Minutes of Homeowners meeting
3/15/06
 
 

• Meeting was called to order at 6:20 p.m. by President Jim Colombo
• Roll call of Executive Board; Jim Colombo, John Elmore present, David Myler absent
• Proof of notice of meeting was established
• Proposed budget for 2006 was accepted by the executive  board and was available to all present to be ratified at this meeting as required by the covenants
• Mr. Colombo also noted that as of 3/14/2006 the Development closed on Lot # 208, 25% of build-out, requiring one member of the Executive Board to be elected from the lot/unit owners at Lakota Canyon within 60 days
• More accolades regarding the golf course were discussed.
• Mr. Colombo discussed the fact that the money collected by assessments to establish the budget, will be placed in an account that will only be used for items directly related to the Master Association. These numbers are only estimates since there is no past history to compare to. Once there are accurate numbers to assimilate, the budget will be adjusted accordingly by either using it for improvements for the development or by reducing assessments the following year.
• Discussion regarding monies set aside in the budget for capital improvements needed to be set aside in a “reserve account”. After much discussion it was decided a “capital improvement fund” and “reserve account” were basically the same thing.  The wording could be changed to “capital reserve account”.
• Comparisons to other homeowners associations in the area were discussed
• A question was asked from the floor regarding the recreation center and the budget. Mr. Colombo stated that the budget to be ratified tonight did not include the rec center in any way. Once there were solid numbers on the construction of the recreation center, a separate budget would be made available to all homeowners as well as the affect on quarterly assessments.
• Heating of the pool was discussed with an estimate of $100,000 dollars a year, depending on how many months a year the pool would be open, and if the pool would even be heated.
• Mr. Colombo and Mr. Elmore stated that it will be the developers that will be in charge of managing and maintaining the recreation center.
• A question to clarify the developers intent to convey the mortgage of the rec center upon completion to the association was heard from the floor, with Mr. Colombo and Mr. Elmore again stating that was their intent from the beginning of the development. The developer will take out a construction loan to build the facility and take out a mortgage for the association to own the facility.  
• One homeowner questioned the fact that only 25% of the lots in the development have been sold, leaving that small portion of owners responsible for the mortgage on the facility for a substantial time. Also questioned was why the homeowners would be responsible for payment on a major drawing point for the developers in the future. The Executive Board again stated nothing has changed from the start of the development. Another question was raised as to where that information was in the covenants in relation to the rec center being assumed by the association. Also asked was if the homeowners had any say in the matter of the association assuming a mortgage on such a facility. The Board stated the fact that all homeowners will have the chance to vote on any budget presented and if the required vote to ratify a budget was not met, a new budget would be presented. The Board also stated that as developers, they did not necessarily have to build the facility. They decided to build the facility for the enjoyment of the homeowners as well as to appreciate all owner’s property.
• A homeowner again stated that any mention of a rec center was not presented to him when he was in the process of purchasing his property but was rebutted by another homeowner that said that she was well aware of the issue and has even purchased an additional lot in the development.