BOARD ACTIONS SUMMARY

By Heather Blumenthal, Operations Manager

FEBRUARY 15TH – BOARD OF DIRECTORS

EXECUTIVE SESSION

BOARD ACTIONS

• Reviewed 2 Personnel Matters

• Reviewed 1 Contract

• Reviewed 2 Legal Matters

FEBRUARY 15TH – BOARD OF DIRECTORS

OPEN SESSION

BOARD ACTIONS

• Approved the Finance Committee recommendations to approve moving Reserve funds into a Money Market investment account as provided by First Service Residential and to follow up in the future on enhanced CD investments pending additional liquidity review of each cost center’s needs and to approve open a Morgan Stanley account for future investments.

• Approved the Delinquent Policy

• Approved Electronic Transfer of Funds Greater than 10,000.

• Approved the Project Management Services Agreement between the Tahoe Keys Property Owner’s Association and Dr. Lars Anderson, in the amount of $46,966.40 for the management of the Control Methods Test project for 2023.

• Approved a change order to the Mountain Pipeline contract for the rental, installation, maintenance, and removal of culvert plugs for the CMT year 1 project in the amount of $32,472.37 to be expensed from the CMT 4th Special Assessment.

• Authorized FirstService Residential to obtain a Purchase Card (P-Card) for FirstService Residential association General Manager, Operations Manager, and Facilities Director from US Bank in the association’s name. The P-Card will have the following limits per month General Manager $15,000; Operations $10,000; Facilities $15,000. Usage will be limited based on the standard merchant category exclusions provided by FirstService Residential.

• Approved the Cove 3C Bulkhead Replacement Proposal with Reno Tahoe Geo Associates Tasks 1-2 to be expensed from Cove 3C Reserves in the amount of $46,500 plus a 10% contingency and Tasks 3-7 in the amount of $219,000 plus a 10% contingency subject to approval of a Bulkhead Project Special Assessment vote by Cove 3C Members for a total contract amount of $265,500 plus contingencies.

• Approved the Lake Tahoe Water Operations Management Contract for 2023 for the Tahoe Keys Water Company Operations Management.

MARCH 3RD – BOARD OF DIRECTORS

SPECIAL EXECUTIVE SESSION

BOARD ACTIONS

• Reviewed 2 Contracts

• Reviewed 2 Legal Matters

MARCH 3RD – BOARD OF DIRECTORS

SPECIAL OPEN SESSION

BOARD ACTIONS

• Approved the Bavarian Isle and St. Moritz Bulkhead Monitoring Report and Condition Assessment contract with Reno Tahoe Geo Associates for a cost not to exceed of $100,000.

• Extended the balloting period by 60 days and appointed Peter Grant to the CC&Rs and Bylaws Communication Ad hoc Committee.

• Approved the Landscape Irrigation Rule for a 28day membership review period for consideration of adoption as an operating rule at the April 19th, 2023 Board Meeting.

• Approved the Sierra Ecosystem Associates contract for Securing Mitigation Funds for Water Quality Efforts in the amount of $15,000 to be funded through the CMT Year 2 Special Assessment.

MARCH 15TH – BOARD OF DIRECTORS

EXECUTIVE SESSION

BOARD ACTIONS

• Reviewed 1 Contract

• Reviewed 2 Legal Matters

MARCH 15TH – BOARD OF DIRECTORS

OPEN SESSION

BOARD ACTIONS

• Introduced new General Manager Hallie Kirkingburg

• Appointed Michelle Pandori and Pete Wolcott to a Board subcommittee to meet with a concerned Islander2 owner and the Cove Advisor regarding the Moreno lawsuit settlement payment application