PINE TERRACE HOMEOWNERS’ ASSOCIATION

BOARD MEETING

MAIN BALLROOM, BROADMOOR HOTEL

Tuesday, August 18^th, 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, Lyndy 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 July 21^st, 2009, were approved. Frank Dowis made the motion, and Mary Osborne seconded.

 OLD BUSINESS:

          Gates:  Dan Rees and Frank Dowis met with Bob Denmen of Smart Gate Systems. Mr. Denmen will look over current system and try to salvage. He will try and clean up electronically and get maximum performance possible from it for now. When the HOA replaces the system, Dan and Frank agree that 2^nd proposal for a new system, which will hold 250 to 500 codes, and have a monthly maintenance charge of $35.00 is the way to go. In this proposal, Smart Gate Systems will make all the code changes directly, eliminating going through Dan . Smart Gate will begin in next few days to check out current system and Dan will supply them with current phone numbers for codes. Residents who are experiencing difficulties with one code are making due with other codes. Mr. Denmen does not recommend a wireless system due to interference by storms and other electronic devices. Both Ed Osborne and Tom Berg expressed interest in Dan getting a second opinion on wireless systems, in order that the Board have a clear understanding of the systems available. Dan reported that he has contacted other companies and they refer him to Smart Gate. He will request a full breakdown of the systems proposed and more thorough information on wireless.

          Grage Letter:  Ed Osborne reported to the Board that he had sent out a letter to Mr. Grage , 3735 Chataway Court , reminding him of the maintenance that he is responsible for around his property. In his letter Ed stated that the work the HOA is responsible for has been completed, but the area around his window and patio is his responsibility. Ed did not give Mr. Grage a deadline to take care of this, and as of the date of the Board Meeting had not heard back from Mr. Grage . Frank Dowis said he understood that Mr. Grage may have some medical problems and might not be able to take care of the repairs at this point. This will be taken up at next meeting in order to give Mr. Grage more time for the repairs.

 TREASURER’S REPORT:

          Mary Osborne reported that the budget still looked good compared with actual expenses. Water and electric expenses remain down and other expenses are running within amounts budgeted. On the Comparison report she noted that of the $500.00 in Miscellaneous Revenue $425.00 would be refunded as it is HOA Dues still being paid by Mrs. McCauley ’s bank in error, and has to be accounted for until refunded.

           As of July 31^st, 2009, Total Assets are $268,837.28.

           Regarding the Reserve Study, Mary is recommending the HOA use Association Reserves Colorado, LLC. She feels that the Full Reserve Study, Economy 8 Weeks at a cost of $2,660.00, is the one the HOA should use. Association Reserves also offers a 3-year Annual Update Plan which would stabilize cost of future studies. The HOA might consider this after full study is completed. Miller Dodson’s study is a “level II” which is not appropriate for the HOA as they use previous study done in 1998, which is no longer accurate as the HOA no longer covers some items used in the study, i.e., roofs, other than tile replacement, garage doors, and windows. Mary asked that this decision be made at this time as it is vital to have a new study in order to prepare an accurate budget and to know whether the Board should consider a dues increase.

          At this time, Tom Berg moved that the HOA accept the Association Reserves proposed study with Barbara Smith seconding. The motion passed unanimously.

 PROPERTY MANAGER’S REPORT:

          Dan said that he was happy to continue to report that water and sprinkler repair costs remain down. Painting is on going, however, the new painter Jason Osburn is out of town on an emergency, and Dan hopes he will be back next week, August 24^th, to get back to work. Dan has replaced a number of address numbers on mailboxes throughout the community. Touch up stucco and painting still need to be done. The concrete work on the Spark’s and Schulte’s driveways is on hold until fire damage for Mrs. Sparks is completed. The Schultes have serious smoke damage but no fire damage. Mary Osborne asked if the Schultes were okay with the delay since they want to sell that property. Dan said he would work with them and their Realtors on anything needed. The concrete work on the intersection of Laird and Hermitage is to be done, and the bricks on the Spradlin’s sidewalk. Seal coat will be done as planned before cold weather.

Dan went on record that he really appreciated all the help Ed Veranth had been with the fire damage. He really helped with decisions on what needed to be done first, and in seeing that there were no gaps in who is responsible for what. Mrs. Sparks hopes to work with original contractors in rebuilding. Although her insurance will cover all interior loss, she has a lot of art work loss, including her personal art work. Service Pro is working with her on restoration of anything salvageable. When Dan last talked with HOA insurance agents, they thought that possibly Travelers will waive deductible. Fire/insurance inspectors found no problems with flexible gas line to fireplace. These can develop small holes and leak. No other problems were found.

 COMMITTEE REPORTS:

          Landscape Committee:  Ed Osborne reported for Betty Abrams that new plantings are in at the front gate entrance. Old plantings have either been pulled out or trimmed back, and for now it is a nice balance around the entrance. The bark behind the Berg property is done.

          Architectural Control Committee:  Ed Osborne and Frank Dowis reported that work is very slow on the Afeman property, and completion appears to be some time away. There has been no activity on the Poleson property. The Plat Plan has been approved, but no architectural plan or drawings have been presented.

  NEW BUSINESS:

          The Annual HOA Meeting and election of new Board Members will follow this Board Meeting. Once this is done, Ed said he felt that the primary purpose for the meeting is to offer the homeowners a forum for discussion and questions regarding problems and concerns that they may have. For this purpose Ed has invited the HOA attorney, Steve Lebel , and Linda Engle , an Account Executive from CB Insurance, the HOA insurance agents, to attend the Annual Meeting. They are scheduled to be there at 4:45 p.m. to answer questions.

          To get a jump start on questions regarding the lightening strike which is believed responsible for the Sparks ’ residence fire, Ed and Dan contacted Mr. Lightening here in town for information on lightening and surge protection. The company has provided estimates averaging $3,900.00 for individual residences. In residences sharing a common wall, each residence must get the protection in order for it to be effective.

Homeowners may get the bids from Dan .

 ADJOURNMENT:

The meeting was adjourned at 3:40 p.m. by Ed Osborne .

                             Respectfully Submitted /s/ Stephanie Blair , Recording Secretary

                      NEXT MEETING: TUESDAY, SEPTEMBER 15^TH, 2009

                                                        BANK AT BROADMOOR

                                                        3 TO 5 PM