Meeting Minutes

MEXICOLO INC.

AND

MEXICOLO ASSOCIATES, LTD.

ANNUAL MEETING MINUTES OF JUNE 13, 2016

The annual meeting of Mexicolo Associates, LTD limited partners and Mexicolo, INC. (General partners was held at the office of Fred Schultz, 1225 17th Street, Suite 3175 Denver, CO 80202 on June 13, 2016 at 6 PM.

The meeting was called to order by the President Harvey Sender at 6:30 PM. Other members present: Kevin Koernig (Treasurer), Fred Schultz (Secretary) Amy & Mike Browne, Mike Barrett, Jim Nussbaum, Dick Young.

Presidents Report

Harvey Sender informed the group of the condition of E-3/ Vida.

  • A new drainage swale has been placed between the E Building and the Golf Course to facilitate stormwater removal..
  • Several walls in E3 show evidence of water damage, possibly from last fall’s storms. (Fred Schultz and Kevin Koernig anticipate visiting sometime in the fall and will evaluate the extent of the damage.)
  • Beds in the second bedroom at Vida have been replaced.
  • The refrigerator in Vida ahs been replaced, however the overhead kitchen cabinets need to be adjusted to allow for the taller unit.

All in all both properties are in good shape.

The legal actions surrounding the former L’Recife operation have been settled. The Vida HOA was not able to reach agreement with new potential restaurant operators. For the foreseeable future, the Board decided to use the restaurant space as a community center type facility. The pool deck will continue to be available to residents and guests.

Minutes of Previous Meeting

The previous minutes were reviewed and approved.

-Mike Barrett motioned the minutes be approved.

–           Harvey Sender seconded the motion.

–           Motion passed.

Election of Officers

Harvey Sender motioned that elections for officers be held.

Jim Nussbaum seconded the motion.

Motion passed.

After a spirited campaign season, the new officers are as follows:

Fred Schultz,  President

Luke Underwood, Vice President of Reservations

Amy Browne, Secretary

Kevin Koernig Treasurer

Karlan Hogan Vice President of Properties

The Board thanks Harvey Sender for his help and guidance during his term as President. Harvey encouraged all members to take an active role in the operation of the partnerships and to consider acting as an Officer.

Usage Report

Kevin Koernig reported usage of 105 total nights. E3 was used 59 nights and Vida saw 46 nights. Percentage of total use was down for both properties over the prior year.

No changes to the use policies were proposed.

Treasurer’s Report

Kevin reviewed the Financial Reports (attached).

Kevin recommended the assessment be $350.00 per unit for the 2016-17 season, equal to last season’s rate.

The Bank has approved the extension of the E3 Trust in December. The Notario will need to draft updated documents and the final execution of the trust documents remains to be completed. Fees for both trusts are current.

Harvey Sender moved to accept the financial reports and the Proposed Budget including the $350.00/unit assessment.

–           Fred Schultz seconded.

–           Motion carried.

Miscellaneous Items

Jim Nussbaum replaced the TV in E3. The Board will reimburse Jim and thanks him for taking care of this.

Broken and unused Owner’s items have built up over the years in the Owner’s closets. Jim Nussbaum moved that Partners are authorized to clean all closets of items that no longer are of use.

Dick Young seconded

Motion passed

Kevin reported that 2 partners are in default of the partnership agreements for non-payment of annual assessments. Board to forward formal notice of default to each delinquent partner. Final default means that the partner forfeits their share which would then revert back to the remaining partners

In addition to delinquent shares, Kevin reported that 2 full and one half shares are available from partners wanting to sell. Board will assist in connecting sellers with potential purchasers. Terms and prices are strictly between the buyer and seller.

Harvey moves to adjourn meeting at 7:45 PM

Fred S seconded.

Motion carried.

Meeting Adjourned.