SIERRA VERDE HOMEOWNERS ASSOCIATION, INC.

Annual Meeting
March 21, 2015

CALL TO ORDER
John Sayre presided over our meeting in the absence of a president.
2014 Minutes were distributed and approved.

REPORTS FROM OFFICERS & COMMITTEES

Treasurer
Janice Petty distributed copies of the HOA 2014 financial report. Our primary expense
was for road repair and maintenance.
Mike Petty addressed our most recent property tax bill. In 2013 the property owned by
our association (HOA roads) was reassessed. Our tax liability increased from $178 to
$2942 for one year. Our HOA cannot afford to pay this tax and remain solvent. Mike is
working with the VI Tax Office to find a resolution. The office advised us to contest the
bill(s) with a formal appeal, which Mike has done. We have not paid either the 2013 or
2014 bill pending the outcome of our appeal.
Marilee Hill volunteered to head an informal committee to seek information regarding
property assessment and valuation by the VI Government for the purpose of property
taxes. She feels the process is not done in an equitable way.

VP 1-Road Maintenance
Bud Woelfel reported on roadwork done in 2014. Bud feels the quick-fix asphalt used to
repair pot-holes is working well as a temporary solution to help slow the deterioration of
our roads. Bud and Mike personally chemically treated weeds along our roads to
prevent overgrowth.
During a Board meeting in November 2014 the deterioration of Sierra Verde Road
adjacent to Blue Water Terrace was discussed. Bud volunteered to draft a letter to
Warren Mosler, the restaurants owner, requesting repair work. The letter was mailed
last December. The HOA has received no response to date. Marilee volunteered to
speak with Mr. Mosler about the road situation.

Nancy Morrisset commended Bud on the water diversion he created last year at the
junction of Buena Vista and Sierra Verde Roads. It has worked extremely well to stop
erosion at the corner. Bud received a round of applause from the homeowners at the
meeting.

Real Estate Report

Janice read a real estate report prepared by Karen Stanton.
In our HOA in 2014 there were no land sales.
Three houses sold: #233 Cotton Valley ($175K), #255 Cotton Valley ($388K), #186
Cotton Valley ($379K).
Houses currently for sale: #231 listed at $425K, and #232 listed at $489K.
Land for sale: lot #185 listed at $91K, lot #187 listed at $60K, lot #189 listed at $86K,
lot #226 listed at $68K, lot #253 listed at $114K.
Market Summary:
Condos sold well last year with some holding their price. Inventories for condos are
down. Land sales remain dismal with many lots selling at appraised price or under.
House sales are holding their own with maybe a slight increase. Bank owned properties
for the island remain steady.

OLD BUSINESS
Last year a ballot with 2 proposals was sent to each property owner. Proposal #1 (Dues
Increase) was approved. Proposal #2 (Emergency Assessment) was NOT approved.
Beginning in 2016 our HOA dues for a lot with a house will be $200. Dues for vacant
lots will remain at $50.
Mike Petty questioned the fairness of members with vacant lots being allowed a vote to
increase dues for home owners. A discussion followed. Teresa will provide Mike with a
breakdown of votes, as he requested.

NEW BUSINESS
SVHOA has a new website: svhoa-stcroix.weebly.com
The site will allow access to all of our HOA documents and news of HOA events.

ELECTIONS
The position of President is still VACANT.
Current board members have agreed to serve for another year.
NOTE:
According to our by-laws an officers term of office is 2 years. YOUR ASSOCIATION
NEEDS YOUR PARTICIPATION TO SURVIVE.
Please volunteer and share your ideas. Your input is appreciated.

MEETING ADJOURNED
______________________________________________
MEMBERS IN ATTENDANCE
John & Teresa Sayre
Kiran OBrien
Hal Burke
Nancy Morrisset
Mary Ann Seroogy
Mike & Janice Petty
Melissa Sydeman & Jack Isgro

Robert Tuch
John Holden
Bill & Merrie Flynn
Tom Johnson
Marilee Hill
Jim Hickey
Bud Woelfel

SVHOA BOARD OF DIRECTORS

President_________________________VACANT
VP 1-Francis Bud Woelfel __________340-773-9698
VP 2 Frank Duggan ________________340-642-0775
Secretary-Teresa Sayre _____________340-692-1656
sayre.vi@gmail.com
Treasurer-Janice Petty ______________340-719-6591
pettyjanice32@gmail.com
Submitted by,
Teresa Sayre
SVHOA Secretary

HELP US GO PAPERLESS AND SAVE $$$$

FORWARD ADDRESS, PHONE & EMAIL UPDATES TO:
Teresa Sayre: sayre.vi@gmail.com