[Board] FW: Cherry Hills North Metropolitan District - Adding Signs

Tue Sep 22 19:40:54 EDT 2015

Thanks Darcy for pulling the revised quote together.

At the Sept 10 Board meeting, there was a motion made to move forward with the District's assumption of the sign maintenance and insurance expenses and to formally request transfer of the insurance proceeds from the HOA.

I have formally requested same and here's the HOA's response:

Brian Harris

Sep 19 (3 days ago)

to me

Hi Marcus -
Thanks again to the Metro District for working with the HOA to take over the monuments. The HOA board discussed the transfer and the Metro District's (MD) request for past insurance funds.

Here are the HOA board's financial numbers and what the HOA board is proposing as far transferring funds to the MD.

for the Hudson/Odendahl monument: date of loss 2/2014 Amount paid in from insurance: $3,064.15
Amount paid out:               $300.00 paid to Sean for sign removal
                               $90.00 to DGS Electrical for power disconnect
Difference:                    $2,674.15 left over.

for the Holly/Canby monument: date of loss 6/2012 Amount paid in from insurance: $7,220.72
Amount paid out:               $8,283.85 paid to Sutter Design Group
                               $2,150.06 paid to Architectural Signs for lettering
Difference/Loss:               $(3,213.19)

Additional expenses for signs/electrical/lighting for repair of other monuments after the gas boring project and working to re-install power:

Colorado Lighting
$687.07
$296.30
$1,209.30
landscaping in 2015
$300.00

Total:                         $2,492.67

There was $2,674.15 left over from the Odendahl sign.
The Holly sign went over the insurance funds by $3,213.19.
This leaves a difference of $539.04 which was used to maintain the other signs and monument expenses.

There really are no funds remaining from the insurance settlements and those funds received have been used to rebuild and maintain the other monuments.

The HOA currently has $16,162.68 in the bank.

We have a proposal to install lighting at the Holly/Canby monument at a cost of $5,504.39 (see attached). If we used a different fixture that did not match, it could go down to closer to $4,500ish. Personally, we believe the MD can get this done for less.

The HOA board has agreed to offer the Metro District the amount of the lighting bid of $5,504.39 from our HOA funds.

We hope the Metro District agrees this is a fair amount.

Please confirm this amount will be agreed to and let us know next steps for the transfer. The entire board will not be present at the same time today for the party and I am guessing the transfer agreement is not ready yet.

Let us know next steps! Thanks, Marcus,

Brian ____
Brian and Jamie Harris

SO . . . HOA is going to transfer $5,504.39 to the District which I believe to be fair.  That will allow the District to have the S Holly Street sign lighting completed (power restored, two new LED fixtures, etc.). The bid from Colorado Lighting (Scot Kelly) is $5,000 for that work.

Colorado Lighting is also in the process of pulling together a bid to convert the other monuments to LED.

Attached is the draft assignment (HOA assigns City-HOA license agreement for the signs to the District).

Note the effective date of the assignment of September 27, 2015.  This date is proposed because this is the date that the HOA is scheduled to renew its insurance for the signs.

The HOA is currently paying $2,200/year to insure the signs (at a lower insured value than the SDA Liability Pool quote attached above).  The District can insure the signs for $335 per year ($1,865.00 less).

In order to save the neighborhood $$, I think that it is best to have the SDA pool insure the signs effective September 27.

In order for Darcee to bind coverage on that date - can a couple of you respond that you concur with moving forward with this . . . we can formally ratify at the October meeting.

If everyone is on board with this, I will have the HOA cut the check and have it delivered to the District by our October meeting.

Thanks,

Marcus

From: Board [mailto:board-bounces at chnorthmetro.us] On Behalf Of Darcy Beard CPA
Sent: Tuesday, September 22, 2015 2:37 PM
To: 'District Board of Directors+District Manager' <board at chnorthmetro.us>
Subject: [Board] FW: Cherry Hills North Metropolitan District - Adding Signs

Attached is the updated proposal to insure the entrance signs.  Can someone provide the sign addresses and/or location coordinates that I can forward to Metta to bind coverage?
Darcy

From: Metta Spaeth [mailto:mspaeth at McGriff.com]
Sent: Tuesday, September 22, 2015 1:54 PM
To: Darcy Beard CPA <darcybeardcpa at comcast.net<mailto:darcybeardcpa at comcast.net>>
Cc: Anne Ramzy <ARamzy at McGriff.com<mailto:ARamzy at McGriff.com>>; Julie Clark <JClark at McGriff.com<mailto:JClark at McGriff.com>>; Sandy Carter <SCarter at McGriff.com<mailto:SCarter at McGriff.com>>
Subject: RE: Cherry Hills North Metropolitan District - Adding Signs

Darcy,

Please find attached an annual proposal for the signs with the updated information. The pro-rated contribution due will be calculated when the signs are added on to the policy. In order to add the signs onto the Property schedule, we will also need the address and/or the coordinates of their location.  Please let me know if there is any other information I can provide for you.

Thank you,

Metta Spaeth

Colorado Special Districts Property & Liability Pool
P.O. Box 1539
Portland, OR 97207-1539
mspaeth at mcgriff.com<mailto:mspaeth at mcgriff.com>
P: 503.943.6634 / 800-318-8870 ext. 2,4
F: 503.943.6622
[CSD LOGO]   Click here<https://www.surveymonkey.com/r/csdpool> to take our survey and tell us how we're doing!

From: Darcy Beard CPA [mailto:darcybeardcpa at comcast.net]
Sent: Monday, September 21, 2015 12:08 PM
To: Metta Spaeth
Subject: Cherry Hills North Metropolitan District

Metta,
On March 19, 2015 you provided a proposal to cover 13 entrance signs for the Cherry Hills North Metropolitan District.  The Board will most likely want to add the signs to the property & liability policy effective September 27, 2015.  However, the value of the signs has changed and the board would like a new proposal based on the following values:

5 large entrance signs at $17,000 each
8 small entrance signs at $10,000 each

If you need anything further, please let me know.
Best regards,
Darcy Beard

Darcy Beard CPA
darcybeardcpa at comcast.net<mailto:darcybeardcpa at comcast.net>
Office 303-841-3474
Mobile 303-594-5488

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