1. Arapahoe Estates Community Annual Meeting February 26, 2009

2. Agenda for Annual Meeting Establish Quorum & Proof of Notice - Approval of 2008 Annual Meeting Minutes Introduce Board Members & Staff Reports Recap Of Activities Association Documents Treasurer’s Report – Financial Status – Proposed Budget – (Landscape Committee Report) Architectural Review Committee Report Communications Open Forum Election of New Board Members Nominations Candidate Introductions Vote Results & Adjourn

3. Recap Association Documents Approved Stage 1 of 2 Stage Sprinkler Renovation Completed Restructuring of Architectural Review Process Major Projects Completed for Duplex Homes Added Court Yard Estates HOA to Arapahoe Estates Community Garden Managed to Current Budget – Balanced – On Target

4. Treasurer’s Report Sources of Income and Amount: MonthlyAnnually Single Family Homes128$76.00$116,736 Duplexes General16$76.00$14,592 Town Homes8$76.00$7,296 Strawberry Lots2$76.00$1,824 Court Yard Estates6$76.00$5,472 Vacant Lots3$65.50$2,358 TOTAL INCOME 163 $148,278 Duplexes Specific 16$45.00$8,640 Cash/Reserve Balances and Projected Income General Reserves (11/30/08) $14,173 Plus Cash (11/30/08$5,525 Total Cash & Reserve (11/30/2008) $19,698 Plus Due from Duplexes $3,380 Total Beginning Cash$23,078 Plus Projected Income$148,278 Total Cash Available$171,356

5. Treasurer’s Report Total Cash Available$171,356 2010-2011 Reserve $3,680 Less Projected Expenditures: Income $148,278 $151,958 One Time Expenses: Landscape/Grounds 2009 $20,000 $10,000 Snow Removal 2009 $20,000 Sprinklers 2009 $20,000 $0 Calendar 2009 Total$60,000 $30,000 Cash Available for Operations$111,356 $121,958

6. Treasurer’s Report RECURRING EXPENSES Projected 2009 -2010 Budget 9 months of 2009 Actual Assumes 8% increase Accounting (Audit/Review/Tax Prep) $0 Bad Debt $0 Bank Charges $0 Electricity $853$632$921 Grounds Contract - Keesen (Mowing) $35,000$31,925$37,800 Insurance $4,248$3,147$4,588 Legal $3,147$2,331$3,399 Other One Time Expenses $6,000$5,991$6,480 Management $15,795$11,700$17,059 Miscellaneous $0 Office Supplies $7,969$5,903$8,607 Tax - Federal $0 Tax - State $0 Trash Removal $17,663$13,084$19,076 Water $17,000$15,982$18,360 TOTAL EXPENSES$107,676$90,695 $116,290 ESTIMATED RESERVE BALANCE$3,680 $5,668

7. Treasurer’s Report - Summary We should make it through 2009-2010 without a dues increase assuming expenses go up no more than 10%. For the 2010-2011 projection I assumed an increase of 8% over 2009s projected figures. The balance at the end of fiscal 2010-2011 in reserves will be low assuming we spend $20,000 on snow removal both years. Any money not spent on snow removal will increase the reserves. If money is spent on snow removal, and we have another large capital project, a dues increase will probably be needed.

8. Landscape Committee Report LANDSCAPE – YEAR END REVIEW: Phase I sprinkler system replacement completed end of summer: – Work done by Dean’s Sprinkler, Colorado’s leading residential service provider – State-of-the-art equipment – Controls to monitor wind and rainfall to reduce waste – Re-designed to provide more even coverage and reduce waste Colorado Blvd. entry replanted Colorado Blvd entry: cleaning, trimming and tree removal by your Board Arapahoe entry: – Retaining wall replaced – Bark spread as temporary measure until additional funds become available

9. Landscape Committee Report LANDSCAPE – 2009/2010 Phase II sprinkler system replacement is expected to commence late spring Association will contract with Dean’s to maintain system All owners will be encouraged to lend a hand in a spring clean- up of our park. Numerous trees and shrubs must be trimmed and/or removed. Both replacement and additional trees and shrubs will be planted. Over time, shading highly exposed areas will improve the appearance of the turf and reduce water usage.

10. Architectural Review Architectural Review Process This process begins with the submission of a written application for approval of the proposed project or change. Please note that Arapahoe County does require a building permit for certain additions, changes and alterations of your property. It is the responsibility of the homeowner to contact Arapahoe County Building Department as to their specific requirements. The Committee then must approve or disapprove the plans and specifications submitted within thirty (30) days. Written notification of the decision of the Architectural Control Committee will be returned to the homeowner. A request should always be transmitted in person or by mail, never by a third party, and never left at committee members’ homes when no one is there. If this procedure is not followed, the burden of proof of receipt shall be on the person making the submission.

11. Architectural Review WRITTEN NOTICE OF ARCHITECTURAL CONTROL TO ALL ARAPAHOE ESTATES PROPERTY OWNERS YOU ARE A MEMBER OF THE ARAPAHOE ESTATES OWNERS ASSOCIATION PER THE RECORDED COVENANTS, WHICH ARE A PART OF THE OWNERSHIP OF YOUR PROPERTY. ALL MEMBERS OF THE ARAPAHOE ESTATES OWNERS ASSOCIATION AND THEIR PROPERTIES ARE SUBJECT TO ARCHITECTURAL CONTROL AS SET FORTH IN THE RECORDED COVENANTS AS WELL AS IN THE ENCLOSED ARAPAHOE ESTATES ARCHITECTURAL CONTROL PROCEDURES AND GUIDELINES. ARCHITECTURAL CONTROL INCLUDES BUT IS NOT LIMITED TO NEW AND REPLACEMENT LANDSCAPING, ALTERATIONS AND ADDITIONS TO EXISTING HOMES, ROOFING, AND ANY REPAIRS AS THE RESULT OF ANY TYPE OF CASUALTY, LOSS, DAMAGE, OR INSURANCE CLAIM OF ANY PROPERTY WITHIN ARAPAHOE ESTATES. ALL ARCHITECTURAL REQUESTS MUST BE IN WRITING ON THE ENCLOSED FORM. THE REQUEST MUST BE MADE PRIOR TO ANY WORK BEING STARTED. MEMBERS ARE HEREIN ADVISED IN WRITING THAT ANY WORK SUBJECT TO ARCHITECTURAL CONTROL AS DEFINED ABOVE THAT IS DONE WITHOUT THE EXPRESSED WRITTEN CONSENT OF THE ARAPAHOE ESTATES ARCHITECTURAL CONTROL COMMITTEE WILL BE IN PERIL OF BEING DENIED AND SUBJECT TO ENFORCED REVERSAL. AS GOOD NEIGHBORS THE BOARD ENCOURAGES ALL OWNERS TO MAKE TIMELY ARCHITECTURAL APPLICATIONS IN ADVANCE SO THAT THE ARCHITECTURAL COMMITTEE CAN MAKE DECISIONS IN A TIMELY MANNER.

12. Open Forum and Elections