Exit Real Estate, 11555 Lake Underhill Road

May 16, 2006

Board members present: Myron Davis, Dennis Horazak, Lee Blackwell, Mike Kranz and Ron Wiley.
o Also in attendance, Rex Bowman, Community Management Professionals.
o There were also 21 homeowners in attendance (17 lots represented)

Call to order
Dennis Horazak called the meeting to order at 7:02 P.M.

Certify quorum
Quorum certified: 17 Homeowners/lots + 37 Proxies = 54 (Required quorum is 30% of 140 = 42).

Proof of notice of meeting
Proof of notice presented.

Cpl. Hultgreen gave a drug and gang presentation.
Cpl. Hultgreen gave very good presentation to homeowners. Number to call is 407 521-2400.



o Myron Davis gave Financial Report for 2006 through April 30, 2006. The balance sheet shows total assets of $20,721.68 of which $4,971.11 is in operating fund.
o Myron explained the financial report and answered questions from homeowners.

President's Report - Given by Dennis Horazak
Thanks for coming. The rain is nice. Florida fires and hurricanes put our other problems in perspective.
During the year just ended:
o We cleaned up after the 2004 hurricanes, using our own reserves;
o We refurbished our entrance signs, masonry, and landscaping, using most of the rest of our own reserves plus matching funds from an Orange County Renew grant -a 100% return on investment.
o We set up a long-range reserve plan for future maintenance of the common areas, to steadily replenish our drained reserves and reduce the chances of large fee increases or special assessments.
All this was accomplished by our five Board members - (alphabetical) Lee Blackwell, Myron Davis, Mike Kranz, and Ron Wiley --, Rex Bowman our property manager, and some very dedicated volunteers, most notably Scott and Claudia Rilea, and Jean Thomsin.
We've become a mature HOA with a good plan and a promising future.
This is my last meeting as President of the Board. - My workload has increased at my day job, and I do not want to let anyone down by hanging on to a position to which, because of changing circumstances, I know I can no longer give the time it deserves.
Also, it's good to change personnel, to keep the organization from getting stale.
Dennis noted he would hope to be reelected to the Board, however.

Proposed Amendment and Non-Binding Opinion poll
Votes were counted for the Proposed Amendment to covenants and restrictions (see attached). The Proposal FAILED because it did not meet the required Three-Fourths of homeowner approval (105 homeowners). Votes were 23 for and 22 against.
o Opinion Poll vote for Driveway Modification was 30 YES and 16 NO. This Yes vote means changes to driveways require ARC approval prior to installation.
o Opinion Poll vote for Optional Street Trees was 35 YES and 12 NO. This yes vote means homeowners will have the option at their discretion to replace or remove street trees.

Committee Reports
Architectural Review - Lee Blackwell explained the ARC was working to select possible colors for homes and fences. ARC volunteers are needed.
o Entry Refurbishment - Claudia Rilea gave Final Project report.
o Media - Newsletter and Website - Sandy Horazak reported that the latest newsletter was a great success and thanked Lee Blackwell for the financial support. Sandy reminded everyone of the August deadline for newsletter Items.

Election of Directors
The Ballot Sheets were passed out to homeowners with the names of the 2 candidates that had requested to be on the Board, Lee Blackwell and Dennis Horazak.
o Nominations from the floor were requested. Myron Davis, Ron Wiley, Mike Kranz, John Tenney, and Harold Engold were all nominated and added to the Ballot.
o Sandy Horazak made motion to close nominations and Gail Strachan gave the second. Motion carried unanimously.
o Since we had 7 (seven) members wanting to be Directors, a homeowner made a motion to increase the number of Directors from 5 to 7. Another Homeowner gave a second and Motion passed unanimously.
o A homeowner made motion to approve all 7 candidates and another homeowner gave a second. Motion carried unanimously.
o The following 7 candidates were approved by acclamation as the Cypress Isles Board of Directors:

Lee Blackwell

Myron Davis

Dennis Horazak


John Will Tenney

Harold Engold

Ron Wiley

Next Meeting
The next meeting will be held on July 18th, 2006 at 6:30 PM at Exit Realty.

Motion to adjourn made by Lee Blackwell. Seconded by Mike Kranz, Meeting adjourned at 8:15 p.m.


Rex Bowman - Community Manager
For the Board of Directors