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Dakota Ridge Homeowners Association
Board of Directors Meeting
Tuesday, October 6, 2015
In attendance: Sharon Pace, Tim DePuy, Sarah Jones, Tomas Stone (by phone), Carrie Hayden (by phone)
Guests in attendance: Medora Fralick, Stephanie McDonald – Commercial Property Group (CPG)
Paul Sachs, DRHOA attorney (by phone)
A special meeting was called to order at 9:15 am in the Board Room of The Commercial Property Group, LLC at 3001 S. Lincoln, Steamboat Springs, Colorado.
The purpose of the meeting was to discuss with Association counsel =the water line replacement project financing plan. Due to the requirement in the Association’s Articles of Incorporation to have approval of 2/3rds of Association homeowners and their first lienors, Centennial Bank will not provide financing to the association for the project.
Paul Sachs, attorney for the association, stated that three options are possible.
1) Notice of a special meeting with the purpose of making a change to the Articles of Incorporation to remove the approval of first lienors. This option requires 2/3 approval of membership and a minimum of 30 days to complete.
2) Talk to Centennial Bank asking them to lend to individual owners.
3) Association to finance each owner through the capital reserve account with the association bearing the risk of default.
Discussion ensued including tally of owners needing financing or paying in full, Native Excavating offering timeline of project completion options and use of a “master loan” from the Bank. Stoppage of the project was discussed along with implementing another assessment.
Paul stated that amendment of the Articles with elimination of lienor approval needs to be done at some point in the future.
Paul left the meeting at this time.
Discussion ensued regarding options of how to finish the project and financing. The Board discussed invoicing the Member-approved maximum special assessments= as soon as possible. Medora was asked to put together cash flow information to be reviewed by the Board. Information on curtailing the project and what that would involve is to be provided to the Board. Medora was also asked to talk to banks about options for owner financing. Medora will gather all information and provide to the Board members by Thursday.
The next meeting was set for Monday, October 12th at 9:00 a.m.
The meeting was adjourned at 10:15 am.