Fellow CPN Shareholders:

Just a quick note to let you know what your CPN Board of Directors has been doing during this particularly hot and humid Summer and to welcome you back into active participation as we head into the Fall. Our first post-summer Shareholders meeting is scheduled for next Wednesday, September 2^nd, 7:30PM in the second floor Community Room.

There has been no summer hiatus for your Board–we have continued to meet twice a month throughout the summer. Here are some highlights:

–As promised, we have moved forward with Phase I of our CPN capital projects–CPN’s sidewalks. Once started, this work has moved forward on schedule. With some luck and good weather, this Phase should be completed by the time of our meeting next week.

–Within this project, we have approved the addition of some elements (originally planned for Phase II) and the modification of some others in an effort to balance expenditures. In addition, we are involved with our engineering firm, our on-site contractor and our attorneys to insure that the associated costs to CPN remain justifiable and manageable.

–We have begun gathering materials associated with Phases II & III of our capital projects—the CPW “plaza” areas, entrances/stairways/ramp, and the more significant work required for dealing with the 2^nd Floor deck and garage areas. More info to follow as we move forward.

–We have been involved in a review of all contractual relationships with our service providers to insure that these relationships are the most efficient and cost-effective for CPN.

–We have launched a new By-Laws Committee with expanded Shareholder participation. At next Wednesday’s meeting, this new BL Committee will provide an overview of their activities to date and their plans for completing the process.

–Beautification has continued with plantings, re-plantings and planning for Fall and next Spring (as it dovetails with the next Phases of our capital projects)—more info next Wednesday.

–We have purchased and installed a new refrigerator in the Community room (if you’ve been among the renters of that space for family or community activities, you will understand why this purchase was necessary…).

WE LOOK FORWARD TO HAVING YOU JOIN YOUR FELLOW SHAREHOLDERS AT CPN’S FALL KICK-OFF MEETING!!!

DATE/TIME: WEDNESDAY, SEPTEMBER 2^ND, 7:30PM

WHERE: 2^ND FLOOR COMMUNITY ROOM

Ted Valand, President

CPN Board of Directors