MET Mountain Homeowners Association September 18, 2023
PO Box 2733
Avon, CO 81620
Chris Smith (791 Unit 2) has stepped down from the Homeowners Association (HOA) Presidency and the Board. We thank Chris for his many years of service.
The HOA is in great need of at least one and possibly two new Board members and a President. Attached is a copy of our Bylaws to try to explain the submission and election process. See attached Section 7. To summarize:
a)The Board can have up to 5 members. We currently have 3 board members and need up to two more.
b)The Board tenancy is annual and is decided at the annual meeting of homeowners. During their tenancy, the board can approve other board members and officers.
c)The officers of the Board are president, vice president, secretary, and treasurer. The president and vice president must be Board members. Other officers can be appointed by the Board.
d)Once the Board is elected, the Board elects / appoints officers.
Please let me know if you are interested in serving on board. We would commence regular board meetings which can be held by Zoom if you are an absentee owner.
Consider “Prepaid Dues Liability” to help with the HOA financial deficiency. This would be prepaying the 2024 Dues in January for the whole of 2024. The quarterly invoices would show a zero amount due and the positive amount left for the year.
MET Mountain HOA has many interesting issues to entertain in the coming years.
- The HOA has been awarded a Judgement against Ace Roofing, that did the metal roofs, and its owner for metal roof replacement $788,371.68, garage drywall repair $83,000.00, legal fees $23,100.28, miscellaneous $400.00 for a total of $894,871.96. The question is how to collect on all or part of the money. Is an attorney OR a collection agency the best approach? An attorney is an upfront cost AND ongoing costs with no guarantee. The collection agency has NO upfront cost but a percentage from 30% to 50%.
- The HOA financial situation is not good. The legal fees for the Judgement above have drained our Operational and Home Improvement accounts. I am hoping a judgement can replenish these accounts. The HOA has tried to keep the Dues to a reasonable level to cover yearly cost and add a little to the Home Improvement account. The increase in construction costs and oil/energy prices have increased the cost of the largest costs, water/sewer, insurance, landscaping, and waste removal. These are listed in order of dollar value. The Dues can be increased up to 10% by just a vote of the Board.
- Collecting the Dues on a timely fashion is of paramount importance. If even one owner is delinquent with a quarterly payment, there is negative cash flow for that quarter.
- Since water/sewer is the HOA’s largest expense, there are several ideas for controlling water usage. Irrigation in 2022 cost an estimated $1,711 of the $20,554 or 8.3% of the Eagle River Water and Sanitation yearly bills. The largest cost is the individual owners. Building 770, southwest building, has individual unit water meters. Buildings 771, 790 and 791 have just one meter per building. The irrigation water comes from 790 for the area west of Stone Creek Drive and 791 for the area east of Stone Creek Drive and is on those buildings water meters. Meters on the individual units would help understand the usage in buildings 771, 790 and 791. Water leaks in faucets and toilets could be more easily defined.
- The Board has considered rules for Short Term Rental. Since this is an important topic with, Vail, Avon and Eagle County, the Board decided to wait for Eagle County rules.
- In the last several years the Board has operated more on emails and verbal conversation and not with meetings. It is the hope that the Board can revert back to Annual Meetings, Directors Meetings and Special Meetings as set forth in the Bylaws to get the community more involved in the operations of the HOA.
- Special Assessment projects like re-blacktopping the driveways and parking areas
- The board needs guidance on provided services and their costs. For example, the quarterly dues do not cover additional winter services such as shoveling the roofs if snow builds up. If owners want this service, there would need to be additional assessments.
- The HOA faces needed capital improvements that have yet to be planned. For example, in addition to the roof situation, we should be considering tree removal, a fence along US Highway 6.
The Board needs your help filling Director positions and the Presidency. Please consider volunteering for these important positions.
MET mountain Homeowners’ Association January 1, 2018
Below is a list of our actual HOA expenses thru December 29, 2017.
