The Promontory at Soda Creek, Quarterly Meeting Minutes, August 9, 2023
Board members present: Angie Mays, Gretchen Stubenvoll, Chris Jenkins, Beth Hilquist, Dan Fesenmeyer
Five of the five board members were present. Per section 6.6 of the Amended Bylaws, this constitutes a majority of the board for a quorum.
The meeting was called to order at 7:00pm at the Stubenvoll residence
Agenda was approved by voice vote with no objection.
Minutes from prior meeting: The minutes from the prior board meeting (May 9, 2023) were reviewed by Chris. Meeting minutes were approved by voice vote without objection.
Gretchen gave a recap of activity since the last HOA board meeting. Overall, the HOA finances are in line with the 2023 budget, despite a few delinquent dues accounts. As of August 9, the HOA checking account has a balance of $17,731.67, the savings account has a balance of $60,293.61 and the CD has a balance of $54,967.09 (total reserve amount of $115,260.70). This CD, currently earning 1.09%, expired August 8. Angie Mays has been discussing CD options with USBank. The Board discussed adding additional funds from the savings account to the expired CD to purchase another CD at a higher rate. Angie Mays made a motion, seconded by Chris Jenkins, to add approximately $45,000 from the savings account to the expired CD and purchase a $100,000 CD for 11 months at an approximate interest rate of 4.83%. This motion was unanimously approved by the board. Gretchen will visit USBank tomorrow and purchase this new CD.
Angie is going to ask Roxanne about the water sprinklers and if they have been turned on
Fire mitigation: Angie and Beth reported that everything looks good on the project. Angie will get a Phase 2 quote from the mitigation vendor.
Dumpsters: The board discussed posting dumpster etiquette again. There is NO free pile to be placed outside the dumpsters. Everything must be placed in the dumpster. The board will send out reminders again next year.
Crack filling: Dan called two vendors for quotes. One has not called back and the other doesn’t do it any longer. Dan will continue to purse quotes for this project.
Covenants & Bylaws:
Gretchen reported on the legal review of the HOA operating documents. On March 2, HOA Attorney Elina Gilbert reviewed the current governance documents (Amended and Restated Articles of Incorporation, Amended and Restated Declaration (Covenants) and Amended and Restated Bylaws) in view of current CO law. She concluded that the Amended and Restated Articles of Incorporation are fine as drafted, the Amended and Restated Declaration (Covenants) have various sections that are no longer enforceable, and the Amended and Restated Bylaws have one section that is no longer enforceable. That said, she is not recommending any amendments to these documents and this project would be expensive. Also, the HOA is missing two of nine required policies (ADR Policy and Reserve Study Policy) and four of the nine required HOA policies need to be rewritten (Collection Policy, Enforcement Policy, Conduct of Meetings Policy, and Inspection of Records Policy). The remaining three of nine required policies are fine as written (Adoption of Policies Policy, Conflict of interest Policy and Investment Reserves Policy). Elina has provided the six new/rewritten policies, which Gretchen is currently reviewing and will present to the HOA Board for approval at the next board meeting. Finally, the Solar Panel policy has been revised from REQUIRING a homeowner to sign a maintenance and indemnity agreement protecting the HOA, to stating that the HOA MAY require such a maintenance and indemnity agreement. This revised policy will be presented at the next HOA Board for approval.
ARC: Dan reported that two painting proposals were approved. A greenhouse proposal was not approved.
The board discussed protocols for meeting notifications.
Beth reported that Danielle Deen is doing socials.
The next meeting will be November 8th, 6:30pm at Tuscany Tavern. The meeting was adjourned at 8:15pm.
Submitted by: Chris Jenkins, Board Secretary
Approved November 8, 2023