09 Annual Meeting 08 Minutes

BRIDGE POINT COMMUNITY ASSOCIATION ANNUAL MEETING NOVEMBER 8, 2008 Attendance: 36 owners in person and by proxy, several owners by telephone; John Alvarez, Board President (via telephone); Mark Rogers, Board Member (via telephone), George Nowack, Association Legal Counsel; Staci Gelfound, Association Integrated Management Services, LLC and Jeanette Jones, Association Integrated Management Services, LLC. Call to Order: The meeting was called to order at 2:36pm by Jeanette Jones. Introductions: Jeanette welcomed everyone in attendance and certified that a quorum was present. Ms. Jones introduced Staci Gelfound, President of AIMS, LLC and George Nowack, Association Legal Counsel. Staci Gelfound spoke about her background including twenty years of community management experience, national faculty member of Community Association Institute and serving on the Board of the Washington Metro Chapter of Community Association Institute. George Nowack spoke about his background including twenty-eight years in community association law. Mr. Nowack is currently the Dean of the College of Association Lawyers through Community Association Institute. He was hired to represent the Corporation of Bridge Pointe Homeowners Association through its Board of Directors. The Board has an obligation and duty to represent the Association to the benefit of the Association. Mr. Nowack stated that his role was to make sure that the Association acts within the law and fiduciary duty. The Board owes a duty of loyalty to the Association and decisions must not be made in the interest of Land Resources. He has no allegiance to Land Resources or Association Integrated Management Services, LLC. Mr. Nowack informed the owners that Land Resources and 35 other LLC’s had filed bankruptcy on 10/31/2008. This filing did not include the Association itself. 2007 Minutes: The minutes were approved as submitted. Treasurer Report: Ms. Jones reviewed the September 2008 financials as created by outhern HOA Management as part of their responsibilities during the change of management companies. An audit will be performed of the books and records of the association and a final copy will be provided to all owners. She noted that Management will be working with legal counsel to collect the current accounts receivable which will include placing liens on lots and personally suing owners for the delinquent assessments. George Nowack stated that there is no legal reason to stop paying assessments. George Nowack spoke about the running of the Association by the Board of Directors. Isn’t there a conflict of interest? No, a conflict of interest only exists when the interest in two different corporations is not disclosed. Since there is disclosure, no conflict exists. All

community association documents have declarant representatives serve on the Board of Directors during the declarant control period. Mr. Nowack discussed the period of Developer control which is 90% of lots sold or 20 years. Appointment of Board Members: Ms. Jones indicated that the current board members appointed by the Developer would like to resign and appoint three lot owners to the Board. This would be an appointment by the Developer and not an election by the community. Lot Owners who are interested on being appointed to the Board should submit the enclosed application to AIMS, LLC no later than December 31, 2008. The Developer will still retain control over the association. A question was raised about SHOA Management and their relationship with AIM Services. Staci Gelfound stated that she had no prior knowledge of SHOA or Land Resources prior to being contacted in early August to bid on assignment of their management contracts. She was awarded the contracts and assumed the responsibility of the management of the association on Monday, September 22, 2008. 2009 Budget: Since the Board of Directors has not approved the 2009 budget; the fees will remain at the 2008 rate. Comments from Land Resources: Mark Rogers spoke with Steve Howard, Camden County Administrator. He said he had also spoken recently with Jeanette. The County has called the bonds. Steve and the county attorney, Brent Green, I believe, have had initial discussions with Bond Safeguard for bonds on Phase 1 and with AMS for Phase 2. Bond Safeguard asked for background info, plats, estimated costs to complete and said their engineer would schedule a site visit within 2 months. The County Commissioners plan to discuss this in more detail at their November 18th meeting, to which the public is invited to attend. Steve also directed me to the County website and specifically to the link in which the County is updating BP info as it becomes available. http://www.co.camden.ga.us/ Completed improvements to-date include: - Entry feature and gates - Entry road paved to just inside the gates - Landscaped berm along Dover Bluff Road - Water line and sanitary sewer line from wastewater treatment plant to west property line - Sanitary sewer line in first section of Phase 1 – approximately 1,000 ft - 8 or 14 planned lakes have been excavated; still need to be connected for stormwater management purposes - Approximately $2mm of $4mm contract to expand offsite wastewater treatment plant at Sanctuary Cove has been paid to the contractor, W&D Utilities. This provides capacity to serve all of Bridge Pointe.

BP Lots Phase 1 Phase 2

Total Sold 550 402 145 7 695 409

Unsold 148 138 286

A comment was made about appealing the tax assessment. It’s too late for this year but owners should begin the process of appealing next year’s taxes. A question was raised about the Hickory Bluff marina and how owners would use. It is a membership basis and anyone can purchase membership. Will a new developer complete the community as promised? Any developer would be bound by the Covenants of the Association. There is an independent Bridge Pointe group; landresourcelotowners.myfreeforum.org is an unofficial group of the lot owners. All official communication will come through the management company. Owners should register at www.aim-services.net to obtain information on their account and the community at large. The meeting was adjourned at 4:35pm