HomeMy WebLinkAboutMarch 22, 2022 AGENDA NANTUCKE
Nantucket Land Bank Commission TOWN CLERK
Regular Meeting of March 22,2022
Land Bank Conference Room,22 Broad Street 202226
,...,. APR !5 AM 7�
And Remote Participation via Zoom(see below*).
CALL TO ORDER:4:00:P.M.
A. CONVENE IN OPEN SESSION
1. PUBLIC COMMENT/STAFF ANNOUNCEMENTS
2. GOLF BUSINESS
a. Sconset Golf Course—Manager's Monthly Review
b. Miacomet Golf Course—Manager's Monthly Review
c. Miacomet Golf Course—Generator Discussion
3. PROPERTY MANAGEMENT
a. Land.Art Project—Request
4. TRANSFER BUSINESS
a. "M"Exemption Update—Release of Liens
5. APPROVAL OF MINUTES
a. Regular Meeting of March 16,2022
6. FINANCIAL BUSINESS
a. Monthly Financial Report-February
b. Warrant Authorization—Cash Disbursement .
B. EXECUTIVE SESSION: The Executive Session is for Purpose 6[G.L. c. 30A, 21(a)(6)]. The
particular transactions and parcels of real estate are not'identified'since disclosure of the
property information may have a detrimental impact on the Land Bank's negotiating position
with one or more third parties. The Commission will not reconvene in open session at the
conclusion of executive session.
1. Approval of Executive Session Minutes
2. Real Estate Acquisition
C. ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of March 22,2022
Land Bank Conference Room,22 Broad Street
Nantucket,Massachusetts
and Remotely Via Zoom
CALL TO ORDER:4:00 p.m.
PRESENT:Mark Donato via Zoom,-I{ristina Jelleme,Neil Paterson,Allen Reinhard,John
Stackpole. .
STAFF PRESENT: Jesse Bell,Executive Director;Eleanor Antonietti,Executive Assistant; Susan
Campese,Administrator/Finance Manager;Marian Wilson,Assistant Administrator;Rachael
Freeman,Environmental and Agricultural Coordinator;John Kuszpa,Director of Property
Management via Zoom.
Miacomet Golf Course ("MGC") and Sconset Golf Course ("SGC") General Manager, Sean
Oberly was also present at call to order.
I. CONVENE IN OPEN SESSION:
A.CITIZEN BUSINESS/ANNOUNCEMENTS:Ms.Bell reported that staff had investigated
permitting to creating a path to the water at 30A Washington Street at the request of the Commission.
In doing so they discovered there was an existing path at 28 Washington Street that was blocked from
public view by boats and other items belonging to Maria Mitchell Association. Ms, Bell said she
would ask Maria Mitchell Association to clean up the area so the public could access the water from
the existing path.
B. GOLF BUSINESS:
1. Sconset Golf Course("SGC")—Manager's Monthly Review:The Commission
reviewed the balance sheet and profit and loss comparisons for January and February 2022 sent in a
meeting packet prior to the meeting.Mr. Oberly stated there was little to report since the course was
closed for the season. Commissioner Jelleme asked him to clarify the wages and he explained that
there were three employees that were paid on a yearly basis.
2.Miacomet Golf Course("MGC")—Manager's Monthly Review: The Commission
reviewed the balance sheet and profit and loss comparison,as well as the check register and profit
and loss summary for January and February 2022.Mr. Oberly noted the significant increase in year-
to-date rounds was likely due to better counting procedures.He said everyone was required to check
in at the pro shop prior to starting a round.Further,he said that non-members were required to add a
credit card to EZLinks and would be charged for no shows.He informed the Commission that the
I restaurant and bar closed for January and the first week in February but was doing well since.He
reported that a publication had rated the clubhouse third for amenities,second for friendliness in the
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March 22,2022
country and first in Massachusetts.Additionally,they were working with a local insurance agent
and Mass Golf to get better pricing on insurance policies as they were set to expire. So far,they
were able to save 50%on one policy and 6%on another.
