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Home My WebLink About2022-11-22 AGENDA Nantucket Land Bank Commission Regular Meeting of November 22, 2022 Land Bank Conference Room,22 Broad Street CALL TO ORDER: 4:00 P.M. A. CONVENE IN OPEN SESSION S :;› 44, � - 1. PUBLIC COMMENT/ STAFF ANNOUNCEMENTS tr 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. AGRICULTURAL PROPERTY MANAGEMENT a. 19 Wauwinet Road/Eat Fire Spring—Agricultural RFP 4. PROPERTY MANAGEMENT a. 48 S. Cambridge Street/Long Pond Landing—Schedule Ribbon Cutting Ceremony b. Bike Park Concept—Discussion c. Review of Capital Projects d. 15 Commercial Wharf—House Move Finalization 5. TRANSFER BUSINESS a. "M"Exemption Update—Release of Liens b. "0"Exemption Update—Release of Liens 6. APPROVAL OF MINUTES a. Regular Meeting of November 8, 2022 6. FINANCIAL BUSINESS a. Monthly Financial Report—October 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; and for Purpose 3 [G.L. c. 30A, 21(a)(3)], 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 MINUTES Nantucket Land Bank Commission :,. Regular Meeting of November 22, 2022 Land Bank Conference Room, 22 Broad Street Nantucket,Massachusetts • CAbL TO ORDER: 4:00 p.m. t5ti P1 SENT: Mark Donato,Allen Reinhard,John Stackpole,Neil Paterson. ENT: Kristina Jelleme. STAFF PRESENT: Jesse Bell, Executive Director; Susan Campese, Administrator/Finance Manager; Marian Wilson,Assistant Administrator; Rachael Freeman, Director of Environmental and Agricultural Resources. Sustainable Nantucket Managing Director, Posie Constable; Farmer, Dan Southey; Farmer, Dylan Wallace; and Judy Zurhiedi, were also present at call to order. I. CONVENE IN OPEN SESSION: A. PUBLIC COMMENT/ STAFF ANNOUNCEMENTS:None. B. GOLF BUSINESS: 1. Sconset Golf Course ("SGC") — Manager's Monthly Review: Tabled until November 29, 2022 meeting. 2. Miacomet Golf Course ("MGC") — Manager's Monthly Review: Tabled until November 29, 2022 meeting. C. AGRICULTURAL PROPERTY MANAGEMENT: 1. 19 Wauwinet Road/Eat Fire Spring—Agricultural RFR: Ms.Freeman presented the draft Request for Responses ("RFR") which she explained still needed to go through legal review, plus insurance requirements needed to be added. She said the deadlines had been accelerated as Town Counsel informed them that the procurement did not fall under MGL c. 30B and therefore the RFR rather than Request for Proposals method could be used. Accordingly, the new proposed deadlines were as follows: December 1, 2022—Release of RFR January 12, 2023 —Responses due January 24, 2023 —License Awarded Ms. Freeman explained that she would receive the written responses and remove the names so the appointed evaluation committee would conduct a blind review of the initial submission. They would rank the proposal based on experience, connection to the island, fanning plan, etc. She said the RFR Land Bank Commission Page 2 November 22, 2022 had some property specific alignments based on the public component, soil conditions, etc. Commissioner Stackpole asked if six weeks was enough time for the prospective farmers to put together a plan. Mr. Southey said that this time of year was a window for farmers to work on such things,however he would be amenable to the Land Bank extending the time in order to make the RFR comprehensive. Ms. Freeman said she thought they could meet the deadline;however,they would extend the timeline if needed. A site meeting would be held the first week of December and after the evaluations there would be an additional site meeting plus interviews with the top two respondents. Upon a motion made by Commissioner Reinhard and duly seconded by Commissioner Donato, it was unanimously VOTED to use the RFR process based on a determination that it is necessary for the Land Bank to compare farming proposals for designated agricultural properties based on the relevant experience, skills and qualifications of tenant farmers who will be expected to conduct a full range of high-quality agricultural operations that yield significant public benefits. Special Projects Coordinator, Eleanor Antonietti entered the meeting at 4:33 p.m. Ms. Constable, Mr. Southey and Mr. Wallace departed the meeting at 4:35 p.m. D. PROPERTY MANAGEMENT: 1. 