SNAKE RIVER VILLAGE
ANNUAL HOA MEETING
JANUARY 30, 2005
KEYSTONE CENTER
9:00 AM

     The annual membership meeting of The Snake River Village Owners Association was held on January 30, 2005 at 9:00 AM at The Keystone Center in Keystone, Colorado. 

OTHERS PRESENT:

Michael Magliocchetti- Property Manager, Key To The Rockies
Andrea Sonderfan- Accountant
Stacey L. Harris- Bookkeeper

I.      Mr. Charlie Papp thanked all the members for attending and introduced the board members and the management company.  The board members in attendance were:

Jeffry Zalkind, John Gardner, Charlie Papp, and Richard Grant.

II.                Review and Approve Previous Meeting Minutes-

        Richard Grant made a motion to approve the previous annual meeting minutes.  Charlie Papp seconded the motion and the motion passed unanimously. 

III.             President’s Report

        The following report was given by Mr. Charlie Papp,  Snake River Village Board President.

January 28, 2005

President’s Annual Report

 Happy New Year to all and a special welcome to our new homeowners!!  Your board and management company are committed to controlling spending and to building a strong reserve fund for capital improvements and emergencies.  We have done a lot of improvements this year.  These positive results have been accomplished in the face of strong upward pressures in the cost of living and service sectors. 

 Major projects completed in 2004 were as follows:

 1.      Landscaping Improvements: Snake River Village was beautified this year with the addition of 6 spruce trees and two new planting areas. 

2.      Building Staining: Buildings 1-3 were re-stained this year to preserve the woodwork and siding.  The remaining 4 buildings will be completed this summer.

3.      Roof Inspection/Repair: The roofs were inspected and repaired.  The repairs included caulking and flashing replacement as well as the investigation of the shingle buckling. 

4.      Gutters:  New gutters were installed where needed and repairs were made to any existing gutters.

5.      Heat Tape: New heat tape was installed and non-functioning heat tape was replaced.

6.      Concrete Pads: SRV replaced 3 concrete pads and repaired chipped pads.  All concrete pads were sealed and some were repainted.

7.      Foundation Drain: A foundation drain was added to building 3 to prevent flooding in the crawl space.  Dry wells were also added around the property to minimize standing water.

8.      Storage Area:  The storage areas were organized to facilitate parts organization

9.      Lights:  New sensors were tested to determine electrical efficiency and all sensors will be replaced in 2005.  Two-watt fluorescent bulbs will also be used.

10.  Parking Lot: The parking lot was swept.

11.  Asphalt:  Repaired the asphalt driveway by the spa, building 5 and building 7.

12.  Landscape Hydrants: 6 Hydrants were added to facilitate landscape irrigation.

13.  Spa:  Repairs were made to the spa to correcting leaks.

14.  Form: Created a form in which homeowners can voice their needs regarding Snake River Village.

15.  Boilers/Fireplaces: The price of boiler and fireplace inspections and repairs were researched and offered to the homeowners.  The Board and Key to the Rockies coordinated this.

16.  Stair Treads: Some owners opted to add stair treads to their properties in order to enhance the safety and longevity of the stairs.

 Transportation: Members of the board and management company met with Roger McCarthy to discuss SRV continued use of transportation.  Because Campfire and Frostfire refused to participate, Mr. McCarthy agreed to continue bus service at SRV based on the original agreement until the end of the 2003/2004-ski season. In 2004, Keystone was found guilty in operating buses without PUC approval.  Partial refunds of SRV’s transportation payments were made and a new rate system was put into effect for the Keystone valley.  The new rate policy required $150.00 per bedroom per year if SRV wanted to continue the use of the bus system.  In December, the board opted to discontinue the bus service at SRV due to the increase in cost and the fact that the surrounding associations were not willing to assist in the expense.

 I am a permanent resident and am actively involved in all aspects of the management at Snake River Village.  I want to thank the other board members for all their assistance this year and the homeowners that showed active participation in making Snake River Village a better place to live!  Thanks to Key to the Rockies in working so closely with the board and for their quality property management.  We promise to continue to do our very best for all owners in 2005.  Please call me or stop by #2813 if you have any observations or suggestions.

 Charlie Papp

IV.              Manager’s Report

     Mike Magliocchetti informed the members of the many projects and improvements that were completed during the year.  He stated that the painting for buildings #1 through #3 were completed, and that as soon as weather permits the other buildings will be painted as well.  He also suggested metal clad windows as a possibility for replacing the existing windows.  Mike will obtain several bids for the replacement of the windows.  Mike also stated that the foundation problem in building #3 should not reoccur.  Mike stated that the project is in good shape.  He then gave the members a brief description of his staff @ Key To The Rockies.  He informed the members that his front office staff consisted of four employees.  Melanie Smith the Reservation Manager, Scott Williams, Mark Connelly, and Michelle Lowenstein who are all in reservations as well.  The maintenance department is now being headed by the manager Mike Ritzman as well as Benji Pickens.  The director of Sales and Marketing is Linda Burchett-Cahill who works out of our Denver office.  The back office consists of the key employee, Andrea Sonderfan who is the Accountant as well as the Comptroller, and Stacey Harris who handles the HOA accounting. 

A)    Review 2004 Year End Statement of Operation

Andrea Sonderfan explained the reason for the negative balance is due to the fact that several vendor checks were cut in 2004 but not sent out until 2005.  She informed the members that currently the reserve fund contains $153, 821.11.  Overall the association has an unfavorable variance of approximately $1800.00.  The repair and maintenance account is over budget due to the roof repairs and the landscaping projects that were completed.  South Park cleaned the windows in the project for a cost of $1500.00.  Maxine Schultz stated that she would like particular attention paid to her unit next time.  Mike stated that would not be a problem.  Mike also suggested that the owners submit a work order request when they would like work done to their unit.  Andrea explained that the trash removal was over budget because of extra pick-ups.  Transportation is under budgeted due to the fact that we do not currently have the transportation service.  The water and sewer accounts were slightly higher than anticipated due to excess consumption.  The water meters on the property consist of two different types.  Some of the meters from a master and others are located on individual units. 

