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Dakota Ridge Homeowners Association
Board of Directors Meeting
Thursday, September 24, 2015

In attendance: Sharon Pace, Tim DePuy, Sarah Jones, Tomas Stone, Carrie Hayden (by phone)
Guests in attendance: Medora Fralick, Nancy Kounovsky – Commercial Property Group (CPG)
Nancy Jarchow and Kay Makens - Homeowners

The meeting was called to order by President Sharon Pace at 8:05 am in the Board Room of The Commercial Property Group, LLC at 3001 S. Lincoln, Steamboat Springs, Colorado.

The Board discussed the progress of the water line replacement project and the most recent water line break. After receiving input from Native Excavating, Civil Design Consultants and Tim Gibbons, it was determined that the break was due to failure/corrosion of ductile iron pipe. It was not related to the current Water System Upgrade Project. The Board agreed to communicate the current status of the project to homeowners via email in the next few days.

The Board discussed the pending loan with Centennial Bank for those homeowners who opt to use a loan to fund their special assessment instead of a one-time cash payment. Tomas made a motion to seek a construction loan with Centennial Bank in the amount of $500,000 to be paid back as owner assessments come into the Association at completion of the project.

Tim seconded the motion. The motion was approved unanimously.

Tomas recapped the Association’s financial position at August 31, 2015. There are no major changes on the Income and Expense report from the previous period. The Association’s overall finances compare favorably to the budget by approximately $2,000. The income from water billing is under budget by approximately $5,700 due to rainy weather conditions and homeowner conservation. Road Maintenance costs are over budget by approximately $4,500 due to unanticipated ditch work performed by Native Excavating. Tomas pointed out that the repairs for the most recent water line break are not reflected in the August financials but will be reflected in the September financials after receipt of the invoices. Also, Tomas mentioned that the cash balance at Aug 31 does not reflect the subsequent payment made to Native Excavating in September for the first draw on the waterline project (approx. $166,000).

There was no action taken with regard to Roads.

There was no action taken with regard to ARC review.

Under other items, the Board discussed creating an HOA Communications Policy and different methods the Association could use to distribute pertinent information to HOA members in the future. The Board decided to do a little more research and discuss the options at a future meeting.
The next meeting of the Board was scheduled for October 29, 2015 at 8:05 am.

The meeting was adjourned at 9 am.

Respectfully Submitted,
Nancy Kounovsky