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HomeMy WebLinkAbout2005-11-29 Tc.. AGENDA Nantucket Land Bank Commission Special Meeting of November 29,2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting held November 8, 2005 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Update C. TRANSFER BUSINESS D. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization E. REGULAR BUSINESS 1. Public Notice Review F. PROPERTY MANAGEMENT 1. Property Managers Update 2. Walker Property Update 3. Hussey Farm Association 4. Nobadeer Farm Road Property G. PERSONNEL MANAGEMENT 1. Property Manager Position Restructuring EXECUTIVE SESSION ADJOURNMENT 4 Land Bank Commission November 29, 2005 Page 2 b. Capital Fund - End of Year Transfer: Charlie Passios provided a summary of financial activity to date. Mr. Passios also stated that he would be reviewing an estimate of year end operating expenses, insurance and payroll obligations, and if funds are available an additional transfer will be made in to the Capital Fund at year end. c. Operations Update: Mr. Passios provided an update on matters related to course operations, restaurant activity, golf car storage, fencing and winter memberships. d. Golf Course Renovation - Long Range Planning: The Commission continued its November 29th discussion of the renovation of the original nine holes. Upon a motion made and duly seconded, it was VOTED to authorize contracting for services with the Howard Maurer Design Group to prepare the initial schematic design and the irrigations design at a cost of$15,000 and $11,000 respectively. C. TRANSFER BUSINESS: 1. "M" Exemption Business: a. Five Year Ownership Compliance and Releases of Liens: The Commission authorized the issuance of Releases of Liens for the following properties as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): No.20123 Clifford J. Johnson, Fabrizia Macchiavelli, Valerie E. Schore, Arthur H. Schore No. 20253 Donald M. Bravo and Lynda 1. Jacquin No.20257 Anna V. Gulick and Peter T. Gulick D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements for the period ending October 31, 2005. 2. Warrant Authorizations - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the November 29,2005, warrant document and attached vouchers in the total amount of$105,056.91 to be provided to the county treasurer for payment. E. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. F. PROPERTY MANAGEMENT: 1. Property Manager's Update: Mr. Perry reported that 7 controlled bums of 182 acres had been conducted on Land Bank property during the past spring and fall bum seasons; that he will be .. Land Bank Commission November 29, 2005 Page 4 ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 7:30 P.M. Accepted, Approved, and Released by the VOTE of the Commission this 13h day of December 2005. .. NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of October 31, 2005 ..................... . ................. . . . . . . . . . . . . STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 01-79-8734 Nantucket Bank / Collection Account 01-79-17653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 2.32 2.32 3.85 $579,234.51 $5,412,577.28 $11,554,658.06 $17,546,469.85 STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: APY Debt Service Fund 98E / US Bank Working Capital/Nantucket Bank CD45-2733 due 6/14/06 Miacomet Park / Nantucket Bank CD43-2790 due 1/25/06 Miacomet Park 2000 / Nantucket Bank 79-24361 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: 3.27 3.30 3.07 2.39 3.85 3.85 2.09 $7,171.38 $1,130,965.34 $2,434,384.93 $227,741 .14 $311,365.83 $146,406.27 $25,554.28 $402,500.00 $1,500.00 $4,687,589.17 BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $10,070,000 (A) Payment Due 1/1/2006 (C) $246,851.25 Payment Due 7/1/2006 (D) $771,851.25 Principal NOTES / LOAN: Outstanding Payment Schedules Annual Payments Marble Note #19 $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40 Gardner Shr 19 Note #23 $425,000 Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 (Trust terminates 6/5/06) Ottison Note #27 $4,500,000 Interest for One Year due Sept 26,2006: $112,500.00 (Note payable iJ/LtilUO) Golf Course Loan $5,180,734 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOTAL NOTES/LOAN DEBT: $11,805,734 (B) Total Annual Notes / Loan Payments (E): $675,560.00 TOTAL DEBT (A) & (B): $21,875,734 Total Annual Debt Payments (C) (D) & (E): $1,694,262.50 STATEMNTFY06 Land Bank Commission November 29,2005 Page 3 meeting with SHAC representatives next Tuesday as part of an on-going annual review; and, that 134 acres had been managed this past year as part of Land Bank's 96 acres management requirement for mitigation under the golf permit from the state. 