FRYE ISLAND INCORPORATED

BOARD OF DIRECTORS MEETING

FRIDAY, JULY 29TH, 2005

COMMUNITY CENTER

 

Call To Order:  President Potts called the meting to order at 7:09 PM

 

Attendance:  J. Potts, D. Norris, D. Gleeson, P. Perry, and Town Manager W. Fournier. Present by telephone conferencing was D. Giggey. Also in attendance was K. Potts, (Lot 633)

 

Approval of Minutes:

Minutes of 07/02/05 Stockholders Meeting. Motion to accept the minutes by P. Perry, seconded by D. Gleeson.    Motion passed unanimously.


Minutes of 07/02/05 Board Meeting. Motion to accept made by D. Giggey, seconded by D. Norris. Motion passed unanimously.

 

Communications & Petitions from the Public:   There were none.

 

Reports:

President Potts worked with a small ad hoc committee to develop a Mooring Ordinance Plan. A draft was developed and referred to Tim McCarthy for consideration 07/29/05.

 

President Potts requested that the FII Board consider the idea of leasing specified waterfront property to the Town. Motion made to lease specified waterfront lots to the Town was made by J. Potts, and seconded by D. Norris and P. Perry.  Motion passed unanimously

 

Old Business:

President Potts identified a need to appoint an individual to serve in the capacity of Clerk for FII. Dick Giggey made a motion to ask Carl Hommel to serve in this capacity. This motion was amended by P. Perry in the following way: If Carl Hommel declined to serve as Clerk for FII, then P. Perry would accept the appointment as Clerk. The Motion was seconded by D. Norris and J. Potts. Motion passed unanimously.

 

New Business:

A - President Potts presented and reviewed the anticipated expenses and income for the year FII Budget in 2006. Motion made by P. Perry to accept the plan as reviewed, seconded by D. Giggey.  Motion passed unanimously.

 

B- Evaluate the Insurance Coverage for FII. A request was made by President Potts to Secretary D. Gleeson to review the FII Liability and Board of Directors E & O coverage prior to the 2005-2006 term renewal. D. Gleeson accepted the review request and will coordinate with W. Fournier regarding access to the current policies for review.  

 

C- CD Investments. President Potts opened a discussion on how to place FII income for the best return over short periods. P. Perry and J. Potts will develop a plan by year end, utilizing a local bank or credit union.

 

D-  Action Plan for Privacy Lot Sales. Several FI property owners have expressed an interest in purchasing privacy lots from FII. A Motion was made by P. Perry and seconded by D. Norris to have FII sell privacy lots, on a case by case basis.

W. Fournier will communicate with the prospective buyers regarding their inquiries and ask them to submit formal bids to the Board for  consideration.

 

E- Action Plan for Buildable Lot Sales. In the matter of developing an action plan for buildable lot sales, there was consensus that FII will not sell buildable lots in the forseeable future in a manner that jeopardize the ability of a current buildable lot owner to build on that lot at a future date.

Discussion followed regarding the Board’s goal of reducing the number of buildable lots, island-wide. Discussion included a plan to reconfigure the entire parcel around Cocktail Lane (Lots 2008 –2025 plus an unnumbered parcel adjacent to Lot 508) bounded by Lots 508 on the west, 502A on the south, Shoreview Circle and Ridge Road on the east, and 2007 on the north (access road to Lot 508),, along the general lines of the Hommel-Giggey proposal, and to register these numerous parcels as merged lots with the Cumberland Registry of Deeds. Also included in the discussion was the reconfiguration of Lots 1660-1666 on Ridge Road. It was generally agreed that in order to undertake hese projects, the Board would need funds to undertake survey and recording costs.

Dick Norris made the following motion. FII would present at a public hearing for Stockholders and possibly to the FII Stockholders meeting in October 2005, the proposed strategy: to sell select FII Real Estate, and use the proceeds to buy back privately held, developable lots in a way that reduces the ultimate number of buildable lots on Frye Island. This motion was seconded by D. Giggey and P. Perry. Motion passed unanimously.

Dick Norris then made a motion to have the lots in the Cocktail Lane parcel (as described above) surveyed, combined, and split into four lots along the lines of the Hommel-Giggey proposal, and then filed with the Cumberland County Registry of Deeds. The motion was seconded by Dick Giggey. Motion passed with four (4) affirmative votes and one (1) negative vote.

 

F- Bid for a Privacy Lot received from Tom Higgins. A bid was received from property owner T. Higgins to purchase lot 1720 for the purpose of merging it with his Lot 1719. The bid was considered and a motion to accept the bid was made by D. Norris and seconded by P. Perry. Motion passed unanimously.

 

Next Meeting Dates:

 

A-           Board Meeting - 7:00 PM Saturday - August 27th - Community Center

B-            Board Meeting - 7:00 PM Saturday - September 24th - If Needed

 

Adjourn Meeting:

 

Motion made by President Potts to adjourn the meeting at 10:45 PM , seconded by P. Perry. Motion passed unanimously.

 

 

Respectfully submitted,

David S Gleeson, Secretary