Uncategorized

Re: Notice of a Meeting of the Executive Board of
THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC (“Association”)

Pursuant to Section 2.3.C. of the Bylaws of The Aspen Mountain Residences Condo Association, Inc., notice is hereby given that an Annual Meeting of the Association Members of The Aspen Mountain Residences  Condo Association,  Inc. FKA The  Grand Aspen Resort Condominium Association, Inc. (the “Association”), will be held via a zoom webinar, on November 15, 2024 at 11:00 a.m. EST, 9 a.m. MST.


Purpose of Meeting: Announcement of results of Board of Director elections, Ratification of 2025  association budget which includes additional assessments, and transacting such business that may properly come before the meeting or any adjournment thereof.

As to voting at the annual meeting for other Association-related business, if you cannot attend the meeting, please designate a Proxy Holder to cast your votes for you.  The deadline for proxy designation is November 13, 2024, at 5 p.m. Mountain Time. If you are attending the meeting in person, you may vote at the meeting.

The initial agenda for the meeting is as follows:

1. Notice of the Annual Meeting

2. Agenda for Board of Directors Meeting and Annual Meeting and Election

3. The 2024 budget approved by the board prior to November 10, 2024

4. Credential for on-line voting and voting

5. Meeting minutes for 2023 annual meeting held on November 20, 2023

6. Zoom Webinar invitation credentials (in the letter to owners)


2024 The Aspen Mountain Residences Annual Owners Meeting Agenda

  • Call Meeting to Order
  • Proof of Notice of Meeting
  • Declaration of Quorum
  • Approval of Agenda
  • Approval of November 20, 2023 Annual Meeting Minutes (below)
  • Executive Board Election Results
  • Appointment of Inspector of Elections
  • Announce Election Results
  • Ratification of 2025 proposed operations and reserve budgets
  • Resort Updates
    • Legal Update
    • New Business
    • Owner comments
    • Adjournment


Join the meeting by clicking the link below and once prompted, enter passcode: 578596
When: November 15, 2024 11:00 AM Eastern Time (US and Canada)
Topic: TAMR Q4 Board Meeting

https://us02web.zoom.us/j/88132899033?pwd=34zxWGaX1c7zuXZe0zPzi4vNyALpYa.1#success

Or One tap mobile:
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Or Telephone:
Dial (for higher quality, dial a number based on your current location):
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+1 689 278 1000 US
+1 253 205 0468 US
+1 346 248 7799 US (Houston)
+1 360 209 5623 US
+1 386 347 5053 US
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+1 564 217 2000 US
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Webinar ID: 881 3289 9033
Passcode: 578596

International numbers available: https://us02web.zoom.us/u/kbJVKZXycp

In the meantime, if you have any questions, please get in touch with me.

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

HPC Contractual Appointed Member of the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

Please click the button below to watch the recording of Q4 Board Meeting.

When prompted by Zoom, use the following passcode: 6avV?&WL

CLICK HERE TO WATCH RECORDING

On behalf of your board,

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this letter finds you all well.  Preparations are now underway for phase #3 of our redesign which is refinishing the remaining wood floors in all units, fixing the hot tub, and replacing many of the electrical outlets and switches. 

Voting Ballots Coming Friday

I want to let everyone know that our voting documents will be emailed to you on Friday.
A few things you should know:

1) They are being mailed to you from invitations@mail.electionbuddy.com Make sure your system is set to receive from this email address.

2) You can only vote through the link sent to you by this.

3) If you have not received the ballot by Saturday 10/26/24, check with other family members first, then reach out to Kenny Mostern at kenny@mkelections.com to ask him to send another ballot to you.

4) The ballot you receive will count for all of your fractions.

5) If you own fractions through different corporations or trusts you may receive several ballots (one for each entity).

6) You have two weeks to complete the process.

Voting Items

1) Three candidates to serve two-year terms starting on Nov 15, 2024 (there are 7 owners running).

2) Approval of the 2025 budget (you only need to vote if you are opposed to it).

2025 Budget Background

For the last few years, you have seen higher assessments due to a number of factors; mainly legal issues, a complete redesign, and property infrastructure replacement and repairs.   

