MAD RIVER
GLEN COOPERATIVE
BOARD
OF TRUSTEES
MINUTES
OF MEETING – Final
July 2, 2005
After due notice, a meeting of the board of
trustees of the Mad River Glen Cooperative was convened at 8:05 AM
on July 2, 2005
on the 3rd floor of the Basebox at Mad River Glen Ski Area in Fayston,
Vermont.
Trustees Jay Appleton, Paul Finnerty, Rick Moulton, Mary
Schramke, Jed Kalkstein Bill Reynolds, Steve Mackenzie and Geordie Hall were
present. Deb Steines was absent. Also
present was President Jamey Wimble as well as several shareholders.
CALL TO ORDER:
Jay Appleton called the meeting to order at 8:09 AM.
APPROVAL
OF MINUTES
VOTED: To
approve the minutes
of May 28, 2005.
Management
Report
The Management report is attached for reference. Jamie reported that an adjoining landowner is
seeing an easement over Cooperative land located on and near lower
Antelope. Jamie did an inspection of
potential house sites off of the Ridge Road. The next step would be to conduct perk tests,
which would cost approximately $700.
Financial Report
The financial report is attached for reference.
Single Chair
Update
Jamie reported that the single chair engineering plan is
ahead of schedule. The next step is to
come up with a contract for the project that would include the price and a
payment plan. The project will include
an acceptance plan which entails review by an independent engineer. Mary Schramke requested that management provide
the Board with a written summary of the project time line. Jamie Wimble responded that the plan is to
have a signed contract by December 2005, begin work in April 2006 to have the
lift completed and load tested by Green and Gold weekend 2006.
Single Chair
Finance Committee Update
Leigh Michael gave a power point presentation outlining the
Single Chair Finance Committee’s thoughts on how the single chair project will
be financed. The power point
presentation is attached for reference.
Fundraising
Organization
The board engaged in a lengthy discussion of how the
fundraising campaign should be conducted.
The major issues addressed include fundraising by the Stark Mountain
Foundation, whether to hire a consultant, and what role the consultant would
play.
Jamie presented managements draft proposal for Single Chair
Fundraising. The draft proposal is
attached for reference.
Upon a motion by George Hall, seconded by Rick Moulton and
amended by Paul Finnerty it was unanimously
VOTED: To authorize the Single Chair Finance
Committee to develop a plan to raise 1.4 million, as recommended by the SCFC.
Upon a motion by Rick Moulton and seconded by Mary Schramke
it was unanimously
VOTED : To direct the Single Chair Finance
Committee to recommend to the executive committee a consultant to assist in the
development of the fundraising plan.
Committee Reports
Executive – no
action
Finance – no
action
Facilities – Rick
Moulton reported that there was great potential to develop housing lots for raising
capital but that it was the considered opinion of the Facilities Committee that
the development should not be considered to be a part of the Single Chair
financing effort.
Steve M – Stated his
opposition to the selling MRG land for developement. Proposed a shareholder straw poll to
determine whether the Cooperative was in favor of developing these lots.
Board Development
– Reynolds reported that the he and Mr. Finnerty are working on a policy
governing employee participation on the Board.
Personnel – no
action
20th-
- no action
SRC – Work going
forward on 4th of July float.
There will be a MRG table up at Brooks Field giving out information on
the Cooperative.
Shareholder Comments
– There were no shareholder comments as all the shareholders who were present
at the meeting departed to work on the float.
ADJOURNMENT
There being no further business to come
before the board, the meeting adjourned at 10:54 AM.
Respectfully submitted, Bill Reynolds
A true record.
ATTEST: __________________________________________
Debra
Steines, Secretary
