Village Board of Directors Meeting Minutes:

Subject: Finalize Owner Meeting Mailing and Agenda

Date: Tuesday 09/28/04

Time: 8:00 PM EST

Location: Village Condo Unit #227

Attendance:

Dave Parot <dparot@woodscrw.com> -- Village Director

Dana Clark <DanaC@atlassnowshoe.com> -- Village Director

Joseph Kareivis <silver_fox@comcast.net> -- Village Director

Joe Boylan <jessicaboylan@aol.com> -- Village Property Agent

Kurt Ries <itele2@yahoo.com> -- Village Director

Purpose:

Prepare, review, agree and finalize 10/23/04 Annual Village Owners Meeting :

-Finalize 10/04/05 meeting notification owners mailing

-Finalize agenda

-Finalize budget

-Director approve Revised bylaws, declarations and rules and regulations

General Discussion Items:

The roles and responsibilities of the director and property agent where unanimously agreed upon as presented
It was discussed, if no there are no other volunteers at the owners meeting Joe K will accept another 2 yr directors term
It was discussed that the review and vote of the low temp sensors at owners meeting will be moved from Kurt to Dave
It was discussed that Joe B needs to comply and be certain to conform with the Section 3.02 paragraph l of the revised bylaws, in preparation if we ever have to audit the books for any reason.

Treasure Review:

Dana reviewed proposed budget, Kurt to revise for Dana to approve
Kurt and Dana discussed on 10/29/04 that proposed budget needs to include the low temp sensors costs
It was discussed the revised bylaws are very specific on when fees are delinquent and are legally binding to all Village unit owners
I was unanimously agreed:

The Assoc. will have the option to bill owners monthly or quarterly
The Assoc. will charge 1.5% a month on 30 day delinquent fees
That monthly charges would be in the arrears and delinquent after 30 days of the due date on the invoice
That the due date on the monthly invoice would be the end of the next month being billed
That quarterly charges would be billed in advanced and delinquent after 30 days of the due date on the invoice
It was agreed that the due date on the quarterly invoices would be the end of the first month of the quarter being billed
It was discussed the revised bylaws are proposing different dates for the Village fiscal year

Revised Bylaw/Declaration/Rules and Regulation Review:

Revised bylaws and declaration amendments were reviewed and unanimously accepted with Kurt typo revisions
It was discussed the revised bylaws are not based on the old bylaws
It was discussed the revised bylaws have a quorum of 25%
It was discussed the revised bylaws include email for notification and approval
It was discussed the revised bylaws include Assoc. post to Village web site and/or bulletin bd constitutes notice to the membership.
It was discussed the revised bylaws include new fiscal year from July 1^st through June 30
It was discussed the Rules and Regulation document is based on CC1 Community Guidelines and is good Village aligns its policies with the other Associations on the mountain.
Declaration Amendments were unanimously accepted as presented
It was discussed that Assoc. would not pursue additional legal proceedings against Bolton Valley Corporation and accept declaration amendment as stated

It was discussed this could cause title issues with units
It was discussed there is an 8 year statue of limitations on exercising first right of refusal clause

Owner Mailing:

The agenda was unanimously approved with Kurt to revise
It was discussed that given time restraints at the owners meeting we will probably not get to the review of the Maintenance Task and Owner Action lists, by design these where placed last on the agenda.
The Owner Annual meeting mailing was unanimously approved with Kurt to revise.
It was discussed that the Owners Delinquency Assoc. fee report would be included in the owners mailing

Action Items:

A.) Vinyl Siding Action Plan for Owners Meeting

Assigned to: Dave Parot, Dana Clark, Joe Kareivis and Kurt Ries

Due Date: 10/10/04

Discussion Items:

- Dave has a contact at the bank and will approach for pursuing a loan.

-Dana and Kurt discussed on 10/29/04, Kurt to update financial info for loan and Dana will be pursuing the Richmond

bank for the reduced All Season loan of $84k and updated finical info by next week

- Dave has a contact at the bank and will approach for guidance and/or pursuing a loan

- It was also agreed, Dana, Joe K and Kurt would explore other loan opportunities with local, out of state and internet

banks.