With our building being eighteen years old, it became evident repairs needed to be made to our many parts of our key infrastructure. This plus the costs for the redesign project were higher than what was budgeted from prior years, putting pressure on our reserve fund. We had kept our maintenance increases low for the 15 years prior. The reality is the $10MM in reserve which seemed like so much money to many, turned out not to be. We should have put aside more money for our reserve fund over the years.

This resulted in a few years of special assessments to cover the costs. The reality was there was no way around it. We need to keep our property operating at the highest levels possible. We now have a completely redesigned property and are working towards a vastly improved infrastructure which will last us many years into the future.

We have increased our annual reserve funding to cover future maintenance and refurbishing needs. Looking forward with proper planning, slight annual increases in our maintenance charges should cover our needs. With all that the 2025 budget represents a significant reduction vs what was charged the last two years and in-line with where we were 3 years ago.  


More good budget news

1) Through tight financial management and utilizing alternative vendor options we were able to come in more than $1MM under our revised budget for the refurbishment. This means instead of starting 2025 with approximately $1MM in reserve we will have close to $3MM

2) We are also significantly under budget for 2024 and should be able to put approx. and extra $1MM in overages into our reserve fund

3) We have one fractional unit to sell for approx. $110K. Proceeds from that sales will also be put into reserve

4) Our successful tax protest has resulted in approx. $400K in annual While we are very happy with that result, you can expect the board to also protest next year’s tax bill as the reductions were still not to the level we think they should be.

We need to keep up with asset replacement and we need to have our fingers on the pulse of what future amenities will increase our values and attract new owners. Keep in mind we still have a few big items coming up in the next few years which need to be replaced including elevators, our AC system, and a redo of both bathrooms and kitchen cabinetry. This is why we need to keep putting aside enough to cover all of that so we don’t have a need for future assessments.

Development of Lot 6

I feel one of our biggest opportunities is some type of development on Lot #6 (ice rink square block). If developed in conjunction with both the town and our owner’s needs, I see the potential for it to become an income annuity which will lower our association maintenance costs for many years to come.

We have just started the initial idea generation of what that land could become and how we could draw income from it. We need to understand what the town wants from the property and if they still want an ice rink in that location. At some point when we know a bit more, the board will certainly report back to and want to hear from owners. Any development would require partnerships for building and raising capital and owner approval.

Annual Owners Meeting

Meeting date is November 15th at 11 am – 1 pm EST time.
An invitation to the webinar has already been sent to all owners.

I hope to talk with you then!


Sincerely,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

NOTICE OF MEETING OF THE ASPEN MOUNTAIN RESIDENCES EXECUTIVE BOARD

THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC.
Attn: Executive Board & Owners
415 Dean Street
Aspen, CO 81611

Re: Notice of a Meeting of the Executive Board of THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC (“Association”)

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Tuesday, October 22, 2024, 11:00 AM Eastern Standard Time (9:00 AM MST) until approximately 12:30 PM EST.

The initial agenda for the meeting is as follows:

1. Approve Q3 meeting minutes (date: 7-16-24)

2. Financial Update & 2025 Budget – Tim Hall & Vangel Yurukov

3. Reserve Study Update – Bruce Clay

4. Resort Updates – Claudine Grondin

5. Legal Committee Update – Joe Ferguson

6. Other updates:

             a. Successful Tax Protest – Joe  Ferguson

             b. Board Elections – Al Kenney

             c. Annual Owner’s Meeting – Al Kenney

             d. Assn. owned fraction – Al Kenney

7. Owner questions/comments

Owners are welcome to attend the meeting. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. If you wish to address the board verbally on these topics you will be given up to 3 minutes to do so just before the end of the meeting.

Owners interested in viewing the meeting are welcome to click the link below and once prompted, enter passcode: 360506
When: Oct 22, 2024 11:00 AM Eastern Time (US and Canada)
Topic: TAMR Q4 Board Meeting

JOIN MEETING

Or One tap mobile:
  +13017158592,,89282244979#,,,,*360506# US (Washington DC)
  +19292056099,,89282244979#,,,,*360506# US (New York)

Or Telephone:
Dial (for higher quality, dial a number based on your current location):
+1 301 715 8592 US (Washington DC)
+1 305 224 1968 US
+1 309 205 3325 US
+1 312 626 6799 US (Chicago)
+1 646 931 3860 US
+1 929 205 6099 US (New York)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)

Webinar ID: 863 8691 9772
Passcode: 806621

International numbers available: https://us02web.zoom.us/u/kcPocFYYXT


In the meantime, if you have any questions, please get in touch with me.


