Hardwick Mountain Property Owners Association
Annual Meeting
June 14, 2018
Minutes
Annual Meeting held 06/14/18 at 6:30 P.M. at the Barboursville Community Park Picnic Shelter
Kai Dozier, President, opened the meeting with a welcome as well as a brief outline of the meeting’s agenda.
1.) Treasurer’s Report: John Barnhill, Treasurer, presented the Treasurer’s report that showed a checking account balance as of 05/31/18 of $38,362.52. John noted that if all current assessments are paid on time, the projected balance as of 07/01/18 would be $44,487.52.
2.) President’s Report and Business Items:
a.) Roads and Assessments: Kai presented a summary of the condition of the roads and the anticipated cost to repave them, as follows: He recently met with Jeff Gray of C & G Paving (who has been the prime paving contractor for Hardwick Mountain for many years; most other pavers are hesitant to quote because of the steepness of Hardwick Mountain Drive). Jeff felt, after a drive-through evaluation, that all the roads are in very good condition, needing no maintenance at present. Since different sections of road have been paved at various times and considering that asphalt paved surfaces have a life span of approximately 12-15 years, repaving will likely become necessary, possibly in 2020 for some sections and as late as 2027 for others. At today’s prices (being dependent primarily upon the price of oil) it would cost about $125,000 to repave all the roads. Assuming that the price of oil/paving is somewhat stable in the future, that there are no major unplanned expenses (other than what has been typical in past years for snow removal, gravel and stone, etc.), and given the existing checking account balance as noted above, it seems that sufficient funds will continue to be generated through assessments to cover the cost of future road maintenance without having to resort to a rate increase.
b.) Investment Proposal to Gain Interest on Existing Funds: At a previous Board meeting, John volunteered to investigate options that would allow some interest income to be gained on the Association’s funds that are presently in a non-interest-bearing checking account. John shared his recommendations (which he had previously presented to the Board, receiving their full support) as follows: Approximately $40,000 worth of Certificates of Deposit (CDs) will be purchased with varying maturity dates, corresponding roughly to the times that large cash outlays are anticipated for road paving (leaving nearly $5000 in the checking account for normal operating expenses). Even though the interest rate on the CDs is modest (in the range of 2% annually), they will still generate approximately $1000/year. (Note: this approach of using multiple CDs minimizes loss of interest as would be the case if a single large CD was purchased and cashed out prior to maturity). John noted that these are very safe investment products since they are FDIC insured. All in attendance agreed that we proceed with this plan.
c.) Dealing with Winter Precipitation: Kai reported that 8-10 new containers for sand and snow melt products will be installed on Hardwick Mountain Drive in the fall. These containers are much more durable than the existing ones, which have deteriorated and allowed moisture to seep in. He stressed that anyone who is aware of a slick area take the initiative and spread sand and/or snow melt as necessary. Although it is realized that because of work schedules it’s not practical for everyone, it is always preferable to wait as long as possible after winter storms to drive on Hardwick Mountain roads; in most instances, sunlight on the “front side” of the mountain greatly improves driving conditions after only a few hours.
d.) Ditch Maintenance, General Safety Reminders: Kai reminded those present (although most are already aware) that it is each property owner’s responsibility to keep the ditches and culverts fronting their property as free of leaves and debris as possible. Doing so minimizes problems of erosion along the edges of the roadways during heavy rains and prevents material from channeling across the road. He also encouraged people to refrain from driving off the edge of the pavement, considering the damage that such action causes. There was general agreement by all attendees of the need to drive carefully and obey the 25 MPH speed limit. Although there are fewer children living on Hardwick Mountain than in years past, there are still several little ones and, of course, those adults and their pets that walk along the roads daily. BE AWARE OF PEDESTRIANS AND ANIMALS AND DRIVE CAREFULLY!
e.) Airbnb Rentals: Kai mentioned that the Board has taken the formal position that Airbnb and other short-term rentals are prohibited on Hardwick Mountain. Kai had previously spoken with an attorney whose opinion was that the Restrictive Covenants are sufficiently clear in prohibiting such activities, as they allow for single-family dwellings only.
f.) Hardwick Mountain Website: Kai pointed out that minutes of this meeting (along with Board minutes, Restrictive Covenants, the property owner roster, etc.), are all posted on the website (www.hardwickmountain.org). Residents are urged to contact Kai if they have forgotten their password for accessing the owners-only portion of the website.
g.) Board Membership Election Results: Susan Jammé announced the results of voting for Board membership for the upcoming year, as follows: All members remain the same, namely, John Barnhill, Kai Dozier, Mark Hogan, Steve Hovanic, Susan Jammé, Carl Prober.
As there was no further business, the meeting was adjourned. A time of dessert refreshments followed.
Respectfully submitted,
Steve Hovanic, Secretary
Click here for a downloadable Word document: HMPOA Annual Meeting: June 14, 2018
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