GLENWILDCommunity Association

Annual Meeting December 15, 2016 6PM

Glenwild Golf Club

GLENWILD Community Association

Annual Meeting

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“…To manage the Glenwild Community Association in a manner that insures it remains more than a place to live, but a way of living …” by maintaining:

•Its Quality & Diverse Architecture

•Its Common Areas - Roads, Community Parks, Gatehouses, etc.

•Its Owner Communications

•Its Adequate Reserve for Future Replacements

Mission and Vision

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BOARD MEMBERS

John L. West, President

Lynn Postnieks, Vice President

Brad Dickson, Treasurer/Secretary

Mark Lucas, Trustee & ARC Chair

Bill Engvall, Trustee

APPOINTED DESIGN REVIEW COMMITTEE

Mark Lucas, Chair

Joe Koch Janet West

Anne Mastain Julie Chahine Kelly Ragsdale

MANAGEMENT COMPANY & CONTACTSGreater Park City Properties

Patty Winterer – Glenwild HOA/ARC Director

435-655-2942

Gabriel Chacon – Glenwild HOA Maintenance On-site Manager 435 - 901-3515

INTRODUCTIONS BY OWNERS FROM FLOOR

WELCOME – CALL MEETING TO ORDER and INTRODUCTIONS

APPOINTED FINANCE COMMITTEE

Brad Dickson, Chair

Larry Alleva Richard Mastain

Stephen Quinn Lorraine Waterhouse

AGENDAAnnual Meeting, December 15th, 2016

I. CALL MEETING TO ORDER/ WELCOME/INTRODUCTIONS

II. ANNOUNCEMENT OF QUORUM AS SOON AS AVAILABLE

III. APPROVAL OF MINUTES – 2015 Annual Meeting (a motion from any owner in attendance at the meeting will be requested for approval as written or with changes.)

IV. OPENING COMMENTS –John L. West, President

V. FINANCIAL REVIEW – Brad Dickson

VI. ARCHITECTURAL COMMITTEE REPORT – Mark Lucas

VII. COMMUNITY MASTER PLAN DISCUSSION & OTHER PROJECTSA. 2017 Capital Projects and future considerations – John West

VIII. NOMINATIONS FROM FLOOR AND VOTE FOR three (3) BOARD MEMBER SEATS. (A Ballot with current nominees, as well as any additional nominees from floor, was presented during check-in. After Nominations and statements by nominees, Ballots will be cast and collected, with results reported at end of meeting, if time allows.)

IX. COMMUNITY ASSOCIATION (HOA) QUESTIONS FROM FLOOR

X. ANNOUNCEMENT OF VOTING, IF BALLOT-TALLY AVAILABLE

XI. ADJOURNMENTCasual Dinner Hosted by the Association after the meeting adjourns.

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APPROVAL OF MINUTES ANNUAL MEETING

2015

ANNUAL MEETING MINUTES

December 17, 2015 6:00 PM

In attendance were Board members: Bob Ayers, Amy Baker, Brad Dickson, Lynn Postnieks and John West

Greater Park City Properties: Gabe Chacon, Cathy Underwood and Patty Winterer.

Community Association Members in Attendance: Ayers (Bob & Rebecca),Bell (Jay & Zita), Burdiss (Paul & Kelly Ann), Cahalan (Michael

&Marianne), Craig (Richard & Linda), Crowe (Paul), Dato (Dominic & Kandace), Demmert (Brian & Mandy), Diamond (Dan), Dickson (Brad & Janet),

Engvall (Gail), Fletcher (Kristin), Glenn (Nancy & Ron), Hitzelberger ( Paul), Kerschner (Alan & Joanne), Koch (Joe & Paige), Kolkman (Craig), Lucas

(Mark & Pat), Mastain (Richard and Anne), McKay (Julie), McPhun (Dan), Mehlman (Gar ), Mulvihill (Sean), O’Brien (Lisa), Postniek (Lynn),

Ragsdale (Kelly & Diane), Salem (Ana & Bassam), Sapp (Michael & Elizabeth), Scaglione (Ron & Yvonne), Sherry (Tom & Gayle), Siegel (Danny

&Diane), Sticinski (Don & Deborah), Urban (Bob & Polly), West (John & Janet), Wozniak (Paul), Zilka (Tim)

I. CALL MEETING TO ORDER/ INTRODUCTIONSJohn West called the meeting to order welcoming all Community Association Members in attendance and introduced Trustees Bob Ayers, Amy Baker,

Brad Dickson, and Lynn Postnieks.

