Minutes of the Board of Directors Of Seaglass Village Condominium Association

December 20, 2020

Members Present

Richard Gregorio

Mickey Meza

Lorraine DeVaux

Jerry Schlessel

Jerry Fields

Richard Gregorio was in the chair

Meeting called to order at 9:01am EST.

Operations Report

Donnie reported that clubhouse has been taken care of, and the problem with water at cottage 150 has been taken care of.

Tree removal has been finished. Work started on December 1st. There were no repairs because plumber was able to shut the valves after excavation.

Steve is employed for the winter.

Report of Rental Committee by Joe Noonan

Motion for unanimous consent that large meeting rules be used, and that the rental committee report be taken uninterrupted, followed by questions with no debate, followed by discussion using Roberts standard rules. Amended to allow four rounds. Unanimous consent was obtained.

Presentation: Rental committee researched the questions sent to them. Attorney’s opinion was that limiting the rental program that BoD should proceed cautiously. Some owners had purchased with the understanding that the rental program could provide income.

A contact with real-estate professionals was made. Their advice was that the number of renters should not be limited but that renting more than 50% of cottages may make it difficult to get financing, and that the rental program is very attractive to potential buyers.

Biddeford Bank advises that not more than 50% of units be rented, and to be cautious of the investor-owned unit.

Financial analysis by Bobbi was not done because it was thought that it would take many hours of work because of the complexity. Committee believes that there was a profit of $35,000 during the 2020 season.

Survey of community was done: More than 50% The results are included at the end of these minutes. (Please insert results prior to posting).

Recommendation: Rental Community unanimously recommends not limiting the number of units in the rental program.of

A series of questions followed.

An extended discussion by the board followed.

Original Motion to limit number of cottages to 20 was withdrawn.

A new motion was made by Jerry Schlessel as follows:

Seaglass will limit twenty colleges to be rented through the Seaglass Rental Office The Seaglass HO does not limit any owners from renting on their own subject as they see fit. Such rentals are subject to amenity fees, further\ any independent rental/renter may contact the Seaglass rental office for emergencies or other purposes, contact will result in charges to the owner for the said cottage.

Motion to lay on table. Passed four to one.

Aye Richard, Lorraine, Mickey, Jerry S., No Jerry F.

Motion to approve minutes:

Motion to approve October minutes as amended approved unanimously.

Financial Report:

Year to Date: $89, 060.64

Sandbar: 5,086

Reserve: $41,208

Operations: $21,102

Entertainment: -$6004

A portion of the PPP loan forgiveness was allocated to rental salaries.

Motion to release the November to the HOA approved unanimously.

Discussion of chairmen for ARC and IT committees.

Report from Entertainment committee. Calendar is just about set for next year. The bands and music by the pool has been booked.

Intercompany receivable from Operations to Reserve was reduced by a portion of the PPP loan forgiveness.

Motion to go into Executive Session approved unanimously.

Thank-you to Donnie for making application to Maine Tourism Bureau for a $20,000 grant. It has not been received yet.

Executive Session

Motion to adjourn passed unanimously.

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