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Home My WebLink About2005-07-26 -r2>wN Ct€~r~ AGENDA Nantucket Land Bank Commission Regular Meeting of July 26, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting held July 12, 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 Manager's Update 2. Rand Property - Conservation Restriction Enforcement 3. Eel Point Road Association - Road Maintenance Request G. EXECUTIVE SESSION ADJOURNMENT d Ul :-:::-:::-;. G-j o -'J '.-.) -'~j Nantucket Land Bank July 26, 2005 Page 2 has been received and that the Release of Lien was issued to the purchaser. 2. "M" Exemption Update: a. Five Year Compliance Review - No. 19504 Geoffrey T. Silva: The Commission was informed of correspondence received from Geoffrey T. Silva providing the circumstances regarding his belief that he has fulfilled the domicile requirements ofthe "M" exemption for his purchase of property at 3 Essex Road. After a discussion, upon a motion made and duly seconded, it was VOTED to find Mr. Silva in compliance with the requirements of the exemption and to authorize the issuance of a Release of Lien. b. Five Year Ownership Compliance and Releases of Lien: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of Releases of Lien for the following as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): No. 19849 Jeremiah P. Splaine and Rebecca F. Splaine No. 19866 Robert G. West and Kelly A. Culkin No. 19867 Michael Y. Lacoursiere and Mary F. Lacoursiere c. Outstanding Fee Paid - No. 25734 James R. Houghton and Alix C. Houghton: Ms. Hunter reported that payment of the exempted Land Bank fee under a claim to the "M" exempted has been received and therefore the previously authorized Release of Lien was provided to the purchasers. E. FINANCIAL BUSINESS: 1. Monthly Financial Report: The June 2005 financial report was presented to the Commission. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the July 26, 2005, warrant document in the amount of$ 46,666.03 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. G. PROPERTY MANAGEMENT: 1. Property Manager's Update: The Property Manager provided an update on recent property management activities including Mr. Perry's recent appointment as an Incident Commander Type 4 for controlled burning. 2. Assistant Property Manager's Request: The Director presented a request from Jeffrey Pollock to participate in on-call wild fire fighting if asked for a period of up to two weeks without pay in order to gain experience with wild fire fighting and controlled burning. Upon a motion made and duly seconded, it was VOTED to authorize Mr. Pollock to assist in wild fire fighting as described without pay and to continue the payment of his benefits and accrual of PTO during any such leave of absence. ... TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of July 26, 2005 1. Transfer Update: a. Notice of Assessment Paid: No. 25502 Janet P. Murphy, Trustee ofFish Lane Realty Trust 2. "M" Exemption Update: a. Five Year Compliance Review: No. 19504 Geoffrey T. Silva b. Five Year Ownership Compliance and Releases of Lien: No. 19849 Jeremiah P. Splaine and Rebecca F. Splaine No. 19866 Robert G. West and Kelly A. Culkin No. 19867 Michael Y. Lacoursiere and Mary F. Lacoursiere c. Outstanding Fee Paid; Release of Lien Issued No. 25734 James R. Houghton and Alix C. Houghton C:\WP60IMINDOCS\TRANSFER BUSINESS 05 SHORT.doc \ t" . ~ .', . , . 4 MINUTES Nantucket Land Bank Commission Regular Meeting of July 26, 2005 Forager House Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:02 P.M. PRESENT: Bartlett, Holdgate, Miller, Reinhard. ABSENT: Stackpole. Minutes of the regular meeting held July 12, 2005: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of July 12,2005, as written. A. CITIZEN BUSINESS: None B. REGULAR BUSINESS: I. Reappointment of Community Preservation Committee Representative: Upon a motion made and duly seconded, it was VOTED to appoint Commissioner Miller as Land Bank representative to the Community Preservation Committee for a second term. The Commission thanked her for a job well done. C. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Mr. Passios presented the income statement and balance sheet for the period ending June 30, 2005. b. Operations Report: Mr. Passios reported that there has been a high level of golf play, pro-shop business and restaurant activity. c. New Membership Discussion: Mr. Passios reported that the current number of new memberships total 171 and that the deadline for payment of2005 membership dues is September 15, 2005. After a discussion, upon a motion made and duly seconded, it was VOTED to extend the grace period for payment of2006 membership dues billed in January2006 until Aprill, 2006, for new members only due to the reduced time period for payment between the 2005 and 2006 billing cycles. d. New Membership Welcome Party Discussion: Mr. Passios reported that he had received a member suggestion to host a social function at the club in order to welcome the new members. Upon a motion made and duly seconded, it was VOTED to host a members cocktail party (cash bar) at the golf club on Monday, August 8, 2005, to include complimentary hors d'oeuvres. D. TRANSFER BUSINESS: 1. Transfer Update: a. Notice of Assessment Paid - No. 25502 Janet P. Murphy, Trustee ofFish Lane Realty Trust: Ms. Hunter informed the Commission that payment for the outstanding fee, penalty and interest Nantucket Land Bank July 26, 2005 Page 3 3. Sanford Farm - Burning Discussion: Mr. Perry revisited his request to conduct a controlled bum at the Sanford Farm property. Upon a motion made and duly seconded, it was VOTED to authorize the two-stage controlled burn ofthe property in late spring, to avoid the burning of existing old growth trees, and to limit the burning to areas that are not visible from Madaket Road. 4. Rand Property - Conservation Restriction Enforcement: The Director presented a request from the owner of the property seeking approval for the driveway constructionllocation and underground utilities installation/location across a portion of their property subject to a conservation restriction held by the Land Bank. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 5. Eel Point Road Association - Road Maintenance Request: The Director presented a request from the Eel Point Road Association seeking funds for maintenance of Eel Point Road. Upon a motion made and duly seconded, it was VOTED to authorize a donation to the association in the amount of $300. 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 approval of the minutes and land acquisition. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:03 P.M. ~ Jo . S ole, Secret Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 9th day of August 2005. ~ ............ ............ ." . .................... ............,.. ............ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................ . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of June 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 2.06 2.06 3.10 $82,451.25 $9,912,387.89 $5,977,472.96 $15,972,312.10 . . . . . . . . . . . . . . . . . . . .. ......... ........................ . . . . . . . . . . . . . . . . . . .. ......... ........................ ..................... ......... 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 7/25/05 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: 2.54 3.30 2.02 2.08 3.10 3.10 1.65 $830,247.84 $1,118,663.31 $2,411,267.56 $226,021.61 $307,719.71 $144,691.84 $14,466.60 $2,500.00 $1,500.00 $5,057,078.47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BONDS: 1998 Series E Issue (Final principal payment 7/1/2019) Principal Outstanding $10,635,000 (A) Payment Due 7/1/2005 (C) $823,998.75 (D) Payment Due 1/1/2006 $246,851.25 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 19 Note #23 (Trust terminates 6/5106) Golf Course Loan $425,000 Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 TOTAL NOTES/LOAN DEBT: $5,279,053 Principal and Interest of $36,030.05 due Monthly: $432,360.60 $7,404,053 (B) Total Annual Notes / Loan Payments (E): $563,060.00 TOTAL DEBT (A) & (B): $18,039,053 Total Annual Debt Payments (C) (D) & (E): $1,633,910.00 STATEMNTFY05