Trustees present: Fred Aufiero, Joe Dini, Tim Gartland, Karen Griffin, Jim Vineburgh, and Lou DiNapoli.

Unit owners present: John Schoppet, Jim Scanlon, Fred Bird, Bob and Gretchen Annese, Elizabeth Zolnay, Jerry and Mary Pine, Ralph Harris, Dick and Rose Koundakjian, Lee Querze, Kevin and Leona DeMartino, Marilyn DiNapoli, Rob and Doris Warner, Barry Kort, Vinny Ippolito.

Alpine Representative: Cindy Green

Jim Vineburgh convened the Meeting at 7:00 PM. During the period reserved for unit owners, Lee Querze inquired about the regulations in regard to the installation of a satellite dish. Response: The dish must not be visible from the road. Please see Ralph Harris for approved Association guidelines.

Rob Warner inquired about the new landscape company. He has seen Waverly Landscape trucks around the property and asked why the unit owners were not notified that there had been a change in the landscape company. Response: The decision was made only a couple of days ago and we had planned to announce it via these meeting minutes.

Rose Koundakjian asked who was responsible for blowing out and winterizing the irrigation system? Response: D.P. Turf will take care of the system on the golf course; Waverly will winterize the system around the units.

Rob Warner inquired why the unit owners were not more involved in the choice of a new landscaper. Response: It is the Trustees responsibility to get bids and make choices on the vendors. The decision was made based on Waverly’s price, which was comparable to D.P. Turf’s but also included more frequent edging, and string trimming, etc. Waverly has 75 full-time employees and is a much larger operation. They have assigned one of their supervisors to the Bedfordshire account.

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We solicit bids every year for the landscaping and we have informed Doug Preston that he is welcome to bid again next year. The other deciding factor to go with Waverly is that they will not bill us for repairs of their own golf course equipment, as D.P. Turf has done in the past.

Jim Scanlon inquired whether the bids from contractors for the Long Range Plan will be sealed bids and whether they would all be opened at the same time; and also whether there will be a professional architect hired to oversee the project? Response: No, they will not be sealed bids. The committee will continue to negotiate with each of the vendors who submit a bid in order to get the best possible value. We will not utilize an architect because we have a number of people on the Board who have extensive construction experience and did not feel it was necessary.

Bob Annese stated that it was important to have confidence in the quality of the roofer who is ultimately selected and that he felt Lou DiNapoli had the necessary experience to make that judgment.

Rose Koundakjian inquired what might happen when the makeup of the Board changes over the course of the project, which is apt to take several years? What if a new Board comes in and terminates the work mid-project? Response: We will have to sign a contract with whatever vendor(s) is selected and will be bound by the contract to have the work completed. Changing of the Board will not change the legality of the contract.

Ralph Harris inquired how close the Board was to selecting a contractor(s)? Response: Not close. We are in the process of going back to the bidders to continue our negotiations. We are planning to begin the project in April of 2002. We are also not rushing the decision because the Board feels that the slackening economy is in our favor vis-à-vis negotiating with roofers and other contractors.

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Ralph Harris also inquired whether the Board had prioritized the quads? Response: Not yet, but that prioritization will be driven by the condition of the roofs.

Dick Koundakjian stated that the uncertainty regarding the amount of the assessment currently makes it difficult for unit owners trying to sell their unit because a prospective buyer does not know what his liability might be. Response: The Board is well aware of that but is trying to balance this risk with the desire to take advantage of the softening construction climate. We are trying to come to a decision by the end of November or early December.

Dick Koundakjian opined that the funding of the assessment should begin as soon as possible so that the payments can be spread over time and will be less each month. He suggested that the Association begin to collect monies now on a proviso basis and make adjustments to the monthly bill later, once the total cost is known. Board note: While the Board does not want to do this until the total cost is known, any individual unit owner can certainly put away a set amount each month toward the assessment.

Rob Warner presented two new suggested scenarios for funding of the assessment, both of which involve raising the condo fees by $300 per month, combined with a couple of "balloon" payments during the course of the project. He stated that his belief was that most unit owners preferred an increase in monthly condo fees rather than a lump sum hit.

Mary Pine responded that she prefers NOT to pay a $600+ condo fee each month and would rather find another way to pay the assessment.

Joe Dini noted that most of tonight’s comments around the Long Range Plan are focused on how to pay the assessment rather than how much it will be or whether or not the identified work needs to be done. Vineburgh mentioned that most of the unit owners he has spoken with or heard from support the scope of work presented on October 1, 2001.

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Joe Dini inquired whether there might be a variety of choices for funding the assessment? Response: Absolutely.

Rob Warner stated that the only other issue that is still a "hot potato" is how much to use from the Reserve Account. Joe Dini stated that he felt the appropriate methodology was to determine how much money should be in the Reserve account at the end of the roofing/trim/painting project in order to plan for other Long Range needs, and work backwards from there.

Fred Aufiero stated that the Board has a responsibility to be sure that there is enough in the Reserve Fund to pay for other emergencies that might come up.

Bob Annese inquired how change orders would be funded? Response: That is why we have established a contingency fund and why we will have a manager on-site.

