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Antlers Gulch HOA
Annual Meeting
January 14, 2006

        I.      CALL TO ORDER AND ROLL CALL

   Homeowner Members Present:

Other Individual’s Present:

Mike Magliocchetti, Manager, Key to the Rockies Property Management

      II.      PROOF OF NOTICE OF MEETING

(Original meeting was noticed for December 3, 2005, but was cancelled due to a snowstorm)  The meeting was properly noticed in accordance the AG HOA Bylaws.  After taking roll and reading the proxy statements, it was determined that >50% of the voting rights were present and a quorum existed for the homeowner’s annual meeting.

    III.      REVIEW AND APPROVE PREVIOUS MEETING MINUTES

A motion was made to approve the meeting minutes of the previous annual meeting.  The motion was seconded and the motion was approved unanimously.

    IV.      REPORTS

a.          2005 Statement of Operations

                              i.         Balance sheet was reviewed.  Key Financial highlights:

·      Transportation – under spent by $3900 (no contract with Keystone)

·      Snow plowing – under spent by $1800 (not much snowfall)

·      Fire alarm monitoring – overspent $3100 (loss of competition)

·      Water – under spent $1500

·      Gas & electric – overspent $7500 (higher gas prices)

·      Spa maintenance – overspent $1400

                            ii.         Details of income and expense accounts were reviewed in accordance with the information mailed to members.  Accounts receivables were also reviewed and KTTR noted that penalties are being applied to all delinquent accounts each month they are overdue.  The primary concern is with unsold Unit 504, which has now over $11,000 in arrears.  Contact with the owner (Mike – KTTR) is that he is fully aware of the growing obligation, has a lien on any potential sale to make his account whole, but won’t pay until sale is complete.  This will affect our ability to make capital repairs to the property from the Reserve fund in the future.

b.          Status of Reserve Fund

                              i.         Statement of reserve funds

·      Key activities in 2005 included completion of roof repairs, repairs to capstone rocks on each unit, sealing of the gap between the concrete garage pads and the asphalt driveways, and minor landscaping repairs.  Planned stain/seal of the buildings was not accomplished.

      V.      ELECTION OF DIRECTORS OF THE BOARD

The board meets 3-6 times per year, usually by teleconference.  Jeff Combine and Charles Bomberger remain as board members, and Kary Langer, Brad Luth and Francois LeDantec were elected to the board.  Board officers will be elected at the next board meeting.

    VI.      RATIFICATION OF THE 2006 BUDGET

a.          Review and approve 2006 Operating Budget

                              i.         Proposed budget was reviewed.  Key items noted:

·      Reserve assessment was increased 4%

·      Transportation has been increased by 72%; Keystone Resort charges $150/bedroom/year, and the membership voted in December to accept this fee increase.

·      Fire alarm monitoring was increased 39.7% due to annual sprinkler inspections that were not previously budgeted.  KTTR will bid out this work in 2006 to obtain the lowest cost for the required work.

·      Gas & electric increased 16.3% due to expected increases in gas prices.

·      Spa repair & maintenance was increased 67%.

b.          Review and approve 2006 Reserve Fund Expenditures

·      Major work approved was evaluate need to stain and seal buildings on a case by case basis.  Building 1 appears to be the worst at this time.  Based on the condition of the concrete and the concrete curbing, repairs or sealing are not deemed necessary at this time.

  VII.      OLD BUSINESS

a.          To relieve snow build up on the entryway overhangs, KTTR will have someone shovel off the roofs after major snow falls in lieu of installing 220V heat trace tape.  We will monitor this process to see if it is adequate to meet the needs and limit the amount of ice buildup.

b.          Hot Tubs – current maintenance is acceptable, but is still one of the highest cost drivers; KTTR is switching from bromine based water treatment to hydrogen peroxide based water treatment to reduce the tub maintenance requirements.  New stairs were installed for each hot tub in late 2005, and a recommendation to install handrails for each tub was accepted. (KTTR to complete)

c.          Bus Service to Antler’s Gulch – reviewed status of annual on-call bus service contract that AG HOA signed in late 2005 – good throughout the year, and appears to be based on the tariffs that Keystone has agreed to with the Colorado.  KTTR noted that there is a very active local citizens group that is monitoring this situation.

d.          Building 5 issues and landscaping was discussed.  It appears that the punch list for Building 5 is complete, and no homeowners are reporting any problems (in particular utilities and hot water/heating) that the AG HOA needs to be aware of.  Landscaping of the apron in front of Building 5 has not been completed (nor the irrigation system connected), so KTTR will check with the Summit Planning Commission to determine if the bond for landscaping has been released.

e.          Pine beetle damaged trees were removed during 2005, eliminating most of the Ponderosa pines on the AG property.  Lee Atkinson volunteered his son to lead an effort this summer – we are entitled to a certain number of free saplings per homeowner from the US Forest Service that he will get and lead a planting activity this summer.

f.            KTTR noted that problems continue to exist with French Doors, and they routinely continue to find 3-4 open each month, as minimum.  Brad Luth will provide all owners with a copy of simple instructions that he has posted in units that he manages and rents to avoid the problem.  This is a problem for the association for some limited damage liability, but more importantly because the cost of heating the units is something in our overall fees, not charged to the individual member with the problem.

g.          Pet/dog policy was reviewed with members present – no dogs are currently allowed on the property.

VIII.      NEW BUSINESS

a.          Francois LeDantec identified concerns with Building 1 regarding ice buildup in the rear of the building and the underground heating system for the concrete pads to the garages does not work.  KTTR to investigate.

b.          Utilities:

                              i.         Each unit pays for its own electrical usage.  There was a question whether electric service to Building 5 was being paid by the AG HOA or being charged to each individual unit.  KTTR to investigate

                            ii.         Thermostats in building garages – concern that thermostats in garages were turned up too high and garages were left open.  KTTR to investigate if we can put fixed temperature thermostats in garages.

c.          Rookus Capital – plans for commercial property.  Mike Magliocchetti provided an update on the information he has so far.  The planning commission has not approved final plans for these units, but has requested that they include at least 2 economical housing units.   We will continue to monitor these plans and will contact them to work on projects mutually beneficial to both properties.  It is unlikely that we will be able to merge or join the 2 separate HOA’s.

d.          Trash receptacles – one area that we will continue to explore a joint project is for a common trash enclosure and receptacle that could serve both properties.  If not, AG HOA may be required to erect 1 or 2 structures for trash receptacles.  There are currently aprons to allow this construction behind Buildings 1 and 5.

    IX.      OPEN DISCUSSION

a.          Insurance – Chad Farmer volunteered to offer his services to see it we might obtain a lower cost for our insurance policy.  Chad to participate when the policy comes due this year.

b.          Kary Langer expressed an interest in getting high speed Internet to AG.  It was noted that the service may already be available through our contract with Qwest, but he agreed to research and let members know if it was available.

      X.      ADJOURN

Motion was made and unanimously approved to adjourn the meeting.

Feel free to contact us with any questions or comments you may have!