HomeMy WebLinkAbout2006-11-14
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of November 14,2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meetings held October 24, 2006
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. TRANSFER HEARING
No. 26947, Bruce H. Poor
No. 26977, Bruce A. Issadore, John Englert, Thomas M. Sobol and Meredith L. Sobol,
tenants in common
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
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Warrant Authorization - Cash Disbursements
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E. REGULAR BUSINESS
1. Public Notices Review
2. Nantucket Housing Office - Housing Bank Article
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F. PROPERTY MANAGEMENT
1. Sconset Beach Preservation Fund Request
2. Controlled Burn Program - Grant Support Letter
3. Miacomet Beach Use Request
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EXECUTIVE SESSION
ADJOURNMENT
. Land Bank Commission
November 14,2006
Page 2
Exhibit 4 Mortgage from Hedgebury Lane LLC executed by Bruce H. Poor as Manager to
Bruce A. Issadore in the amount of $180,000 recorded at the Nantucket Registry on
September 5, 2003, as Book 845, Page 257;
Exhibit 5. Transfer Documents Record No. 23536 including Form A, Form B, and deed from
Bruce H. Poor and Gloria Grimshaw to Colosi, LLC recorded at the Nantucket Registry on
October 3,2003, as Book 851, Page 26;
Exhibit 6. Certificate of Amendment for Limited Liability Company Hedgebury Lane LLC
filed January 29,2004, with the Secretary of the Commonwealth of Massachusetts, by Bruce
H. Poor, Manager, naming Andrew Kaye as an additional Manager and authorized signatory;
Exhibit 7. Transfer Documents Record No. 24022 including Form A, Form B, Schedule A to
Operating Agreement of Hedgebury Lane LLC, and deed from Colosi, LLC to Hedgebury
Lane LLC recorded at the Nantucket Registry on February 4,2004, as Book 872, Page 49;
Exhibit 8. Transfer Documents Record No. 24023 including Form A, Form B, Schedule A to
Operating Agreement of Hedgebury Lane LLC, and deed from Michael W.C. Emerson to
Hedgebury Lane LLC recorded at the Nantucket Registry on February 4,2004, as Book 872,
Page 52;
Exhibit 9. Mortgage from Hedgebury Lane LLC, executed by its Manager, Andrew Kaye, to
BankNorth in the amount of$4,747 ,000 recorded at the Nantucket Registry on February 4,2004,
as Book 872, Page 54;
Exhibit 10. Discharge recorded at the Nantucket Registry on February 18,2004, as Book
875, Page 1 of mortgage from Hedgebury Lane LLC executed by Bruce H. Poor as Manager
to Bruce A. Issadore in the amount of $180,000 recorded at the Nantucket Registry on
September 5, 2003, as Book 845, Page 257;
Exhibit ll. Transfer Documents Record No. 25913 including Form A, Form B, and Notice of
Lease dated June 25, 2005, from Hedgebury Lane LLC to ECD Realty Trust executed by
Andrew S. Kaye as Manager, Hedgebury Lane LLC, and Harold B. Murphy and Lauren C.
Murphy as Trustees of ECD Realty Trust;
Exhibit 12. Certificate of Appointment of Trustee for Hedgebury Lane Homeowners
Association, appointment of Andrew Kaye as a Trustee, by Andrew Kaye, as Manager of
Hedgebury Lane LLC, recorded at the Nantucket Registry on April 28, 2006, as Book 1019,
Page 220;
Exhibit 13. Transfer Documents Record No. 26947 including Form A, Form B, and deed
from Hedgebury Lane LLC to Bruce H. Poor for Lot 4R recorded April 28, 2006, as Book
1019, Page 216;
Exhibit 14. Correspondence from the Nantucket Islands Land Bank dated May 29,2006, to
Keith M. Yankow, Esq., legal representative for Bruce H. Poor;
, Land Bank Commission
November 14,2006
Page 4
Exhibit 28. Transfer Documents Record No. 27237 including Form A and Notice of Lease
from Thomas M. Sobol, Meredith L. Sobol, Bruce A. Issadore and John J. Englert to Bruce
A. Issadore and John J. Englert recorded August 18,2006, as Book 1036, Page 277;
Exhibit 29. Mortgage from Bruce A. Issadore and John J. Englert to TD BankNorth, N.A. in
