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Members Present: Matthew Havens, Kathy Curley, Kerry Ryan, Paul Casey and William Friend
Others Attending: Nora Berard, Louis Albarado and Jack Manning.
After confirming that all committee members were present and noting that this constituted a quorum, Matthew Havens, chairman of the committee, called the meeting to order at 6:35 pm. He then commenced the meeting by introducing the new committee members to the rest of the committee.
Following the introductions, Matthew Havens referred everyone to the meeting agenda and called for comments or questions with regard to the minutes of the August 26th meeting. Thereafter, on motion duly made and seconded, the committee approved the corrected minutes of the August 26, 2008 meeting.
Nora Berard, Director of Operations of the South Shore Country Club (“SSCC”), at the request of the chairman, then reviewed the year-to –date budget, through 9/17/08, and reported on SSCC operations during the month. As part of this review, the variances between the budget appropriations and revenue projections, when compared to actual expenditures and revenue, were highlighted and explained. Nora Berard also discussed the following: the three lightning strikes that damaged SSCC computer and irrigation equipment in July, the increased expenditures for fungicide caused by the heavy rain and humidity in July and August and the recent expenditure for a golf ball washing machine to replace the previous machine that could no longer be repaired.
Upon conclusion of the budget and operation’s review, Matt Havens referred the committee to the packet of materials prepared by Nora Berard with regard to the SSCC’s business plan and five-year capital plan, together hereinafter referred to as the (“business plan”). He then opened the committee’s discussion of the business plan by reminding the committee members that the committee was asked to develop it’s business plan pursuant to a format suggested by Town Selectman Rabuffo and that a template had been prepared by Kathy Curley to comply with this suggested format. He further noted, as discussed and agreed at the last meeting, that the business plan would consist of four models and, that stage one information (models one and two) had been accumulated and organized, for this meeting.
During the course of the discussion of models one and two, William Friend referred the committee to a 1988 legal opinion letter prepared by the Town Counsel. The letter, which was included in the committee’s packet of business plan materials, addresses the issues involved with determining a value for the SSCC, if it were to be sold with all known restrictions (model two). Noting the restrictions, limitations, legislative approvals and replacement costs associated with any transfer or substantial change in the character of the SSCC property, William Friend offered his conclusion that it would not be worthwhile to spend any further time or effort on model two.
Thereafter, the first model, which includes an historical summary of the development of the SSCC, a review of the business operations of the SSCC as a whole and broken down by each of its four business segments, and a review and comparables analysis of key competitors was then examined and discussed by the committee, with the help and insight of Nora Berard and Louis Albarado.
The committee followed its discussion of the various segments of the first model with a discussion and consideration of the practicality and financial impact of eliminating any of the SSCC’s under performing business operations. Also discussed at this time was what should be done to enhance the return generated by the golf course operations and whether there are other, supplemental outdoor recreational uses for the property that should be considered (models three and four).
At 8:30, the committee’s discussion of the business plan was suspended and, on motion duly made and seconded, all five members of the committee voted in favor of moving to Executive Session to discuss strategy with respect to pending litigation and to thereafter reconvene in Open Session. At this time Louis Albarado and Jack Manning left the meeting and James Toomey, Daniel Walsh and Jack Gamache were invited to join the meeting, for the litigation discussion.
At 9:50 pm, the Executive Session concluded and the Open Session of the committee meeting was reconvened.
Thereafter, following a short discussion, it was agreed that the committee’s review of models three and four of the business plan would be continued at the next committee meeting.
The next committee meeting was then scheduled for Thursday October 9, 2008, and, on motion duly made and seconded, the meeting was adjourned.
Respectfully submitted,
William K. Friend