Water $ 16,146.43 27.4%
Landscaping $ 10,166.03 17.3%
Insurance $ 8,325.00 14.1%
Waste Removal $ 6,052.04 10.3%
2017 Water Damage $ 4,288.78 7.3%
Accounting/Legal $ 3,910.00 6.6%
Snow Plowing $ 3,827.25 6.5%
2017/2018 Roof Issues $ 2,925.82 5.0%
Management Fees $ 2,400.00 4.1%
General Repairs $ 342.50 0.6%
Taxes $ 266.00 0.5%
Bank Service Charges $ 120.00 0.2%
Postage $ 113.69 0.2%
Total Regular Expenses $ 58,883.54 100.0%
Note that our estimated income is $800 per quarter * 4 quarters * 16 units = $51,200 for a short fall of $7,683.54 if we could collect 100% of the dues. Luckily the HOA has a small cash reserve and a Home Improvement reserve so that only $1,903.82 (see below) was not covered.
As per the Declarations of Covenants, Conditions and Restrictions, Article V. Covenant for Assessment, 3. Maximum Assessment, the Board may vote to have a maximum increase of up to 10% per year. Over 10% increase per year must have a 75% majority vote of the members. The Board has voted to increase the dues by the 10% to $880.00 per quarter for $797.50 general dues and $82.50 Home Improvement starting with the April 1, 2018. This increase is to help insure positive cash flow and to have some reserve for unexpended expenses.
The amount of money in the Home Improvement/Reserve account has been up for discussion. Several issues are to be considered:
MET Mountain Declaration of Covenants Article V. 19 requires a Reserve.
Colorado Common Interest Ownership Act (CCIOA) 38-33.3-303 requires an adequate Reserve.
Met Mountain Insurance has a $5,000 deductible per incident.
Fannie Mae has a Reserve fund requirement for securing a loan of 10% of the general dues.
The actual for 2017 and the budget for 2018 are shown below.
2017 Actual 2018 Proposed
Fee Income 46,400.00 49,880.00
Home Improvement 4,800.00 5,160.00
Collection of Past Due Fee Income 4,542.14 4,256.69
Collection of Past Due Home Improve 469.87 -
Finance Charge Income 763.04 250.00
Interest Income 4.67 5.00
Total Income 56,979.72 59,511.69
Expense 2017 Actual 2018 Proposed
Bank Service Charge 120.00 120.00
Insurance 8,325.00 8,500.00
Landscaping 10,166.03 10,500.00
Management Fees 2,400.00 2,400.00
Postage and Delivery 113.69 125.00
Accounting 4,650.00 4,650.00
Legal (740.00) 500.00
NET – 2017 Water Damage 4,288.78 -
2017/2018 Roof Issues 2,925.82 -
Repairs Other 342.50 500.00
Snowplowing 3,827.25 5,000.00
Taxes 266.00 300.00
Waste Removal 6,052.04 6,250.00
Water and Sewer 16,146.43 16,500.00
Total Expense 58,883.54 55,345.00
Net Cash Flow (1,903.82) 4,206.69
Note from above Fee Income that there is $4,256.69 “Collection of Past Due Fee Income” for 2018. This represents the amount of association fees that are in arrears. In the future a statement of past due accounts will be included in ALL quarterly statements including the owner’s unit number and the amount past due. Past dues owners will forfeit their voting rights until they are paid up in full per CCIOA and MET Mountain Declarations. Fannie Mae has a loan condition that NO MORE THAN 15% (15% of 16 units = 2.4) of the units can be NO MORE THAN 60 days in arrears.
As you know, many have been dealing with roof leakage issues of varying degrees. In 2017 we hired a roofing contractor to do repairs on all 4 buildings and have had very good results based on feedback. Some units no longer appear to have any leakage and in other units the leakage has been substantially reduced. In addition, he cut tree branches back on a number of units which will also help with leakage. Given the good results, the board will be considering further actions on roof repair for 2018.