the amount of $800,000 recorded at the Nantucket Registry on August 18, 2006, as Book
1036, Page 282;
Exhibit 30. Transfer Documents Record No. 27238 including Form A and Notice of Lease
from Thomas M. Sobol, Meredith L. Sobol, Bruce A. Issadore and Thomas M. Sobol and
Meredith L. Sobol recorded August 18, 2006, as Book 1036, Page 256;
Exhibit 31. Mortgage from Thomas M. Sobol and Meredith L. Sobol to Countrywide Home
Loans, Inc. in the amount of $1,300,000 recorded at the Nantucket Registry on August 18,
2006, as Book 1036, Page 261;
Exhibit 32. Email correspondence from David Arons dated September 7,2006 (2:28 PM)
transmitting email dated August 21,2006, (3:32 PM) to Valerie Swett (Attachments omitted
as they duplicate Exhibit 33 enclosures.);
Exhibit 33. Correspondence from David L. Arons, Esq. dated August 21, 2006, to Valerie
Swett, Esq. with these enclosures:
Exhibit 33.1. Operating Agreement for Colossi LLC dated June 11,2002, executed by
Gloria Grimshaw and Bruce H. Poor, Members and Bruce H. Poor, Manager, with
attached Schedule A, membership interests in Colosi LLC;
Exhibit 33.2. Letter of Understanding between Michael W.C. Emerson, Bruce H. Poor,
John J. Englert, Andrew Kaye, Bruce A. Issadore, and David L. Arons, executed by
"Original Owners" Michael W.C. Emerson on June 2, 2003, and Bruce H. Poor on
May 28,2003, and "Purchasers" John J. Englert, Andrew Kaye, Bruce A. Issadore and
David L. Arons on June 3, 2003;
Exhibit 33.3. Operating Agreement for Hedgebury Lane LLC executed by Gloria
Grimshaw, Bruce H. Poor and Michael W.C. Emerson, Members and Bruce H. Poor,
Manager, dated August 27,2003, with attached Schedule A, membership interests in
Hedgebury Lane LLC, executed by Bruce H. Poor and Gloria Grimshaw on September
5,2003;
Exhibit 33.4. First Amended Schedule of Beneficial Interests for Hedgebury Lane
LLC executed by Gloria Grimshaw, Michael W.C. Emerson, Bruce H. Poor, and John
J. Englert, Manager for EKIA LLC, on January 27,2004, with attached Ownership
Statement of Hedgebury Lane LLC;
Exhibit 33.5. Non-Revolving Development Line of Credit Note dated January 30,2004,
in the amount of $1,117,000 executed by Andrew Kaye, Manager, Hedgebury Lane, LLC;
Land Bank Commission
November 14,2006
Page 6
Realty Trust and attached cover letter from Kenneth W. Holdgate, Jr., Chairman, Nantucket
Islands Land Bank Commission;
Exhibit 35. Notice of Assessment from the Nantucket Islands Land Bank Commission dated
August 23,2006/ No. 26947, to Bruce H. Poor and attached cover letter from Kenneth W.
Holdgate, Jr., Chairman, Nantucket Islands Land Bank Commission;
Exhibit 36. Notice of Assessment from the Nantucket Islands Land Bank Commission dated
August 23, 2006/ No. 26977, to Bruce Issadore, John J. Englert, Thomas M. Sobol and
Meredith L. Sobol, tenants in common, and attached cover letter from Kenneth W. Holdgate,
Jr., Chairman, Nantucket Islands Land Bank Commission;
Exhibit 37. Notice of Lien from the Nantucket Islands Land Bank by members of the
Nantucket Land Bank Commission dated August 22, 2006, to Hedgebury Lane LLC and
Harold B. Murphy and Lauren C. Murphy, Trustees ofECD Realty Trust, recorded at the
Nantucket Registry as Book 1037, Page 150, on August 23,2006;
Exhibit 38. Notice of Lien from the Nantucket Islands Land Bank by members of the Nantucket
Land Bank Commission dated August 22, 2006, to Bruce H. Poor, recorded at the Nantucket
Registry as Book 1037, Page 151, on August 23, 2006;
Exhibit 39. Notice of Lien from the Nantucket Islands Land Bank by members of the Nantucket
Land Bank Commission dated August 22, 2006, to Bruce A. Issadore, John J. Englert, Thomas
M. Sobol and Meredith L. Sobol, tenants in common, recorded at the Nantucket Registry as
Book 1037, Page 152, on August 23, 2006;
Exhibit 40. Correspondence from Keith M. Yankow, Esq. dated September 1, 2006, to Valerie
Swett, Esq.;
Exhibit 41. Correspondence from Richard 1. Glidden, Esq. dated September 5, 2006, to
Kenneth E. Holdgate, Jr., Chairman, Nantucket Islands Land Bank Commission;
