PINE TERRACE HOMEOWNERS’ ASSOCIATION

BOARD MEETING

OSBORNE RESIDENCE

Tuesday, December 15^th, 2009

CALL TO ORDER:

The meeting was called to order by Ed Osborne , President at 3:00 p.m.

 PRESENT:

Ed Osborne , President, Mary Osborne , Treasurer, Lyndy Holzwarth , Secretary and Barbara Smith , Director At Large.

 ABSENT:

Frank Dowis , Vice President, Glenene Harris and Mike Cason , Directors At Large.

 INVITED GUESTS:

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

 APPROVAL OF MINUTES:

The minutes of October 20^th, 2009 were approved without correction. The motion was made by Barbara Smith and seconded by Ed Osborne .

 OLD BUSINESS:

Gates: The replacement of the gates is being worked on. Front gate was having reader problems. The Blessing truck caught gate when exiting. Dan has talked with them and cost will be taken care of. Smart Gate is working on both gates replacing the controllers as Board agreed in October. New system will have 200 number ability, and will have a monthly service charge of $35.00, but will be completely programmed by Smart Gate and kept up by them. Work is to be completed by December 31^st. The cost of the new system will be $6,000.00 and will come out of the replacement/reserve account.

Sparks Insurance Settlement: The HOA has received nothing else from Travelers on the Sparks claim and Mrs. Sparks has not notified the HOA of additional money needed from claim amount already received. Ed Osborne will check with Mrs. Sparks on this and the progress of her rebuild.

          TREASURER’S REPORT:                     

Mary Osborne has talked with Rich Murphy at Wells Fargo regarding CD which came due 11/23/09. Interest rates available are very low, for instance, the Academy Bank is currently paying 2.48% on CD that the HOA has there. After discussion, the Board decided to check further before moving the CD. Ed Osborne will check Bank at Broadmoor, Academy Bank and Ent Federal Credit Union.

Barbara Smith moved approval of this transfer, based on a figure to be determined, and Lyndy Holzwarth seconded. The motion was approved unanimously.  

PROPERTY MANAGER’S REPORT:

          Dan Rees reported that the new gate system is being completed as planned. Barbara Smith asked about when new remotes would be available. Dan said that he would give Bob Denman of Smart Gates names of anyone needing a new remote and that Bob would deliver them personally.

          Christmas lights and decorations are up. Each year there is always some additional expense as it is necessary to replace old strings of light and update to newer ones which are more cost effective.

          Dan said he would be gone over Christmas, but back before the end of the year, and would have his cell phone on for any problems.

COMMITTEE REPORTS:

          Architectural Control: Afeman build is finally complete. Ed Osborne also reported that on the Poleson lot, only the plat plan has been approved. The HOA has not received full plans or schedule when building is to be started.  

RESERVE STUDY:

          Mary Osborne reported that the Reserve Study by Association Reserves Colorado has been completed and received. There is a lot to look at in the study as Association Reserves has dealt in depth with the current and future needs. Some of the areas covered were streets and curbs, stucco, painting, fence, asphalt and trees.

          Generally, it was felt by the Board that much of the work indicated in the report could be stretched out over a period of several years. However, the Replacement/Reserve account was not going to cover necessary work at the current dues amount with continued low interest rates being paid on the HOA CD’s and accounts.

          As to the stucco and painting, Ed said that this should be looked at annually. Dan said that he and the contractor periodically went through the community and looked for areas needing work/repair. Lyndy Holzwarth asked if the paint was in the stucco. Ed and Dan replied that usually the stucco is tinted, however, the homeowner is responsible for the stucco patching, and the HOA is responsible for the painting.

          The report also indicated that a number of trees within the community should be looked at for replacement due to their age. After discussion, the Board decided that the Landscape Committee and Dan should continue to work on this, as they had been very aggressive with the inspection and treatment of the trees and the Board would act on their recommendations.

Ed Osborne stated that it looked as if $25,000 to $30,000 at the very least would be needed next year to begin the work recommended in the study. Some of the work he felt could be stretched out over a number of years. He asked Dan to get the necessary inspections done, in order that the Board be able to plan those things requiring immediate repair.

          The Board then requested that the report be given to the Maintenance Committee to review and report back on items to be given priority.

 2010 BUDGET:

          Barbara Smith made the motion and Lyndy Holzwarth seconded. The motion was passed unanimously.

          With the increase dues included, the 2010 Budget and Reserve Budget were approved unanimously. Mary Osborne so moved and Lyndy Holzwarth seconded.

 ADJOURNMENT:

Ed Osborne adjourned the meeting at 4:45 p.m.

                    Respectfully submitted/s/Stephanie Blair , Recording Secretary

          NEXT SCHEDULED MEETING: APRIL 20^TH, 2010

                                                                      BANK AT BROADMOOR

                                                                   3 TO 5 PM