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Home My WebLink About2022-10- 27 ^+,C p f �r:'� V q �, f ,pp,yg*`�p y` E 4 AGENDA Nantucket Land Bank Commission Regular Meeting of October 27, 2022 2D22 NOV -9 pm 3: Q ILand Bank Conference Room, 22 Broad Street f 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. 65/67 Easton Street-Park Design Proposal 4. TRANSFER BUSINESS a. "0"Exemption Update—Release of Liens 5. APPROVAL OF MINUTES a. Regular Meeting of October 11, 2022 6. FINANCIAL BUSINESS a. Monthly Financial Report—September b. Warrant Authorization—Cash Disbursement c. Warrant Authorization—Additional Closing Funds for 244 Polpis Road 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; and for Purpose 3 [G.L. c. 30A, 21(a)(3)J, discussions concerning strategy with respect to ongoing litigation. The Commission will not reconvene in open session at the conclusion of executive session. 1. Approval of Executive Session Minutes 2. Land Court Department Action No. 20MISC000058: The Ceylon Elves, LLC v. Nantucket Islands Land Bank Commission(3 &3B Wyer's Way) 3. 6 Wesco Place—Easement Encroachment 4. Real Estate Acquisition C. ADJOURNMENT 1 a MINUTES Nantucket Land Bank Commission Regular Meeting of October 27, 2022 Land Bank Conference Room, 22 Broad Street Nantucket,Massachusetts CALL TO ORDER: 4:00 p.m. PRESENT: Allen Reinhard, John Stackpole,Neil Paterson. ABSENT: Mark Donato,Kristina Jelleme. STAFF PRESENT: Jesse Bell, Executive Director; Susan Campese,Administrator/Finance Manager; Eleanor Antonietti, Executive Assistant;Marian Wilson, Assistant Administrator; Rachael Freeman,Director of Environmental and Agricultural Resources. 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: 1. 321 Polpis Road: Chairman Paterson commended the field crew on the outstanding work they were doing cleaning up the property. Ms. Bell said the property had been hydroseeded and once the cleanup was complete a special site meeting would be scheduled. B. GOLF BUSINESS: 1. Sconset Golf Course ("SGC") Manager's Monthly Review: The Commission reviewed the profit and,loss summary for September 2022.Mr..Oberly stated,that rounds were lower than last year, however the course was more profitable than ever and he suspected there were less rounds due to the changes made at Miacomet Golf which opened up additional rounds to the public. Mr. Galvin reported that he has been approached by golfers wanting irrigation and improvements to the course.He responded that SGC was old-world style golf and the Land Bank wanted to keep it that way. Additionally, after reviewing the master plan drawn by Tyler Rae, he only recommended correcting the safety issue between hole 1 and 4 by making 4 a dog leg left. It would require cutting 1 new green which could be done in-house. Commissioner Kristina Jelleme entered the meeting at 4:07 p.m. 2. Miacomet Golf Course ("MGC")—Manager's Monthly Review: The Commission reviewed the profit and loss summary for September 2022. Mr. Oberly said that covers and the golf shop revenues were down from the projected budget for the month,however the rounds for the year were much higher than previous years. Mr. Galvin reported that the restaurant would be closing December 24th and re-opening the second week of January to allow for staff vacations. Further, in next year's budget they were planning on having the restaurant open every day for lunch and five Land Bank Commission Page 2 October 27, 2022 nights for dinner service in-season and five days for lunch and three for dinner off-season. Mr. Galvin said he would be recommending a larger increase for non-resident rates and a moderate increase to the legacy rate. He indicated further that the budget would be sent over by November 14th and requested that a special meeting between November 28th and December 2nd be scheduled for Commission review and discussion. Lastly,it was noted that MGC will lose one of its housing rentals next summer due to a sharp increase in rent, so they may need at least three bedrooms. Ms. Bell said she would keep this in mind as the Land Bank assesses available housing for next summer. 