Exhibit 42. Correspondence from Valerie Swett, Esq. dated September 6, 2006, to David
Arons, Esq., Keith Yankow, Esq., and Richard J. Glidden, Esq.;
Exhibit 43. Email string including (i) correspondence from Valerie Swett to Richard
Glidden, Keith Yankow, and David Arons dated September 6,2006 (12:48 PM), (ii)
correspondence from Keith Yankow dated September 6,2006 (2:48 PM) to Valerie Swett,
(iii) correspondence from Valerie Swett dated September 7,2006 (11:42 AM) to Keith
Yankow, (iv) correspondence from Keith Yankow dated September 7,2006 (12:17 PM) to
Valerie Swett, and (v) correspondence from Valerie Swett dated September 7,2006 (1:47
PM) to Keith Yankow;
Exhibit 44. Email correspondence from Valerie Swett dated September 7,2006 (1:29 PM) to
Dave Arons;
" Land Bank Commission
November 14, 2006
Page 8
Exhibit 59, Email string including (i) correspondence from Valerie Swett dated September
25,2006 (3:57 PM) to Bruce Issadore,'bai@isalaw.com' and (ii) correspondence from
Bruce A. Issadore, Esq. dated September 25,2006 (4:24 PM) to Valerie Swett;
Exhibit 60, Email string including (i) correspondence from Valerie Swett dated September
29,2006 (12:43 PM) to Keith Yankow without attached second draft of the escrow
agreement and compared copies and (ii) correspondence from Keith M. Yankow dated
October 3, 2006 (11 :21 AM) to Valerie Swett with attached letter from Keith M. Yankow to
Valerie Swett, Esq.;
Exhibit 61, Email correspondence from Valerie Swett dated October 3,2006 (12:13 PM) to
Keith Yankow;
Exhibit 62, Email correspondence from Valerie Swett dated October 3,2006 (12:40 PM) to
Patricia Halsted and Jeff Stetena with attachments;
Exhibit 63, Email correspondence from Jeff Stetina dated October 3,2006 (12:28 PM) to
Valerie Swett;
Exhibit 64, Email correspondence from Jeff Stetina dated October 3,2006 (1: 16 PM) to
Valerie Swett;
Exhibit 65, Correspondence from Richard J. Glidden dated October 4, 2006,to Valerie
Swett, Esq. with these enclosures:
Exhibit 65.1, Memo of Richard 1. Glidden, Glidden & Glidden, P.C., dated October
3,2006;
Exhibit 65.2, Statement of Thomas Sobol and Meredith Sobol regarding Nantucket
Islands Land Bank Transfer No. 26977 dated September 18, 2006;
Exhibit 65.3, Correspondence from Anne Remian, Lee Real Estate, dated September
12, 2006, to Eric Savetsky; ,
Exhibit 65.4, Offer to Purchase Real Estate from Meredeth and Tom Sobol dated
August 8, 2005;
Exhibit 65.5, Copy of Sobol Check No. 3101 for $5,000 payable to Jordan Real
Estate dated August 10,2005;
Exhibit 65.6, Massachusetts Mandatory License-Consumer Relationship Disclosure
dated August 8, 2005;
Exhibit 66, Email correspondence from Valerie Swett dated October 6, 2006 (12:25 PM) to
Richard Glidden;
Land Bank Commission
November 14,2006
Page 10
Bruce Issadore then presented an account of relationships and transactions among the various parties
having to do with development of the property formerly or now owned by Hedgebury Lane LLC.
During his presentation it became apparent that there were one or more documents in the possession
of Hedge bury Lane LLC or its representatives which Mr. Issadore wished to offer as Exhibits for
consideration by the Commission. Specifically mentioned was an agreement among Bruce Issadore
and Bruce Poor in April 2006, which was present only in unsigned form. During the presentation,
Mr. Issadore prepared a sketch plan of the subdivision, which was entered in the record of the
hearing as Exhibit 80.
Throughout the he~ring, various questions and comments were addressed by Ms. Swett to Attorneys
Yankow, Glidden and Issadore.
By agreement of the parties, the hearing was continued to 4:00 p.m. on Tuesday, November 28,
2006, to allow the property owners to submit additional exhibits and provide final arguments
regarding the imposition ofa Land Bank fee on the three transfers which are the subject of the
hearing.
C. TRANSFER BUSINESS:
1. Transfer Record Nos. 27343 through 27439: The Commission reviewed transfers for the
period of October 1,2006, through October 31,2006.
