^{Table of Contents}

Table of Contents................................................................................................................................................ 1

Attendance................................................................................................................................................................ 2

Village Association Business....................................................................................................................... 3

Approved the acceptance of 2004 Village Annual Meeting Minutes.................................. 3

Village 2006 Annual Meeting........................................................................................................................ 3

Property Agent Contract Renewed........................................................................................................ 3

Snow Removal Contract Renewed.......................................................................................................... 3

Before We Address Concerns, Lets Talk Successes....................................................................... 4

The Numbers:.......................................................................................................................................................... 5

Village Assoc. Web Site and Owners Forum:...................................................................................... 6

How The Association Was Turned Around and Remaining on Track:.............................. 6

Village Treasure Update.................................................................................................................................. 8

Review of Financial Statements:............................................................................................................. 8

2005/2006 Village Budget.................................................................................................................................... 8

Contingence Plan:............................................................................................................................................... 8

Village Revised Bylaws, Declaration Amendments...................................................................... 9

Summary of Changes:....................................................................................................................................... 9

Village Maintenance Updates..................................................................................................................... 10

Communal Grilling Area............................................................................................................................. 10

Window Replacement:................................................................................................................................... 10

Snow Removal / Lawn Care:....................................................................................................................... 12

Village Building B Ramp / Tower Repairs:........................................................................................... 12

Inappropriate Use of Trash and Recycling Shed:......................................................................... 12

Village Maintenance Task List............................................................................................................... 12

Bolton Valley Updates................................................................................................................................... 13

State of the Mountain Update................................................................................................................ 13

Bolton Valley Fire District Update...................................................................................................... 14

Bolton Valley Presidents Council Update....................................................................................... 15

Appendix A – Village Financial Statements...................................................................................... 16

Village Association Annual Meeting Minutes

Date: June, 25 2005

Time: 9 AM EDT

Location: Bolton Valley Lodge, Champlain Room, Bolton Valley, Vermont

Chair Person's: Kurt Ries, Village Director

     David Parot, Village Director

     Daniel Plimpton, Village Director

     Joseph Kareivis, Village Director

Please note the following information is presented by subject matter and not in chronological order.

^Attendance:

Unit#	Owner	% of Vote	Status
123	Steven McLeod	5.94	Present
124	David Parot, Alicia Apgar	4.01	Present
125	William Burnett	4.01	Proxy
126	Darlene M.A. DiRenzo	5.94	Present
127	James Thornton	3.3	Not Represented
221	Terese Ayers	6.83	Not Represented
222	Daniel Plimpton, Amy Ligay-Plimpton	6.83	Present
223	Joann Schleman Susie Dodge	5.94	Proxy
224	Silberg	4.01	Not Represented
225	Michael & Noranne Nielsen	4.01	Present
226	William Donahue	5.94	Present
227	Kurt Ries	3.3	Present
228	Mike McKenna / Rose-Mary Gillis	6.83	Present
321	Charles McManus	3.3	Not Represented
322	Mary Francis Arnold	3.3	Not Represented
323	John & Emily Johl	5.94	Proxy
324	Phillip McCullough	4.01	Proxy
325	Joseph Kareivis	4.01	Present
326	Michael Plentus	5.94	Not Represented
327	Michael Rosenfield	3.3	Present
328	Mina Isham	3.3	Not Represented

Per by-laws, a quorum is established by the “majority of owners” present, defined by twenty five percent (25%) of the votes present or represented by proxy in accordance with the percentages assigned in the Village declaration.

Quorum established at 70.01%

^{Village Association Business}

Approved the acceptance of 2004 Village Annual Meeting Minutes

Minutes were unanimously approved

Village 2006 Annual Meeting

Next year's 2006 meeting is scheduled for the last Saturday of June.

June 24^th, 2006 9:00 AM EDT

Property Agent Contract Renewed

Boylan Property Management Village Property Agent 2006 contact was discussed and unanimously approved

Boylan Property Management 01/01/06 through 12/31/06 contract will be up for renewal. 2006 Property agent contract cost will increase $50/mon from $6,600 to $7,200 annually. Many positive and appreciative comments were expressed for Joe’s services.

