FRYE ISLAND INCORPORATED STOCKHOLDERS’ MEETING
OCTOBER 9, 2004
ISLAND COMMUNITY CENTER
- CALL STOCKHOLDERS’ MEETING TO ORDER:
President Joe Potts called the meeting to order at 9:15 AM.
- REPORTS: President Potts made the
following reports to the Stockholders:
- The estimated 2004 financials showing the
result of the asset transfer approved by the Stockholders at the
July 3, 2004 meeting, and to include the loss shown as a result of
there having been no real estate sold in 2004; and the proposed 2005
budget which shows virtually a zero income with only the Town of
Frye Island lease income to offset taxes and fees paid to the Town,
again reflecting no sale of lots in 2005;
- The revisions to the FII By-Laws were enacted
by a unanimous vote of all nine (9) of the Directors as required by
the previous in-effect by-laws. The revisions cleaned up minor
language such as the location where the board met (still called out
as Standish), etc. The major change was to define the 500 series
Lot Owners (including Emerald Point Lot Owners) as Frye Island,
Incorporated Stockholders, thus allowing them to vote in FII
Stockholders meetings. Another of the changes allows future FII
Board of Directors meetings to be conducted by email with sufficient
time built in between motions, seconds, discussion, revisions, etc.
to thoroughly air the proposals;
- The gift of Conservation Land from FII to the
Town of Frye Island (some 131+ parcels and blocks of land);
- The proposed gift of Emerald Point Drive from
the developer to FII. This proposed transfer to FII is conditioned
upon 1) satisfactory condition of the road per Town of Frye Island
requirements, and 2) simultaneous acceptance by the Town for a grant
to the Town of an easement interest in the road as per Article 16 in
the October 9, 2004 Town Meeting Warrant; and
- The timetable for the proposed
–Asset Transfer (Issue 2) to the Town of Frye Island in 2005 as
approved by the FII Board on October 8, 2004.
- NEW BUSINESS:
- MOTION by O. Svetlichny, seconded by C.
McCarty to accept the proposed 2005 FII annual budget as discussed
in Reports above. MOTION passed.
- MOTION by C. McCarthy, seconded by P.
Perry to accept the gift of Emerald Point Drive from the developer
to Frye Island, Inc.
- MOTION TO AMEND ABOVE MOTION by
C. Hommel, seconded by D. Norris to accept the Emerald Point Drive
gift from the developer conditional upon the Town of Frye Island
accepting the easement from FII. MOTION passed.
- MAIN MOTION AS AMENDED to accept the
gift of Emerald Point Drive from the developer to Frye Island, Inc.
conditional upon the Town of Frye Island accepting the easement from
FII. (This gift to FII from the developer had previously been
conditioned upon approval by the head of Frye Island Public Works.)
- MOTION to adjourn the Frye Island
Stockholder meeting at 9:45 AM by C. Hommel, seconded by O. Svetlichny.