ANNUAL MEMBERSHIP MEETING MINUTES

Randal Martines called the meeting to order at 7:04 P.M. Virginia Bray confirmed that a quorum was present with 49 owners represented in person or by Proxy.

2. PROOF OF NOTICE OF MEETING OR WAIVER OF NOTICE

Virginia Bray, Association Manager, LCM Property Management confirmed that the Notice of the Meeting, Agenda and a Proxy Postcard were mailed to all members by First Class Mail on February 26, 2007.

3. INTRODUCTION OF BOARD MEMBERS AND STAFF

Vice President Lance Chayet introduced the Board members that were present, Lorelle Grazis, Ed Stack, Mindy Dunbar, Randal Martines, Jason McKesson and David Robinson. Lynn Johnson attended the meeting after it was in process as she had a previous engagement that overlapped the 7:00 PM meeting time.

4. APPROVAL OF 2006 ANNUAL MEETING MINUTES

It was motioned by Ed Stack and seconded by Jason McKesson to approve the March 16, 2006 Annual Meeting minutes as submitted, and the motion passed unanimously (MSC).

5. REPORT OF OFFICERS AND COMMITTEES

A. Web Site Report-Lorelle Grazis encouraged owners to submit their recommendations for vendors to be added to the vendor list on the Association’s Web Site.

B. Landscape Committee: Mindy Dunbar reported on the major irrigation and landscape renovation in the tennis court park last fall. The project included removal of the tennis courts as they were not repairable due to the shifting soil under the courts, removal of the asphalt path and replacement with a decomposed granite path, abandonment of the old irrigation system in the upper portions of the park and and renovation of the plant and grass materials in the area. The project was not completed last fall due to the early cold and wet weather, but will be done so soon. The major factor in renovation of this area of the park is savings on water and removal of the major maintenance expense to keep up the tennis courts.

C. Power Point Presentation by Randal Martines (see attached). Randal presented a report showing the Association’s past, present and future financial positions and projects. During the presentation, members asked questions and clarification on the operating and reserve budgeting prosess. Randal expressed the Board’s willingness to consider member’s recommendations and asked that they attend the Board meetings if they wish to be a part of the decision making. The February 28, 2007 unaudited financials were provided to members that attended the meeting. Randal explained the difficult decisions that the Board would be making in the next few months regarding budget income and expense issues. An increase of 35% to 85% over the current budget will be needed to cover normal operating and capitol improvement projects. The Board will be working on a plan over the next couple of months and members are invited to attend Board meetings to participate in this process.

D. Restated Amended Governing Documents-The Power Point presentation included the Board’s project to have the Association’s governing documents restated and amended in order to meet the current city, county, state and federal government laws pertainaing to Associations. The current Declarations inhibit the Board’s ability to manage the Association’s business in a financially prudent manner. The Firm of Lansky and Wiegler has been contracted to prepare the new documents and when the Board has finalized the first draft, a meeting of members will be held and Myra Lansky will be at the meeting to answer owner questions. A vote will be taken at the meeting with a deadline for completion within a couple of months after the meeting.

6. ELECTION OF DIRECTORS

Vice President Lance Chayet explained the election process. Lance explained that past Board member Peggy Kent would not be running for re-election as she will be moving from Arapahoe Estates. Peggy was not able to attend the Annual Meeting but Lance thanked Peggy for her years of service on the Board. Peggy provided exemplerty service to the Association and she will be missed.

· Nominations-Three (3) three-year positions are open. Incumbants Lynn Johnson and Jason McKesson have agreed to be candidates and Nancy Barton and Linda Rohrenbach have also agreed to be candidates. Nominations were opened from the floor. As there were no further nominations from the fllor, it was MSC to close the noiminations.

· Introduction of Candidates- Randal Martines read a statement submitted by Nancy Barton who was unable to be attend the meeting. The remaining candidates addressed the members.

· Election-A secret ballot was provided to each member and Board members voted the proxies assigned to them.

7. HOMEOWNERS OPEN FORUM

While the votes were being counted, the floor was opened for questions from the membership, which ranged from concerns on the financial position of the Association, to snow removal or a lack thereof by the City of Centennial, speeding on E. Euclid and the appearance of the Association’s entrances from Colorado Boulevard and Arapahoe Road at E. Euclid. Two members informed the Board that they would like to participate in providing illustrations and plans for proposed renovations of these entrances. Concerns about employees and guests of the Strawberry Park Business Center parking along E. Euclid Avenue on the streets in front of the dupexes and the townhomes. It was reported that Strawberry Park charges their lessees to use the small parking lot on the north side of Arapahoe Road next to the townhouses, and therefore people park on the street. It was suggested that the Association contact Centennial to see if they will set up a parking permit program for owners and visitors in Arapahoe Estates.

8. ELECTION RESULTS

Two members counted ballots and the results were presented by Randal Martines. Lynn Johnson, Jason McKesson and Linda Rohrenbach were elected to the Board for three year terms.

9. ADJOURNMENT

There being no further business to come before the members, it was MSC to adjourn the meeting at 9:15 P.M.

The next Annual Membership Meeting will be held in March 2008, date and location to be announced.

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