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 11^th 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.