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Lake Princeton HOA 

Annual Meeting

Community of Lake Princeton Homeowners Association annual meeting was held on Thursday March 19,2009

Thank you to all that attended.

The following minutes for the 2009 Annual meeting have NOT been approved.

2009 Lake Princeton Home Owners Annual Meeting

Thursday March 19,2009

1.      Meeting was called to order at 7:15pm

2.      34 people attended this meeting

3.      Proof of Notice was mailed no more than 30 days prior to the meeting.

4.      The 2007 fall meeting was approved and the reading of the minutes was waived

5.      Jeremy Spagnuolo  was absent and Frank Chisman spoke for Jeremy

6.      Election of board of directors.  There are a total of 3 Open seats.   No one was nominated from the floor at the meeting

Candidates for the board of directors are:

Jeremy Spagnuolo

Mike Reed

Pete Schulz

Jerry Payne 

Inspectors of the ballots are Patty Chisman, Rachel Chisman and Jo Orlette.

The new board of directors are:

Jeremy Spagnuolo

Mike Reed

Jerry Payne

7.      The Management report was given by Frank Chisman of West Chester Community Administrators. 

1.      5 Home owners in Lake Princeton passed away within 7 months from August 2008 to present.  All of these home owners lived on Colegate Way .

2.      Wind storm of September 2008  caused damage to 193 roofs. 

The costs of the roofs and gutters, $ 79,894.45,

Siding replacement $ 1,9814.50

Gutters and downspouts only $1,479.40

Repairs completes already  $18,062.31

For a total of  $101,417.66

The old shingles will be replaced with Owens Corning Oakridge Pro 30 shingles that have a wind rating of 70 miles per hour  and are designed to sustain more abuse.

The Garden Units will be replaced Owens Corning Duration  that have 110 miles per hour  wind rating. 

The deduction for the insurance claim from the storm damage is $5,000 and all incidents are being handled as a single claim,

8.      The tree line behind the pool is being cleared out and being replaced with Hardy Priviet Hedge. All of the Honey Suckle is being removed.  Hardy Privett Hedge will grow to a max  of 12 to 15 feet tall and can be trimmed or shaped to our liking.

9.      The new pad near the pool is for addition to the pump house. The addition is  for upgraded equipment for the filter system.  The new addition construction will begin in early April.   Currently our filters costs  the community $1,000 per year.  The new Sand System will cut the need of replacing the filters yearly.  With the sand system we would not have to change the sand for 15 years.  

The drain system is also being upgraded to comply with  the federal law  “Virginia Grame Baker Pool and Spa Safety Act.  

10.  Road repairs for 2008 were $6500.00    Repairs for the cracks are planned for 2009. 

11.   Budget  :   There was an increase of 1.14% for the 2009 budget. 

12.  Retaining walls may or may not be replaced in 2009.

13.  Parking :Each owner has 2 parking spaces per unit.  If you have a garage  that counts as one space.  The visitor spaces will not be designated as owner’s spaces. 

14.  Insurance  deductible has decreased to $5,000.   Owners  need to have   HO6 insurance along with GAP/ stop-loss  insurance of $5,000   to cover the cost of the deductible for each unit.

15.  The mulch by the playground will be replaced with chip style mulch.

16.  Community events:   WE would like to hank Allison in her commitment to organize  the Community Cook out held in  early fall 2008.  Thank you for all that attended.  In the near future there will be information on an Action Committee for getting involved in community events ,