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CROWN RIDGE CONDOMINIUM ASSOCIATION
2007 ANNUAL MEETING
MINUTES
Date: Sunday, November 4, 2007
Time: 1PM
Place: Whittier House, Route 16, West Ossipee, NH
Jim Wiggin
opened the meeting at 1:10PM. The Head
Table was introduced; Jim Bryant (Board
Member), Lang Plumer (Board Member), Pat LeBlanc (Board Member), Tim Archibald
(Secretary and Treasurer), Jim Wiggin (President), Carol Mayhofer (CPA),
Beverly Klitsch (Bookkeeper), and Steve Beller (Resort Manager). Reserve Board Members present were; Dan Bilodeau,
Kathy Stockbridge and John Branscombe.
There were
15 Unit Agents present and 5 by proxy establishing a quorum.
4 new Unit
agents were introduced; John Kustron for unit 2L-4, Kathy Raadmae for unit 10H-20, Carol
Habershon for unit 10L-19 and Angelo George for unit 8H-15. Also introduced was Bob Douglas, Crown Ridge owner and President of the Board of Directors for Mountain
View Condominium Association.
The minutes
for the 2006 Annual Meeting were reviewed for approval. Brandt Atkins (Unit Agent for 1L-2) motioned
to accept the minutes as written. John Branscombe seconded the motion. The 2006 Annual Meeting Minutes were approved
as written by a vote of 20-0.
Steve Beller
presented his Manager’s Report.
It was noted that in 2007 RCI raised their
ratings requirements for Gold Crown resorts and Crown Ridge has achieved Gold
Crown status for the 11th year in a row. Congratulations went out to the Crown Ridge Staff
for a job well done.
The
clubhouse was the target for 2007 maintenance week. A new front desk was put in and the clubhouse
was painted.
The pool was
also worked on in 2007. A new liner was
put in, all new piping to fix the water leak, and new drainage in and around
the pool.
Paving was
done to fix the driveway of unit 2L-4 which buckled over the winter making it
unusable for guests. Paving was also
done at the clubhouse to repair the portion of the parking lot damaged by the
septic work.
The 3 leach
fields and pump station have been completed for septic work. The additional septic tanks at the units
remain to be completed.
Units 1H-1,
8H-15 and 8L-16 are the target units for 2008 maintenance weeks. All unit agents were asked to please come to
the resort and inspect their unit as each will have work done on an as needed
basis.
The Sherriff
Sale was held in the spring of 2007. The
limitations of having to be present with bank check in hand left only 2 units
sold and the rest coming back to Crown Ridge Condominium Association to be put
on the resale listings. Another Sherriff
Sale will likely happen in the spring of 2008, it is estimated that
approximately 23 units will be part of that sale.
The current
uncollectable fees up to 2007 are $70,068.52.
The possible 2008 uncollectable fees including current units in legal
proceedings and units owned by Crown Ridge Condominium Association is projected
to be $28,612. It was noted by Jim
Wiggin that 3 years ago there was approximately $456,000 in outstanding fees
owed and we are now down to less than $60,000 with work on diminishing that
number ongoing.
Tim
Archibald presented his Treasurer’s Report.
The budget
through October 2007 was presented.
Crown Ridge has spent 77.62% of the annual budget thus far.
The proposed
budget for 2008 was presented for discussion.
The Board of Directors recommended keeping the maintenance fees the same
for 2008 as they were in 2007, $730 for units 1-6 and $576 for units 7-20
funding the operations account by $568,448.00 and the capital reserve fund by $60,000.00.
Brandt Atkins opened a discussion
on the capital reserve fund.
·
There is currently no capital reserve savings
due to major projects in recent years including the septic work. It was decided at the Annual Meeting in 2006
that the remodel rotation would change to 1 large unit and 2 small units per
year to save on capital expenses to begin in 2008.
·
Jim Wiggin noted that selling the unused land
off of Jessica’s Way would fully fund the capital reserve and all owners need
to sign their quitclaim deeds to let that happen.
·
Pepper Ring (unit owner) suggested assessing
each owner $50 to raise $50,000 to additionally fund the capital reserve.
·
Brandt Atkins suggested trying to raise $150,000
for capital reserve in 2008.
·
Bob Douglas suggested waiting until the summer to
see how sales income goes and do a special assessment at that time to
additionally fund the capital reserve.
·
Dan Bilodeau noted that we have
already had 3 special assessments since becoming an association and another
would not be a good idea. He suggested
keeping with the proposed budget and aiming to fully fund the capital reserve
in 2009.
·
Brandt Atkins motioned to raise the capital
reserve fund to the 3 bedroom units (1-6) to $112 from $70.00 and the 2 bedroom
units (7-20) to $87 from $54. Ed
Marudzinski (unit owner) seconded the motion.
·
Lang Plumer suggested a letter
be sent out with the maintenance fees to all owners explaining the
increase. Pat LeBlanc asked all unit
agents to contact their unit owners about the fees.
·
Carol Habershon (Unit
Agent 10L-19) motioned to move the question to vote on the new maintenance
fees. Brandt Atkins seconded. The motion to accept the 2008 budget with the
new total maintenance fees for units 1-6 being $774 and units 7-20 being $599
passed 17-3.
Paul Ricci (unit
owner) noted that in 2006 the Board of Directors presented an “honest” budget
with the maintenance fees reflecting actual costs resulting in a raise of
fees. He motioned that the Board of
Directors present a budget for operating expenses and capital reserve that is
fully funded next year. Carol Habershon
seconded the motion. The motion passed
18-0.
All current
Board of Directors members showed interest in continuing to be on the board for
2008. No other nominees were named. The secretary was asked to cast a
ballot. Keith Ruona (Unit Agent 3H-6)
made the motion, Dan Bilodeau seconded. The 2008 Board of Directors will be Jim
Wiggin, Tim Archibald, Pat LeBlanc, Jim Bryant and Lang Plumer by a vote of
18-0.
All current
Reserve Board Members showed interest in continuing to be on the Reserve Board
for 2008. Carol Habershon
nominated John Kustron for the Reserve Board. John was on the Board of Directors at
Cranmore Place for 10 years and was president for 5 years. He is interested in protecting the interest
of the owners. John Branscombe removed
his name from the list of nominees for the 2008 Reserve Board. The secretary was asked to cast a ballot. John Branscombe made the motion, Dan Bilodeau
seconded. The 2008 Reserve Board will be
Kathy Stockbridge, Dan Bilodeau and John Kustron by a vote of 17-0.
Carol
Habershon motioned to adjourn the meeting.
Keith Ruona seconded. The meeting
adjourned at 4:15PM. A brief
organizational meeting of the newly elected 2008 Board of Directors immediately
followed the Annual Meeting adjournment.
Minutes
respectfully submitted by Jodi Moon.
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