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Dakota Ridge Homeowners Association
Board of Directors Meeting
Tuesday, November 17, 2015
In attendance: Sharon Pace, Sarah Jones, Tomas Stone, Tim DePuy (by phone)
Guests in attendance: Medora Fralick, Nancy Kounovsky – Commercial Property Group
Paul Sachs - Attorney (by phone)
Lew Niewoehner - Homeowner
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.
Medora provided an update on the water line project and shared that Native Excavating (“Native”) completed their work for the fall. The unbilled portion of their approved bid will be adequate to cover the remaining work that needs to be completed next spring. After the review of the most recent progress billing from Native along with the other water line improvement costs tabulated through October, it is clear that Association will need to assess the maximum amount of $8,960/lot.
Tomas made a motion to assess the Association members at a rate of $8,960/lot. The Special Assessment may be paid, at each Member’s election, either in full by December 23, 2015 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.
Tomas recapped the Association’s financial position at October 31, 2015. The Association’s overall income and expense from operations compares favorably to the budget by approximately $2,700. Income from water billings is under budget by approximately $8,700. This shortfall is offset by savings/overages in numerous expense categories with the most notable variance in Water System Repairs being a $12,300 savings. Tomas pointed out that the large balance in Accounts Payable is attributable to the invoice recently received from Native for the October work on the water line project. This bill will be paid once the special assessments are collected.
There was no action taken with regard to Roads other than Medora reminded the Board that Native’s snow removal contract officially commenced on November 15.
There was no action taken with regard to ARC review.
The meeting was adjourned at 8:55 am.