Board of Directors Meeting Minutes
October 4, 2010

The following LSRA members were present:
None at this meeting
Also present:
Ed Canfield (Managing Agent)

Quorum
A quorum being present the President, Jewell Jones, called the meeting to order at the hour of 7:35 p.m.

Agenda
The Agenda was reviewed. It was asked that review of the proposed 2011 Budget be added to New Business. With the addition George Dailey moved to approve the agenda. Joy Kucinski 2nd. The agenda was approved.

Minutes
The minutes of the August 2, 2010 Board of Directors meeting were distributed and reviewed. Joy Kucinski moved to approve the minutes as written. Randall Weddle 2nd the motion. The minutes were approved.

Homeowner's Forum
There were no homeowners to speak at this meeting.

Receivable Report
The current receivable report was reviewed. The Managing Agent presented an offer from the person who purchased Unit 323 at foreclosure. The offer to settle was considerably less then the past due on this account. Based on the advise of the collection attorney, Randle Weddle moved to settle with the account for all monies delinquent minus the late fees. George Dailey 2nd. The motion to settle the delinquent account a 323 was approved unanimously.

Financial Report
The financial report was distributed and reviewed.

Treasurer's report:
Total Income to Date: $ 108,818.98
Total Expenses to Date: $ 59.701.05
Total Assets: $ 381,693.36
Total Uncollected Dues: $ 12,844.40

Committee Reports

Water
Sean Siegel stated that his report would be part of New Business concerning the Water Utility and specifically key boxes throughout the Association.

ACC
There was a deck request @ 10010 Lone Tree Drive that was reviewed and approved.

LRSA
There was no LRSA report.

Common Area
There was no Common Area report this month.

Correspondence
The deck request mentioned in the ACC committee report was the only correspondence for this meeting.

Unfinished Business
The managing agent reported that the Insurance Broker of Record gave a history of the liability insurance coverage for the Association. The Association had coverage from one company since 2001. In 2007 the brokerage added another policy for the same as the earlier coverage. The Broker stated there was a request for the coverage from the Association through Bonanza. The Managing Agent reported the Broker would get back one year of premium cost from the insuring company. The Premium for the policy was just over $6000.00 a year. Randall moved to send a letter to the Broker asking them to pay one of the two remaining years premium above and beyond what was returned from the insurance company carrying the liability coverage. George 2nd. The motion to have the Managing Agent send a letter to the Broker requesting a settlement of $6000.00 was approved unanimously.

Sean gave a great overview report on the Association Water Utility. His research showed that in most instances, public and private, the utility extends from the well, well house and pumps through the main lines and branch lines to each Lot, to and including the shutoff valve in the key box and the key box itself. This key box is where the valve is turned off and on for the water supply to each home. The shaft and cap accessing the key box and the home water line from the key box to the home are the owner's responsibility.

Sean also reported that Northern Utilities maintains the system and this year added the Association to the "Dig Line". A data based service for members to use to locate utilities in the membership area. Northern Utilities would be the contractor to do the water system locates for Valli Vue.

Sean reported that there have been recent cases where individual key boxes were not functioning due to age when water needed to be shut off. Northern Utilities has proposed to check all key boxes to insure they are in working order. They also stated that about 25 main key boxes throughout the Association should be checked. Northern Utilities gave a proposal to check all 25 mains to see if they work and use a vacuum system to clean out around the valve. This cost would be around $3000.00 total. Randall moved to allow Northern Utilities to do the service. George 2nd. The motion to check the 25 main valves was approved unanimously.

The Board will be planning in the near future to notify owners and systematically check all branch key boxes throughout the Association. Owners will have to have their key box cap accessible before the contractor will check. A letter will be sent out explaining what the key box cap looks like for the homeowners to find.

The cost of this extensive maintenance will be an addressed line item in the budget in New Business.

New Business
A preliminary budget was presented at this meeting for review. The Managing Agent pointed out that the Board should take into consideration the pending water utility maintenance costs. With that in mind Randall Weddle moved to approve a 10% dues increase as allowed in the by-laws. George Dailey 2nd. The budget with a 10% increase was approved unanimously.

The next meeting is the Annual meeting to be held on October 21, 2010 at the hour of 7:00 p.m. at the Christ Church, 5101 O'Malley Road.

Being no further business to come before the Board at this time the meeting was adjourned at the hour of 9:15 p.m.

(Top)