It was discussed that owners were concerned that their Association assessment payment checks, in a few cases, have not been deposited for over three weeks. Kurt will discuss with Joe and insure funds are deposited in a timely manner.

Snow Removal Contract Renewed

Quality Touch Landscaping and Excavating 2005/2006 contact was discussed and unanimously approved

Quality Touch Landscaping and Excavating, Todd Fourier 2005/2006 snow removal contract will be up for renewal. Snow removal contract costs will increase $10, from $55 to $65 per incident.

Before We Address Concerns, Lets Talk Successes

Maintaining and verifying an accurate owner contact list, ie your questionnaire
Keeping owners informed of Assoc. actions with memos, email and newsletters
Controlled cost on budget and funded $90k vinyl siding project
Wentworth II condos assessing one bed room $5k for new vinyl siding
Bills are getting paid and on time, no delinquent fees, contractors actually want to work for us
All delinquent Assoc. fee owners are on payment plan
Property Agent has keys for all units, continue to monitor
Laundry room, repairs completed, annual maintenance scheduled
Updated Rules and Regulation doc
Propane fixed pricing acquired
Removed Water/Sewer from owner assessments 05/01/04
Managing trash/recycle bin costs
Up to date on Income tax, we were not with past management
Filed taxes $35 dollars, no payment
Obtained very competitive quote on building insurance
Posting Renters Code of Conduct in MOD rentals
Proactive annual maintenance on laundry machines tune-ups, waste drain lines snaked, fire extinguisher and Chimney cleaning scheduled

Property Insurance Coverage:

As of May 2005 we are off high-risk insurance and lower our premiums by $2,674.56. Village will need to continue to be claim free for additional discounts. We as an Association need to demonstrate due diligence in eliminating as much risk as possible; therefore, the following action plans are in place:

Fire Sprinkler alarm and low temp unit monitoring installed
Insulating of building, water supply and drainage pipes to prevent freezing
Tracking and replacing unit’s aged hot water heaters
'Code of Conduct' contract addendum for renters to abide by
Continue to enforce no heating exclusively with firewood
Addition of an outside ash disposal can for unit fireplace ash
Clearly defined unit owners responsibility in by-laws, declarations and Rules and Regulations
Enforce grilling ban and VT fire codes

Regularly Scheduled Owners Memos:

November Frozen Pipe Memo:

Reminders about heating units during extreme cold snaps.

Unit Maintenance Memo:

Unit owners to yearly check plumbing; ie, washing machine, dishwasher, garbage disposal supply/waste lines and make necessary repairs.

Winter Memo:

Reminders to head off reoccurring winter issues of snow removal, parking lot etiquette, no primary heating with firewood.

Spring Memo:

Memo reminder clean-up after pets, trash/recycling and schedule of maintenance activities.

The Numbers:

Number one comment at our 10/25/03 annual Association owner meeting was the high Association assessment fees owner’s pay and the lack of service they receive. Our Association addressed these concerns by engaging a new board of directors and hiring a new Property Agent to provide reliable service at a reasonable cost.

To regain a handle on our budget, while financing major expenses such as vinyl siding, we started from a fresh ground zero no frills budget. We did incur major expenses in the following years to bring our building back to a maintainable state. The Directors will continue to closely monitoring and scrutinizing our budget for realistic budget forecasts and responsible spending practices.

The following accounting information is derived from financial reports handed out at the 10/25/03, 10/23/04 and 06/25/05 Village annual Association owners meetings.

As of October 25, 2003

Profit and Loss Net Income = $16,358.89

A/R Indicating Delinquent Assoc. Fees = $29,297.60

Balance Sheet indicating Checking Account = $10,287.16

-01/12/04 when Bolton turned over = $7,637.38

Actual Operating expense = $86,416.49

2003/2004 Budget Net Income = -$14,739 negative

As of October 23, 2004

Profit and Loss Net Income = $33,697

A/R Indicating Delinquent Assoc. Fees = $9,860.48

Balance Sheet indicating Checking Account = $23,911.17

These actuals include funding of the major repairs needed, see maintenance task list for details, along with insurance cost tripling.

