FII BOARD MINUTES

AUGUST 2, 2003

COMMUNITY CENTER

I. CALL TO ORDER:

            President Fournier called the meeting to order at 11:15 A. M.

II. ATTENDANCE

            The following Members were present: Diane Babineau, Peter Bearor , Tom Bishop, Nancy Founier, Dick Giggey, Carl Hommel, Dick Norris, Jan Roberts and General Manager Wayne Fournier. Philip Perry was absent. The following visitors were present: Kathyn Brashaw, Lot 251, Bill Braley, Lot 1381, Ed Charrette, Lot 79, Marcialy Corradini, Esq., (Representing Steve Harvey, Lot 509), Ken Dolloff, Lot 27, Steve Harvey, Lot 509, Bill Keup, Lot 1903, Walt Hensel, Lot 1993, Marge Hommel, Lot 68, Tim McCarthy, Lot 379, Paul Peterson, Lot Kathy Potts, Lot 1533, Joe Potts, Lot 1812, and Bob Roberts, Lot 111.

III. APPROVAL OF MINUTES

            The minutes of the Board meeting of July 19, 2003, were approved.

IV. MARINA COMMITTEE

            President Fournier presented to the members of the Marina Committee the views of the Board concerning the revision of the Marina Policy, and that the Board has no hidden agenda except that Stockholders without cottages should be treated in the same manner as those with cottages. Dolloff explained why it appear there are some unused slips at Quail Circle; some owners of the docks only use them while they are physically on the Island. The owners were reluctant to allow their slips to be used while they are empty because of the question of liability.

V. EMERALD POINT SUBDIVISION ROAD

            Fournier MOVED and Giggey SECONDED that FII accept ownership of the Emerald Subdivision road upon completion of the road, attested by a professional engineer and the Town Maintenance Foreman. Motion PASSED unanimously.

            Harvey informed the board that two of the abutters wished to have their names in the easement deed of the road that the Board passed at the July 19^th meeting. It was agreed to include their names.

VI. REVIEW CURRENT FINANCIALS

                        Review FII Obligations.

                                    The list of FII obligations was reviewed:

                                                Pay off Maintenance Building Mortgage         $22,754

                                                Federal and State Taxes                                    60,000

                                                Purchase Property beside Town Hall                16,000

                                                Marina Ramp                                                      1,500

                                    Golf Course Parking Lot                                     6,500

                                                Maintain Ball field                                          ______0

                                    Total                                                                           $124,254

                        Fournier MOVED and Roberts SECONDED that the Town is asked to take over maintenance of the ball field. Motion PASSED unanimously.

VII. BEACH COMMITTEE

            The following volunteers were appointed to the Beach Committee, to be chaired by Dick Giggey:  

            Charles Arey                                                   Mary Aspesi

            Jackie Atkinson                                               Victoria Cook 

            Ken Dolloff                                                     Norm Erickson

            Terry Kills                                                      Mary McCarthy

            Phil Perry                                                        Roger Stenz

            Carol Riley                                                     Michelle Torigian

VIII. REAL ESTATE

            A). Appointment of Real Estate Steering Committee

                        Ed Charrette, Paul Peterson, Oleg Svetlichny and Tim Toomey, were selected by the Board of Directors to be on the Steering Committee.

            B.) Review of Bids.

                        1) General Manager Fournier announced that he had not received any counter offers concerning the bids the Board had accepted at the meeting of June 19, 2003.After the offices closes on Monday, August 4, he will contact the bidders and determine if they want to finance the purchase through FII.

                        2.) Hommel MOVED and Roberts SECONDED that the Board postpone consideration of the remaining bids until the next meeting. Motion PASSED unanimously.

IV. FERRY TRANSFER TO TOWN

            General Manager Fournier will have the FII lawyer prepare the letter to the stockholders. The package sent to the stockholders will contain the Decker report on the ferry transfer. and Giggey’s comments. A raffle will be held in the same manner as the water system transfer. The letter to the stockholders will state that the Board of Directors approves the transfer. Selectman Roberts pointed out that a previous Board had approved the transfer of the mainland facilities to the Town, to avoid paying real estate taxes to Raymond.

X. OTHER BUISNESS

            A.) A Stockholder, Bill Keup, requested that the concrete at Cabana pool apron be repaired, as he believes that it is a safety hazard. He also pointed you that the pool had a leak. General Manager Fournier was requested to obtain bids for repair of the pool.

            B.) Keup also requested that a plaque commemorating Veterans be placed at the base of the flag at the ball field. He agreed to look into this.

X. ADJOURNMENT

            It was MOVED and SECONDED that the meeting be adjourned. PASSED unanimously. The meeting was adjourned at 1.10 PM.