AUGUST 1, 2002

The following Directors were present:

Jeff Cooper

James Call

Joe Fisher

Gloria Kron

A quorum being present, the meeting was called to order by the President, Jeff Cooper, at the hour of 6:05 p.m.

The minutes of the May 30, 2002 Board of Directors meeting were distributed and reviewed. Gloria Kron moved to approve the minutes as presented. Joe Fisher 2^nd the motion. The motion was approved.

The July receivable report was distributed and reviewed. The managing agent reported on the current status of the delinquencies.

The July financial reports and reserve analysis were distributed and reviewed.

The next item of business was a leak in unit 300. The managing agent reported that the contractor called out was not able to locate a leak, however Allen & Petersen suggested locating the leak using a pressure washer. Brief discussion was held on possible ways to locate the leak. IIt was decided to wait until the leak appears in unit 300, at which time Allen & Petersen will be called out to cut the sheetrock and try to trace the leak to its origination.

The managing agent reported that GCI would not be able to hook up the security camera to regular TV, unless all of the units within the Association have GCI Cable TV. The issue was dropped.

Joe Fisher reported on the current status of unauthorized fence construction and stated that the fence has been taken down by the Municipality of Anchorage.

The next item of business was fence repair on the north side of the property. Two proposals were distributed and reviewed. Joe Fisher moved to approve a proposal submitted by Bruce Roberts. James Call 2^nd the motion. The motion was approved.

Jeff Cooper reported on the garbage room repair. Several parts had to be replaced, which eliminated the odor once completed.

Joe Fisher stated that himself and the asphalt repair contractor were not able to meet at the time convenient to both of them to arrange for potholes repair and the parking lot restriping. Joe Fisher will follow up on this issue.

The next item of business was the late fee policy. The Association’s documents state that a late fee of $15.00 plus interest at a highest rate allowed by law shall be applied to accounts not paid in full within 30 days of the due date. The Association has not been enforcing the late fee policy. A discussion was held on the issue and it was unanimously decided to put the late fee policy in force as soon as possible.

Proposals to refinish the carport roof were distributed and reviewed. The roofing companies who submitted proposals were proposing different types of membrane, therefore the issue was tabled until more information on the membranes could be obtained. The Board would also like to make sure that the roofers replace the rotten wood as needed.

The next item of business was interior painting. Proposals submitted were distributed and reviewed. It was decided to contact the contractor and have them resubmit their bids as “winter work”, which would save the Association some money.

Joe Fisher stated that several homeowners inquired as to the possibility of installing a security system on the 1^st front door instead of a 2^nd front door in the lobby. It was decided to obtain bids for the job and then mail out the information to the homeowners to vote.

Signature cards were distributed and reviewed.

The next meeting of the Board of Directors will be held on Thursday, September 26, 2002 at the hour of 6:30 p.m. in the conference room on the 2^nd floor.

Being no further business to come before the Board to discuss at this time, the meeting was adjourned at the hour of 7:30 p.m.

 Follow up items