Actual Operating expense = $51,138

2004/2005 Budget Net Income = $14,630

-This does NOT include siding and bank loan payments

As of May 31, 2005

Profit and Loss Net Income = $20,711

A/R Indicating Delinquent Assoc. Fees = $3,720.71

-This is a low as it has ever been

Balance Sheet indicating Checking Account = $43,288.88

These actuals include funding of the major repairs needed, see maintenance task list for details.

Actual Operating expense = $50,565

2005/2006 Budget Net Income = $2,512

-This includes Siding and Bank loan payments

We have cut the 2002/2003 operating expense by $35,851.49 (41%) !!!

We reduced 2002/2003 Delinquent Assoc. fees by $25,576.89 (87%) !!!

All this with insurance cost tripling while completing major repairs including vinyl siding with no special assessments or increases to Association fees.

Folks if this does not impress you nothing will…

Village Assoc. Web Site and Owners Forum:

Current Village financial reports, along with everything you need to know about our Assoc. activities and community, are conveniently available at our web site or by request from the Owners Forum.

http://users.adelphia.net/~kries/

Password is ‘garth’

How The Association Was Turned Around and Remaining on Track:

Complete clean sweep, property agent, contractors, insurance; all new

Using Bill Guyette and Bruce Womer as our primary general contractors
All Cycle trash removal is about the only contractor left
Plenty of growing pains and many, many, hours spent by your directors

Village decision making process

Keeping Owners informed
Village web site, email list, news letters and memos
Insuring we address owners’ wishes and concerns
Continue to promote a sense of community

The Village Owners Forum, maintains two lists, included in the newsletters you receive regularly and posted to our Village web site, if your concerns/suggestions are not on these lists it is not being addressed and you need to notify us.

Committee Action Items/Owners Forum Open Issues List:

A list of concerns, suggestions and solutions from the unit owners

Maintenance Task List:

A list of building maintenance task needs for our complexes

On a weekly bases the Village Directors discuss these tasks with our Property Agent, Joe Boylan and because of the quantity, available resources and costs we:

Prioritize the tasks
Balance the action with the finances available at the moment
Assign actions to board/committee members and/or property agent

The board of directors, at no cost to the Association, has taken on much more responsibility than in the past, including:

Dave Parot --- Village Director

-Building/Unit surveillance

-Maintenance task items point person

-Lawn maintenance point person

-Snow removal point person

-Renters Code of Conduct action

-Solicited vinyl siding contractors and loans

-Propane Fixed Pricing

-Regular scheduled owner memos

Dan Plimpton --- Village Director

-Maintains maintenance task List

-Maintenance task item point person

-Replacement window inventory

-Exterior building light inventory

-Communal grilling area consideration

Joe Kareivis – Village Director

-History of Assoc. and prior maintenance tasks

-Kept us from repeating our past mistakes

-Renters Code of Conduct action

-Fire PrePlan

-Enforcing grill ban with fire warden

Kurt Ries – Village Director

-Maintains property agent RFP and requirements

-Insurance agency point person

-Legal resources point person

-Revised Bylaw, Declaration, Rules and Regulation Point person

-Aged hot water heater replacement point person

-Removed Water/Sewer for Assoc. assessment

-Solicited vinyl siding contractors and loans

-Maintains Village administration records

-Maintains Owners Forum action items

-Maintains owners forum website

-Publishes newsletters

-Bolton Fire District updates

Kurt Ries – Village Treasurer

-Picked up task of acquiring the vinyl siding bank loan

-Keeps close eye on Village budget

Joe Boylan – Village Property Agent

-Delinquent Assoc. fee success story, right balance of compassion and forcefulness

-No more late fees on bills, like prior management

-Using competent and owner respected contractors

-Very receptive to working closely with the board

-Assoc. management experience has proven invaluable

-Manage trash/recycling collection costs

Darlene Autery DiRenzo – Committee Member

Volunteered to maintain Village Bulletin Board

Laundry Room Bulletin Board Tasks

-Part of renter action plan and bylaws to publicly post

-Really should post some other items of interest also

-Remove outdated posting

-01/31/05 Dave posted Village Rules and Reg doc

-04/15/05 Kurt posted R&R doc

-06/23/05 Kurt posted Vermont fire codes

-Need notice of Owner / Director meeting posted

-Water report?

