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MEETING OF THE IRONHORSE HOMEOWNERS’ ASSOCIATION BOARD OF DIRECTORS & TAC MEMBERS
September 15, 2025 3:30 p.m.
A meeting of the IronHorse Homeowners’ Association (IHHOA) Board of Directors was held on September 15, 2025, at Brooks Resources Corporation (BRC) & Zoom.
The following directors were present:
Jade Mayer and Kirk Schueler
Others present included Sheila Perry, BRC Accounting Associate, Meghan Hall, BRC Controller, TAC members: Terri Andreasen, Elaine and Bill Waterbury and Nina Hogue.
1. MINUTES FROM JULY 8, 2025 BOARD MEETING
Mr. Mayer motioned to approve the minutes and Mr. Schueler seconded the motion. Motion passed
2. AUGUST 2025 FINANCIAL STATEMENTS
Ms. Hall reviewed the August 2025 financial statements, noting the $50,000 Accounts Payable balance is for the money contributed by Rooted Homes toward dues.
Ms. Perry reviewed the landscape company bids for the 2026 season and requested input from the Board and TAC members on how they would like to proceed. After some discussion, the TAC suggested hiring Newport Ave Landscape. Mr. Mayer moved and Mr. Schueler seconded the motion to hire Newport Ave Landscape. Motion passed.
3. 2026 RESERVE STUDY
The Board/TAC discussed the effects of splitting the $50,000 between the Operating and Reserves funds. Ms. Hall initially split the money evenly between the two funds and showed how the $25,000 in the Reserve fund would affect dues over the next 30 years. The Board asked her to update the Reserve Study with a lower amount, with the goal that Reserve dues would not need to increase and the Reserve balance wouldn’t go below $50,000.
Mr. Schueler moved to approve the 2026 Reserve Study, with said change, and Mr. Mayer seconded the motion. Motion passed
4. 2026 PROPOSED BUDGET
Ms. Hall reviewed the 2026 budget, noting nothing significant and no increase in dues. Ms. Perry explained that the Weed Program amount will be updated based on Newport Ave’s bid.
Mr. Mayer moved and Mr. Schueler seconded the motion to approve the 2026 budget as presented. The motion passed.
5. ANNUAL MEETING PRESENTATION
Mr. Mayer reviewed the proposed annual meeting presentation, noting no significant changes.
6. FUTURE MEETINGS
October 14, 2025 @ 3pm – Annual Association Meeting to be held at the Prineville Library
IRONHORSE HOMEOWNERS’ ASSOCIATION, INC. MAINTENANCE PLAN AND RESERVE STUDY 2026
Brooks Resources Corporation
Dear Board of Directors,
After careful review of the property, component assets and current funding for IronHorse Homeowners’ Association, the following information is available.
Brooks Resources has been commissioned by IronHorse Homeowners’ Association to prepare a Reserve Study. The purpose of this Reserve Study is to evaluate the common-area components for major repair, maintenance and replacement items that are the responsibility of the IronHorse Homeowners’ Association. This Reserve Study provides a Level 2 limited-scope evaluation of the existing condition and remaining life of the commonarea components. The Reserve Study also includes estimated costs for the major repair, maintenance and replacement items to enable the Association to establish an adequate level of reserve funds for the upkeep of the property.
The community consists of 248 residential units and an affordable senior housing facility that has 40 voting rights. The total number of components included in the Reserve Study is 4. The field inspection was completed on September 26, 2024.
The beginning reserve balance was provided by the Association and is projected to be $62,418 as of January 1, 2026
In reviewing the projected starting reserve balance for the association of $62,418 for 2026, and to strengthen the reserve fund, we suggest adopting a 3% reserve contribution increase every five years. The 3% reserve contribution increase will help avoid a situation where special assessments, deferred maintenance and lower property values are likely at some point in the future.
Sincerely,
Meghan Hall
Disclosure Information
This is a Level 2 Reserve Study based upon on-site visual observations done by Brooks Resources Corporation, in accordance with the ORS provisions
Types of Reserve Studies
There are four types of reserve studies under National Reserve Study Standards:
⦁ Level I Full – This is the initial report prepared by the association. This report includes a site visit, in which a non-intrusive basic visual review is conducted, and association assets are counted, measured and/or quantified. A useful life, remaining useful life and cost allowances are assigned to the association’s assets and a funding plan is developed accordingly. A Full study is typically only prepared once as the quantities and other data can be used in all other reports going forward.
⦁ Level II With-Site-Visit – This report includes a site visit in which a non-intrusive basic visual review is conducted. No assets are quantified as this process was previously completed during the Full study process. The remaining useful life and cost allowances are updated for the association’s assets and the funding plan is updated accordingly. After the initial full study, most associations perform a with -site-visit report every third year; this cycle is required for associations with significant assets.
⦁ Level III No-Site-Visit – This report does not include a site visit. The remaining useful life and cost allowances are updated for the association’s assets and the funding plan is updated. The No-Site-Visit update is primarily based on the current reserve account balance, projects completed since the last report, current industry costs, and any proposals the association may have received for upcoming projects.