a. Current "M" Exemptions and Liens: The Commission authorized placing liens against the
following as a result of the purchasers claiming the "M" exemption as first time buyers of real property:
No. 27353 Erica L. Valero
No. 27371 Asta King
No. 27372 Tihomir I. Ivanov and Polia Ivanova
No. 27406 Christopher T. Grimes and Lilian C. Grimes
No. 27408 Travis Lombardi and Adrienne H. Lombardi
2. Transfer Update:
a. Inquiry Compliance Review - Supplemental Information Provided: Based upon
information and/or documentation provided by the purchasers' representatives, the Commission
found the following transfers to be in order:
No. 27201 Clark Kent, LLC
No. 27301 Fifteen Beach Street Nominee Trust
No. 27302 David W. MacArthur
3. "M" Exemption Update:
a. Two-Year Domicile Inquiry Non-Compliance - No. 24942 Luke A. Tedeschi and
Laura M. Tedeschi: The Commission reviewed coorespondence from the purchasers explaining the
circumstances which have prevented them from complying with the domicile requirements of the
Land Bank Commission
November 14, 2006
Page 12
RETURN TO OPEN SESSION
G. FINANCIAL BUSINESS (continued):
1. Warrant Authorizations - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to approve and execute the November 14, 2006, warrant document in the amount of
$73,352.95 to be provided to the county treasurer.
H. REGULAR BUSINESS:
1. Public Notice Review: The Director reviewed public notices received since the last review.
No action was taken.
2. Nantucket Housing Office - Housing Bank Article: The Director presented
correspondence from Leedara Zola, Executive Director of the Nantucket Housing Office, asking the
Commission to consider contributing towards the cost of hiring a legislative consultant (lobbyist) to
help shepherd the Housing Bank article through the state legislature. Since this bill would also
provide substantial beneficial amendments to the Land Bank Act, upon a motion made and duly
seconded, it was VOTED to contribute the requested amount of $8,000.
I. PROPERTY MANAGEMENT (continued):
1. Controlled Burn Program - Grant Support Letter: Upon a motion made and duly seconded,
it was VOTED to authorize the Chairman to sign a letter of support endorsing the Nantucket
Conservation Foundation's grant application seeking funding through the U.S.F.S. State Fire
Assistance Hazard Mitigation Program.
2. Miacomet Beach - Use Request: The Director presented a request from Logan Korpida
seeking the Commission's permission to hold a wedding ceremony at the Land Bank's Miacomet
Beach property on July 21,2007, at 3:30 p.m. for approximately 70 guests, lasting 45 minutes and
including setup for 70 chairs and a wooden arbor. The Commission asked staff to suggest that Ms.
Korpida use the Land Bank's Ladies Beach property as a more appropriate location and that guests
should carpool to the ceremony in an effort to reduce the number of vehicles parked at the property.
The Director will report back to the Commission.
3. Walker Property - Use Request: Upon a motion made and duly seconded, it was VOTED
to approve a request presented by Commissioner Stackpole to use the Land Bank's Walker property
for the installation of the Figawi V.I.P. Tent on Memorial Day Weekend 2007 subject to receipt ofa
Certificate of Insurance naming the Land Bank as additionally insured.
4. Cliff Road I Maxey's Pond Property - Request: John Stackpole presented a request from
the Nantucket Angler's Club asking the Commission to consider donating crushed concrete materials
for a road stabilization project at the road access off Cliff Road at Maxey's Pond. The roadway
accesses Nantucket Angler's Club properties, Land Bank properties and the old settlers' burial
ground. The Commission asked Mr. Stackpole to provide a letter request and a map of the area.
MONTHLY TRANSFER STATISTICS CALENDAR 2005
CAL05
Month
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
::.:: :THRU: :OCT05=
Average
Low
High
Total Exempt Taxable
Transfers Transfers Transfers
130
85
93
89
96
124
83
92
131
120
91
148
.,.......... .
........~........
..:.:::.:::::!;q~8
107
83
148
57
48
53
50
50
58
36
45
48
35
48
110
...................0......
.......... . ..
........ ...
......... ..
........ ....
........ ..
..............,:1~,:......
53
35
110
73
37
40
39
46
66
47
47
83
85
43
38
..)::$$.$,."
54
37
85
Total Gross
Value
$136,754,392
$43,249,759
$68,345,932
$51,084,963
$83,808,142
$148,172,988
$84,966,423
$79,297,377
$170,977,147
$176,148,013
$75,391,500
$79,616,375
Gross
Value Taxable
$135,351,725
$42,599,759
$67,135,932
$49,884,963
$76,101,803
$144,472,988
$84,366,423
$78,447,377
$155,677,147
$171,285,209
$74,591,500
$65,841,375
.: .,:..~1:;Q4?;fflP~;:~~~:....::..$:1.;Q9$;.~?~.;$~~
$99,817,751 $95,479,683
$43,249,759 $42,599,759
$176,148,013 $171,285,209
MONTHLY TRANSFER STATISTICS CALENDAR 2006
Revenue
Received
$2,744,481
$853,995
$1 ,356,739
$1,007,699
$1,524,036
$2,889,460
$1,691,900
$1,574,140
$3,113,343
$3,429,117
$1,495,630
$1,335,445
<<$..: 2':' 0":":1:.8' '4'>9"1' .0': >
. . . . . . . . . ... . .
