Frye Island, Incorporated – Board of Directors Meeting

August 26, 2004

Community Center, Frye Island

 

Call to Order:

            President Potts called the meeting to order at 7:02 PM.

 

Attendance:

            In attendance were J. Potts, C. Hommel, D. Giggey, D. Norris, J. Atkinson, J. Roberts, N. Fournier, P. Perry, and General Manager W. Fournier.  Others present were B. Roberts (Lot  111), J. and A.C. Riley (Lot 21), M. Hommel (Lot 68), and E. Charrette (Lot 79).

 

Approval of Minutes:

            MOTION to approve the minutes of the 8-6-04 FII Board meeting by C. Hommel, seconded by J. Roberts.  MOTION passed unanimously.

 

Communications & Petitions from the Public:

            Marge Hommel, on behalf of the Frye Island Planning Board requested that certain waterfront and one-back lots which are included in the proposed FII gift of Conservation Land to the Town to be removed from the list.  The reason given for this was that the Planning Board work has not been completed for access, public parking, and potential use of waterfront lots, which may be included in the gift.  Further, she requested that the proposed deed restrictions be worded such to preclude any impossible hurdles which would prohibit the Town from making future changes as the needs of the Town change. 

 

Reports:

-- J. Potts reported on the closing of non- or low-interest earning checking and savings accounts at both Key Bank and Norway Saving and the opening of a new interest bearing checking account at Evergreen Credit Union in North Windham, ME per the directions of the FII Board resolution of 8-6-04.

 

-- No August FII financials were available, as the month had not been concluded but will be available at the 9-17-04 meeting.

 

-- The loan for the Town Maintenance Building was paid off per FII Board resolution of 8-6-04.  This created a clean transfer of this property, which was included in the 7-3-04 transfer to the Town.

 

-- Per the Board resolution of 8-6-04, the FII Marina reserve was split and that equity portion transferred to the Town with the balance used in the loan payoff for the Maintenance Building.

 

-- FII 2003 Tax Returns have been filled.

 

-- Warranty deeds have been signed and copies exchanged for the property swap involving lots 1805, 1769, and 1770.

 

-- Deeds have been forwarded by the Town Attorney for the 7-3-04 Stockholder Approved 2004 FII Asset Transfer to the Town of Frye Island.

 

Discussion:

-- The draft plan for the 2005 FII asset transfer to the Town was tabled pending input from competent legal and financial sources with respect to the potential tax consequences to both the Town and FII.

 

-- Revisions to the FII By-Laws were discussed in depth and were preliminarily approved by the Board.  Final approval requires a 100% affirmative vote by the Directors and is to be taken at the 9-17-04 FII Board meeting.

 

Old Business:
 

-- MOTION by C. Hommel, seconded by D. Giggey to approve the list of lots, as amended, which are to be given to the Town as Conservation Land per the request of the Town Conservation Commission.  This list comprises 131+ lots and has certain deed restrictions.  This list and the deed restrictions were amended on the basis of the Frye Island Planning Board request as detailed above.  The MOTION passed unanimously. 

 

-- President J. Potts is to present this gift to the Selectmen (BOS)/Executive Committee at their next regularly scheduled meeting with three actions by them:

 

1.     Acceptance of the gift with deed restrictions;

2.     Acceptance of enforcement of deed restrictions; and

3.     Agreement to pay the cost of land transfer (legal & etc).

 

The complete lot listing in this gift along with the necessary maps to locate them can be found on the Frye Island website.  The list is under “CL-Report.pdf”.

 

New Business:
 

-- MOTION by C. Hommel, seconded by J. Atkinson, for a Corporate Resolution to open a checking account at Evergreen Credit Union.  MOTION passed unanimously.  Note: this account replaces those of Key Bank and Norway Savings.

 

-- MOTION by C. Hommel, seconded by D. Giggey, for a “Resolution on Building on FII Lots”.  The resolution reads as follows:

 

            Where As since Leisure Living Inc., the original developer of Frye Island, had its business plan severely limited by a Court Order requiring that the total number of residential septic systems on Frye Island be limited to a maximum of 750 in their development,

Where As since the 750 septic system limit caused Leisure Living Inc. to go out of business and all of their assets on Frye Island to be turned over to FII, a corporation of property owners on the Island,

Where As since there are currently over 820 lots on Frye Island owned by private parties with just over 400 cottages in use,

Be It Resolved that FII feels that they have both a moral and a legal requirement not to cause any development on FII owned land that would put into jeopardy the availability of a septic system for the construction of a cottage on one of the undeveloped privately owned lots.

                        The MOTION passed unanimously.

 

-- David Gleeson was nominated and approved by the FII Board to fill the vacancy created by the resignation of D. Babineau shortly after the 8-6-04 Board meeting.

 

-- The election of an FII Treasurer to replace D. Babineau was deferred until the next FII Board meeting on 9-17-04.

 

Next Meeting Dates:

            -- Board Meeting  - 8 PM Friday 9-17-04, and 7 PM Friday 10-8-04.

            -- FII Stockholders Meeting – Saturday Morning 10-9-04.

 

MOTION to adjourn at 10:55 PM by N. Fournier, seconded by J. Atkinson.  MOTION passed unanimously.

 

Respectfully submitted by

Phil Perry, Secretary