FII BOARD MEETING

March 8, 2003

Marlboro, Massachusetts

 

1.  CALL TO ORDER:

President, Mark Thomas, called the meeting to order at 10:10 am.

 

2.     ATTENDANCE:

The following members were present:  Mark Thomas, Nancy Fournier, Jeanne Sullivan-Toomey, Dave Decker, Dick Giggey, and General Manager, Wayne Fournier.   Those present by phone hookup were:  Diane Babineau, Carl Hommel, Fritz Mueller.  Laurie Brown, Bookkeeper, and Pat Karpacz were in attendance as guests.

 

3.     APPROVAL OF MINUTES FROM DECEMBER 7TH MEETING:

Minutes were approved unanimously after 1 minor change under #8 Marina, 4th paragraph down, at end of sentence was added:  “and only rent to owners and renters as indicated in policy.”

 

4.     FINANCIALS:

a)     Reviewed present financials and General Manager, Wayne Fournier, explained that the Office has modified account names to better identify them,  re:  Real Estate, Golf, Marina, etc.  Laurie Brown, FII Bookkeeper has already met with Chris Matthews, Corporate Auditor,  and delivered packet for him to review.  We should know by March 17th if we have to make any more payments for taxes.  Chris will file an extention until we know where we stand.  Diane felt we should make a large enough payment for estimated taxes to cover anything we aren’t sure of yet.  She felt we will have to pay at least $5,000.  Laurie  and Wayne will meet with Chris Mathews again  to clear up some of the old accounts and adjust some others.

b)     Purchase of Amato Slip:  Wayne was asked to have the Amato’s make a payment of $7,950.00 to FII and deposit into Marina Reserve  account.

c)     Reviewed  2002 Year End Financials:  There are some balances that will have to be adjusted out by the auditor.

d)     Discussed current balances in the Reserve Fund Accounts.

e)     Discussed Maintaining Minimum Reserves.  It was decided to wait until July to decide what minimums should be.

f)      Discussed paying off maintenance building mortgage This will be done as soon as there is enough money to do so, in the meantime, we will continue to pay interest.

g)     Line of credit is being finalized next week with Norway Savings Bank for the amount of $50,000.

h)     Money Allocated to Town in 2002:  Mark will send letter to Town asking that the Town document the contribution made by FII for capital improvements for both 2001 and 2002, and how the contributions were spent.

i)      Diane Babineau suggested that Laurie tell Chris Mathews that we have donated lots in the past to the Town and that we may still have some credit for charitable donations.  Laurie will ask. Also, Mark made the point on lots FII purchased from private citizens, FII has to pay taxes by individual lots , as they are not invluded in the FII bulk land taxes. These lots should therefore be the first ones that we donate or sell in the future.

 

 

5.     GOLF REPORT:

a)     Committee reviewed the new Golf Club Operations Policy and made a few minor changes.  (Dave Decker will have Golf Committee make changes and E-Mail to members)  Dick Giggey made a motion to approve new Policy with changes and Dave Decker seconded.                                                                                         

Mark asked that Dave Decker give the Committee a report of the recent Golf Committee meeting as Dave is the liaison between BIT and the Golf Committee.  The highlights of the meeting were as follows:

 

1.     Wayne will oversee operation.

2.     Kathy Lyons will take  charge of buying  merchandise for Pro Shop.

3.     Greg Tedford will oversee day to day  Lounge and Pro Shop decisions.

4.     Bruce Nisula will oversee  the Maintenance of course.

5.     The big issue for the Golf Committee was how to finish the work started on the parking lot improvement.  Golf Committee has asked FII to help with financing this cost.  After discussion the Committee is asking that Dave go back to the Golf Committee and have them   address  the following concerns and report back to FII:

 

a.      Is there enough access for Fire Truck to turn around with  the new plan?

b.     Check with Portland Water District and get their input for water run off, planting, etc.

c.      Possibly want to consider a Handicap parking space ?

d.     Eliminate the last parking spot on the diagram near the utility pole. (too tight with it there)

e.      Does the new parking arrangement  in any way interfere with a new driving range?

If these concerns are satisfied,  FII  will help with the issue.  Jeanne Sullivan-Toomey made a motion to allot $2,500 initially  in May to be used for removing stumps, and spreading gravel to level out the area.  Then, to  allocate an additional  $4,000 for the blue stone when FII has the funds to do so.  Dick Norris seconded.  Passed unanimously.

 

            Meeting recessed at 12:30 pm for lunch.  Meeting reconvened at 1:00pm.  At this time Jim Fredericks joined the meeting  by phone hook-up and  Robert Boyd joined  as a guest.

