HomeMy WebLinkAbout2005-06-14
AGENDA
Nantucket Land Bank Commission
Regular Meeting of June 14,2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes afthe regular meeting held May 24,2005.
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Course -Membership Discussion
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Warrant Authorization
3. Warrant Authorization - Series E Semi-Annual Bond Payment
E. REGULAR BUSINESS
1. Public Notice Review
F. PROPERTY MANAGEMENT
1. Gardner Property - Shack Discussion
2. Latici Property - Building Discussion
3. Walker Property - Use Request
4. Miacomet Beach - Use Request
G. EXECUTIVE SESSION
ADJOURNMENT
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Land Bank Commission
Jurre 14,2005
Page 2
No. 25765 David E. and K. Jamison Lower
No. 25782 Joseph W. Manning
b. Satisfactorily Completed Form Bs Not Provided: Staffwas asked to seek a completed
Form B for No. 25692 Joseph C. Hartman
2. Transfer Update:
a. Supplemental Review and Discussion - No. 25502 Janet P. Murphy, Trustee of the
Fish Lane Realty Trust: Ms. Hunter summarized the transaction, explained the content of
documentation provided by Edward C. Murphy (husband of the grantee trustee) regarding the
assignment of his Purchase and Sale Agreement from Thomas H. Coffin and Sherry A. Coffin for the
entire 8 Beaver Street property to H. Gordon Kennedy and Ellen A. Mackenzie and provided
information contained in correspondence from H. Gordon Kennedy (seller) regarding the stated
purchase price of$I,OOO for the transfer ofa portion ofland at 8 Beaver Street from himself and
Ellen A. Mackenzie to Janet P. Murphy, Trustee of the Fish Lane Realty Trust.
After a lengthy discussion, the Commission determined that:
(1) pursuant to Section 1 of the Land Bank Act (Chapter 669, Acts and Resolves 1983) and
Section 1.03 ofthe Rules and Regulations ofthe Nantucket Land Bank Commission, the transfer of
Lot B2 , Plan No. 05-12 (300 square feet of property located at 8 Beaver Street) from H. Gordon
Kennedy and Ellen A. Mackenzie to the Janet P. Murphy, Trustee of the Fish Lane Realty Trust
constitutes a transfer of real property interest;
(2) pursuant to Section 1 of the Land Bank Act (Chapter 669, Acts and Resolves 1983) and
Section 1.03 of the Rules and Regulations of the Nantucket Land Bank Commission, the assignment
of the purchase and sale agreement between Thomas H. Coffin and Sherry A. Coffin (sellers) and
Edward C. Murphy (buyer) from Edward C. Murphy (assignor) to H. Gordon Kennedy and Ellen A.
Mackenzie (assignees) constitutes a transfer of real property interest as a transfer of a future legal or
equitable interest in or to real property;
(3) pursuant to Section 2.03 (10) the above transfers described above, herein, constitute an
exchange or so called "swap" ofreal property interests and are subject to the Land Bank fee as if
sold separately;
(4) pursuant to Section 2.03 (10)(a) the purchase price for the transfers shall be computed on
the fair market value of the real property by utilizing the Town of Nantucket Assessor's value in
effect at the time of transfer.
Accordingly, upon a motion made and duly seconded, it was VOTED that there has been a failure to
discharge a Land Bank fee due on Record No. 25502 and to notifY the purchaser by sending a Notice
of Assessment of fee due at 2% of the fair market value of the real property interest transferred plus
accrued interest and penalty.
Additionally, upon a motion made and duly seconded, it was VOTED that there has been a failure to
discharge a Land Bank fee due on Record No. 25192 on the assignment of the purchase and sale
agreement between Thomas H. Coffin and Sherry A. Coffin (seller) and Edward C. Murphy (buyer)
Land Bank Commission
June 14,2005
Page 4
3. Walker Property - Use Request: The Director presented a request from Kerry Becker,
Senior Events Coordinator for the 2005 Bank of America summer cruise event to park a 15 foot box
truck on the Walker property from Thursday, August 25th until Monday, August 29th for the storage
of supplies. Upon a motion made and duly seconded, it was VOTED to authorize the parking of the
truck at the property.
