Village Condo Association Meeting

Oct 26/2002

Attendance: Plymton V222,Maggoon V123, Parot V124, Neilson V225, Kareivis V325

Thorton V127, Rosenfield V327 proxy V223 to Kareivis, v226 to Thorton

· Quorum established at 56%

· Introduction of Bob Fries

- Bob has purchased the Ski Area component along with the Property Management business.

He is eager to work with the Associations and also all owners renting and non-renting.

- $199 season Passes

- No capital expenditure at the time

• In last year's minutes, it was not noted that Joe Kareivis was elected as a Director. Motion made to adjust the minutes to reflect this.
• Association Dues are reasonably high, but have not gone up in 5 +/- years. However a cushion is being built up thus providing a $9,000 +/- profit this year.
• All of the decks and ramps have been painted this summer
• 30 Windows have been replaced at the cost of the owners, with any outside work paid for by the Association.
• 2 windows per year are being installed in each condo. If any owner would like to replace them all at once, the association will pay for the outside work etc to be done all at once.
• Talk of new siding vs. painting. This will be decided after all window work is completed and then see how the other associations siding is holding up.
• Minor repairs in the parking lot are ongoing through out the year and after the season ends.
• Front doors that need replacing will be done at Owners expense, and the Association will do the structural work. Doors are approximately $200/door
• Hot water heaters are replaced at the owner's expense. Speak with Garth; he's got info about Green Mountain Power rentals. Older units should be replaced.
• Dryers in the laundry room have been replaced.
• Owners must make the own arrangements to convert to propane. There is a metered community propane tank. Speak with Blue Flame about converting.
• Owners are not allowed to add a gas fireplace or wood insert. The flues are not designated for it. It's ok to use the fireplace, but not for total heating.
• $6800 still owed from owners on window installation
• There was discussion about what to do about owners who are not paying for the window repairs as the integrity of the building is being affected.
• A motion by Mike Rosenfield to send a Certified letter to the offenders was seconded by Jim Thorton. It was passed unanimously.
• 2 more windows per unite the 2 worst) will be installed next year.
• Each owner is responsible for painting the interior.

• The hope is to generate a $7500 - $15,000 profit next year. A new roof, new siding and the exterior painting are all issues that need to be dealt with in the next year.
• Painting will be finished (weather permitting) where the windows went in, as well as the deck.
• Adequate staffing is now going to be available from Bolton and therefore outside contracting will be kept to a minimum
• Owner parking passes will be generated for all owners. Parking will be enforced so that owners do not come home to find guest of Bolton parked in their spots. Guests will also have designated parking passes the By-Laws indicate] spot per unit; it was decided to give 2 permits per unit and see if there is enough room.
• Motion made to continue with the 2cnd year of the maintenance contract with Bolton Valley Resort.
• Garth(maintenance) is on call 24/7. His pager number is 802.741.5430
• It was decided to upgrade the current sprinkler system to include an alarm system. (Auto alarm dialer to monitor system)

• There is a new insurance company, Arcadia. For a fee of $700 the condos would be built to current code if there were a fire etc. Passes Unanimously
• A motion was made by Jim to keep the budget at $72,000. Discussion ensued and it was decided that the Association Fees would stay the same. It will become a level funded budget. (individual numbers will be adjusted.
• A nomination made by Mike Rosenfield to elect Jim Thorton as the 3rd Director, to be in charge of the financial side of the Association. Passed Unanimously.
• Next year's meeting was set for Saturday October 25,2003 at 9am

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