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Home My WebLink About2006-08-22 !c,- AGENDA Nantucket Land Bank Commission Regular Meeting of August 22, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meetings held August 8, 2006 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT I. Latici Property - Lease Discussion 2. Miacomet Golf Update C. TRANSFER BUSINESS D. FINANCIAL BUSINESS I. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements g :~'O . ~. C/J iT1 -0 - co :::::> co 0 co E. REGULAR BUSINESS I. Public Notices Review 2. Madaket Road Takings Public Hearing Notice F. PROPERTY MANAGEMENT I. Property Management Update 2. Somerset Road Bike Path Project Update 3. Mowing Equipment Request 4. Cirillo Encroachment Matter 5. Miacomet Beach Use Request 6. Ortison Property - Rotary Proposal 7. Ayers Property - High School Ballfield Proposal EXEClJ-TIVE S~ION ADJOURNMENT Nantucket Land Bank August 22, 2006 Page 2 b. Record No. 26977, Bruce A. Issadore, John J. Englert, Thomas M. Sobol and Meredith L. Sobol, tenants in common: Ms. Hunter summarized the history of the transfer based upon information currently available to the Land Bank and stated that Land Bank counsel Valerie Swett has been corresponding with the purchaser's attorney since June 26, 2006, in an effort to obtain additional information relative to conveyances concerning the property. After a discussion, based on information now known to the Land Bank, the Commission determined that the transaction does not qualify for exemption from the Land Bank fee and accordingly, upon a motion made and duly seconded, it was VOTED that there was a failure to discharge the Land Bank fee due on the transfer, to send a Notice of Assessment of Fee Due,and to instruct staff to place a lien against the property. The Commission made a determination of value of the property as being the fair market value of real property interests transferred based on twice the value of a 50% interest transferred on August 18, 2006. c. Unreported transfer of control when Andrew Kaye was added as manager, Hedgebury Lane, LLC and Harold B. Murphy and Lauren C. Murphy, Trustees ofECD Realty Trust: Ms. Hunter summarized the history of the transfer based upon information currently available to the Land Bank and stated that Land Bank counsel Valerie Swett has been corresponding with the purchaser's attorney since June 26, 2006, in an effort to obtain additional information relative to conveyances concerning the property. After a discussion, based on information now known to the Land Bank, the Commission determined that the transaction does not qualify for exemption from the Land Bank fee and accordingly, upon a motion made and duly seconded, it was VOTED that there was a failure to discharge the Land Bank fee due on the transfer, to send a Notice of Assessment of Fee Due and to instruct staff to place a lien against the property. The Commission made a determination of value of the property as being the fair market value of real property interests transferred based on Town of Nantucket FYE 2005 assessed values. 2. "M" Exemption Update: a. "M" Exemption Compliance Request - No. 22944 Tihomir Ivanova and Polia Ivanova: Ms. Hunter presented a written request from the Ivanovas seeking approval to transfer their 2003 claim to the "M" first- time buyers exemption from their Essex Road property to a Pine Tree Road property which they hope to purchase in the next few months. The Commission approved the request subject to the exemption requirements pursuant to Section 12 (-m-) of the Land Bank Act applying to the Pine Tree Road property from its date of purchase. b. Releases of Lien - Adjustments Pending: The Commission authorized the issuance of Releases of Lien to be provided to the following purchasers upon receipt of full payment of fee, penalty and interest: No. 23958 Hector C. Tejada and Pedro Tejada No. 24590 Rodil Lemus c. 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-) of the Act: No ? 1 m?, Georee S Pllppas No. 21090, Trevor Johnson, Sara Johnson, Trevor Smith and Melinda Bums 3. Transfer Update: a. Inquiry Compliance - No. 27186, John C. Merson and Carol S. Bunevich: Based upon a review of documentation provided by the purchasers' attorney the Commission found the transfer to be in order. Nantucket Land Bank August 22,2006 Page 4 ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:15 P.M. John J. Attested to: Accepted, Approved and Released by the VOTE of the Commission this 12th day of September 2006. