Bridgewater HOA Annual Meeting

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Bridgewater HOAAnnual Meeting

• August 2007

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HOA General Membership Meeting

• Discussion and State of the HOA
• Special Thanks
• The Business of Bridgewater
• The People of Bridgewater
• Accomplishments from this past year
• Future Milestones and Issues
• Open Discussion
• Election

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Special Thanks

• Kevin Colleton 2 years of service
• Lisa Schiller 2 years of service
• Monty Livingston 1 year of service

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The Business of Bridgewater

• 47 homes at 650 annual dues
• 30,500 in revenue yearly
• 96 of budget in 4 areas
• Electric
• Grounds
• Management Fees
• Insurance

Graph reflects Jan-Jun 2007
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The People of Bridgewater
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The People of Bridgewater
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Accomplishments since our last meeting

• Kept dues the same for the 4th straight year.
• Signed new all-inclusive grounds contract to
  limit risk and guarantee expenses
• Began earnings in electricity rebate program.
• Reduced speed limits and had Raleigh post signs
• Increased communications
• Created website (http//www.raleighbridgewater.com
  )
• Created quarterly newsletter via email
• Social Party in September 2006 plan to do again
  this year
• Volunteers?

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The Retention Ponds

• Two ponds
• Fenn Brook Road cul-de-sac (dry pond)
• Riverview Drive and Sunridge (bio retention
  pond)
• Where we are
• As of July 2007, Centex has completed work
• Awaiting city of Raleigh certification to turn
  over responsibility for maintenance to HOA.
• City of Raleigh can do this test normally in a
  week, however has agreed to a 3 month term to
  actually see the ponds work in action before
  releasing Centexs funds.
• We are in the process of hiring an independent
  Bridgewater-paid engineer to inspect.

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FAQ about the ponds

• Are the ponds supposed to hold water?
• Ironically, only the dry pond on Fenn Brook.
  Under ideal circumstances, the Riverview should
  hold no water for more than 24-48 hours.
• How does the ponds actually work?
• In laymans terms, the pond at Riverview works as
  a sponge. The pond in Fenn Brook works like a
  holding tank.
• Where does the water go?
• The water in the Fenn Brook pond goes into the
  Raleigh stormwater. By design, the overflow for
  the Riverview pond follows the same path as
  before Bridgewater was built (overflow goes to
  Breeland Park).
• Why didnt this happen sooner?
• Good question. In reality, the bulk of the work
  involved in this didnt start until 2006. The
  city of Raleigh holds money of Centexs in escrow
  until they are certified.

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The Future and Open Discussion

• Milestones
• Ponds maintenance turned over to Bridgewater
  HOA.
• Two board seats up for election
• Issues for Debate
• What are the dues likely to be next year?
• More than likely, next year will require a raise
  in dues. This is due to normal inflation, and
  the fact that weve already optimized the largest
  categories of spending.
• How can we build more of a community, rather than
  a collection of houses?
• Do we increase our budget for things such as the
  grounds maintenance (i.e. nicer flowers)

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Other Announcements

• Book Club Forming
• Contact Amanda McCullough if interested ---
  amanda_at_erikandamanda.com