2. Walker Property Update: The Director reported that he will be meeting next Thursday with consultants for the Land Bank as part of the design and permitting process to discuss the draft plan for the restoration and upgrading of the Walker property including bulkhead construction, dock construction and dredging. 3. Hussey Farm Association: After a brief discussion, the Commission authorized payment to the Hussey Farm Association in the amount of $200 for the 2006 annual dues. 4. Nobadeer Farm Road Property Update: The Director reported that the Park & Recreation Commission has asked the Land Bank to consider funding costs for the design phase of a proposal to construct ball fields at the Land Bank's Nobadeer Farm Road property. The Commission authorized payment of the design costs subject to the project being approved by the state and the resolution of certain technical issues. G. PERSONNEL MANAGEMENT: 1. Property Manager's Position Restructuring: Mr. Savetsky informed the Commission that the restructuring for the newly established property management positions for Property Supervisor, Jeffrey Pollock and Resource Planner/Ecologist, Bruce Perry has been fully implemented and that the department has met to discuss long range planning for management and public projects. H. 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 land acquisition. RETURN TO OPEN SESSION 1. FINANCIAL BUSINESS: 1. Note Issuance - Authorizing Votes: Upon a motion made and duly seconded, it was VOTED to ratify and confirm today's Executive Session VOTE to authorize the Issuance, sale and delivery of Land Acquisition Notes for the Goodwillie Property purchase in the amounts of $3,000,00.00 and $2,000,000.00 and to authorize the Chairman to execute any and all documents necessary to complete the transaction. J. PROPERTY MANAGEMENT: 1. Miacomet Golf Management Discussion: The Commissioners discussed extending the golf professional Michael Merrill's health benefits should he not return to Miacomet based upon his 10 years of service. MINUTES Nantucket Land Bank Commission Special Meeting of November 29, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:07 P.M. PRESENT: Bartlett, Holdgate, Miller, Reinhard. ABSENT: Stackpole. Minutes of the regular meeting held November 8, 2005. Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of November 8, 2005, as written. A. CITIZEN BUSINESS: 1. Miacomet Golf Citizens' Concerns: Mike O'Neil, Robert Sarkisian, Gretchen Callahan, Pat Joyner, Bill Joyner and Dennis Egan were in attendance to discuss their concerns regarding a recent article in the newspaper about Miacomet golf professional Michael Merrill's employment position. The Chairman acknowledged receipt of correspondence from Michael and Diane O'Neil, William F. Devin, John J. Cohane, Dr. Bruce and Davi-Ellen Chabner, Charles E. and Maria Davis, Jr., Richard R. Kreitler, and Elizabeth and David Thompson and asked that the reading of the letters be waived. All consented. Mr. Passios began discussions by summarizing events which occurred as a result of recent communications with Mr. Merrill regarding plans for a re-structuring of golf operations which would include the separation of the duties for pro shop management and the duties of the Director of Instruction (teaching professional) under a contract service agreement. Mr. Egan, Mr. O'Neil, Mr. Joiner, Ms. Callahan and Mr. Sarkisian expressed their concerns regarding what appeared to be the termination of Mr. Merrill's employment at the golf course, questioned aspects of the Land Bank's recent contract extension with Moors Inc. and praised Mr. Merrill's performance at the golf course. Commissioner Miller stated that the Commission's decision to extend the contract with Moors Inc. was based upon Mr. Passios' successful management of the golf course. Mr. Passios reported that communication with Mr. Merrill is on-going regarding his continued employment at the golf course and that he felt it was not appropriate to answer specific questions regarding personnel matters in a public forum. After further discussion, questions and answers, there being no further comment or questions, the Chairman moved on to property management matters. Mike 0 'Neil, Robert Sarkisian, Gretchen Callahan, Pat Joyner, Bill Joyner and Dennis Egan departed the meeting at this time. B. PROPERTY MANAGEMENT: I. Miacomet Golf Update: a. Financial Report: Charlie Passios presented the October 2005 Golf financial statements including the income statement and balance sheet. Upon a motion made and duly seconded, it was VOTED to accept the statements as presented.