John recognized the appointed Architectural Review Committee: Amy Baker (chair), Julie Chahine, Ron Glenn, Pam Kantrowitz, Joe Koch, Anne

Mastain, Ana Salem and Janet West. John recognized the appointed Finance Committee: Brad Dickson (chair), Peter Muffoletto, Stephen Quinn and

Lorraine Waterhouse.

II. ANNOUNCEMENT OF QUORUM: John West announced that quorum had been obtained.

III. APPROVAL OF MINUTES – 2014 Annual Meeting

2014 Annual Meeting Minutes were included within the Annual meeting packet for review and approval.

Motion: John West moved to approve the 2014 Annual meeting minutes as written. 2nd: Brad Dickson

Passed without opposition

IV. OPENING COMMENTS – JOHN WEST: John noted that the Board was busy in 2015 working to finalize the lower entry monument project, initiate studies on main gate and east gate remodel

efforts for 2016, continue involvement in Bitner Ranch Road and review options for possible development of additional community amenities.

John stated that he would discuss in more detail after financial and architectural reports. John introduced Brad Dickson for the financials presentation.

V. FINANCIAL REVIEW – BRAD DICKSON (PLEASE NOTE ALL FIGURES ARE ROUNDED)

Brad Dickson presented the 2015 year to date financials including 2015 projected year end Fund Contributions, 2015 projected year end Operating

Expenses, 2015 projected year end Capital Expenses, 2016 Operating & Capital Budget and a 6-year comparative Income Statement summary. All

financial documents were included in the owners’ meeting packet upon check-in.

Brad thanked Stephen Quinn, Peter Muffoletto and Lorraine Waterhouse for their involvement on the Finance Committee over the past year noting that the

Committee helped with the completion of a comprehensive 3rd party audit, update of longer term reserve study, allocation and maintenance of reserve accounts to

continue proper FDIC protection, and the acquisition of two new vehicles for the Association.

Minutes for Approval - Continued2015 Operating & Capital Budget

Brad presented the 2015 year end financial summary noting that the fund contributions are projected at $1.36M which is favorable to budget by $197K.

Operating expenses are projected at $805K versus a budgeted $844K. The year end fund balance is projected at $2.3M. The main source of funds continue to be

Association Dues and transfer fee income. In 2015 transfer fee income has reached $236K compared to $132K in 2014. Brad noted that Transfer Fee income

continues to fluctuate year to year thus the Association budgets this income source conservatively.

Brad reviewed 2015 Expenses in more detail noting a projected $805K year- end total versus $844K budgeted noting that there was not any significant savings in

any specific expense category, instead general prudent management of expenses resulted in a conservative fiscal year. Brad noted that contract labor & general

labor continue to be a significant expense category making up 71% of total expenses. Brad stated that gate labor is over well over 50% of labor with remaining

labor including contract snow removal, landscaping and community maintenance.

Brad reviewed 2016 Capital expenditures noting the two significant capital expense included over $90K for Bitner Ranch Road ditch work (Glenwild’s allocated

portion) and $67K for the purchase of two new Association vehicles. Brad noted that the approved extraordinary capital expenditure for the Lower Entry

Monument has been allocated into the 2016 Capital Budget.

2016 Operating & Capital Budget

Brad reported that the Finance Committee develops a bottoms up budget looking at 2015 expenses line item by line item. In addition the committee continues to

take a 10-12 year outlook on major capital projects as outlined in the long term reserve study extracted from a larger existing 30 year capital review. The

objective of the financial studies is to contemplate near and far term expenses without special assessments to the association members. In 2015 a 3rd party

updated capital reserve study was completed. The reserve study showed a current positive reserve fund position and a recommended $303K annual reserve

addition to maintain a healthy reserve position.

