FRYE ISLAND INCORPORATED STOCKHOLDERS’ MEETING

SATURDAY, OCTOBER 9, 2004

FRYE ISLAND COMMUNITY CENTER

 

  1. CALL STOCKHOLDERS’ MEETING TO ORDER:  President Joe Potts called the meeting to order at 9:15 AM.

 

  1. REPORTS:  President Potts made the following reports to the Stockholders:
    1. 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;
    2. 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;
    3. The gift of Conservation Land from FII to the Town of Frye Island (some 131+ parcels and blocks of land);
    4. 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
    5. The timetable for the proposed Final Phase –Asset Transfer (Issue 2) to the Town of Frye Island in 2005 as approved by the FII Board on October 8, 2004.

 

  1. NEW BUSINESS:
    1. MOTION by O. Svetlichny, seconded by C. McCarty to accept the proposed 2005 FII annual budget as discussed in Reports above.  MOTION passed.
    2. MOTION by C. McCarthy, seconded by P. Perry to accept the gift of Emerald Point Drive from the developer to Frye Island, Inc.
    3. 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.
    4. 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 passed.

 

  1. MOTION to adjourn the Frye Island Stockholder meeting at 9:45 AM by C. Hommel, seconded by O. Svetlichny.  MOTION passed.