Gig Harbor, Washington 98335

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Bridgewood Estates Homeowners Association
Annual Meeting Minutes
May 29, 2008

Meeting was held at the Gig Harbor Civic Center.

Attendees: Twenty-six homes were represented. HOA Board members present were: Joe Faulkner, Bill Koontz, Deborah Swigart, Gordon Benjamin, Sharon Reid, and Dianne Matthes.

The meeting was called to order at 6:40 p.m. by Joe Faulkner. Joe welcomed everyone and introduced the HOA board and Carol Burton, the representative from Compass.

The minutes from the 2007 annual meeting were read by Dianne Matthes, a motion was made and approved to accept the minutes.

Bill Koontz gave the Treasurer's Report: Income in 2007 was $56,134 and expenses were $54,011. Only 1 property remains outstanding for the 2007 homeowner's dues. The home is in foreclosure and those funds will be received when the home is sold. The annual dues for 2008 were increased the allowable limit per the CC&Rs, 113 homes have paid. Cash on hand is $41,180, expenses for 2008 to date are $14,119, if we spend at the same rate this year, we should be right on budget.

The Special Assessment Vote passed with 69 approvals (enough for a quorum) and 8 non-approvals, the statements were mailed last week, due on June 30th. The Special Assessment is for the cleaning of the retention ponds, which is required by Pierce County, 3 quotes were received and the one from Apex was accepted. Apex has already started the work.

A discussion regarding a contingency fund was held, the HOA Board will discuss the pros and cons and make recommendations to the Homeowners by the annual meeting in 2009.

It has been suggested that we try to cut some of our expenses by using emails to communicate instead of mailings. For homeowners who do not have email, information will continue to be mailed to them.

A community garage sale will be held the weekend of June 28th & 29th. The gates will remain open and a notice will be put in The Gateway.

Joe had some samples of roofing materials, this particular brand is quite costly, the ACC will check out some other options, the HOA Board would welcome suggestions and opinions.

New "For Sale" signs are being made for the entrances at 25th and 28th streets, Bill Koontz is in charge of that project and will do some of the work himself, he estimates the cost to be around $300.00. There will be one sign at each entrance that will accommodate several listings. The new signs will replace individual signs.

The gates and surrounding entrance areas need cleaning, a work committee will be put together to accomplish this task. The estimates for having it done by an outside source were very expensive. After the cleaning of the gates, Joe will arrange for them to be serviced.

Small boulders were placed on either side of the speed bump on 28th to discourage people from driving over the lawns. The smaller boulders are not accomplishing that as people are still driving over the lawns by pushing the boulders out of the way. The small boulders will now be replaced by larger ones.

The meeting was adjourned at 7:40 p.m.

Respectfully submitted,

Dianne Matthes
Secretary