FII BOARD MINUTES

JUNE 19, 2003

COMMUNITY CENTER

 

I. CALL TO ORDER:

               President Thomas called the meeting to order at 8:05 P. M.

 

II. ATTENDANCE

               The following Members were present: Diane Babineau, Dave Decker, Nancy Founier, Carl Hommel, Fritz Mueller, Dick Norris, Jeanne Sullivan-Toomey, Mark Thomas and General Manager Wayne Founirer. Dick Giggey attended via teleconference. The following visitors were present: George and Pirjo Amato, Lot 1121, Ed Charrette, Lot 79, John Crosby, Lot 27, Grace Morin, Lot 287, and Bob Roberts, Lot 111,

 

III. APPROVAL OF MINUTES

               Mueller MOVED and Babineau SECONDED that the minutes of the Board meeting of May 23, 2003 are approved as amended. PASSED unanimously.

               Hommel MOVED and NORRIS SECONDED that the minutes of the E-Mail Board Meeting of March 30, 2003 are approved. PASSED unanimously.

 

IV. FINANCIALS

               A). The financial report was reviewed.

               B.) The audit is expected to be complete this following week.

               C). Enough funds are on hand to pay the estimated income tax payments through September.

               D). Pro shop credits will be transferred to a Town account.

               E). The second payment for the new Marina slips has been paid.

 

VI.. TOWN LEASE

               A). Golf Club. Decker reported work on the parking lot is almost complete. There will no more Golf Club reports made to FII unless Policy is being considered.

                              B). Marina Committee. Sullivan-Toomey reported that the Marina Committee has held the Grandfathering hearings. A report and recommendation will be shortly be submitted to The Executive Committee of the BIT and the FII Board. A joint meeting of those two Committees will be held to review the grandfathering recommendations, on Sunday June 29, at 1:00PM, in the Community Center.

 

VII. REAL ESTATE

               A). Norris’ proposed changes to the Real Estate Policy were reviewed. It was decided to submit them to the Stockholders for approval at the July meeting, with the percentage of full market value to be 65%.

 

               B.) Review of Bids.

                              1) It was decided to consider the bids in the order in which they were received.

                              2) It was decided that the Fair Market Value for a bid would be based
                                    on approximate values provided by Krainen Real Estate

                                             Shorefront Lot-$125,000 and up

                                             One Back, East Side- $22,000 to $30,000

                                             One Back- West Side, $25,000 to $35,000

                                             Interior- $18,000 to $25,000

                                             Golf Course- $19,000 to $25,000

                                             The Fair Market Value of a merged lot would be 1.5
                                                 times that of a single lot.

                              3) Board members disclosed their interest in the bids received:

                                             Decker- was bidding on a privacy lot

                                             Founier’s brother was bidding on an interior lot, and her
                                                 brother-in-law was bidding on an interior lot

                                             Sullivan-Toomey’s husband was bidding on a privacy lot.

               Hommel MOVED and Mueller SECONDED to counter Blackmore’s bid for Lots 1941 and 1942 for $27,000, arrived as 1.5 times the Fair Market Value of an interior lot. Motion PASSED unanimously.

               Hommel MOVED and Babineau SECONDED to counter Founier’s bid for Lot 1114 for $18,000, arrived as 1.0 times the Fair Market Value of an interior lot. Motion PASSED unanimously.

               It was then decided to stop considering bids on buildable lots, as acceptance of the Ross bid for Lot 283 could lead to exceeding the $140,000 limit on buildable lots.

               Hommel MOVED and Mueller SECONDED to counter Herzog’s bid for Lot 1141 as a bump back lot for $12,600, arrived as 1.0 times the Fair Market Value of an interior lot, times .0.70 for a pump back discount. Motion PASSED unanimously.

               The Board discussed the Herzogs’ bid for Lots 1152 and 1153 as privacy lot. It was noted the Herzog’s are not eligible for a privacy lot, as they do not own an adjoining cottage. Norris MOVED and Mueller SECONDED to counter Herzogs’ bid for Lots 1152 and 1153 for a Merge Lot for $17,550, subject to the Stockholders approving the classification at the July Stockholder’s meeting. This price was arrived at as 1.5 times the price of an inland lot, times 0.70, the proposed discount for a Merge lot.

               Hommel MOVED and Mueller SECONDED to reject the Carpinetti bid for $1,000 for Lot 2 as this is not in the best interest of FII and the Town. Lot 2 is zoned Waterfront Commercial, and should be reserved for Town use. Motion PASSED unanimously.

               Norris MOVED and Babineau SECONDED to reject the Catalano bid for Lots 2016 and 2017. Future usage of these lots was referred to the Real Estate Steering Committee for reconfiguring. Motion PASSED unanimously.

