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Home My WebLink About2005-03-28 AGENDA Nantucket Land Bank Commission Regular Meeting of March 8, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting held February 8,2005. A. CITIZEN BUSINESS/ANNOUNCEMENTS B. TRANSFER BUSINESS C. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Monthly Financial Report 3. Warrant Authorization d \",;1 D. REGULAR BUSINESS 1. Public Notice Review N t.....) E. PROPERTY MANAGEMENT 1. 106 Main Street Discussion 2. Gardner Property - Pat Gardner Shack 3. Lily Pond Property - Wedding Request 4. Walker Property - Use Request 5. Madaquecham Valley Beach Property 6. Apthorpe Property Discussion -:J 'J (h - F. PERSONNEL MANAGEMENT 1. Additional Property Management Staff Discussion G. EXECUTIVE SESSION ADJOURNMENT L,and Bank Commission March 8, 2005 Page 2 2. "M" Exemption Update: a. Five Year Ownership Compliance and Releases of Lien: The Commission confirmed prior authorization and issuance of Releases of Lien for the following properties as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): No. 19190 Robert Reposa No. 19219 Kathleen Baker and Robert D. McKee No. 19264 Michael A. Ayotte and Colleen M. Ayotte No. 19265 Sarah F. Alger, Trustee of 77 Skyline Drive Realty Trust No. 19302 Charles F. Sayle, III No. 19304 Cees K. Campbell No. 19311 Richard P. Brannigan, II, Richard P. Brannigan and Janet B. Brannigan No. 19370 Erin Harmon No. 19384 Lynn A. Tucker No. 19394 Peter Child and Margaret Codola-Child No. 19428 Jonathan H. Brown and Bernadette M. Brown b. Release of Lien Adjustment Paid - Nos. 24457 and 24458 Bahig F. Bishay, Mary T. Costello and Bahig F. Bishay, Trustee of the Monohansett Realty Trust: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of a Release of Lien for Record Nos. 24457 and 24458 as full payment of the outstanding fee, penalty and interest has been received. 3. Transfer Update: a. Satisfactorily Completed Form B and/or Additional Information Provided: Based upon the information and/or documentation provided the Commission found the following transfers to be in order: No. 25079 William A. Tornovish, Jr. and Deborah A. Tornovish No. 25320 Leslie Ann Chumsae and Underwater LLC No. 25333 Christopher R. Abdul-Karim and Kenneth W. Abdul-Karim No. 25349 Ellen F. Ballinger No. 25357 Peter T. Bell No. 25369 Judith G. Belash No. 25375 Sandbox Realty Trust No. 25398 Paul A. Morency and JoAnn G. Morency No. 25403 Lisa J. Greenberg No. 25410 Donna Christian and Mark Christian No. 25420 Barbara May Bowman No. None Sachem Knoll Nominee Trust b. Proposed Transfer Discussion - No. 21125 Edward F. Vaughan, Trustee of Eighty-Six Pleasant Street Nominee Trust: Ms. Hunter summarized correspondence from Amy Hauser Nelson regarding the Eighty-Six Pleasant Street Nominee Trust and details of a proposed transfer out of the trust to her. Based upon the information provided by Ms. Nelson, upon a motion made and duly seconded, it was VOTED to accept a claim of the "D" exemption on the proposed transaction subject to the transfer being submitted as described. ~nd Bank Commission March 8, 2005 Page 4 6. 2004 Annual Smooth Hummocks Advisory Committee (SHAC) Report: Mr. Perry presented the recently completed annual SHAC report detailing management and monitoring activities and funding compliance as required by the Miacomet Golf Course Conservation Permit. G. PERSONNEL MANAGEMENT: 1. Additional Property Management Staff Discussion: Director Eric Savetsky and Property Manager Bruce Perry presented a recommendation and request to hire an additional full-time, year- round property management employee to assist with maintenance of Land Bank properties and building maintenance and repairs. After a discussion, upon a motion made and duly seconded, it was VOTED to create the position as requested and to authorize staff to advertise for the position. 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 6:25 P.M. Attested to: ~/rszt- John Jftadq~erel;;? -. Accepted, Approved, and Released by the VOTE of the Commission this 22ndday of March 2005. 