Conference Call, May 15, 2008 On call: Jacob Caldwell—Peter Fay’s attorney is Natelson’s partner.
Keep this as simple as we can. Step 1: Get an abatement from the County
5-20-2008 Might have to go for an amendment because we’re an RMA and not a subdivider which will be have to be amended by the County. Possibility is to go to the county as individual subdividers and ask for the same variance as individuals. We ask the county to come allow ours to be deemed complete. Next steps:
5-27-08 Ron Soskin Bill went to planning to check out county again to see if a number of developers could get a variance together. Neither Bob or Nathan really understood the planning process. Bill had to explain the process to them. They will not stop applications if all (or the select number of developers) come up with a completion bond (letter of credit) for the road and fire suppression. We can go in as 8 or 10 and join in the letter of credit together and if any other developers who come afterwards will not be deemed complete unless they contribute to the letter of credit (road). The planning department would not hold up any applications for subdivision. The only difference is that instead of the first developer goes in with the letter of credit that all the developers go in together. Question to Bob is there a local attorney that they can work with and communicate well with the county attorneys. Natleson and Caldwell. Doug: Do we need an attorney from the beginning. Steve will call Peoples Bank tomorrow and ask about the letter of credit terms and extensions for three years, etc. Brad found out it is a one mile radius…if you’re further than 1000 feet, insurance will deem you as having no fire suppression. You can do a fire suppression in your house NFP13R in your house as well. If everyone on the road takes out the letter or loan, maybe we could come up with one fire suppression system that would cover us all. Brad talked to Alex about the design for the Two separate issues—If we have the letter of credit, we will be deemed complete. Second issue is to get the variance to get the road built in 36 months…this will have to go to the planning board. Doug will initiate contact with the attorney. Next call is Tuesday 6-3-2008 @ 8PM Taos time.
June 3, 2008 Discussion about loan types; Maybe a performance bond will work? When Bill spoke to Nathan and Bob they actually used the word bond. Ed’s experience with the performance bonds is that they charge a premium. The assistant county attorney doesn’t understand how the subdivision process works. Doug did call Caldwell and his wife just had a baby and won’t be involved Discussion with Doug went on to say that we need a document Next steps—Give planning a proposal by the 10th so that we can give it to the county and set up an appointment on next Monday or Tuesday so we can have something in their hands as soon as possible. We might be able to send out notices by the 17th. Bill will write something up by Thursday. Points in letter as follows:
Alex still needs to get accounting information to Ed. Ed has not received as of today. (Tuesday) June 10, 2008 On the call: Contract—Ron asked if we could make this a private road. That way we might have leverage on people who join after the road is constructed, but not paid to help the road. Put into agreement that people who build road make it a private road and control access to road. Only voting members (paid in) have access to road. Can we be a 501C? Ed thinks this would work similarly to a gated community. We’ll mark this as a question and move on. Ed—There’s a section of the ordinances that there are different classes…dedicated to private use, dedicated to public use…What kind of road are we going to be? Ron—How are we going to do the bylaws? Ed—Went through the Brad—Article 15, Sec2. Fire protection is part of the maintenance and should be Michael—Bylaws are a series of agreements, not agreements. We should have an RMA agreement. Separate from bylaws. We should be dealing with the RMA agreement. Ed—First amended bylaws. At May 1 meeting. Brad—Legacy owners pay fair share. Michael—Road association agreement is what we’re talking about. The point is, that we don’t want to go back and say we’re changing bylaws we’re making an agreement. At the next meeting, we have to accept the notes from the last meeting. If that doesn’t occur, then the decision made at the last meeting becomes valid. We went through the bylaws and Lee work Moved to making notes on the bylaws agreement.
Ed—the agreement Agenda for June 26 meeting—
Next call is Tuesday, June 17, 2008 Tuesday 6-17-2008 On the call: Report from Bill -- Met with Nathan, who will deem our subdivisions complete if we create the bond. Yesterday (Monday) Nathan said that there is no reason that they would not be able to deem all the applications complete if we do the things we said we would do in this proposal. Then he made a disclaimer; I gave it to Edward and he hasn't responded and it might be good to touch base with him. Letter was presented to everybody. Report from Steve -- Pretty much the same as Bill's report. Ed -- Will there be something that's signed off to approve the agreement we have with the county. No joy on box of reciepts. Doug -- All we should have to do is have the county sign the agreement. Bill -- There was already a bid for the guardrail. It is fairly recent and should be good. Brad -- Has spec on fire equipment ... can't open file. But it should be about 40K per tank with the equipment installed on it, FOB someplace near the front range of the Rockies. Discussion about where the tanks would go. We also need to make sure easements are in place and we can have Alex move forward. Tax is a burden borne by the buyer if the seller doesn't charge it. Seven to eight week delivery from time of order with a 33% down payment. Tanks could be installed by end of August or first of September. Road construction agreement--How we pay for it and how everyone gets reimbursed. We need to have two agreements. All we need is some sort of construction agreement. Say that once we get the road construction and eight or ten years after the completion of construction that the original payers get reimbursed. Original investors would get paid back for those who signed the original construction agreement. We are essentially lenders to the original construction agreement and our capital gets adjusted. We need to have the other developers join in the construction agreement. Ron -- If we get all the known developers involved in the development of the road, we'll have more money to spread out the expense. Michael -- WIll be out of contact until the Wednesday before the meeting. Brad -- How do we get paid back? All -- We need to hammer out the agreement and it will be done before the meeting on June 26th.
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