-Decorate with eye catchers

-06/25/05 Darlene indicated she could take over the bulletin board

^{Village Treasure Update}

Review of Financial Statements:

Kurt Ries, Village Treasurer

2005/2006 Village Budget

Proposed 2005/2006 budget was reviewed, discussed and unanimously approved
Village Fiscal year is July 1^{s t} 2005 through June 30^th 2006
See Appendix A – Village financial statements

Contingence Plan:

As a reminder it was discussed that a contingence plan was unanimously approved at the 2004 Village Association Annual Owners meeting approving the board for an owner special assessment up to $20,000, only if needed.

The Assoc. is cutting the budget very close with the vinyl siding loan payments, however barring any unanticipated major expenses the board believes the vinyl siding loan payments can be funded without the need to raise owner Assoc. fees or an owner special assessment.

As a contingence plan to insure the Assoc. does not default on the vinyl siding loan a pre-approval for up to a $20k owner special assessment to cover any Assoc. unforeseen major expense was sought and approved at the 2004 annual owners meeting. It was discussed that the pre-approval would be in place for duration of the vinyl loan payments and the board would not feel comfortable moving forward with the loan without this contingence plan in place.

Note, the board would not assess owners the $20k unless there was an unforeseen major expense the Assoc. could not cover. The thinking is $20k assessment + $20k in cash reserves would about pay off the $43,438 bank loan.

^{Village Revised Bylaws, Declaration Amendments}

Kurt Ries, Village Director

Village revised Rules and Regulation document was reviewed, discussed and unanimously approved.

The Village board of directors worked closely with our legal resource Brice Simon of Olson & Simon law firm to revise the Village Rules and Regulation document to insure they are legal and binding.

Please find copy of the revised Rules and Regulation document included in this mailing that are now in effect.

We have had several opportunities to put our revised Bylaws, Declarations and Rules and Regulation to the test and for the most part are working well to assist in addressing concerns. The following revisions were amended to the Rules and Regulation document to further clarify and address enforcement of the policies.

Grill ban
Owner appeal and fine process
Village window replacement policy

Summary of Changes:

Section F, 10 No improvements, alterations, work, painting or other activity affecting…

Need approval by the board to modify anything on the common area / exterior of building. It was suggested and agreed for the board to send memo to all owners clarifying what this clause entails including:

Windows, doors, propane gas lines

Section G, 4 If the situation is not successfully resolved, management …

Added owner appeal process

Section G, 5 the Board of Directors are empowered to impose reasonable fines…

To change negative behavior and assist in enforcing approved Bylaws, Declarations, Rules and Regulations the ability to fine an owner after due process was added to Rules and Regulation document.

Guidelines for board to fine owners for non compliance

After due process, minor infractions could be $20-$50 dollars a day
Gross infractions a $100 a day, but recommended not to go any higher
When fines hit a substantial amount of money a lien is place in the property

RESOLUTION

Added for board signature of approval and eliminated voting approval in F, 6

^{Village Maintenance Updates}

Dan Plimpton, Village Director

Communal Grilling Area

Topic was discussed and unanimously decided not to pursue grilling area at this time

Communal Grilling Area discussion included:

· Cost to construct, how elaborate

· Cost to maintain

· Allocate cost in Assoc. budget

· Location, between buildings

· Approval from owners adjacent to the area

· Hours of operation

· Enforce hours of operation

· Propane and/or charcoal

· Lawn chairs and grilling paraphernalia

· Waste container

· Who will police the area

· How does the Assoc. address complaints

· Noise ordinance

· Fire hazard, fire extinguishers

· Comply w/ VT fire codes

Window Replacement:

Dan is maintaining an inventory of windows in our building that have not been replaced.

