CENTENNIAL TOWNHOMES

							                         CENTENNIAL TOWNHOMES
                        ANNUAL HOMEOWNERS MEETING
                              NOVMEBER 8, 2003

Call to Order:
President Elizabeth Lansford called meeting to order at 10:05 AM at the ResortQuest
Boardroom.

Attendance and quorum:
Wally Cooledge and Candace                   Unit C
Kyle Ruhter                                  Unit D
Chris Reynolds                               Unit G
Kay Smith                                    Unit I
Cici Smith                                   Unit O
Michael and Ceil Greenburg                   Unit Q
Elizabeth and Dick Lansford                  Unit R
Janet Scervino                               ResortQuest
Peter Schutz                                 Resort Quest

5 Units were represented by Proxy:
Kay and Brian Bryant                         Unit A
Scott Kwapiszeski                            Unit E
Claudia Chandler                             Unit J
Summit Lake Partners                         Unit M

Minutes of the Dec. 7, 2002 Annual Meeting were approved as read; Kyle Ruhter
motioned, Cici Smith seconded and all were in favor.

Presidents Report

1. The special assessments for the new roofs are being collected on time. The Board
   will start getting bids in March or April for the project to be completed Summer 2004.
2. Bernie, the grounds manager, has been doing a fine job of weed control. Now that
   weeds are gone, he will overseed on the brown spots next Spring. He put down fabric
   in the beds near the BBQ and will continue this in the other beds in Spring.
3. The Board has instituted a community workday in the interest of saving costs. There
   is weeding to be done, flowers to be planted and walkways and decks to be painted.

Janet Scervino of ResortQuest reviewed the Treasurer’s report:
1. We have $83,000 in the Reserve account although payments rec’d in Nov. are not
   reflected in this figure. The 2004 assessment will bring another $45,000. We
   anticipate that this will be enough for the new roofs as we estimated $6500 per unit.
   Going to asphalt shingles will save us on insurance.
2. The income statement shows $1,146 income under irrigation that was not in the
   budget. This is a one-time occurrence because we collected from the Hill.
3. The Hill contributed 30% for the paving of the dumpster area. The Hill pays for 60%
   of the pickups. We now have 3 pickups per week. We discussed paying for garbage
   on the ratio of # of units on Hill vs. # at Centennial. We need to go to the next
   Corinthian Hill meeting over Memorial Day Weekend. (or send a proxy) The Hill
   may propose an electric or battery operated keypad lock for the dumpster area.
4. There is a new trash company in town but Waste Management is still competitive.
   Janet will schedule an extra pickup for Christmas and New Year’s week for $35 each
   time.
5. Comcast will add another 18 channels to our cable contract in or around December.

Corinthian Hill Committee Report

Janet had the report from Otto Vydra, who was not present. (He plans to be at the
Corinthian Hill meeting November 22, 2003.)
1.The budget for the Hill consists of each unit contributing $100 per year. (44 at Dillon
Bay and 18 at Centennial, plus each home on the hill.
The majority of the meeting concerned architectural issues not concerning Centennial.
2. The Hill agreed to pay 30% of the dumpster asphalt repairs. That is all Otto could
negotiate.

2002 Annual Budget

1.ResortQuest proposed a 6% increase in their fee, to get us up to what is common with
other complexes. The contract is now 12 months and we requested a 24-month contract.
ResortQuest reiterated the services we get for the fee, including Bernie managing the
grounds, 24/7 back-up, all accounting and billing, administration, managing projects and
gathering bids. The fee increase and 24 mo. contract was agreed to.

Kay Smith montioned to accept the 24-mo. contract with 6% increase; Kyle Ruhter
seconded and all were in favor.

2. There will be no increase in the monthly homeowners’ dues at this time.

Cici Smith motioned to accept the budget and Wally Cooledge seconded. All were in
favor.

Wrap-Up discussions on landscaping and painting.

1.Homeowners will be able to join in on one workday or pay $100. Projects considered
are weeding beds, planting flowers, replacing dead trees and painting walkways.
2. The association will get each homeowner the paint to paint their own decks. Just call
Janet to say when you want the paint and it will be delivered to your unit in time.
3.The first workday will be over Memorial Day to put down weed barrier and mulch.
Janet and Bernie will be responsible for getting the supplies; homeowners are asked to
bring shovels, etc. The 2nd will be in June to plant flowers, trees and paint walkways.
4.FUTURE project discussed: building up the terribly steep slope on the lake side of
some of the units. Bernie and Janet will look into pricing railroad ties and filling in with
dirt and river rock. The members of the board walked the area in October and agreed that
it was very dangerous.
6. Janet will send out a flyer about the May and June work days in April 2004.
7. All agreed to give Bernie a Christmas bonus of $100 or $200 to show our good will
    and hope he will continue to take a special interest in Centennial.

Board Elections

Kyle Ruhter had finished Shawn Pinto’s term and Dick Lansford nominated Kyle to run
for a new term. Cici Smith seconded this and all were in favor.


The next meeting date was set for Sat. Nov. 6, 2004 at 10 AM

Adjournment:
The meeting was adjourned at 12:45 PM



Elizabeth Lansford, President                                                   Date