Brad announced that 2016 Dues will increase by 3% to$5305 per lot per year. Brad noted that the most significant item that impacted the dues increase was

budgeting for an anticipated Community Patrol pilot program to commence in 2016. Brad stated that 2016 statements will be mailed within a few days to all

Association members adding that 2016 HOA dues are payable January 1st.

Brad stated that 2016 fund contribution is forecasted at $1.226M which includes $140K budgeted for transfer fee income. 2016 Operating expenses are budgeted

at $924K which includes an initial $50K labor allowance for the patrol program (whether contracted via 3rd party or managed “in-house”). 2016 Capital

expenditures are budgeted at $794K including the lower entry monument.

6-year Comparison

Financial packet included a 6 year financial comparison chart, including 2016 Budget. Brad noted that the Board projects a $1.53M fund balance assuming all

capital projects are completed as budgeted.

2014 Audit & Zions Affiliate Accounts

Brad reported that the 2014 Audit was completed with no irregularities found; the Board adopted all recommendations made. Brad further noted the recent

announcement by Zions bank that they will be consolidating all of their affiliate accounts into one charter which will remove FDIC protection if an entity banks

with more than one institution. Brad noted that FDIC coverage expires June 30, 2016. Brad added that five accounts will be mapped to

other institutions with proper FDIC prior to the June 30th deadline.

Minutes for Approval - Continued

VI. ARCHITECTURAL COMMITTEE – AMY BAKERAmy thanked the ARC members Julie Chahine, Ron Glenn, Pam Kantrowitz, Joe Koch, Anne Mastain, Ana Salem and Janet West for their service on

the Committee over the past year. Amy restated that there are 194 lots within Glenwild. Amy reported that 111 homes have been completed, 5 are

under construction and 2 lots are in active design review. Amy stated that the ARC continues to receive inquiries for new submittals and continues to

monitor construction closely to maintain community compliance and to minimize construction impact while assisting owners with new construction

projects, remodels and landscape enhancements.

Amy stated that the ARC continues to work with Association Members to ensure that the Design Guidelines are adhered to and that quality

construction and aesthetics be maintained on all new builds, remodels and landscape projects.

VII. COMMUNITY MASTER PLAN & OTHER IMPROVEMENTS

A.Lower Entry Monument- John L. West:

John extended his appreciation to all owners that were able to attend the October special meeting to submit their vote to approve the extraordinary capital

expenditure for the new lower entry monument.

To that end, John reported that given the necessary timing for construction documents, bid process and county permitting process the Board made the decision

to defer the start of construction until the spring of 2016. John restated that the contract had been awarded to Big-D Construction in September, 2015. The

most significant warning was submitted by the asphalt vendors concerned with limited supply and prohibitive temperatures for application. John noted that

Summit County had just issued the official permit the week of December 14th after much communication between the Association and Big-D Construction.

The Board will work with Big-D Construction throughout the winter to assure the earliest possible start to construction while working to minimize impact to

association members and golf members alike.

B. Main and East Gate Modification & Additional community improvements – John L. West

John reported that the Board has started on preliminary studies for modifications to the Main Gatehouse and the East Gatehouse. John noted that the Main

Gatehouse reaches capacity with packages at the current build-out level. The Board agrees that the building footprint seems adequate, but the interior space

can be better utilized for storage efficiencies. As part of any remodel, new mailboxes will be included.

John added that with additional members moving into the Glenwild, the east gate has become more of a primary entrance for a larger population of the

community. To that end, the Board is reviewing improvements to this entry location, while working with some restrictive covenants and limited space.

John added that the Board continues to study options to provide additional recreational assets to the community including revisiting the expanded private trail

system. John noted that the Board will be revisiting the expanded private trail options in 2016 along with opportunities for either private or join recreation

amenities for the community association.

