HomeMy WebLinkAbout2005-10-25
AGENDA
Nantucket Land Bank Commission
Regular Meeting of October 25, 2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting held October 11, 2005
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Update
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Monthly Financial Report
3. Golf Development Costs Report
4. Warrant Authorization
E. REGULAR BUSINESS
1. Public Notice Review
F. PROPERTY MANAGEMENT
1. Property Managers Update
G. EXECUTIVE SESSION
ADJOURNMENT
. Land Bank Commission
October 25, 2005
Page 2
g. Management Contract Extension: The Commission continued its discussion of a
proposal from Moors Inc. to extend the existing management agreement. Charlie Passios responded
to terms and considerations previously suggested by the Commission. After a discussion, in
recognition of Moor's Inc.' s proven "track record", pursuant to Article 3.2 of the existing contract
for management services, upon a motion made and duly seconded, it was VOTED to extend the
agreement with Moors Inc. subject to the management contract being in a form satisfactory to the
parties for a period of three years, $100,000 per annum, and including an honorary lifetime
membership for Mr. Passios upon successful completion of said contract extension.
C. TRANSFER BUSINESS:
1. Transfer Record Nos. 26086 through 26216: The Commission reviewed transfers for the
period of September 1,2005, through September 30,2005.
a. Current "M" Exemptions and Liens: The Commission authorized placing liens against
the following properties as a result of the purchasers claiming the "M" exemption as first time buyers of
real property:
No. 26108 Giles Gregory
No. 26111 Heather J. Stevens
b. Supplemental Discussion - No. 26181 Bank of America: Staff was asked to continue
working with Land Bank counsel, Valerie Swett, seeking additional information and documentation
from Bank of America, NA, in an effort to verify its claim to exemption from the Land Bank fee.
2. Transfer Update:
a. Satisfactorily Completed Form B or Documentation Provided: Based upon the
information and/or documentation provided by the purchasers or the purchasers' representative, the
Commission found the following transfers to be in order:
No.26079 Ian R.C. Witherby and Frederick R.H. Witherby, Jr.
No.26022 Nefeli M. Keebaugh and Rick Keebaugh
No. 26034 Toby Abend, Trustee, Wauwinet Trees Realty Trust
b. Supplemental Discussion:
No. 25653 Manuel A. Martin and Bethany L. Thibault: Ms. Hunter presented the details of the
transfer and reported that Paul Jensen, attorney for the purchasers, has provided a detailed
breakdown of the debt assumed by Ms. Martin and Mr. Thibault at the time of purchase. Based upon
the information and documentation provided by Mr. Jensen, upon a motion made and duly seconded,
it was VOTED to accept Bethany Thibault's claim to the "M" exemption on the transaction as a first
time homebuyer, to accept payment of the outstanding fee in the amount of$351.58 as payment in
full, and to find the transfer to be in order.
. Land Bank Commission
October 25, 2005
Page 4
4. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the October 25,2005, warrant document in the amount of$134,5l7.50 to be
provided to the county treasurer.
F. REGULAR BUSINESS:
1. Public Notice Review: The Director reviewed public notices received since the last review.
No action was taken.
2. Master Plan Public Hearing: The Director informed the Commission that he had attended a
public hearing for the open space component of the master plan and read aloud portions of a letter from
Cormac Collier, Director of the Nantucket Land Council, to the Planning Board in which Mr. Collier
provided his views on the matter.
G. PROPERTY MANGEMENT:
1. Property Managers Update: Property Manager Bruce Perry provided an update on
property management activities including recent prescribed burns at Smooth Hummocks and plans
for the upcoming three week "burn season". Staffwas asked to seek additional cost estimates for
installing a brick entrance apron at its Glowacki property and to cutback vegetation along the
bikepath at Land Bank's Birge property which is located at the intersection ofMadaket Road and Eel
Point Road.
2. Equipment Needs: The Commission discussed the merits of purchasing either a tree spade
for the back of the tractor or a bobcat/skidsteer with a tree spade attachment. It was decided to seek
cost proposals for the purchase of a skidsteer.
