MINUTES OF THE

 HIGHLAND OAKS HOMEOWNERS ASSOCIATION

 A regular meeting of the full association membership of the above association was called to order on July 29, 1997 at  7 p.m. by president Steve Hammel. It was held in the original model home at the corner of Inverness and Highland Oaks Drive, New Albany, Indiana.

 The purpose of this meeting  was to discuss issues with the developer, Greg Furnish, regarding the status of Crossman Communities in  Highland Oaks.

1.     CROSSMAN COMMUNITIES.  Steve Hammel distributed a fax from Crossman Communities to Greg Furnish indicating their agreement that their contract has been broken and Crossman will be pulling out of Highland Oaks following the completion of their two homes and possibly a few which they have contracts for. Greg indicated that as of this date they officially only own two lots. He is still in negotiations for what to do with a couple of lots in Royal Oaks that Crossman has sold but which Greg does not want to build on due to possible drainage problems. He may trade them lots in Highland Oaks for these. Best case, TriMark will leave with only two homes in Highland Oaks. Worst case, they may end up with five. He will remove all of the TriMark signs by Thursday.

2.     FUTURE POSSIBILITIES. Greg stated that the future of Highland Oaks once again looks promising. He already has several lots ready to begin new construction. Schuler will most likely be chosen to once again market the development. Cristiani is supposed to be finalizing their bids for the excavation of Phase II. If Greg is sure that the streets can be ready in time he will submit the request to have Highland Oaks be considered as a site for the 1998 Indiana Home Expo.

3.     TREASURER REPORT. Jeff Johnson reported that the Association has $1,030 in the account as of June 30.

4.   OTHER DISCUSSION.

      New residents on lot 43 have moved in.

      Jeff Johnson asked:

1)     What builders will be allowed in Highland Oaks

2)     How will Highland Oaks be marketed now

3)     What about the amended restrictions

      Greg responded:

1)     All builders will be from Schuler’s approved list (about 19 builders). The majority of building will likely be done by the original group (Powell, Snyder, Furnish, Witten and Sewell). He assured the group that no homes will be built adjacent to each other with the same plans.

2)     It should revert back to the way it was originally marketed by Schuler except that the lot prices (for Phase II) will likely be raised.

3)     Greg would like to group any restriction changes together and do them all at once. He said the perfect time to do this would be when he files for Phase II because he will be able to resubmit a new list of restrictions at that time.

Greg Snyder resigned as Vice President.

Jim Hitchcock reported that he has been getting calls from someone at HUD (Urban Development) asking questions about the neighborhood.

At the next meeting a vote will be taken to amend the restrictions to include basements as mandatory unless excavation reveals a layer of rock/slate making it too costly or upon special approval by the variances committee.

5.  NEXT MEETING.  The next meeting of the  Association was tentatively scheduled for August 19, 1997. The meeting adjourned at 8:16pm.  

 _______________________________________

 Byron Graham

 Secretary