Minutes for Approval

C. Community Patrol – Bob Ayers

Bob Ayers reported that he and his fellow board members agreed that a substantial request for a Community Patrol service was made evident at the

October 2015 special meeting. With that, the Board worked with legal counsel to understand what steps are necessary to update community

documents and/or rules and regulations and what modifications to staff and insurance would be required. Bob added that the patrol, at this point, is

designed to provide enforcement of speed and traffic violations, patrol for trespassers on the lower Glenwild drive and other entry points into the

community (hikers, biker, etc.), offer general assistance to the community at large as needed.

Bob added that the board has completed a preliminary labor and capital expenditure study along with developing preliminary patrol policies effective

for association members and golf members alike. Bob noted that the program ultimately contemplates the issuance of citations and implementation of

a fining/penalty program. Bob further noted that the goal of the Board is to implement a pilot program that is established to collect data and be a

‘presence’ in the community for the first 3-4 months with no issuance of citations or finings. Bob added that a more effective program should evolve

with comprehensive data collection. It was noted that the Club is generally in support of this type of program pending modifications to their member’s

documents as may be needed.

Member Commentary: member commentary/questions included:

*Is a patrol necessary? member expressed concern that he did not feel speeding or dangerous driving was not being done by association members but

instead most significantly by Club members and area workers. The Board noted that the program can only effective when applied to association

members, club members and construction/staff alike. It was noted that a fining/penalty system is already in place for all construction staff including

parking citations, speeding violations and the ability to prohibit entry into the community for repeat offenders or request a ‘stop work order’ on a

project for flagrant violations.

*General patrol: A member expressed concern about subjective enforcement and equitable application. Member was concerned with having a ‘rent-a-cop’

applying possibly subjective criteria on enforcement. The Board noted that part of the recent research has included the discussion of exact policy

implementation and the acquisition of the proper equipment to facilitate the patrol (radar guns, cameras, etc.) Bob restated that the intent of the patrol

is to eliminate flagrant offenders and those drivers operating vehicles well outside of the posted limits.

*Acceptance of Pilot Program: Several members expressed support of a community patrol. Members noted that the general presence of the patrol could

have positive effects without the issuance of citations and fining.

*Initial Expense: Members noted that a pilot program could be initiated by working with a 3rd party provider to determine if the community wants to retain

the program. Board agreed to this suggestion adding that initial 3rd party bids have been solicited and received.

Minutes Approval (continued)

The Board noted that detailed communication on the matter will be provided to all members prior to the start of any patrol program within the

community. The Board is contemplating initiating the program in late spring in order to have maximum association member and golf member activity

along with exposure to increased bike/hike traffic on surrounding roads and trails.

D. Community Park Improvements – Lynn Postnieks

Lynn noted that over the past several years more families with children have moved into the community and the park facilities are receiving additional

use. Lynn added that the park facilities are original condition, and although maintenance has been effective, the equipment is reaching its effective

useful life.

Lynn reported that she has met with several consultants/provider of park equipment and they have completed a cursory review of both Glenwild parks

(purple sage park & east gate park). Lynn noted that the Board set a prioritization of improving the purple sage park in 2016 followed by the east gate

park.

Lynn discussed recent meeting with an area provider of residential ice rinks to determine if Glenwild could host a private ice rink within the

community. Lynn added that Mick Wydra and the Golf club were very excited about the opportunity and reviewed some possible locations adjacent

to the club. After much site and product research it was made clear that the given the average area weather and sun exposure, a ‘natural’ ice rink

would not provide enough skate time to warrant the expense. The Board, working with the Club, would like to pursue this item for future to see if a

more permanent option could be developed for a more substantive rink.

E. Bitner Ranch Road - Danny Siegel

Danny restated that the Bitner Ranch Road Association (“BRRA”) was formally established in 2014 and Stagecoach Estates finalized a settlement

agreement with BRRA.

Danny stated that the BRRA, as guided by their parent HOA’s, agreed to complete the necessary drainage work on Section A of the road, deferring the

larger scale repairs to 2016. The deferment was partly financials for one of the participating HOA’s along with being strategic to better determine any

additional involvement that Summit County may initiate with respect to acquiring some future responsibility for sections of Bitner Ranch Road.