3. Warrant Authorization—Golf Capital Funds Transfer Request: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Reinhard, it was unanimously VOTED to execute the October 27, 2022,warrant document in the amounts of $43,784.33 to be provided to Nantucket Golf Management, Inc. from the MGC Golf Capital Reserve account. Mr. Oberly and Mr. Galvin departed the meeting at 4:43 p.m. C.PROPERTY MANAGEMENT: 1. 65/67 Easton Street—Park Design Proposal: Ms. Freeman presented a park design from Horsley Witten showing a simple lawn/park space with a meandering walkway around a constructed wetland in the rear with three access points from the street for drainage into the wetland. Commissioner Jelleme asked that the vegetative border be kept low so the park could be seen from the street, and suggested staff explore the possibility of the sidewalk being constructed with concrete so it could better withstand flooding. Ms. Freeman said the next step would be to move to construction level plans and permitting with the Conservation Commission and Historic District Commission. Upon a motion made by Commissioner Reinhard and duly seconded by Commissioner Stackpole,it was unanimously VOTED to proceed with construction level plans and permitting. D. TRANSFER BUSINESS: 1."O"Exemption Update—Release of Liens: Five-Year Domicile and Ownership Compliance—Release of Liens: Upon a motion made by Commissioner Jelleme and duly seconded by Commissioner Stackpole, 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(-o-): No. 39009 Jason W. Graziadei and Alicia E. Graziadei No. 39031 Peter Ahern and Jesse Rae Gauvin No. 39057 Jurzj Bencat and Kamila I. Olszewska No. 39058 Justin A. Sherburne No. 39060 Nicholas J. Bontempi No. 39061 Virna L. Gonzalez No. 39062 Juan M. Acosta and Gabija Birzinyte No. 39063 Tsvetenin H. Savoy and Yordanka Savova Land Bank Commission Page 3 October 27, 2022 No. 39064 Dervon C. Williams No. 39070 Jamie L. McCoy No. 39071 Luis Oviedo and Mariela Oviedo No. 39076 Ramon R. Welch E. APPROVAL OF MINUTES: Upon a motion made by Commissioner Reinhard and duly seconded by Commissioner Jelleme, it was unanimously VOTED to accept, approve, and release the regular session minutes of October 11, 2022, as written. F. FINANCIAL BUSINESS: 1. Monthly Financial Report- September: The Commission accepted the September 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 VOTED to execute the October 27, 2022, warrant document in the amount of$344,480.81 to be provided to the County Treasurer. Commissioner Jelleme recused herselffrom the vote. 1 3. Warrant Authorization—Additional Closing Funds for 244 Polpis Road: Upon a fmotion made by/Commissioner Stackpole and duly seconded by Commissioner Reinhard, it was unanimously VOTED to execute the October 27, 2022 warrant document in the amount of $3,412.10 to be provided to the County Treasurer. G. COMMISSIONERS ADDITIONAL QUESTIONS AND CONCERNS:None. 1. Lily Pond Restoration Project: Commissioner Jelleme asked about the status of the project. Ms. Freeman explained that the surveying and subsequent modeling was a substantial amount of work but things were progressing. II. 