Villas at Mt. Crested Butte Homeowners Association Annual Meeting Tuesday July 22, AM in the Plaza Conference Room, Mt.

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1 Villas at Mt. Crested Butte Homeowners Association Annual Meeting Tuesday July 22, AM in the Plaza Conference Room, Mt. Crested Butte 1. Roll call-gary The Villas 2008 Annual HOA Meeting Roll Call Villas Owners Address Proxy to: 1A Steve & Jan Sinatra 101 Snowmass 1B Bill and Jeanne Reynolds 103 Snowmass 2A Jim & Ann Fyfe 105 Snowmass 2B Elizabeth & John Bruns* 107 Snowmass 3A Douglas & Hazel Medville 109 Snowmass 3B Sandy & Linda Benkwith 111 Snowmass 4A Edgar J Uihlein 113 Snowmass 4B Bill Adams 115 Snowmass 5A Andy Krupp 117 Snowmass 5B Melinda Hunter 119 Snowmass 6A David L. Dimmock 121 Snowmass 6B Peter & Cindy Chamberland 123 Snowmass BOD 7A Ed & Claire Begley 125 Snowmass 7B Ted & Luziua Bernstein 127 Snowmass 8A Nick & Patricia Williams 129 Snowmass 8B Mike & Dianne Lind 131 Snowmass 9A Dwight & Patsy Brown 133 Snowmass 9B Jeffery & Wynn Adam 135 Snowmass 10A Carolyn and Edwin Bell 137 Snowmass 10B David & Terry Clayton 139 Snowmass 11A Gerry & Lois Pate 141 Snowmass 11B Doug & Jackie Helzer 143 Snowmass Gary Keiser 12A Peter Veruki & Judy Spinella 145 Snowmass 12B Robert & Lauret 147 Snowmass BOD 13A Perry & Kathy Morton 221 Mineral Point

2 13B Mark and Carol Lester 223 Mineral Point 14A Gregg & Rebecca Reyes 217 Mineral Point 14B Mike and Patsy Thomas 219 Mineral Point 15A Mike & Cassie Caton 213 Mineral Point 15B Gary & Bettye Keiser 215 Mineral Point BOD P.O. Box A Mike & Dianne Lind 209 Mineral Point 16B David L. Dimmock 211 Mineral Point 17A Paul and Ivana Moravek 205 Mineral Point 17B Neil J. Watko 207 Mineral Point 18A Villas Summitt Development 201 Mineral Point BOD 18B Villas Summitt Development 203 Mineral Point 23A Villas Summitt Development 118 Snowmass 23B Frank Dippold 116 Snowmass 24A Shawn Fransen 114 Snowmass 24B David and Nancy Kenner 112 Snowmass 25A Villas Summit Development 110 Snowmass 25B Villas Summit Development 108 Snowmass 26A Ben and Cindy Allen 106 Snowmass 26B Ralph and Cheryl Burton 104 Snowmass 102 Snowmass 27A Monica Ariowitsch 100 Snowmass 27B Villas Summit Development Lots 43 and 44 Ben Allen 2. Proof of Notice-Joan-Sent electronically on Tuesday, July 8 th, 2008 at 4:38 pm 3. Approval of minutes- moved to approve the minutes from the 2007 annual meeting as written, Gary seconded. All approve. 4. Financial report-gary The financial statements through June 30 were reviewed in detail. Revenues are projected to be slightly above budget for the

3 year and expenses will be close to budget except for snow removal which will exceed budget by about $10,000. Gary moved to approve the financial report, Steve seconded. All approved. 5. Election of directors-gary Gary explained that his and s terms were expiring and that both agreed to be candidates again. Both were nominated by Pete. A motion was made, seconded and approved to elect Gary Keiser and to three-year terms. 6. Maintenance issues a. Irrigation System-Randy Randy reported that the main water line to the underground irrigation system was traumatized when Snowmass was chewed up in order to replace the pavement. The leaks were not discovered until Randy attempted to start up the irrigation system in June. The new sod on buildings 23 through 27 is being watered 3 times a day to get the sod to take. It was discussed that maybe that was not a good idea since it is against watering regulations and maybe the sod is burning up with the heat at this time. The sod installer suggested that the sod continue to be watered 3 times per day. Randy will call Mt. CB Water & San to get approval to water that often. The Board and several homeowners are concerned as to who will reimburse the HOA for repairs to the irrigation system. It was discussed that United Paving would be approached to reimburse the HOA since they are the contractor that chewed up the road and replaced it with new pavement. Several homeowners were concerned about the sink hole in the new pavement in front of Unite 108 Snowmass. Steve with VSD stated that he had a contractor come to look at the problem and would have it repaired. It was discussed that the Town of Mt. CB is planning to put a new retaining wall below building 12 as the existing retaining wall is failing. The Board is planning to get a list of operating protocols for property management to follow in order to maintain The Villas on a regular basis. That list will be discussed further at the BOD meeting following the HOA meeting. b. Staining- We will be staining 9 buildings this summer. This includes buildings 2, 3, 4, 6, 7, 8, 9, 14 and 15. Joan will add the staining schedule to the website. Buildings 2,3,4,6 and 7 will be the same color as buildings 1 and 5. Buildings 8,9,14 and 15 will remain the same color that they are now. Property Management will need access to your unit in order to have your doors stained. c. Landscaping-Gary The HOA had Tricia plant some perennials and put down some mulch at the entrance. We are limited as to how much we can plant there as it is used for snow storage in the winter. We had a tremendous amount of damage to the trees throughout the subdivision last winter and the HOA is working on repairing the damage in the common areas but each owner is responsible for replacing the trees in their yards. We have done what we can. Champion Landscaping will be back soon to fix trees along the backs of

