Frye Island Incorporated

Public Hearing

Sunday, September 4, 2005, at 8:00 PM

Frye Island Community Center

 

 

NOTICE PROVIDED IN FINS:

The purpose of the meeting is to discuss and receive feedback from FII stockholders on a proposed motion to be voted on at the October 8 FII Stockholder’s Meeting. This motion, in its current draft form is as follows:

 

MOTION: The FII stockholders endorse the FII Board’s intent to sell up to three waterfront lots, with the expenditure of the net proceeds after legal costs and possible taxes being restricted to the buyback of a larger number of privately held, buildable inland lots. Such bought-back lots will then be placed in conservation. The overall objective of this undertaking is to reduce the ultimate total number of houses on the island and the impacts of all of these houses on the Island infrastructure.

 

The Board intends tJ. Potts, D. Norris, D. Gleeson, P. Perry to sell the next one.

 

The Board will further attempt to minimize taxes by coupling the sale of each lot with the buyback purchase of others under Title 26,  Section 1031 of the U.S. Tax Code regarding the exchange of property.

 

The public is urged to attend.

ATTENDANCE:

FII Board: J. Potts, D. Norris, D. Gleeson, P. Perry

 

Public: 16 Individuals