PINE TERRACE HOMEOWNERS’ ASSOCIATION

BOARD MEETING

THE BANK AT BROADMOOR

Tuesday, June 16^th, 2009

CALL TO ORDER:

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

 PRESENT:

Ed Osborne, President, Frank Dowis, Vice President, Mary Osborne, Treasurer, Lindy Holzwarth, Secretary, Tom Berg, Barbara Smith, and Glenene Harris, Directors At Large

 INVITED GUESTS:

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

 APPROVAL OF MINUTES:

The minutes of May 19^th, 2009, were approved. Mary Osborne made the motion and it was seconded by Barbara Smith .

 OLD BUSINESS:

Ed Osborne notified the Board that Frank Dowis has kindly agreed to run again for the Board and Mike Cason , 3960 Hermitage has also agreed to run. The position currently held by Tom Berg will be vacant, and Ed requested the Board let him know if any other homeowner indicates an interest in running for the Board.

Ed then reviewed the Policies and Rules Changes draft. Points touched on and discussed were transient occupancy, parking, guests with pets, display of “For Sale” signage and the display of flags, i.e. American, POW. After discussion, changes were made as to the words used, sentence location, deletion of some redundant language, and addition to some areas for clarification. Ed reiterated that the changes made were mostly done to bring the HOA’s policies and rules in line with changes in state law.

Paragraph #25 – NOISE – was changed to read, “Improvements, repairs, cleaning, general maintenance, or construction work is allowed only between the hours of 7AM (changed from 8AM) and 6PM inside and out”.

The Board unanimously agreed on this change.

Mary Osborne reminded the Board that it had been necessary to make a minor change in the set up of maturity dates of the HOA’s CD’s, under Exhibit F – Investment of Reserve Funds – previously the section had read that no CD’s should mature during the same time, however, the current economic climate requires more flexibility in order to make the best investments.

Policies and Procedures although directed and approved by the Board, should always be reviewed by HOA attorney, Steve Lebel , to make sure they comply with Colorado Law.

Tom Berg moved that the Board accept the Rules, Policies and Procedures as changed. The Rules are to be effective July 15^th, 2009. Policies and Procedures are directed by the Board and therefore are effective upon Board approval. Frank Dowis seconded, and the motion was approved unanimously.

Ed Osborne stated to the Board that a letter informing the Homeowners regarding the rules changes must be sent out 15 days prior to the rules taking effect. The Board agreed that the letter should be to the Homeowners no later than June 30^th, 2009, so that the effective date would be July 15^th, 2009.

The new Rules, Policies and Procedures will be posted on the HOA website, and fall newsletter will remind Homeowners that the information can be found there. Any Homeowner not able to view the documents may request a hard copy from Ed Osborne or Dan Rees .

Concern was expressed by a number of Board members regarding the length of time it is taking for the construction of the new homes within the community. Discussion was held on what might be done to make sure builder is aware of the Association’s rules, and so the Association might have some sort of time frame in which to expect the construction to be completed. No decision was made.

Dan Rees said he is concerned about the damage being done by the large construction vehicles. He is feels that the $2,000 non-refundable damage fee will not fully cover the concrete repair. The Board requested Dan make the contractor and Homeowners aware of the problem, and that all of the $7,500 may not be refunded.

Tom Berg requested that this action be effective as of the meeting date, June 16^th, 2009. Lindy Holzwarth made the motion, and Barbara Smith seconded. The Board unanimously agreed.

Dan Rees reported to the Board that he is waiting for a proposal from another painting company to review with Frank Dowis before canceling Richard Kelly . One company, Jason Osborne , looked very good, and he could take care of both the painting and any stucco repair.

Dan is also meeting with AAA Concrete on the cost of repair of Schulte and Sparks driveways, and will get the information to Ed Osborne as soon as he has it.

The cleanup between the Holzwarth and Hayes property is being done, and the railroad tie has been removed from between the Osborne and Palenchar property.

          TREASURER’S REPORT:

          Mary Osborne reported that the HOA as of May 31^st, 2009 has a balance of:

                          $224,600 in Reserves

                          $267,068 in Total Assets

 The HOA paid income tax this year of $253.00; therefore we have added a new Liability Account to the HOA Budget. At this point the budget is looking good.

          The Financial Review from the accountants will be reviewed at the July meeting. Unfortunately Jim Marvin ’s Reserve Study could not be used by the accountants, so they used again the study done 12 years ago. The HOA needs an updated study, to include the sprinkler system. Mary is looking at two engineering firms to do the reserve study. Since she feels that reports are now more “boiler plate”, she hopes the cost will be less than the $7,500 charged for the last one. It is her hope to have a new reserve study for the annual meeting.

 PROPERTY MANAGER’S REPORT:

          Dan Rees reported that the tree well repair near the Grage property has been completed. Half of the well grate will be replaced by LandTech. This is all that the HOA is responsible to maintain.

          The large water fall pump went out. Mike of LandTech tried to repair, but the company no longer makes the pump or replacement parts. The pump from the lower pond was moved up. A new pump will be installed with 1 year warranty to replace the pump moved. Cost will be about $550.00, which will be under budget.

          Jacqueline F. Walsh is purchasing the Flores McCauley property at 4015 Hermitage Drive . The sale should close before the end of June .

          Dan has found a company that will make the tiles for the address numbers. Cost will be approximately $700.00.

          The gutter people are still working on the cleaning problems where the drain goes underground. They will be coming through the community and redoing at no charge. Frank Dowis requested that Dan make sure they run water through the drains, so that they are clear of debris.

          Tom Berg asked if cell phone numbers can be input on the gate codes.  Dan stated that he knows of 6 or 7 people with problems regarding their codes. Although Dan keeps good records on code numbers, he said there has been a problem with clearing old codes out which should be done frequently. Dan is unhappy with Smart Gate Systems because they consider these code problems to be new work and not preventative and under contract. He will try and get these problems resolved and will check with other companies to see if he can get a better deal for the Association.  

COMMITTEE REPORTS:

Landscape Committee:   Ed Osborne said he had no report from the committee. Nothing is going on at the front gate, however, the rock walls continue to be cleaned up.

 NEW BUSINESS:

          Barbara Smith asked the Board to address the out-of-date light fixtures on mailboxes and on either side of the garages. She felt that the current fixtures are showing their age and not the right style for the architecture of the residences. Also, she felt larger lights were needed, both for security and visual requirements. Dan reminded the Board that the mailbox fixtures are the responsibility of the HOA, and that he has recently installed 12 replacement fixtures on mailboxes in the current style. Frank Dowis inquired if Barbara was suggesting a change in style for the light fixtures. After some discussion the Board asked Barbara if she would look into ideas for new style fixtures, and the Board would take up this issue then.

  Ed Osborne closed the meeting by asking the Board to consider an increase on current HOA dues. All HOA costs are going up, and when the Budget for 2010 is completed, it is not unlikely that an increase will be required.

 ADJOURNMENT:

Ed Osborne adjourned the meeting at 4:15 p.m.

               Respectfully submitted /s/ Stephanie Blair , Recording Secretary

                       NEXT MEETING: TUESDAY, JULY 21^ST, 2009

                                                         BANK AT BROADMOOR

                                                         3 TO 5 PM