4 properties. Joan has had several calls regarding the number of weeds in the lawns this season. A call was made to Mountain Rain, the lawn maintenance company, regarding the problem. Mountain Rain informed Joan that he is working in conjunction with Jim Barry to have him spray weeds. The BOD agrees that next spring, pre emergent will be applied. Property Management will call for this service. Several homeowners made suggestions on how to enhance the look of the snow storage area between buildings 5 and 6. Gary replied with the fact that we are limited to what can be planted there being that the area is used for snow storage. Randy pointed out that there is no irrigation in that area but that he could run some drip lines if the HOA decided to plant in that area. d. Roofs- reminded the homeowners that the roofs are the responsibility of the homeowner. A new roof costs around 20, The BOD highly suggests that you oil your roof at least every 3 years. Purple Peak Painting will be in the subdivision several weeks in August and September. His price for oiling a roof is $ per unit or $ per building. If you are interested in having your roof oiled, please contact Joan at jwest@outwestbookkeeping.com to get on the list. Also, look for an from Joan with Blue Sky Property Management to remind you to get on the list if you need your roof oiled. e. Noxious weeds-randy Jim and Brian sprayed yesterday and he will be back later in the season to spray for thistle. f. Snow removal-randy asked for bids from Lacy Construction and JCI. The proposal from Lacy was to be discussed at the BOD meeting following the HOA meeting and he had not yet received a proposal from JCI. Several homeowners complained that last winter the snow blowers that were used to remove snow were shooting the snow and ice at the buildings and damaging siding, screens, etc They asked that Property Management make it clear to the snow removal company that this is not acceptable. g. Toe heater inspections-joan -Joan compiled a list of homeowners that have and have not responded to having their units checked for faulty toe kick heaters. It is imperative that each homeowner who s unit has these heaters to call an electrician and have the wiring, installation and condition checked. They are a fire hazard if installed incorrectly. 7. Meter boxes-pete The purpose of the meter covers is to keep the meters from being covered with snow possibly blocking the vent and causing gas to enter the dwelling as well as causing the freeze/thaw damage that can separate the meter from the gas supply causing a gas leak and explosion. The BOD is requiring that all homeowners have their meter covers installed prior to the 2008 winter season. The cost of the meter covers will be at least $ each and are installed at the expense of the homeowner. Randy will provide the board with a list of those units that need meter covers. 8. Impact of Villa Summit construction and development-steve Due

5 to economic times they may sell a unit in Phase IV for $850, VSD will not be starting construction in Phase V at this time. It was discussed that there are also 2 lots on the right side of the entrance that are affordable housing lots. They are there with an undetermined future. 9. Annual disclosures-gary Colorado law requires that we disclose certain things to all homeowners. You can use your HOA website to get this information. 10. Status of Qwest telephone service to the Villas-Steve Steve got an estimate for over $19, to repair phone lines. That estimate does not cover any excavation which is estimated to be at lease equal to the repair cost. The cost of repairing the Quest lines at about $1.000 per unit does not seem warranted. Instead, Time Warner is available in Mt. Crested Butte and will cost around $ per month per unit for telephone with unlimited long distance within the USA, high speed internet service (10 times faster that DSL) and 120 TV channels. The details are on the HOA website. The downside to Time Warner is if the electricity goes out, so will your phone. 11. Wetlands mitigation on Villas Common Property adjacent to Gothic -Gary Nevada Ridge has to repair our wet lands because they used wetland in their development. They are adding 50 shrubs to the area they are mitigating. They built the dams so we can get equipment in to clean out silt and keep area nice looking. This maintenance may need to happen as often as once every 2 years. We will need to get irrigation to those new shrubs. 12. acceptance by Town-Steve The road was completely repaved in the fall of The road was not inspected by the Town at that time. After they inspect, they have another year to re-inspect before taking over the roads. Steve will request the inspection before winter. With the construction of Andesite Pointe at the end of Snowmass, it may be quite a while before the town will take over the roads. 13. Status and expected impact of The Enclave at Andesite Pointe development-, Andesite Pointe will be accessed from the end of Snowmass. After they finish their retaining walls, they have chosen not to build due to economic times. Andesite point is required to seed and re-vegetate after the retaining walls are complete. They are supposed to dust and clean roads every 48 hours. They have not been sweeping and several of the homeowners at that end of Snowmass are very concerned. 14. Other Issues Several homeowners are having problems with water collecting around their front doorstep and in front of the garages. Pete Chamberland reported that it will cost $ to repave the entire driveway.

6 He is having his repaved. Texas Stars suggests a more extensive remedy may be required. Medville suggests French drains. Pete Chamberland will look at several driveways to see if Phil Chamberland can make some changes to driveways to remedy water problems. If you are interested in having the post and log construction at the end of the parking area in your driveway it will cost $ for 2 poles and 2 rails. Pete would like to see all units have these installed to unify the look in the subdivision. It was suggested that speed limit signs be place throughout the subdivision but the Board was not sure that enforcement was available. Randy will check with the town to see what is allowed. Gary adjourned the meeting at 10:36.

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