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Home My WebLink About2004-01-25 AGENDA Nantucket Land Bank Commission Regular Meeting of January 25,2004 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting held January 11,2005. A. CITIZEN BUSINESS/ANNOUNCEMENTS B. TRANSFER BUSINESS C. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization ~"'.'J c;\ D. PROPERTY MANAGEMENT 1. Property Managers Update 2. Property Use Request - Weweeder Pond Property 3. Wanoma Way Abutter Request 4. Sandpiper Close Cluster Open Space - Dedication Request E. EXECUTIVE SESSION ADJOURNMENT Land Bank Commission January 25, 2005 Page 2 D. REGULAR BUSINESS: 1. Public Notice Review: No action taken. E. PROPERTY MANAGEMENT: 1. Property Manager's Update: Bruce Perry provided an update on matters related to property management, snow clean-up activity and improvements to the Gardner cottage. 2. Property Use Request - Weweeder Pond Property: The Director summarized a request from Mark Lombardi seeking financial support and permission to dredge a portion of the wetlands area at the Land Bank's Weweeder Pond property in order to enhance wildlife habitat and to improve waterway access. Upon a motion made and duly seconded, it was VOTED to approve the request subject to Mr. Lombardi's obtaining all ofthe necessary approvals from the Conservation Commission and the state and subject to review and endorsement of the final proposal by the Land Bank Commission. The Commission agreed to discuss funding for the project at a later date. 3. Wanoma Way Abutter Request: The Director provided an update on a request by Mr. Jacobson, abutter to the Land Bank's Wanoma Way property, seeking permission to fence off, fill in and landscape a little used dead end roadway adjacent to his property. Upon a motion made and duly seconded, it was VOTED to approve the request subject to restoration ofthe natural vegetation of the roadway; the abutter not extending his landscaping into the roadway; and, the creation of adequate turnaround access, fencing and a walking trail along the abandoned roadway which shall be at least four feet wide. 4. Sandpiper Close Cluster Open Space - Dedication Request: The Director informed the Commission that the Selectman's office and Attorney Emily Avery as representative for Sandpiper Close Realty Trust have requested the posting of a dedication marker at the property acknowledging their gift to the Land Bank. Upon a motion made and duly seconded, it was VOTED to approve the request subject to their providing an appropriate marker to be placed at the property which shall be approved by the Land Bank. F. EXECUTIVE SESSION: Upon a motion made and duly seconded, it was VOTED to go into Executive Session. Each member was polled individually. All members voted yes. The Chairman noted that the Commission would reconvene into regular session and that the purpose of going into executive session was to discuss matters related to approval of the minutes and land acquisition. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motio Attested to: de and duly seconded, it was VOTED to adjourn at 5:39 P.M. ~~U Allen B. Reinhard Accepted, Approved, and Released by the VOTE of the Commission this 8th day of February ~~4a/d ~ enneth W. Holdgc(t , Jr Ch . m n .. . ,'... ....... ........ . . . . . . . . . . . . . .... ............. ........ ............. . . . . . . . . . . . ........ . ... .......... . . .. .. .... . . . . . . . ......................... . ........................ . . ..... ...... ............. . . . . . . . . . . . . . . . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of December 31, 2004 .......................... . .......,................. .. ..,................,... . . . . . , .............. -:.;.....;.;.: -:';.:-;.:- ~ ...............,........ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... . STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 01-79-8734 Nantucket Bank / Collection Account 01-79-17653 MMDT / Cash Account 44229979 Supplementary Cash Reserves #1 Nantucket Bank CD41-1393 due 1/16/05 TOTAL UNRESTRICTED FUNDS: 1.56 1.56 2.06 $800,103.71 $12,207,033.41 $730,953.93 $506,645.90 $14,244,736.95 1.75 .................... . . . . . . . . . . . . . . . . . . . . . . . .................... . ..................... . ..... ..... . . . . . . . . . . . . ........... . ......... . ......... . . