SUMMARY MINUTES OF LAKE COMMUNITY MEETING

NOVEMBER 3, 2010

The meeting was held at the Mt. Kemble Lake Clubhouse with a recording of thirty-nine households attending. Chris Allyn, representing the Sub-Finance Committee, presented the five suggested options that might work to constitute a plan for financing capital improvements each decade going forward. These options were discussed from all different perspectives and then a non-binding vote was taken. The consensus was that some action needs to be taken. The action could be as considered below or a combination (hybrid). These results will be presented to the Finance Committee and the Lakeshore board for benefit of further discussion and proposals.

1. Dues Increase for Capital Improvements

26 Yes 7 No

Comment: It was discussed that this might be handled on a percentage basis per property value, i.e., the same basis as local property taxes instead of a flat fee.

2. Land Sale to Fund Capital Improvements

5 Yes 29 No

3. Reduce Lakeshore Property Taxes through Easement and Redirect Those Dues to Capital Improvements. “By feedback at the meeting, two versions of the proposed approach were voted on”:

A. That some number of lots (TBD) be put in easement to reduce property taxes,

making that amount available to fund future capital improvement needs. The

remaining lots to be considered for sale at a later date for emergency reasons

only.

33 Yes 3 No

B. That all properties be put into easement to eliminate the entire property tax

bill.

18 Yes 16 No

4. Transfer Fee on Property Sale. “By feedback at the meeting, two versions of the proposed approach were voted on”:

A. A Percentage of the Sale Value of the Property

18 Yes 15 No

B. A Fixed Fee on the Sale of Each Property

9 Yes 21 No

5. Do Not Pre-Fund Any Capital Improvements

0 Yes 39 No