3. Sharp Property Road Takings: After a discussion, upon a motion made and duly seconded,
it was VOTED to ratify and confirm (by vote) the Commission's October 28,2003, decision to
participate in a cooperative effort with the Town of Nantucket by paying for surveying costs
associated with the taking of all roads which could provide greater access to Hither Creek in
Madaket as proposed by the Town and the Right of Way Committee including Tennessee Avenue
from F Street to North Cambridge Street, Oakland Street from Tennessee Avenue to Madaket Road,
H Street from Hither Creek to Madaket Road, and K Street from Hither Creek to Madaket Road and
to ask the Town to consider taking portions ofF Street to Hither Creek and G Street from Tennessee
Avenue to the Madaket Road.
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 REGULAR SESSION
MONTHLY TRANSFER STATISTICS CALENDAR 2004
Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
Jan-04 120 64 56 $79,888,337 $77,247,707 $1,544,954
Feb-04 82 47 35 $38,149,238 $37,749,238 $752,985
Mar-04 84 49 35 $33,101,234 $30,163,300 $609,766
Apr-04 115 59 56 $72,545,634 $68,241 ,190 $1,366,824
May-04 117 64 53 $79,316,822 $77,716,822 $1,560,086
Jun-04 134 60 74 $100,564,874 $96,964,874 $1,943,297
Jul-04 100 55 45 $73,444,580 $56,285,180 $1,125,704
Aug-04 83 41 42 $59,176,066 $58,161,216 $1 ,171 ,774
Sep-04 135 46 89 $154,396,620 $153,331,770 $3,066,635
Oct-04 161 61 100 $188,678,425 $163,378,425 $3,633,009
Nov-04 90 28 62 $90,528,833 $89,928,833 $1,808,922
Dec-04 176 112 64 $96,050,582 $94,817,249 $1,900,345
......................................
:.::THRUSEPQ4'"
..............,... .
............... .
Average
Low
High
.......... .
...............7......
...... .
:: 9::0
... .......
116
82
'176
............. .
/.:....48$
............. .
...... ....
57
28
112
......./A8$.
............. .
.............. .
59
35
100
.... ... ..$$$q,~~,4Q$..$~q$~$$1t?~$ ..$1 ~,14g,q?~....
$88,820,104 $83,665,484 $1,707,025
$33,101,234 $30,163,300 $609,766
$188,678,425 $163,378,425 $3,633,009
MONTHLY TRANSFER STATISTICS CALENDAR 2005
Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
Jan-05 130 57 73 $136,754,392 $135,351,725 $2,744,481
Feb-05 85 48 37 $43,249,759 $42,599,759 $853,995
Mar-05 93 53 40 $68,345,932 $67,135,932 $1,356,739
Apr-05 89 50 39 $51,084,963 $49,884,963 $1,007,699
May-05 96 50 46 $83,808,142 $76,101,803 $1,524,036
Jun-05 124 58 66 $148,172,988 $144,472,988 $2,889,460
Jul-05 83 36 47 $84,966,423 $84,366,423 $1,691,900
Aug-05 92 45 47 $79,297,377 $78,447,377 $1,574,140
Sep-05 131 48 83 $170,977,147 $155,677,147 $3,113,343
Oct-05
Nov-05
Dec-05
fHR;j$S.Pq~
Average
Low
High
.. ..........
........... .
..............9.2...3
~~~~~~~<~~~~~.. :. :::
............ .
....... ....
103
83
131
... .......... .............
>.../..44$.. ................:47$
49 53
36 37
58 83
......... .... ...$~~$;~$.?,~?~..'
$96,295,236
$43,249,759
$170,977,147
..................... .
........$..................................
.... .... .....
.... ... ..
.... . ... ....
.... ... ...
.... . ... ....
.... . . . .. .
........ 834,.038,,1.17
..................... .
................... .
