February 6, 2007

Minutes of

Meadowood Townhomes Homeowner’s Association

Annual Meeting

February 6, 2007

President Dale Kasofsky called the Meeting to order at 7:10 PM.

Roll call and introductions were made. The homeowners present or represented by proxy were units # 125, 126, 127, 129, 164, 169, 171, 172, and 176. Also present were Property Manager Ted Miller Jr. and Attorney Gary Henrichson.

Mr. Miller provided proof of notice of meeting.

It was determined that there was a quorum present and the meeting began.

The minutes of the February 07, 2006 meetings were read and upon motion, second the minutes received unanimous approval.

Property Manager Ted Miller Jr. presented the 2006 Financial Report. Upon motion, and second the Financial Reports were unanimously approved.

There was no officer’s report given.

Ted Miller Jr. gave a brief management report.

There was no old business discussed.

Under new business the sidewalks to the pool area were discussed. It was decided to explore the feasibility of leaving the existing sidewalks in place and install new ones on top to raise the level. Additionally a light was discussed at unit # 174.

The property manager then presented the 2007 budget. Upon motion, and second the 2007 budget was unanimously approved.

The 2007 assessment rate was discussed and upon motion second and unanimous approval it was decided to raise the assessments by $75.00 per quarter with $30.00 being allocated to the Budgeted income for daily expenditures and $45.00 to be placed into a reserve account for future repairs. If the necessary signatures could not be obtained from the homeowners who did not attend the meeting to meet the requirements of the declaration then it was agreed that the assessments would increase by $42.00 per quarter with $30.00 being allocated to the budget income for daily expenditures and $12.00 to be placed into a reserve account for future repairs.

There was an election of members for the Board of Directors. Upon motion, and second Ernesto Sepulveda, Able Saenz, and Dale Kasofsky were unanimously re-elected.

The meeting was adjourned at 8:30 P.M.