Boulder Creek HOA minutes 7 3 2006

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Boulder Creek HOA minutes 7 3 2006 Powered By Docstoc
					  BOULDER CREEK HOMEOWNERS ASSOCIATION
                                          Park City, Utah
                                      ANNUAL MEETING
                                      July 3, 2006, 10:00 AM

                                             MINUTES

Unit Owners Present: Kevin Hoyt (Board of Trustees, Presiding) and Sandra Hoyt, Michael and
Courtney Black, Steve Hancock, Bob Phipps, Russ and Joanne Hurley, KC Fisher, Pete Nicolai
(Board of Trustees), Steve Cerasale, Ron Broadaway (Board of Trustees and Property Manager),
Larry Larsen (Board of Trustees).

Unit Owners Represented by Proxy: Susan Heims, Steve Miller, Alan Browdy, Gregory and
Kim Meacham, Jeffrey Rommel, William Prather, Christopher Wailoo.

Others Present: Yvette Kaplan (former Board of Trustees and Property Manager), Harvey
Kaplan, Paula Monroe (financial and accounting services provider), Anne Hamlin (volunteer
recording secretary), Lori (assistant to Ron Broadaway).

Call to Order: The Annual Meeting of the Boulder Creek Homeowners’ Association was held at
the Park City Library on July 3, 2006. The meeting was called to order at 10:05 AM by Board
member Kevin Hoyt. All attendees were introduced and all proxies were reviewed for the purpose
of determining if a quorum was present. According to HOA By-Laws, 17 unit owners constitute a
quorum for the purpose of approving the annual budget and 15 unit owners constitute a quorum for
the purpose of electing a Trustee. With 10 unit owners present and 7 authenticated unit owners
represented by proxy, it was determined that a quorum was present. One additional proxy
presented by Board member Pete Nicolai could not be authenticated and it was decided by the
Board that the proxy would be voted on a provisional basis, subject to verification. A directory of
HOA members was circulated for corrections and updates.

Annual Budget: By way of introduction to the annual budget, Chairman Hoyt reminded owners
that Boulder Creek is not a condominium, but rather a Planned Unit Development wherein owners
have fee simple ownership to their lot and improvements. As such, the primary responsibility for
maintenance of the Living Units belongs to the unit owners, with the association responsible for
exterior maintenance, including painting and resurfacing the roofs, as set forth in the association’s
CC&R’s and other governing documents. The association is also responsible for maintenance of
the common areas, the Stonebridge Circle road, a comprehensive insurance policy on the Living
Units which is held in trust for the individual unit owners, all again as set forth in the governing
documents. Accordingly, the proposed annual budget is consistent with those responsibilities of
the association.

Paula Monroe, who provides financial and accounting services to the HOA, reported that in 2005
total receipts were $84,601 and total expenditures were $97,095 resulting in a deficit of $12,494.
The deficit was funded from accumulated surpluses pursuant to the decision reached by
homeowners at the 2005 annual meeting.

Property Manager Ron Broadaway introduced the proposed budget for Fiscal Year 2006/2007,
which projects total expenses of $91,847. A significant reduction in utilities is projected as the


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  BOULDER CREEK HOMEOWNERS ASSOCIATION
                                          Park City, Utah
HOA will no longer pay sewer costs which are the responsibility of individual unit owners.
Effective July 1, 2006, unit owners will receive quarterly billing statements from Snyderville Basin
Water Reclamation District for their individual unit’s sewer usage. This change is in keeping with
the governing documents for the Association which provide that any individually metered service
shall be the responsibility of each homeowner.

Other operating expense items were discussed. Among them was this past winter’s heavy snow
season which resulted in higher than normal snow removal and street maintenance costs and the
increased cost of trash removal necessitated by increased pick-ups (2 times per week versus 1 time
per week) and increased fuel costs.

The proposed budget also makes a provision for $14,124 as a Capital Reserve along with a
Roofing Reserve of either $25/unit/quarter (Option 1) or $50/unit/quarter (Option 2). The
recommendation for establishing a roof reserve fund was based in part on a roofing study
contracted for by the Board and completed in August, 2005 which estimated the need for roof
replacements some ten years from the date of the study. It was suggested that because the roofs are
metal they may have a longer life span than the ten years estimated by the study. The Board also
stated its intention to review the condition of the roofs periodically and to update the estimates in
the original roof study depending on the actual condition of the roofs.

