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Snake River Village Annual Homeowners Meeting February 2, 2003
Owners Present Owners Represented by Proxy
I. Open, Call to Order Richard Grant, President, called the meeting to order at 9:00 A. M. With 22 proxies and 11 homeowners present, there were 33 of the 45 homeowners represented. II. Review and Approve 2002 Annual HOA Meeting Minutes The meeting minutes were reviewed and then unanimously approved. III. President’s Report See attached President’s report. IV. Manager’s Report a) Review 2002 Year End Statement of Operation Mike Magliochetti of Key to the Rockies reviewed the year end financials. The reserve fund is very strong and is in line with the Gillans Reserve Fund Report. The accounting/Income Tax account was over budget due to the Financial Review completed by Swift and Quant, LLC. The transportation overage was offset by the transportation assessment. This special assessment was created because Campfire backed out of the transportation agreement and the SRV homeowners who short term rented their units decided the service was valuable enough to pay the difference. All units are current on their dues so there are no accounts receivable problems to speak of. Congratulations! b) Review and Approve Proposed 2003 Operating Budget The board actively participated in the budget to ensure that there was no dues increase for 2003. In January they interviewed competitive management companies to ensure that Key to the Rockies was financially competitive. After doing due diligence, the board strongly felt that factors were in favor of continuing to management agreement with Key To The Rockies. Factors included: · Proximity of Key To The Rockies to Snake River Village. · Four years of history, knowledge, and training with Key To The Rockies. · Response time to our needs. · Key To The Rockies willingness to be price competitive. A short discussion ensued detailing the difference between the reserve fund expenditures and the special project fund. Mike explained that Capital expenditures were repairs or additions that were replacement in nature and that had a useful life of no less than 3 years. Examples of such expenditures are roof replacement, siding replacement or maintenance (staining), spa replacement, etc. The special project fund was set up to upgrade the landscaping around Snake River Village. This line item will be changed from Special Projects to Landscaping Projects. A motion was made to approve the budget after the verbiage had been changed from Special Projects to Landscaping. The motion was seconded and the budget was approved unanimously. V. Old Business a) Review Projects completed in 2002 Completed projects in 2002 included the following: · The completion of the landscape plan in the east cul-de-sac with a split rail fence, climbing roses, rock berm and plantings. Seven dead trees were also removed. · Entry door and garage door lights and sensors were replaced with a carriage type fixture that adds to the drive by appeal. · The batteries for the door lock systems were replaced and freeze alarms were monitored and replaced. Mr. Grant requests that all three and four bedroom units make sure that the freeze alarms are displayed in a ground floor bedroom window. All other units should ensure that their freeze alarms are prominently displayed at all times. This will help to ensure that Key to the Rockies will catch freezing in the homes before any damage is done. b) Transportation Costs Where as last year Snake River Village had a separate charge to rental owners for transportation, Mr. Grant recommended that we absorb this is our 2003 budget. It was brought the boards attention that the bus service frequency has been lowered by a third while the cost has stayed the same. Mike Magliocchetti and the Board have tried to negotiate with Keystone and they will not lower their price any more. Other problems in regards to the bus service are the lack of a bus schedule and a broken ski rack so that people waiting for the bus must hold their skis. Mike Magliocchetti will contact Jay Winter to rectify these problems. The suggestion was made to ditch the transportation service and walk to the bus stop at the Inn and the Gateway building. This idea was vetoed because it would irritate the homeowners of those buildings who pay for that service and would be an inconvenience to owners and renters at Snake River Village. VI. Election of Officers There were two board positions open this year. John Gardner and Jeff Zalkind were elected to fill these positions. Congratulations! The board met briefly to determine board positions. The 2003 Snake River Board of Directors is as follows:
VII. New Business a) Discuss Projects for 2003. 1) Painting & Staining. Mr. Grant recommended changing the staining of the buildings from a four-year schedule to a five-year schedule since the buildings did not look in need of restaining this year. Touch up would be done when needed. A motion was made that the building staining be put on a five year rotation with the south facing doors on buildings 3 and 4 be done every year. The motion was seconded and unanimously approved. It was also recommended that when the staining was done, three coats are applied and back brushed and special attention is given to the decks. The board will take this suggestion into consideration when the time to stain arrives. 2) Landscape Improvements. There was a suggestion made to install a rock facing on the bottom of the townhomes. It was decided that it would be too expensive to install and should have been done when the townhomes were built, not after the fact. The Special Projects line item on the budget will be changed to Landscaping Projects. A suggestion was made to use wildflowers in the non-landscaped areas. Karen Lausa will take this into consideration when she designs further landscaping improvements. 3) Additional Carriage Lights. John Gardner suggested expanding the carriage light project to the lights on the decks. Pros of going forward with project: · If manufacturer stops supplying this style of light, Snake River Village will already have lights in place. · It would increase street appeal and make the project look complete. Cons of going forward with project: · Home depot said they would not stop carrying this line of lights so project could be done at any time. · It was estimated that the project would cost $6,000.00 to complete. · An owner stated that he did not notice the lights on the back so why go through with an unnecessary expense. A suggestion was made to hardwire the front carriage lights in the “on” position. It was a safety issue to have lights on in front of the houses throughout the night, as there were no streetlights. Mr. Grant pointed out that if this enhancement is to proceed, financially it made sense to do it this year since Snake River Village will not have a large staining expense. A motion was made to complete the lighting project on the back decks and to hardwire the front lights on. The motion was seconded and approved. 