Action Plan:

-Directors to reconvene/update by email within 10 days Friday 10/10/04

-Form an action plan to be voted on at the 10/23/04 Owners meeting

B.) Document Assoc. Month/Qty Billing cycle and delinquent interest charging policies:

Assigned to: Joe Boylan, Dana Clark and Kurt Ries

Due Date: 10/18/04

Discussion Items:

-It was discussed at length a new Assoc. billing cycle and delinquent interest charging policies

-Billing and delinquent fee policy was agreed upon

Action Plan:

-Joe B and Kurt to document the billing and delinquent fee policy

-For directors to approve

C.) Efficiency Vermont Propane Heater Cost Assistance:

Assigned to: Dave Parot

Due Date: 10/18/04

Discussion Items:

-Dave got assistance on the cost of his units propane heater through Efficiency Vermont.

-Brought cost of propane heater down from est. $1900 to $700

Action Plan:

Dave to follow up with Efficiency Vermont for assistance with the cost of propane heaters for other unit owners and distribute at owners meeting.

D.) Find Out What the Other Assoc. Fees Are On The Mountain:

Assigned to: Joe Boylan

Due Date: 10/18/04

Description:

Common comment from owners is the Village Assoc. Fees are too high and we should have the other Assoc. fees on the mountain for comparison.

Discussion Items:

-Joe B recently provide Village Assoc. Fees to Crown Reality

-This should be in the relationship to a 1, 2, 3 or 4 bedroom units

-Should include the following Assoc.

Lobby Desk Inc. (LDI), Wentworth 1 (WW I), Wentworth 2 (WW II), Wentworth 3 (WW III), Courtside 1 (CC I),

Courtside 2 (CC II), Village, Liftline (LL), Sports Club (SC), Bear Run, Lodge Desk Assn. (LCA)

Action Plan:

Joe B to follow up with Crown Realty on the Fees of other Assoc. on the mountain to be presented at the 10/23/04 owners meeting.

Ries Misc. Notes

Brice-

Are there any legal precedence on Assoc. billing cycle relative to delinquent fees, we could use some advice? Village Assoc. is proposing to the owners that pay Assoc. fees monthly be invoiced in arrears and owners that pay quarterly be invoiced in advanced.

Snippet from revised By laws:

Section 5.03 Collection of Assessments. The Executive Board, or the Managing Agent at the request of the Executive Board, shall take prompt action to collect any assessments for Common Expenses due from any Unit Owner which remain unpaid for more than thirty days from the due date for payment thereof. Any assessment, or installment thereof, not paid within five days after due shall accrue a late charge at the rate of 1.5% interest per month on the overdue assessment or installment. The Unit Owner shall also be liable for and pay to the Association all costs of collection, including but not limited to reasonable attorney's fees. Any failure of the Executive Board or Managing Agent to collect such interest or penalty from any Unit Owner shall not be deemed a waiver of the right to collect such interest or penalty from other Unit Owners. Thus, the Executive Board or Managing Agent may, in its, his or her sole discretion, waive collection of interest or penalties in instances where a Unit Owner is cooperative in making the overdue payment, and may, in its, his or their sole discretion choose not to waive such penalties or interest in other instances.

Monthly Billing:

Village board is proposing monthly charges would be in the arrears and delinquent 5 days after the due date on the invoice and the due date on the monthly invoice would be the end of the next month being billed.

Example:

Invoice for the month of October is mailed out November 1st with a due date on the invoice of November 30th. Proposing that the delinquent date would be five days after November 30th.

Quarterly Billing:

Proposing quarterly charges would be billed in advanced and delinquent 5 days after of the due date on the invoice and the due date on the quarterly invoices would be the end of the first month of the quarter being billed.

Example:

Invoice for the 4th quarter (April, May, June) is mailed out end of March with a due date on the invoice of April 30th. Proposing that the delinquent date would be five days after April 30th.

This brought up a concerns with the board that with the quarterly billing we are charging delinquent fees for a time period that has not transpired yet, any legal advice or opinion you could guide us with?

We really do not want to stray from the norm, but need a policy in place to be consistent and fair to all involved.

Thx

-Kurt