COBBLE CREEK HOMEOWNERS ASSOCIATION, INC. MONTHLY EXECUTIVE BOARD MEETING NOVEMBER 11, 2014

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1 COBBLE CREEK HOMEOWNERS ASSOCIATION, INC. MONTHLY EXECUTIVE BOARD MEETING NOVEMBER 11, 2014 CALL TO ORDER Board President John Fox called to order the Cobble Creek HOA Executive Board Regular monthly meeting at the Cobble Creek Club House at 7:0O pm. ROLL CALL Present were Board Members President John Fox, Vice President Bill Crittendon, Secretary Stan Grigg, Treasurer Art McIlravy, and Board member Paul Story. Kerry and Karen Dunivan were present representing Mountain Mansion Management (MMM). VISION, MISSION, & VALUES OF THE CC HOA BOARD Secretary Stan Grigg read the Vision, Mission & Values statement of the CC HOA Board that was accepted the Board at the September 11, 2014 Special Board meeting. Cobble Creek Homeowners Association, Inc. Vision, Mission, and Values Statement VISION We envision a community of neighbors working together in voluntary association to achieve a higher quality of life and increasing home and property values. We envision a community that is considered by residents and non-residents alike to be a desirable place to live and enjoy family and friends. MISSION Our mission is to enhance the quality of life in our golf community through the management of common areas, enforcement of rules and covenants, support of initiatives that strengthen bonds among residents, and investment in improvements that benefit the greater good. VALUES In fulfilling our Mission and achieving our vision, we value honesty, fairness, firmness, equity, common sense, participation, respect, cooperation, and transparency in all our actions. RULES OF ORDER FOR HOA BOARD MEETINGS

2 President John Fox, CC HOA Board President, opened the meeting with a few comments from the Board regarding how all CC HOA Board meetings would proceed. John indicated if any HOA member wishes to place an item on the agenda, they must contact Mountain Mansion Management (MMM) at least two weeks prior to the Board meeting. If an HOA member wants to make comments during the HOA Member Comments sections of the agenda, they must sign up with MMM just prior to the meeting. Speakers must identify themselves, give their mailing address and will be given 3 minutes to make their comments. During the rest of the meeting, the Board will proceed with Board business as outlined on the agenda. If motions are made, seconded and discussed by the Board, HOA members wishing to address the Board regarding the motion will be allowed to speak for no more than 3 minutes after being recognized by the President. HOA MEMBER COMMENTS: Bonnie Goes, 3809 Lone Tree Lane, requested the agenda of the Regular Board Meetings indicate the reason for the Executive Sessions in addition to stating the number of the policy. She also requested the minutes of the meeting indicate the general topic of discussion that occurred in the Executive Session. Mal Johnson, 3724 Mt. Hayden Court, indicated he felt HOA members with unpaid dues should not be allowed to vote in any HOA election and not be able to put any proposal before the Board. He questioned the way HOA holds its elections and that if a person is absent from the Annual Budget election meeting in December and does not have a proxy vote, their vote should not count as a yes vote. Mel also felt that the HOA Board has not been transparent by not informing the HOA membership of the details of an ongoing lawsuit involving the CC sidewalks in which the Board has been named as a co-defendant. Jim Douras, 908 Black Canyon Way, feels there are surplus reserve funds that are being held illegally and must be returned to the HOA members APPROVAL OF MINUTES FROM PREVIOUS MEETINGS: A motion was made by Paul Story and seconded by Stan Grigg to accept the minutes as presented by Secretary Stan Grigg of the October 21, 2014 Regular monthly CC HOA Board Meeting. Motion passed unanimously. TREASURER S REPORT Treasurer Art McIlravy presented the Treasurer s Report. Art indicated the operational surplus in the checking account is able to fund the amount due to cover in the legal fees. A motion was made by Paul Story and seconded by Stan Grigg to accept the Treasurer s report as presented. The motion passed unanimously. OLD BUSINESS John Fox initiated a discussion related to Mal Johnson s comment regarding the lawsuit that the HOA is involved with. Paul Story indicated this would be an educational opportunity for the Board to inform the HOA members who is responsible for the maintenance of the sidewalks and overhanging trees. Bill Crittendon indicated that the Board has been very careful not to say too much about who is responsible for the sidewalks because of the ongoing lawsuit. Paul Story

3 noted that according to CCIOA, the HOA is responsible to some degree for the sidewalks, but that it is the owner s responsibility to maintain them. The Board discussion included the HOA paying for snow removal from the sidewalks. The Board is hoping to get a ruling from their insurance attorney as to how much liability the HOA is assuming by doing snow removal. COMMITTEE REPORTS Bill Crittendon, in response to Jim Douras, indicated there is approximately $112,000 in the reserve fund. The surplus that did exit in the operational budget is being used to pay legal fees and is no longer considered excess funds. LEGAL REVIEW COMMITTEE: In the legal/audit report, Paul Story reviewed the changes in The Articles of Incorporation and in the By-Laws in detail with explanation for how these changes needed to be done to bring the documents into agreement with each other and into compliance with CCIOA. A number of typos and minor errors were pointed out in the work copies of the newly amended documents, a few additions/corrections were also noted and agreed upon. Paul again pointed out what steps need to be taken to approve, ratify, and adopt the amended documents. Paul suggested that the Board review their documents for errors and any changes that they might recommend, and contact him with their corrections, if any, after this a final copy will be produced. Paul was asked to review requirements for reserve study and funding and comment about surplus funds. Necessitating clarification on these issues was repeated misinformation and misunderstanding of CCIOA and our governing documents concerning these topics. Kent Simerson later questioned that common elements had to mean property owned by the Association. Story pointed out that CCIOA 103(5) pg. 3, states that common elements means any real estate owned or leased by the Association, and if our Declaration is not in compliance with CCIOA it will be amended. Paul noted changes to the Articles of Incorporation, once approved by the Board, would take a 67% approval by the HOA members. Paul also noted that it takes 51% approval by the HOA members to approve changes made in the CC & R's. Changes in the By Laws are to be approved by the Board. It was also noted, in answer to Mal Johnson s concern regarding how the