Danny noted Summit County has not made any definitive statements, however the BRRA found it prudent to continue to dialogue with Summit

County while continuing on a parallel path with phased repairs. Danny noted that the BRRA is targeting to complete substantial repairs to Bitner

Ranch Road in 2016 with smaller upgrades in 2017 & 2018.

John West and the Board expressed their appreciation for all of Danny’s time with Bitner Ranch Road over the past many years.

Minutes Approval - continued

VIII. NOMINATIONS FROM THE FLOOR AND TRUSTEE ELECTION

John announced that two (2) Trustee positions were open for election, with two (2) nominees presented in advance: Bill Engvall and John West. (Bios

of Nominees were sent to all Association Members in advance of the meeting). John added that Bob Ayers term expires and the 2015 meeting and Bob

was not seeking re-lection. John and the Board, expressed their appreciation to Bob for his wonderful service to the community and involvement in

several special projects.

John asked for any nominations from the floor for the Trustee election. No nominations from the floor were submitted.

Owner Ballots were collected for official tallying and recordation with the Association.

***John announced, after open discussion, that Bill Engvall and John West had each been voted to the Board

Of Trustees***

IV. ADJOURNMENT: The meeting officially adjourned at 6:55pm

The Board of Trustees invited all attendees to stay and enjoy a dinner/social event hosted by the Association and prepared by the Glenwild Club.

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OPENING COMMENTS

President, John L. West

FINANCIAL REPORTSBrad Dickson

• 2016 Year End Projection

• 2016 Projected Fund Contributions Chart

• 2016 Projected Operating Expenses Chart

• 2016 Capital Expenses Chart

• 2017 Budget Summary

• 2017 Projected Fund Contributions Chart

• 2017 Projected Operating Expenses Chart

• 2017 Capital Expenses Chart

• Financial Reports, 6 Year summary – 2017 Budget to 2012

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2016 FINANCIAL INFORMATION

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2016 PROJECTED SUMMARY AT YEAR-END DECEMBER 31ST

FUND CONTRIBUTIONS

3001/ DUES 1,029,170.00$

3002/ DESIGN REVIEW FEES 35,900.00$

3003/ LATE FEES 4,308.50$

3006/ ROAD IMPACT FEES 1,000.00$

3010/ INTEREST INCOME 1,977.31$

3011/ BROADBAND FEE 10,433.52$

3012/ RENT INCOME 28,645.20$

3017/ REINVESTMENT FEE 222,188.75$

TOTAL FUND CONTRIBUTIONS 1,333,623.28$

OPERATING EXPENDITURES

TOTAL LABOR EXPENSE 605,390.70$

TOTAL OPERATION EXPENDIUTRES 38,477.71$

TOTAL UTILITIES-COMMON AREA 38,842.71$

TOTAL ADMINISTRATIVE EXP 110,337.97$

TOTAL TAX, INSUR, PERMITS, LICENSE 65,048.51$

TOTAL OPERATING EXPENSES 858,097.60$

NET FOR CAPITAL 475,525.68$

5001/ RETAINED CAPITAL 2,430,928.11$

CAPITAL ANN. FUNDS BEFORE CAPITAL EXPENSES 2,906.453.79

CAPITAL EXPENDITURES 604,595.14$

TOTAL NET FUND BALANCE 2,301,858.65$

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Projected 2016 Fund Contributions$1,333,623.28

Budget: $1,226,248.52 Over budget by $107,374.76

ANNUAL DUES 1,029,170

DESIGN REVIEW INCOME 35,900

LATE FEES/FINES 4,309

ROAD IMPACT FEES 1,000

INTEREST INCOME 1,977

BROADBAND FEE 10,434

RENT INCOME 28,645

REINVESTMENT FEE 222,189

TOTAL FUND CONTRIBUTIONS 1,333,623

$1,029,107.00 77%

$35,900.00 . 3%

$4,308.50 , .4%$1,000.00 .1%

$1,977.31 , .2%

$10,433.52 , 1%

$28,645.20 , 3%

$222,189.00 , 17%

1 2 3 4 5 6 7 8

2016 Projected Fund Contribution

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Projected 2016 Operating Expenses$858,097