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of August 22, 2006 1. Transfer Determinations: Record No. 26947, Bruce H. Poor Record No. 26977, Bruce A. Issadore, John J. Englert, Thomas M. Sobol and Meredith L. Sobol, tenants in common Record No. Unreported transfer of control when Andrew Kay was added as manager, Hedgebury Lane, LLC and Harold B. Murphy and Lauren C. Murphy, Trustees of ECD Realty Trust 2. "M" Exemption Update: a. "M" Exemption Compliance Request: No. 22944, Tihomir Ivanova and Polia Ivanova b. Releases of Lien - Adjustments Pending: No. 23958, Hector C. Tejada and Pedro Tejada No. 24590, Rodil Lemus .. c. Five-Year Ownership Compliance and Releases of Lien: No. 21032, George S. Pappas No. 21090, Trevor Johnson, Sara Johnson, Trevor Smith and Melinda Bums 3. Transfer Update: a. Inquiry Compliance: No. 27186, John C. Merson and Carol S. Bunevich MINUTES Nantucket Land Bank Commission Regular Meeting of August 22, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Ho1dgate, Johnson, Reinhard. ABSENT: Bartlett, Stackpole. Minutes of the regular meeting held August 8, 2006: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of August 8, 2006, as written. A. CITIZEN BUSINESS/ANNOUNCEMENTS: None. B. PROPERTY MANAGEMENT: 1. Latici Property - Lease Discussion: Attorney Melissa Philbrick and Bruno Latici were in attendance. Attorney Philbrick summarized the conditions of the 5 year lease between the Land Bank and the Laticis and the Laticis' obligation to repair or replace the existing septic system. Ms. Philbrick explained that the termination date of the lease is June 2008 or sooner if the septic upgrade is not completed, that the estimated cost to replace the system is $100,000 and that Mr. Latici is asking the Commission to consider a five-year extension to his lease should he go ahead with the septic replacement. After a discussion, the Commission took the matter under advisement, determined to visit the property and to re-visit the matter at the next regular meeting. 2. Miacomet Golf Update: a. Financial Report: Mr. Passios presented the financial report for the period ending July 31, 2006, and a "snap shot" summary of finances at August 22, 2006. b. Facilities Update - Building Improvements: Mr. Passios provided an update on the renovation of the administration building and improvements to the clubhouse. c. Facilities Update - Course Improvements: Mr. Passios reported on recent discussions with NMP Golf, project cost and scheduling, and provided an update on the status of an approval request before the Secretary of Environmental Affairs. C. TRANSFER BUSINESS: 1. Transfer Determinations: a Record No 26947, Rmce H POOT" Ms Hunter summarized the history of the transfer based upon information currently available to the Land Bank and stated that Land Bank counsel Valerie Swett has been corresponding with the purchaser's attorney since June 26, 2006, in an effort to obtain additional information relative to conveyances concerning the property. After a discussion, based on information now known to the Land Bank, the Commission determined that the transaction does not qualify for exemption from the Land Bank fee and accordingly, upon a motion made and duly seconded, it was VOTED that there was a failure to discharge the Land Bank fee due on the transfer, to send a Notice of Assessment of Fee Due and to instruct staff to place a lien against the property. The Commission made a determination of value of the property as being the fair market value of real property interests transferred based on a comparable lot transferred on August 18, 2006. Nantucket Land Bank August 22, 2006 Page 3 D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The July 2006 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 August 22,2006, warrant document in the amount of$106,739.70 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. 2. Madaket Road Takings Public Hearing Notice: The Director informed the Commission that the public hearing will be held on August 23,2006. F. PROPERTY MANAGEMENT: 1. Property Management Update: The Director reported that Property Supervisor Jeffrey Pollock will be spending the next two weeks with Fire Crew NEP #2 fighting the South Fork Complex Wildland Fire in the Payette National Forest, Idaho. 2. Somerset Road Bike Path Project Update: The Director provided an update on recent activities by Glowacki Paving to co-ordinate the start of the project with the surveyor. 