Board Minutes May 2024

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Meadow Hill Inc.

Sale of Development Rights to Hollister House Special Meeting of Unit Holders

Meeting Minutes

May 13, 2024

Kristin Davis of Imagineers called the Unit Owner meeting to order at 7:05PM

Check-in: Members of the Executive Board in attendance were Jim Fuda, Brenda Berk, Donna Whalen, Ron King, Walter Brownsword, Paul Jenkins, and Deb Wellington. Kristen Davis, Property Manager of Imagineers, and Attorney Scott Sandler of Sandler & Hansen, the attorney for Meadow Hill were also present. Mr. John Iannini, the builder, and Ms. Mimi Perotti the Realtor for this sale.

Proof of Notice: Kristen Davis confirmed the Notice of the Sale of Development Rights Special Meeting of Unit Holders was duly noticed in accordance with the Meadow Hill By-laws through a mailing to all holders on May 6, 2024

Presentation of the Proposal: Jim Fuda welcomed all owners and thanked them for their attendance. He introduced Scott Sandler, the attorney for Meadow Hill, to explain the Hollister House Sale proposal to the unit owners. The proposal is to sell the development rights to Mr. John Iannini to develop 1 or 2 condos at Hollister House. These units will then become part of the Meadow Hill Community and pay HOA fees. The proceeds from the sale will then be deposited into the Meadow Hill Reserve Fund. This sale will require an 80% vote of the entire community to approve the sale.

Mr. Iannini also proposed to build a 2-car garage on the site. This will require permits from the town and will be done separately from the Hollister House conversion.

Owner concerns:

Owners requested a breakdown of expenses.

There is concern about the space and location of the proposed garage 2-car garage.

A clearer explanation of the Capital gains issue was also requested.

Recommendations: Jim Fuda proposed another meeting to address the owners’ concerns and provide the requested information. Unit Owners will be informed of the date and time of this second meeting.

Adjournment: The meeting adjourned at 8:15 PM.

Minutes Approved: Unanimous through email  5/21/24