October, 2008

The Teal Landing Annual Meeting was held at the Wyndham Pagosa All-Purpose room on a beautiful Colorado day with about a dozen or so owners in attendance.

The business at hand was primarily an update of the ongoing tasks to keep our resort in tip-top shape, the Ratification of the Annual Budget for 2009, and the election of one member to the Board of Directors in accord with the normal vacancy which occurs each year.

First, the news of the Teal Landing Vacation Ownership ongoing tasks relative to housekeeping, maintenance, and operational happenings.

Pagosa management effected a major change in housekeeping management within the past month with improvements to the upkeep of the units is already being noted.

Our new maintenance manager, Alex Martinez, has fully assimilated the responsibilities for the general maintenance of all Pagosa Properties. Immediate improvements include adding drainage lines to the sump pump li at the back of Buildings 11 through 15 to reduce the amount of water which backs up under these units Interior doors have been replaced as needed and one or two Sliders at the rear of the units will be replaced shortly.

As for the refurbishment program initiated in 2007 beginning with Buildings 11, 12, & 13, the Board has been assured these units will be completed by the end of 2008. Good comments have been made regarding the selection of carpet and living room furniture, as well as draperies, bed spreads, and the removal of wallpaper with replacement of painted walls (a consistent color throughout the units).

Buildings 14 through 17 will be refurbished in a more expeditious manner in 2009 (hopefully within the first quarter) as Eric Hagman, Resort Manager has committed to taking units off line so that the work can be accomplished in a much shorter time frame.

The 2009 Annual Budget required a 10.6% increase in fees due primarily to increases in electricity, fuel, and other utility costs, as well as trying to keep our reserves in a positive state. Rest assured that your Board of Directors uses a very sharp pencil and erasure to keep the budget within control.

As regards the election to the Board of Directors for a three year term, we are pleased to note that Bruce Smith was returned to his seat by an overwhelming vote of the membership.

It is my pleasure to note that the Board officers will remain as they have been.

We, as your Board of Directors sincerely THANK YOU for your return of proxies enabling us to conduct the annual business of the Association and remain as follows:

Sincerely,

C P ‘Mac’ McChesney