3. Mowing Equipment Request: The Director summarized a request by Assistant Property Manager Robert Earley to purchase an additional mid-size mower. After discussion, upon a motion made and duly seconded, it was VOTED to authorize the purchase of a mid-size John Deere mower at an estimated cost of $5,000 subject to review by Mr. Perry. 4. Cirillo Encroachment Matter: Mr. Perry presented recent photographs showing Robert Cirillo's utility lines highlighted by Dig Safe as they are installed on Land Bank property. The Commission asked staff to send a letter to Mr. Cirillo's attorney, Rhoda Weinman, asking her to inform Mr. Cirillo that he must relocate his utility lines on his property, return the fencing that he removed and to restore the vegetation in the disturbed areas. 5. Miacomet Beach Use Request: The Director presented a request from Sayles Seafood to cater a clambake dinner party for approximately 60 people at the western end of Miacomet Beach on Sunday, September 3rd from 5:00 P.M. to 8:00 P.M. including staff, set-up of tables and chairs, and port-a-potties. Upon a motion made and duly seconded, it was VOTED to approve the request as presented but to recommend Ladies Beach as an alternative location. 6. Ottison Property - Rotary Proposal: The Director reported that Karl Ottison had contacted him expressing his concerns regarding proposed upgrades to the Milestone Rotary. 7. Ayers Property - High School Ball Field Proposal: After a review of the proposed ball field plans, the Commission authorized the installation offencing along a shallow portion of Land Bank property. G. 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 executive session minutes and land acquisition. .... . ... .. . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . .. .. . . . . . . . . . . ............................ . ......... . ......................... .... ..... ............. ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................ ....... ........... ..... .............. .... NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of July 31, 2006 . . . . . . . . . . . . . . . . . . . . ................... . ................... . ............. . ...................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 790008734 Nantucket Bank / Operating Fund 799508888 Nantucket Bank / Collection Account 790017653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 4.55 0.50 4.55 5.12 $24,785.51 $26,504.45 $4,368,185.90 $15,002,567.43 $19,422,043.29 STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Miacomet Park / Nantucket Bank CD43-2790 due 7/25/07 Miacomet Park 2000 / Nantucket Bank 79-24361 Debt Service Fund 98E / US Bank Working Capital/Nantucket Bank CD45-2733 due 6/14/07 Marble Reserve / MMDT Account 44250553 ,.# Gardner Reserve / MMDT Account 44200442 Tenant Security Deposits / Nantucket Bank Deutsch Williams Escrow / Citizens Bank Smooth Hummocks Management Escrow 790027038 TOTAL RESTRICTED FUNDS: APY 4.59 4.55 4.67 5.00 5.12 5.12 $2,502,733.29 $233,480.76 $7,913.78 $1,160,985.84 $322,267.88 $151,532.49 $1,100.00 $286,944.07 $39,913.68 $4,706,871.79 3.04 . . . . . . . . . . . . . . . . . . . . . . . .. ......... - . . . . . . . . . . . . . . . . . . ......................... .......................... ......................... ......................... ......... ................... BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $9,545,000 (A) Payment Due 1/1/2007 Payment Due 7/1/2007 (D) $785,432.50 (C) $235,432.50 ......................................... . ........................... . ............ . NOTES / LOAN: Marble Note #19 Principal Outstanding Payment Schedules Annual Payment~ $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 ..1 Gardner Shr 19 Note #23 (Trust terminates 6/5106) $425,000 Ottison Note #27 (Note payable 9/26/00) $4,500,000 Goodwillie Note #28 (Note payable 12/12/00) $3,000,000 Goodwillie Note #29 (Note payable 12/12/07) Golf Course Loan $2,000,000 Interest of $40,000 due 6/12/06,12/12/06,6/12/07, & 12/12/07 $80,000.00 TOTAL NOTES/LOAN/BONDS: $5,029,052 $16,654,052 (B) Principal and Interest of $36,030.05 due Monthly: Total Annual Notes / Loan Payments (E): $432,360.60 $847,935.00 Interest for One Year due Sept 26, 2006: $112,50Q,00 Interest of $60,000 due 6/12/06 and 12/12/06 $120,000.00 .......................................................... . .......................................................,.. . ........................................... . .............................,.... . ................................. . .................................. . ................................. ... ... TOTAL DEBT (A) & (B): $26,199,052 Total Annual Debt Payments (C) (D) & (E): $1,868,800.00 STATEMNTFY07