March 2, 2020 Board Meeting Minutes

The meeting was brought to order at 7:15 by Jeff Miller.

Robbi Broussard read the minutes of the last Board meeting on November 4, 2019.  A correction was made to the spelling of Mark Owens’ name.

Motion
Proposed by:     John Tomlinson
Seconded by:     Keith Hendrickson
Motion made:   To accept the minutes of November 4, 2019, as corrected.
Approved:          Yes, unanimous

Treasurers Report:  As Janet was absent (caring for Dick Burkhart), Jeff reported that the current airport assessment ($621.79 per lot) was being analyzed.  It was suggested that tax payers might be able to write off property taxes paid as part of the airport assessment.

Documents Committee:  John Tomlinson reminded us that back in October, Ledger Square Law had recommended preparing a Prospectus to outline the risk of airport ownership. Ledger Square Law recommended at that time a securities lawyer, Bob Hutchens. February 18, Bob Hutchens communicated through Ledger Square Law with a series of attachments including a Washington state definition of a security:

The Securities Act of Washington, RCW Chapter 21.20, defines a “security” as, among other things,  “any…investment of money or other consideration in the risk capital of a venture with the expectation of some valuable benefit to the investor where the investor does not receive the right to exercise practical and actual control over the managerial decisions of the venture…” RCW 21.20.005(17)(a).

By this definition a contract under which HOA homeowners contribute capital to finance the acquisition will be a security whether or not it is motivated by an expectation of investment “profit.”

Bob Hutchens fees set out in his “Engagement Letter” began with a $20,000 retainer with expectation of total fees between $40,000 to $60,000. This expectation of fees was more than expected and correspondence was forwarded through Ledger Square Law that we would not be able to use Bob Hutchens services.

Jeff Miller and John Tomlinson have a tentative meeting with Jeff Mirsepasey, an attorney familiar with aviation (Recommended by Bill Davis). We are looking for some guidance regarding LLC due diligence/    may have insights to our dilemma on the prospectus.

LLC Name:  a discussion ensued over the possible name for the LLC that would own the airport (Crest Aero is already taken).

Note:  The name can always be changed at a later time.

Motion
Proposed by:     Mark Owens
Seconded by:     Mike Werner
Motion made:   To name the LLC created for airport ownership, “Flying Acre Estates”.
Approved:          Passed

The Board also agreed that for the LLC Articles of Organization, Jeff would use his name, address, phone number, and FAHA website when appointing a registered agent.

The next Ledger Square Law meeting should finalize the Association agreement.  Another Board meeting will take place before completing the LLC documents.

Motion
Proposed by:     Keith Hendrickson
Seconded by:     Rex MacLean
Motion made:   To adjourn at 8:25
Approved:          Yes

Respectfully submitted,

Robbi Broussard


13 in attendance at Broussard’s Home

Board Members present:
Jeff Miller (2012), President                        Telephone 253-639-1915
John Tomlinson (2013), VP
Robbi Broussard (2012), Secretary
Mike Werner (2018)
Rex MacLean (2018)
Mark Owens (2017)
Keith Hendrickson (2017)

Board Members Absent:
Janet Gundlach (even year)
Andy Karmy (2017)

Guests:
Dick Broussard
Lynne Gregg
Theresa White
Leone Tomlinson
Keith Littlefield
Molly Littlefield

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.