FII BOARD MINUTES
AUGUST 23, 2002
I. CALL TO ORDER:
President Thomas called the meeting to order at 7:10 P. M.
The following were present: Diane Babineau, Dave Decker, Nancy Fournier, Carl Hommel, Fritz Mueller, Jeanne Sullivan-Toomey, Mark Thomas and Interim General Manager Joseph Potts. Dick Giggey attended via telephone. Dick Norris was excused. Robert Roberts, Jim Kuiken and the Marina Committee were visitors.
III. MARINA REPORT
Jim Fredericks and the Marina Committee presented a draft Marina Policy to the Board for comments. Jim will take the Board’s comments and present a new draft at a future meeting.
Babineau MOVED and Decker SECONDED that the FII sell slip #73 in the Long Beach Marina to George Amato, for the sum of $8,500, in order to rectify an office error. Motion PASSED unanimously.
Thomas MOVED and Fournier SECONDED that FII deduct $550 from the price of the slip sold to Amato to compensate them for paying a 2002 rental fee. Motion PASSED unanimously.
IV. APPROVAL OF MINUTES
It was noted that minutes of the August 4th meeting stated that the FII meeting of September 20, 2002, would start at 7:00 P.M. This was no longer necessary, and the minutes were changed to reflect the new starting time of 8:00 P.M. The minutes as revised were approved unanimously.
V. FINANCIAL REPORT YTD
The financial report was presented. Treasurer Babineau reported that the Tax Bills were not paid in 2001 as thought, due to clerical oversight in the office. They were paid in August 2002, and she has presented a copy of the check to the auditor. She has reconciled the 2001 bank statements.
President Thomas will prepare a proposed 2003 budget and E-Mail it to the Board Members for action at the September meeting.
VI. REAL ESTATE
Interim General Manager Potts presented the status of Lot closing. All pending transactions have been closed except for Osborn.
He reported that the survey of Lots 1, 2 and the Playground area has been completed, and he expects the results shortly. The pins will not be placed until the survey has been presented.
Giggey MOVED and Fournier SECONDED that FII advertise in the FINS that bids for privacy lots will be accepted, and acted upon after the October Stockholder’s meeting., with closings scheduled in 2003. Motion FAILED by a vote of 1-7.
The letter from Dave and Diana O’Grady was reviewed. Secretary Hommel will inform them that the FII policy is not to allow upgrades any longer, and that they should sell Lot 1112, and then make an offer on a buildable lot. It was noted that Lot 1223 is no longer available.
Mueller presented some changes to the FII Real Estate based on suggestions made by Norris. President Thomas will make the suggested changes and circulate the draft policy to the Board for comments.
Babineau MOVED and Fournier SECONDED that First Refusal Letters state the deadline for accepting bids is changed from December 31, 2002, to June 30, 2003. Motion PASSED unanimously.
VII. PROPERTY TRANSFER TO TOWN
First Selectman Kuiken suggested that the Board continue its discussions on transferring FII assets to the Town, as the pending reassessment will have a profound impact on bulk land held by FII. This topic will be placed on the agenda for the September meeting. Acting General Manager Potts was requested to consult with our attorney about safeguards that FII could include with the transfer documents.
VIII. FRYE’S LEAP LEASE
IX. TOWN-FII LEASE
President Thomas and the Town will continue their discussions.
It was MOVED and SECONDED that the meeting be adjourned. PASSED unanimously. The meeting was adjourned at 10:30 P. M.