2014 HOA Annual Meeting Summary

All Board Members were present

• Dennis Brennan, President; Dale Lyon, Vice President; Elisa Price, Treasurer; Todd Mower, Secretary; Jose Pietri, Asst. Secretary/Asst. Treasurer

Members present are recorded on the Sign-in Sheets

• Of 45 lots, 11 lot owners signed in. No proxies were received.

• Kohn-Ell Management in attendance was Mike Ellis

Meeting was CALLED to ORDER by President, Dennis Brennan, @ 4:05 PM.

QUORUM was established from the Homeowners present.

• Mr. Brennan welcomed everyone, reviewed meeting procedures & agenda

Motion made to approve MEETING AGENDA/ 2^nd/ Approved

• The minutes of last December’s 2013 Annual Meeting were reviewed by all in attendance.

Motion made to approve 2013 Annual Meeting Minutes as-documented/ 2^nd/ Approved

• The minutes of the October 2013 Special Meeting were reviewed by all in attendance.

Motion made to approve 2013 Special Meeting Minutes as-documented/ 2^nd/ Approved

• Mr. Brennan presented the President’s Report, highlighting wins for our community and significant board accomplishments throughout 2013

- For lots with houses, dues maintained at $450 through careful fiscal management

- Survey conducted on Chadwell cul-de-sac which uncovered error on how road was originally laid out. Options identified for correcting this error to minimize the long-term financial impact on our HOA membership

- Hired an HOA attorney to review all relevant HOA documents and processes. Found that 2012 CC&R vote was conducted improperly and thus results were invalid. Worked to revise CC&R language to meet the objectives of including all lot owners as full members in our HOA.

- Held Special Meeting in October 2013 to vote on the CC&R changes which were all passed. Revised CC&Rs are now on file with Wake County.

- Met with RHC Construction & BRG Builders to discuss plans for construction in our community. One house completed, one more almost completed, and three more pending architectural submission in January.

- In early 2014, Kohn-Ell will be rolling out significant improvements to their account management system. Communications will be sent to all HOA members once rollout is complete.

• Mrs. Price presented the Treasurer’s Report for year-to-date 2013 expenditures and year-end projections vs. budget.

- Full Year 2013 forecasted to be $972 better than budget.

- Over-run on legal fees offset by several under-runs in areas such as utilities, landscaping, and dues from new houses completed in 2013.

- Remaining bond funds continue to earn interest in Capital Reserve account

- Several HOA members reiterated desire to not partake in snow removal unless absolutely necessary before DOT takeover, as it damages roads.

• 2014 ANNUAL BUDGET was presented, reviewed, and discussed. For lots with houses that have certificates of occupancy, dues are unchanged at $450/year. For lots without houses, dues are $225/year

- Motion made to ratify fiscal 2014 budget as presented/ 2^nd/ Approved

• Mr. Lyon presented Neighborhood Reminders.

- Requested feedback on Board Survey – what is being done right? What can be improved? What capital improvements would you like us to consider in the coming years?

- Reminder to submit Architectural Review before beginning any project. Must be submitted for any exterior improvement, even if your improvement is in the back yard and/or not visible from road

- Reminder to not park to block the flow of traffic and to not park on other people’s lots

- Reminder to watch your speed, especially on Chadwell St. & Kalworth Rd.

- Reminder to be considerate of your neighbors and pick up after your dog, even on vacant lots. Several complaints have been received.

- Reminder to not plant anything on the NCDOT right-of-way or place any posts, rocks, or other impedances

- Reminder to maintain any public drainage easements that are platted on your property. The only ones that are the HOA’s responsibility to maintain are the ones that fall on HOA common area.

- Reminder about our Devonshire HOA website. https://sites.google.com/site/devonshirewakeforest/

- Reminder about Neighborhood Watch. Extra mailbox signs available for $15. Contact Elisa Price if interested.

• Nominations opened to elect two open seats for 3-year term to HOA Board of Directors. Mr. Pietri & Mr. Lyon’s terms end 12/31/13. Both running for re-election.

- No nominations were received from the floor, and no nominations were received by the Secretary.

- Vote taken and Mr. Pietri and Mr. Lyon were re-elected.

• Special Assessment Presentation led by Mrs. Price, Treasurer

- Explained process of NCDOT road takeover

- Since last sizing, costs have increased due to 1) Chadwell cul-de-sac located in wrong place 2) Additional deterioration of asphalt 3) Asphalt costs have increased. Savings factored in from CC&R updates spread cost of assessment to each HOA member (45 lots) instead of those with occupied houses (32 lots). Massimo will soon have enough density for takeover. Had CC&Rs not been changed, the assessment would have been $1100 higher per assessable lot.

- Reviewed the in-depth financials of the assessment. It includes road takeover costs and contribution to capital reserves. Factors in all elements needed for a full takeover. Board will continue to pursue cost-reduction options.

- Assessment of $2780 per lot due March 31, 2013. In best interest of community, the payment policy stated in Devonshire CC&Rs will be enforced. Late fee of 20% of delinquent amount or $20, whichever is greater, will be charged after 10 days late. Interest of 10% per annum start accruing after 30 days late. Costs of collection are added to the amount due.

• Open Discussion led by Mr. Brennan, President

- Trailer parking form is being developed. Feedback requested from HOA members on what this form should include.

- Due to safety considerations, the flow of traffic cannot be impeded and trailers cannot be parked on NCDOT right-of-way. All other trailer-parking-location requests will be considered.

Motion made to adjourn meeting/ 2^nd/ Approved @ 5:40 PM

Minutes respectfully submitted by Elisa Price, Treasurer, as reviewed by the Board of Directors