: ~: ~: ~: ~;..;.:::. :;~::::::::. ~:::::::.:: ~:
$1,917,999
$853,995
$3,429,117
CAL06 Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
Jan-06 106 59 47 $105,705,774 $104,705,774 $2,094,115
Feb-06 87 54 33 $52,792,786 $51,532,000 $1,038,640
Mar-06 104 63 41 $81,793,500 $80,393,500 $1,607,870
Apr-06 78 44 34 $73,440,925 $69,424,975 $1,388,500
May-06 96 50 46 $91,696,267 $90,991,600 $1,821,832
Jun-06 79 39 40 $78,671,608 $77,871,608 $1,557,432
Jul-06 66 34 32 $65,734,501 $64,334,501 $1,286,690
Aug-06 75 49 26 $48,890,581 $46,838,137 $938,763
Sep-06 76 37 39 $107,911,581 $106,311,581 $2,137,232
Oct-06 97 58 39 $91,989,800 $77,540,800 $1,558,816
Nov-06
Dec-06
. . . . . . . . . . .
" ..... ............ .......
:::...THRu:OCT~:.........:.:.:.:~?~
Average 86
Low 66
High 106
MONTHL Y
. . . . . . . . . . . . . . . . . . .
'...............:4.$7...:'.',.::...,.,
49
34
63
H377
38
26
47
$.798~627,322 "
$79,862,732
$48,890,581
$107,911,581
".""$. .7. 6. "9. ."9"4' '4' "4.'.7. 6' ',','
. . . . .. .. .. .
..... .. ... .
'" .. ... ..
. . ... . . . . . . .
: ::~:~:; :::::';::':'~' :::.:::.~i:::: :::.; :~:~
$76,994,448
$46,838,137
$106,311,581
""'$' "1' '5' '4. '2.'9. "'8'.9' .0' ','
. . .. . . . . .
HU; ;i~.L;;r:.;::<).;.;:::~.Hj
$1,542,989
$938,763
$2,137,232
UNAUDITED
MINUTES
Nantucket Land Bank Commission
Regular Meeting of November 14,2006
Land Bank Meeting Room, 22 Broad Street
- . .
N antucket,Massachusetts
CALL TO ORDER: 4:01 P.M.
PRESENT: Holdgate, Johnson, Reinhard, Stackpole. ABSENT: Bartlett.
Minutes of the regular meeting held October 24, 2006: Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of October 24, 2006, as written.
A. CITIZEN BUSINESS: None.
B. TRANSFER HEARING:
Pursuant to Section 14 of the Land Bank Act, the Commission held a hearing on the matter of the
Notices of Assessment from the Nantucket Islands Land Bank Commission dated August 22,2006,
as summarized above.
The hearing was tape recorded.
Valerie Swett Esq. was present to act as the legal counsel to the Land Bank Commission.
Present at the hearing as property owners and/or representatives of property owners were James
Englert, Attorney Bruce Issadore, Attorney David Arons, Attorney Keith Yankow, and Attorney
Richard J. Glidden.
The hearing was opened by the Chairman.
Ms. Swett summarized the history of the transfers and asked that the following documents be entered
into the record as exhibits. The exhibits were entered without objection.
Exhibit 1, Certificate of Organization for Limited Liability Company Hedgebury Lane LLC filed
August 27, 2003, with the Secretary of the Commonwealth of Massachusetts by Bruce H. Poor,
Manager;
Exhibit 2, Certificate of Organization for Limited Liability Company EKIA LLC filed
August 28,2003, with the Secretary of the Commonwealth of Massachusetts by Bruce A.
Issadore, Manager;
Exhibit 3, Transfer Documents Record No. 23411 including Form A, Form B, Schedule of
Beneficial Interests for Hedgebury Lane LLC, Certificate of Organization for Limited
Liability Company Hedgebury Lane LLC filed August 27,2003, with the Secretary of the
Commonwealth of Massachusetts, and deed from to Michael W.C. Emerson, Bruce H. Poor
and Gloria Grimshaw to Hedgebury Lane LLC recorded at the Nantucket Registry on
September 5, 2003, as Book 845, Page 254;
Land Bank Commission
November 14,2006
Page 3 .
