The Somersett Owners Association (SOA) has published the Meeting Packet for the October 25th BOD (Board) Meeting. Packet is now available for viewing on the SOA website (www.mysomersett.com or www.somersett.net). The Board Meeting Packet contains details behind the agenda topics, which may be accessed via the following Link:
October 25th BOD Meeting Agenda
The October 25th Board Packet contains an updated agenda from that previously published. This with the addition of the following New Business topics: 1) Wood Rodgers Rockery Walls Evaluation Proposal, 2) Employee Bonuses, and 3) Acceptance of the Greens at Town Center Common Area Landscaping.
A summary of details contained in the Board Meeting Packet follow:
· Community Standards Committee – Recommends appointment of Anna Koelewyn to the Committee.
· Somersett Parks Advisory Committee – A new Committee to replace the current West Park Committee, which has completed its business. Primary purpose is to serve as a liaison between the Community, the SOA Board and Reno City on Somersett Park and Trail matters. Committee Charter was included for approval.
September 27th BOD Meeting Minutes
For those interested in what transpired at the September SOA Board Meeting, an excellent recap was provided.
· Rockery Wall Repair Update – No back-up material included in the Packet, most likely a verbal update from Seth Padovan, SOA Consulting Engineer.
· Pool Redesign Update – No back-up material provided, most likely a contractor to accomplish to approved TCTC pool modifications has not yet been selected.
· Town Square 2018 Budget – Not to be confused with The Club at Town Center (TCTC) budget, This budget is for a new “sub association” comprised of other Town Center property owners (e.g., currently three units consisting of the two retail buildings and The Greens at Town Center residential development). Projected revenues and expenses are detailed with monthly assessments listed at $3,790 per unit
· Acceptance of Insurance Proposal – LaBarre/Oksnee was selected as the SOA insurance provider at an annual premium of $67,567. Policy provisions are detailed, which include flood and earthquake insurance. However, Rockery Wall damage is excluded.
· Acceptance of Kane GeoTech Proposal – Proposal is for $9,446 to complete the forensic evaluation of the Trail Ridge hillside slope failures.
· Wood Rodgers Rockery Walls Evaluation Proposal – No details provided
· Employee Bonuses – No details provided
· Snow Removal Proposals – Proposal received from Reno Green for the 2017-2018 winter season. Hourly rates quoted for all services, which include $46 – $56/hr. general labor and $80 – $90/hr. heavy equipment operator.
· Newsletter Contract Renewal – Proposed services for continued publication of the Somersett Living Newsletter. Note that there is no cost to the SOA for publication of this bi-monthly magazine. Publisher obtains revenue from advertisers.
· Loan for Rockery Wall Repairs – Actually this is a consolidated loan to finance Hillside/Rockery Wall Repairs and to also pay off of the following loans: 1) the Developer loan for TCTC, 2) the Developer loan for the Canyon9 Golf Course, and 3) the loan for purchase of the Country Club Land and Water Rights. Proposed total loan amount (from Pacific Western Bank) is for $6M at 5% for 11 years and $10K in loan fees.
Note: At the October 23rd Budget meeting it was reported that the $2.5M cost for Hillside and Rockery Wall repairs would not be financed via a special assessment, but rather as follows: 1) 1.5M in debt financing (i.e., from the $6M referenced above), 2) $600K from the Common Area Reserve Fund (brings reserve fund down to 34%, which is considered marginally acceptable for reserve funding) and 3) approximately $400K from Common Area Operating funds.
· 2018 General Common, TCTC and Gates Budgets – Budget details for each of the three cost centers were included in the Board Meeting Packet. These will also be mailed to all owners on November 1st for ratification at the November 15th Annual Owners Meeting. Owner assessments for 2018 are proposed as follows: 1) The General Common Area at $92/mo, which represents a $12/mo increase over 2017 (actually 2017 assessments were $69/mo but this included a one time -$11/mo abatement), 2) The TCTC at $89/mo, which is the same as for 2017, and 3) Gates at $54/mo, a $10/mo decrease from 2017.
· Revised AGC Guidelines – The Board Meeting Packet contains a copy of the proposed revision. When approved, a copy of this document will be made available under the “References” section of this website.