PINE RIVER RANCHES LANDOWNERS ASSOCIATION, INC.
ANNUAL BUDGET MEETING
SATURDAY, OCTOBER 3, 2020 AT 11:00 A.M.
VALLECITO CHURCH TENT, 17576 CR 501, VALLECITO LAKE
President, Chip Burkett called the meeting to order at 11:14 A.M. We did not have a quorum present therefore the meeting was informal.
Boards of Directors present were: President, Chip Burkett, Treasurer, Florian Walchak, Vice-President, Jeremy Luman and Secretary, Jeanie Widner
Members present were: Pat LeRoy, Richard & Angela Diedrich, John Dustin, Jim Clay, Dorothy Applegate, John & Barbara Wickman, Stephen Harris, Mark Gigliotti, Terri Bonham, Lilly Burkett and Vicky Mullins & Mike DeYoung. Members represented by proxy were: Jennifer Young, Russell & Mary Walker, Granville & Siobhan Conway, O.D. & Betty Perry and Dan & Karen Holloway.
Due to lack of a quorum, there could be no motion or vote to reject the 2021 Budget; therefore it is adopted as presented. Treasurer, Florian Walchak went over details of the budget and how it differs from the 2020 Budget. There has been a line item added for defibrillators. Increases for 2021 were: Legal fees and Bridge expenses/line of credit fees. Decreases were: Common spaces maintenance, Dust abatement/roadwork/gravel, Snow removal and Contingency fund. The overall budget has not changed; there has just been some rearranging of funds. The annual assessment fee will remain the same. Florian stated that 94% of the budget is for roadwork and common spaces. John Dustin stated that he thought we were nearly at the threshold of needing to consider doing away with gravel roads and paving. There was discussion. Jim Clay mentioned that on the paved section of Ludwig Dr. there are a couple of potholes developing and it would be good to treat them with patch materials before winter to keep them from further deterioration. Jeremy Luman said he would gladly take care of it.
Vicky Mullins asked if we are taking money out of the annual fees to put into a fund for chip and seal of the paved area. Chip and Florian stated that we are. $4000.00 per year goes into a reserve fund, which is earmarked for that purpose. She asked if members could find out the amount in the fund. Jeanie Widner said it is included in the Board of Directors meeting minutes, which are posted at the mailboxes and also on the web site each month. The current balance is $12.028.16
Richard Diedrich said he wanted to mention the group that has trimmed trees and bushes along roadways within the subdivision and thought we should consider forming an official group to assume the tasks and either purchasing or renting equipment to aid them. There was lots of discussion. Jim Clay mentioned that these things are already included in the budget under Common spaces maintenance.
BRIDGE UPDATE
Florian said we are making progress with FEMA. They required 4 studies: Biological, Cultural, Hydraulic & Hydrology and Actual site placement for the new bridge. The vendors for the studies were chosen last week and will be completing the studies, which we will then submit to FEMA through the PRFD. We must pay 25% of the total cost and FEMA will reimburse us for the other 75%. The association owns 3 lots: the pond and the 2 lots on either side of the new bridge location. Bank of Colorado has appraised those lots and approved a line of credit loan with them as collateral. The hiccup in the process came when the PRFD was denied a construction loan from TBK Bank so the need arose for us to be able to carry a loan for operating costs. The FEMA grant is for $1.2 million, but Florian feels quite confident that the final cost will be significantly less, thereby lowering the cost for the association. USDA came into the picture because they offer a loan for 40 years at 2.25% to public and private entities. If we took out a loan from them to cover construction costs, we would immediately pay it back as reimbursements came in from FEMA. Florian stated that he understands that the reimbursements will come throughout the process, as money is spent, not waiting until the project is completely finished. If we use the appraised value of all 3 of the subdivision properties, we may have enough without the loan from the USDA. Once all the studies are in, the next step is to seek bids from engineering companies and, with FEMA and the PRFD, move forward in selecting the ones who will do the actual work of building the bridge. The bridge will be placed downstream of the current bridge. Most likely no construction will start until next spring.
Chip thanked John Dustin for securing the needed paperwork from the only surviving member of NEW AGE Corp., the original owners of the bridge, stating they held no legal claim to the bridge. FEMA required this in order to know that the bridge could be removed and disposed of when the new bridge is functional.
Deedee Applegate asked what was included in the cost of bridge reimbursement from FEMA. Florian answered that they would include, and reimburse the association for the studies, the bridge itself, the abutments, changing the roads on each side of the bridge to realign, extending O.D. Perry’s driveway and Richards Drive, paying LPEA to move electric lines, cost of removal and disposal of old bridge and possibly the legal fees. We will pay interest on the line-of-credit loan.
Jim Clay asked if the bridge would have asphalt or cement on the surface. Florian said it will have one or the other and we will know that when the engineering company designs and the construction company bids the bridge. The PRFD has a big say, since the FEMA loan is through them.
Chip Burkett offered a BIG thank you to Florian for all the time, effort and hard work he has put in on this project. Those in attendance offered a round of applause.
The meeting ended at 12:07 P.M.
These minutes of the meeting were approved by a vote of __________on_____________________________________
CHIP BURKETT, PRESIDENT DATE
JEANIE WIDNER, SECRETARY DATE