4) Walkway/ Driveway Cement & Asphalt Repair There are areas where the asphalt/concrete is in need of repair. Inferior concrete was used and the previous management company utilized heavy ice choppers to remove ice buildups which further damaged the concrete. Mike Magliocchetti suggested replacing the concrete instead of patching. He also suggested using stone stamps to improve the look. It was decided that Key to the Rockies would research the problem and report back to the board. They will research the following options: · Stone stamp verses flagstone · Remove concrete verses laying new material over old concrete · Regrading areas to prevent ice dams Test areas will be created to determine how much appeal is generated. 5) Set Meeting Dates for Board July 12th, 2003 at 9:00 a.m. at Key to the Rockies December 3rd, 2003 at 7:00 p.m. via teleconference Annual meeting on Sunday, February 1st, 2004 VIII. Open Discussion The bridge in back of Cinnamon Ridge is in need of repair. It was decided that Key to the Rockies would determine whose property the bridge is on (Forest Service, Open Space, Cinnamon Ridge, etc.) and request repairs be made or obtain permission for the association to repair. Liability issues limit what anyone can do without permission. Once permission is obtained the board of directors and Key to the Rockies will speak with the other local associations to see if they are willing to share time and expense to repair the bridge. The board feels that it is important to maintain the bridge because that is what gives Snake River Village its ‘walk to the lifts’ status to mountain house. Damage from Pipe freeze ups is very expensive to repair. One owner had an expense of over $10,000.00 to repair flood damage from a burst frozen pipe. The freeze alarms play a vital role in preventing frozen pipes. The last time Mr. Grant checked, eight of the 3 bedroom units and two of the 2 bedroom units did not have their freeze alarms visible. Please keep your freeze alarms visible at all times!!! Open garage doors will also cause frozen pipes in the ceiling over the garage. As freeze alarms disappear, the owner will be billed for the replacement equipment. A motion was made to investigate the possibility of mounting the freeze alarms so they could not be removed from the windows. The motion was seconded and unanimously approved. Two weeks ago, Mr. Grant had a zone valve replaced because he was no longer receiving hot water. While the plumber was there, he checked out the glycol and remaining valves and found out there was little to no glycol remaining in the heating system. Glycol can help prevent frozen pipes in their heating lines. Mr Grant recommends that all owners consider replenishing the glycol in their heating systems. Key to the Rockies will inspect all units to determine which units have hot water storage tanks verses hot water heaters. They will then find out life expectancy of hot water heaters/ hot water storage tanks and inform owners when maintenance will be needed to prevent floods. They will also see if the boilers have water makeup supply lines. It is not required by local ordinance but is important in keeping pressure in the boiler systems. This information will be sent out with a copy of the heater inspection so owners may be aware of potential problems and resolve them. Key to the Rockies agreed to assist any homeowner in coordinating repairs. Another homeowner recommended installing drain pans under boiler systems to prevent leaking inside units. A motion was made to resend the heater inspection report along with the boiler inspection completed by Key to the Rockies. This letter will include the recommendations made by a licensed plumber for the maintenance of both heater and boiler systems. The letter will also state that Key to the Rockies is willing to help in the coordination of any repairs needed. The motion was seconded and passed unanimously. Key to the Rockies will research the expense of replacing the ionic rod and flushing the boiler systems. A homeowner stated that these actions would add 5 years of life to boiler systems. Key to the Rockies will provide this information to the homeowners. The carriage light sensors turn the lights on during the day in heavily shaded areas. Key to the Rockies will research utilizing difference sensors to minimize this problem. The suggestion of replacing the sensors with timers was dismissed, as it was cost prohibitive. Thanks were given to Jackie McDonald for doing such a great job on the board. She was a decisive force in keeping down costs to the association and for keeping such accurate and detailed records for the association. Thank you! It was recommended and approved that outgoing board members be given a gift of appreciation from the association. IX. Adjourn There being no further business to discuss, the meeting was adjourned at 11:45 a.m. Respectfully Submitted, Andrea Sonderfan SNAKE RIVER VILLAGE ASSOCIATION, INC. P.O. Box 8456 Keystone, CO 80435
February 2, 2003 PRESIDENTS ANNUAL REPORTOnce again I would like to welcome our new owners to prestigious Snake River Village. Please feel free to contact any board member or me should you have any concerns or suggestions to improve our village. Our village is now in its seventh year and the majority of our forty-five owners were original investors. They can testify that our village has gained stature and value every year as we have continued to budget for enhancements and improvements to better serve our owners, renters and guests. The major enhancements this past year were: 1. The completion of the landscape plan in the east cul-de-sac with a split rail fence, climbing roses, rock berm and plantings. We also removed seven dead trees. 2. The replacing of the entry door and garage door lights and sensors with a beautiful carriage type fixture that adds to the drive by appeal. 3. Replacing batteries for the door lock systems and checking out freeze alarms. We constantly have units that do not display their freeze alarms… HELP!!! Once again your board and management team have kept expenditures within the budget and we project no increase in dues for the next two to three years. Our reserve is healthy and in line with the Gillans reserve study of 1998. I wish to personally thank those owners who took the time to write a letter, call on the phone or meet on site to thank the board and management company for their efforts in 2002. I have continued to be active in the community on your behalf as I am on site six and one half months per year. It is my intention at this time to not seek reelection at the end of my term in February 2005. I will have served the association for six and one half years. Now it is time for others to step forward at Snake River Village. During the year I will be encouraging owners to submit their bios in December. Best to you all in 2003!!! God Bless America!!! G. Richard Grant
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