S i nnott F arm

1. The Common at SinnottFarm Welcome to the 2006 Annual Homeowner’s Association Meeting November 9, 2006 7:00 PM

2. Greetings & Call to Order • Community of Neighbors & Friends • Purpose: • Communication (Two Way) • Adopt 2007 Budget • Nominate & Elect New Board Members • Five Presentations - Much material to cover • Given the amount of material we would like to address, Kindly hold questions to Q&A session.

3. AGENDA • 7:00 - 7:05 Greeting & Call Meeting to Order Accept Previous Annual Meeting Minutes • 7:10 to 8:00 Presentations • Beautification - Edie Thompson • Streets & Storm Sewers - Dennis Donahue • Budget - Plan vs. Actual - Chris Argiropoulos • 2007 Budget Proposal - Chris Argiropoulos • Budget Projection 2007-2010 – Dennis Donahue • 8:00 to 8:30 Homeowner Input & Questions • Received via Mail & E-Mail • Offered by Homeowners in Attendance • 8:30 to 9:00 Nomination & Election of New Board Members • 9:00 to 9:30 Adjourn & Refreshments

4. Beautification • Annual Plantings done at Main Entrance & four out of six cul-de-sac's. • Replacement of dead trees in common areas. • Removal of large fallen tree. • Fertilization & Weed Control of common areas.

5. Streets & Storm Sewers(“Infrastructure”) • Sinnott Farms owns Streets • We plow, maintain and repair them • Account for 30% of 2007 Proposed Budget • Annual maintenance (crack sealing) is a good investment • But deferred maintenance is costly in long run • Condition of streets impacts value of all homes

6. Quail Run and Spice Bush • 18 years of wear, tear, weather and neglect • Badly deteriorated condition • Homeowner input – past Annual Meetings • 2005 – Board began evaluation • 2006 – Board decided to address this issue as high priority

7. Options Considered • Minor Repairs (seal cracks, fill in depressions, etc.) • Major Overhaul (tear up old streets, build new) • Repave Plus (replace some catch basins and curbing)

8. Unanimous Decision • Minor Repairs – too little, too late • Major Overhaul- too much, too costly • Repave Plus • Extend useful life of streets 10-20 years • Affordable • Escalating asphalt prices

9. Contractor Selection • Request for Proposals • Walked streets with contractors • Two chose to submit bids: • JRJ Construction Co. • Cocchiola Paving Co. • Interviewed each contractor • Selected Cocchiola

10. Why Cocchiola? • Pricing was virtually the same • Cocchiola Had Advantages: • Larger and more capable • “Petro Rug” – innovative technology • Would not pass on pending increase in asphalt prices

11. Finance Options • Borrow • Special Homeowner Assessment • Draw on Reserves Decision: We deemed it most prudent to draw on Reserves

12. Summary • Repaved Quail Run and Spice Bush • Installed 9 new catch basins • Replaced curbing on parts of both streets • Minimal disruption to homeowners • Expended $82,700 • Result: (almost) “Like-New” condition of Quail Run and Spice Bush • Resolve: Regular annual maintenance & repair of all streets in future

13. Fund Definitions • Reserve Fund - dollars reserved for unplanned projects (i.e., emergency situations) • Capital Expenditure - dollars reserved for planned, future projects. (i.e., road repaving)

14. 2005 Budget Review – Plan vs. Actual

15. 2006 Budget Review – Plan vs. YTD Actual

16. Current Account Balances • Checking Account $13,374 • Reserve Fund $2,500 • Capital Expenditure Fund $2,500 Total Liquid Assets $18,375

17. 2007 Budget Proposal

18. Outstanding Maintenance Fees

19. Budget Projections 2007-2011

20. Homeowner Input & Questions • Received via Mail & E-Mail • Questions from Homeowners

21. Nomination & Election • There are 2 Board Positions Open for Election

22. Adjourn Thank You for Attending & Have a Good Night!