See Forever Update, Feb. 2025

See Forever Owners,

We want to provide on update on the proposed rental policy and also inform you of improvements we have decided to make to the care of our property given recent events.

First, thank you to all of the owners who participated in the Owners Meeting, and to those of you who have contacted me directly to discuss your thoughts, ideas, and concerns. I appreciate you taking the time, and the spirit of the conversations. We all want See Forever to maintain its luxury status and see our property values increase, and that is the guiding principal of everything the Board does.

Based on your input, we are adjusting our rental and owner policy as well as some basic operations as follows:

We will adopt an annual fee of $1,000 for those owners who rent their units more than 14 days/year instead of a transaction fee. This is easier for Telluride Consulting to administer, and will likely represent a lower cost to renting owners. The 14 day threshold is consistent with IRS guideline that allows an owner to rent for up to 14 days without having to declare the income on their federal tax return. This fee may increase in the future, but for now we will implement this as a means of partially recovering rental related costs . Since Winter season is mostly done, we will begin this for 1/2 of the year for 2025, with $500 being assessed to rental units, and then $1000 beginning in 2026.

We are now increasing cleaning frequency to 6 days/week, versus the current 3 days. We simply must do a better job maintaining our property, and will move to every day (except Sunday) cleaning services during season. This is planned to begin March 3. The extra cost for this will be $29,000 annually, but we need to take this action in order to ensure lobby, elevators, and hallways are always clean given the traffic we are experiencing. Our budget, and dues, will ultimately be adjusted to reflect this cost

Occupancy limits and a 3 day minimum will remain as proposed. There were some mistakes on the unit occupancy limits in the first policy proposal, and those have been corrected and are reflected in the attached policy.

We have published a list of HOA rules that Telluride Consulting will distribute to all property managers and will hold a zoom meeting to communicate. This list is attached, and are the same for renters and owners. Since the property management firms work for the owners, not Telluride Consulting, you should also communicate these policies to your rental managers. A proposed letter to be distributed to all renters by the manager is attached.

Fines for rules violations will be imposed for renters and owners alike. Owners are responsible for paying them, and then collecting from renter or property manager.

Staff will be asked to walk hallways twice daily to ensure that trash is not left in hallways. This is in addition to the daily cleaning service.

• Our budget may no longer work as we increase cleaning, address landscaping as we discussed at the meeting , and incur additional legal fees. We will manage dues for the 2025 year as communicated in our meeting with no increase planned for this year. However we may have a small deficit that will be addressed with a 2026 dues increase. We will spend what it takes to maintain a great level of cleanliness and mechanical reliability for our property, no matter what the cost.

• We are attaching the revised official rental policy that reflects the above changes. We are also attaching a letter that property managers are expected to provide to each renter explaining property rules, expectations, and potential fines. Telluride Consulting will share this with the property management firms in March, as well as a policy summary that Telluride Consulting will share with all property management companies.

• We are attaching an amended budget that reflects the extra costs for additional cleaning and landscaping and also reflecting the $500 rental fee for 2025. As you can see, it projects a small deficit in 2025, but we will work to offset that while ensuring our property is maintained to the standards we all expect

Thanks to the several owners who reached out directly to provide feedback and ideas. We do appreciate that and have attempted to reflect many of those thoughts in the above changes. If you have any additional thoughts, questions, or concerns, please continue to reach out to me or other members of the Board.

Sincerely,
Bill

Draft Attachments: Rental Letter 2025, SFVII Budget Feb. 21, Rental Policy Feb. 21, Rental Manager Guidelines Feb. 21