HomeMy WebLinkAbout2005-10-11
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of October II, 2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes afthe regular meeting held September 27,2005
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
I. Miacomet Golf Update
C. TRANSFER HEARING DECISION - No. 25840, Atsiknoudas
D. FINANCIAL BUSINESS
I. Monthly Financial Report
2. Warrant Authorization
E. REGULAR BUSINESS
I. Public Notice Review
F. PROPERTY MANAGEMENT
I. Nantucket Conservation Foundation - Advertising
2. Burchell Property - Parking Lot & Trail Planning
G. EXECUTIVE SESSION
ADJOURNMENT
Land Bank Commission
October 11, 2005
Page 2
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly
seconded, it was VOTED to execute the October 11,2005, warrant document in the amount of
$80,206.03 to be provided to the county treasurer.
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. Nantucket Conservation Foundation - Advertising: After a review of an advertisement
prepared by the Nantucket Conservation Foundation seeking public cooperation with conservation
and land management efforts, upon a motion made and duly seconded, it was VOTED to pay for
one-half of the cost to run the ad in the Nantucket student newspaper, Veritas.
2. Burchell Property - Parking Lot and Trail Planning: Mr. Perry presented an aerial plan
depicting existing trails and parking and indicating proposed expansion of the trail system and parking
area at the Burchell property. Mr. Perry also presented ideas for fencing and cedar plantings.
3. Miacomet Golf - Management Agreement/Contract Proposal: The Commission continued
its discussion of the terms and conditions of the proposed management agreement. Upon a motion
made and duly seconded, it was VOTED to extend the existing management contract, pursuant to
Article 3 of the contract, with an annual compensation of$100,000 for two years and the option to
extend for one additional year at the Commission's discretion.
G. 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
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:30 P.M.
Attested to: Jl Il!V
John J. Sta oIl," ecretary
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Accepted, Approved, and Released by the VOTE of
the Commission this 25th day of October 2005.
/e:
Kenneth W.
Decision and Determination
Record No. 25840, Atsiknoudas
6. Angelo Atsiknoudas was present at the hearing. No other party attended the hearing on behalf
of the Purchaser.
7. Land Bank Office Administrator, Craig Hunter, provided the Commission's record in this matter.
8. The following exhibits were made a part of the Commission's official record without
objection by the Purchaser and are incorporated herein by reference:
Exhibit A, Transfer Documents Record No. 25840, including Form A and deed from Angelo
Atsiknoudas and Peter Atsiknoudas to Angelo Atsiknoudas recorded at the Nantucket Registry on
June 15,2005, as Book 961, Page 214;
Exhibit B, Notice of Assessment from the Nantucket Islands Land Bank Commission dated July
15,2005, to Angelo Atsiknoudas and cover letter to Angelo Atsiknoudas from Kenneth W.
Holdgate, Jr., Chairman, Nantucket Land Bank Commission;
Exhibit C, Facsimile correspondence dated August 11,2005, from Michael B. Brodigan to
Kenneth W. Holdgate, Jr., Chairman, Nantucket Land Bank Commission, requesting a hearing
on Nantucket Islands Land Bank Notice of Assessment to Angelo Atsiknoudas;
Exhibit D, Correspondence from the Nantucket Land Bank Commission dated August 26, 2005,
sent by certified mail return receipt notifying Michael B. Brodigan (Cc: Angelo Atsiknoudas) of
the scheduled hearing date;
Exhibit E, Facsimile correspondence from Angelo Atsiknoudas dated September 12,2005, to the
Nantucket Land Bank Commission asking the Commission to postpone the hearing on Nantucket
Islands Land Bank Notice of Assessment to Angelo Atsiknoudas until September 27,2005;
Exhibit F, Correspondence from the Nantucket Land Bank Commission dated September 15,
2005, by regular mail and facsimile notifying Angelo Atsiknoudas (Cc: Michael B. Brodigan) of
the re-scheduled hearing date;
Exhibit G, Foreclosure deed from Wells Fargo Bank Minnesota, N.A. to Walley, LLC recorded
at the Nantucket Registry of Deeds on July 30, 2002, as Book 767, Page 284;
Exhibit H, Transfer Documents Record No. 22935 including Form A, Form B and deed from
Walley, LLC to Peter Atsiknoudas and Peter Atsiknoudas recorded at the Nantucket Registry of
Deeds on March 31, 2003, as Book 812, Page 190;
Exhibit L Mortgage from Peter Atsiknoudas and Angelo Atsiknoudas to Boston Federal Savings
Bank recorded at the Nantucket Registry of Deeds on March 31, 2003, as Book 812, Page 191;
Page 2 of4
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Decision and Determination
Record No. 25840, Atsiknoudas
DETERMINATION
ACCORDINGLY, the Commission finds that pursuant to the definition of "Purchase Price" in
Section of the Act, the Land Bank fee is applicable to the principal amount of the outstanding
balance of the mortgage to which the real property interest remained subject after the transfer.
