DRAFT NOT YET APPROVED BOOTH CREEK TOWNHOUSE ASSOCIATION ANNUAL MEETING OF THE OWNERS SEPTEMBER 1, 2018 MINUTES

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1 DRAFT NOT YET APPROVED BOOTH CREEK TOWNHOUSE ASSOCIATION ANNUAL MEETING OF THE OWNERS SEPTEMBER 1, 2018 ATTENDANCE Board Members in attendance were as follows: MINUTES Pam Stenmark, Unit J3 Eric Peterson, Unit G2 Ross Davis, Unit B3 James Harris, Unit E3 Patricia Perri, Unit D4 Greg Poganski, Unit C4, via teleconference Michael Eve, Unit E1, via teleconference Other owners in attendance were as follows: Bert Furmansky, Unit C1 Chris Cook, Unit G3 Jonathan Grahmann, Unit G3 Sue Rychel, Unit F1 Kathy Conrad, Unit D2 Tom Conrad, Unit D2 Barbara Keller, Unit G1 Dan Walcher, Unit J1 Kathy Welker, Unit F2 Lori Atencio, Unit K2 Karen Anderson, Unit H2 Grace Poganski, Unit C4, via teleconference Jane Oldham, Unit H1, via teleconference Owners present by proxy were as follows: Lindsey and Chip McKeever, Unit A1, by proxy to Pam Stenmark Doug Schwartz, Unit G4, by proxy to Dan Walcher Don and Peg Fritschel, Unit J4, by proxy to Pam Stenmark Drew and Timolyn Esson, Unit J2, by proxy to Dan Walcher Greg Sauber, Unit B2, by proxy to Dan Walcher William and Maria Burke, Unit D3, by proxy to Tom Conrad Other persons in attendance were as follows: Stephen Rosenthal, prospective buyer of Unit E1, via teleconference Christine Spaeth, accountant for the Association

2 Steve Stafford, Community Manager CALL TO ORDER Pam Stenmark called the meeting to order at 10:06 a.m. on Saturday, September 1, For the sake of efficiency, she requested that Steve Stafford conduct the meeting so all BOD members could focus on participating. The meeting was held in the conference room at the Vail Racquet Club in Vail, Colorado. ESTABLISHMENT OF QUORUM Steve Stafford informed those present that the Bylaws require 25% of the votes of the members in order to establish a quorum. With those present in person and by proxy, a quorum was established. APPROVAL OF MINUTES FROM PREVIOUS OWNERS MEETING Steve Stafford said that the last Annual Owners Meeting had been held on September 3, No Annual Owners Meeting was held in 2017 because of changes in the management of the Association. Slifer Management Company took over the management of the Association on November 1, Steve included the Minutes from the September 3, 2016 Annual Owners Meeting in the package of documents that was ed to all members of the Association giving notice of the September 1, 2018 Annual Owners Meeting. Steve asked if everyone had reviewed the Minutes and he asked if anyone had any questions or comments on the Minutes. There were no questions or comments. The Minutes for the September 3, 2016 Annual Owners Meeting were then approved. FINANCIAL REVIEW Christine Spaeth presented the financial review. Christine reminded everyone that the Association s fiscal year runs from April 1 through March 31. Steve Stafford had included the June 30, 2018 balance sheet, year-to-date budget comparison income statement and other related financial statements in the package of documents that had previously been ed to all members of the Association. Christine said that there was a modest dues increase in 2016/2017. There had also been a special assessment of $1,000 per unit for higher than normal snow removal costs that the Association had incurred that year. Dues were also increased by $50 per quarter per unit. Christine said that current receivables were fine. Christine took over the accounting on November 1, Pam Stenmark said that there has been some savings on landscape maintenance costs. The Association has cut back on irrigation by approximately 30% due to drought conditions, at the request of Eagle River Water and Sanitation District. This might result in some brown spots. Christine said that there has been a large decrease in repairs and maintenance costs. There was quite a bit of snow removal trucking costs in 2016/2017, but none was needed in 2017/2018. Christine asked those present if there were any more questions or comments. There were none, so Steve Stafford moved on to the next item on the agenda. DELINQUENCY REPORT Christine Spaeth presented the delinquency report. There was a short discussion. Pam Stenmark suggested that the Association waive three of four late fees that had been assessed. The other one was for a stop payment fee. All of the late fees were under $40. Those present agreed with that suggestion.

