MINUTES OF ANNUAL MEMBERS MEETING FEBRUARY 19, 2019

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1 MINUTES OF ANNUAL MEMBERS MEETING FEBRUARY 19, ) Call to Order of Annual Meeting Mike Lee Meeting was called to order at 7:00 p.m. 2) Quorum Report Steve Jones 27 Property owners signed in. Quorum requirement met. 3) Business Discussion Items Board Members: 2018 Achievements; (Mike) Mike Lee provided hardcopy of 2018 GCCA Statement of Affairs to each attendee and briefed highlights of the past year, including a special thanks to Lisa Robison for her time on the Board and to Stephen Head for his time on the ACC. Discuss Meadowbrook Park playground renovation and establish Playground Committee (Don Berry) Don Berry provided an update on the playground replacement and the establishment of a playground committee. Presented the name of Mr. Russell Hunt to be the committee chairman. Mr. Hunt had previously contacted Board members to volunteer to Chair the committee. Mr. Berry solicited attending members to volunteer to be on the committee and provided a signup sheet for volunteers. Three Members volunteered: Ms. Porche Loring (the Ridge), Mr. Clayton Price, (The Point), Mr. Rich Green (The Point). The 2019 Playground budget is $40,000. Mr. Berry also mentioned that the GCCA could work with the city of Sherwood and possibly utilize their recreation playground equipment contract to purchase the HOA playground equipment. Wood Fence Replacement, Phase II (Randy Jones) Randy Jones provided an update on the Phase I fencing contract status, including the minor punch items that were still being corrected. Fence installation was

2 MINUTES OF ANNUAL MEMBERS MEETING FEBRUARY 19, 2019 completed. Final payment (10% holdback) was about to be made to Ingle Fence company. Phase I covered approximately 2152 linear feet of fencing between the roundabouts with Cedar fencing at a special assessment rate of $200 per property owner. Mike Lee briefed Phase II. Plan is to hold a special meeting in the MayJune timeframe to vote for a special assessment to cover the expense of Phase II fence replacement. Phase II will replace approximately 1455 linear feet with an estimated special assessment cost of $150 per property owner. Phase II special assessment and a special meeting will not be announced until the playground committee reports back to the Board with their recommendations(s) for equipment replacement. That capital budget item will impact the fence replacement capital budget item, it could have a positive or negative impact the estimated amount needed for the Phase II replacement. Expectation is the current estimates will be adequate for both capital items and we ll proceed with a May special meeting, a JuneJuly collection period, and construction period of AugustSeptember Budget (Mike) Mike Lee presented the budget to the attending members. A hardcopy of the budget was also provided to all members. No members had issues or questions with the budget. Nominate and elect three new GCCA Board members Mike Lee announced that he is stepping down from the Board after this third year of membership and the Board wished to expand Members from six to nine members this year. Board solicited nominations from the members. Three new Board Members were nominated and agreed to by members: Mr. Robby Robison Ms. Ses Green Mr. Roger Hornsby

3 MINUTES OF ANNUAL MEMBERS MEETING FEBRUARY 19, ) Member s Open Discussion: Ms. Mary Jo Hay, Sherwood Alderman representing the GCCA property area, was in attendance at the meeting and spoke to several current neighborhood agenda items and requested that any HOA members contact her at any time regarding neighborhood needs or questions. 5) Adjournment: Meeting was adjourned at approximately 8:30 pm.

4 GAP CREEK COMMUNITY ASSOCIATION STATEMENT OF AFFAIRS January 1, 2018 through December 31, 2018 The Board wishes to thank all Members this past year that have graciously volunteered their time and talents to benefit our wonderful neighborhood. Please recognize and support your fellow neighbors who serve on the Board, Architectural Control Committee, and the many individuals who volunteered at events or who performed many anonymous actions that directly benefited the community. While the Board intended to set up and staff with volunteers a Playground Committee in 2018, it was decided to defer the formation of the Committee to 2019 as that will be the year of action to upgrade the playground. Aside from the contracted landscape maintenance, almost all other work performed in the neighborhood is done through volunteers, such as creating and placing Christmas decorations at our entrances, the GapChat newsletter, trail maintenance, litter cleanup, entry lighting maintenance, sprinkler system repairs, and many more actions that are accomplished due to the willingness of so many Gap Creek residents willing to step up and take part in keeping this neighborhood a great place to live and raise families. Again, the Board thanks you! ACTIONS and LANDSCAPE: The Special Events Committee spearheaded the annual communitywide garage/yard sale. This event pulls many of our surrounding neighbors in Sherwood to Gap Creek. We are working toward adding an additional communitywide events such as an Easter/Spring event in the park in All it takes is volunteers so please step up and organize it for your fellow neighbors! Volunteers continued to work on clearing areas and undergrowth in the trees adjacent to the park to provide better sight lines to the pavilion from the road, which provides a better view of the pavilion and improves security by allowing it to be seen from the road more easily. Volunteers also removed dead trees, cleared downed limbs, and maintained bridges along the trails. Another landscaping effort was to keep undergrowth cleared along Gap Creek Drive from the entrance to the park along the sidewalk side. This allows better light, visibility, and security for those walking along the sidewalk in the evening because the streetlight can reach the sidewalk. Everyone is encouraged to move downed limbs in the common area to the curb for pickup by the city. The HOA placed river rock along Gap Creek Drive just below the entrance way to prevent further erosion between the street and sidewalk and improve the appearance in that stretch to provide a better entrance impression. Repairs were made to the two trail connections between Gap Point Circle and the trail circling behind the Point. These are lengthy, stair stepped connections that have railroad tie borders and gravel filling and there were several washed out areas inside the gravel step areas and along the outside of the borders that needed repair for safety reasons and avoidance of further damage. COMMON AREA FENCE REPLACEMENT: Each year, the common area fencing continues to deteriorate. GCCA Members took a big step forward in 2018 to being resolving this situation. On June 5, 2018, a special meeting was held and, with a quorum present, the members voted for a $200 special assessment per property to replace 2,278 linear feet of common fence located between the