Al Kenney                                                                                                                                                                   
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

HPC Contractual Appointed Member of the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this message finds you well. As we move into our fall transitional season, I wanted to update you on a few key items.

REDESIGN PART 3

The third and final phase of our redesign will be occurring from October 26th through November 16th. We will be closed during that time.

At that time three items will be worked on:

• Refinish the flooring on the first and second floors

• Repair hot tub #2 to get it ready for our ski season

• Replace many of the electrical switches and outlets

We are trying to get a head start on some of this work as we only have 3 weeks to complete it. If you have time booked for the week before October 26th and will not be visiting the property, please reach out to the front desk or Claudine, and let them know you will not be coming.

This will allow us to get workers in your room to ensure everything else gets done. This is especially important if you are on either the 1st or 2nd floors as we need to refinish the floors in those units which takes a full week. 

BOARD ELECTIONS COMING SOON

Just a reminder we have three two-year positions on the board starting November 15th. We have two members not returning because they either “termed out” or for other personal reasons so we will need new board members. If you would like to run for the board this year, please fill out the candidate profile form by the submission date.   

You can find our board submission form for our board election here: https://aspenmountainresidences.com/wp-content/uploads/2024/08/2024-Board-Candidate-Profile-Form.pdf

The submission due date is October 7th. As always, if you have any questions, please reach out to me or any of the below board members. 

The election will start this year on Friday, October 25th, and end on Friday, November 7th. The results will be delivered at the annual owner’s meeting on Friday, November 15th at 11 am EST. All owners are welcome to attend. I will be sending out a formal invitation with the agenda and the Zoom participation link in the coming weeks.

ONE UNIT REMAINS
Only one association-owned unit remains:
Week #35 / Unit #50 is available

• 2 bedrooms and 2.5 baths

• 1,750 square feet

• Sunday Check-In

• 4th Floor Unit

This unit is being offered with the owner discount for $112,500. Proceeds of the sale will be put into our reserve fund.  
 

As always feel free to contact any board member if you have any questions or concerns.

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this message finds you well. On behalf of the Board, I would like to extend our sincere gratitude for everyone’s continued support and patience throughout our legal resolution and major redesign project. We are happy those are both behind us now. Thank you.

Here are the latest updates:

Next of KIN

We recently had one of the fractional units go into foreclosure due to the owner passing away, and no one is claiming the unit and paying the annual dues. In hopes this does not happen again, we are allowing owners to put another contact on their contact sheet. If you would like to add another key contact to your file to be used in extreme cases where you can’t be reached, please reach out to our reservations department: aspenres@eastwest.com

TAMR Tax Protest

Early this year we began interviewing law firms and tax appeal companies to appeal our real property taxes.  Generally, these firms wanted an upfront retainer and 30% of any savings.  One of the firms we interviewed, we had used in 2019 and they did have some success in garnering us a 10% reduction in the assessment (7% Net after fee). However, we were not impressed with the level of knowledge regarding our particular fractional values and the understanding of the arguments we wanted to present. As a result, the Board voted to have our Tax Appeal Committee prepare and file the protests.  The Board’s Tax Protest, filed with the Pitkin County Tax Assessors office, was denied without any adjustment. The Board subsequently appealed to the Pitkin County Board of Equalization (CBOE). A copy of both appeals is posted on the website. On July 25th, we presented our case to the hearing officer at the CBOE and the Assessor’s office presented a counterargument.

We are happy to report that the hearing officer was receptive to our arguments and our tax assessment was lowered by 46.67%.  We were asking for more, but are pleased with the result.     

The final millage rates for the City of Aspen and Pitkin County for 2024 have not yet been set, but based upon the 2023 millage rates, the new assessments result in a savings of approximately $375,000 in tax.  Because we prepared and presented the appeal in house, no fee is due so the entire tax savings will go to the Association. 

Because Pitkin County assesses every two years, they have a process where we can go back and request an abatement of the 2023 taxes we paid, recalculated based upon this new adjusted assessment.  The 2023 Abatement provision was filed last week.