Inquirer and Mirror Reporter, Dean Geddes entered the meeting at 4:06 p.m.
Chairman Paterson asked if NGM staff was meeting with the Golf Committee. Mr. Oberly said they
met periodically and were discussing solutions to the tee times and expanding league play. Further,
he reported that upon additional urging EZLinks had taken another look at the reservation activity
as the committee was concerned with the use of BOTS. EZLinks said they identified something that
was not right and created an algorithm to:counteract misuse of the reservation system.
Commissioner Jelleme asked how the simulator was performing financially. Mr: Oberly said he
needed to see why the simulator figures were not included in the report but would forward that
information to the Commission.However,he said utilization was mostly weather dependent;very
popular in bad weather but unfortunately not quite reaching the revenue they had anticipated.
3.Miacomet Golf Course—Generator Discussion: Mr. Oberly presented an aerial
showing the location of the generator and how it would be hidden from view by the natural-
vegetation. Commissioner Stackpole suggested talking to the gas company about burying the tank
to hide if from view as well.
Mr. Oberly departed the meeting at 4:.18 p.m.
C.PROPERTY MANAGEMENT:
1.Land Art Project—Request: Chairman Paterson explained that the requestor could
not be present to answer questions and therefore the item would be tabled to the next meeting.
D.TRANSFER BUSINESS:
1."M"Exemption Update:
a.Five-Year Domicile and Ownership Compliance—Release of Liens:Upon a
motion was made by Commissioner Reinhard and duly seconded by Commissioner Jelleme,it was
unanimously VOTED to authorize the issuance of Releases of Liens for the following transfers as a
result of the purchasers fulfilling the requirements of Section 12,subsection(-m-):
No. 11567 Cinda L. Gaynor.
No. 38299 Aiexsandar Popnikolov and Teadara Veleva
No.38317 Gregory Margolis and Joy M.Margolis
No.38330 Norman T. Gauvin and Genevieve L. Gauvin
No.38336 Gregoire M. King and Katherine R. Cabral
E.APPROVAL OF MINUTES:A motion was made by Commissioner Stackpole and duly
seconded by Commissioner Jelleme,it was unanimously VOTED to accept,approve,and release
1
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March 22,2022
the regular session minutes of March 16,2022,as written.
F.FINANCIAL BUSINESS:
1.Monthly Financial Report:The Commission accepted the February 28,2022,
financial report including the balance sheet and income statement previously provided by email.
2.Warrant Authorization-Cash Disbursements:Upon a motion was made by
Commissioner Stackpole and duly seconded by Commissioner Reinhard,it was unanimously
VOTED to execute the March:22,2022,warrant document in the amount of$81,055.50 to be
provided to the county treasurer.
Mr. Geddes departed the meeting at 4:24 p.m.
II. EXECUTIVE SESSION: A motion was made by Commissioner Stackpole and duly seconded by
Commissioner Jelleme to go into executive session in order to discuss the purchase, exchange,lease
or value of real property and review and approve executive session minutes.A roll call vote was
taken on the motion. Allen Reinhard-Aye; Kristina Jelleme-Aye;Neil Paterson-Aye;John
Stackpole-Aye. The Chairman declared under Purpose 6 [G.L. c. 30A,21(a)(6)].The Chairman
further announced that the.Commission would,not reconvene in regular session at the conclusion of
executive session.
I ADJOURNMENT: Upon a motion made by Commissioner Reinhard and duly seconded by
Commissioner Stackpole, it was VOTED to adjourn.at:5:34
p.m.
Attested to:
. ,
Mark onato,Secretary
Accepted,Approved,and Released by the VOTE .
of the Commission this 12th day of April 2022.
j .
' mot!
Neil Paterson,Chairman
I
NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of February 28,2022
STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS Jan YIELD Feb YIELD 1/31/2022 - 2/28/2022
Nantucket Bank/Operating Fund x8888 0,00 0.00. $38,056.08 $38,763.54
Nantucket Bank/Collection Account x7653 025 0.25 $41,193,044.90 $41,873,161.80
Nantucket Bank/Special CD x1135 matures 5r202022• 0.20 0.20 $5,054,420.30 S5,055,195.83
TOTAL UNRESTRICTED FUNDS: $46,285,521.28 $46,967,121.17'
STATEMENT OF ACCOUNTS-RESTRICTED FUNDS Jan YIELD Feb YIELD 1/31/2022 2/28/2022 .
