HomeMy WebLinkAboutAugust 23, 2022 AGENDA ,' • • !.' ' ; .
Nantucket Land Bank Commission
Regular Meeting of August 23, 2022 2ii 2 SEP 114 F' 3= 4 t
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. Memorial Bench Request—Warrens Landing
b. Maxey Pond Improvements—Discussion
c. Cross Island Hike—Update
d. Barnard Valley Road—Improvement Proposal
e. Cisco Beach—Event Request(9/12/22)
4. TRANSFER BUSINESS
a. "M"Exemption Update—Release of Liens
5. APPROVAL OF MINUTES
a. Regular Meeting of August 9, 2022
6. FINANCIAL BUSINESS
a. Monthly Financial Report—July
b. Warrant Authorization—Cash Disbursement
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
1
MINUTES
1-1.
Nantucket Land Bank Commission
Regular Meeting of August 23, 2022
Land Bank Conference Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 p.m.
PRESENT: Mark Donato, Kristina Jelleme, Allen Reinhard, John Stackpole. _
ABSENT:Neil Paterson.
STAFF PRESENT: Jesse Bell, Executive Director; Susan Campese, Administrator/Finance
Manager; Marian Wilson, Assistant Administrator; Rachael Freeman,Director of Environmental
and Agricultural Resources; Jeffrey Pollock, Property Foreman.
NGM, Inc. President, Matthew Galvin; 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:
i1. Miacomet Golf Annual Meeting—Ms. Bell announced that she would be attending
I the annual meeting on Wednesday at 4:00 p.m.
B. GOLF BUSINESS:
1. Sconset Golf Course ("SGC") — Manager's Monthly Review: The Commission
reviewed the profit and loss summary for July 2022. Mr. Oberly said that rounds were slightly lower
but covers were slightly higher than last year. Mr. Galvin announced that next year SGC would be a
training ground for golf management students from Coastal Carolina University and Ferris State
University. The students will be at SGC for an eight-month program and will also do some training
at MGC. Mr. Galvin said he was awaiting the final wetland delineations so they could address the
safety issues at holes 1 and 4. He thinks redesigning 4 and cutting a new tee may be the best solution.
Commissioner Reinhard asked about brush cutting the scrub oak that blocked the view of the course
from the clubhouse. Mr. Oberly said he would look at it with Mr. Scotto and add it to the work plan
for the winter.
2. Miacomet Golf Course ("MGC")—Manager's Monthly Review: The Commission
reviewed the profit and loss summary for July 2022. Mr. Oberly said that he and Mr. Galvin were
analyzing every aspect of the business to see what was working and what could be improved. 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 could rectify the situation next year with a different hiring plan. Mr.
Galvin reported that they were rebidding the merchant services contract and estimated that would
result in a$30,000 savings in the coming year. Further,he was going to have a consultant examine
the food and beverage systems in an effort to try to maximize efficiency between the front and back
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August 23, 2022
of the house. Additionally,he was seeing if MGC was eligible to receive the Employee Retention
Tax credit and would report back. Lastly, Mr. Galvin was aiming to give the Commission the first
draft of the 2023 budget in early November which would be later than in the past, however he
thought having an additional month of data would be helpful with budget projections.
3. Warrant Authorization—Golf Capital Funds Transfer Request: Upon a motion
made by Commissioner Stackpole and duly seconded by Commissioner Jelleme, it was
unanimously VOTED to execute the August 23, 2022, warrant document in the amounts of
$70,062.64 and$34,541.17 to be provided to Nantucket Golf Management, Inc. from the MGC
Golf Capital Reserve account and the SGC Golf Capital Reserve account, respectively.
Mr. Oberly and Mr. Galvin departed the meeting at 4:20 p.m.
C. PROPERTY MANAGEMENT:
1. Memorial Bench Request—Warrens Landing: Ms. Wilson presented a request
from Michael Young who has lived across the street from Warrens Landing for over twenty years.
He would like to donate a bench with a plaque to be placed on an elevated viewing location on the
property in memory of his wife, Sue Ellen Young. Upon a motion made by Commissioner
Stackpole and duly seconded by Commissioner Jelleme,'it was unanimously VOTED to approve the
request.
2. Maxey Pond Improvements—Discussion: Ms. Freeman explained that the permit
obtained by the Nantucket Anglers Club in 2003 (to create multiple access points and brush cut
along the pond edge)had expired in 2007. The Land Bank was able to maintain four of the access
points that had not completely grown in. Ms. Freeman presented a conceptual plan with the entrance
into the property from the driveway to the houses and add a connector road to the current road
which she felt would be safer. Further, she has been working with surveyor Art Gasbarro who came
up with a plan to add a walking trail near the pond edge heading north and looped around the north
end and connected with the existing trail that connected with the road near the Cliff Road entrance,
to the property. Commissioner Stackpole recommended staff ask for a copy of the pond safety
report from the town that included recommendations for boat access to all ponds. He said while
permitting they could include improving the pond access for boats at the north.end as well as the
historic access to the south. Commissioner Jelleme asked if staff could request permission from the
town to maintain the access to the cemetery. Ms. Freeman said she could include clearing some
vegetation from the pond edge with the Conservation Commission application as well. Upon a
motion made by Commissioner Jelleme and duly seconded by Commissioner Stackpole, it was
unanimously VOTED to move forward with permitting for the improvements in the plan and to
include the boat access points and vegetation clearing.
3. Cross-Island Hike—Update: Ms. Campese presented the route for the 2022 hike
that was 18.9 miles and started at the fairgrounds at Tom Nevers and ended at Settler's Landing in
Madaket. She said the hike was scheduled for September 24th and advertisements would start
appearing in various media in a few weeks.
