PINE TERRACE HOMEOWNERS’ ASSOCIATION

BOARD MEETING

THE BANK AT BROADMOOR

Tuesday, April 21, 2009

CALL TO ORDER:

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

 PRESENT:

Ed Osborne , President, Frank Dowis , Vice President, Mary Osborne , Treasurer, Barbara Smith and Tom Berg , Directors At Large

 ABSENT:

Lyndy Holzwarth , Secretary and Glenene Harris , Director At Large

 INVITED GUESTS:

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

 APPROVAL OF MINUTES:

The minutes of October 21^st, 2008, were approved.  Mary Osborne made the motion, and it was seconded by Frank Dowis . As there was no quorum for the December meeting, only notes of discussion were taken, requiring no approval by the board.

 OLD BUSINESS:

Ed Osborne reported that there has been communication with attorney Steve Lebel and 3 meetings of the Policy/Rules Committee to review HOA declarations and rules to bring them up to date with Colorado State Regulations. The Policy/Rules Update Committee is composed of Jim Marvin , Tom Berg , Ed Osborne , Frank Dowis , and Lyndy Holzwarth . Changes have been made in regard to investment policies and requiring only one signature on accounts instead of two. Also a change has been made allowing the parking of any emergency vehicle on the street when used by a resident i.e. paramedic, fire department, etc. All rules currently on the website have been reviewed to conform to the changes. Ed Osborne will have copies of the rules for the Board by the May meeting, so they may review. He will be working with Tom Berg to clean up any unclear language. Completed rule changes must be to all residents 15 days prior to becoming law.

There will be no covenant changes and no quick list of rules and regulations will be sent out. Once approved, all residents will receive notification that all policies and rules are posted on the Pine Terrace Website for their review and information.

The Board agreed to continue the legal service of Steve Lebel for the Association. Steve will be asked to attend the HOA annual meeting.

Tuesday, August 18^th, 2009 is the planned date of the HOA Annual Meeting. The Board will meet at 3 p.m. and the Annual Meeting will begin at 4 p.m.

 TREASURER’S REPORT:

Mary Osborne reviewed the reports from the end of year, January, February and March. As of this date, the balance sheet looks good, but the months with highest expenses are approaching, and she cautioned that care must be taken to keep everything possible within the budget.

As of March 2009, Total Assets are at $ 257,449.61.

On investment revenue, Mary reported to the Board that $52,000 had been transferred to the Academy Bank and was currently earning 2.3% which was a slight improvement over what it had been earning. The Wachovia account at March 31^st was $120,459.34 including a $119,000 Certificate of Deposit earning interest at 4%.

One of the recommended changes to the current investment guidelines is that the strategy of structuring investments so they mature in successive years be eliminated. Current economic conditions with low interest rates and the expectation that interest rates will be increasing within the next 12 to 18 months indicate a 6-month certificate of deposit may be more advantageous than longer term investments. This could result in two or more investments maturing in the same year.

Accounts payable of $2,545 at December 31^st, 2008 , were omitted from the December 2008, January 2009, and February 2009 financial statements previously given to Board Members. The effect of expensing this amount in 2008 is to show an operating loss of $1,898 rather than an operating income of $647

Ed Osborne suggested to the Board that consideration should be given to an increase for HOA dues. Last increase was approximately 7 years ago when the dues went from $390 to $425. Boards have previously done an excellent job on keeping costs within the budget, but continuing increases in all areas warrants this Board looking at a possible dues increase.

By a unanimous vote, the Board decided that all statements turned in for payment to the HOA, will be paid in either the first of the month payment cycle (approximately the 10^th of month) or end of the month cycle (approximately 25^th of month). This is to include all vendors hired by committees.

 PROPERTY MANAGER’S REPORT:

Spring clean up is underway by LandTech. Water features and sprinkler system will be turned on as weather permits. Dan is going to confer with Richard Kelly on painting to be done.

Dan is aware of a problem with some rotting railroad ties on Jerry Grage ’s property at 3735 Chataway Court . The railroad ties appear to be within the footprint of the house, along the side of the patio. There are also railroad ties around the large ponderosa tree. Dan got an estimate for a replacement/repair of approximately $1,280. He asked the Board for a decision on whether it should be handled by the Association or the homeowner.

Discussion was held by the Board on this question. Tom Berg said that the footprints are messed up and suggested that the Board check with the Platte to see if revised and if there might be any clarification. Ed Osborne will review declarations and covenants. Frank Dowis said he felt the Board needed to check up on footprints of property and have a decision on where it should be, i.e., 1 to 2 feet from house. The Board needs to have a consistent ruling on how a footprint is to be defined.

Also discussed was the information in the Cheyenne Edition as to the increase of water costs, indicated at as much as 40%.  Dan Rees was to check on this to see if he could get any reliable information. The Board was interested in what the difference might be with the new sprinkler heads in place.

After the discussion regarding the percentage reimbursement of a homeowner for replacement windows, it was generally felt by the members  that this policy should be discontinued. The policy was put into effect shortly after the community was established due to some problems with original windows. The Board believes that the policy was not intended to remain in effect permanently, and cannot continue indefinitely. Ed Osborne was to research the minutes to get information as to when this policy was established and would present it to the Board for a vote at next meeting.

 COMMITTEE REPORTS:

Architectural Committee – 3920 Hermitage Drive , Afeman house proceeding very slowly. Barbara Smith talked with Celine Afeman recently and Celine indicated that completion would possibly be in August.

3840 Hermitage Drive , Poleson Lot – the Board has given its approval on the plat plans, however the city wants a tree saved that was to be cut down. The Polesons are changing design of patio to allow for the tree. One or two trees will be removed and replanted. If HOA can find a place for others they will be moved. Betty Abrams is working on this. In the HOA letter of approval it was stated that the trees be saved if at all possible. The Polesons want to start construction soon, and will call Architectural Committee when plans are confirmed. At that time the Board will send out statements for Builder’s Fee and Construction Damage Fee.

Landscape Committee – The committee has requested permission to remove old Junipers near Bob Maytag ’s house and near the main gate on the right side. Also they would like to clean up the rock wall between the Osborne and Maytag property and replace Junipers. Ed Osborne requested that the members of the Board look over these areas and then the Board will get together with Landscape Committee and develop a plan.

  NEW BUSINESS:

Ed Osborne discussed with the Board the requirements the new state laws have for homeowner associations. They include, full financial disclosure, posting of covenants and bylaws, meeting minutes, and insurance information, including lists of policies and types of coverage, and insurance companies. The HOA’s current insurance agent has been renamed CB Insurance. This information will be on the website and HOA will use same disclaimer as the county, “complete accuracy is not guaranteed”.

 Next newsletter will be out before May 31^st, in time to include information on HOA annual picnic and a reminder of the date for the annual meeting. Any other information to be included should be to Stephanie Blair by May 17^th.

  Ed Osborne suggested the Board begin to look for replacements for the 2 board positions to be filled this year. Frank Dowis and Tom Berg ’s terms are up in August of this year. Two suggestions were W. R. Hayes and Michael Cason .

 The meeting was adjourned at 4:30 p.m. Tom Berg made the motion, and Barbara Smith seconded.

             Respectfully submitted /s/ Stephanie Blair , Recording Secretary

NEXT MEETING: TUESDAY, MAY 19^TH, 2009

                                  BANK AT BROADMOOR

                                3 TO 5 PM