5 two circles on Gap Creek Drive. The GCCA Board directed $20,000 of the capital budget to the project to lower the special assessment fee. This section of fencing was literally falling down in places before it was replaced. Now a beautiful Cedar fence is in place for many years to come. PARK/PLAYGROUND: The playground equipment is also aging and discussion occurred at the beginning of 2018 to replace the equipment. Based on preliminary costs estimates, the best rate of return on GCCA funds would be to purchase new equipment rather than repair or maintain existing equipment. Ultimately the Board decided to defer action on replacing the playground until WEBSITE: Merritt Industries continued to service our website (GapCreekHOA.com). In addition to the Association's governing documents, contact information for Board Members' and Volunteer Committees' can also be found there. We are currently working to update and better utilize our website and feedback is welcome as to what our Members would like to see added. FACEBOOK: The Association's Facebook Page is "Gap Creek Community Association" and can also be accessed from Association's website under the "FB Tab". NEXTDOOR.COM: Gap Creek has a community thread on Nextdoor.com, a social network for communities. This social media venue is increasing in use each year. I encourage members to join to be able to share information with and about their neighborhoods. The GCCA Board will provide information and post documents from timetotime, but it will not be used to conduct official HOA business. CONCERNS: Each year, the most common complaints the Association receives are those dealing with violations of lawn & landscaping maintenance and improper storage of trash & recycling bins. HOA Covenants and Restrictions provide guidance on this and many more daytoday requirements so please review them on our website. In addition, these rules are included by the title company as part of a purchaser's closing conditions when purchasing property in Gap Creek. This means all Members agreed to abide by the rules and regulation of the Association when they purchased their home in Gap Creek. Association membership is mandatory and no homeowner is excluded from the Association's governing documents. CONTACTS: For information to become involved with our newsletter "GapChat:, please contact Dianna Kinsey at: dlkinsey@ualr.edu For information to become involved with the Welcome Committee, please contact Erma Storay at: epstoray@gmail.com Thanks again to all volunteering Members you are appreciated! The Board presents this update on the affairs conducted by it for the past twelve months: Respectfully, Board of Directors 2 P a g e

6 Gap Creek Community Association Financial Statement 2018 Operations & Maintenance 2017 Actual Budgeted 2018 Actual General Maintenance of Common Areas Landscape Maintenance Contractor (Turf Masters) $ 26,235 $ 28,000 26,379 Sprinkler System Maintenance $ 3,365 $ 2, Fence Repair / Maintenance $ 280 $ 48,000 48,000 Landscape Lights Maintenance $ 128 $ Park/Playground/Pavilion Maintenance $ 2,236 $ 7,500 Landscape Maintenance (Independent Contractors) $ $ 3,000 1,030 Streetlights Parts/Maintenance/Replacement $ 859 $ 1, Trail Maintenance $ 2,989 $ 4,000 1,300 Tree Trimming and Removal $ 750 $ 1,000 1,675 $ 36,842 $ 95,500 79,245 Utility Expense Electric $ 973 $ 1,200 1,646 Water $ 2,658 $ 5,000 3,309 $ 3,631 $ 6,200 4,955 Insurance and Taxes Insurance $ 5,804 $ 6,000 5,689 Property Taxes $ $ 10 $ 5,804 $ 6,010 5,689 Administrative Expense Accounting Fees (Taxes) $ 295 $ Association Activities $ 300 $ Billing & Collection Expense $ 2,400 $ 2,400 3,000 Internet Website $ 338 $ Legal Fees $ 619 $ 1,000 3,834 Misc. $ 78 $ Office and Postage $ 1,075 $ 1,500 1,467 Special Projects $ 245 $ Welcome Committee $ 574 $ $ 5,924 $ 7,200 9, Budgeted $ $ 28,000 $ $ 1,000 $ $ 35,000 $ $ 300 $ $ 1,000 $ $ $ $ 6,000 $ $ 2,600 $ $ 1,500 $ $ 75,400 $ $ 1,650 $ $ 3,500 $ $ 5,150 $ $ 5,700 $ $ $ $ 5,700 $ $ 300 $ $ 250 $ $ 2,400 $ $ 440 $ $ 2,000 $ $ 100 $ $ 2,000 $ $ 200 $ $ 150 $ $ 7,840 Total Operating $ 52,201 $ 114,910 $ 99,158 $ 94,090 Capital Budget NonRecurring Expenditures for Property & Equipment Playground Equipment Replacement $ $40,000 $0 $40,000 Supplement to Reduce Wood Fence Replacement $ $20,000 $20,000 $20,000 Total Capital $ $60,000 $20,000 $60,000 TOTAL BUDGETED EXPENSES $174,910 $119,158 $154,090 Annual Fee Assessment Income $71,735 $70,280 $69,250 Special Fee Assessment Income * $55,400 $56,577 $41,550 Previous Year Carryover Balance $43,198 $65,601 $74,250 Misc. (Elec & Water Rebates) $950 TOTAL INCOME $170,333 $193,408 $185,050 TOTAL EXPENSES $119,158 $154,090 ACCOUNT RESERVE $74,250 $30,960 * Estimated 2019 Special Assessment $150 Operating Income