems that might occur, once attached to the HOA water system.

 PROPERTY MANAGER’S REPORT:

          Dan Rees reported that he had received the renewal on the HOA insurance with Travelers. The total premium this year will be $28,763.00 and increase of $963.00 from last year.

          Asphalt and concrete work is done for this year. The repair/replacement for the Sparks property will be done next year and out of the 2010 budget.

          Mike Cason then remarked that a number of trucks continue to enter on the left side of the gate. He has noticed that not only LandTech trucks but other delivery, and construction vehicles do this. He is concerned about the possible damage done to the guard shack overhang. Frank Dowis said he has personally informed Gary and he was supposed to let contractors know. Dan will once again remind all contractors coming in through the front gate, not to enter on the left side.

  NEW BUSINESS:

          Acting on the suggestion of Mike Cason it was decided by the Board that in future construction approval letters sent by the HOA, a time limit for completion of construction would be included. Individual circumstances would be considered, however, the Board felt that a six month period should be sufficient. This will be looked at this spring. A completion date of 3/15/09 is in the Sparks contract.

          Frank Dowis requested the formation of a committee to look into what might be done to trim trees to give back views to homeowner’s that have been lost through overgrowth of trees. He felt that one of the major selling points for property in Pine Terrace are the views of the golf course, hotel and lights of Colorado Springs . Board members volunteering to work on this committee are Glenene Harris , Mike Cason , and Frank Dowis and possibly Lyndy Holzwarth . Dan suggested that the committee also get together with other homeowners affected to come up with a plan and cost to be considered in 2010 budget. The committee will contact the Broadmoor grounds manager to see if something can be done regarding the trees edging the golf course. Ed Osborne reminded the committee to consider previous Board decisions about cutting trees for view purpose only. (See minutes of April 15, 2008 & August 19, 2008).

ADJOURNMENT:

Ed Osborne adjourned the meeting at 3:40 p.m.

                           Respectfully submitted/s/Stephanie Blair , Recording Secretary