After an extended discussion centered on the pros and cons of reserves in general and roofing
reserves in particular, along with discussion concerning the overall level of HOA dues and current
and prior management philosophies, a motion was duly made and seconded to accept the Proposed
Option 2 Budget which results in quarterly HOA dues of $996.17. The motion was passed
unanimously.

A motion was then duly made and seconded to round the quarterly HOA dues to $996.00 for ease
of payment and bookkeeping. This motion was passed unanimously.

Stonebridge/Boulder Creek Road and Bridge Maintenance: Boulder Creek HOA maintains a
joint account with Stonebridge HOA to share road maintenance and bridge maintenance. The
account is capped at $10,000 which level was reached by the contribution of $5/unit/quarter.
Stonebridge HOA has solicited an estimate for the repair of the bridge which estimate was $3,500.
Property Manager Ron Broadaway reported that the Board will solicit other estimates and intends
to confirm the structural integrity of the bridge before any action is taken. In the event that funds
are disbursed from the joint account, assessments will be re-instituted until such time as the cap is
again attained.

Resignation of Harvey and Yvette Kaplan: The resignation of Harvey and Yvette Kaplan from
the Board of Trustees and as Property Manager was announced and Chairman Hoyt thanked the
Kaplans for their years of dedication and service.

Election of New Trustee: There was an extended discussion centered on whether or not the
Property Manager could be an individual unit owner and/or a member of the Board of Trustees.
The governing documents give the Board the discretion to hire a manager for the association.
Historically, the manager hired by the Board had always been an individual unit owner and/or a


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  BOULDER CREEK HOMEOWNERS ASSOCIATION
                                         Park City, Utah
Trustee. Chairman Hoyt ruled that a proposed motion to limit the Board’s discretion to hire only
non-owners and/or non-Trustees was out of order because it was not a matter which could properly
be decided by motion and vote at the annual membership meeting as set forth in the governing
documents of the association.

Motions were then made and seconded that nominations for the Board of Trustees vacancy would
be accepted from the floor and that elections would be via written ballot to be circulated within
approximately two weeks with a return due date of approximately two more weeks. These
motions were passed unanimously.


The following nominations for the Board of Trustees were received from the floor:

               - Daniel Slattery
               - Russ Hurley
               - Steve Miller

The issue of tenure of Trustees was addressed. Currently, Trustees serve until they resign, are
removed, or are disqualified due to sale of their unit or death. The issue of amending the
governing documents to establish fixed term limits for Trustees was mentioned with no further
action taken.

With no further nominations received, it was moved, seconded and passed to close nominations.

New Business: Property Manager Broadaway announced that he has created a website for the
Boulder Creek HOA. It is still a work in progress, and Broadaway invites all homeowners to
provide feedback. The web address is www.bouldercreekhoa.com.

It was requested that a Homeowner’s Directory be developed and disseminated to all homeowners.

The insurance contact for the HOA is Bryan Daybell with State Farm Insurance in Park City, 435-
649-9161. Bookkeeping/accounting services are provided by Paula Monroe of PM Financial in
Park City, 435-655-8176.

KC Fisher addressed concerns with the grounds maintenance, landscaping, and overall aesthetics
of the property and suggested the establishment of an HOA Grounds/Landscaping Committee.
The Board and Property Manager Broadaway acknowledged Mr. Fisher’s concerns and requested
that he provide a detailed punch list so those concerns could be addressed.

Pete Nicolai read a letter from Steve Miller addressed to all Board members concerning several
issues that Mr. Miller would like addressed. Chairman Hoyt requested a copy of the letter so that
Mr. Miller’s concerns could be addressed.

It was discussed that the Property Manager’s job responsibilities include oversight of vendors and
that Mr. Broadaway was hired for a period of one year. The possibility of hiring an outside



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  BOULDER CREEK HOMEOWNERS ASSOCIATION
                                       Park City, Utah
manager was discussed and Chairman Hoyt stated that the Board would investigate and consider
that and other alternatives for a hired manager for the next term.

Property Manager Broadaway introduced the idea of circulating a Questionnaire among
homeowners for feedback on issues of concern, among them, the preferred time for annual
meetings.

With no further business the meeting was adjourned at 12:07 PM.




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