4 HOA elections were conducted, the HOA elections are being conducted exactly as outlined in the By Laws and CCIOA. Art McIlravy suggested that the changes in the Articles of Incorporation be finalized by the Board and then put on the back burner until after changes to the CC & R s have been reviewed by the Board. The next Legal Audit meeting will be on November 18, 2014 at 1pm in the CC Club House to review the Declaration and CC&Rs. COMMUNICATION COMMITTEE: Bill Crittendon presented the Hospitality Committee Charter. (see attached) A motion was made by Stan Grigg and seconded by Art McIlravy to accept the Hospitality Committee Charter as presented. The motion passed unanimously. RESERVE STUDY: Concerning a reserve study, Paul Story pointed out that CCIOA does not require that a reserve study be performed, and that he has obtained a current opinion from the HOA information and Resource Center, Co. Dept. of Regulatory Agencies, that a reserve study is not required. If there is disagreement among documents, bills, etc., CCIOA controls. executive Boards copy of HB legal summary clearly states that it does not require an Association to have a reserve study done. Neither HB nor CCIOA 209.5(b)(ix) specify nor limit the amount of the reserve fund. He also referenced CCIOA 209.5(b)(ix) which states an internally conducted reserve study is sufficient. Concerning the dispensation of surplus funds, he referenced to CCIOA 314 pg. 71 that states unless otherwise provided in the Declaration", surplus funds, after paying expenses and prepayment of reserves, are to be credited to the homeowners and points out that our Declaration does otherwise provide that any excess revenue may be transferred to a reserve account. The COBBLE CREEK HOA LEGAL COUNSEL: John Fox stated the CC HOA Board will not change its legal counsel and, therefore, will continue to have the law firm of J. David Reed, Attorneys at Law, represent the CC HOA. John noted

5 that the Board is happy with the legal service being provided and stated that it would be too expensive to change law firms, and also very time consuming to attempt to bring a new one up to speed. John Fox previously noted he had contacted a law firm in Denver, which stated if any lawyer from the office of J. David Reed felt there was a conflict of interest pertaining to any current or future aspect of their representation of CC HOA, they would be obligated to bring that to the attention of the CC HOA Board. In such an instance, the CC HOA Board will seek additional legal counsel to deal with the particular issue. The Board also previously noted that Weststar and Tiff Hayden had written and signed a release of conflict of interest between Weststar and any dealings that the office of J. David Reed, LLC had with Weststar. NEW BUSINESS: WESTSTAR PROPOSAL: John Fox noted that the Board has received a tentative proposal from Weststar. At the present time, the Board cannot divulge the specifics of the proposal because it is in a draft form and it contained proprietary information ANNUAL BUDGET: Treasurer Art McIlravy noted no dues increase is proposed in the 2015 annual budget that he is presenting. Art indicated he made a budget proposal based upon what we as a Board know now. A motion was made by Stan Grigg and seconded by Bill Crittendon to accept the 2015 annual budget as prepared by Treasurer Art McIlravy, to be presented to the HOA membership in December for their approval. The motion passed unanimously. HOA DUES INCREASE: Bill Crittendon made a motion that was seconded by Paul Story to increase the 2014 maximum annual dues assessment to $210. It was noted by the Board that had already approved the 2015 Budget for approval by the HOA membership that the annual dues assessment for 2015 would remain at $192.50, the same as it was in The vote passed.

6 It was noted by John Fox it was the entire CC HOA Board s position that it was their intent to enter into discussions with Weststar with the hopes of developing an agreement that would allow for the CC HOA to reimburse Weststar for a part of the common area expenses. ANNUAL HOA BUDGET MEETING: The annual CC HOA Budget Meeting will be held in early December, with the date, time and place to be determined due to availability. Adequate notice will be given to HOA members as required. NEXT MEETING REMINDER: The next Regular HOA Board meeting date is yet to be determined, but must be within 10 days of the Annual HOA Budget Meeting. The date and time will be announced as soon as possible via to HOA members. EXECUTIVE SESSION: A 9:42pm, John Fox made a motion that was seconded by Bill Crittenden to go into Executive Session pursuant to CRS (e). Motion passed unanimously. The topics of discussion during the Executive Session pertained to CC HOA Collections Report presented by MMM. At 10:30pm a motion was made by Stan Grigg and seconded by Paul Story to adjourn the Regular Meeting. Motion passed unanimously. Respectfully Submitted, Stan Grigg, Secretary Cobble Creek HOA Board of Directors

APPROVAL OF MINUTES FROM PREVIOUS MEETINGS

APPROVAL OF MINUTES FROM PREVIOUS MEETINGS COBBLE CREEK HOMEOWNERS ASSOCIATION, INC. MONTHLY EXECUTIVE BOARD MEETING June 24, 2014 CALL TO ORDER Board President John Fox called to order the Cobble Creek HOA Executive Board Regular monthly meeting