4.....6~~. ~ Kenneth W. Hold e, J . aIrman .. 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 $1,943,297 ::)'HRY:~1N.~: Average Low High . . . ::::::.:::'~$,W:':::::::::::::::::~?~:::: . . 111 55 82 29 152 97 >4,:<22:. ::::::::::::::::::::::$,' ':S':7:::3.:::0',A;<;< ~S' :4:-> >$:' 'OO:""":2>:5"::1'::7>6:::,iiE:::::::::::':'$'1'":1:>iii;'3:::6':1''"6:': . .. v ........... . . ~:f..: L: . . . .. ........ :;:):U....... " '~;.J. ... . ::::;::.:.::::::::::::::;::::::::::::.:::: :-::::::~::;:::::::~:.:::::::.:::::::::::.:::.:'::::: r:.: :;.:::::~:::::-:.::::;:::::: :;:;::.:::.::::~::.:-::::: ~::::.:::.: 56 30 102 $71,547,985 $33,101,234 $151,386,182 $69,633,654 $30,163,300 $150,186,182 $1,401,132 $609,766 $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 $853,995 Mar-05 Apr-05 May-05 Jun-05 .1~8Y>;.\N.B(:::::::.:~P"'<::: :.:::::>f4~'::: ':.::'<Stt),: . . . Average 120 56 64 Low 83 28 37 High 176 112 100 :i::$,$.4?:;?:14;4q7::::::::::$?~$.~'~$4:;1.~7,:::::::': $105,276,801 $43,249,759 $188,678,425 $99,231,770 $42,599,759 $163,378,425 !:$:1:$;$,Q4:;8~$ ................ . $2,038,108 $853,995 $3,633,009 MONTHL Y UNAUDITED MINUTES Nantucket Land Bank Commission Regular Meeting of March 8, 2005 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:03 P.M. PRESENT: Bartlett, Ho1dgate, Miller, Reinhard, Stackpole. Minutes of the previous regular meeting held February 8, 2005. Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of February 8, 2005, as written. A. CITIZEN BUSINESS: None B. PROPERTY MANAGEMENT: 1.Madaquecham Valley Beach Property - Traffic Concern: The Director presented correspondence from Madaquecham Valley resident Tracey Curley expressing concern regarding the possibility that the Land Bank would create vehicle access at its Madaquecham Valley beach property. Area resident Keith Conant was in attendance to provide input on the same matter. The Commission advised Mr. Conant that it had no plans to develop a parking area at the property or to provide vehicle access at this time. C. TRANSFER BUSINESS: 1. Transfer Record Nos. 25424 through 25508: The Commission reviewed transfers for the period of February 1,2005, through February 28,2005. a. The Commission authorized placing liens against the following properties as a result of the purchasers claiming the "M" exemption as first time home buyers of real property: No. 25429 Brian Bernazzani, Brian Lindmark, Susan Lindmark and Harry A. Lindmark, III No. 25469 Portia L. Stephens No. 25500 David E. Smith, Andrea B. Smith and Michaela E. Smith b. Satisfactorily Completed Form Bs Not Provided: Staffwas asked to seek a completed Form B from the following: No. 25455 Victoria E. Girvan LiPuma, Trustee No. 25469 Portia L. Stephens No. 25480 Irene T. Pe1ak, Trustee of the The Pe1ak Realty Trust No. 25481 Gloria Lauterbach c. Supplemental Review and Discussion: Staff was asked to seek additional information and/or documentation regarding the following transfers in order to determine compliance with the Land Bank Act and the Rules and Regulations of the Commission: No. 25502 Janet P. Murphy, Trustee No. 25506 Jeffrey F. Marks and Andrea M. Marks Land Bank Commission March 8, 2005 Page 3. D. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The February 2005 transfer statistics were presented to the Commission. 2. Monthly Financial Report: The January financial report was accepted by the Commission. 3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the March 8, 2005, warrant document in the amount of $166,565.15 to be provided to the county treasurer. E. REGULAR BUSINESS: 1. Public Notice Review: No action was taken. F. PROPERTY MANAGEMENT (continued): 1. 106 Main Street Discussion: The Commission reviewed preliminary plans prepared by Ann Beha Architects, Inc. for submission to the Historic District Commission (HDC) as part of the Land Bank's "after-the-fact' application to the HDC for the removal of the building at 106 Main Street. The Commission asked staff to request several revisions and clarifications to the preliminary plans and agreed to review the revised plans at the next regular meeting. 