Lorian HOA Update, June 2025

Dear Owners,

Please see the update below regarding the recent HOA budget amendment for 2025.

On April 8, 2025, the Board approved an amendment to our 2025 budget to allow for a one-time special assessment of $1,750,000. This special assessment was necessary to fund deferred maintenance and needed capital investments in our property, given that our current available Reserve balance falls drastically short of our projected repairs needed through 2027. See the summary below:

Current available Reserve funds: $618,304.74

Reserve funds needed 2025–2027: $2,366,807.80

Reserve deficit (i.e., additional funds required): $1,748,503.06

Note: We add $180,000 to Reserves each year via monthly dues.

On May 20, 2025, we held an Owner meeting to review the details of capital projects prioritized through 2027, outline the financial resources required, and to have Owners ratify the budget amendment. The budget amendment/assessment was ratified with no veto votes received.

We appreciate all the Owners who were able to make the meeting and provide input and valuable discussion. Those who were not able to attend but sent comments were also represented in the meeting.

As a reminder, this special assessment will be netted against the return of settlement funds. Therefore, no invoices will be sent to the Owners. With the return of capital from our global legal/insurance settlement to the Owners of $2,250,000, and the special assessment of $1,750,000, the overall net return of capital to the Owners totals $500,000. A schedule of the per-unit net return of capital was sent to Owners just before our meeting on May 20, 2025.

We expect the net return of capital checks to be mailed from Telluride Consulting to each unit Owner within the next 30 days. Please contact Scott Benge at scott@tellurideconsulting.com or 970-729-8911 if you have any questions on this upcoming payment.

The summer of 2025 is an important and exciting turning point for the Lorian HOA. After a very challenging past few years, the Board is eager to shift our energy to improving the property. With the HOA Management team at Telluride Consulting fully engaged, we are looking forward to making repairs and enhancements that will benefit all Owners and add value for each unit.

Thank you again to the Board, Telluride Consulting, Joe Solomon, and each Owner for your hard work and support in getting us to this point.

Best regards,

Christy Agan
Board President, Lorian at Prospect Creek Owners Association, Inc.