3 RATIFICATION OF 2018/2019 BUDGET Steve Stafford informed those present that the Board of Directors had previously approved the proposed 2018/2019 budget. Steve had ed that budget to all members of the Association with the notice of the Annual Owners Meeting. There was a brief discussion. Steve asked if there were any additional questions or comments. There were none. The 2018/2019 budget was then approved. BOARD MEMBER ELECTION Steve Stafford explained that the Bylaws state that the term of office of directors is supposed to be two years. The terms of the directors are supposed to be staggered. The terms of at least 1/3 of the directors are supposed to expire annually. Since there are seven Board Members and 1/3 of that number would be 3 Board Members, and since no Annual Owners Meeting was held during the 2017/2018 fiscal year, all seven Board Member positions were up for election at this Annual Owners Meeting. After the election, the Board will decide which three or four Board Members have a one year term (on a one time basis only) and the other Board Members will have a two year term. Once that is reestablished, the Board will be back in compliance with the Bylaws and all future Board Member terms will be two year terms. Additionally, the Bylaws state that no member of the Board of Directors is supposed to serve for more than two terms or four consecutive years, but may serve again on the Board after not serving for a period of one year. Steve explained that this can cause problems because Associations often have problems finding enough owners who wish to serve as Board Members. Additionally, many owners feel more comfortable having Board Members who have many years of experience and background with the property. That being the case, the Board has previously approved an amendment to the Bylaws that deletes No member of the Board of Directors shall serve for more than two terms or four consecutive years, but may serve again on the Board after not serving for a period of one year in Section 5.3 of the Bylaws. A copy of that page of the Bylaws, with that section highlighted in yellow, had been included in the package of documents with the notice of the Annual Owners Meeting, that was ed to all members of the Association. Steve asked if everyone had picked up a ballot for the Board Member election. He reminded everyone that only one ballot was allowed for each unit. He said that owners could vote for seven candidates and they could not vote more than once for any single candidate. He also said that there were several blanks on the ballot for write-in candidates. He had included everyone on the ballot who had previously indicated that they would like to be on the ballot. Several of the candidates addressed those present letting them know their qualifications for a Board Member position and the reasons that they would like to be a Board Member. Steve also read a statement from one candidate. Steve then asked everyone to fill in their ballots and turn them in prior to moving on to the next item on the agenda. He told those owners who were participating via teleconference to send him an with their votes prior to the end of this item on the agenda. He said that he would tabulate the ballots after the meeting and report the results to the members by . He then collected the ballots. (Note: After the ballots were tabulated, the results were as follows: Ross Davis, Jr.

4 James Harris, Jr. Barbara Keller Eric Peterson Greg Poganski Pam Stenmark Dan Walcher) MAINTENANCE AND REPAIRS There was a brief discussion regarding maintenance and repair projects. Steve said that since Pam Stenmark had more history with the projects, he would ask her to report on them. The first one she reported on was the roof ridge cap replacement project. After the roofs had been replaced in 2013, the roof ridge caps were found to be defective. The manufacturer had agreed to provide the material needed to replace the ridge caps plus reimburse the Association in the amount of $1,900 for labor costs. The Association has obtained three bids for replacing the roof caps and they have accepted a bid from A.G. Roofing Company. The work will hopefully be completed this fall. Pam reported that she has also talked to Bruce Yanke, the owner of A-Peak Asphalt. He has informed her that sealcoating the parking lot would make them look nice, but at this point in the life of the asphalt, it would not do very much to make the asphalt last any longer. In addition, because some fairly extensive work will need to be done to improve drainage in some parts of the parking lot, Yanke suggested it might make sense to hold off on any further sealcoating until a major resurfacing is done. Regrading to improve drainage would be done at the same time. Some owners voiced their opinion that it might still be worth the cost of sealcoating this fall even if the benefit was mainly cosmetic. A brief discussion followed. Pam said that she would get a proposal for sealcoating and she would present it to the Board of Directors for a decision. Pam also reported that she was working on replacement of all the parking signs, since many of them were beat up and not looking very nice any more. She is working on this with Sign Design & Graphics. Pam gave a brief review of the replacement reserve study that had been done in 2016 by Rick Agett. The current study indicates that the Association will run out of money in the 2019/2020 fiscal year if expenditures are consistent with the study. Some expenditures were delayed and not completed as indicated in the study, such as asphalt overlay in 2017/2018 ($10,000) and the sewer work between C and D buildings ($55,750 combined expenses), but all buildings were stained in the summer of 2017 so that staggered expense was incurred in a single year totaling around $70,000. Considering the estimate on parking lot resurface and drainage corrections ($160,000) and at some point actually completing the sewer work, it would be prudent to have the replacement reserve study updated to indicate the current financial position of the Association prior to considering a special assessment to cover these larger expenses. Those present agreed that was prudent. REVISED COLLECTIONS POLICY Steve Stafford said that when the Association hired Christine Spaeth to handle the Association s accounting, she did an extensive review of the Association s governing documents and compared