Therefore, the Notice of Assessment dated July 15,2005, remains in effect.
In recognition of the Purchaser's efforts to cooperate, the Commission extends a period of 30
days from the date hereof within which the Purchaser may pay the Land Bank fee without
incurring interest and penalty.
Purchaser has the rights set forth in the attached copy of the Act, for further proceedings in
connection with this Decision and Determination.
WITNESS our hands and seals this 11 th day of October, 2005.
NANTUCKET ISLANDS LAND BANK
By Its Commission:
L
Philip D. Bartlett
Page 4 of 4
MINUTES
Nantucket Land Bank Commission
Regular Meeting of October 11, 2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:02 P.M.
PRESENT: Holdgate, Miller, Reinhard, Stackpole. ABSENT: Bartlett.
Minutes of the regular meeting held September 27, 2005: Upon a motion made and duly seconded, it
was VOTED to accept, approve, and release the minutes of September 27, 2005, as written.
A. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Golf Activity Report: Mr. Passios provided an update on golf including matters
related to course condition, golf activity, and staffing.
b. Management Agreement/Contract Proposal: Charlie Passios, President, Moors Inc,
presented a written summary detailing job responsibilities for key staffing positions at the golf
course and described management's liability, oversight and coordination responsibilities.
Commissioners Stackpole, Miller and Reinhard reported that they have received positive feedback
regarding current management at the course. The Director reported on recent discussions with Mr.
Passios regarding previous, current and future management needs and costs, and summarized
telephone conversations with several staff members.
c. Long Range Planning: Director Savetsky provided an update on the development
of a plan for the upgrade of the existing nine holes.
Mr. Passios left the meeting.
C. TRANSFER HEARING DECISION - No. 25840 Atsiknoudas: Pursuant to the requirements of
Massachusetts General Court Acts of 1983, Chapter 669 (the "Act"), as amended, Section 14 (a)
after a discussion of the matter, a review of the proposed decision and determination, and after a
hearing held September 27,2005, at 4:00 P.M. at the Land Bank Meeting Room, 22 Broad Street,
Nantucket, at which the purchaser was represented by himself, the Commission entered a decision
and determination. Upon a motion made and duly seconded, it was VOTED to accept the Decision
and Determination as presented. A copy of the signed Decision and Determination shall be attached
to the minutes of this meeting and incorporated therein by reference. The vote was unanimous.
D. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted financial statements for the
period ending August 31, 2005.
NANTUCKET LAND BANK COMMISSION
22 Broad Street
Nantucket, Massachusetts, 02554
DECISION AND DETERMINATION
In the matter of
Transfer Record No. 25840, Angelo Atsiknoudas (the "Purchaser"),
Pursuant to Notice of Assessment dated July 15,2005.
Premises at 7 East York Street, Nantucket, Massachusetts (Tax Map 5514, Parcel 26).
FACTS
1. Pursuant to the requirements ofthe 1983 Acts and Resolves of the Massachusetts General Court,
Chapter 669, as amended (the" Act"), Section 14( a), the Nantucket Islands Land Bank Commission
(the "Land Bank") hereby enters this decision and determination, after a hearing held 4:00 P.M.,
Tuesday, September 27,2005, at the Land Bank Meeting Room, 22 Broad Street, Nantucket. This
decision and determination is based upon the Commission's record in this matter.
2. Record No. 25840 involved the transfer by Quitclaim Deed from Angelo Atsiknoudas and
Peter Atsiknoudas to Angelo Atsiknoudas for a stated purchase price of $1.00 on June 15,2005
(the Time of Transfer).
3. At the Time of Transfer the Purchaser claimed exemption from the Nantucket Land Bank fee
(the Fee) under Section 12(c) of the Act on the basis that the transfer was a "Transfer made as a
gift without consideration."
