Minutes, Frye Island Inc. Board Meeting
February 21, 2004                  Saco, Maine


Attendees: Nancy Fournier, Dick Giggey, Dick Norris, Peter Bearor (in person)

                  Diane Babineau, Carl Hommel, Jan Roberts ( via phone)


Absent: Tom Bishop, Phil Perry


Prior to the formal FII board meeting a long discussion among the BIT, FII, and BOS took place with a presentation being given by Richard Maine regarding various options for assessing Frye Island Inc. land.  Mr. Maine is the town assessor. Details supporting  his presentation are available at www.maine.gov, property tax bulletin no.18.


At 9:45 Nancy Fournier called the FII Board meeting to order.


Fournier moved to accept the minutes from the prior meeting. Roberts seconded. Motion passed unanimously.


The Town manager reported that current financial statements were not available for this meeting.


Real Estate: all sales agreed to by FII last year have been completed. The Town manager will send out a note regarding net proceeds from these transactions prior to the next meeting.


A discussion regarding the proxy letter drafted for all stockholders ensued. A public meeting will be scheduled for Saturday, May 29th (Memorial Day Weekend), at 9:00 am. All stockholders will be invited to ask questions regarding the asset turnover.


A brief review of the letter, and a few edits, were submitted by different meeting participants. Letter will be mailed within the next few weeks.


Real Estate: Diane Babineau moved to establish a policy of “no buildable lot sales” for 2004. Jan Roberts seconded. Motion passed with one abstention, Carl Hommel.


Fournier requested that the board be available for a meeting on May 15th  to discuss the asset transfer letter.


Hommel moved to adjourn. Babineau seconded. Motion passed unanimously.