Snake River Village HOA
Annual Meeting Minutes
January 27, 2008

Owners Present at the Meeting

Owners Represented by Proxy

I.                  Open, Call to Order

The Meeting was called to order at 9:00 A.M. at the Keystone Inn.  Mike Magliocchetti and Andrea Sonderfan were present from the management company Key to the Rockies

II.               Review and Approve 2007 Annual Meeting Minutes

The previous years annual meeting minutes were reviewed and approved unanimously as submitted with no additions or deletions. 

III.           President’s Report

Charlie Papp gave a brief report on the state of affairs at the Snake River Community. He commented on several of the more significant projects that were undertaken through the course of the year and assured the membership that the project was in very good  financial standing and being maintained in a first class condition. These projects will be enumerated and highlighted in the forthcoming Manager’s report.

IV.            Manager’s Report

a)    Review 2007 Year End Statement of Operation

At the end of the 2007 fiscal year, Snake River Village Operating Fund was $15,805.68 better than budget.  This surplus was offset by previous year’s Operating deficit totaling <$9,966.34> which rounded out the year end 2007with a positive balance of $5,839.34.  It was proposed by the board to utilize the savings towards the 2008 budget thus limiting a dues increase.  This proposal was voted on and unanimously approved by the membership.  The 2007 positive year end balance was attributed to savings experienced in Repairs & Maintenance, Snow Removal, Spa Repairs & Maintenance, and Gas & Electricity.

$20,450.00 was spent from the reserve fund for the restaining of the front doors ($2,115.00) and the installation of irrigation systems ($18,335.00) throughout the Association.  The major project for 2008 will be the siding restaining.  This year Charlie Papp negotiated a significant savings by agreeing to paint all buildings as well as the fence, the spa building and the dumpster enclosure ($50,000.00 for entire project with $2,000.00 billed back to Gateway for their half of the fence). 

b)    Review and Approve Proposed 2008 Operating Budget

Because the membership voted to apply the 2007 surplus into the 2008 budget, the overall dues increase for this year is 1.04%.  Line Item increases for 2008 were budgeted in Legal Fees, Insurance, Trash Removal, and Water and Sewer expenses.   Higher legal fees are expected as the Board has undertaken the project to restate the Association Declarations in order to bring them current and in compliance with the Colorado Statutes governing Common Interest Communities.  Insurance premiums increased due to the number of water related claims experience over the last few winters.  Trash removal expenses increased with fuel increases, higher dumping charges imposed by the county, and overall increases with owner and guest occupancy.  Water and Sewer fees have increased as a result of a fee increase by the Snake River Water District. Additionally, the irrigation system will require more water use. The spa has also experienced ongoing leaks but it is undetermined to what affect this has had on the water consumption. After some discussion and question and answers, Bob Shultz motioned to approve the budget as presented with the previous years savings limiting the overall dues increase.  Gerry Von Gerichten seconded the motion and it passed unanimously.

V.               Old Business

a)    Review Projects completed in 2007

·        Mr. Magliocchetti gave a recapitulation of the project improvements that were accomplished during the year.

·        Street signs were installed in the subdivision identifying Snake River Drive and Norse lane. In conjunction with this project, all unit addresses were changed to match those which are on record with the Summit County GIS department. This was necessary in order to insure that emergency response vehicles can find the property in a timely manner.

·        As mentioned earlier, the last phase of the lawn irrigation system was completed that included four separate zones.

·        Numerous dead lodgepole pine trees were removed from the property and the remaining trees were sprayed to protect them from beetle infestation.

·        Other landscape projects included the addition of several young nursery spruce trees, adding decorative boulders, mulching around the trees to help retain moisture in the soil, and enhancement of the existing flower beds.

·        The gas meters were painted a solid cedar tone to better match the exterior building siding.

·        The unit doors were varnished to protect from the ultraviolet rays.

·        The Reserve Fund Budget was updated by Borne Engineering to help validate the assumptions for capital improvements used as a basis for the reserve fund level.

·        Projects being considered for 2008 include a complex wide alarm system for protection from low temperatures and freeze risk.

·        Adding cultured stone to the exposed areas of the foundation walls facing the front of the units.

·        Asphalt repair and crack sealing along with concrete repairs to the entryways and patios.

·        Developing a solution for the ice mounds that form in front of the garages of the three bedroom units.

b)    Other

·        Jeff Zalkind, seconded by Dave Collins requested that the original boilers installed at Snake River Village be inspected for possible failure due to the type of piping used.  Key to the Rockies is to investigate the type and extent of use of Entran 2 and Entran 3 piping and provide a recommendation to the board.   It believes only Entran 3 piping was used but will investigate.

·        Section 11.03 of the Association Declarations list the ‘Association Insurance as Primary Coverage’.  There has been 4 claims opened to due water damaged mostly caused by homeowners boiler failure.  Currently an argument can be made that the Association insurance bears the burden for all repairs regardless of the negligence on an individual homeowner.  Currently the board in conjunction with Hindman Sanchez, a Denver law firm specializing in Association law, is working to change the declarations to limit the Association liability for homeowner negligence.  They are also working to change the Association Dues structure to a square footage percentage basis rather than the current convoluted system.   Once Hindman Sanchez has provided a revised set of declarations for review by the membership, a vote will be made to enact the change and a notice will be sent to the membership to remind them to increase their personal insurance policies to adequately cover the liability caused by the change in Declarations.

VI.     Election of Board Members

Two board positions were up for election, Charlie Papp and Ed Lee.  Charlie was reelected for another 3 year term.  Ed Lee declined running for another term and Dave Collins was elected by a majority vote to fill his vacancy.   The current Board of Directors consists of Charlie Papp, Carl Stiehl, Dave Collins, Jeff Zalkind and Jim Viegas.

VII.        New Business

No new business was discussed.

VIII.  Open Discussion

·        The Association wished to thank Ed Lee for all his hard work on the board.  Thank you Ed!

·        It was verified that the recycling provided at Snake River Village is commingled.  Cardboard is not accepted.  Key to the Rockies will add signage to this effect.

·        Future Meeting Dates

IX.     Adjourn

The meeting was adjourned at 11:30 A.M.

Meeting Minutes submitted by Key to the Rockies.

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