VILLAGES OF WISP ASSOCIATION

2010 ANNUAL MEETING

NOVEMBER 6, 2010

1)Welcome and Overview

Randy Mason (President) called the meeting to order and introduced the other Board members who were in attendance which included:

      Anita Monroe-Treasurer

      Jack Brady-Vice President

Jeff Block and Steve Lowery were unable to attend. Randy introduced and thanked our property managers, Tom and Jonni Hunt, and Dave Stephens, who performs a variety of duties for the association including snow plowing, grass cutting and other general services.

Randy provided and overview of 2010 activities at VOW which included elements of the five (5) year plan.

• Highland Engineering was hired to consult on the roads. They recommended paving vs. tar and chip for Bright Passage. Bright Passage was paved, much to the delight of the homeowners.
• Rip/rap for the ditches has been completed. More to do in 2012
• Next-Winding Way from Liftside down and Lake view are next to be paved
• An extension for the day dock was purchased
• A number of trees were removed
• Record snow fall removal as handled by Dave Stephens
• A snow blower was purchased to assist in relocating the snow
• Randy complimented Dave on a terrific job of snow removal
• Randy gave a special thanks to Jonni and Tom for the great job they do for the association
• Dave Stephens was introduced. His services to the homeowners includes odd jobs like tree removal, snow removal, sidewalk construction etc.
• Even with record snowfall, no special assessment was needed fro   snow removal

2)Review and Approval of Minutes

Jack reviewed minutes of the 2009 Annual Meeting and upon motion from the          floor were approved.

3)Operations Update

    Property management report:

• Jonni reported two (2) units sold in 2010; one for $240,000, one for $249,000
• Jonni said she appreciates the board and their hard work
• Jonni reported twelve (12) units are presently on the market priced form $249-$419,000.

4)Financial Update: Review of 2010 and 2011 Budgets

• Anita reviewed the 2010 budget. VOW spent an extra $6,000 on snow removal. We cut back on landscaping and mulching.
• Good news- $19,000 excess can be rolled into road fund plus $6,700 left. Approximately $26,000 available for 2011.
• Jonni and Tom worked closely with the engineers
• Estimated $38,000 needed to pave Winding Way from Liftside down and Lake View
• 2012 – Finish ditches $70,000
• 2013 – Estimated $75,000 to pave upper Winding Way.
• Anita and board looked at all options – no special assessment needed
• Raise dues to $100. For 2011 and 2012 will cover all expenses .Can still do mulching of common areas.
• Still have discount available. Pay up front for eleven (11) months, get 12 th month free
• Dues increase was voted on and passed

5)Election and Voting

By acclamation from the floor, Randy Mason was approved to serve another term on the Board. The vote was unanimous and enthusiastic

6)Deep Creek Development Presentation

    Karen Myers provided the following update:

• Wisp had 263 inches of snow last winter
• Hope to open the Friday after Thanksgiving this year
• Season Pass holders will again be able to use their pass at Seven Springs and Hidden Valley
• Lodestone Golf course is open to rave reviews
• Wisp Mountain Village is till in the drawing board. Waiting for economy to recover
• Plans are in place to add additional seating by adding a mezzanine to the main lodge
• Learn to ski program will be moved to the other side of the lodge by the driving range

7) New Business/Open Discussion

• A homeowner asked about the water tower and the impact the trucks might have
• A homeowner asked about the dumpster on Bright Passage -   is it a permanent location?
• A homeowner suggested that the aggregate (stone) should be bigger to improve traction when paving Winding Way
• Meeting adjourned