Call To Order:  President Potts called the meeting to order at 7:05 PM


Attendance:  J. Potts, D. Norris, D. Gleeson, P. Perry, and Town Manager W. Fournier. Present by telephone conferencing was D.Giggey.

There were six members of the public present.

Approval of Minutes: Approval of minutes of the 08/27/05 Board Meeting. Motion to accept made by D. Giggey, seconded by D. Norris. Motion passed unanimously.


Communications & Petitions from the Public: Several residents presented opinions and shared some history regarding real estate gifts to the Town. Other related comments included the costs associated with the upgrade of the Town’s water system, and the sale of FII property to fund it.  President Potts deferred comments on these issues as they were part of the scheduled meeting agenda and would be discussed later in the meeting.         


Reports: Regarding a Public Hearing held Sunday September 4th 2005 in the Community Center. The meeting was held to unveil a FII Board concept, and to seek public support for the sale of certain lots for the purpose of buying back several other less valued lots on the island. Twenty FI residents including the FII Board members were in attendance. President Potts was in attendance as a member of the public.  Secretary David Gleeson recommended that the memorandum from FI resident Paul Peterson, dated September 1, and the response by FII Board Member Dick Norris of September 16th, be entered into the official Board’s minutes as a true and correct representation of the positions voiced at the meeting. President Potts entered a motion that this recommendation be acted upon. The motion was seconded by Dick Norris. The recommendation was unanimously approved.


Discussion Item:  Summary of FII Real Estate Assets. President Potts presented this summary for informational and discussion purposes for the evening meeting. Included in the review were the previous years gifts to the town and the remaining assets as of the September 2005. No action was necessary and the meeting moved on to the next agenda item.



A: Approval of the revised 2006 budget for presentation to Stockholders. This discussion was tabled until all new business had been discussed.


B: Finalization of the sale of Lot 1656 and 1836 to Charles and Ann Crivelllaro. Town Manager reported that the Crivellaro’s are still working on the closing, and the final purchase of the properties.


C: Mr Mazzola’s letter with questions regarding the sale price of Lot 1836 was discussed. A motion made by Phil Perry to sell the property as originally offered, and seconded by Joe Potts was passed unanimously.


D: The proposal to sell Waterfront Property to Buyback Inland Property. President Potts moved that the concept be dropped from consideration. The motion was not seconded therefore no action was taken. Phil Perry then presented a proposal on this matter. Phil stated the buyback proposal should be presented  at the next Stockholders Meeting for voting upon by all island residents. He suggested that a questionnaire outlining the proposal and asking for input both for and against be mailed to islanders in advance of the next FII Stockholders meeting. Phil moved : That the FII stockholders be asked to endorse the FII Board’s plan 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 would be placed in conservation. The overall goal of the plan is to ultimately reduce the number of dwellings on the Island, and the  impact they have on the Island infrastructure. The Board would sell one lot to start, and exhaust those proceeds to purchase inland lots  before going on to sell the next lot. The Board would plan 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.

 Dick Norris moved to amend the motion in the following way. That the FII Board enclose in the Winter Newsletter mailing, the following: (a) A memorandum describing the sale/buy back strategy and its features together with commentaries from both FII Board members, and opponents of the proposal. (b) A questionnaire directed at gaining a fuller understanding of the Stockholders views on Frye Island Inc., real estate issues. (c) An inducement to return the questionnaire utilizing the successful methodology used in the past for the transfer of the ferries to the Town of Frye Island.  That incentive involved a public drawing of names with cash awards to the first, second and third names drawn. The amended motion was seconded by P. Perry. The motion passed unanimously.


E: Approval of Payment of Water Tank Painting and Road Maintenance. Approval of this payment was made, contingent upon the final sale and receipt of income for lots 1656 and 1836. Town Manager affirmed this arrangement.  P. Perry moved to accept the payments as outlined. D. Gleeson seconded, and the motion passed unanimously.



A: A request to trade an unbuildable FII Lot, for Lot 1545 was made by Anne Marie Pender. Discussion of the FII policy regarding lot trades, which would result in the increase of cottages on the Island followed. Dick Norris moved that the request be denied. J. Potts seconded. The motion passed unanimously.


B:.A bid was submitted by Anton and Julie Clement on FII Lots 1388 and 1395. Discussion followed.The Board agreed that the bid was too low; the property is not contiguous with the Clement property; the lots appear to be misaligned and easements would be required to allow passage on the walking trails. Also, it was pointed out that lot 1395 contains a unique natural area, which the Conservation Commission has identified and has expressed some interest in entering into conservation. The board rejected the Clement bid unanimously and declined to take any further action on this item.


C: A Bid entered by Karen Foley for Lot 1290. D. Norris moved to reject the bid because the offer to purchase was below the average price of similar properties.  This motion was seconded by J. Potts, and passed unanimously.


D: A clarification of the FII real estate policy regarding merge lot definition and accessory buildings was undertaken. The board reviewed and discussed the policies. No changes proposed.


E: Gifting of Waterfront Real Estate to the Town of Frye Island. The Board concluded that future discussion and action on this would be more appropriate after the next Stockholder meeting vote.


F: A possible bid on Lot 1848 by Dick Pelissier. Town Manager, W. Fournier, had requested that a new bid be submitted to the Board for consideration, however the bid had not been presented to date.  No action taken.


G: Dave Gleeson presented a request from the Conservation Commission that certain FII lots be recognized as “lots of interest.”  The Conservation Commission will consider a formal request after their next meeting. Lots 1395, 1742-1743, 1848, 2004-2006, 2010-2011 were so noted. However, the Board deferred action until the formal request is received.



A: Stockholders meeting – 9AM Saturday, October 8, 2005

B:  FII Board Meeting – 7PM Saturday, May 6, 2006.  


Adjournment: P. Perry entered a motion to adjourn the meeting, which was seconded by D. Gleeson. Passed unanimously.