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Dakota Ridge Homeowners Association
Board of Directors Meeting
Thursday, October 29, 2015

In attendance: Sharon Pace, Tim DePuy, Sarah Jones, Tomas Stone

Guests in attendance: Medora Fralick, Angie Hansen � Commercial Property Group (CPG)
Lew Niewoehner - Homeowner

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

Medora provided an update on the water line project and shared that the project is scheduled to be completed in two and half more weeks.

The Board discussed funding matters for the water line project. Tim made the following motion:

WHEREAS, by vote of a majority vote of the members ("Members") of the Dakota Ridge Homeowners Association ("Association") on June 22, 2015 approved a water line improvement project and related special assessment up to $8,960 (" Special Assessment"), and

WHEREAS, in connection with that vote the board of directors of the Association ("Board") represented to the Members that it would seek a commercial loan that would permit those Members that desired to pay the Special Assessment over a three year period to do so, and

WHEREAS, in light of the previously unknown and unexpected provisions in the Association's Articles of Incorporation requiring approval of 2/3rds of homeowners and approval of their first lienholders to any debt or guarantee of debt, and the impracticality of meeting these requirements concurrent with the

Special Assessment,

NOW, THEREFORE, the Board approves the following action:

The Special Assessment may be paid, at the Member's election, either in full by November 30 or in 12 equal quarterly installments, with the first installment due January 1, 2016 and with the unpaid balance to accrue interest at 5% annually; provided that should the Member's lot be transferred by sale or otherwise, that the remaining unpaid balance of the Special Assessment (with accrued interest) shall immediately be due.

Sharon seconded the motion. The motion was approved unanimously.

Further, Tim explained that a Water Infrastructure Committee will be formed in the next few months, and suggested that it be changed to a Capital Improvements Committee and not be limited to water improvements.

Tomas recapped the Association�s financial position at September 30, 2015. The Association�s overall finances compare favorably to the budget by approximately $6,000. A savings in operational expenses

of $10,000 is due to under budget in water system repair, landscaping and weed spraying. Road maintenance expenses are slightly over budget. Tomas pointed out that water bills collection was budgeted to be $37,500, compared to actual billing of $34,666 for the 3rd quarter. He suggested that this be noted when budgeting for next year. There was no action taken with regard to Roads.

In regard to ARC review, Medora shared that there was a request from Burgs (Lot 3) and the changes were passed by the ARC committee.

Under other items, the Board discussed possible items that should be included on the ballot at the Annual Meeting. The Board decided to take more time to consider items and discuss at the next meeting.

The next meeting of the Board was scheduled for November 17, 2015 at 8:05 a.m.

The meeting was adjourned at 9:05 a.m.

Respectfully Submitted,

Angie Hansen