$92,670,902
$42,599,759
$155,677,147
.'.'.'.'$....1...0......7...5...5....7...9....3.....
........ ....." ......." ",'
.... .. . ..
:):~:~.)<:;.y. ~:;::.~.~: ;:~.>::::;:
$1,861,755
$853,995
$3,113,343
MONTHL Y
UNAUDITED
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of October 25,2005
1. September Transfers - Record Nos. 26086 through 26216
a. Current "M" Exemptions:
No.26108 Giles Gregory
No. 26111 Heather J. Stevens
b. Supplemental Discussion:
No. 26181 Bank of America, NA
2. Transfer Update:
a. Satisfactorily Completed Form B or Documentation Provided:
No. 26079 Ian R.C. Witherby and Frederick R.H. Witherby, Jr.
No. 26022 Nefeli M. Keebaugh and Rick Keebaugh
No.26034 Toby Abend, Trustee, Wauwinet Trees Realty Trust
b. Supplemental Discussion:
No. 25653 Manuel A. Martin and Bethany L. Thibault
No. 25951 Kenneth S. Lindsay and Karyn S. Lindsay
No. 24321 Kenneth S. Riseborough
3. "M" Exemption Update:
a. Release of Lien - Adjustment Paid:
No.20859 Valerie A. Monahan
b. Five Year Ownership Compliance - Release of Lien:
No. 20130 David C. Henry
MINUTES
Nantucket Land Bank Commission
Regular Meeting of October 25, 2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Holdgate, Miller, Reinhard, Stackpole. ABSENT: Bartlett.
Minutes of the regular meeting held October 11,2005: Upon a motion made and duly seconded, it
was VOTED to accept, approve and release the minutes of October 11,2005, as amended.
A. CITIZEN BUSINESS! ANNOUNCEMENTS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios presented the September 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.
b. Cash Advances: Pursuant to the Commission's vote of September 13, 2005,
Mr. Passios presented payment in full for operational cash advances and golf loan interest expenses
totaling $695,337.14.
c. Request for Membership Leave of Absence: Mr. Passios reported that Paul Heintz
has requested a membership leave of absence due to serious physical injuries which will prevent
him from playing golf. Upon a motion made, and duly seconded, it was VOTED to allow Mr.
Heintz to take a one year medical leave of absence subject to his paying the finall!3 due for his
current annual membership.
d. Facilities Use Request: The Commission was informed of a request from John
Brewer to hold a fundraising dinner at the golf club next summer for the benefit of the Artists
Association. Based upon the magnitude of the proposed event (350 people, 2 tents, dinner, port-a-
potties) upon a motion made and duly seconded, it was VOTED to deny the request.
e. Operations Update: Mr. Passios provided an update on matters relating to
Miacomet Golf course operations and reported that he has met with John Newman, Sandcastle
Construction, asking Mr. Newman to assemble ideas and to draw up basic schematics for suggested
clubhouse renovations for the Commission's review.
f. Heating Needs Request: The Commission discussed Alan Costa's
recommendation to install two propane gas heaters in the golf business offices. Upon a motion
made and duly seconded, it was VOTED to approve the request to contract for services to purchase
and install the recommended heaters.
Commissioner Stackpole abstained.
Land Bank Commission
October 25, 2005
Page 3
No. 25951 Kenneth S. Lindsay and Karyn S. Lindsay: Ms. Hunter summarized the transaction
which was submitted as a claim to the "C" exemption, gift without consideration, between parties
other than lineal or ancestral decedents. Ms. Hunter stated that David Kline, seller, has provided
written confirmation of the gift. Based upon the verification provided by Mr. Kline, upon a motion
made and duly seconded, it was VOTED to accept the purchasers' claim to the "C" exemption and to
find the transfer to be in order.
No. 24321 Kenneth S. Riseborough: Ms. Hunter explained the May 2004 transaction which was
submitted as a claim to the "F" exemption as a "transfer made in partition of land" between two
brothers. Ms. Hunter summarized August 10th correspondence from Kenneth S. Riseborough
explaining the circumstances of the transaction which he believes constituted a "voluntary partition
of property in proportionally equal value to the value of the property previously held" by him.