In case you are curious, You can find our protest presentation here.

Litigation

As discussed in our last board meeting, we have been sued by an owner with regards to an alleged infringement of the owner’s civil rights due to our association prohibiting the owner from bringing the owner’s animal onto the premises and into the owner’s unit during the owner’s fractional period.  While we had hoped that the litigation with Weisman et.al would be the end of our litigation, we have been unsuccessful in our settlement efforts with this owner and the litigation and its expense continues.

 Board Elections Coming Soon

Just a reminder we have three two-year positions coming open on the board in November. We have two members not returning because they either “termed out” or for other personal reasons so we will need new board members. With our legal case, and property refurbishment now behind us, board activities should be getting back to a more normal pace.

I know from speaking with many of you over the past six years we have a very esteemed and competent group of owners many of which would make great board members. If you would like to run for the board this year, please fill out the candidate profile form by the submission date.   

You can find our board submission form for our board election here.

The submission due date is October 7th. As always, if you have any questions, please reach out to me or any of the below board members.

Best,


Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Tuesday, July 16, 2024, 11:00 AM Eastern Standard Time (9:00 AM MST) till approximately 1:00 PM EST.

The initial agenda for the meeting is as follows:

1) Approve prior meeting minutes (4-16-24)

2) Financial Update – Tim Hall & Vangel Yurukov

3) Reserve Study Update – Bruce Clay

4) Resort Updates – Claudine Grondin

5) Legal Update – Joe Ferguson

6) Other Updates
              a. Running for the Board
              b. Assn. owned fraction – Al Kenney

7) Owner questions/comments

Owners are welcome to attend the meeting. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. If you wish to address the board verbally on these topics you will be given up to 3 minutes to do so just before the end of the meeting.

Owners interested in viewing the meeting are welcome to click the link below to join the webinar:

When: July 16, 2024, 11:00 AM Eastern Time (US and Canada)

Topic: The Aspen Mountain Residences – Q3 Board Meeting

Please click the link below to join the webinar:

https://us02web.zoom.us/j/82186097048

Or One tap mobile :
+16469313860,,82186097048# US
+19292056099,,82186097048# US (New York)

Or Telephone:
Dial (for higher quality, dial a number based on your current location):
+1 646 931 3860 US
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington DC)
+1 305 224 1968 US
+1 309 205 3325 US
+1 312 626 6799 US (Chicago)
+1 253 205 0468 US
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 669 444 9171 US
+1 669 900 6833 US (San Jose)
+1 689 278 1000 US
+1 719 359 4580 US

Webinar ID: 821 8609 7048

International numbers available: https://us02web.zoom.us/u/kb91Q9ruQW

In the meantime, if you have any questions, please get in touch with me.

Best,
Al Kenney
President, The Aspen Mountain Residences HOA Board
(860) 354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this message finds you well. On behalf of the Board, I would like to extend our sincere gratitude for everyone’s continued support and patience throughout our legal resolution and our major redesign project — thank you. Please read below for the latest updates.


REDESIGN
Initial reviews of our recently completed redesign have been overwhelmingly positive. We have better sized furniture given the size of the units, more seating, and have lightened everything up. We are working through a few electrical issues which should be complete by the time you receive this. We also anticipate a few more pieces of furniture to be delivered and installed shortly, including desks and mirrors.


LEGAL PAYMENT
We made our legal payment last week but had to draw some funds from our operating account, which we must replace ASAP. If you have not paid the $1,750 assessment yet please do so as soon as possible.


TAX PROTEST
We received a response from the town on our tax protest, which was a short form letter with no giveback on our tax assessment. This was a bit of a surprise since we submitted evidence to support our position that the sale price associated with free market sales during the relevant time period is also supported by the “Colorado Appraisal Standards.”

We feel the numbers we submitted support our position. Given the seasonal nature of the Aspen Market, the square foot value of a specific week’s fractional interest varies by which season the fixed week falls. 

The town of Aspen denied our protest without explanation offering no reduction. We will now appeal to Pitkin County. I will keep you posted on our progress and the final result.


EXTRAORDINARY EFFORT
We had a major problem with the local design firm we used on the project. So much so that we requested they replace their entire team in December 2022. Even after they did, things did not improve. Subsequently, we sent them a “notice of default” concerning our contract terms. We asked them to step up and correct the numerous issues which were created. Instead of working with us to correct the issues, they decided to stop working on the project at the critical time of implementation.