       Mr. Grant stated that the association has built up a great reserve fund over the last eight years.  He also stated that several much needed projects have been completed.  Andrea spoke about the reserve projects that took place on the property.  She informed the association members that the cause of the buckling look on the roof was due to duplicate sets of shingles on the roof.  That section of the roof was repaired and the problem solved.  Also, gutters and heat tape were added where necessary. 

        Andrea then explained that as of January 2005 the financials would no longer have operating and reserve in one report.  They will appear on separate statements. 

B)    Review and Approve Proposed 2005 Operating Budget

         Mr. Grant spoke about the transportation issue concerning Vail Resorts.  He informed the members that Vail resorts was in violation of PUC codes.  They were only providing transportation service to those associations who were managed by Vail Resorts.  The charge for associations not managed by Vail Resorts was $150.00 per bedroom per year.  The board of directors made a decision to sit back and see what happens.  He stated that the Snake River Village owners and guests could still use the transportation service at the Gateway bus stop or the East Keystone Road.  Mr. Grant then stated that the board does not want to increase the association monthly dues in order to pay for the transportation.  Gateway currently has a lawsuit towards Vail Resorts.  Members of the Snake River Association have spoken with the same lawyer concerning the lawsuit with Vail Resorts.  Mr. Grant stated that Snake River Village would join Gateway in the lawsuit if the total costs were less than a certain amount. Currently Gateway is on a month to month basis with Vail Resorts.   Andrea stated that the funds that were not allocated to the transportation were placed in the landscaping account.  Andrea also stated that the budget for trash removal was higher due to recycling.   Mr. Bob Schultz made a motion to pass the 2005 proposed budget.  David Radcliffe seconded the motion and the motion passed unanimously. 

V.                 Old Business

      Mr. Jim Viegas asked about insurance quotes for the association policy.  Stacey stated that currently we have bids from Farmer’s and are awaiting bids from State Farm and American Family. 

VI.              Election of Board Members

      Mr. Dick Grant notified the members that his and Karen Lausa’s positions are expiring and will need to have them both filled.   Mr. Grant stated that he has had a great seven years, and will continue to stay involved.  He also suggested that the board look at the larger problems and let Mike Magliocchetti handle the smaller items.  After the votes were tallied, the board of directors is as follows:

   It was decided that the next annual meeting would be held on January 29, 2006 at the same location.  The board has scheduled meetings for 10:00 AM on July 10^th, 2005 at Key To The Rockies, as well as December 1^st, 2005 @ 7:00 PM via teleconference. 

VII.           New Business

    Improving the functioning of the heat tape was mentioned as an action item.  Charlie stated that he was looking into an upgrade for the heat tape.  Currently the project would cost between $12,000 and $14,000 for the upgrade.  Charlie also talked briefly about putting in a partial irrigation system on the association property.  He stated that this project would take place in several stages.  The cost is estimated to be between $20,000 and $25,000.  The irrigation system would be set to water 2 times per 24 hours for half an hour each time.  Mr. Grant suggested possibly tapping off of the spa’s water source.  It was stated from a member that loose heads, freezing pipes are two possible problems that could be encountered when dealing with a rock bed ground.  Mr. Jerry Schouten commented that as a general rule, there should be no watering within two to three feet of the foundation on the property.  Doing so could cause problems to the foundation.  He suggested substituting draught resistant no-watering plants and rocks in the areas of concern.  The board decided to have a committee in charge of finding out which vegetation would work on those locations, which should not be watered.  Mr. Schouten would head up this committee.  It was decided to observe and evaluate before making any final decisions.  Mr. Grant made a motion to ask the company that Charlie has been working with to present a drawing including costs at the July meeting.  Mr. Schultz seconded the motion, and the motion passed unanimously. 

         Mr. Gardner asked if we could have a separate account specifically for irrigation and any labor involving irrigation.  Andrea stated that we would in the future use this separate account for that purpose.  It was decided that Key To The Rocks would include in the May billing a letter explaining the problems with the watering and the foundation.  In the letter it would state that any owner must first contact the board before planting any new vegetation.  

         The next project up for discussion was the possibility of replacing the faulty windows.  Charlie will work on collecting bids from several other companies.  Also the board will try and find the manufacturer of the existing windows to see if any warranty is applicable.  It was stated that per the declarations and bylaws, no change to the outside of the building may be made without The Board’s approval.   The next item discussed was the trouble with the entryways being very cold in the 2^nd floor two bedroom units.  There was no solution identified for this problem. 

         Mr. Viegas stated that he would look into having an association web site available for owner’s etc.  A date of March 01, 2005 was given as the date to have a design of the web site for the board to review.  Also, Mr. Zalkind and Mr. Viegas will look into having high speed internet available to the association.  Both men agreed that in a few months it would be cheaper and possibly be offered to individuals. 

         Charlie made the suggestion of changing the stain.  Mike Magliocchetti stated that cedar wood lasts a long time.  He also stated that by power washing the cedar it opens the wood pores and allows the stain to penetrate the wood deeper.  Mr. Schouten stated that he would like to keep the light colors to preserve the cedar.  There being no further business to discuss, the meeting was adjourned @ 11:53 AM. 

Respectfully submitted,

Stacey L. Harris

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