A Letter from our new Association President

Dear Owner,

As the newly appointed President of our Association, I am pleased to be able to continue the tradition of providing this annual update letter to our owners. Hopefully, you will find its contents informative.

This year the Annual Meeting of the Village Green at Stowe Owners’ Association will be held at the Village Green offices on Saturday, October 27, 2007 at 10:00AM. All owners are welcome to attend.

As you know, in 2006 we began the required process of issuing Warranty Deeds to each of our Timeshare owners. This has turned out to be a much more complicated task than we originally anticipated. As of this writing we have recorded less than 50% of the total number of required deeds. An additional 25% have been completed by our Attorney and sent to the owners for signatures etc. If you are one of these owners, and have not signed and returned the necessary documents to us for recording, please do so right away so that we may complete the process.

Now that new heating systems and water heaters have been installed in substantially all of our buildings we have embarked on our next major project, replacing the cushions and draperies in all of our units. This spring we completed that task in the first 15 units at a cost of around $50,000. We will continue to do small groups of units as time and resources allow until all have been completed. Planned exterior repairs, window glass replacements and painting were hampered this year by the exceptionally wet weather we experienced in the spring and early summer. However, we have managed to address the more critical needs in those areas and hope to complete the rest as the weather and unit occupancy levels allow us to do so.

As always, ongoing maintenance needs throughout the year and the necessary replacement of furniture, fixtures and appliances have continued to be a top priority and our housekeeping staff has remained committed to upholding a superior level of cleanliness in all of our units.

I am also happy to report that the Association has continued to be strong financially this year in spite of a weak rental market and the escalating costs of most goods and services. This could not have been accomplished without the cooperation of those of our owners who have remained diligent in the timely payment of their fees. The Board of Directors has now begun the process of reviewing our needs for next year and will be presenting a preliminary budget at our annual meeting. We are dedicated to a careful review of our future requirements and remain optimistic that we will be able to keep any necessary increase in future fees to a minimum.

Thank you for your continuing support of the Board of Directors and the operating staff and management here at the Village Green.

Sincerely,

Russell Agne – President
The Village Green at Stowe Owners’ Association