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Home My WebLink About2022-7-26 AGENDA Nantucket Land Bank Commission Regular Meeting of July 26, 2022 Land Bank Conference Room, 22 Broad Street 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 3. PROPERTY MANAGEMENT a. Fair Street Park Fountain—Discussion 4. TRANSFER BUSINESS a. "M"Exemption Update—Release of Liens 5. APPROVAL OF MINUTES a. Regular Meeting of July 12, 2022 6. FINANCIAL BUSINESS a. Monthly Financial Report—June b. Warrant Authorization—Cash Disbursement c. Warrant Authorization—2012 Series A Bond Semi-Annual Payment 7. COMMISSIONERS ADDITIONAL QUESTIONS AND CONCERNS 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 MINUTES Nantucket Land Bank Commission Regular Meeting of July 26, 2022 Land Bank Conference Room, 22 Broad Street Nantucket,Massachusetts CALL TO ORDER: 4:00 p.m. • PRESENT: Mark Donato,Neil Paterson, Allen Reinhard, John Stackpole. ABSENT: Kristina Jelleme. STAFF PRESENT: Susan Campese, Administrator/Finance Manager; Marian Wilson,Assistant Administrator; Rachael Freeman, Director of Environmental and Agricultural Resources; John Kuszpa, Director of Property Management. Jesse Bell, Executive Director attended via Zoom. Miacomet Golf Course and Sconset Golf Course General Manager, Sean Oberly were also present at call to order. I. CONVENE IN OPEN SESSION: A. PUBLIC COMMENT/ STAFF ANNOUNCEMENTS: 1. New Trail—Ms. Campese informed the Commission that the new trails at Warren's Landing (55 Warren's Landing Road)were cut and staff was currently working on placement of benches. Further,the additional trail leading to the beach needed Conservation Commission approval prior to installation. 2. Donation Acceptance—Ms. Campese announced that Anthony Mazotas made his 3rd annual $5,000 donation for benches along Land Bank trails for the elderly. Ms. Bell will send a letter of thanks to the MSgt. Mazotas. B. GOLF BUSINESS: 1. Sconset Golf Course ("SGC") — Manager's Monthly Review: The Commission reviewed the profit and loss summary for June 2022. Mr. Oberly said that rounds and covers were slightly higher than last year and overall,the course was popular and doing well. 2. Miacomet Golf Course ("MGC")—Manager's Monthly Review: The Commission reviewed the profit and loss summary for June 2022. Mr. Oberly explained that they were awaiting inventory adjustments from the accountant and therefore June numbers were not fmal. He said going forward he planned on taking inventory more often so that the adjustment from cost of goods to the expense accounts were more reflective of the timeframe in which the sales occurred. He ': explained that revenue was down due to lower cart sales, fewer lessons and lower merchandise sales. He explained that they only had two golf professionals this year and new rules were in place Land Bank Commission Page 2 July 26, 2022 that required tee time reservations for lessons and the time slots would be filled with waiting golfers, so each lesson tee-time consisted of four golfers. Mr. Oberly noted that this change had opened additional tee times for members. Mr. Oberly reported that the restaurant was still only open five days for lunch and three nights for dinner and that he was confident he had a plan to rectify that for next year but unfortunately, he has not been able to fill the open kitchen positions this season. Chairman Paterson asked Mr. Oberly itemize the cancellation income for members and non- members on the financial statement going forward. 3. Warrant Authorization—Golf Capital Funds Transfer Request: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Donato, it was unanimously VOTED to execute the July 26, 2022,warrant document in the amounts of$24,265.58 to be provided to Nantucket Golf Management, Inc. from the MGC Golf Capital Reserve account. Chairman Paterson asked staff to write a letter of thanks to the staff at the golf courses for all their hard work. Mr. Oberly departed the meeting at 4:20 p.m. C. PROPERTY MANAGEMENT: 1. Fair Street Park Fountain—Discussion: Ms. Bell explained that the fountain has I been out of order all summer as it needed some parts and there were supply chain issues. Further, Ms. Bell asked the Commission if they wanted to continue to have a fountain or convert it to a ` planter. The consensus of the Commission was to keep it a fountain. Mr. Kuszpa said the mechanical parts were at the end of their life and the system needed to be rebuilt. Additionally,the drainage in the underground area was not working and he suggested the machinery be above ground in a shed. He said he would like to have the new system designed by a company out of Chicago that designs commercial fountains. Chairman Paterson asked Mr. Kuszpa to meet with a local plumber and pool contractor rather than hiring a company out of state. D. TRANSFER BUSINESS: 1. "M"Exemption Update: a. Five-Year Domicile and Ownership Compliance—Release of Liens: Upon a motion made by Commissioner Donato and duly seconded by Commissioner Reinhard, 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. 