48 S. Cambridge Street/Long Pond Landing—Schedule Ribbon Cutting Ceremony: Ms. Bell inquired if the Commission wanted to hold an opening ceremony for the accessible walkway and pier. The consensus of the Commission was to schedule a ceremony with refreshments on December 17th at 10:00 a.m. 2. Bike Park Concept—Discussion: Ms. Bell reported that over the last few years there had been several inquiries about creating a bike park and the Chair requested that it be placed on the agenda to gauge the Commission's interest in the idea. The consensus of the Commission was positive and Commissioner Stackpole suggested explore building it at the old paint ball area off Milestone Road. Upon a motion made by Commissioner Donato and duly seconded by Commissioner Reinhard, it was unanimously VOTED to move forward with the planning and design of a bike park. 3. Review of Capital Projects: Ms. Freeman presented a list of capital projects underway on a timeline showing expected completion dates and illustrating what phase the project was currently in. The Commission reviewed the list and asked that a copy be sent to them by email. 4. 15 Commercial Wharf—House Move Finalization: Ms. Bell reminded the Commission that the house at 15 Commercial Wharf(aka the "Rowland House")had been voted as surplus on November 10, 2020. After it was determined that the height of the house prevents it being moved anywhere but the immediate vicinity,Nantucket Island Resorts accepted the house and plans to move it to their property at 21 Commercial Wharf. Ms. Bell said the buyer has been working on getting permits since early summer and has been providing periodic status updates. They requested short term use of 17 Commercial Wharf for staging the move. Ms. Bell said all the details are detailed in an agreement dated November 1, 2022, which she executed to provide the buyer with a basis for the ongoing permit process. Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Donato, it was unanimously VOTED • Land Bank Commission Page 3 November 22, 2022 F to ratify Ms. Bell's execution of the sale agreement and to authorize her to sign any additional documents which may be necessary or appropriate to complete its performance. Ms. Zurhiedi departed the meeting at 4:58 p.m. E. TRANSFER BUSINESS: 1. "M"Exemption Update/Five-Year Domicile and Ownership Compliance— Release of Liens: Upon a motion made by Commissioner Stackpole 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. 39081 Joshua Morash No. 39114 Aileen Coral Fredericks and Kurt Jason Wiggin 2."O"Exemption Update/Five-Year Domicile and Ownership Compliance—Release of Liens: Upon a motion made by Commissioner Stackpole 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 (-o-): No. 39094 Sherzod Yuldashev and Dilrabo Hudayberdieva No. 39131 Anton T. Dimov and Polya B. Dimov F. APPROVAL OF MINUTES: Upon a motion made by Commissioner Reinhard and duly seconded by Commissioner Donato, it was unanimously VOTED to accept, approve, and release the regular session minutes of November 8, 2022, as written. G. FINANCIAL BUSINESS: 1. Monthly Financial Report- September: The Commission accepted the October 2022, financial report including the balance sheet and income statement previously provided by email. 2. 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 November 22,2022,warrant document in the amounts of$141,357.34 to be provided to Nantucket Golf Management, Inc. from the MGC Golf Capital Reserve account. 