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Home My WebLink About2005-06-28 AGENDA Nantucket Land Bank Commission Regular Meeting of June 28, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes afthe regular meeting held June 14, 2005. A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf - Monthly Financial Report 2. Miacomet Golf Course - Membership Discussion 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 G. PERSONNEL ADMINISTRATION 1. Annual Reviews and Compensation H. EXECUTIVE SESSION ADJOURNMENT --,,"I d \ ~'I .....1; w :0 " ~.. '".0 Nantucket Land Bank Page 2 June 28, 2005 dwelling which he plans to purchase shortly and to make his year round domicile. After a discussion, upon a motion made and duly seconded, it was VOTED that under the Land Bank Act the Commission may not allow the Houghtons to transfer the exemption to their new property, however, the Commission agreed to waive the penalty and interest on the exempted Land Bank fee which would become due should the Houghtons be unable to fulfill the domicile and ownership requirements of the exemption, subject to prompt receipt of payment of the original fee exempted in the amount of $4,000. b. Domicile Compliance Discussion - No. 19504 Geoffrey T. Silva: Ms. Hunter summarized the transaction, described Geoffrey T. Silva's property ownership history and stated that Mr. Silva has failed to provide documentation and/or an explanation regarding his apparent failure to comply with the "M" exemption domicile requirements. Staff was asked to send a letter seeking appropriate documentation and providing the amounts which will become due for the fee, penalty and interest, should Mr. Silva fail to provide the requested information or to comply with the requirements of the exemption. 3. Transfer Update: a. Failure to Provide Requested Documentation - No. 25156 Robert Driscoll and Laina C. Driscoll: Ms. Hunter reported that the purchasers have not provided the requested documentation in support oftheir claim to exemption. Upon a motion made and duly seconded, it was VOTED that there has been a failure to discharge the Land Bank fee due on the purchase price (cash transferred by the purchasers to discharge obligations of the sellers) and to send a Notice of Fee Due at 2% of one-half of the mortgage discharged, together with applicable interest and penalty. D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The May 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 June 28,2005, warrant document in the amount of$38,218.69 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. Property Manager's Update: The Property Manager provided an update on recent property management activities including an application currently before the Historic District Commission (HDC) seeking permission to demolish the old "workshop" at the Somerset Farm property and re-planting efforts at the Milestone Road property. a. Sharp Property - Marine Department Request: Director Savetsky read aloud a request from Dave Fronzuto, Director, Nantucket Marine Department, seeking permission to dock the .;... ....:.:.:.:.:.:.:.:.:.;.:.:.........:.....:...:...:.;.:...;.:.:.:.:.:.........:.:.:.:.:.:.:.:.:.:.;.:.:-:.:.:.:.:,..:.:.:.:.:.;.:.;.:.:.:.:.:.:-:.:.:.:.:.:.:.:.:.:.:.: ....................................... .................................... . . . . .. .......................... ......................,... ....................................................................................................................................................-:...........................:.;.:.:.:.:.>:..... NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of May 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 1.97 1.97 2.99 $369,600.42 $9,499,656.87 $5,962,475.38 $15,831,732.67 .. ...... ..... ........... .............. ................ .....................~.................................................................................... ..................... .................................................................................. ... .. ........... .............. ..................................... .............................. . . .................... ................................................ . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: APY Debt Service Fund 98E / US Bank Working Capital/Nantucket Bank CD45-2733 due 6/14/05 Miacomet Park / Nantucket Bank CD43-2790 due 7/25/05 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: 2.30 2.02 2.02 1.98 2.99 2.99 1.51 $6,236.99 $1,116,177.48 $2,407,337.65 $225,639.88 $306,947.64 $144,328.81 $22,023.46 $2,500.00 $2,250.00 $4,233,441.91 .................... ................. ...... ......... .. ................ ...... ............. ... ...... . ....... ... ............ ........................................................................................................................................................................ .............................. ............................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ........................................................................................................ ....