CALL TO ORDER - The special meeting was called to order at 7:35 p.m.

ATTENDANCE - Directors Present: Bacigalupi, Britt, Frankel, and Wiard. Absent: Hall. Also Present: Manager Rich Noble and attorney Richard Fong.

PURPOSE OF THE MEETING - The purpose of the meeting was to consider a ballot measure to establish a special assessment of $2,100 per homeowner to fund the dredging project.

Treasurer Bacigalupi provided a history of the project and explained how the proposed special assessment amount was calculated. Mr. Wiard explained that the waterside project includes the wave maze, docks, pilings, landings, gangways and the dredging. Mr. Bacigalupi stated that 500 Tideway homeowners will be sharing in the cost of the dredging project, and that their assessment per homeowner would twice that paid by Ballena Bay homeowners.

A question and answer period followed.

VOTING

The meeting was adjourned at 8:05 pm for voting.

The meeting reconvened at 8:10 pm.

RESULTS OF VOTE

It was announced that the special assessment measure had passed with a vote of 58 to 7.

ADJOURNMENT - The meeting adjourned at 8:15 p.m.

Secretary