⦁ Level IV Preliminary, Community Not Yet Constructed – This report is prepared for communities that are in the development phase and have not yet been constructed. The component list is typically developed using building and site plans along with details provided by the developer. A useful life, remaining useful life and cost allowances are assigned to the association’s assets and a funding plan is developed accordingly.
General: IronHorse Homeowners Association, Inc. (IHHOA) is a 248-unit residential subdivision, as well as an affordable senior housing facility, located in Prineville, Oregon. Brooks Resources Corporation is the Community Manager for the Association.
Physical Analysis: An onsite visual observation was performed. Destructive testing was not performed. Any items that were not clearly visible at the time of the site observation were not viewed and therefore were not included.
Credentials: Brooks Resources Corporation is the Declarant.
Completeness: Brooks Resources Corporation is not aware of any material issues which would cause a distortion of the association’s reserve analysis.
Scope: This reserve study reflects the information provided to us and cannot be used for the purpose of performing an audit, a quality/forensic analysis, or background checks of historical records.
Reserve Balance: The actual or projected total reserve balance presented in the reserve study is based upon information provided and was not audited.
Reserve Projects: Information provided about reserve projects will be considered reliable. An on-site inspection should not be considered a project audit or quality inspection. Certain costs outlined in the reserve study are subjective and, as a result, are for planning purposes only. The Association should obtain firms bids at the time of work. Actual costs will depend upon the scope of work as defined at the time the repair, replacement or restoration is performed. All estimates relating to future work are good faith estimates and projections are based on the estimated inflation rate, which may or may not prove accurate. All future costs and life expectancies should be reviewed and adjusted annually.
MAINTENANCE PLAN
Summary of Maintenance Plan
To ensure the maximum useful life and optimum performance of common components, and pursuant to Oregon State Statues Chapters 94 and 100, regular maintenance is necessary.
This maintenance plan describes the maintenance, repair and replacement to be conducted and includes a schedule for the maintenance, repair and replacement. The Board of Directors should review and update the maintenance plan as necessary.
Landscape and Irrigation System
The Association will be responsible for the maintenance and upkeep of common area landscape throughout the property. This may include mowing lawns, removal of weeds, pre-emergent application, hand trimming, etc.
Periodic maintenance to the irrigation system should be anticipated. Maintenance procedures include replacement of the control mechanism, replacement of damaged piping, upgrading of sprinkler heads and valve components and backflow testing.
All work on irrigation systems must be performed by licensed contractors who specialize in this type of work.
This expense should be included in the annual operating budget for the Association.
Frequency: Seasonal/Annually
Pathways
Maintenance of the asphalt pathway includes repairing or replacing any damaged surface areas and routine crack sealing. Pathways should be inspected annually with any cracks identified on an annual basis. If cracks are identified, crack sealing should be performed by a professional prior to allowing any foreign debris to enter the crack. If foreign debris is accumulated within the cracks, cleaning the cracks with high pressure water should be completed prior to crack sealing.
This expense should be included in the annual operating budget for the Association.
Frequency: Every 2 to 4 years
Report Date January 1, 2026
Version Reserve Study
Budget Year Beginning January 1, 2026
Budget Year Ending December 31, 2026
Summary of Calculations
Placed in Service September 24, 2014
Useful Life 30 years
Replacement Year 2044
Remaining Life 18 years
Single faced monument sign with (7) 12” deep 4’ wide corten steel panels. Panels are 1.5” deep fabricated brushed aluminum letters that read “IRONHORSE” with 27” tall fabricated aluminum horse logo. Letters and logo are halo-illuminated with amber led units. Amount represents major repair, replacement and refurbishment of asset. This amount also represents the replacement of the monument landscaping. Initial cost of the asset was $14,125 for the sign (Carlson Sign), $11,000 to furnish and install boulders (Botanical) and $82,000 for landscaping at monument and up Combs Flat (Botanical). Cost and useful life are based on information from Brooks Resources Corporation. The association should obtain a firm bid to confirm this estimate.
Asphalt Pathway in IronHorse II:
Placed in Service January 1, 2007
Asphalt pathway in IronHorse II Amount represents major repair, replacement and refurbishment of asset. Cost and useful life are based on information from Brooks Resources Corporation. The association should obtain a firm bid to confirm this estimate.
Wayfinder Median Landscaping and Irrigation in IronHorse II :
Placed in Service April 1, 2019
Useful Life 10 years
Replacement Year 2029
Remaining Life 3 years
Wayfinder median landscaping and irrigation in IronHorse II. Amount represents major repair, replacement and refurbishment of asset. Cost and useful life are based on information from Brooks Resources Corporation. The association should obtain a firm bid to confirm this estimate.
Placed in Service January 1, 2023
Useful Life 10 years
Replacement Year 2033
Remaining Life 7 years
Sidewalk on Wayfinder in IronHorse II. Amount represents major repair, replacement and refurbishment of asset. Cost and useful life are based on information from Brooks Resources Corporation and a quote obtained in September of 2022. The association should obtain a firm bid to confirm this estimate.
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