2. Gardner Property - Pat Gardner Shack Discussion: The Director presented a written request from Patricia Kalinowski seeking permission to acquire and move the Pat Gardner shack to her property or to inhabit the shack again this year from early summer to late fall. After a brief discussion, the Commission determined to discuss the matter again at a later date when the housing needs for property management staff were known. 3. Lily Pond Property - Wedding Request: The Director presented a written request from Wendy Feinstein to hold a wedding ceremony at the Land Bank's Lily Pond property on June 12, 2005. Ms. Feinstein stated that the ceremony would include approximately thirty guests, folding chairs for the elderly and would be completed by 5 :00 P.M. After a discussion, upon a motion made and duly seconded, the Commission VOTED to approve the request as presented. 4. Walker Property - Use Request: The Director presented a written request from Amy Longley, previous tenant at the Walker property, asking to continue her year to year lease for her kayak rental business with tentative plans to acquire and operate Nantucket Harbor Sail under the same lease should it be continued by the Land Bank. After a discussion, the Commission asked staff to acquire additional information about the previous lease from the original owner and determined to continue discussion of the matter at a later date. 5. Apthorpe Property - Parking Discussion: The property manager presented several options for creating additional parking spaces at the Land Bank's Apthorpe property. After a discussion, the Commission agreed to consider the options, to conduct independent site visits and to discuss the matter at a later date. ~ ................ ... ........... .. .................... ............... . . . . . . . . . . . . , . . . . . . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of January 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 1/16/05 TOTAL UNRESTRICTED FUNDS: . . . . . . . . . . . . ......... . . . . . . . . . . 1.65 1.65 2.23 $698,504.63 $14,930,466.85 $732,311.17 1.75 $507,408.97 $16,868,691.62 ................. . ................ " . . . . . . . . . . . . . . . . . . .......... .. ........................ . . . . . . . . . . . . ............ ............... .................... ............... ................... ............. ................. ............ ........... . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Debt Service Fund 98E / US Bank Working Capital/Nantucket Bank CD45-2733 due 6/14/05 Miacomet Park / Nantucket Bank CD50-0151 due 1/21/05 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: 1.41 2.00 1.75 1.66 2.23 2.23 1.21 $6,184.61 $1,095,000.00 $1,732,417.32 $224,292.97 $304,253.14 $143,061.85 $21,923.20 $55,000.00 $3,350.00 $3,585,483.09 ............... . .............. . ........... . ......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....................... . ... .... ... .... .......... . . . . . . . . . . . . .......... . .............. . ............. . ........ . BONDS: 1998 Series E Issue (Final principal payment 7/1/19) Principal Outstanding $10,635,000 (A) Payment Due 1/1/2005 (C) $258,998.75 Payment Due 7/1/2005 (D) $823,998.75 ............. . ............ . ......... . ........ . .......... . .......... . .......... . .......... . Principal NOTES I 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 6/15105) Gardner Shr 19 Note #23 $425,000 Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 (Trust terminates 6/5106) 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 (8) Total Annual Notes / Loan Payments (E): $603,685.00 ..................... ............. .............. ............ ................. .................. ........... ...................... .............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TOTAL DEBT (A) & (B): $18,823,032 Total Annual Debt Payments (C) (D) & (E): $1,686,682.50 STATEMNTFY05