Doris Warner inquired as to whether there might be a more formalized method of getting feedback from all unit owners regarding their preferences for funding the work? Doris offered to put together a short questionnaire for circulation to unit owners. The Board endorsed the idea.

Mary Pine stated that it might be difficult to answer questions on a questionnaire if the unit owners are not fully informed about the background information that might go into making a decision about how much of the Reserve Fund should be used for funding the currently planned work. Response: The Long Range Plan actually goes out 30 years and the Board has estimates of how much money is needed each year over the next 30 years for capital improvement expenditures.

Dick Koundakjian stated that he is not interested in paying for repairs made 30 years from now because he won’t be around then. He went on to say that the Board has the authority to assess anything they want at any time so he feels it unnecessary to over-fund the Reserve account.

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Bob Annese inquired about the possibility of spending less each year on golf course maintenance and putting that money toward the Long Range Plan. He also asked why the budget was approved without more input from unit owners? Response: The 2002 Budget is approved and its formulation and approval are the Board’s responsibility.

Jim Scanlon asked how many of the decisions regarding the selection of the contractor(s) and methods for funding the assessment would be made during Executive Session: Response: All of them.

Bob Annese suggested that these decisions should be made during open session.

The open session ended at 8:15 pm.

October 11, 2001 Meeting Minutes: Accepted as published. Motion: Aufiero; Second: DiNapoli; Vote: All in favor.

Treasurer’s Report (Aufiero): Aufiero plans to utilize Alpine’s financial report going forward and not prepare a separate Treasurer’s report, as Zolnay had done. He also mentioned that he noticed that the Reserve Account interest for the month of October was not reflected in the financial statement and inquired whether Alpine could obtain that information each month prior to publishing the financial reports. Motion to accept the financial report as published: Dini, Second:: DiNapoli; Vote: All in favor.

Recreation Committee (Vineburgh): The balance in the Golf Subcommittee account as of 11-08-01 is $875.41. There was income of $3170 and expenses of $2368.25 in October. Expenses included the final payment to D.P. Turf for 2001 extra maintenance.

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Alpine requested that the Board authorize them to authorize Marcus, Emmer, Errico and Brooks to obtain a recorded copy of the condo documents at a cost of $150. Response: Contact Attorney Mike Merrill who should have a copy of the recorded documents. It is also possible that Dick Mazow or Lou DiNapoli has a copy.

Alpine suggested that we send out a letter to all unit owners about changing the date for the Annual Meeting listed in the Master Deed to correspond with Bedfordshire’s fiscal year. Response: The Master Deed stipulates that in order to change any part of it, the Boards needs an affirmative vote of 75% of the unit owners as well as 100% vote of their mortgage holders. It was decided that was unlikely and cumbersome to get mortgage holders to respond to such an inquiry and that the current method of holding a Special Meeting in lieu of an Annual Meeting would suffice.

Landscaping Committee: No report.

Garden & Social Committees: No reports.

Maintenance Committee (DiNapoli): DiNapoli reported the re-grading of the area next to the foundation at unit 45MGW had been scheduled but was postponed due to illness. Lou authorized Alpine to have Waverly Landscape take care of that work to ensure its completion before winter.

Fire Hydrants: DiNapoli stated that all fire hydrants have been flushed by the town. Thanks to Fred Bird for spearheading this effort.

Old Business: None

New Business:

Lou DiNapoli opined that the Board needs to accelerate the negotiation and decision process with regards to the contractor(s) of the roofs/trim/painting so that we can inform the unit owners on all decisions, including the total

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negotiated cost of the project, by mid-December. Lou also echoed the earlier sentiment that any unit owner who wishes to start putting away money on a monthly basis toward the LRP should begin doing so on his own immediately.

Fred Aufiero stated that the Board is currently on schedule vis-à-vis the schedule that was presented to the unit owners at the Long Range Planning discussion on October 1, 2001.

Lou stated that we are getting one additional bid from a new roofer, the same contractor that we have hired through Waverly Landscaping to do the plowing this winter. He also stated that there is still a great deal of uncertainty regarding the contract period, which needs to be determined prior to determining the cash flow needs for the project.

The Board also discussed the possibility of allowing unit owners to attend the Executive Session meetings while these issues were being discussed and decisions made. The final consensus was that the Executive Sessions would remain private.

Some of the key issues that need to be decided soon include:

• The Reserve Fund issue
• Is the Board willing to borrow money on behalf of the Association to fund the project?

Fred Aufiero moved and Joe Dini seconded the motion to close the meeting at 9:07 PM. Vote: All in favor.

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• Thank D.P. Turf for his bid and efforts.
• Contact Mike Merrill to obtain a copy of the recorded condo documents.
• Thank Fred Bird for having the town flush the hydrants.
• Include Reserve Account interest in the monthly financial report.
• Request Waverly Landscaping to regrade the area next to the foundation at unit 45MGW to prevent flooding of their basement this winter, and to remove the sumac on the hill behind Phyllis Lennon’s unit (42MGW).

Call the Town of Bedford in March of 2002 to have the hydrants flushed in a more timely manner.

Respectfully submitted by, Attested:

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Cynthia L. Green, Property Manager Karen Griffin, Secretary

Alpine Property Management Bedfordshire Condominium Trust