US Bank/Series A Bonds Reserve Fund/Motes mature 5/15/22 Mktt/at 1.74 1.74 $3,068,738.90 $3,068,469.70
US Bank/Series A Bonds Debt Service Fund x1002 0.00 0.00 $403,58B.01 $20,907.21
US Bank/Acquisition Fund x10o3 0.00 0.00.. $1.10 $1.10.
Nantucket Bank/SHAG Escrow x7038 .. . 025 0.25 . $40,092.99.: $40,100.68
Nantucket Bank/NFRM Escrow x9058 025 0.25 $10,014.74 . $10,016.66
Nantucket Bank/CSMF(Industrial Pk Mitigation)Escrow x1457 0.25 0.25 $44,001.60 $44,010.04
Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,660:56 $1,660.75
Nantucket Bank/MGC Golf Capital Reserve . 0.25 025 $251,350.25 $251,398.45
Nantucket Bank/SGC Capital Reserve 0.25 025 $391,541.62 $391,616.71'
Nantucket Bank/NGM Management Reserve .. ' :0.25 0.25 $1,917.20 $6,084.34 .
Hingham Savings/Marble Reserve CD maturesar292022 0.40 0.40 $226,844.10 $226,913.71
Citizens Bank/Rackemann Sawyer Acquisition Escrow $277,000.00 $550,000.00
TOTAL RESTRICTED FUNDS: $4,716,751.07 $4,611,179.35
TOTAL FUNDS: 351,002,272.35 $61,678,300-52
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BONDS: Principal Outstanding Payment Due Annual Payments.
2009 Series A Issue 3220,000 ' , Principal and Interest due 7/122 $223,245.00 '
(Final principal payment 7/1/2022)
2012 Series A Issue $3,780,000 Interest due 6/1522,Principal and Interest due 2/1523 $426,862.50
(Final principal payment 2/15/2032)
2016 Series A Refunding Bond $5,780,000 Interest due 6/122,Principal and Interest due 12/122 $1,083,400.00
(Final principal payment 12/1/2027)
•
TOTAL BONDS: $9,780,000. TOTAL ANNUAL BOND PAYMENTS: $1,713,507.50
NOTES: Principal Outstanding Payment Due Annual Payments :
Marble Note#19 31,700,00o Interest of S25,768.60 due 3/9/22,6/9/22,"9/922,12/9/22 $103,074.40
Hays Note#37 $1,333,333• Principal due 6/12/22.: $1,333,333.33
TOTAL NOTES: $3,033,333 TOTAL ANNUAL NOTE PAYMENTS: $1,436,407.73
TOTAL DEBT: $12,813,333 TOTAL ANNUAL DEBT PAYMENTS: : $3,149,915.23
A 12-month CD with the benefit of withdrawing at anytime,if needed without penally. ^
STATEM1NTFY22 -. .
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of March 22,2022
1. "M"Exemption Update:
a.Five-Year Domicile and Ownership Compliance—Releases of Liens:
No. 11567 Cinda L. Gaynor
No. 38299 Aleksandar Popnikolov and Teodara Veleva
No.38317 Gregory Margolis and Joy M. Margolis
No. 38330 Norman T. Gauvin and Genevieve L. Gauvin.
No.38336 Gregoire M.King and Katherine R. Cabral
•
DOCUMENTS AND EXHIBITS
Nantucket Land Bank Commission
Regular Meeting of March 22, 2022
1. Sconset Golf Course-Financial Reports January and February 2022
2. Miacomet Golf Course—Financial Reports January and February 2022
3. MGC Generator location
4. .."M"Releases of Liens(see transfer business for record nos.)
5. Land Bank Financial Statements-January 2022
6. Check Warrant Summary dated March 22,2022