April 16, 2007

Dear Fellow Homeowners,

Your Exterior Renovation Committee (ERC) has been very active since our last update letter. In this last month the ERC has had two (2) extra meetings with the H.O.A. Board.

The first meeting was established to recap our findings and to discuss the Board’s understanding of the project, to date. We reviewed the “work product” of the Architect (including seven (7) exterior studies) and the work product of the Construction Manager (four (4) conceptual budgets).

The second meeting was established to meet with the Board, the Architect and the Construction Manager. We asked the consultants to clarify the direction that they had previously received from the Board and how that equated to what had been produced.

At the conclusion of that meeting, it was determined that the ERC would prepare a definitive scope and direction for the design in order to focus on a practical, cost effective design solution. This document will be a Request for Proposal (RFP) which will be presented to qualified Architectural / Construction firms.

The selected firm’s design will be the basis for investigating options for materials and establishing a detailed overall project budget. This design and cost information will then be available for presentation to the Homeowners, along with the original preliminary exterior studies and designs.

Thank you to all of the homeowners who have been so supportive during the Phase I investigation into the history of the project and now in Phase II as we progress and confirm a direction for the design.

Dean T. Reuter, Chairperson

V.P.V. Exterior Renovation Committee