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Cypresswood Community Association, Inc. Regular Board of Directors Meeting

Monday June 23, 2014 Cypresswood Golf and Country Club

MINUTES

The Regular Board of Directors Meeting for the Cypresswood Community Association, Inc. was held on Monday June 23, 2014 at 6:00pm at the Cypresswood Golf and Country Club.

Attendance Board Officers: Paul Hisey, Bill Shira, George Haun and Judy Haun.

Aegis Community Management: Becky Ritchie, Association Manager.

Christopher Desrochers, Retained Attorney

Roll Call Roll call was taken and a quorum was reached.

“See Attachment”

Approval of Previous Minutes A motion was made by Con Thrasher and seconded by Dick Cheney, “….to approve the previous meeting minutes dated April 28, 2014 as presented.”. Motion carried.

Approval of Agenda A motion was made by Steve Roy and seconded by Con Thrasher, “….to approve the agenda as presented.”. Motion Carried.

Financial Report The Financial Report for the period ending May 31, 2014 was presented by George Haun. He stated that the Golf Course Escrow in the amount of $54,840.00 had been paid in full. Cypresswood Community Association, Inc. Minutes – June 23, 2014 Page 02

The correct drainage reserve total is $41,392.00. The Storm Water Pump Reserve in the amount of $8,333.00 had been incorrectly added.

Analysis is being performed to determine why the payroll taxes for 2014 are so much higher than what was budgeted..

To date $52,763.00 of the golf course escrow account has been spent with $6,267.00 remaining. There are still a few projects that need to be completed which will take most of what is left.

The total for the Road Reserve was $188,893.00 at the beginning of 2014 and the completed paving project cost $103,359.00. The Road Reserve as of May 31, 2014 was $96,258.00. $73,871.00 is currently invested in CD’s and the total cash on hand for road reserves is $23,187.00. Rates are being considered for further CD investments

Once the CD’s mature and more money is collected they will invest a larger amount in to more CD’s.

Committee Reports

Legal Committee: Paul Hisey

The attorney Chris Desrochers has given an estimate of $100.00 per month keep all Cypresswood Community Association’s governing document on electronic file and up to date and file them with the State when needed.

Legal Counsel: Chris Desrochers - No Report

CAM: George Haun

Mark Kluytenaar stated that invoices for work are being approved and paid before he sees them and signs off that the job has been completed and is satisfactory. It was agreed that anyone who is overseeing a project will first receive the invoice and, once it has been approved and, it will then be forwarded to the CAM for payment.

All water bills are currently being monitored by George and Judy Haun. Aegis agreed to forward copies of the water bills to Tom Grauer after payment.

Articles & By-Laws: Chris Desrochers Cypresswood Community Association, Inc. Minutes – June 23, 2014 Page 03

Drainage/Road: Bill Shira & Mark Kluytenaar

Bill Shira reported that all of the paving and traffic control projects have been completed and the contractors have been paid. Three signs have been damaged and Tom Brett is handling the repairs and he estimates the cost to be no more than $500.00. There needs to be some clean-up of the pond south of the City water plant. A verbal quote of $1,900.00 was received from Medlock. They will come back to the board for approval.

Storm Water/Pumps: No Report

Traffic Control: Fred Carl

There has been a discussion concerning changing the resident entrance lane into a barcode reader. After some research and talking to companies who supply this equipment it is not recommended to go that direction at this time. It will be a costly job as well as other concerns such as it being able to handle the amount of traffic that comes in the community.

The current way residents come in allows the guards to monitor who is coming in at night because who enter resident or guest have to come in through the visitor lane.

Landscape Committee: Fred Wilson & Tom Grauer

It is suggested to hold off on installing a well until they find out what each water meter currently controls and monitor the readings to see if it will be a wise investment. There will be an additional cost due to a new meter needing to be installed just for the well.

Golf Course Committee: Bob Schade

All escrow account summer projects have been completed.

Master CC & R’s: Currently not chaired Cypresswood Community Association, Inc. Minutes - June 23, 2014 Page 4

New Business

Golf Course Escrow Proposal: Bob Schade made a presentation regarding the takeover of the operations of the Cypresswood golf course by Jimmy King and himself effective January 1, 2015 and presented a proposal regarding the 150 units of assessments to the golf course. A copy of the proposal is attached. He pointed out that they are not trying to change the Articles of Incorporation which assesses the golf course for 150 dwelling units. There was extensive discussion regarding his request for relief from the assessment.

A motion was made by Vince Montague and seconded by Con Thrasher, “…to waive the assessment for the 150 units assigned to the Cypresswood golf course for the calendar year 2015 from January 1, 2014 to December 31, 2015.”. Motion Carried 11-2

There was further discussion and Bob Schade confirmed that the Cypresswood Golf LLC has not as yet been formed, under which the golf course would be operated by Bob Schade and Jimmy King.

A motion was made to amend the original motion and agreed to by Vince Montague and Con Thrasher, “…to waive the assessment for the 150 units assigned to the Cypresswood golf course for the calendar year 2015 from January 1, 2015 to December 31, 2015 only for the Cypresswood Golf LLC to be formed by Bob Schade and Jimmy King.”. Motion carried 11 -2.

Payment of the 150 assessments for 2016 will be reviewed by the Board prior to the end of 2015.

2015 Budget

A motion was made by Mark Kluytenaar and seconded by Con Thrasher, “…to approve the 2015 Budget for the Administrative Line Items as presented totaling $51,161.25.”. Motion Carried 11-0

A motion was made by Mark Kluytenaar and seconded by Con Thrasher, “…to approve the 2015 Budget for the Reserve as presented totaling $71,000.00.”. Motion carried 11-0 Cypresswood Community Association, Inc. Minutes - June 23, 2014 Page 5

The July meeting will be to discuss and approve the landscaping and traffic control 2015 budget.

The August meeting will be to discuss and approve the drainage 2015 budget.

Open Floor

The next board meeting will be held on July 28, 2014 at 6:00pm at the clubhouse.

Adjournment There being no further business to conduct at this meeting a motion was made by Mark Kluytenaar and seconded by Con Thrasher to adjourn at 8:18pm.

______Secretary Signature

Attachments: List of Board members attending meeting and roll call votes Cypresswodd Golf Course Escrow Proposal