Frye Island Incorporated - Board of Director's Meeting

December 1, 2001 10:00 a.m.

Via Conference Call

Minutes

 

1.                  Attendance: - All By Phone:

 

2.                  Financial Issues

A.                  It was noted that the financials as reviewed by Thomas and Roedner yesterday appear to show a net profit for 2001 of approximately $100,000 t0 $110,000.  There are still some glitches that have to be cleaned up over the next week or two.  When they are finalized they will be sent to all Board members.  Diane indicated that we had to get our profit down below $50,000 to be in the lowest tax bracket.

 

B.                 Year End Purchases and Town Credits

 

It was agreed that we would develop a number of expenses that FII can use to lower its tax liability.  The actual number of expenses to expend will depend on the final financials as developed over the next week or two.

 

ITEM

APPROXIMATE

 COST

RUNNING

TOTAL

Golf Equipment

15,600

15,600

2001 Winter rent

3,750

19,350

Engineer’s report on Ferry Landing

5,000

24,350

Copy Machine Use in 2001

600

24,950

Road Gravel

10,000

34,950

Ferry Work

     Pump out Bilge

     Rudder Repair

     Window Replacement

     Cleaning

     Electrical Improvements

     Fire Surpressant

     Coolant Filters

 

700

12,000

1,300

2,500

6,000

8,000

600

 

35,650

47,650

48,950

51,450

57,450

65,450

66,050

2002 Taxes

18,000

84,050

 

 

 

Additionally, the following items may be added

Reimburse Town for Lease

13,650

 

Reimburse Town for Maint. Bldg. Tax

6,650

 

Pay for extra admin help

Whatever

 

 

 

 

Additionally, it was noted that FII has already paid:

Fire Department Warning System

3,500

 

Winter Meeting

3,950

 

It was agreed that in January we will meet with the Selectmen to determine which of these costs the Town will agree to offset by spending a like amount of money on capitol improvements.

 

Jim Kuiken will attempt to find an electrician who can complete the ferry electrical work at a more reasonable cost.

 

C.                 Real Estate 

1.                  Brief Discussion of Real Estate Policy Draft – Will be discussed in January.  Members are asked to get comments to Dick by Christmas.

2.                  Lot 2026 – Sullivan  - It was agreed that Rich will find out what the current best local terms are from a bank for borrowing money for a lot.  We will offer those terms to Mr. Sullivan.  He will have the choice of accepting those terms or paying a lump sum.  Rich will let us know terms so we can have a final formal vote.

3.                  Lot 1330 – Osborne – January meeting

4.                  Lot 1925 - Macisco – (Eagle's Nest) - January meeting

5.                  Lot 363 discussion (DiFrancesco) - January meeting

6.                  Lot 360 discussion (purchase from Murray) FII will purchase for assessed value of $800.

7.                  Lot 1126 – Purchased from Standish for $1,050.

8.                  Lot 1361 – Purchased from Standish for $1,050.

9.                  Lot 921 - January meeting

10.              Proposed Land Swap with Tracey - January meeting

11.              Carl will send Dick a color Land Use Map.  Dick will mark this map up to correlate it with the Draft Real Estate Plan.  Dick will send the “mark up” to Rich who will copy it and distribute it to all Board members.

D.                 Marina Committee

1.         Brief Update on Yacht Club Policy Draft.  – Will be discussed in January.  Members are asked to get comments to Jeanne by Christmas.

3.                  Structural Evaluation - January meeting

4.                  Quick Update on Transfer of Property to Town - – Will be discussed in January.

5.                  Update on office systems and staff.  Rich sent out a memo yesterday.  One of the financial systems being considered is currently in DOS (going to windows?!?).  Several members have concerns with a DOS system going through a transition.  Rich and his staff have a demo this week.  Dave will try to attend.  Rich will send out a status memo after demo.

6.                  Issues to be postponed to January Meeting (Jan 19 in winter office)

A.                  All of the above noted for January PLUS

B.                 Vesprini request to pump to FII land

C.                 Committee to consider re-write of Town Lease

D.                 Frye’s Leap Lease

E.                 Approval of previous meeting minutes

F.                  Thomas will soon promulgate January agenda.  Members can add items as they see fit.

G.                 Some discussion on holding Selectmen/BIT meeting first, then overlap with FII, then FII.  Details to be worked out.

H.                 Out of town members to check cost of plane fare vs expensive phone charge.

8.         Adjourn