Exhibit 15, Correspondence from Keith M. Yankow, Esq. dated June 1,2006, to the
Nantucket Islands Land Bank with attached schedule of Ownership of Hedgebury Lane LLC;
Exhibit 16, Correspondence from Nantucket Islands Land Bank dated June 16,2006, to
Keith M. Yankow;
Exhibit 17, Mortgage from Bruce H. Poor to Washington Mutual Bank, FAin the amount of
$1,350,000 recorded at the Nantucket Registry on April 28, 2006, as Book 1019, Page 220;
Exhibit 18, Transfer Documents Record No. 26977 including Form A, Form B, and deed '
from Hedgebury Lane LLC to Bruce A. Issadore and John J. Englert for Lot 2 recorded at the
Nantucket Registry May 9, 2006, as Book 1021, Page 15;
Exhibit 19, Mortgage from Bruce A. Issadore and John J. Englert to TD BankNorth, N.A. in
the amount of $800,000 recorded at the Nantucket Registry on May 9, 2006, as Book 1021,
Page 17;
Exhibit 20, Partial Release (Lot 2) recorded at the Nantucket Registry on May 15, 2006, as
Book 1021, Page 281, of BankNorth mortgage from Hedgebury Lane LLC recorded as Book
872, Page 54 (Exhibit 9);
Exhibit 21, Partial Release (Lot 4R) recorded at the Nantucket Registry on May 23,2006, as
Book 1023, Page 86, of BankNorth mortgage from Hedgebury Lane LLC recorded as Book
872, Page 54 (Exhibit 9);
Exhibit 22, Correspondence from Valerie Swett, Esq. dated June 27, 2006, to David Arons,
Esq. and Keith Yankow, Esq.;
Exhibit 23, Email string including (i) correspondence from David Arons dated July 20,
2006, (1 :57 PM) to Valerie Swett and (ii) correspondence from Valerie Swett dated July 31,
2006, (3:12 PM) to David Arons;
Exhibit 24, Email string including (i) correspondence from David Arons dated August 1,
2006, (2:11 PM) to Valerie Swett; and (ii) correspondence from Valerie Swett dated August
3,2006, (2:50 PM) to David Arons;
Exhibit 25, Correspondence from David L. Arons, Esq. dated August 9, 2006, to Valerie
Swett, Esq.;
Exhibit 26, Email correspondence from Valerie Swett dated August 10,2006, (5:15 PM) to
David Arons;
Exhibit 27, Transfer Documents Record No. 27236 including Form A and deed from Bruce
A. Issadore and John J. Englert to Thomas M. Sobol and Meredith L. Sobol recorded August
18, 2006, as Book 1036, Page 254;
Land Bank Commission
November 14, 2006
Page 5 .
Exhibit 33.6, Revolving Construction Line of Credit Note dated January 30, 2004, in
the amount of $3,630,000 executed by Andrew Kaye, Manager, Hedgebury Lane,
LLC;
Exhibit 33.7, Mortgage and Security Agreement dated January 30, 2004, executed by
Andrew Kaye, Manager, Hedgebury Lane, LLC;
Exhibit 33.8, Lessor's Assignment of Leases and Rents as Collateral Security dated
January 30, 2004, executed by Andrew Kaye, Manager, Hedgebury Lane, LLC;
Exhibit 33.9, UCC Financing Statement for Massachusetts Secretary of State;
Exhibit 33.10, Assignment oflnterest in Licenses, Permits and Agreements dated
January 30, 2004, executed by Andrew Kaye, Manager, Hedgebury Lane, LLC;
Exhibit 33.11. Development and Construction Loan Agreement dated January 30,
2004, executed by Andrew Kaye, Manager, Hedgebury Lane, LLC;
Exhibit 33.12, Unlimited Guaranty of Bruce A. Issadore to BankNorth, N.A. dated
January 30, 2004;
Exhibit 33.13, Unlimited Guaranty of David L. Arons to BankNorth, N.A. dated
January 30, 2004;
Exhibit 33.14, Unlimited Guaranty of Andrew Kaye to BankNorth, N.A. dated January
30, 2004;
Exhibit 33.15, Unlimited Guaranty of John 1. Englert to BankNorth, N.A. dated
January 30, 2004;
Exhibit 33.16, Operating Agreement for EKIA LLC executed by Bruce A. Issadore,
John J. Englert, Andrew Kaye, and David L. Arons, Members and Bruce A. Issadore
and John J. Englert, Managers, dated August 27,2003, with attached Schedule A,
membership interests in EKIA Lane LLC, executed by Bruce A. Issadore, John J.
Englert, Andrew Kaye, and David L. Arons;
Exhibit 33.17, Settlement Statement dated April 28, 2006, from the Office of Keith M.