This created a void for us on the design side which was quickly filled by a combination of PCL (our general contractor), East West project managers, and one of our very experienced volunteer owners working on our design team, Lina Mira. 

While the aforementioned teams were all paid for their time, Lina was a volunteer. She stepped up and assumed the role of head implementation manager. Organizing, scheduling, and directing the placement of design elements such as window treatments, tracking items coming in, and even placing many items in rooms herself. In addition to the countless hours she spent over the past two years, she spent most of the final three weeks of implementation working 12 hour days at the property.

Overall, she spent hundreds of hours managing the project taking the same level of interest as if this was her own home she was working on. The Board wishes to extend our heartfelt appreciation to Lina for her commitment and dedication to all of our owners.  We all owe her a tremendous amount of gratitude. So… if you see her while you are in Aspen, please stop and thank her for her extraordinary effort which we have all benefitted greatly.

From all of us on the Board, thank you, Lina!!!  We never could have finished this project with both the fit and finish and on time without you! 

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope you are all well.

I wanted to let you know that the board filed a formal protest of our tax assessments with Pitkin County on 6/7/24.  The protest makes the case that our tax assessment on each fractional unit is overstated. For many years our property has been assessed at the same value (on a per square foot basis) as a fully owned condo in downtown Aspen. Although we wish our per-square-foot value was the same as a free-market condo, in reality, it is not. The Pitkin County assessment for each unit for the year was based on an average per square foot of $4,518.00 which results in a total tax of$1,056,128.

We submitted as evidence to support our position the sale prices associated with 66 free market fractional sales in The Aspen Mountain Residences during the relevant period. We made the case that each fractional unit cannot be valued using the square foot value of undivided whole units in town, but rather as the total sum/value of its 20 individual fractions. We argue that the value of each of the individual fractional interests (1/20th), should be determined and added together to accurately value the complete fractional unit.  This “sum of the parts” approach is supported by “the Colorado Appraisal Standards.”

We protested our tax bill a few years ago and hired an outside consultant to manage the process for us. That effort resulted in a 10% reduction. During preparation for the arbitration, we gathered all of the comparable sales data and as such, rather than educating an outside 3rd party and paying a large fee, we determined that we could prepare the protest ourselves. We believe the numbers support our position and that we have made an easy-to-understand and compelling case.

Our position is: given the seasonal nature of the Aspen Market, the square foot value of a specific week fractional interest varies by which season the fixed week falls.  We divided the year into five seasonal time periods. We then reported the 66 unit sales in each relevant period and applied weighted average percentage results to calculate the per-square-foot value of each unit. The analysis based on these sales resulted in a per square foot value of $1,524.52 which is 65.35% less than our current assessment.

The town will respond with its decision by June 28th. If we are unhappy with their decision, we will appeal the results to the Pitkin County Board of Equalization. We will keep you up to date on our progress and the final result.

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson | jferguson@rjrcapital.com

Tim Hall | timhl9999@gmail.com

Tom Kaplan | tkaplan@kkladvisors.com

Peter Wells | petercwells@yahoo.com

Bruce Clay | bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne | Jami.Champagne@vacationclub.com

Dear Fellow Owners,

Summer has arrived and with it the unveiling of our redesigned resort!

As I write this, I am on a flight returning from the property where I am pleased to report that phase #2 the resort redesign is progressing nicely and will be completed on schedule That is not to say there will not be some “punch list” items in every unit that may still need to be completed, but these are small items such as:

• Filling a few very small drill holes in the walls

• Touch-up painting a few “knicks”

• Placing some additional artwork or amenities in your unit

• Adding a desk (in a few units) as delivery was delayed for a few weeks

• Add/change a light bulb or dimmer switch

These are minor items that will not take long to complete.

 So… what was done in the units?

• Floors on the 3rd and 4th floors were sanded, filled, stained, and resealed

• New furniture was placed in the units on all four floors (all old furniture is gone)

• New paint, carpeting, and rugs in all units

• Outdoor balconies were resealed

• All units received new lighting fixtures

• New amenities were added on all four floors

• All kitchen cabinet knobs were replaced

The result is lighter, brighter units that now have more overall seating. I have found the chairs in the dining room and at the kitchen counters are much more comfortable now that they have padded seats.

