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Home My WebLink About2021-12-28 AGENDA `; 4 Nantucket Land Bank Commission' wirt y ` h Regular Meeting of December 28, 2021 ToWN C P Remote Participation via Zoom(see below*) 2022 JAN 13 PM 2: 14 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. Warrant Authorization—Golf Capital Funds Transfer Request d. Golf Courses Management Services—Vote to Award Contract e. Schedule Special Golf Meeting 3. PROPERTY MANAGEMENT a. Daily's Dogs—Request to Ease Restrictions 4. TRANSFER BUSINESS a. "M"Exemption Update—Release of Liens 5. APPROVAL OF MINUTES j_ a. Regular Meeting of December 14, 2021, and Special Meetings of December 7, I 2021 and December 15, 2021 6. FINANCIAL BUSINESS a. Monthly Financial Report—November 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. Vote to Release Executive Session Minutes (1/9/18, 1/30/18, 6/26/18, 5/28/19, 9/10/19) 3. Real Estate Acquisition C. ADJOURNMENT *Join Zoom Meeting https://us06web.zoom.us/I/87420544805?pwd=VTIITONa MVp2WTdNSXJzRGZpU1pidz09 Meeting ID: 874 2054 4805 Passcode: 803833 !_ One tap mobile +13126266799„87420544805#,,,,*803833#US(Chicago) +16465588656„87420544805#„„*803833#US(New York) Dial by your location +1 312 626 6799 US(Chicago) +1 646 558 8656 US(New York) +1 301 715 8592 US(Washington DC) +1 346 248 7799 US(Houston) +1 720 707 2699 US(Denver) +1 253 215 8782 US(Tacoma) Meeting ID: 874 2054 4805 Passcode: 803833 Find your local number: https://us06web.zoom.us/u/kiKOiVJvV MINUTES Nantucket Land Bank Commission Regular.Meeting of December 28, 2021 Remote Meeting Via Zoom This open meeting of the Nantucket Land Bank Commission is being conducted remotely pursuant to Chapter 20 of the Acts of 2021. CALL TO ORDER: 4:00 p.m. PRESENT: Mark Donato, Kristina 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. Miacomet Golf Course ("MGC") and Sconset Golf Course ("SGC) General Manager, Alan Costa; NGM, Inc. President, Matthew Galvin; SGC Employee, Judy Zurhiedi;Nantucket Inquirer &Mirror Editor, Marianne Stanton; Nantucket Currents Editor in Chief Jason Graziadei; Bill Zeoli, Bob Keane, Bud Carrey, Charlie Williams, Al Goduti, Anne Menz, Dave McHugh, Caroline Borrelli, Dylan Wallace, Joseph Kelly, Connor M, Donald Ryder, Peter Hoey, Gail Bogle, and Jim Annese were also present at call to order. A. CONVENE IN OPEN SESSION: A motion was made by Commissioner Stackpole and duly seconded by Commissioner Reinhard to waive the reading of the remote meeting instructions. A roll call vote was taken on the motion: Mark Donato-Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John Stackpole-Aye;Neil Paterson-Aye. 1. PUBLIC COMMENT/ STAFF ANNOUNCEMENTS: None. 2. GOLF BUSINESS: a. Sconset Golf Course ("SGC")—Manager's Monthly Review: The Commission reviewed the balance sheet and profit and loss comparisons for November 2021. Mr. Costa noted that SGC closed for the season and other than a few expenses per month,there was not much to report. Commissioner Jelleme pointed out that the net profit for both SGC and MGC was lower than in 2020 and recommended that be addressed during the upcoming budget discussion. Mr. Galvin said that he has found with his other courses that 2020 was an anomaly due to the Covid shutdowns and that they found it more accurate to compare 2021 to 2019 figures. b. Miacomet Golf Course ("MGC")—Manager's Monthly Review: The Commission reviewed the balance sheet and profit and loss comparison for November 2021. Mr. Costa pointed out that the cash balance was significantly higher than last year. Overall,the revenue figures were above budget and expenses were as forecasted. c. Warrant Authorization—Golf Capital Funds Transfer Request: A motion was made by Commissioner Stackpole and seconded by Commissioner Reinhard to execute the December 28, Land Bank Commission Page 2 December 28, 2021 2021, warrant document in the amount of$7,352.84 to be provided to Nantucket Golf Management, Inc. from the Golf Capital Reserve account. A roll call vote was taken on the motion: Mark Donato- Aye; Kristina Jelleme-Aye;Neil Paterson-Aye;Allen Reinhard-Aye; John Stackpole-Aye. d. Golf Courses Management Services—Vote to Award Contract: Ms. Bell pointed out that Mr. Oberly and Mr. Galvin were identified as principals in the contract and there was language indicating that that was a material inducement to the Commission entering into the agreement and-therefore a subsequent change in ownership would be a potential cause for termination. Further, she pointed out that Exhibit D in the contract listed