Seven Lakes Homeowners Association Annual Membership Meeting Wednesday, March 26 th , 2008 7:30 PM A.G Wright Middle School Stafford, Va. Call To Order The meeting was called to order at 7:45PM. All board members were present. It was determined that there was a presence of a quorum. Election of New Officers Candidates for the Board were given an opportunity to speak with the membership. Terrance J. Gleason, Phyllis Phillips, the Reverend Steven Emerson Scott, and Ernest Terrazas gave their remarks. Absent were Fiona Apple and Kevin Finnerty. Then voting in person and by proxy Phyllis and Ernest were elected by majority to fill the two empty Board positions. All the candidates were thanked for their willingness to serve the community. Reports: President's Report Hank stated that he has initiated an audit with Bowling Franklin & Co. LLP which should take one month to complete. He also has initiated a Reserve Study which will estimate the repair and replacement costs over the period of a lifetime for our assets. This study should be completed in 60-90 days. Hanks also reported on our enforcement actions: 1. We are in litigation with Garrett to vacate easements. 2. We have filed a temporary non-suit with Nortey regarding our recreational easement which has been in place since 1989 with Mr. Robinson. We will re-file with a new counsel. 3. Dam Access. We are negotiating a 99 year land lease for access. We may gain access with an injunction. Treasurer's Report Bruce reported as of March 5 th 2008 that we have $122,247.81 in our Reserve Funds with an Operating Fund of $26,899.77 for a balance of$149,147.58. We have an income of$18,554.76 with expenses of$5,380.07 for a net income of$13, 174.69. Secretary's Report The draft of minutes for March 29, 2007 were read and approved as amended.
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Wednesday, March 26th, 2008 7:30 PMA.G Wright Middle School
Stafford, Va.
Call To Order The meeting was called to order at 7:45PM. All board members werepresent. It was determined that there was a presence of a quorum.
Election of New OfficersCandidates for the Board were given an opportunity to speak with the membership.Terrance J. Gleason, Phyllis Phillips, the Reverend Steven Emerson Scott, and ErnestTerrazas gave their remarks. Absent were Fiona Apple and Kevin Finnerty. Then votingin person and by proxy Phyllis and Ernest were elected by majority to fill the two emptyBoard positions. All the candidates were thanked for their willingness to serve thecommunity.
Reports:
President's Report Hank stated that he has initiated an audit with Bowling Franklin &Co. LLP which should take one month to complete. He also has initiated a Reserve Studywhich will estimate the repair and replacement costs over the period of a lifetime for ourassets. This study should be completed in 60-90 days. Hanks also reported on ourenforcement actions:
1. We are in litigation with Garrett to vacate easements.2. We have filed a temporary non-suit with Nortey regarding our recreational easementwhich has been in place since 1989 with Mr. Robinson. We will re-file with a newcounsel.3. Dam Access. We are negotiating a 99 year land lease for access. We may gain accesswith an injunction.
Treasurer's Report Bruce reported as of March 5th 2008 that we have $122,247.81 inour Reserve Funds with an Operating Fund of $26,899.77 for a balance of$149,147.58.We have an income of$18,554.76 with expenses of$5,380.07 for a net income of$13,174.69.
Secretary's ReportThe draft of minutes for March 29, 2007 were read and approved as amended.
Committee ReportsAmenities. Dawna reported the her committee has no plans for any new amenities.
ARC. Pierre Hollis reported his committee has noted 7 violations. Five homeownershave been contacted. ARC has also received two applications for work: 1. Propertyimpacted by water. 2. For a shed.
ECC. Dan McCluskey absent. Hank reported that McGovern's home is still underconstruction and the two other properties need to complete their landscaping.
Welcome. Tami reported that May 17this set for the Barbeque(2PM) and CommunityYardsale (8-12AM) with May 31st as an alternate rain date. The Holiday Party is set forDecember 19th2008.
Neighborhood Watch. No report.
Maintenance. Phyllis Phillips reported that Brinkman will be handling our landscapingcontract again.
Old Business: None
New Business: None
Adjourn A motion was made to adjourn the meeting. The motion was seconded andpassed unanimously. The meeting was adjourned at 9:40 PM.
ITEM ESTIMATED REMAINING 3% INFLATION CURRENT COST OF FUTURE COST YEARL Y RESERVES SET ASIDELIFE FACTOR REPLACEMENT 3% INFLATION FOR FUTURE REPLACEMENT
COST OF REAL PROPERTY
720' STONE VENEER CMU WALLS 20 YEARS 1.806 $32,000 $57,792 $2,890NEAR
1 30BOLISK 20 YEARS 1.806 $11,200 $20,227 $1,011NEARII, ,
I
, PLAYGROUND SLIDE & SWING SET 5 YEARS 1.159 $7,000 $8,113 $1,623NEARI
I
VOLLEY BALL COURT 5 YEARS 1.159 $1,500 $1,739 $348NEAR
GAZEBO 10 YEARS 1.344 $4,500 $6,048 $605NEAR
FISHING PIER@ PLAYGROUNDPOND 5 YEARS 1.159 $3,000 $3,477 $695NEAR
ROCK RIP RAP PROTECTIONDOWNSTREAM DISCHARGEFROM PLAYGROUND POND 3 YEARS 1.093 $800 $874 $291/YEAR
CONCRETE AND STONE BRIDGEOVER DISCHARGE FROM
PLAYGROUND POND 20 YEARS 1.806 $28,000 $50,568 $2,528NEAR
STONE VENEERED WALLS ONTHE BRIDGE 10 YEARS 1.344 $18,000 $24,192 $2,419NEAR
ENTRANCE POND 30 YEARS 2.427 $22,000 $53,394 $1,780NEAR
ITEM ESTIMATED REMAINING 3% INFLATION CURRENT COST OF . FUTURE COST YEARL Y RESERVES SET ASIDELIFE FACTOR REPLACEMENT 3% INFLATION FOR FUTURE REPLACEMENT
COST OF REAL PROPERTY
J I~/'2-- -0 [1
- Z--
LANDSCAPING FRONT ENTRANCEINCLUDIG EXTERIOR DECORATIVE
POST 20 YEARS 1.806 $80,000 $144,480 $7,224IYEAR
UNDERGROUND SPRINKLERSYSTEM W/WELL PUMP 10 YEARS 1.344 $9,000 $12,096 $1,210IYEAR
LARGE LAKE DAM 100 YEARS 19.218 $82,000 $1,575,928 $15,759IYEAR"DAM" 8,300 CY.