5 them with the procedures and practices that were actually being followed. She discovered that the collections policy had been written incorrectly in She worked with Pam Stenmark and Steve Stafford to make the collections policy match the governing documents. The revisions reflect how billing and collections are actually handled at the current time. A copy of the revised collections policy was included with the meeting notice that was ed to all members of the Association. The Board has approved one additional change that was not included in the copy that was previously ed to the owners. That change will allow a full month grace period for payment of amounts due (for example, if the quarterly dues are due on September 1, 2018, they will not be overdue until October 1, 2018). Steve said that the revised collections policy, including the change described above, have been approved by the Board of Directors and they are now in place. REVISED RULES AND REGULATIONS Steve Stafford said that there were errors and discrepancies in the rules and regulations that were approved in September The Board of Directors has approved revisions that have corrected the errors and assure that the rules and regulations coordinate with the Bylaws and updated policy. Steve said that he had ed a copy of the amended Rules and Regulations to all members of the Association. A discussion followed with most of the discussion focused on new rules that deal with rentals. One amendment requires owners to notify management not less than 48 hours before a tenant will be occupying a unit. Another change requires unit owners to supply management with the name and contact information of the Agent to be contacted, if not the Owner, if there are renter issues and agents must respond to calls from management or authorities within one hour between the hours of 7 AM and 11 PM or within thirty minutes if issues occur between 11 PM and 7 AM. Another change requires owners of rental units to insure that the Condensed Rules and Regulations are posted in the unit. The amendment that received the most discussion was the one that reads Townhouse units may be rented or leased for a period of not less than five (5) nights. Owner of any Townhouse rented or leased for fewer than thirty (30) nights is required to retain a Management Company licensed with Colorado Department of Real Estate and the name and contact information for that Management Company must be provided to the Association s Management Company. Any changes in Management of rented or leased units must be updated with the Association s Management within forty-eight (48) hours of such change. Another change that affects rental units states Owners of all rented or leased units are required to name Booth Creek Townhouse Association as an additional insured on the homeowners insurance policy. After the discussion, Steve reminded those present that the amended Rules and Regulations have been approved by the Board of Directors and he asked those present to make sure that they have a copy as well as a copy of the laminated condensed rules and regulations, to be posted in their rental units. Steve said that there was a stack of laminated copies on the table in the back of the room. CONDENSED RULES AND REGULATIONS Steve Stafford asked those present to make sure that they pick up a laminated copy of the Condensed Rules and Regulations, which is to be posted or made available to all guests, renters and tenants.

6 LETTER TO OWNERS REGARDED RENTED TOWNHOUSES Steve Stafford had previously ed a letter from the Board of Directors, relating to rules violations and rentals, primarily short term rentals, to all members of the Association. There was a fairly extensive discussion regarding these issues. In general, there were concerns on one side that short term rentals are starting to diminish the value and living experience of the property as a whole. On the other hand, some owners were concerned about their ability to rent their units in the manner that they wish, and their concern that this decreases the pool of prospective buyers when they decide to sell their units in the future. Steve read an from one owner who felt that the new rules that apply to short term rentals are overkill. Most owners appeared to be in favor of the new rules that have been put in place as they relate to short term rentals. Steve informed those present that there were copies of several recent newspaper articles relating to new short term rental regulations in Vail and Breckenridge on the table in the back of the room for those who wished to take a copy. OWNER CONTACT INFORMATION SHEETS Steve Stafford informed those present that there were owner contact information sheets on the table in the back of the room for those who needed one and requested that owners complete the information and return to Slifer Management. VEHICLE REGISTRATION FORMS Steve Stafford informed those present that there were vehicle registration forms on the table in the back of the room for those who needed one and requested that owners complete the information and return to Slifer Management. PET REGISTRATION FORM Steve Stafford informed those present that there were pet registration forms on the table in the back of the room for those who needed one and requested that owners complete the information and return to Slifer Management. Steve also said that there were copies of a Vail Daily article related to picking up after your dog. RECYCLE GUIDELINES Steve Stafford informed those present that there were recycle guidelines on the table in the back of the room to be made available to all residents, guests, renters and tenants. One owner suggested that management laminate them. ADJOURNMENT There being no additional business to transact, the meeting was adjourned. Respectfully submitted by Steve Stafford, Community Manager

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