SILVERADO LODGE HOMEOWNERS ASSOCIATION BOARD MEETING MINUTES BOARD MEETING WEDNESDAY, AUGUST 12 TH, 2015

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1 SILVERADO LODGE HOMEOWNERS ASSOCIATION BOARD MEETING MINUTES BOARD MEETING WEDNESDAY, AUGUST 12 TH, 2015 Board Members in Attendance: John Molenaar President; Allen Rebchook Vice President (Phone); Rob Whyte Secretary, Thomas Kealey Residential Member; Ron Neville Commercial Member. Vail Members in Attendance: Jeff Bruder Silverado Lodge Property Manager; Ron Neville Vice President Lodging Canyons & Lake Tahoe. All Seasons Resort Lodging Members in Attendance: Jim Simmons HOA Manager; Anthony Martinez Maintenance Manager; Ken Rabach Accounting; Ron Benner ASRL Maintenance; Mia Bertholf Homeowner Liaison. I. CALL MEETING TO ORDER John Molenaar called the meeting to order at 9:06AM. Introductions of the Board and guests in attendance were made. II. ADDITIONS TO THE AGENDA John Molenaar - Appointment of the treasurer John Molenaar Approve most recent minutes from May, 2015 Jeff Bruder will forward May, 2015 annual minutes draft to Mia for the board s approval. Ron Neville Housekeeping access. III. HOA MANAGEMENT UPDATE A. Update On Transition Jim Simmons from ASRL made a statement regarding the transition from Vail Resorts to ASRL as the Managing HOA Company; the financial transition has posed a challenge as many accounts were registered under different company and LLC names. Ken Rabach is working with Vail to complete this transition. Jim anticipates that it will take approximately on year to complete the transition and achieve full familiarity with the property and seasonal variables.

2 John Molenaar inquired as to potential risk of mechanical and equipment failure during this period of transition. Ron Neville stated that the risk is low as Vail personnel are still available to assist where necessary. John Molenaar Has a full financial audit been completed and will there be a presentation? Ken Rabach Presented an from Vail stating that: Cash audit is almost completed; waiting on signed confirmation from authorized signee on Merrill Lynch account. Receivables: Waiting on response for outstanding receivables of more than 90 days. Equity Fund Balance: Working through roll forward. Revenues: waiting on support for meeting room and late fee revenue. Expenses: Majority of the cash disbursement testing is complete. Ken Sent an requesting follow up. Complete financial update postponed until ASRL is in receipt of updated financial records from Vail. B. Staffing Levels Three technicians, as anticipated in ASRL services bid. Labor currently under budget for first month of service. Housekeeping also under budget. Outsourced to independent company, with two dedicated staff Current allocation of $12/hr. for cleaning procedures. Tom Kealey - Would like to see a system of accountability for services provided by Vail vs. ASRL. Determined that Jim Simmons and Ron Neville to work together to ensure a clear division of labor and cooperation for the benefit of owners and the association C. Service Provider Changes Demarcation of service provider overlaps between Vail and Silverado have been identified. Service accounts were previously listed under multiple entities. ASRL has worked to update all accounts to reflect that the Silverado Lodge HOA is the entity listed on all accounts. D. Preventative Maintenance Program To be presented with complete Maintenance update E. Internet / WiFi Changes

3 CenturyLink Jim Simmons has repeatedly attempted to procure a physical copy of the historical statement from CenturyLink (specifically dating back to September of 2014) to identify and clarify outstanding receivables. ASRL retains a Telecom specialist, Diana Turner, who has previously recouped upwards of $50, for in inaccurate billings for ASRL and respective HOAs. Specific hourly fees billed back to the HOA after successful investigation. Silverado Lodge HOA to authorize Diana Turner to view account records and work with CenturyLink on behalf of the HOA. WiFi Hardware Current Scenario: New Comcast service was implemented but not activated as the hardware for the WiFi system is located at the Grand Summit and owned and licensed by Vail and lack of accurate licensing compromised connectivity. A temporary 30-day licensing agreement was authorized by Vail to ensure Silverado Lodge was able to maintain Internet access. Detailed discussion of the existing equipment and Eleven Wireless service. To maintain current service, a new controller is required at a projected cost of $ (including the first annual licensing fee) with an additional reoccurring monthly fee of $ for support and maintenance. There is no opportunity to separate service from support. Jim Simmons has been unable to obtain the monthly agreement in place with Eleven Wireless. Jim Simmons presented a detailed bid for service from Xtelesis. Unfortunately, service not compatible with exiting Rukkus controller. Proposal total of $39, MOTION: Tom Kealey made a motion to maintain existing service at an initial cost of $6, and reoccurring monthly fees of $ Ron Neville seconded the motion. Motion unanimously passed. Jim Simmons made a recommendation that the board consider adding into the capitol plan to replace the entire system in the future with a local company that provides appropriate service to the property as a long term plan. Tom Kealey challenged Jim Simmons and ASRL to find an alternate service provider that can support existing hardware. Rob Whyte would like for an independent consultant to evaluate the scenario (other than Xtelesis). Current access points are out of date and no longer manufactured, representing future failures and anticipated cost. ACTION ITEM: Continue with research and recommendations for the board s consideration.