reporting requirements for management as well as additional reporting that may be requested at the discretion of the Commission in the future. A motion was made by Commissioner Stackpole and duly seconded by Commissioner Reinhard to award the contract to NGM, Inc. for three years with two 2-year options to renew. A roll call vote was taken on the motion: Mark Donato-Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John Stackpole-Aye;Neil Paterson-Aye. Commissioner Reinhard recognized Mr. Costa and Mr. Oberly for their years of hard work in bringing the course to where it is today. Chairman Paterson said he never met anyone as tenacious as Mr. Costa and was impressed with his efforts in getting the clubhouse constructed. e. Schedule Special Golf Meeting: Ms. Bell recommended scheduling a special golf meeting to discuss the 2022 budget,tournament schedules,tee time solutions, etc. The consensus of the Commission was to schedule the meeting for January 19, 2022 at 4:00 p.m. Commissioner r I Jelleme asked Ms. Bell to send out an email to the Commission with her list of topics that should be addressed and to then send it to Mr. Galvin and Mr. Oberly by next week. Further she asked that Mr. Galvin and Mr. Oberly forward all materials and proposals to the Commission at least four days prior to the meeting. Mr. Costa and Mr. Galvin departed the meeting at 4:24 p.m. 3. PROPERTY MANAGEMENT: a. Daily's Dogs—Request to Ease Restrictions: Ms. Bell explained that currently Mr. Daily was allowed to walk one dog at a time on a three-foot leash and that the dog must wear a muzzle at all times. He was restricted to the Land Bank south shore beaches between Miacomet and Hummock Pond between 5:30 a.m. and 6:30 a.m. Mr. Daily was told he could come back for a review of the restrictions in six months and he is now asking to be allowed to walk both his dogs at the same time on any Land Bank property at all times, as one of his dogs was getting old. Ms. Bell said the town had reported no violations of his restrictions nor had the Animal Control Officer. Commissioner Jelleme recommended amending the restriction to allow Mr. Daily to walk one dog at a time anytime of day between September 15th and June 15th and before 10:00 a.m. and after 5:00 p.m. between June 16th and September 14th. All other restrictions would stay the same and in full compliance with the Select Board's amended order. After some discussion,upon a motion made to Commissioner Jelleme and duly seconded by Commissioner Stackpole to ease the restrictions as recommended by Commissioner Jelleme. A roll call vote was take on the motion: Mark Donato- . Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John Stackpole-Aye;Neil Paterson-Nay. , Land Bank Commission Page 3 December 28, 2021 1- 4. TRANSFER BUSINESS: i a. Current "M" Exemptions: Five-Year Domicile and Ownership Compliance — Releases of Liens: A motion was made by Commissioner Stackpole and duly seconded by Commissioner Reinhard to authorize the issuance of Releases of Liens for each of the following transfers as a result of the purchasers fulfilling all of the requirements of Section 12, subsection(-m-): No. 38022 Benjamin A.Normand and Jaclyn J.Normand No. 38047 Thomas Garrette and Kathryn Hanley Garrette No. 38054 Genadi Prokopov No. 38069 Shamala Watty No. 38103 Gergana Neykova and Krasimir Kirilov No. 38124 Nikolay D. Petkov A roll call vote was taken on the motion: Mark Donato-Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John Stackpole-Aye;Neil Paterson-Aye. 5. APPROVAL OF MINUTES: Upon a motion made by Commissioner Reinhard and duly seconded by Commissioner Stackpole to accept, approve, and release the regular session minutes of December 14, 2021, and special meeting minute of December 7,2021, as written. A roll call vote was taken on the motion: Mark Donato-Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John a _ Stackpole-Aye; Neil Paterson-Aye. Commissioner Jelleme asked that the special session minutes of December 15, 2021 be revised and brought back for approval at the next meeting. 