38655 Galyna Afanasieva No. 38679 Brad D. Muffly and Corinne J. Muffly No. 38694 Tiago F. Gomes and Logan S. Gomes No. 38705 Ryan A. Duddy and Erica D. Duddy • Land Bank Commission Page 3 July 26, 2022 11 E. APPROVAL OF MINUTES: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Donato, it was unanimously VOTED to accept, approve, and release the regular session minutes of July 12, 2022, as written. F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the June 2022, financial report including the balance sheet and income statement previously provided by email. 2. Warrant Authorization—Cash Disbursements: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Reinhard, it was unanimously VOTED to execute the July 26, 2022, warrant document in the amount of$68,606.22 to be provided to the County Treasurer. 3. Warrant Authorization—2012 Series A Bond Semi-Annual Payment: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Reinhard, it was unanimously VOTED to approve payment and authorize staff to wire the Series A semi-annual bond payment of interest in the amount of$42,656.25 from the Land Bank's Collection Account to the Bond Trustee at U.S. Bank. H. COMMISSIONERS ADDITIONAL QUESTIONS AND CONCERNS: 1. 321 Polpis Road: Chairman Paterson asked when the bid to remove the manmade structures was going out. Mr. Kuszpa said it would be in the next couple of weeks and that they had planned a meeting on site with Jeff Pollock and Rob Earley to assess what portion of the project could be done in house. II. EXECUTIVE SESSION: A motion was made by Commissioner Stackpole and duly seconded by Commissioner Donato 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;Neil Paterson-Aye; John Stackpole-Aye, Mark Donato- 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 Reinhard and duly seconded by Commissioner Stackpole, it was VOTED to adjourn at 5:17 p.m. Attested to: 4-8L Mark Donato, Secretary Accepted,Approved, and Released by the VOTE of the Commission this 9th day of August 2022. Land Bank Commission Page 4 July 26,2022 Neil Paterson, Chairman NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of June 30, 2022 STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS May YIELD Jun YIELD 5/31/2022 6/30/2022 Nantucket Bank/Operating Fund x8888 0.00 0.00 $37,973.73 $45,498.18 Nantucket Bank/Collection Account x7653 0.25 0.25 $38,927,938.73 $31,262,854.10 Nantucket Bank/Special CD x1135 matures 5/20/2022* 0.2/0.75 0.75 $5,057,440.00 $5,060,634.78 TOTAL UNRESTRICTED FUNDS: $44,023,352.46 $36,368,987.06 STATEMENT OF ACCOUNTS-RESTRICTED FUNDS May YIELD Jun YIELD 5/31/2022 6/30/2022 US Bank/Series A Bonds Reserve Fund/SLGS mature 12/1/27&2/15/32 Mkt Val 2.92 2.93 $1,704,610.59 $1,706,485.48 US Bank/Series A Bonds Debt Service Fund xWoo2 0.00 0.00 $107,607.66 $244,153.20 US Bank/Acquisition Fund x1oo3 0.00 0.00 $1.10 $1.10 Nantucket Bank/SHAC Escrow x7038 0.25 0.25 $40,125.95 $3,923.95 Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $10,022.98 $6,025.01 • Nantucket Bank/CSMF (Industrial Pk Mitigation) Escrow x1457 0.25 0.25 $44,037.78 $32,046.75 Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,661.37 $1,661.57 Nantucket Bank/MGC Golf Capital Reserve 0.25 0.25 $208,943.85 $416,938.85 Nantucket Bank/SGC Capital Reserve 0.25 0.25 $391,863.54 $637,976.48 Nantucket Bank/NGM Management Reserve 0.25 0.25 $10,422.43 $12,508.05 Hingham Savings/Marble Reserve CD matures 8/29/2022 0.40 0.40 $227,142.59 $227,217.27 Citizens Bank/Verrill Dana Acquisition Escrow $374,000.00 $4,630,000.00 TOTAL RESTRICTED FUNDS: $3,120,439.84 $7,918,937.71 TOTAL FUNDS: $47,143,792.30 $44,287,924.77 BONDS: Principal Outstanding Payment Due Annual Payments 2009 Series A Issue $220,000 Principal and Interest due 7/1/22 $223,245.00 (Final principal payment 7/1/2022) 2012 Series A Issue $3,780,000 Interest due 8/15/22,Principal and Interest due 2/15/23 $426,862.50 (Final principal payment 2/15/2032) - 2016 Series A Refunding Bond $5,780,000 Interest due 6/1/22,Principal and Interest due 12/1/22 $1,050,050.00 (Final principal payment 12/1/2027) TOTAL BONDS: $9,780,000 TOTAL ANNUAL BOND PAYMENTS: $1,700,157.50 NOTES: Principal Outstanding Payment Due Annual Payments Marble Note#19 $1,700,000 Interest of$25,768.60 due 9/9/22, 12/9/22,3/9/23, 6/9/23 $103,074.40 TOTAL NOTES: $1,700,000 TOTAL ANNUAL NOTE PAYMENTS: $103,074.40 TOTAL DEBT: $11,480,000 TOTAL ANNUAL DEBT PAYMENTS: $1,803,231.90 + *A 12-month CD with the benefit of withdrawing at any time,if needed,without penalty. srarEMNrPv22 DOCUMENTS AND EXHIBITS 11 Nantucket Land Bank Commission Regular Meeting of July 26, 2022 1. Warren's Landing Trails—Aerial 2. Sconset Golf Course—Financial Reports June 2022 3. Miacomet Golf Course—Financial Reports June 2022 4. Golf Capital Reimbursement Request Warrant 5. "M"Releases of Liens (see transfer business for record nos.) 6. Land Bank Financial Statements—June 2022 7. Check Warrant Summary dated July 26,2022 8. 2012 Series A Bond Warrant dated July 26, 2022 1 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of July 26, 2022 1. "M"Exemption Update: a. Five-Year Domicile and Ownership Compliance—Releases of Liens: No. 38655 Galyna Afanasieva No. 38679 Brad D. Muffly and Corinne J. Muffly No. 38694 Tiago F. Gomes and Logan S. Gomes No. 38705 Ryan A. Duddy and Erica D. Duddy