Budget: $923,800

Under budget by $65,702

TOTAL LABOR EXPENSE$605,390.70 70%

TOTAL OPERATION EXPENDITURES, $38,477.71 5%

TOTAL TAX, INSUR, OTHER, $65,048 8%

TOTAL AMINISTRATIVE EXPENSE$110,338, 13%

TOTAL UTILITIES-COMMONAREAS

$38,843 5%

Projected Operating Expenses 2016$858,097.60

OPERATING EXPENDITURES

Total Labor/Contracts $605,390.70

Total Operations Expenditures $38,477.71

Total Utilities – Common Areas $38,842.71

Total Administrative $110,337.97

Total Tax, Insurance, Other $65,048.51

Total Operating Expenses $858,097.60

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Projected 2016 Retained Cap. Contribution & Capital ExpendituresRetained Contributions: $2,906,453; Proposed Expenditures: $604,595

2016 PROJECTED CAPITAL EXPENDITURES

BITNER ROAD MAINTENANCE - GW'S % 98,260.34 16%

ROAD MAINTENANCE 201,578.59 33%

LANDSCAPE IMPROVEMENTS 4,267.53 1%

SECURITY ACCESS SYSTEM 9,977.76 2%

EAST PARK IMPROVEMENTS 65,952.14 11%

COMMUNITY ENHANCEMENT 8,908.04 1%

EXTRA CAPITAL ENHANCEMENT (w ith Vote) 215,600.49 36%

ENTRY GATES & BRIDGES 50.25 0%

TOTAL ALL CAPITAL EXPENDITURES 604,595.14 100.0%

BITNER ROAD MAINTENANCE

16%

ROAD MAINTENANCE

33%

LANDSCAPE IMPROVEMENTS

1%

SECURITY ACCESS SYSTEM

2%

EAST PARK IMPROVEMENTS

11%

COMMUNITY ENHANCEMENT

1%

EXTRA CAPITAL ENHANCEMENTS

36%

ENTRY GATES & BRIDGES.01%

Capital Expenses Breakout w %'s

2017 BUDGET INFORMATION

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FUND CONTRIBUTIONS

Dues (3% increase) 1,060,045.10$

Design Review Fees 10,000.00$

Late Fees -$

Interest Income 1,000.00$

Broadband Fee 10,746.52$

Rent Income 28,645.00$

Reinvestment Fee (Transfer fee) 200,000.00$

Total Fund Contributions 1,310,436.62$

OPERATING EXPENDITURES

Total Labor and Contract Expenses 648,700.00$

Total Operation Expenditures 47,150.00$

Total Utilities-Common Area 35,600.00$

Total Administrative 119,750.00$

Total Tax, Insurance, Permits, Licenses 86,065.00$

Total Operating Expenses 937,265.00$

Net Balance for Capital 373,171.62$

Retained Capital 2,301,858.65$

Funds Before Budgeted Capital Expenditure 2,675,030.27$

CAPITAL EXPENDITURES 614,824.00$

Ending Net Fund Balance 2,060,206.27$

2017 Annual Budget Summary

Projected 2017 Fund Contributions

$1,310,437

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3001/ANNUAL DUES 1,060,045

3002/DESIGN REVIEW INCOME 10,000

3003/LATE FEES/FINES 0

3006/ROAD IMPACT FEES 0

3010/INTEREST INCOME 1,000

3011/BROADBAND FEE 10,747

3012/RENT INCOME 28,645

3017/REINVESTMENT FEE 200,000

TOTAL FUND CONTRIBUTIONS 1,310,437

Projected 2017 Operating Expenses$937,265.00

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TOTAL LABOR EXPENSE 648,700

TOTAL OPERATION EXPENDITURES 47,150

TOTAL UTILITIES - COMMON AREAS 35,600

TOTAL ADMINISTRATIVE EXPENSE 119,750

TOTAL TAX, INSUR, OTHER 86,065

TOTAL OPERATING EXPENSES 937,265

TOTAL LABOR EXPENSE, 648,700 ,

69%TOTAL OPERATION EXPENDITURES,

47,150 , 5%

TOTAL TAX, INSUR, OTHER, $86,065 , 9.4%

Projected Operating Expenditures 2017$937,265

TOTAL AMINISTRATIVEEXPENSE

$119,750, 12.8%

TOTAL UTILITIES-COMMON AREAS$35,600 3.8%

Projected 2017 Capital Expenditures

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2017PROJECTED CAPITAL EXPENDITURES