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August 23, 2022
4. Barnard Valley Road—Improvement Proposal: Ms. Freeman explained that the
Nantucket Conservation Foundation ("NCF")was planning to close the entrance to the road at their
property line. Mr. Pollock said rather than have the Land Bank's section of road dead end to
nowhere, he recommended pulling our section of road back to where the trails intersect, enhancing
the parking area, and creating a trailhead depicting the various trails in the area. Upon a motion
made by Commissioner Jelleme and seconded by Commissioner Stackpole, it was unanimously
VOTED to approve the proposal as presented; fix the large puddle in the road closer to Milestone;
and inquire into NCF's grand plan for other road closures in the moors.
5. Cisco Beach—Event Request(9/12/22). Ms. Antonietti presented a request from
the Westmoor Club to hold an end of summer staff party at Cisco beach on September 12, 2022
from 5:00 to 7:30 p.m. There will be catered food and drinks (i.e., a food truck). Upon a motion
made by Commissioner Stackpole and duly seconded by Commissioner Donato, it was unanimously
VOTED to approve the request.
D. TRANSFER BUSINESS:
1. "M"Exemption Update:
a. Five-Year Domicile and Ownership Compliance—Release of Liens: Upon a
motion made by Commissioner Stackpole and duly seconded by Commissioner Donato, 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. 38777 DM Framing Inc.
No. 38782 Emmanuel A. Tavis and Saionara Tavis
E. APPROVAL OF MINUTES: Upon a motion made by Commissioner Donato and duly
seconded by Commissioner Stackpole, it was unanimously VOTED to accept, approve, and release
the regular session minutes of August 9, 2022, as written.
F. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the July 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 Jelleme, it was unanimously
VOTED to execute the August 23, 2022,warrant document in the amount of$131,569.35 to be
provided to the County Treasurer.
G. COMMISSIONERS ADDITIONAL QUESTIONS AND CONCERNS: None.
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
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i August 23, 2022
1
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 af5 7 p.m.
Attested to: [
Mark Donato, Secretary
Accepted, Approved, and Released by'the VOTE ,
of the Commission this 13th day of September 2022.
Neil Paterson, Chairman
NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of July 31, 2022
STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS Jun YIELD Jul YIELD 6/30/2022 7/31/2022
'Nantucket Bank/Operating Fund x8888 0.00 0.00 $45,498.18 $46,017.47 •
Nantucket Bank/Collection Account x7653 0.25 0.25 $31,262,854.10 533,283,418.12
Nantucket Bank/Special CD x1135 matures 5/20/2022* 0.75 0.75 $5,060,634.78 $5,063,859.33
TOTAL UNRESTRICTED FUNDS: $36,368,987.06 $38,393,294.92
STATEMENT OF ACCOUNTS -RESTRICTED FUNDS Jun YIELD Jul YIELD 6/30/2022 7/31/2022
US Bank/Series A Bonds Reserve Fund/SLGS mature 12/1/27&2/15/32 Mktval 2.93 2.93 $1,706,485.48 51,708,422.87
US Bank/Series A Bonds Debt Service Fund x1o62 0.00 0.00 $244,153.20 $20,908.29
US Bank/Acquisition Fund x1oo3 0.00 0.00 $1.10 $1.10
Nantucket Bank/SHAC Escrow x7038 0.25 0.25 $3,923.95 $21,988.62
Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $6,025.01 $10,002.12
Nantucket Bank/CSMF(Industrial Pk Mitigation) Escrow x1457 0.25 0.25 $32,046.75 $32,053.55
Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,661.57 $1,661.78
Nantucket Bank/MGC Golf Capital Reserve 0.25 0.25 $416,938.85 $392,760.97.
Nantucket Bank/SGC Capital Reserve 0.25 0.25 $637,976.48 $638,111.94
Nantucket Bank/NGM Management Reserve 0.25 0.25 $12,508.05 $12,510.71
Hingham Savings/Marble Reserve CD matures 8/29/2022 0.40 0.40 $227,217.27 $227,294.47
Citizens Bank/Verrill Dana Acquisition Escrow $4,630,000.00 $4,630,000.00
TOTAL RESTRICTED FUNDS: $7,918,937.71 $7,695,716.42
TOTAL FUNDS: $44,287,924.77 $46,089,011.34
BONDS: Principal Outstanding Payment Due Annual Payments
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: $9,560,000 TOTAL ANNUAL BOND PAYMENTS: $1,476,912.50
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: $11,260,000 TOTAL ANNUAL DEBT PAYMENTS:, $1,579,986.90
A 72-montn cu wan me benefit or wanarawing at any time,n needed, wanout penalty. STATEMNTFY23
DOCUMENTS AND EXHIBITS 1 •
Nantucket Land Bank Commission
Regular Meeting of August 23, 2022
1. Sconset Golf Course—Financial Reports July 2022
2. Miacomet Golf Course—Financial Reports July 2022
3. Golf Capital Reimbursement Request Warrant 8/23/22
4. Memorial Bench Request—Warrens Landing
5. Maxcy Pond Improvements presentation
6. 2022 Cross-Island Hike route
7. Barnard Valley Road Improvements presentation
8. Cisco Beach—Event request
9. "M"Releases of Liens (see transfer business for record nos.)
10. Land Bank Financial Statements—July 2022
11. Check Warrant Summary dated August 23, 2022
•
__1 TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of August 23, 2022
1. "M" Exemption Update:
a. Five-Year Domicile and Ownership Compliance—Releases of Liens:
No. 38777 DM Framing Inc.
No. 38782 Emmanuel A. Tavis and Saionara Tavis