FRYE ISLAND INCORPORATED
BOARD OF DIRECTORS MEETING
FRIDAY, SEPTEMBER 17, 2004, 8:00 PM
1.) The meeting was called to order by President Potts at 8:01 PM. Board members present were J. Atkinson, N. Fournier, R. Giggey, D. Gleeson, C. Hommel, R. Norris, J. Roberts, J. Potts, and P. Perry (by phone), and General Manager W. Fournier. Visitors present were K. Potts (Lot 1633), R. Roberts (Lot 111) and R. Stenz (Lot 930).
2.) Approval of Minutes - Roberts MOVED and Atkinson SECONDED that the minutes of the September 26, 2004 Board Meeting be approved. Motion PASSED unanimously.
3.) Communications and Petitions from the Public - None.
a. Financials - The financial Statement dated September 8, 2004 was reviewed. A check dated 2002 to Blue Cross had not cleared, and was written off. The RE reserve account was closed out.
b. Emerald Point Drive Assessed Value – General Manager Fournier explained that the value in the assessor’s statement was the original assessed value of Emerald Point before development. Hommel pointed out that the 2003 FII motion to accept the road contained a requirement that the road was reviewed was approved by a licensed engineer, and the head of the Town Public Works department.
c. Status of Approved 2004 FII Asset Transfer to the Town – The deeds have been prepared by our lawyer and are being reviewed.
d. Maximum Number of Septic Systems - President Potts had reviewed the 1990 Consent Decree and pointed out that it required FII and the Town to keep track of the phosphorus export to the Lake, using the Normondeau model. He had prepared a database to calculate the current figure, and found that we were in compliance the value set by the Court. We will continue to cooperate with the Portland Water District in following the export, and in counting septic systems.
e. Status of Approved Conservation Land Gift to the Town - The deeds are being prepared by our lawyer. The transfer will be completed before the Tax Commitment Date.
f. Updated 2005 FII Budget – The budget was reviewed and approved.
Draft Plan for 2005 FII Asset Transfer to the Town- The teleconfrence with the Tax Lawyer has not been set.
6.) Old Business
FII Capital Stock Leger – The Office Staff has prepared a Stock Leger, which will be used to keep track of attendance at the October Stockholder’s meeting. It will be added to the Website after the meeting.
7.) New Business
a. Approve FII By-Laws – Hommel MOVED and Giggey SECONDED that the revised FII By-Laws be approved. A Roll Call vote was taken of the Board.
J. Atkinson, Yes
N. Fournier, Yes
R. Giggey, Yes
D. Gleeson, Yes
C. Hommel, Yes
R. Norris, Yes
J. Roberts, Yes
J. Potts, Yes
P. Perry (by phone), Yes
The BY-Law change was APPROVED unanimously by all nine members of the Board of Directors, as the previous By-Laws required.
b. Change in Pump Back Rules in FII Real Estate Policy – Hommel MOVED and Norris SECONDED Move to amend the Frye Island Real Estate Policy by adding the following to the end of Section 3:
FII will only sell Pumpback Lots or grant easements for the purpose of allowing a septic system on FII owned land to cottage owners whose septic system has failed and cannot be replaced on their lot.
Motion PASSED unanimously.
b. Determine Balance Sheet Changes – President Potts presented some balance sheet changes. Norris MOVED and Giggey SECONDED to approve the changes. Motion PASSED unanimously.
c. Sale of Lot 1700 to Town – Hommel MOVED and GIGGEY SECONDED that FII sell Lot 1700 to the town for the purpose of accommodating the new water treatment plant, for the sum of $1.00. Motion PASSED unanimously.
d. Hommel presented a plan for reducing the number of septic systems. No action was taken.
e. Hommel presented a plan for new beaches and mooring lots. No action was taken.
8.) Next Meeting Dates
a. Board Meeting- 7 PM Friday, October 8, 2004 and 7 PM May 27, 2005.
b. Stockholders Meeting - Saturday Morning, October 9, 2994.
9.) Adjourn Meeting = The meeting was adjourned at 10:37 PM.