 

6.     MARINA REPORT:

a.      Relationship with BIT:  The intent of FII is to have BIT oversee the day to day operation of the Marina and Quail Circle and that FII will determine the policy.  Jim Frederick’s will add the following to the Policy  addendum to coincide with Golf Policy:

“The actions taken by the Committee will be subject to the approval of the Executive Committee of the Board of Island Trustees who is responsible for overall Marina and Quail Circle  operations in 2003.  As FII owns the Marina and Quail Circle, the FII Board will review and approve policy changes proposed in the Operations Policy Handbook”.  Dick Giggey made a motion to approve addendum as changed, Fritz Mueller seconded.   Unanimous.

b.     Slip Assignments:  Mark Thomas came up with a list of all owners and renters for both the Marina and Quail Circle.  Letters will go out on Monday, March 10, 2003, to all Frye Island Yacht Club members explaining the changes in the new Policy and asking for a response by no later than April 15th as to whether they intend to keep their slips.  Mark asked the Marina Committee to supply the Office with a final list by May 1st so that the Office can start accepting payments from Yacht Club members.

       c.   Review Draft Letters:  Committee went through all 4 versions

                                     with  Jim Fredericks  and Jim will E-Mail changes to Wayne by     

Monday so that the letters can go out.  Jeanne Sullivan-Toomey       

made a motion to send out the letters, and Dave Decker seconded. 

Unanimous.

d.  Marina Policy Discussion and Update – After discussion there                                  were 3 minor changes that Jim Fredericks will make and E-Mail                              everyone.  Jeanne Sullivan-Toomey made a motion to approve                                  Policy with changes and Dave Decker seconded.  Unanimous.

e.  Start-up of Season:  Again, Committee will supply Office with                                  updated list by May 1st so they can start accepting payments.                                 f.  McCarthy Slip:  If no response from McCarthy, FII will take over                             slip and rent it out.

             

7.     REAL ESTATE TRANSACTONS:

a.      Review Lots with deposits:  Wayne reported that at the present time we have 3 bids for property in, two of which were processed before the 10/15/02 deadline.   We will review these again in May.  A notice will be put in the Fins that FII will consider selling any privacy lots that people want, providing the price is  acceptable.

b.     Status of Right of First Refusal letters:  One letter back saying they already bought lot in question.  No other responses.

c.      Norden Sale:  This is a Town matter and not FII.

d.     Planning for 2003:  A steering committee will be formed with anyone interested in long term planning for Frye Island real estate.  Dick Giggey, Jeanne Sullivan-Toomey, Carl Hommel, and Dick Norris expressed interest on being on committee.  There will be a notice in next Fins asking for anyone interested to contact office.

e.      Consider privacy lot language:  Mark Thomas felt we should change the language for privacy lots to include – “if you already own a lot and wish to purchase an abutting lot so that you can build in the center of the two, you can purchase lot as a privacy lot and the two lots will be merged into one lot with one deed” Dick Giggey made a motion to make this change, Jeanne Sullivan-Toomey seconded.  Unanimous. After the vote Dick Norris volunteered to draft the appropriate change to the Real Estate Policy under a new heading, Merged Lots.

f.       Discuss land adjacent to Admin Building:  Discussed briefly; it was the feeling of the Committee that they could consider purchasing 20 feet if we could get it for a reasonable price. Tabled discussion until next meeting when we will invite Mr. Treacy to be present.

g.      Carl Hommel updated Committee on lots with FII right-of-way, or strips between them.  This was tabled so that Carl could research it further.  So far there seems to be 3 lots involved.

 

8.     GARCEAU LOT:

Wayne informed Committee that there is a new law prohibiting any construction within a 75’ of a stream.  The National Resource Protection Act has created revisions to original Act making it more strict around streams.  It was felt that FII would have no problem selling the Garceau’s a strip of land to make their lot buildable, but they would first have to look into this new requirement that could affect building on the lot. Tabled until more info is available.

 

9.     DISCUSS POSSIBLE TRANSFER OF ASSETS:                                         

Board Members were asked to study draft provided by  Tompkins, Clough, Hirshon & Langer,  and add anything they can think of  to protect rights of all lot owners.

 

10.  NEW BUSINESS:

Beano License will be renewed from June through September. Unanimous   

 

      Vehicles riding the ferry were discussed.  In the past any trucks delivering to the store received preferential treatment on boarding the ferry.  From this season on, only refrigeration trucks will receive this service.  All other trucks will wait in line like everyone else.  Employees of store can ride ferry at no charge.

 

      Meeting for May will be changed from the 17th to the 9th at 8:30pm in the Admin Building on the Island.  (if the ice is out!)

 

      As there was no other business, Jeanne Sullivan-Toomey made a motion to adjourn the meeting and Nancy Fournier seconded. Unanimous.