May 24, 1994 To All Valley of Lakes Property Owners: For two long, frustrating years CBG has attempted to refinance in the best interests of its creditors and to realize the dream of fully completing the infrastructure. Many complicated problems had to be surmounted, and the situation was not alleviated by a few vocal detractors. I was however constantly encouraged by the strong support of many responsible property owners. Throughout this period I have communicated and cooperated with a core group of those property owners who identified themselves as, and truly are, the Friends of the Valley. They have thoroughly demonstrated their sincerity and commitment to build a better community. Their latest contribution was the cleaning of the beach area and hosting a fund raiser to purchase sand and eventually build a childrens' playground at the facility. In recognition of their efforts I am supporting their incorporation as the officially recognized and sanctioned, "Property Owners' Association of the Valley of Lakes." I will work with this group to address all areas of mutual concern with complete faith in these individuals' abilities to act in the best interests of all property owners. Some of the preliminary work has been accomplished, but of course there is a great deal more to do in establishing a constitution, by-laws, agenda, table of organization and elections, etc. It will therefore take a period of time before the Property Owners' Association can be placed in full operation. As the Association develops and announces its plans and agenda I am certain that it will gain the same respect and support from you that its organizers have gained from me. Until I am able to resume full operations, the pro-tem officers of the Property Owners' Association, including G. Denke, D. French, R. Kichline, and T. Pierson compose the sole group authorized to make any improvements or undertake any public projects involving the beach, pool, or any other facility, unless I give personal permission for such work to be undertaken. Individual property owners who have suggestions for projects are urged to contact the Property Owners' Association for guidance and assistance. They will most certainly welcome your input in making the Valley of Lakes a better place to live. /s/ Frank M. Cedrone
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