Outstanding issues for 2018 are:
Collection of past due association fees
Dead and dying tree removal MET Mountain Homeowners’ Association
Roof repairs Chris Smith - President
Blacktop sealing
MET Mountain Homeowner’s Association
Board Meeting
December 2, 2015
Attendees: Nancy Thomas, Betsey Foley, Eric Mundy, Chris Smith, Vaughn DeCrausaz
Nancy Thomas resigned as President for health reasons
Nominated Chris Smith as President. Seconded and voted unanimous
Financials as of November 18, 2015
2015 Actual 2016 Proposed
Fees 46,400.00 46,400.00
Home Improvement 4,800.00 4,800.00
Finance Charge Income 250.00 250.00
Interest Income 20.00 20.00
Total Income 51,470.00 51,470.00
Insurance 7,395.00 7,500.00
Landscaping 9,826.00 10,000.00
Management Fees 2,400.00 2,400.00
Postage and Delivery 105.00 125.00
Accounting 4,650.00 4,650.00
Legal 0.00 1,000.00
Repairs Other 3,469.91 4,000.00
Gutters for Buildings 13,324.00 0.00
Snow Plowing 6,089.22 6,100.00
Taxes 23.00 50.00
Waste Removal 4,660.02 5,000.00
Water 15,094.13 15,500.00
Total Expenses 67,036.28 56,325.00
Net Cash Flow (15,566.28) (4,855.00)
Cash on Hand 26,592.01
Accounts Receivable 13,668.77
Amount needed in Home Improvement 11,056.25
Cash on hand Operating Accounts 24,349.53 projected as of December 31, 2016
$800 per quarter ($725 in HOA dues and $75 for capital improvement) as of 1/1/2014
There are TWO delinquent accounts.
Budget accepted and pasted
Projects
Completed for 2015
New Gutters and Down Spouts
New Dumpster Doors
New Roof Sewer Vent Rain Caps
For 2015
Repair bedroom wall ground water leaks on 770 east side
Blacktop sealing
From the Eagle-Vail Property Owners News Letter of September 2014
Twin Bridge Renovation Project Underway
If you’ve driven on I-70 lately, you may have noticed the construction underway at the Twin Bridges in EagleVail. This project involves work on the road surface, the guard rails, the steel structure beneath the road-way, and the piers in and near the river below. Because of this, I-70 will be impacted in both directions over parts of the next three spring/summer and/or fall seasons. Crossovers will be constructed to allow work crews to change the four-lane configuration of the roadway to a two-lane configuration when it is necessary to close one of the bridge spans to allow work. US Highway 6 below the bridge will also be impact-ed. The road will be used to stage equipment and material and lanes may be closed occasionally. The recreation path may also be closed from time to time. They anticipate a start date this summer on August 4 and may work as late as December 1, sometimes working 24 hours a day. In the springs of 2015 and 2016, they will start as early as April 20. The com-pletion date for the project will be June 3, 2016.
Should you need more information, please contact Gus Bieber, the Pro-ject Engineer for Atkins North America, which is the company under contract with the Colorado Division of Transportation. He can be reached at 303-916-1568 and gus.bieber@atkinsglobal.com.
January 1, 2014
To: Met Mountain Homeowner’s
From: Board of Directors
Re: Reduction to Quarterly Dues
Dear Homeowner:
Because of new Homeowner Association regulations in the state of Colorado, we as a board have hired new legal counsel and have pursued homeowners who have been delinquent in paying their HOA dues. These collections have been prompted by the new HOA regulations and we have made great progress with our past due accounts.
As such, the board has decided to reduce the quarterly association dues by $100 per quarter for 2014. This will mean that each homeowner will owe a total of $800 per quarter ($725 in HOA dues and $75 for our capital replacement fund).
If we are successful in collecting our current past due amounts and stay current with 2014 dues, the board will revisit the amount of quarterly dues at the end of 2014 and possibly further reduce the amount due each quarter.
If you have any questions regarding the quarterly dues, please feel free to contact Nancy Thomas at (970) 949-1882.
Sincerely,
Nancy A. Thomas
President
Proxy:
I (we) hereby Appoint _____________________________(name) to act as my(our) proxy solely at the January 27, 2011 Annual Meeting of the MET Mountain Homeowners Association.
Please return this Proxy so we can have a quorum at our annual meeting. If you leave the above line blank, your vote will be voted by Nancy Thomas, president of the Association.
The Proxy may vote on my (our) behalf. The Proxy may vote in favor, against or abstain on any motions and resolutions at the Annual Meeting on Thursday, January 27, 2011.
Signature_______________________________________
Signature_______________________________________
Date______________________________________, 2011
Print Name______________________________________
Address________________________________________
Proxy Votes
If you are casting votes as a Proxy, please sign and print your Name:
Signature_______________________________________
Date______________________________________, 2011
Name__________________________________________
Proxy For_______________________________________
Address________________________________________