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Esperanza Estates Board of Directors

Special Meeting Minutes

December 3, 2007

A special meeting of the Board of Directors of Esperanza Estates was held at the ramada, at 10:30 a.m. pursuant to notice posted November 26th, 2007, and emailed to the Board. Present were all Thomas Cooke, Joan Moreaux, Joe McCalpin, Joe McMahon, Robert Hunton, Steve Brown, and Ken Miller. Absent was Robert Frost.

The president explained the reason for the meeting was to discuss the possibility of putting a special assessment up for a vote at the annual meeting, the purpose of which would be to pay off the remaining indebtedness due on the ramada project. A secondary reason was to discuss the letter dated April 14th, delivered to the Board by Ben Sheffield, and containing some proposals for changes to the CC&Rís, along with miscellaneous comments about the ramada project and his displeasure about the way it was handled.

Joan Moreaux advised the cost per homeowner to pay off the ramada via a special assessment would be the sum of $180. The remaining balance due on the construction note is approximately $63,000. Paying off the note early would save the HOA approximately $30,000 in interest charges over time. Following a general discussion, it was moved by Joe McMahon and seconded by Joe McCalpin as follows:

That a special assessment be put to the owners in Esperanza Estates at the annual meeting to be held in January 2008, for a vote, in the sum of $180 per household., payable in a lump sum or in three installments of $60 each, payable March 1, May 1, and July 1 and that if successful, the indebtedness remaining due on the ramada be paid in full by no later than July 31, 2008. Said vote to be had by special separate ballot, to be handed out at the annual meeting. Further, that as much publicity as possible be generated between now and the date of the annual meeting to assure the reason for the assessment is clear and made known to all EE residents, and this would include a letter of explanation to be included with the mailing for the annual meeting.

Following additional discussion, upon the question being called the motion was unanimously adopted.

The next item discussed was the letter dated April 14th by Ben Sheffield mentioned above. Following discussion, a motion was made by Joe McMahon and seconded by Robert Hunton to declare any discussion contained in the letter having to do with the ramada as moot. The motion unanimously passed.

Continuing, further discussion ensued upon the balance of the letter. Whereupon, Joe McCalpin moved and Steve Brown seconded to send Mr. Sheffield a letter advising that his proposals had been studied and that either a need could not be determined to exist, or the matters referenced had already been resolved, and declining further action on any of the suggestions. The motion unanimously passed.

The meeting adjourned at 11:20 am