Monday June 17th, 2024

 
Association Administrator
Commercial Property Group
1856 Lincoln Ave
Steamboat Springs, 80487

Phone: 1.970.879.1402
Fax: 1.970.879.7777
E-Mail: info@drhoa.org
 

 

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Dakota Ridge Board of Directors Meeting
Thursday, January 10, 2019, 8am
Present: Sarah Jones, Jim Lob, Nancy Pyle, Holly VanDeursen, Paul Orzech (phone)
Others Present: Medora Fralick and Andrea Wilhelm (Commercial Property Group), Bob Shortle (guest)
Chlorine Contact Basin (Jim)
Jim spoke with Matt Mielke (CDC Engineer) who said the system is fully functional. The project will still be below budget but there are some small add-ons including a turn-around area for snow removal trucks which came back estimated at $1,500. Matt also has a punch list of items that remain for the spring. Overall, the project has been a huge success and Dakota Ridge is now ahead on Colorado water regulations. For the March meeting, Jim will give some bullet points to educate members about the water process/flow from the Yampa River to the CCB to the tank to houses.
Paul Nancy, Sarah and Jim also met on 12/24 to discuss the 10-year capital plan and different scenarios on how to pay for it. The pipes on the north side of the neighborhood have been replaced but the south side of the neighborhood still contains ductile iron piping that needs to be replaced in the coming years. There are many anticipated road and water projects that came out of the studies.
Finance Update (Paul)
The balance sheet shows about $328K in cash as of 12/31, $280 of which is earmarked for capital reserves and there is $128K left to pay on the CCB project. We have recognized all of the capital reserve assessments for the fiscal year under income and in our reserve balance. Therefore, there should be roughly $150K left at the end of project and fiscal year which is what the previous board wanted the minimum balance to be.
The net income after capital expense for the fiscal year is projected to be $35K ($15K before capex) which is about $4K behind budget. The was due to water expenses running over budget as a result of: the spring water leak, state correspondence re: water restrictions this summer, and an increase in Tim Gibbons’ rates.
The current 2019 draft budget assumes same rate of assessments/income - $1025/lot for operating dues and $1650/lot for reserve dues. Pending future discussion on capital funding, Paul made a motion to approve the draft budget, Jim seconded, and all those present were in favor with none opposed.
Roads (Nancy)
The NWCC road report from two years ago indicates roads are in decent condition (except Upper Trail Ridge Rd.) but there are still differing views on that report. The association needs to decide if it will continue doing patch repairs vs. repaving all the roads at some point in the next decade. This will require some additional discussion & neighborhood consensus since it could be the next biggest expense for the next 10 years.
ARC - Holly said nothing has come before ARC since the last meeting.
Neighborhood App – The board agreed to make an effort to continue promoting the Next Door App at the Annual Meeting and would like to send one more email reminder in the meantime; 25 subscribers are needed in order for Dakota Ridge to be designated as its own neighborhood.
Wildfire Mitigation – This will remain on the agenda leading into summer. Sarah is working with the state Forest Service to host a local wildfire conference in May and there will also be a new 5-year report coming out in the next year from the Forest Service mapping the high risk areas.
Capital Improvement Plan
Paul reported that the 10-year plan shows the association will be spending about the same amount as it’s adding to reserves each year which does not allow for building back up the balance.
Sarah reported on some of the different scenarios for funding capital projects: 1) increase in annual dues; 2) special assessment at time of work; 3) increase water rates (pro-rata) to cover water capex; 4) combination of the above. Sarah would like to present whatever the finance committee decides at the Annual Meeting to prepare and education. The board is able to increase annual assessments within the budget approval process (by up to 100% each year), however the board is not able to approve a special assessment without a homeowner vote.
After much discussion, the board agreed that an incremental/annual increase would be less challenging than a special assessment, which may still be necessary in the future. Sarah made a motion to approve the proposed budget with an increase in capital reserve assessments to $2650 per lot, Jim seconded, all present were in favor with none opposed.
Annual Meeting Date will be held Thursday, May 30th at 4pm at the Hampton Inn (pending availability).
Regarding board terms/elections for the annual meeting, three seats will be vacant: Paul, Sarah and Jim. Paul has decided to step down from the board but if elected, Sarah and Jim agreed to serve another term and Tom Valicenti agreed to run for election as well.
The next board meeting date be held March 13th at 8:05am and the CIP/Finance committee will meet the day before – March 12th at 8am. There is also still a board meeting scheduled on the calendar for May 9th at 8:05 which will remain to prepare for Annual Meeting.
Other Business
Neil Winward would like an email sent out about picking up dog waste in the neighborhood. The Wolff’s dog was hit and killed at the end of the driveway and they would like an email sent out reminding people to drive cautiously. The board agreed to both.
Steve Dearholt owns two lots and is asking to not be charged the minimum water on his vacant lot. Medora will educate him that the minimum $150 is related to basic infrastructure and his lot has no value without water.
The meeting was adjourned at approximately 9:30am
Submitted by,
Andrea Wilhelm
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