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Home My WebLink About2005-05-24 AGENDA Nantucket Land Bank Commission Regular Meeting of May 24, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the special meeting held May 10, 2005. A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course - Quarterly 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. Burchell Property Discussion 2. Somerset Farm Property - Bikepath Discussion 3. Cisco Beach Property - Use Request G. EXECUTIVE SESSION ADJOURNMENT d \. ~.. I i..J": ) .r:.:. .;:::,. N antl1cket Land Bank . May 24,2005 Page 2 C. TRANSFER BUSINESS: 1. Transfer Litigation Motion to Dismiss - No. 24457 Bahig F. Bishay, Mary Costello and Bahig Bishay as Trustee of 10 Monohansett Realty Trust: The Commission was informed that the complaint filed against the Land Bank by Bahig Bishay was dismissed in district court and that the plaintiff has thirty days to file and appeal. 2. 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. 25262 Holdgate Family Limited Partnership No. 25610 Kathleen M. Williams 3. "M" Exemption Update: a. 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. 18647 John C. Sherman No. 19683 Scott Christopher Capizzo No. 19684 Paul Bufalino, Alexandra Nightingale, Vanna Nightingale No. 19695 Alexander M. Taliaferro D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The April 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 May 24,2005, warrant document in the amount of$138,969.21 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. Somerset Farm Property - Bike path Discussion: The Director informed the Commission of drainage problems at the dirt golf cart crossing adjacent to Somerset Road. Upon a motion made and duly seconded, it was VOTED to include the preparation of plans to pave and chip seal the golf cart crossing with plans for the installation of the bike path along Somerset and West Miacomet Roads. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of May 24,2005 1. Transfer Litigation - Motion to Dismiss: No. 24457 Bahig Bishay, Mary Costello and Bahig Bishay as Trustee of 10 Monohansett Realty Trust 2. Transfer Update: a. Satisfactorily Completed Form Bs Provided: No. 25262 Holdgate Family Limited Partnership No.25610 Kathleen M. Williams 3. "M" Exemption Update: a. Five Year Ownership Compliance and Releases of Liens: No. 18647 John C. Sherman No. 19683 Scott Christopher Capizzo No. 19684 Paul Bufalino, Alexandra Nightingale, Vanna Nightingale No. 19695 Alexander M. Taliaferro IIChunterlWP60IMINDOCSITRANSFER BUSINESS 05 SHORT doc MINUTES Nantucket Land Bank Commission Regular Meeting of May 24, 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 May 10,2005: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of May 10, 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 April 2005 Golf Course financials. Upon a motion made and duly seconded, it was VOTED to approve the financial statements as presented. 2. Land Bank Maintenance Building: Mr. Passios informed the Commission that he has submitted a request to the Land Bank for payment to Enterprise Equipment in the amount of $48,890.52 with a holdback of$10,000 to be paid upon completion of remaining unresolved issues and subject to the property manager's approval. 3. Miacomet Golf - Operations Update: Mr. Passios provided an update on matters relating to golf course operations including golf play and restaurant activity. 4. Miacomet Golf Course - Membership Discussion: The Commission continued discussions regarding the implementation of new memberships. Mr. Passios presented written scenarios detailing three different membership options. After a discussion, upon a motion made and duly seconded, it was VOTED to offer a total of 100 new memberships as follows with the option to allow Moors Inc. to set up individual payment plans on a case-by-case basis: Resident (Year-round and seasonal) Annual Dues Initiation fee Family membership Individual membership $ 5,730.00 $ 3,000.00 $ 5,400.00 $ 3,600.00 Seasonal Non-Resident Family membership Individual membership $11,460.00 $ 6,000.00 $ 9,000.00 $ 6,000.00 Nantucket Land Bank May 24,2005 Page 3 . Commissioner Bartlett joined the meeting at this time. 2. Burchell Property Discussion: Phyllis Burchell and Jeff Heyer were in attendance to discuss property management and mowing at the Land Bank's Burchell property. Ms. Burchell informed the Commission that she would like to continue to mow and maintain the property as she has in the past. Mr. Perry expressed his concerns regarding compliance with the terms of the Conservation Restriction granted by the Land Bank as part of receiving its permit from the state to construct an additional 9 holes of golf. After a discussion, upon a motion made and duly seconded, it was VOTED to authorize Ms. Burchell to continue mowing on the east side of the slough and to abstain from mowing during the growing season of May through late October. 3. Cisco Beach Property - Use Request: The Director presented a request from ACKtivities event planners to hold a Nantucket Film Festival (NFF) catered staffparty on Sunday, June 19th from 5 P.M. to 9 P.M. at the Land Bank's Cisco Beach property for approximately 100 staff members; setup to include five tables, chairs and one grill; no music, entertainment or tents. Upon a motion made and duly seconded, it was VOTED to authorize ACKtivities to hold the event as requested subject to the use of mobile restrooms. 4. Cisco Beach Property - Use Request: The Director presented a second request from ACKtivities event planners to display a sponsor banner at the previously approved Nantucket Film Festival surf clinics to be held June 16th through June 19th. Upon a motion made and duly seconded, it was VOTED to allow the organizers to display a small banner near the surf school van. G. EXECUTNE 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 6:20 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 14th day of June 2005. ~~. ~tz~ Chairman . . . . . . . . . . . . . . . . . . . . . . ...................... . . . . . . . . . . . . . . . . . . . . ..................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..:.:.:.:.:7:::::.::......................... ...................................... .................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of April 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 Supplementary Cash Reserves #1 Nantucket Bank CD41-1393 due 4/16/05 TOTAL UNRESTRICTED FUNDS: ........................ ........................ ...................... APY 1.61 1.61 2.81 $785,093.14 $7,951,140.31 $10,745,441.15 1.76 $0.00 $19,481,674.60 ........................................... ..................... ...................... ................. ................ . ................ . ................. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................ ........................... ............................ ........................... . ................ ... 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: 2.19 2.02 1.76 1.81 2.81 2.81 1.41 $6,226.27 $1,114,284.73 $2,403,276.74 $225,264.96 $306,179.61 $143,967.68 $21,995.50 $202,500.00 $2,250.00 $4,425,945.49 ............................. ............................. ............................. ............ ........ ..... . . . . . .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. .............. .............. ................. ........... .... ......... ........ .................. .......................................... ................. . ............. .......... .. ... .............. BONDS: 1998 Series E Issue (Final principal payment 711119) Principal Outstanding $10,635,000 (A) Payment Due 7/1/2005 (C) $823,998.75 Payment Due 1/1/2006 (D) $246,851.25 ............................... . ................................................................. ............. .................. .. ........................... ........................... ........................... ............................. ............................. ............................. ...... ........... ................. . . . . . . . . . . . . . . . . . . . .................. . . . . . . . . . . . . . . . . . . . ....... ......... NOTES / LOAN: Marble Note #19 Gardner Shr 18 Note #22 (Trust terminates 6115/05) Gardner Shr 19 Note #23 (Trust terminates 615106) Golf Course Loan TOTAL NOTES/LOAN DEBT: Principal Outstanding Payment Schedules Annual Payments $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 $625,000 Interest of $10,156.25 due 21st of March, June, Sept, Dee: $40,625.00 $425,000 Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 $5,279,053 Principal and Interest of $36,030.05 due Monthly: $432,360.60 $8,029,053 (B) Total Annual Notes / Loan Payments (E): $603,685.00 .......... .......... . ......... ....................................... ........................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................ .......... ........................... ........................... ..... TOTAL DEBT (A) & (B): $18,664,053 Total Annual Debt Payments (C) (D) & (E): $1,674,535.00 STA TEMNTFY05