click here for printer friendly version
Dakota Ridge Homeowners Association
Board of Directors Meeting
Monday, October 12, 2015
In attendance: Sharon Pace, Tim DePuy, Sarah Jones (by phone), Tomas Stone (by phone), Carrie Hayden (by phone)
Guests in attendance: Medora Fralick, Stephanie McDonald – Commercial Property Group (CPG)
The meeting was called to order at 9:05 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 cash flow and payment options to pay for the water line project in progress. Sharon briefed the guests on the unexpected development revealed by Centennial Bank’s counsel that the Association’s articles of incorporation permits the Association to borrow or guarantee loan repayments only with the approval of 2/3rds of the homeowners and the approval of their first lienholders. Centennial Bank is unwilling to lend to the Association absent compliance with these limitations. Medora reported that she has talked to several other local banks and they similarly would not be able to loan money to the Association without compliance with these restrictive provisions.
The Board discussed the impact of this unexpected impediment to borrowing funds to enable homeowners who desire to pay the approved but as yet unbilled special assessment over time and potential options to mitigate the impacts of this development. At the conclusion of this discussion Tomas disconnected and did not participate in the remainder of the meeting.
Medora asked for approval of bills that she currently has received from Native Excavating, CDC and Tim Gibbons. Approval was given for payment of the invoices from Native Excavating and Tim Gibbons and to move funds from the capital reserve account for payment. The CDC bill will be paid at a later date.
The Board discussed the restoration/remediation of the Rasa property due to the water line project work.
The Board will ask Native Excavating put in writing for the Rasa property what restoration they will do their timeline and then send it to the Board for review.
Medora will follow up on the internet line that was cut during the water line project work.
Paul Orzech asked the Board to consider informing the association members of break-ins in the neighborhood in the future. The Board will take the suggestion under advisement.
The meeting was adjourned at 9:40 am.