FII Real Estate Committee Minutes

August 9, 2003  --  Community Center


1. Call to Order

The meeting was called to order at 3:30 p.m.

2. Attendance

The following members were present:

         Dick Giggey

         Carl Hommel

         Dick Norris

         Ed Charrette

         Paul Peterson

         Tim Toomey

Oleg Svetlichney was not able to attend but submitted a memo outlining his thoughts for a Mission Statement, set of Strategic Goals, and a set of Core Values for the Real Estate Committee.

3. Election of Chairman

Dick Giggey was nominated and elected chairman.

4. Changes to the FII Real Estate Policy

Members should submit to Dick Norris any suggested changes to the Real Estate Policy. Two possible items were mentioned. One would be in the conditions for purchasing a contiguous privacy lot, requiring it to be merged with the primary lot. The other would address how FII would make lots available for sale. The idea would be for FII to designate lots available for bid rather that accept unsolicited bids, except for privacy and pump back lots and for lots desired by owners of nearby lots for possible purchase by other family members. With the latter, we would need to define how close a lot would need to be to the primary lot in order to qualify.

5. South Point Parcels

Carl volunteered to draw up a proposed new lot layout plan for the FII lots around the unbuilt Cocktail Lane near the south point.

6. Conservation Restrictions

Paul will work with Ed on questions regarding creating conservation restrictions on lots held for that purpose and possibly to be deeded to the Town.

7. PWD Tutorial

Paul also agreed to contact the Portland Water District to explore the possibility of their providing us with a tutorial on PWD guidelines and restrictions.

8. Real Estate Issues Letter to Stockholders

Paul Perterson volunteered to draft a letter and questionnaire to all islanders concerning real estate issues.

9. Next Meeting

The next meeting will be on the next Saturday, August 16th at the Community Center./