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Debt Service Fund 98E / US Bank Working Capital/Nantucket Bank CD45-2733 due 6/14/05 Miacomet Park / Nantucket Bank CD50-0151 due 1/21/05 Miacomet Park 2000 / Nantucket Bank Marble Reserve / MMDT Account 44250553 Gardner Reserve / MMDT Account 44200442 Smooth Hummocks Management Escrow 790027038 Deutsch Williams Escrow / Citizens Bank Tenant Security Deposits / Nantucket Bank TOTAL RESTRICTED FUNDS: 1.27 2.00 1.75 1.56 2.06 2.06 1.14 $265,012.28 $1,095,000.00 $1,732,417.32 $223,979.10 $303,689.25 $142,796.70 $21,900.88 $7,666.65 $3,350.00 $3,795,812.18 .,............ . ............... . .............. . ...,.....".. . .............. . ............. . .............. . . . . . . . . . , . . . . . . . . , . ......., , ......... . BONDS: 1998 Series E Issue (Final principal payment 7/1/19) Principal Outstanding $10,635,000 (A) .'........................,'.............. . Payment Due 1/1/2005 (C) $258,998.75 Payment Due 7/1/2005 (D) $823,998.75 ....................... . . . . . . . . . . . . . . . . . . . . . , . . . ........................ ... ........... . . . . . . . . . . . . . . . . . . . . . NOTES / LOAN: Marble Note #19 Principal Outstanding Payment Schedules Annual Payments $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40 Gardner Shr 18 Note #22 (Trust terminates 6/15/05) Gardner Shr 19 Note #23 (Trust terminates 6/5/06) Golf Course Loan $625,000 Interest of $10,156.25 due 21st of March, June, Sept, Dec: $40,625.00 $425,000 Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 $5,438,032 Principal and Interest of $36,030.05 due Monthly: $432,360.60 $8,188,032 (B) Total Annual Notes / Loan Payments (E): $603,685.00 TOTAL NOTES/LOAN DEBT: '..................,.... ........... . . . . . . . . . . . . . , . . . ............... . ............... . .................. . .................. . ...........".. . . . . , . . . . . . . . . . . . .............. . TOTAL DEBT (A) & (B): $18,823,032 . . . . , . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . ..................... . ........ . ........ . ........ . Total Annual Debt Payments (C) (D) & (E): $1,686,682.50 :.":.:-:;:;:. :.:.:.:.:;:.: ......... . . . . . . . . . . . . ........... . ........... . .......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STATEMNTFY05 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of January 25, 2005 1. Transfer Update: a. Review Response to Commission's Inquiry: No. 25216 Karl Gross and Nicole Gross b. Satisfactorily Completed Form B and/or Documentation Provided: No. 25047 William V. Mosey No. 25207 Christopher H. Brien and Deborah M. Brien No. 25231 Vessel in T. Nakov and Ivelina Nakova No. 25232 Cliff Acquisitions LLC, Trustee, Nobadeer Meeting House Condominium Trust No. 25234 Graeden R. Ambrose and Lauren A. Ambrose 2. "M" Exemption Business: a. Release of Lien Adjustment Paid: No. 19351 Alexander M. Boyce MINUTES Nantucket Land Bank Commission Regular Meeting of January 25,2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:07 P.M. PRESENT: Bartlett, Holdgate, Reinhard, Stackpole. ABSENT: Miller. Minutes of the regular meeting held January 11,2005. Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of January 11,2005, as written. A. CITIZEN BUSINESS: The Director reported that a gift of stock in the amount of $268.17 was received from John Curlett and an acknowledgment letter was sent thanking Mr. Curlett for the gift. B. TRANSFER BUSINESS: 1. Transfer Update: a. Review Response to Commission's Inquiry - No. 25,216 Karl Gross and Nicole Gross: Based upon information provided by the purchaser's attorney regarding the relationship between the seller and the buyers, upon a motion made and duly seconded, it was VOTED to find the transfer to be in order. b. Satisfactorily Completed Form B and/or Documentation Provided: The Commission found the following transfers to be in order based upon receipt of satisfactorily completed Land Bank Form Bs and/or additional documentation. No. 25047 William V. Mosey No. 25207 Christopher H. Brien and Deborah M. Brien No.25231 Vesselin T. Nakov and Ivelina Nakova No. 25232 Cliff Acquisitions LLC, Trustee, Nobadeer Meeting House Condominium Trust No.25234 Graeden R. Ambrose and Lauren A. Ambrose 2. "M" Exemption Business a. Release of Lien Adjustment Paid- No. 19351 Alexander M. Boyce: The Commission executed a Release of Lien to be provided to the purchasers based upon receipt of the outstanding fee, penalty and accrued interest. C. FINANCIAL BUSINESS: 1. Monthly Financial Report: The December financial report was accepted by the Commission. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the January 25,2005, warrant document in the amount of $37,919.32 to be provided to the county treasurer.