6. FINANCIAL BUSINESS: a. Monthly Financial Report—October: The Commission accepted the November 2021, financial report including the balance sheet and income statement previously provided by email. b. Warrant Authorization— Cash Disbursement: A motion was made by Commissioner Stackpole and duly seconded by Commissioner Donato to approve and execute the December 28, 2021, warrant document in the amount of$53,919.67 to be provided to the county treasurer. A roll call vote was taken on the motion: Mark Donato-Aye; Kristina Jelleme-Aye; Neil Paterson-Aye; Allen Reinhard-Aye; John Stackpole-Aye;Neil Paterson-Aye. B. EXECUTIVE SESSION:A motion was made by Commissioner Stackpole and duly seconded by Commissioner Reinhard 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: Mark Donato-Aye; Kristina Jelleme-Aye; Allen Reinhard-Aye; John Stackpole -Aye; Neil Paterson-Aye. The Chairman declared under Purpose 6 [G.L. c. 30A, 21(a)(6)] that discussion of these matters in open session may be detrimental to the Land Bank's negotiating position. The Chairman further announced that the Commission would not reconvene in regular session at the conclusion of executive session. ADJOURNMENT: Upon a motion made by Commissioner Stackpole and duly seconded by Land Bank Commission Page 4 December 28,2021 1-- Commissioner Reinhard, it was VOTED to adjourn at 5:02 p.m. Attested to: ,/'e/�.' ye, 'sac�' Mark Donato, SeOreta Accepted, Approved, and Released by the VOTE of the Commission this 11th day of January 2022. V Ij Neil Paterson, Chairman 1 1 i 1 NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of November 30, 2021 STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS Oct YIELD Nov YIELD 10/31/2021 11/30/2021 Nantucket Bank/Operating Fund x8888 0.00 0.00 $38,044.60 $38,091.28 Nantucket Bank/Collection Account x7653 0.25 0.25 $47,541,938.02 $50,249,239.56 Nantucket Bank/Special CD x1135 matures 5/20/2022* 0.20 0.20 $5,051,872.97 $5,052,703.48 TOTAL UNRESTRICTED FUNDS: $52,631,855.59 $55,340,034.32 STATEMENT OF ACCOUNTS-RESTRICTED FUNDS Oct YIELD Nov YIELD 10/31/2021 11/30/2021 US Bank/Series A Bonds Reserve Fund/"Motes mature 4/8/21 MktVal 1.73 1.74 $3,069,446.23 $3,069,529.12 US Bank/Series A Bonds Debt Service Fund x1oo2 0.00 0.00 $20,904.40 $975,431.58 US Bank/Acquisition Fund x1oo3 0.00 0.00 $1.10 $1.10 Nantucket Bank/SHAC Escrow x7038 0.25 0.25 $40,067.74 $40,075.97 Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $10,008.42 $10,010.48 Nantucket Bank/CSMF(Industrial Pk Mitigation) Escrow x1457 0.25 0.25 $43,973.88 $43,982.92 Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,659.94 $1,660.14 Nantucket Bank/MGC Golf Capital Reserve 0.25 0.25 $269,567.78 $262,269.98 Nantucket Bank/SGC Capital Reserve 0.25 0.25 $391,295.00 $391,375.40 Nantucket Bank/NGM Management Reserve 0.25 0.25 $19,414.91 $19,418.90 Hingham Savings/Marble Reserve CD matures 8/29/2022 0.40 0.40 $226,615.52 $226,690.03 Citizens Bank/Rackemann Sawyer Acquisition Escrow $525,000.00 $627,000.00 TOTAL RESTRICTED FUNDS: $4,617,954.92 $5,667,445.62 TOTAL FUNDS: $57,249,810.51 $61,007,479.94 BONDS: Principal Outstanding Payment Due Annual Payments 2009 Series A Issue $220,000 Interest due 1/1/22,Principal and Interest due 7/1/22 $226,400.00 (Final principal payment 7/1/2022) 2012 Series A Issue $4,115,000 Principal and Interest due 2/15/22,Interest due 8/15/22 $421,887.50 (Final principal payment 2/15/2032) 2016 Series A Refunding Bond $6,635,000 Principal and Interest due 12/1/21,Interest due 6/1/22 $1,041,225.00 (Final principal payment 12/1/2027) TOTAL BONDS: $10,970,000 TOTAL ANNUAL BOND PAYMENTS: $1,689,602.50 NOTES: Principal Outstanding Payment Due Annual Payments Marble Note#19 $1,700,000 Interest of$25,768.60 due 12/9/21,3/9/2Z 6/9/22,9/9/22 $103,074.40 Hays Note#37 $1,333,333 Principal due 6/12/22 $1,333,333.33 Larrabee Note#38 $1,750,000 Principal due 1/6/22 $1,750,000.00 TOTAL NOTES: $4,783,333 TOTAL ANNUAL NOTE PAYMENTS: $3,186,407.73 TOTAL DEBT: $15,753,333 TOTAL ANNUAL DEBT PAYMENTS: $4,876,010.23 *A 12-month CD with the benefit of withdrawing at any time,if needed,without penalty. STATEMNTFY22 DOCUMENTS AND EXHIBITS Nantucket Land Bank Commission Regular Meeting of December 28, 2021 1. Sconset Golf Course—Financial Reports November 2021 2. Miacomet Golf Course—Financial Reports November 2021 3. Check Warrant dated December 28, 2021- Golf Capital Funds Transfer Request 4. Golf Management Services - Contract 5. Daily Dogs—Email request to ease restrictions 6. "M"Release of Liens (see transfer business for record nos.) 7 - Land Bank Financial Statements—November 2021 8. Check Warrant Summary dated December 28, 2021 _ _ TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of December 28, 2021 1. "M"Exemption Update: a. Five-Year Domicile and Ownership Compliance—Release of Lien: No. 38022 Benjamin A.Normand and Jaclyn J.Normand No. 38047 Thomas Garrette and Kathryn Hanley Garrette No. 38054 Genadi Prokopov No. 38069 Shamala Watty No. 38103 Gergana Neykova and Krasimir Kirilov No. 38124 Nikolay D. Petkov a