Yankow, Esq. for the conveyance of Lot 4R to Bruce H. Poor;
Exhibit 33.18, Settlement Statement dated May 9,2006, from law office of Glidden &
Glidden, P.C. for the conveyance of Lot 2 to John J. Englert and Bruce A. Issadore;
Exhibit 34. Notice of Assessment from the Nantucket Islands Land Bank Commission dated
August 23, 2006/ Unreported transfer of control when Andrew Kaye was added as manager,
to Hedgebury Lane, LLC, and Harold B. Murphy and Lauren C. Murphy, Trustees ofECD
Land Bank Commission
November 14,2006
Page 7 '
Exhibit 45. Email string including (i) correspondence from David Arons dated September 7,
2006 (2:28 PM) to Valerie Swett and (ii) correspondence from Valerie Swett dated
September 7, 2006 (2:53 PM) to David Arons;
Exhibit 46. Correspondence from David L. Arons, Esq. dated September 7, 2006 to Kenneth
W. Holdgate, Jr., Chairman, Nantucket Islands Land Bank Commission;
Exhibit 47. Correspondence from Valerie Swett, Esq. dated September 11,2006, to Richard J.
Glidden, Esq.;
Exhibit 48. Correspondence from Anne Remian, Lee Real Estate, dated September 12, 2006,
to Eric Savetsky;
Exhibit 49. Correspondence from Valerie Swett, Esq. dated September 13,2006, to David
Arons, Esq., Keith Yankow, Esq., and Richard J. Glidden, Esq.;
Exhibit 50, Email string including (i) correspondence from Keith Yankow to Valerie Swett
dated September 13,2006 (2:07 PM) and (ii) correspondence from Valerie Swett to Keith
Yankow dated September 13, 2006 (2:46 PM);
Exhibit 51, Email correspondence from Valerie Swett to Keith Yankow dated September 14,
2006 (12:36 PM);
Exhibit 52, Email string including (i) correspondence from Valerie Swett to Keith Yankow
dated September 18,2006 (5:51 PM) and (ii) correspondence from Keith Yankow to Valerie
Swett dated September 18,2006 (6:09PM);
Exhibit 53, Memo from Keith Yankow dated September 19,2006 to Valerie Swett;
Exhibit 54. Email correspondence from Valerie Swett dated September 19,2006 (12:44 PM)
to Keith Yankow;
Exhibit 55, Email correspondence from Valerie Swett, Esq. dated September 20,2006 (1:06
PM) to David Arons, Keith Yankow, and Richard J. Glidden, with attached draft escrow
agreement;
Exhibit 56, Correspondence from KeithM. Yankow, Esq. dated September 22, 2006, to Valerie
Swett, Esq.;
Exhibit 57, Email correspondence from Valerie Swett dated September 22,2006 (5:44 PM)
to Keith Yankow, Dave Arons, and Richard Glidden with attached second draft of the
escrow agreement and compared copies;
Exhibit 58. Email string including (i) correspondence from Bruce A. Issadore, Esq. dated
September 25,2006 (3:02 PM) to Valerie Swett and (ii) correspondence from Valerie Swett
dated September 25,2006 (3:37 PM) to Bruce Issadore, 'bai@isalaw.com';
Land Bank Commission
November 14,2006
Page 9
Exhibit 67. Hand delivered correspondence from Keith M. Yankow, Esq. dated October 5,
2006, to Craig Hunter, Nantucket Land Bank, with attached signature page of the Escrow
Agreement between the Nantucket Islands Land Bank and Hedgebury Lane LLC;
Exhibit 68. Email correspondence from Valerie Swett dated October 6,2006 (1:43 PM) to
David Arons, Keith Yankow, and Richard Glidden;
Exhibit 69. Correspondence from David L. Arons dated October 10, 2006, to Craig Hunter;
Exhibit 70, Email correspondence from David Arons dated October 10, 2006 (12:24 PM) to
Valerie Swett, Keith Yankow, Richard J. Glidden, Esq.;
Exhibit 71, Correspondence from Valerie Swett, Esq. dated October 11,2006, to Keith M.
Yankow, Esq. with enclosed counterpart escrow agreement;
Exhibit 72. Escrow Agreement dated September 26, 2006, between Hedgebury Lane, LLC,
Nantucket Islands Land Bank and Deutsch Williams Brooks DeRensis & Holland, P.C.
(Escrow Agent);
Exhibit 73. Correspondence from Valerie Swett, Esq. dated October 11,2006, to Martin
Jeffrey Stetina, Esq. with attached release of lien executed by the Land Bank Commission;
Exhibit 74. Nantucket Islands Land Bank Release of Lien dated September 26,2006, to
Hedgebury Lane, LLC recorded at the Nantucket Registry on October 12, 2006, as Book
1044, Page 56;
Exhibit 75. Correspondence from Valerie Swett, Esq. dated October 17,2006, to David
Arons, Esq.;
Exhibit 76. Correspondence from David Arons to Valerie Swett dated November 2,2006,
with enclosed 2005 income tax return for Hedgebury Lane LLC (IRS Form 1065);
Exhibit 77, Table Summarizing Hedgebury Lane LLC members from time to time as shown
by the foregoing exhibits, as compiled by Valerie Swett;
Exhibit 78. IRS Form W-9 dated September 26,2006, provided by Hedgebury Lane LLC in
connection with the escrow fund held by Deutsch Williams Brooks DeRensis & Holland, P.C.
