Notice of Special Assessment 2016 Vote

Notice of Upcoming

Special Assessment Vote

for In The Trees at Deer Valley Owners Association

January 31, 2016

Notice of special assessment vote:

In accordance with the governing documents of the In The Trees at Deer Valley Owners Association and the Utah Community Association Act, notice is hereby given of an upcoming special assessment vote. This vote will take place at the annual meeting of the Members, being held on February 11, 2016 at 3pm mountain time.

Members may vote on this special assessment by:

1. Attending the annual meeting in person at the Deer Valley Plaza conference room at 1375 Deer Valley Dr. in Park City, UT.
2. Attending by conference call by dialing 712-775-7031 and entering passcode 690513941.
3. Assigning a proxy to vote on your behalf. This proxy has been mailed to you with the annual meeting package sent out on January 14, 2016.

Reasons for the special assessment:

After consulting with industry professionals, the Board of Trustees has determined that the roofs at In The Trees are at the end of their useful life and are in need of replacement. This has been a concern over for the past four years and has been discussed at each annual meeting.

With the assistance of an architectural firm, requests for proposals were sent out to ten roofing contractors throughout Utah. Of the ten contractors solicited, four responded with proposals. Based on those proposals, the Board feels it would be best to use $135,000 out of reserves, end the year with about $62,000 in the reserve account, and assess for the remainder of the project.

Amount of special assessment being requested:

Based on the proposals received, the Board has determined the Association will need an additional $426,846 from the Members after using $135,000 out of reserves. This equates to a $30,489 per unit special assessment. While the number is larger than expected, owners should remember that it has always been a goal of the association to try and fund projects 50% out of reserves and 50% from assessment. This strategy kept dues lower over the years, as compared to a full reserve funding strategy.

Timing of the special assessment:

Owners will have the option of paying in full by April 1, 2016, or in two equal installments, with the first payment due by April 1, 2016 and the second payment due June 1, 2016.

Further explanations of this project will be provided at the annual meeting before a vote is taken. If you would like more information before the meeting or about the special assessment, you may speak with Elevated Property Management at:

office@elevatedparkcity.com

or call 435-640-4840

Notice of 2016 Annual Meeting

Date: February 11, 2016

Time: 3 PM MST

Deer Valley Plaza conference room at 1375 Deer Valley Dr., Park City, UT

Conference phone: 888-550-5602

Access code 5745 4351

Members appearing of record on the transfer books of the Association 30 days prior to the meeting shall be entitled to vote by voice or by proxy on any issues coming before the meeting requiring a vote of the members. Items to come before the meeting include a financial report, an operating budget presentation and other business as may properly come before the members.

Meeting Agenda

1. Call to order, proxies, quorum
2. Approval of 2015 Annual Meeting minutes
3. Review 2015 Financials and 2016 budget
4. Maintenance and Roofing project
5. New Business
6. Adjourn

There are three ways to participate in and vote at this meeting:

• Attend the meeting by conference call by dialing   888-550-5602 access code 5745 4351
• Attend in person at the address noted above.
• Attend and vote by proxy by mailing, emailing or faxing the enclosed proxy back so that it is received no later than the time of the meeting. 

The following documents are included for the meeting:

• Minutes of the last annual meeting
• 2015 year-end financials are not complete, but will be shared prior to the meeting.

Trustees

Current Board Members:

54           Laurel Barry                          Term expires 2016

35           Meredith Berkowitz             Term expires 2017

14         Mike Neal                      Board elected to fill Steve Anderson’s position. Term expires 2017