Bitner Ranch Road, Reserve Contribution,Road Repairs, Facility Maint

2017 Capital Expenditures 614,824.00 100.0%

Total of All Proposed Capital 614,824.00

6-Year Summary Comparison 2017 to 2012

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

2017

2016

2015

2014

2013

2012

2017 2016 2015 2014 2013 2012

Budget Projected Actual Actual Actual Actual

Total Fund Contributions 1,310,436.62 1,333,623.28 1,372,770.43 1,198,530.59 1,279,616.34 1,159,559.31

Total Operating Expenditures 937,265.00 858,097.60 789,193.36 762,836.05 877,802.88 880,088.88

Net Balance for Capital 373,171.62 475,525.68 583,577.07 435,694.54 401,813.46 279,470.43

Retained Capital 2,301,858.65 2,430,928.11 1,959,942.32 1,555,669.46 1,316,995.00 1,386,380.09

Funds Before Capital Expenditures 2,675,030.27 2,906,453.79 2,543,519.39 1,991,364.00 1,718,808.46 1,665,850.52

Total Capital Expenditures 614,824.00 604,595.14 112,591.28 31,421.83 163,139.00 348,855.52

NET FUND BALANCE 2,060,206.27 2,301,858.65 2,430,928.11 1,959,942.17 1,555,669.46 1,316,995.00

All of Glenwild’s 194 lots are sold.

118 beautiful homes have been completed,

6 homes are under construction and 6 are in the design review process with active inquiries

from new Association Members.

ARCHITECTURAL REVIEW COMMITTEE(ARC)

MEMBERSMark Lucas (Chair), Joe Koch, Julie Chahine, Anne Mastain,

Kelly Ragsdale and Janet West

3rd Party Architects: Kevin Horn & Rob NielsonARC COMMITTEE REPORT

Mark Lucas-Chair

CURRENT STATUS OF LOTS and HOMES

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Proposed Changes to Glenwild Design Review & Construction Fees

Design Review Comparative Fee Schedule

CURRENT FEE PROPOSED FEE The Colony Deer Crest

Design Review &

4 part inspection fee $5000 $7000 $17,000 $11,000

Design Review/Remodel $500 - $1000 $200/HR variable variable

Refundable Bond $10,000 $25,000 $25,000 $50,000

Road Impact Fees $2500 $2500Includes Bitner Ranch Rd

& Glenwild Rd Impact Fee

Extra Inspection Fee None $200/HR(During Construction)

Excessive Haul Out Fee None $2500(Over 100 loads)This fee will be charged in 50 load

increments over initial 100 loads

Landscape Review 3rd party None $120/HRAssociated only with complex

grading plans.

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CALL FOR NOMINATIONS FROM FLOOR

Comments from all Nominees, addition of any Nominees from Floor, and VOTE FOR THREE (3) SEATS ON THE BOARD to be Tallied during remainder of Meeting

• Ballots were issued during the Check-In Process, to Members in Good Standing for each unit or their designated Proxy, if Ballots had not already been received by mail.

• The Ballot issued at Check-In, includes all the Candidates Nominated to Date, with spaces for Additional Nominees if further nominations are made from the floor.)

• Please add any Nominations made from the Floor to your Ballot.

• Once the Floor is closed to further nominations, then clearly mark your Ballot voting for up to THREE (3 ) Candidates. (There is no cumulative voting)

• Ballots will then be collected, and the tallying process will begin.

• Results will be announced at the end of the Meeting, if Tallying can be accomplished. Otherwise, you will be notified by email and on the Web Site as soon as possible.

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Community Association Matters –Discussion From the Floor

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ANNOUNCEMENT OF VOTING RESULTS IF TALLY COMPLETED BY END OF MEETING.

ADJOURNMENT

Thank You for Coming!