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BONDS: Principal Outstanding $10,635,000 (A) 1998 Series E Issue (Final principal payment 7/1/2019) Payment Due 7/1/2005 (C) $823,998.75 (D) Payment Due 1/1/2006 $246,851.25 ............................................. . ....... ............................................. ............. .............................. . . . . . . . . . . . . . . . . . . . .. . .......................... ... .......................... ... .......................... ................. .................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... . ..... . ......... . ............................................. ............................................. 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, Dee: $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) Golf Course Loan $5,279,053 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOTAL NOTES/LOAN DEBT: $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 ......,.,. .... ... ........ ........ .............................................................................. .... .;-:...:.:.....:.:.:.:.;.;.>;.>....................;..-:.:...:.:...:.:............................................................................................................................ ...........................................>..:.......................................:............................. STA TEMNTFY05 MINUTES Nantucket Land Bank Commission Regular Meeting of June 28, 2005 Forager House Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Bartlett, Holdgate, Miller, Reinhard, Stackpole. Minutes of the regular meeting held June 14,2005: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of June 14,2005, as written. Commissioner Bartlett joined the meeting during property management discussions. A. CITIZEN BUSINESS: None B. PROPERTY MANAGEMENT: 1. Miacomet Golf - Quarterly Financial Report: Charlie Passios presented the May 2005 Golf Course financials. Upon a motion made and duly seconded, it was VOTED to approve the financial statements as presented. 2. Miacomet Golf Course - Membership Discussion Mr. Passios presented a written summary detailing membership statistics and options at several Cape Cod golf courses and informed the Commission that a total of 172 applications for membership have been received to date. After a discussion, upon a motion made and duly seconded, it was VOTED to offer memberships to all qualified applicants subject to their applications being received by the advertised deadline and to cancel the special meeting posted for Friday, June 30th at 1 :00 P.M. as a quorum ofthe Commissioners will not be available. C. TRANSFER BUSINESS: 1. Transfer Update: a. Satisfactorily Completed Form Bs Provided: The Commission found the following transfers to be in order based upon receipt of satisfactorily completed Land Bank Form B: No. 25455 Victoria E. Girvan Lipuma Trust No. 25692 Joseph C. Hartman 2. "M" Exemption Update: a. Compliance Request- No. 25734 James R. Houghton and Alix C. Houghton: The Commission reviewed correspondence from Mr. Houghton regarding his recent purchase of property at Aurora Way subject to a claim of the "M" exemption and seeking permission from the Commission to transfer this exemption from his original property purchase to a new property with a Nantucket Land Bank June 28, 2005 Page 3 Madaket Harbor Master's boat at the Land Bank's Sharp property. After a discussion, the Commission approved the request as a temporary solution for this summer only. G. PERSONNEL ADMINISTRATION: 1. Annual Reviews and Compensation: Staff voluntarily left the meeting at this time. The Chairman presented a spreadsheet prepared by Mr. Savetsky summarizing current and projected compensation for Land Bank salaried and hourly employees calculated at a 5% salary increase and a 2.5% cost ofliving increase. Discussion occurred. Staff returned to the meeting. Upon a motion made and duly seconded, it was unanimously VOTED to approve the salary increases as follows: Robert Earley Bruce Perry Craig Hunter Eric Savetsky Jeffrey Pollock Edward Boynton Kathryn Hunter $55,195.00 effective May 19, 2005 $64,330.00 effective May 29, 2005 $72,042.00 effective July 1, 2005 $93,043.00 effective August 4,2005 $52,000.00 effective August 4, 2005 $44,075.00 effective October 25, 2005 $18.00 per hour effective August 23, 2005 The Commission authorized the Director to execute Personnel Change Forms to be provided to the county treasurer. 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. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:28 P.M. Attested to: Ji/~tkimry Accepted, Approved, and Released by the VOTE of the Commission this lih day of July 2005. ... TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of June 28, 2005 1. Transfer Update: a. Satisfactorily Completed Form Bs Provided: No. 25455 Victoria E. Girvan Lipuma Trust No. 25692 Joseph C. Hartman 2. "M" Exemption Update: a. Compliance Request: No. 25734 James R. Houghton and Alix C. Houghton b. Domicile Compliance - Failure to Provide Requested Documentation: No. 19504 Geoffrey T. Silva 3. Transfer Update: a. Supplementary Review - Failure to Provide Requested Documentation: No. 25156 Robert Driscoll and Laina C. Driscoll C:\WP60IMINDOCSITRANSFER BUSINESS 05 SHORT.doc