3. Warrant Authorization—Cash Disbursements: Upon a motion made by Commissioner Stackpole and duly seconded by Commissioner Reinhard, it was VOTED to execute the November 22, 2022, warrant document in the amount of$220,894.28 to be provided to the County Treasurer. Land Bank Commission Page 4 November 22, 2022 H. COMMISSIONERS ADDITIONAL QUESTIONS AND CONCERNS: None. 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; discuss strategy in regards to litigation matters; and review and approve executive session minutes. A roll call vote was taken on the motion: Mark Donato-Aye; Allen Reinhard-Aye;Neil Paterson-Aye; John Stackpole-Aye; The Chairman declared that Executive Session was being entered into under Purpose 6 [G.L. c. 30A, 21(a)(6)] as discussion of real estate acquisition matters in open session may be detrimental to the Land Bank's negotiating position; and under Purpose 3 [G.L. c. 30A, 21(a)(3)], as those discussions concerned strategy with respect to ongoing litigation. 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 5:45 p.m. Attested to: Mark onato, Secretary Accepted,Approved, and Released by the VOTE of the Commission t 's 13th day of December 2022. Neil Paterson, Chairman F• NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of October 31, 2022 STATEMENT OF ACCOUNTS-UNRESTRICTED FUNDS Sep YIELD Oct YIELD 9/30/2022 10/31/2022 Nantucket Bank/Operating Fund x8888 0.00 0.00 $46,538.94 546,488.95 Nantucket Bank/Collection Account x7653 0.25 0.25 $29,631,943.89 $26,211,859.66 Nantucket Bank/Special CD x1135 matures 5/20/2023• 0.75 0.75 $5,070,210.41 $5,073,441.06 TOTAL UNRESTRICTED FUNDS: $34,748,693.24 $31,331,789.67 STATEMENT OF ACCOUNTS-RESTRICTED FUNDS Sep YIELD Oct YIELD 9/30/2022 10/31/2022 US Bank/Series A Bonds Reserve Fund I SLGS mature 12/1/27&2/15/32 Mkt Vat 2.93 2.93 $1,503,396.56 $1,505,315.58 US Bank/Series A Bonds Debt Service Fund xlooz o.o0 0.00 $20,908.53 $20,908.62 US Bank/Acquisition Fund x1oo3 0.00 0.00 $1.10 $1.10 Nantucket Bank/SHAG Escrow x7038 0.25 0.25 $21,997.81 $22,002.48 Nantucket Bank/NFRM Escrow x9058 0.25 0.25 $10,006.30 $10,008.42 Nantucket Bank/CSMF(Industrial Pk Mitigation)Escrow x1457 0.25 0.25 $32,066.95 $32,073.76 Nantucket Bank/Nabalus Escrow x1473 0.15 0.15 $1,662.19 $1,662.40 Nantucket Bank/MGC Golf Capital Reserve 0.25 0.25 $269,761.90 $226,033.65 Nantucket Bank/SGC Capital Reserve 0.25 0.25 $603,828.42 $603,956.63 Nantucket Bank/NGM Management Reserve 0.25 0.25 • 516,683.76 $18,770.94 Hingham Savings/Marble Reserve CD matures 10/2/2023 2.23 2.23 $227,823.08 $228,254.97 Citizens Bank/Verrill Dana Acquisition Escrow $4,530,000.00 $4,530,000.00 TOTAL RESTRICTED FUNDS: $7,238,136.60 $7,198,988.55 TOTAL FUNDS: $41,986,829.84 $38,530,778.22 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 5426,862.50 (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 51,700,000 Interest of$25,768.60 due 12/9/22,3/9/23, 6/9/23,9/9/23 $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 12-month CD with the benefit of withdrawing at any time,if needed,without penalty. STATEMNTFY23 .y DOCUMENTS AND EXHIBITS Nantucket Land Bank Commission Regular Meeting of November 22, 2022 1. Agricultural RFR 2. Capital Projects Timeline 3. "M"Releases of Liens (see transfer business for record nos.) 4. "0"Releases of Liens (see transfer business for record nos.) 5. Land Bank Financial Statements—October 2022 6. Golf Capital Reimbursement Request Warrant 11/22/22 7. Check Warrant Summary dated November 22, 2022 Ii i { i " TRANSFER BUSINESS ri Nantucket Land Bank Commission Regular Meeting of November 22, 2022 1. "M"Exemption Update: a. Five-Year Domicile and Ownership Compliance—Release of Lien: No. 39081 Joshua Morash No. 39114 Aileen Coral Fredericks and Kurt Jason Wiggin 2. "0" Exemption Update: a. Five-Year Domicile and Ownership Compliance—Release of Lien: No. 39094 Sherzod Yuldashev and Dilrabo Hudayberdieva No. 39131 Anton T. Dimov and Polya B. Dimov