The Assoc. is going to keep focused on owners to replace these windows to insure our building are weather tight. Please be certain to update Dan, when your windows are replaced.

10/26/02 Village Association annual meeting approved the mandatory window replacement
03/14/05, Dan completed window inventory update
02/28/05 Kurt discussed w/ All Season a bulk window installation date and cost
03/17/05 Dan memo went out to owner on bulk window replacement
2006 Memo needed to owners on replacing windows

06/25/05, approved Rules and Regulation clause that owners will need approval from Assoc. for any modifications done to exterior of building or common areas. This includes exterior windows, sliding doors and door replacement.

For windows and doors owners replace after vinyl siding is complete, the Assoc. is not funding the expense for vinyl siding contractor to return and complete installation; including replacement of aluminum clad on exterior window trim. Owners will be billed for these types of expenses.

Village Exterior Doors and Window Replacement Policy:

To insure uniformity, proper operation and that the integrity of the vinyl siding, insulation, and trim are not compromised, only materials and contractors approved by the Village Association Board of Directors are permitted to install exterior doors and windows, including sliding glass doors, at the Village Condominiums.

If an owner would like to use materials or contractors for exterior doors and windows, including sliding glass doors, other than what is approved by the Village board of directors, the owner must acquire written approval, prior to any work being performed from the Village Board of Directors.

Explanation:

The Board of Directors of Village Condominium Association at Bolton Valley strives to improve the quality of life for all Village condominium association owners.

In doing such, the owners at the October 26th, 2002 Village Association annual meeting voted and approved to have all original exterior doors and windows replaced, including sliding glass doors, at the owner’s expense, to help insure our buildings are weather tight.

Per Village Bylaws and Declarations owner are responsible for repair and replacement costs associate with the exterior doors and window.

In the spring of 2005 vinyl siding was installed that included insulation and aluminum clad to the trim on the exterior of buildings A & B.

At the 06/25/05 Village Association annual owners meeting the Rules and Regulation clause that owners will need approval from Assoc. for any modifications done to exterior of building and common areas was approved. This includes exterior window, sliding doors and door replacement. This clause was needed to insure window and door uniformity, proper operation and that the integrity of the vinyl siding, insulation, and trim are not compromised by a variety of unmonitored contractors performing work on the exterior of our complexes.

Approval Process:

At the sole discretion of the Village Association board of directors bases their material and contractor approvals on, but not limited to, the following:

Competitive cost on materials and labor
Quality of workmanship
Warranty on materials and labor
Ensure that the exterior siding is not compromised.
Ensure replacement windows and doors are uniform
All Season honoring vinyl siding warranties performed by another vendor

Village Association Approved Window and Door Materials and Contractors.

As of 06/25/05 the Village board of directors has approved the following vendor only as the Village Association contractor for windows and doors:

All Season Siding, Contact Donna Hatin

57 River Rd. Suite 1033

Essex JCT, VT 05454

Tel 802-872-9727

Fax 802-879-4444

Approved Materials:

Vinyl new construction Simonton, Prism Platinum windows

Snow Removal / Lawn Care:

Owners are pleased with Todd Fourier’s Quality Touch Landscaping snow removal services.

Owners are pleased with Todd Fourier’s Quality Touch Landscaping lawn mowing services.

Discussion Topics:

It was discussed that Dave Parot is our point person for snow removal and lawn care. Contractors work with Dave as to when their services are needed. Dave has saved the Assoc. a substantial amount of money only deploying these services when needed.

It was discussed that mowing the lawn on weekends and holidays should be avoided, as this is when owners and guest are enjoying their units. Kurt will follow-up with Todd and see what can be done to avoid the situation.

Village Building B Ramp / Tower Repairs:

The four part repair plan to mitigate the building B ramp and tower sinking issues were discussed.