               Norris MOVED and Babineau SECONDED to reject the Toomey bid for Lot 330 and the Amato bid for Lot 332, as they are not in the best interest of FII Future usage of these lots was referred to the Real Estate Steering Committee as possible conservation lands. It was agreed to notify the bidders if this action was not taken. Motion PASSED unanimously.

               Giggey MOVED and Mueller SECONDED to reject the Martell bids for Lots 309, 310, 1077 and 1041, as they are not in the best interest of FII Future usage of these lots was referred to the Real Estate Steering Committee as possible conservation lands Motion PASSED unanimously.

               Giggey MOVED and Mueller SECONDED to reject the Sullivan bid for Lots 309 and 310, as they are not in the best interest of FII Future usage of these lots was referred to the Real Estate Steering Committee as possible conservation lands Motion PASSED unanimously.

               Hommel and Mueller SECONDED to reject the Martell bid for Lot 1823, as it is not in the best interest of FII Future usage of these row of lots was referred to the Real Estate Steering for reconfiguring. Motion PASSED unanimously.

               Norris MOVED and Babineau SECONDED to counter the Decker bid for Lot 1859 as a privacy lot for $16,500, arrived as 1.0 times the Fair Market Value of an East Side One Back (~$25,000), multiplied by the 0.65 discount for a privacy lot. Motion PASSED unanimously.

               Norris MOVED and Babineau SECONDED to counter the Pelissier bid for Lot 1848 as a privacy lot for $16,500, arrived as 1.0 times the Fair Market Value of an East Side One Back (~$25,000), multiplied by the 0.70 discount for a privacy lot. Motion PASSED unanimously. It was noted that the FII deeds include a provision for an easement along the property lines to allow utility or sewage lines. .

               The Board discussed the Schultz bid for Lot 1864 as privacy lost. It was noted Schultz is not eligible for a privacy lot, as he do not own an adjoining cottage. It was also noted that although Lot 1864 is a conforming lot, it has been merged with the adjoining FII owned lot, (Lot 1865), which is not a conforming lot. Founier MOVED and Babineau SECONDED to counter the Schultz bid, for $17,550, offering them both lots 1864 and 1864 as a Merge Lot, subject to the Stockholders approving the classification at the July Stockholder’s meeting. This price was arrived at as 1.5 times the price of an inland lot, times 0.65, the proposed discount for a Merge lot.

               The Board discussed the McCarty bid for Lot 1217 as privacy lost. It was noted McCarty is not eligible for a privacy lot, as he do not own an adjoining cottage. It was also noted that Lot 1217 is a nonconforming lot, and has been merged with the adjoining FII owned lot, (Lot 1218), also a nonconforming lot. Babineau MOVED and Norris SECONDED to counter the McCarty bid for $17,550, offering him both lots 1217 and 1216 as a Merge Lot, subject to the Stockholders approving the classification at the July Stockholder’s meeting. This price was arrived at as 1.5 times the price of an inland lot, times 0.65, the proposed discount for a Merge lot.

               Norris MOVED and Babineau SECONDED to counter the Bilodeau bid for Lot 1848 as a pump back lot for, $17,500, arrived as 1.0 times the Fair Market Value of an East Side One Back (~$25,000), multiplied by the 0.70 discount for a pump back lot. Motion PASSED unanimously.

 

               C). Land adjacent to the Town Hall. The language to the deed for the purchase of the land from Tracey et ali was approved. A copy is attached.

 

               D). Status of right of first refusal letters. No offers have as yet been received. The deadline for receiving them is June 30, 2003.

 

VIII. FERRY TRANSFER TO TOWN

               In the July 5 meeting the Stockholders will be asked if they support sending a ballot to all Stockholders regarding the possible transfer of the ferries to the Town.  An attorney will draft the ballot question

 

IIX. GARCEAU LOT

               The Board discussed the sale of approximately 2,500 sq ft of Golf Course land adjacent to Garceau lot 1741 to the Garceaus, for $1.00, thus making the lot conforming, in consideration for their granting FII a power easement through the property at no cost,. The Garceaus would them grant an easement to FII allowing the land to be used for the golf course. The Garceaus will pay the costs of surveying and registration of the deed. Norris pointed out that there was a possible loophole in the Land Use Ordinance, making the transactions unnecessary. Founier MOVED and Mueller SECONDED to approve the transactions provided the CEO deemed them necessary. Motion PASSED unanimously.

 

IX. OTHER BUISNESS

 

               Ed Charrette, Chairman of the Town Conservation Commission, requested FII to transfer sections of land at Quail Circle, the land surrounding the lagoon at the marina, the land surrounding the wetlands between Birch Road and Harbor Road, and the South East Resource Protection Area. The Board was very supportive of the plan, but did not want to act at this time because the subject was not on the agenda. It was felt that this should be referred to the RE Steering Committee.

 

X. ADJOURNMENT

               It was MOVED and SECONDED that the meeting be adjourned. PASSED unanimously. The meeting was adjourned at 11.40 P. M.