1349 RACE CONDOMINIUM ASSOCIATION, INC.

1349 RACE STREET #13

DENVER CO 80206

DRAFT

4/30/2006

Minutes of Board of Directors Meeting on 4/25/2006

3 members attended: Stu MacPhail, Eric Guetterman, and Ken Coombs, constituting a Quorum. Holly Rosati (Unit 6) also attended.

The Meeting was opened at 7:12 pm.

The Minutes of the Meeting held February 22, 2006 were read by all. Stuart MacPhail moved that the Minutes be accepted, seconded by Eric Guetterman. They were accepted unanimously.

Treasurer's Report. Stuart MacPhail reported that we have slightly in excess of $20,000.00 in our reserve account and about $1500.00 in our Operating Account. Copies of our Balance Sheet and "Profit and Loss" statements were provided with details by Bookkeeper Ken Coombs.

New Business:

Pets: It has been observed that some people allow their pets to urinate and defecate on Association property, causing offensive odors and health issues for other owners and residents. The following motion for a new Rule was proposed by Stu MacPhail and seconded by Ken Coombs.

Rule: Pet owners must not allow their pets to relieve themselves on the property of the 1349 Race Condominium Association.

Landscaping: Holly Rosati presented two proposals for Landscaping on the grounds. The proposal of Rocky Mountain Custom Landscapes, Inc. was the decided winner at $3,900.00. There was further discussion about the total cost and Stu MacPhail had suggested some modifications to reduce the cost and size of the work, to under $2000.00. After discussion, the modifications were accepted by the board. How to pay for the improvements was discussed and it was decided to assess each member ($90.00 for one bedroom Units, and $150.00 for two bedroom Units) to cover the basic work, with any remaining amount coming from our other funds. The following motions were proposed to cover this work:

1. Moved: That an assessment shall be placed on all of the units of the 1349 Race Condominium Association as follows: $90.00 for one bedroom units and $150.00 for two bedroom units. The sums shall be paid to the Association by June 1st, 2006, and the normal late fee of $40.00 will apply to payments received after the due date. This assessment shall be used to pay the cost of landscaping improvements.

2. Moved that: Stuart MacPhail is authorized to contract with Rocky Mountain Custom Landscaping to provide improvements to the Association's property surrounding the Building (not including the front parcels with trees) in an amount in the range of between $1500.00 and up to a maximum of $2000.00 total cost, as shown in the proposal already submitted for those parcels.

Review of Association Projects: Ken Coombs presented a spreadsheet under development to track the future needs of the Association and how we are progressing to Escrow monies for those projects in the future. It is evident that we are not keeping up with those needs at this time. There have been increases in the past several years in our utility bills, eroding our ability to place funds in our Reserve Account.

New Alley Light: Stu MacPhail is assembling a petition to the Denver Street Lighting Engineer to place a Light at the back of our property in the Alley. It is signed by many of our residents and others on both Race Street and High Street. There is presently no light in this block of the alley.

The meeting was adjourned at 8:25 pm.

Submitted by Ken Coombs.