The URL can be used to link to this page

Home My WebLink About2022-3-22 AGENDA NANIleiCK. E 1 Nantucket Land Bank Commission .1' \AI N CLERK Regular Meeting of March 22, 2022 Land Bank Conference Room,22 Broad Street 2022 APR 15 AM 7: 26. 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 1 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 *Join Zoom Meeting https://us06web.zoom.us/i/838993977537pwd=bklnTVRxTUpVMWY2enp60WtvcHIVUTO9 Meeting ID:838 9939 7753 Passcode:550076 One tap mobile +13126266799„83899397753#,,,,*550076#US(Chicago) +16465588656„83899397753#,,,,*550076#US(New York) .! Dial by your location +1 312 626 6799 US(Chicago) +16.46 558 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 lb:838 9939 7753 • Passcode:550076 Find your local number: https://us06web.zoom.us/u/kibG9B107 • 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:400 p.m. PRESENT:Mark Donato via Zoom,ICristina Jelleme,Neil Paterson,Allen Reinhard,John Stacicpole. 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 mammy 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 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 • Land Bank Commission Page 2 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 reaohing 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: I 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 Alexsandar 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 3 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 Land Bank Commission Page 3 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. • 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. 47J Neil Paterson, Chairman 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 $38,056.08 538,763.54 Nantucket Bank/Collection Account x7653. 0.25 0.25 $41.193,044.90 $41,873,181.80 Nantucket Bank/Special CD x1135 matures 5/202022* 0.20 0.20 $5,054,420.30 35,055,195.83 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 I-TNotes mature 5/15/22 MktVal 1.74 1.74 $3,068,738.90 $3,068,469.70 US Bank/Series A Bonds Debt Service Fund x1o02 0.00 0.00 3403,588.01 $20,907.21 US Bank/Acquisition Fund xiooa 0.00 0.00 $1-10 $1.10. Nantucket Bank/SHAC Escrow x7038 0.25 0.25 $40,092.99 $40,100.68:. Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $10,014.74 $10,016,66 Nantucket Bank/CSMF(Industrial Pk Mitigation)Escrow x1457 025. 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 025 0.25 $1,91720 $6,084,34 Hingham Savings/Marble Reserve CD matures a/29/2022 0.40 0.40 $226,844.10 3226,913.71 Citizens Bank!Rackemann Sawyer Acquisition Escrow $277,000.00 3550,000.00 TOTAL RESTRICTED FUNDS: $4,716,751.07 $4,611,179.35 TOTAL FUNDS: $51,002,272.35 $51,578,300.52 BONDS: Principal Outstanding Payment Due Annual Payments ' 2009Series A Issue 5220,000 - Principal and Interest due 7/1/22 $223,245.00 (Final principal payment?/i2022) 2012 Series A Issue 53,780,000 interest due 6/15/2Z Principal and Interest due 2/15/23 $426,852.50 (Final principal payment 2/15/2032) • 2016 Series A Refunding Bond $5,780,000 Interest due 6/122,Principal and Interest due 12/1/22 $1,063,400.00 (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 S1,700,000 Interest of525,768.60 due 3/922,6/9/22,9/922,12/922 $103,074.40 • Hays Note#37 51,333,333 Principal due 6/1222.. $1,333,333.33 TOTAL NOTES: 43,033,333 - 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. . •smarm-Ay= E. , . - 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 S• s • 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..