7/12/16

hello folks

my notes from EBIA board meeting this morning. I attended via call in. meeting lasted about 1 hour

former golf course / vacant property related

*lee county tax assessor wanted to tax property at $2.4 million acquisition price. decision made to not tax EBIA for the property but to consider the property as an amenity to all EBIA owners. may see a slight increase in our individual property taxes as a result  $20k was budgeted for this line item at EBIA this year

*buildings on the property and pump house near royal pelican demolished and removed. some abatement issues but project completed.

*monthly landscape maintenance of the property is going well

*storm water fee for the property is $0 and we will need to continue to monitor this going forward

*London bay builders approached EBIA to use the property for staging when they build the new waterside building. the amount they offered to use the property was not sufficient and would probably cause tax implications with the  property if we did enter into an agreement. will continue to keep us posted as this may come up again

*tree trimming will take place on the property at a cost of $14,880

Finance

EBIA is operating at surplus year to date of approximately $120k. will continue to review this as the year progresses and the vacant property costs become clearer.

Other

RFP was issued for legal service / representation at EBIA. the process concluded with the recommendation to continue to retain Jamie Costello in that capacity

Not sure if anyone from RP attended the meeting in person. please feel free to add, delete etc.. to the above

thanks

Ray