4 Internet Service Current Service: 2X 100mg DSL connections for building with shared bandwidth at a cost of approximately $ / month. NOT achieving commercial speeds Jim Simmons produced a quote for dedicated fiber connection via Comcast at a rate of $ / month (additional $ / month). Not anticipating any additional installation cost. Owners to receive specialized, ungoverned access with code. Jim does not believe there to be any significant potential for revenue associated with additional paid service options for guests. Jim Simmons asked the board if they would like to upgrade to the dedicated fiber connection at a cost of $ / month, anticipating no install costs as per his recommendation. MOTION: John Molenaar made a motion to implement the dedicated fiber connection. Tom Kealey seconded the motion. Motion passed unanimously. Jim Simmons to coordinate with Comcast and verify exact cost. ACTION ITEM: To determine data cap and appropriate fee for increased service for guests and potential revenue. Phone System The association owns the phone system and all equipment. Not connected to the Vail Resorts system. Five9 Communications is the phone service provider. Jim Simmons asserted that statements do not reflect value in the services being provided and recommends an independent service with only urgent response fees as opposed to a retainer based contractual service. Current agreement with Five9 is representing a cost of approximately $6, / year. Agreement put into place by Mike Chase. Agreement is no longer valid. Jim Simmons recommends to the association discontinuing the service. MOTION: Tom Kealey motioned to cancel Five9 service. Rob Whyte seconded motion. Motion passed unanimously. F. Meeting Space, Common Area & Limited Common Area Usage As the meeting space is used primarily by Vail Resort groups and Vail has ownership of all furniture, it was determined that operational convenience and better revenue potential, Vail will continue to schedule and rent meeting space, passing revenue onto Silverado HOA. Will establish a per day charge for each space, respectively.

5 Jim Simmons and Ron Neville will prepare an agreement that defines and specifies the agreed upon services provided by Vail for: Shuttle, Ski and bell valet, key access and use of common space for Vail s rental operations. As it is unclear how and when Vail plans to staff and operate the front desk, Tom Kealey requested a plan in writing of intended Vail front desk operations. MOTION: John Molenaar motioned to adjourn the meeting and reconvene following the Annual Meeting. Motion seconded by Tom Kealey and passed unanimously. Annual Board Meeting Reconvened at 1:11PM H. Pool Towel Procedure ASRL purchased 240 towels at a cost of $1, and provided $ in laundering services. Discussion of whether to discontinue towel service. Determined that the HOA will continue to provide towels as an amenity for the overall perception, marketing and rating of Silverado Lodge. ASRL to purchase towels on behalf of Silverado and launder at $15.00 / load. $ / 100 towels, anticipating loss and replacements as necessary. IV. FINANCIAL UPDATE Postponed until Ken Rabach and ASRL receive complete financial records and final audits from Vail Resorts. V. OLD BUSINESS A. Approval Of Board Meeting Minutes Jeff Bruder to provide ASRL with minutes draft for board approval. B. Maintenance Update Preventative Maintenance Program Anthony Martinez provided a detailed breakdown of the new scheduled preventative maintenance program with daily, monthly, quarterly and semi-annual inspections, services and replacements. ASRL is currently in the process of completing inventory and restocking as Vail did not leave any significant inventory, equipment or tools.

6 John Molenaar asserted that an entire annual maintenance budget was utilized in a 6 month period. Maintenance expenses totaling $26, while the budget was $12, There is no inventory showing on balance sheet. The board would like follow-up clarification and itemizations from Vail. Ron Neville will provide these. Discussion regarding Silverado Lodge ownership and associated liability in shared Man-Lift with Sundial and Grand Summit; used infrequently. No qualified operators. Not well maintained. Jim Simmons recommends selling 1/3 interest. MOTION: John Molenaar motioned to sell interest in Man-Lift. Ron Neville seconded the motion. Motion passed unanimously. Anthony Martinez and Rob Brenner provided a detailed breakdown of projects completed since ASRL assumed operations and upcoming projects for the remainder of Resulting determinations and action items: Garage doors not faulty. Operation effected by key reader system. Vendor scheduled for August 14 th, Existing timers for exterior lights failing. Bid / estimate to replace $ Garage leaks established as pre-existing, long-term issue. Not from a single source. Determined that maintenance will re-visit this issue after fall in an attempt to better diagnose. Garage needs attention. Pressure washing scheduled. Discussion of treating with non-slip epoxy / slurry. Determined to reevaluate after thorough pressure washing is completed with long term objective of specifically maintaining points of entry. Exterior stucco damaged as result of gutter spillage. Anthony Martinez to procure bids / estimates. Board to evaluate entry mats on property walk following meeting. Status of railing repair projects unclear. Ron Neville to procure details from Gary. Silverado Lodge theoretically owns a snow blower. ASRL maintenance staff have been unable to locate it. Ron Neville to enquire with Gary on behalf of the HOA. C. Common Area Carpet Bid Carpet to be replaced. Budget for capitol project is $70,

7 Jim Simmons recommended selecting a price point / carpet grade and then selecting a pattern from a larger sample variety. The board agreed. Jim will coordinate with the designer. MOTION: John Molenaar motioned to re-carpet common areas with an $85, cap. Tom Kealey seconded the motion. Motion passed unanimously. Rob Neville, John Molenaar and Lee Wyckoff to make final selection. SUPPLEMENTARY MAINTENANCE PRESENTATION Ron Brenner made an extensive presentation on current state of HVAC system with various repair, replacement and maintenance options. Ultimately, Ron and Anthony require the comprehensive HVAC maintenance records from Vail to facilitate quotes on replacement parts (coils) with copper vs. stainless steel. Anticipating an eventual cost of $600, $800, Ron Brenner provided an extensive update on magnesium coils and anodes in hot water heater operations. Tanks appear to have been neglected. Potential replacement cost for entire tanks are $15, ea. VII. ADJOURNMENT MOTION: Rob Whyte motioned to adjourn the meeting at 3:08PM. Motion seconded by Ron Neville. Motion passed unanimously.