1.) Remove shed to allow for addressing parking lot water run off issue through retaining wall

-Completed 08/06/04

2.) Replace retaining wall with proper drainage facilities

-Completed 11/04/04

3.) Grade parking lot to facilitate proper water run off

-06/05/05 Dave Parot has obtained contractor bids

-Evaluating budget and remaining task on when to implement

4.) Tower and Ramp repair

· 10/20/03 Mark Cross completed floating support of building B ramp

· 06/17/04, Bruce Womer, felt footing has sunk about as far as it will go

· 07/13/04, Bruce Womer mentioned floating support is fine and recommends leaving

· 01/31/05, Agreed not to purse replacing the ramp tower footing at this time

· 01/31/05, Agreed to expedite the repair of the tower and ramp displacement

· 06/17/05, Bill Guyette solicited structural engineer for recommendations on repair

Inappropriate Use of Trash and Recycling Shed:

It was discussed that the Assoc. pays several hundred dollars a year for trash contractor to pick up items owners inappropriately disposed of in and around trash/recycle shed, ie dishwashers, tires etc…

Assoc. continues to monitor trash/recycle shed, along with annually distributing memos to all owners in regards to proper disposal of garbage and recyclables.
Assoc. currently does not have a viable plan to further address these issue and would appreciate owners assistance in monitoring

Village Maintenance Task List

Current versions of the Village Maintenance tasks and Village Owners Forum lists were provided, but not reviewed in detail.

See Village web site or contact Owners Forum for the most current versions

^Bolton^Valley^Updates

State of the Mountain Update

Bob Fries, Owner of Bolton Valley Resort

Bob was not present at meeting and the following are excerpts from discussions and email correspondence between Bob Fries and Kurt Ries.

Business plan is on track

-Pretty good winter, about breaking even, last weekend of March was disappointing

Current growth / potential growth

-Each season (now 3) better than the last

-Same goes for summer business. Number of bus tours way up this summer

-Weddings are up also

1984 storm water permit lapsed update

-Nelson Minerly, engineer and Mel Croshier working together on plan

-Better to renew/grandfather in than get new permit

-Affects resort and six condo Assoc., prior to LCA

-Estimate cost, $150 renewal and engineering, along with $55 year for each association

Resort improvements

-Still planning on new lift starting in July 2005

-06/29/05 6PM Smile School, public hearing, conditional land use review for new BV resort lift

-Still trying to put remainder of financing in place for it

-Other improvements planned depend on financing

-New Grooming equipment

-New Beginner area

-Tore ski rental room apart, triple boot fitting area

HWY 89 ramp exit

-Nothing in the plan

-Town has no money

-Effort is on the town

-Not being driven by resort, could be considered self serving

Redstone development updates

-Still no plans at this time.

Picnic loop is zoned as single housing dwellings

-Develop in 10 to 20 years?

Town Rezoning

-Broadway Forest District

-25 acres per dwelling

-19 lots, conceptually

-Possible development as soon as next summer

-Cannot build above 2,500 feet, ie just below lift one mid-station

Thoughts on real estate values

-They continue to increase from everything I hear

Real estate development

-Buy out or partnership with Crown Real Estate, Paul McGreevy

-July?

Time share update

-Their activity seems to have slowed down a bit

-Buyers are using the units and they are continuing to sell

Opening day ski season

-Day after Thanksgiving 11/25/05

BV/Redstone Nordic trail improvements

-No plans yet, but still may make some Nordic improvements this fall

Summer events, Mnt Biking, BAC, etc.

-Pow Wow next to sports center/Village - July 9/10

-Mtn Biking 1st weekend of each month

-Disk Golf on picnic loop

Kurt has updated the Village website with Bolton relate press release info over the past 20 years

Bolton Valley Fire District Update

Kurt Ries, Village Director

Emanate domain presiding still on hold

-Hoping Redstone will come to their senses

What are the benefits of Fire District verse privately held corporation?