Based upon the information provided by Mr. Riseborough, upon a motion made and duly seconded,
it was VOTED to accept the purchaser's claim to the "F" exemption, to rescind the Commission's
June 14,2004, Notice of Assessment and to find the transfer to be in order.
2. "M" Exemption Update:
a. Release of Lien - Adjustment Paid: The Commission executed a Release of Lien
to be provided to the purchaser as a result of full payment of the exempted fee, plus accrued interest
and penalty.
No. 20859 Valerie A. Monahan
b. Five Year Ownership Compliance - Release of Lien: Upon a motion made and duly
seconded, it was VOTED to authorize the issuance of a Release of Lien as a result of the purchaser
fulfilling all of the requirements of Section 12, subsection (-m-).
No.20130 David C. Henry
D. PROPERTY MANAGEMENT:
1. Carter Property - Abutter Use Request: Attorney Richard Glidden was in attendance
asking the Commission to consider allowing Carl Jelleme to relocate the Land Bank's garage at its
Carter property so that it abuts Mr. Jelleme's property next door and to lease that portion of the
property to Mr. Jelleme. The Director was asked to look into the matter and to report back to the
Commission.
E. FINANCIAL BUSINESS:
l. Monthly Transfer Statistics: The September 2005 statistics were presented to the Commission.
2. Monthly Financial Report: The Commission accepted financial statements for the period
ending September 30, 2005.
3. Golf Development Costs Report: Ms. Hunter provided a final golf development costs
report and a comparison of budgeted costs to actual.
Land Bank Commission
October 25, 2005
Page' 5
I. FINANCIAL BUSINESS:
1. Note Issuance - Authorizing Votes: Upon a motion made and duly seconded, it was
VOTED to authorize the Issuance, Sale and Delivery of Land Acquisition Notes in the amount of
$3,000,000.00 and $2,000,000.00 for the acquisition of property identified and voted in Executive
Session on this day and to authorize the Chairman to execute any and all documents necessary to
complete the transactions.
J. PERSONNEL:
1. Property Management Department: The Commission continued its discussion of July 12,
2005, regarding a restructuring of the responsibilities of the property management department. The
Commission reaffirmed its vote of that date to create the new position of Resource Planner/Ecologist
for Mr. Perry which would more accurately reflect his duties and responsibilities including the new
responsibility of golf course mitigation obligations and to promote Jeffrey Pollock to the position of
Property Supervisor responsible for managing property management staff, planning, design and
implementation of property projects, and property maintenance.
2. Employee Benefits: After a brief discussion, upon a motion made and duly seconded, it was
VOTED to pay for the cost of providing short term, long term and life insurance benefits for Land Bank
employees Edward Boynton and Kathryn Hunter with the Town of Nantucket's provider subject to those
plans being the same or comparable to those already in place for other Land Bank employees.
ADJOURNMENT:
and duly seconded, it was VOTED to adjourn at 6:29 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 8th day of November 2005.
~
NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of September 30, 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
2.25
2.25
3.53
$293,287.12
$7,924,078.76
$6,028,934.34
$14,246,300.22
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:
2.96
3.30
3.07
2.27
3.53
3.53
1.89
$7,154.18
$1,127,852.16
$2,428,130.62
$227,284.71
$310,368.94
$145,937.53
$25,509.42
$18,000.00
$1,500.00
$4,291,737.56
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 9/26/06)
Golf Course Loan $5,213,753 Principal and Interest of $36,030.05 due Monthly: $432,360.60
TOTAL NOTES/LOAN DEBT: $11,838,753 (B) Total Annual Notes / Loan Payments (E): $675,560.00
............ .
......... .
TOTAL DEBT (A) & (B): $21,908,753 Total Annual Debt Payments (C) (D) & (E): $1,694,262.50
STA TEMNTFY06