Attorney Keith Yankow presented an affidavit of Bruce H. Poor dated November 13,2006, which at
Mr. Yankow's request was added as Exhibit 79.
Attorney Richard Glidden spoke on behalf of Thomas and Meredith Sobol asking that the lien issued
as a result of Transfer No. 26977 be lifted from the 50% tenancy in common interest which the
Sobols own in the lot which is the subject of the transfer.
Land Bank Commission
November 14,2006
Page 11 .
"M" exemption. Based upon the information provided by Mr. Tedeschi, and upon a finding of
extraordinary circumstances, upon a motion made and duly seconded, it was VOTED to waive the
penalty and interest on the exempted amount subject to receipt of payment of the outstanding $4,000
fee within thirty days. The Commission determined that the circumstances were extraordinary in that
the purchasers could not have foreseen their inability to become domiciled at the property.
b. Two-Year Domicile Inquiry Non-Compliance - No. 24821 Amy D. Koch-Oman,
Trustee of Starr Nominee Trust: The Commission reviewed information provided by the purchaser
and the purchaser's attorney. Based upon the prompt payment of the outstanding $4,000 fee and a
finding of extraordinary circumstances, upon a motion made and duly seconded, it was VOTED to
waive the penalty and interest and accept payment of the fee as submitted. The Commission
determined that the circumstances were extraordinary in that the purchaser could not have foreseen
her inability to provide required documentation, satisfactory to the Commission, substantiating her
domicile as being 9 Killdeer Lane.
c. Notice of Assessment - No. 24281 Carol Surface: Based upon the purchaser's failure
to provide the requested documentation and a failure to comply with the domicile requirements of
the "M" exemption, upon a motion made and duly seconded, it was VOTED that there has been a
failure to discharge a Land Bank fee due on No. 24281, to send a Notice of Assessment together
with applicable interest and penalty, and to authorize the placing of a lien against the property.
D. PROPERTY MANAGEMENT:
1. Sconset Beach Preservation Fund Request: Representatives of the Sconset Beach
Preservation Fund (S.B.P.F.), William F. Hunter, Esq., Cheryl Bartlett, Richard Spadoni, Sr. V. P.,
Coastal Planning & Engineering Inc., and Peter Kaiser were in attendance to present a proposal for a
beach nourishment project ("building a beach") which, if permitted, would involve various Land
Bank beach properties along the shoreline from Sesachacha Pond to Low Beach.
Attorney Hunter explained that the Commission, as owners of several of the properties, must give
permission for the S.B.P.F.' s application to be considered for permitting with the Nantucket
Conservation Commission and the state Department of Environmental Protection Agency.
After a discussion, the Commission asked the group to provide additional information, a draft of the
proposed letter agreement and a plan identifying the Land Bank parcels which would be included in
the project.
E. FINANCIAL BUSINESS:
1. Monthly Transfer Statistics: The October 2006 transfer statistics were presented to the
Commission.
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 litigation.
Land Bank Commission
November 14,2006
Page 13
J. 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 ma and duly seconded, it was VOTED to adjourn at 7:06 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 28th day of November 2006.
;/
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of November 14, 2006
1. Transfer Hearing:
No. 26947 Bruce H. Poor
No. 26977 Bruce A. Issadore, John Englert,
Thomas M. Sobol and Meredith L. Sobol, tenants in common
Unreported transfer of control when Andrew Kaye was added as manager, Hedgebury
Lane, LLC and Harold B. Murphy and Lauren C. Murphy, Trustees of
ECD Realty Trust
2. October Transfers - Record Nos. 27343 through 27439:
a. Current "M" Exemptions:
No. 27353 Erica L. Valero
No. 27371 Asta King
No. 27372 Tihomir I. Ivanov and Polia Ivanova
No. 27406 Christopher T. Grimes and Lilian C. Grimes
No. 27408 Travis Lombardi and Adrienne H. Lombardi
3. Transfer Update:
a. Inquiry Compliance Review - Supplemental Information Provided:
No. 27201 Clark Kent, LLC
No. 27301 Fifteen Beach Street Nominee Trust
No. 27302 David W. MacArthur
4. "M" Exemption Update:
a. Two-Year Domicile Inquiry Non-Compliance:
No. 24942 Luke A. Tedeschi and Laura M. Tedeschi
No. 24821 Amy D. Koch-Oman, Trustee of Starr Nominee Trust
No. 24281 Carol A. Surface