 As for the rest of the resort:

• New front desk and concierge desks

• The ceiling on the lobby alcove was completed

• Tile floors in elevators were replaced

• Front doors sanded and refinished

• All corridor ceilings were repainted, and new wallpaper and carpeting were installed

After phase #2, the only difference is the units on the first and second floors have not been refinished yet. That will be accomplished in phase #3, which will be completed in the three weeks we are closed at the end of October and beginning of September.

Items not completed:

• Refinishing floors on the first and second floors (this was planned)

• If you arrive next week, you will find that our hot tubs may not be operational yet but are under construction. This was not part of our redesign, but rather a maintenance issue

As everyone knows, no two units are the same. This creates many problems when designing and placing new furniture. There was a considerable amount of time spent trying to improve both the seating and storage capacities of every unit, but the new configurations have to be lived in, as a result, some minor furniture tweaks might still be made.

Several units with cubbies did not meet the latest Aspen building codes so they could not be replaced. In those units, you will now have hanging hooks. We have overstock on many furniture pieces so if a piece of furniture is too big or small or you need something else, we should be able to swap it out. I believe you will be pleased with our new brighter look.

If you are arriving this weekend:

One thing that was evident to me this week is there is a tremendous amount of cleaning to do to get ready for check-ins this week. Refinishing floors is a messy business and we have to make sure all that residue is removed. We also had workers staying in units to save on the cost of hotels for them so all of these rooms need to be turned over. We ask for your patience and do not expect to get an early check-in this weekend. Some units may not be ready until 5 or 6 PM. If your flight arrives early, plan an activity and enjoy the town until your room can be occupied.

Our staff wants to get you settled in ASAP but units will not be released until they are thoroughly cleaned. If your unit does have a punch list, you will most likely be asked if the work can be done. Please try to allow access so the work can be completed. Once again, these are small tasks that take very little time to complete.   

What happened to the old furniture?

Items too damaged to be reused or donated were thrown out. Items still in good shape were first offered to employees. Habitat for Humanity was happy to take the remaining items. Rest assured nothing usable has gone to waste.

Looking to the future:

Except for new lighting and knobs in the kitchen, the kitchen and bathrooms were not touched. Kitchen and bathroom demolition is both messy and extremely expensive to redo. In looking through all the units, the kitchen cabinets are in excellent shape, and except for a few bathrooms that need some minor tile repairs. In my opinion, we can certainly get at least another 3-5 years of use out of them. Of course, exceptions will be dealt with immediately.

We will need to replace many of our windows at some point so we will keep our eyes on that. I am not anticipating a need for another major redesign/closedown for the foreseeable future. This will give us time to get our reserves back up so that when the time comes, we can cover the costs without major assessments. The bad news these past two years is we have had some assessments, but things will get back to normal starting this coming fiscal.    

Care of our newly redesigned units:

Everyone knows how expensive it was to do the redesign. The lighter colors deserve some added care as they will show dirt more easily. Please remove your shoes before putting your feet up on the furniture. A little extra care will go a long way and cut down on the time it takes our cleaning crew to turn over the units.   

Association units for sale – Only two left!

Owner reaction to our special unit pricing has been great and we only have two association units remaining for sale. Both are very nice spacious summer units.

• Week 33 / Unit 34 – 2BR / 2.5 Baths / 1,745 sq/ft – 3rd floor Saturday=$108,000 net

• Week 35 / Unit 50 – 2BR / 2.5 Baths / 1,753 sq/ft – 4th floor Sunday=$112,500 net

Proceeds from any unit will be placed in our reserve fund for future use.   

Legal Assessment Due:

You should have received your bill for our final legal assessment which is due June 14th. All of our legal issues are complete. Please do your best to pay ASAP as our bill is due shortly.

As always, any member of the Board is available to address any queries or concerns you may have.

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson | jferguson@rjrcapital.com

Tim Hall | timhl9999@gmail.com

Tom Kaplan | tkaplan@kkladvisors.com

Peter Wells | petercwells@yahoo.com

Bruce Clay | bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne | Jami.Champagne@vacationclub.com