The URL can be used to link to this page

Home My WebLink About2005-04-26 AGENDA Nantucket Land Bank Commission Regular Meeting of April 26, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the special meeting held April 12, 2005. A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER BUSINESS D. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization E. REGULAR BUSINESS 1. Public Notice Review F. PROPERTY MANAGEMENT 1. Gardner Property - Cottage Discussion 2. Brock Property - Use Request 3. Miacomet Beach - Wedding Request 4. Saratoga Lane Property - Road Paving Consent 5. Nobadeer Farm Road Property - Use Request G. EXECUTIVE SESSION ADJOURNMENT 6 1,- ~. Land Bank Commission April 26, 2005 Page 2 No. 19600 Somwong Kyomitmaitee and Somchai Bunlerssakskul D. PROPERTY MANAGEMENT (continued): 1. Miacomet Golf Course: a. Management Contract: After a brief discussion, upon a motion made and duly seconded, it was VOTED to execute a one year contract agreement with Moors, Inc. to provide management services at Miacomet Golf Course. b. Membership Discussion: After a discussion and a report from the membership subcommittee consisting of Commissioners Miller and Stackpole, upon a motion made and duly seconded, it was VOTED to offer 25 new individual memberships with preference given to year- round Nantucket residents who have previously held a winter membership at a yearly rate of $2,500.00 in addition to a one-time $2,000.00 initiation fee subject to approval by counsel. E. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements for the period ending March 31, 2005. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the April 26, 2005, warrant document in the amount of $55,313.11 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 (continued): 1. Gardner Property - Cottage Discussion: The Director presented a written request from Patricia Kalinowski to occupy the Gardner Shack for the months of June through September and to acquire the shack building from the Commission and to move it to her property at Hussey Farm Road. After a discussion, upon a motion made and duly seconded, it was VOTED to approve Ms. Kalinowski's request to occupy the shack for the summer season and to revisit her request to have the shack moved to her property. 2. Brock Property - Use Request: The Commission considered a request from Richard and Valerie Norton, abutters to the Land Bank's Brock property, to use a portion of the property to pasture their horses. No action was taken. 3. Miacomet Beach - Wedding Request: The Commission considered a request from Katy DeHeart to use a portion of the Land Bank's Miacomet Beach property for her daughter's wedding ceremony and reception on Saturday, July 23,2005. The Commission determined not to authorize the request as presented and asked the staff to work with Ms. DeHeart to consider other locations, times "~':':"""""""""""""""""""""'"'," .. . ........ . . . . . . . . . . . . . . . . . . . . . . . . . . . ............. . ... ..... ... ................ ... ....... . . . . . . . . . . . . . . . . . . . . . . . . . . , . ...... ........... ...... .......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of March 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 Supplementary Cash Reserves #1 Nantucket Bank CD41-1393 due 4/16/05 TOTAL UNRESTRICTED FUNDS: ............. . .............. . ............. . APY 1.79 1.79 2.63 $397,354.81 $17,096,893.62 $735,271.42 $508,109.05 $18,737,628.90 1.76 ............ ................ ........... . . . . . . . . . . .. ................. ........... ............ ........................ ........... ......... ...... ............. . . . . . . . . . . . . . . . ............. . ............. . ......... " .......... . . . . . . . . . . , . . . . . . . . . . ........ . ........ . 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: 1.99 2.02 1.76 1.79 2.63 2.63 1.36 $6,216.03 $1,112,456.04 $2,399,346.83 $224,932.19 $305,483.04 $143,640.15 $21,970.22 $12,500.00 $2,250.00 $4,228,794.50 ........................... . . . . . . . . . . . . . . . ......... . ....................... . . . . . . . . . . . . . . . . . . . . . , . . . . ................... . .............. . .............. . . . . . . . . . . . . . . . . . . . . . . . . . . .............. . ............. . .............. . .............. .. BONDS: Principal Outstanding $10,635,000 (A) 1998 Series E Issue (Fmalprinc~alpayment711119) . . . . . . . . . . . . . . . . . . .................. . ................. . .................. . Payment Due 7/1/2005 (C) $823,998.75 Payment Due 1/1/2006 (D) $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, Dec: $103,074.40 Gardner Shr 18 Note #22 $625,000 Interest of $10,156.25 due 21st of March, June, Sept, Dec: $40,625.00 (Trust terminates 6/15/05) 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 $5,438,032 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOTAL NOTES/LOAN DEBT: $8,188,032 (B) Total Annual Notes / Loan Payments (E): $603,685.00 ............................. . ............................ . ......................... . TOTAL DEBT (A) & (B): $18,823,032 ........... ....................... ........... ....................... ............ .......... ..... Total Annual Debt Payments (C) (D) & (E): $1,674,535.00 STATEMNTFY05 MINUTES Nantucket Land Bank Commission Regular Meeting of April 26, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:05 P.M. PRESENT: Bartlett, Holdgate, Miller, Reinhard, Stackpole. Minutes of the special meeting held April 12, 2005. Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of April 12, 2005, as written. A. CITIZEN BUSINESS: None B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Golf Course Accountant Peter Lamb was in attendance to present first quarter golf course financials including a detailed explanation of the income statement and balance sheet through March 31, 2005. Upon a motion made and duly seconded, it was VOTED to approve the financial statements as presented. C. TRANSFER BUSINESS: 1. Transfer Update: a. Satisfactorily Completed Form B and/or Documentation Provided: Based upon the information and/or documentation provided by the purchasers' representative, the Commission found the following transfers to be in order: No. 25345 Margaret H. Blair No. 25480 Pelak, Trustee ofPelak Realty Trust No. 25578 Barbara S. Daley 2. "M" Exemption Update: a. Release of Lien Adjustment Pending - No. 21638 Neal W. Van Lieu and Maria R. Van Lieu: The Commission executed a Release of Lien to be provided to the purchasers upon receipt of the outstanding fee, penalty and interest. b. Five Year Ownership Compliance and Releases of Lien: The Commission authorized the issuance of releases oflien for the following properties as a result of the purchasers fulfilling all ofthe req~irements of Section 12, subsection (-m-): No. 19569 Suk Kwan Lau and LucyLau No. 19583 Celso C. Caro and Tita C. Caro Land Bank Commission April 26, 2005 Page 3 and amenities. 4. Saratoga Lane Property - Road Paving Consent: The Director presented a request from Habitat for Humanity President Chris Lohmann seeking the Commission's support oftheir proposal to pave a short section of Saratoga Lane at no cost to the Land Bank. Upon a motion made and duly seconded, it was VOTED to support Habitat's proposal to pave the unpaved portion of the road to their new dwellings at 3 Saratoga Lane. 5. Nobadeer Farm Road Property - Use Request: The Director presented a request from Margaretta Andrews and Alison Zieff, representatives of the Nantucket Platform Tennis Association (non-profit paddle club), asking the Commission to consider allowing the club to relocate their paddle courts and warming hut to a portion ofthe Land Bank's Nobadeer Farm Road property should it become necessary for them to move from their current location. After a discussion, upon a motion made and duly seconded, it was VOTED to approve the request and to include a proposal for the relocation of the courts and hut with the submission to the state seeking permission for the Park & Recreation Commission to create ball fields and parking at the property. Commissioner Miller abstained. 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 6:51 P.M. Attested to: {/li{ ~~~ Allen B. Reinhard, V ice Secretary / V ice Treasurer Accepted, Approved, and Released by the VOTE of the Commission this 10th day of May 2005. A:::'L-Y/tC; ~ Kenneth W. Holdgate, Jr., Ch~: an TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of April 26, 2005 I. Transfer Update: a. Satisfactorily Completed Fonn B and/or Documentation Provided: No. 25345 Margaret H. Blair No.25480 Pelak, Trustee ofPelak Realty Trust No. 25578 Barbara S. Daley 2. "M" Exemption Update: a. Release of Lien - Adjustment Pending: No. 21638 Neal W. Van Lieu and Maria R. Van Lieu b. Five Year Ownership Compliance and Releases of Lien No. 19569 Suk Kwan Lau and Lucy Lau No. 19583 Celso C. Caro and Tita C. Caro No. 19600 Somwong Kyomitmaitee and Somchai Bunlerssakskul