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: Allen Reinhard-Aye;Neil Paterson-Aye; John Stackpole-Aye; Kristina Jelleme-Aye; The Chairman declared under Purpose 6 [G.L. c. 3OA, 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 6:17 p.m. Land Bank Commissio Page 4 October 27, 2022 Attested to: 1� Al en Reinhard,Vice Chair Accepted,Approved, and Released by the VOTE of the Commission this 8th day of November 2022. 7\414"\./ Neil Paterson, Chairman • f{(1 . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of September 30, 2022 STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS Aug YIELD Sep YIELD . 8/31/2022 9/30/2022' Nantucket Bank/Operating Fund x8888 0.00 0.00 ' $46,313.09 $46,538.94 Nantucket Bank/Collection Account x7653 0.25 0.25 $29,168,244.43 $29,631,943.89 Nantucket Bank/Special CD x1135 matures 5/20/2023* 0.75 0.75 $5,067,085.93 $5,070,210.41 TOTAL UNRESTRICTED FUNDS: $34,281,643.45 $34,748,693.24 STATEMENT OF ACCOUNTS-RESTRICTED FUNDS Aug YIELD Sep YIELD 8/31/2022 9/30/2022 US Bank/Series A Bonds Reserve Fund./SLGS mature 12/1/27&2115/32 MktVal 2.93 2.93. $1,501,539.44 $1,503,396.56 US Bank/Series A Bonds Debt Service Fund x1oo2 0.00 0.00 $20,908.44 $20,908.53 US Bank/Acquisition Fund x1oo3 0.00 0.00 $1.10 $1.10 Nantucket Bank/SHAC Escrow x7038 0.25 0.25 $21,993.29 $21,997.81 Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $10,004.24 $10,006.30 Nantucket Bank/CSMF(Industrial Pk Mitigation) Escrow x1457 0.25 0.25 $32,060.36 $32,066.95 Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,661.99 $1,662.19 Nantucket Bank/MGC Golf Capital Reserve 0.25 0.25 $322,777.89 $269,761.90 Nantucket Bank/SGC Capital Reserve 0.25 0.25 $603,704.37 $603,828.42 Nantucket Bank/NGM Management Reserve 0.25 0.25 $14,597.11 $16,683..76 Hingham Savings/Marble Reserve CD matures 10/2/2023 0.40 2.23 $227,364.22 $227,823.08 Citizens Bank/Verrill Dana Acquisition Escrow $4,530,000.00 $4,530,000.00 TOTAL RESTRICTED FUNDS: $7,286,612.45 $7,238,136.60 TOTAL FUNDS: $41,568,255.90 $41,986,829.84 BONDS: ' Principal Outstanding Payment Due Annual Payments 2012 Series A Issue $3,780,000 Principal and Interest due 2/15/23,Interest due 8/15/23 $426,862.50 (Final principal payment 2/15/2032) 2016 Series A Refunding Bond $5,780,000 Interest due 6/1/23,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 12/9/22,3/9/23, 6/9/23,9/9/23 $103,074.40 . t. 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 12-month CD with the benefit of withdrawing at any time,if needed, without penalty. STATEMNTFY23 C I DOCUMENTS AND EXHIBITS Nantucket Land Bank Commission 1 1 Regular Meeting of October 27, 2022 • 1. Sconset Golf Course—Financial Reports September 2022 2. Miacomet Golf Course—Financial Reports September 2022 3. Golf Capital Reimbursement Request Warrant 10/27/22 4. CPC Funding Requests FY 2023 &FY 2024 5. 65/67 Easton Street Park Design 6. "0"Releases of Liens (see transfer business for record nos.) 7. Land Bank Financial Statements—September 2022 8. Check Warrant Summary dated October 27, 2022 9. Warrant for Additional Closing Cost(244 Polpis Rd) • .. 3 TRANSFER BUSINESS Nantucket Land Bank Commission • Regular Meeting of October 27, 2022 1. "0"Exemption Update: a. Five-Year Domicile and Ownership Compliance—Release of Lien: No. 39009 Jason W. Graziadei and Alicia E. Graziadei No. 39031 Peter Ahern and Jesse Rae Gauvin No. 39057 Juraj Bencat and Kamila I. Olszewska No. 39058 Justin A. Sherburne No. 39060 Nicholas J.Bontempi No. 39061 Virna L. Gonzalez No. 39062 Juan M.Acosta and Gabija Birzinyte No. 39063 Tsvetenin H. Savoy and Yordanka Savova No. 39064 Dervon C. Williams No. 39070 Jamie L. McCoy No. 39071 Luis Oviedo and Mariela Oviedo No. 39076 Ramon R. Welch