-Fire District is probably not going to reduce resident’s costs

-Currently the most profitable entity of mountain

-Fire District municipality would be non-profit, and owned by residents

-Currently Redstone has 10% profit margins

-Fire District would have control over rates

-Fire District Municipality can obtain low interest grant monies from state

-Fire District can obtain rebates for residents on water saving devices

-Residents have control over future development and tying into system

-Fire District has no business plan for fixing infrastructure or insuring potable drinking water

Roger McCormick and Ken Richardson have law suite pending against Hamilton’s

-Excessive rising of sewer rates

-Not aware of any movement on these case in quite some time

Redstone is making repairs to the septic system

-New wells have been drilled

-Current water is surface, well water is better

-Usage went from seasonal to 80% year around residents

-Redstone has control to tie into waste water treatment plan this side of Joiner Creek

Village Assoc. has taken Water and Sewer cost out of your assessments 05/01/04

-The above mention turmoil was a primary driving factor

-Along with artificially inflating Village Assessments rates to perspective buyer

-Bolton Water quality report and research posted to our Village web site

Ken Richards, owner of Black Bear Inn is the primary person driving the Fire District

-Nelson Minerly has a keen interest but is not a resident

-Ken has sold the Black Bear, there is a good chance this is a dead issue, Kurt’s opinion

Steve McLeod Drinking Water Quality Report

-Assoc. not going to be involved, as unit owners we are involved

-Steven McLeod discussed his finding and write-up

-Steve’s write-up along with the Bolton water quality report is posted to our Village web site

-Darlene’s water quality findings are posted to the Village web site also

Bolton Valley Presidents Council Update

Kurt Ries, Village Director

Propane Coop

-One supplier for all Assoc. should be better price point

-Black Bear pays .89 w/ Agway and Associations pay 1.49

-06/22/05 Blue Flame memo fixed pricing going up $1.49 to $1.80

-If supplier is not Blue Flame Assoc. will need to buy infrastructure

-Village has 19 units heating w/ propane

-Village 3 bedroom unit 2003/2004 use 750 gal’s propane

-Village propane infrastructure buy-out total 3,779.86

-A Coop would tie all the Assoc. into single vendor contract

1.49 - .89 = .60 cents Gal saving

19 units x 750 gals = 14,250 gals x .60 = $8,550 total savings

3,779.86 cost / 8,550 saving = .4 years to pay off infrastructure costs

Pres. council has $980 in checking

-Donated by each Assoc.

-Kurt is encouraging not to spend/waste on legal fees for the water sewer disputes going on

Pets, Associations getting many complaints about pets running loose

-Town has lease law, how ever clause of under voice control

-Could jeopardize Assoc. master policy

-Believe Village is covered w/ our revised Bylaws and R&R

-Nelson wants to hold meeting with Assoc. and resort

-Kurt suggested this is not a resort or Assoc. issue to enforce

-Per Town of Bolton letter 02/16/05 call Animal Control Officer

-Assoc. having a common R&R doc would help in these types of situations

Wentworth assessing owner for vinyl siding

-$5k for a 1 bedroom

-Kevin Phillips WW III Assoc. Pres looking at having Ayer do siding project

^{Appendix A – Village Financial Statements}

Budget Assumptions:



Using Boylan Management for Village fiscal Yr.

All Association fees are paid on time

2005 Vinyl siding being installed, ie not painting buildings

Redstone directly billing owners as of 05/2004

   -- Water $826.95 sewer $4,082.21 /Qtr = 4909.16 Qtr X 4 = $19,636.64 Yr

Projected Grounds Maintenance:

   Mowing $ 75.00 per time x 22 times ( high side)

   Spring/ fall cleanup $ 25.00 per man per hour ($500.00 per time)

   Fertilize $ 35.00 plus material ( 250.00- 300.00 per season)

   Anything else needed $ 25.00 per man per hr.

   Estimate total   $3,000 - $3,400

Projected Snow Removal:

   $700/month x 5 = $3,500

Vinyl Siding Loan

   $10,512 + Contractor $6,000 = $16,512 year

   $876 + $500=$1,376 monthly payments

Building Insurance

   $10,951 Total, 3,285.30 due by 03/18/05

   8 monthly installments of $964 due monthly starting on 05/18/05