4. Miacomet Beach - Use Request: The Director informed the Commission of a revised
request by Katy DeHeart to use a portion ofthe Land Bank's Miacomet Beach property for her
daughter's wedding ceremony to include up to 25 guests between 4:00 P.M. and 5:00 P.M. on July
23,2005, without the use of chairs, amplified music or catering services. Upon a motion made and
duly seconded, it was VOTED to approve the request.
5. Apthorpe Property - Property Improvement Update: The Property Manager provided an
update regarding the construction of a stairway access to the beach which has been delayed until
further notice due to the presence of piping plovers' nests on the beach. Mr. Perry reported that the
Town of Nantucket's Beach Management personnel have been monitoring the nests and have fenced
off the area.
6. Property Manager's Update: Mr. Perry reported on matters relating to property
management activities including recent efforts to create parking areas at the Land Bank's
Woodworth property and Milestone Road property, the placement of restroom facilities at the 40th
pole property and cost estimates for the purchase of a utility truck for carpentry related needs. At the
recommendation of Mr. Perry, upon a motion made and duly seconded, it was VOTED to authorize
the purchase of the deck mower at an estimated cost of $5,000.
F. 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 minutes and 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:
Accepted, Approved, and Released by the VOTE of
the Commission this 28th day of June 2005.
~~~
Kenneth W. Holdgate, Jr . n
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of June 14, 2005
1. Transfer Record Nos. 25691 through 25786:
a. Current "M" Exemptions:
No. 25695 Carl F. and Ann H. Murray
No. 25700 Patrick C. and Patricia Ann McCarthy
No. 25707 Jeremy K. and Tanya Eldridge
No. 25708 Michael D. and Laura P. Freedman
No. 25710 M. Ryan and Audrey K. Wagner
No. 25721 Daniel Sullivan
No. 25732 Athalyn K. and Michael' J. Sweeney
No. 25734 James R. and Alix C. Houghton
No. 25750 Tanawut Attapreyangkul et al
No. 25751 Leonard and Sophia Liburd
No. 25753 Alessandra Soares
No. 25754 Lowell Hensley and Magdalene E. Eddy
No. 25765 David E. and K. Jamison Lower
No. 25782 Joseph W. Manning
b. Satisfactorily Completed Form Bs Not Provided:
No. 25692 Joseph C. Hartman
2. Transfer Update:
a. Supplemental Review and Discussion:
No. 25502 Murphy, Trustee ofFish Lane Realty Trust
b. Notice of Assessment - Failure to Remit Payment
No. 25603 Nicholas Ruisi
MINUTES
Nantucket Land Bank Commission
Regular Meeting of June 14,2005
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:05 P.M.
PRESENT: Bartlett, Miller, Reinhard, Stackpole. ABSENT: Holdgate.
Minutes of the regular meeting held May 24, 2005. Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of May 24,2005, as written.
A. CITIZEN BUSINESS: None
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Membership Discussion: Mr. Passios presented a membership offering status report
and speculated on the potential outcome of the number of resident, non-resident, family and
individual membership applications to be received. Management was asked to contact all applicants
regarding their intention to join the golf club and their understanding of the membership terms prior
to the submission deadline and subsequent lottery drawing.
b. Membership Special Meeting: Upon a motion made and duly seconded, it was
VOTED to post a special meeting to be held on July 1,2005, at 12:00 P.M.
C. TRANSFER BUSINESS:
1. Transfer Record Nos. 25691 through 25786: The Commission reviewed transfers for the
period of May 1,2005, through May 31, 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. 25695 Carl F. and Ann H. Murray
No. 25700 Patrick C. and Patricia Ann McCarthy
No. 25707 Jeremy K. and Tanya Eldridge
No. 25708 Michael D. and Laura P. Freedman
No. 25710 M. Ryan and Audrey K. Wagner
No. 25721 Daniel Sullivan
No. 25732 Athalyn K. and Michael J. Sweeney
No. 25734 James R. and Alix C. Houghton
No. 25750 Tanawut Attapreyangkul et al
No. 25751 Leonard and Sophia Liburd
No. 25753 Alessandra Soares
No. 25754 Lowell Hensley and Magdalene E. Eddy
Land Bank Commission
June 14,2005
Page 3
from Edward C. Murphy (assignor) to H. Gordon Kennedy and Ellen A. Mackenzie (assignees) and
to notify the purchasers by sending a Notice of Assessment of fee due at 2% of the fair market value
of the real property interest transferred plus accrued interest and penalty. The Commission
determined that the value of the assignment was equal to the value of the "exchanged" property
Record No. 25502.