4. At the time of transfer the Premises was subject to a mortgage.
5. The Land Bank assessed a fee, interest and penalties on account of the transfer pursuant to
Section 10 of the Act which states in pertinent part:
"There is hereby imposed a fee equal to two per cent of the purchase price upon the
transfer of any real property interest in any real property situated in Nantucket county."
and pursuant to Section I of the Act which defines Purchase Price in pertinent part:
"the outstanding balance of all obligations of the seller which are assumed by the
purchaser or to which the real property interest transferred remains subject after the
transfer, determined at the time of transfer, but excluding real estate taxes and other
municipal liens or assessments which are not overdue at the time of transfer; the fair
market value, at the time of transfer".
Decision and Determination
Record No. 25840, Atsiknoudas
Exhibit J, Mortgage from Peter Atsiknoudas and Angelo Atsiknoudas to Mortgage Network, Inc.
recorded at the Nantucket Registry of Deeds on November 26,2003, as Book 862, Page 271;
Exhibit K, Discharge of Mortgage from Boston Federal Savings Bank to Peter Atsiknoudas and
Angelo Atsiknoudas recorded at the Nantucket Registry of Deeds on October 4, 2004, as Book 916;
Page 326;
Exhibit L, Definition of "Purchase Price" pursuant to Section 1 of the Land Bank Act;
Exhibit M, Section 1.03 (3) ofthe Rules and Regulations ofthe Nantucket Land Bank Commission
pertaining to the Land Bank Fee where property is transferred subject to a mortgage.
9. Pursuant to Section 12 of the Act, the burden of proof that an exemption is applicable is on the
Purchaser.
10. The Purchaser requested this hearing in order to meet the burden of proof that the transfer
was exempt from the Fee pursuant to Section 12(c) of the Act.
11. The Purchaser has failed to discharge the Land Bank fee assessed in the Notice of
Assessment dated July 15,2005, in the amount of amount of$3,800.00 plus penalty and interest
running from the date of transfer.
12. The Purchaser argued that the transaction is exempt from the Land Bank fee because both he
and his brother, Peter Atsiknoudas (the "Seller"), were jointly and severally liable for the
mortgage prior to and subsequent to the transfer and, therefore, no additional obligation was
assumed by the Purchaser as a result of the conveyance. Further, the Purchaser argued that he
and his brother, the Seller, do not consider the transfer a sale for consideration; that he was not
aware that a Land Bank fee was due at the time of transfer nor was he advised of such by counsel
or Land Bank staff.
FINDINGS
1. Based on the facts, documentation and information provided at the hearing, the
Commission finds that the Premises was conveyed subject to a mortgage having an
outstanding principal balance of $380,000.00 as of July 15, 2005.
2. The Commission finds that the Purchaser has failed to meet the burden of proof that
Transfer Record No. 25840 is exempt pursuant to Section 12 (c) of the Act.
3. The Commission finds that the Purchaser has assumed fifty percent (50%) of the outstanding
mortgage at the time of transfer and, as such, pursuant to Section 1 ofthe Act, and Section 1.03
(3) of the Rules and Regulations of the Nantucket Land Bank Commission that amount
represents the purchase price against which the two percent (2%) fee shall be assessed.
Page 3 of4
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of August 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
2.31
2.31
3.47
$399,610.59
$12,666,055.07
$6,011,253.12
$19,076,918.78
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:
2.92
3.30
3.07
2.32
3.47
3.47
1.95
$7,138.12
$1,124,947.34
$2,422,279.81
$226,870.13
$309,458.71
$145,509.53
$25,469.93
$15,500.00
$1,500.00
$4,278,673.57
Principal Payment Due Payment Due
BONDS: Outstanding 1/1/2006 7/1/2006
1998 Series E Issue $10,070,000 (A) (C) $246,851.25 (D) $771,851.25
(Final principal payment 7/1/2019)
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 6/5106)
Golf Course Loan $5,213,753 Principal and Interest of $36,030.05 due Monthly: $432,360.60
TOTAL NOTES/LOAN DEBT: $7,338,753 (B) Total Annual Notes / Loan Payments (E): $563,060.00
TOTAL DEBT (A) & (B): $17,408,753
Total Annual Debt Payments (C) (D) & (E): $1,581,762.50
STATEMNTFY06