Report from the

Council of Stewards Meeting

February 27, 2008 [Regular Meeting]

In attendance: Dave Smith (presiding), Sam Coleman, Tom Fischer, Teresa Furlong (secretary), Lemie Richards, Dave Stout, and John Williamson.

There were no homeowner issues or comments.

The Council of Stewards (COS) also discussed these issues and took the following actions:

• Committee reports were presented as follows:

1.  Townhome/Workplace Building Maintenance Committee – Total expense for work orders in 2007 closed considerably below 2006 levels ($13,275 for 2007 vs. $19,469 for 2006). Average cost per work order (total of 66) was $201. Total work orders were slightly lower. January 2008 expenses ($1,489) were slightly above the 2007 monthly average ($1,327).

The grant from a foundation sponsored by Duke Energy to install new light fixtures for fluorescent bulbs in the byways was not as promising as once thought. The committee will continue to review alternative bulbs for better performance.

The painting project for 2008 will include the three buildings on the south side of Harper Lee Street. The COS accepted a recommendation not to solicit multiple bids this year since this was done in 2007. However, Foreman Painting Company will be asked to provide a bid before contract approval to assure consistency with previous charges and coverage. As the result of a review of all buildings on Harper Lee, damage to wood trim on several units on the north side will also be repaired and painted with the project this year. (NOTE: Due to Charlotte-Mecklenburg water restrictions, the painting contractor will be asked to utilize a water truck for pressure washing rather than relying on homeowner faucets.)

Foreman Painting will also be asked to provide a bid for repainting common area fences and arbors. The Town of Davidson will be contacted regarding the scope and approval of this work under the city budget for town park areas.

2.  Finance Committee – The financial report for month ending January 31 was reviewed.

Year end net incomes for 2007 were slightly positive for both the Common Area (+ $1,829) and Townhome Peer Group (+ $3,204). This reflects good budget control and reduced utilities costs at year-end due to water restrictions.

$40,000 in the Peer Reserve account has been transferred to a 12 month CD at current rates. This still leaves sufficient funds for the 2008 painting project. Abbott has been asked to make arrangements with CA Banc to have the Association CDs spread over three affiliated banks in order to maintain FDIC coverage on all deposits.

To consolidate the location of all Common Reserves, funds held in a Merrill Lynch account have been moved to a CA Banc account set up for these funds.

The percentages for distribution of Peer Reserves have been changed slightly to allow better growth of funds for grounds & landscaping. This will provide sufficient funding for landscaping upgrades currently under way on Twain Avenue.

Several residents have raised questions regarding the Association insurance coverage for townhome buildings/units. Tom Fischer, Treasurer, is reviewing the policy to verify appropriate coverage.

3.  Property Transition Committee – No new issues to report. Activity has increased slightly with the closing of three homes this past month. The next committee meeting is scheduled for March 11.

4.  Landscape & Grounds Committee – Landscaping renovation on Twain Avenue has been put on hold until later in 2008 due to continued water restrictions and reduced rainfall levels. [See newsletter article on page 3 for landscaping summary.]

A second quotation was received for correcting drainage problems behind Charleston-style homes on O. Henry Avenue. The COS approved the work scope and quote. Communication with residents will be made before work is started.

5.  Architectural Review Committee – Three requests were approved by the committee.

Problems noted by residents in David Weekly homes, especially along Fairview Lane, were reviewed in the February ARC meeting. [See summary in newsletter article on page 4.]

6.  Newsletter & Website Committee – No report.

7.  Covenant Committee – The committee has addressed three key issues in the latest meetings: garbage/recycle bin storage guidelines, elimination of parking spaces that create a safety or traffic flow problem, and increased enforcement of overnight parking violations. [See details in newsletter article on page 5.]

• Management Report – Abbott will be requested for follow-up on the three top accounts on the aging report.

• Old Business – A quotation to add asphalt curbing to Wallace M. Gamble Byway to prevent erosion and drainage run-off from the wooded area was approved.
  
  The common area at the corner of Fairview Lane and Ashby Drive continues to present problems as the result of construction of unapproved structures. This issue will be reviewed by both Abbott and the ARC and follow-up letters issued as appropriate if non-compliance of Association governing documents is determined.

• New Business – The COS officially recognized Lance Cunnane and the Cunnane Group for its quick and generous response to townhome residents who experienced frozen pipes in the recent cold weather outbreaks. A letter of thanks will be sent to Lance on behalf of those residents and the Association. [NOTE: No further work will be added to the list developed last month. Future problems must be addressed at owner’s expense.]
  
  Due to poor housing sales throughout the country, property rentals in the neighborhood are on the rise. The COS has the authority under the Covenant to require all homeowners who are renting to supply a copy of the lease/rental agreement, including name, address, and phone number of the residents. Abbott will be requested to send all non-resident owners a letter requesting the status of their unit and a copy of this information, if applicable. This is to enable the Association to better understand the scope of the rental issue since lending institutions may vary mortgage rates based on the rental percentages. [NOTE: This information may also be requested for townhome owners renting casitas.]
  
  Volunteers to chair SPINN 2008 are needed now. The date has been set for Saturday, June 7, with a rain date of Sunday, June 8. [See newsletter article on page 3.]

The meeting was adjourned at 8:15 p.m.