b. Notice of Assessment - Failure to Remit Payment No. 25603 Nicholas Ruisi: As a
result of the purchaser's failure to discharge the Land Bank fee due (returned check), upon a motion
made and duly seconded, it was VOTED to notify Mr. Ruisi by sending a Notice of Assessment of
fee due at 2% of the stated purchase price plus accrued interest and penalty and to execute a lien to
be placed against the property.
c. "M" Exemption Amendment Discussion: After a discussion regarding the language ofthe
"M" exemption according to Section 12 subsection (-m- ) ofthe Land Bank Act, and upon a motion made
and duly noted, it was VOTED to seek an amendment to an article currently before state legislature
which would allow the Land Bank Commission to set the amount exempted under the "M" exemption
as deemed appropriate by the Commission in proportion to current real estate pricing.
D. FINANCIAL BUSINESS:
I. Monthly Transfer Statistics: Ms. Hunter presented the transfer statistics through May 31, 2005.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was
VOTED to approve and execute the June 14,2005, warrant document in the amount of$137, 713.76 to
be provided to the county treasurer.
3. Warrant Authorization - Series E Semi-Annual Bond Payment: Upon a motion made and
duly seconded, it was VOTED to approve and authorize the wire of the Series E semi-annual bond
payment in the amount of$823,998.75 from the Land Bank's collection account to US Bank.
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. Gardner Property - Shack Discussion: The Director presented additional information
regarding Patricia Kalinowski's request to acquire and move the shack at the Gardner property to
her lot at Hussey Farm Road. The Commission determined to consider the request in the fall.
2. Latici Property - Building Discussion: The Director provided an update regarding the
installation of a septic upgrade at the Land Bank's Latici property and informed the Commission that
a tight tank system would only be approved by the state if the application is submitted with a letter
of intent from the Commission stating that it agrees to abandon the house and the tight tank at the
end ofthe Latici's lease period. Upon a motion made and duly seconded, it was VOTED to submit
the letter as requested.
MONTHLY TRANSFER STATISTICS FISCAL YEAR 2004
FY04 Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
Jul-03 83 53 30 $35,826,437 $35,546,437 $762,957
Aug-03 91 56 35 $43,090,749 $41,574,943 $838,497
Sep-03 122 29 93 $123,432,615 $122,782,615 $2,459,652
Oct-03 152 50 102 $151,386,182 $150,186,182 $3,006,724
Nov-03 82 32 50 $48,058,800 $47,658,800 $968,412
Dec-03 148 97 51 $53,214,896 $49,771,734 $999,435
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 $1,943,297
:.mHRY"M#,y"d,#:::::::::::::~:1:~~::::::::::::::::::::$qq,::::::::::::::::::~~~:::::::::::::::::::::~7$~:;9:1,9:~M~::::::::::$7~~~$~~~~~::::::::::::::$:~4l~*q~$.~g
Average 111 55 56 $71,547,985 $69,633,654 $1,401,132
Low 82 29 30 $33,101,234 $30,163,300 $609,766
High 152 97 102 $151,386,182 $150,186,182 $3,006,724
MONTHLY TRANSFER STATISTICS FISCAL YEAR 2005
FY05 Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
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 $154,331,770 $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
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
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Average 113 55 58 $95,041,222 $89,725,169 $1,835,758
Low 83 28 37 $43,249,759 $42,599,759 $853,995
High 176 112 100 $188,678,425 $163,378,425 $3,633,009
MONTHL Y
UNAUDITED