PINE TERRACE HOMEOWNERS’ ASSOCIATION

SPECIAL BOARD MEETING

Barbra Smith RESIDENCE

Monday, March 1, 2010

CALL TO ORDER:

The meeting was called to order by Ed Osborne, President at 3:05 p.m.

 PRESENT:

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

 ABSENT:

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

                                               
INVITED GUESTS: 

Mark Reischmann and Ed Veranth, Members of the Maintenance Committee.

 APPROVAL OF MINUTES:

The minutes of December 15^th, 2009 meeting were approved with the correction that Barbara Smith made the motion to approve the 2010 Budget and Lyndy Holzwarth seconded.

 OLD BUSINESS:

2010 Budget: Frank Dowis and Glenene Harris questioned the need for the $75 dollar increase in monthly dues for improved lots.  There was no support to change the 2010 dues assessment from that approved at the December meeting.

 TREASURER’S REPORT:                     

The year end report was not ready to review.

 RESERVE STUDY:

          Ed Osborne presented a modified reserve funding worksheet (attached) that showed a year by year report of expenses and revenue for maintenance items in the study and items that are duplicated in our operations budget.  Our 2010 Operations Budget contains expenses for trees, gutters, paint, roof and stucco amounting[O1]  to $37,000 per year which Reserve Study by Association Reserves Colorado treated as reserve expenses in their report.  This income was shown as an addition to the annual contribution of $40,800 to the reserve account provided for in the Operations Budget.

 One other revision in the modified worksheet was the reduction of expense for Metal Fence, item 503 for the year 2010, to $60,000 from the amount of $136,500 in the Reserve Study.  This cost came from initial estimates Dan Rees had received but is not final and later estimates look like it can be further reduced.  In any case the repair to the fence will take place this year.

 Another high cost expense in the Reserve Study that received great attention is the $47,000 per year for paint on wood trim, windows and stucco, item 1115.  The Pine Terrace Declarations, Article 5 on Maintenance, Repair and Improvements state that it is the Association’s responsibility to paint stucco surfaces of exterior walls (including courtyard and terrace walls and chimneys) and to paint window frames and wood trim.  It was generally agreed that not much had been done recently in the area of painting stucco and more work was needed but the cost is questioned.  No action was taken on changing the item at this time but it was agreed that Dan Rees and the maintenance committee need to get some accurate quotes.                                                                                        

Concerns were expressed that the reserve account should not be allowed to get too large in fear that future boards could be tempted to spend it unwisely.

 POLICY DISCUSSION:

Questions came up on snow removal and whether all driveways and walks were cleared when it was determined that plowing should take place.  It was discovered that at some point a decision was made to not plow drives and walks for unoccupied units.  The decision of the Board is that in the future all walks and drives would be cleared when the decision is made by the manager that the contractor is to clear the roads.

 ADJOURNMENT:

Ed Osborne adjourned the meeting at 4:10 p.m.

                    Respectfully submitted/s/Ed Osborne, note taker.

          NEXT SCHEDULED MEETING: APRIL 20^TH, 2010

                                                                      BANK AT BROADMOOR

                                                                   3 TO 5 PM