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Home My WebLink About2006-10-10 r- .~ / ~,~ AGENDA Nantucket Land Bank Commission Regular Meeting of October 10, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meetings held September 26, 2006 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. FINANCIAL BUSINESS 1. Fiscal Year 2006 Audited Financial Statements Presentation 2. Monthly Transfer Statistics 3. Warrant Authorization - Cash Disbursements C. TRANSFER HEARING UPDATE: 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 ofECD Realty Trust D. TRANSFER BUSINESS E. REGULAR BUSINESS 1. Public Notices Review F. PROPERTY MANAGEMENT 1. Lily Pond Property - Blair House Discussion 2. Nobadeer Farm Road Property - Ball Fields Funding Discussion 3. Somerset Road Sidewalk Project Update ADJOURNMENT . 0 ';0 0"\ ~_.,' cl c 0 C:l ....-l N 0\ ;.:> co \'..:; 1...0 EXECUTIVE SESSION MINUTES Nantucket Land Bank Commission Regular Meeting of October 10, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:01 P.M. PRESENT: Bartlett, Holdgate, Johnson, Reinhard, Stackpole. Minutes of the regular meeting held September 26, 2006: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of September 26, 2006, as written. A. FINANCIAL BUSINESS: 1. Fiscal Year 2006 Audited Financial Statements Presentation: Land Bank auditor Kevin Carnes, Miacomet Golf accountant Peter Lamb, and Charlie Passios were in attendance for a review of the audited financial statements for the Fiscal Year ending June 30, 2006. Mr. Carnes discussed the format and content of the financial statements, went over the organization of the liabilities and net assets statement and discussed how the Land Bank's investment in the Miacomet Golf Course is presented. Upon a motion made and duly seconded, it was VOTED to accept the final audited FY 2006 financial statements as presented. 2. Miacomet Golf Course Loan Discussion: The Commission discussed expectations for repayment of the principal of the golf course loan from funds generated by Miacomet Golf. Upon a motion made and duly seconded, it was VOTED to continue to pay the principal with Land Bank funds, receive reimbursement of the interest only from the Miacomet Golf, and to revisit the decision on a yearly basis. Kevin Carnes left the meeting at this time. B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Six Month Unaudited Financial Report Presentation: Accountant for Miacomet Golf Course, Peter Lamb, presented the six month unaudited financial statement for the period ending June 30, 2006. b. Operations Update: Mr. Passios provided an update on matters related to golf course operations including personnel, member league play and building maintenance. Land Bank Commission October 10,2006 Page 2 C. CITIZEN BUSINESS/ANNOUNCEMENTS: None. D. FINANCIAL BUSINESS (continued): 1. Monthly Transfer Statistics: The September 2006 transfer statistics were presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the October 10, 2006, warrant document in the amount of $116,681.63 to be provided to the county treasurer. E. TRANSFER HEARING UPDATE: 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 Ms. Hunter presented a letter request from David L. Arons, Esq. asking that the hearing on the above referenced transfers be rescheduled from October 24,2006, to November 14,2006. The Commission agreed to reschedule the hearing to be held on November 14,2006, at 4:00 p.m. F. TRANSFER BUSINESS: I. Transfer Update - 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: Ms. Hunter reported that representatives for Hedgebury Lane, LLC have wired funds to Citizens Bank to be held by Land Bank counsel Valerie Swett as escrow agent pursuant to the terms of the escrow agreement. Attorney Swett will provide the Release of Lien upon receipt of the escrow agreement fully executed by Bruce Poor and Andrew Kaye, Managers of Hedgebury, LLC. 2. Transfers Record Nos. 27267 through 27342: The Commission reviewed transfers for the period of September 1, 2006, through September 30, 2006. 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. 27318 Christopher Gallant and Annette Tremblay No. 27322 Russell N. Jaehnig No. 27327 Peter Wills and Trudi Williams Land Bank Commission October 10,2006 Page 3 b. Additional Review and Request for Information: No. 2730 I Fifteen Beach Street Nominee Trust No. 27336 J. Graham Goldsmith and Katherine P. Goldsmith 3. Transfer Update: a. Satisfactorily Completed Form B and/or Documentation Provided - No. 27258 George W. Bilicic, Jr. and Laura S. Bilicic: Based upon the information and/or . documentation provided by the purchaser, the commission found the transfer to be in order. 4. "M" Exemption Update: a. Release of Lien - Adjustment Paid - No. 25469 Portia L. Stephens: The Commission executed a Release of Lien to be provided to the purchaser. G. REGULAR BUSINESS I. Public Notices Review: The Director reviewed public notices received since the last review. No action was taken. H. PROPERTY MANAGEMENT: 1. Lily Pond Property - Blair House Discussion: Resource Planner Bruce Perry presented plans and ideas for the removal, relocation and/or demolition of the Blair and Hemeon houses. Upon a motion made and duly seconded, it was VOTED to move forward with an application to the Historic District Commission (HDC) to relocate the Blair house at 15 N. Liberty Street and to remove or relocate the Hemeon house. 2. Nobadeer Farm Road Property - Ball Fields Funding Discussion: The Director informed the Commission that an inquiry has been received from Land Bank Community Preservation Committee representative, Polly Miller, asking whether the Commission would consider funding the construction of the ball fields at its Nobadeer Farm Road property. The Commission determined not to fund the construction of the fields. 3. Somerset Road Sidewalk Update: The Director provided an update on recent activities by Glowacki Paving to complete the sidewalk installation including clearing, inspection, grade staking and drainage. Land Bank Commission October 10,2006 Page 4 4. Dias / Pilot Whale Drive Property - Encroachment Issue: Mr. Perry reported that Richard Travaglione's attorney has filed a response to the Land Bank:' s complaint and has requested a jury trial on the matter. I. 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. Chairman Holdgate left the meeting during Executive Session. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:42 P.M. Attested to: John 1. Accepted, Approved, and Released by the VOTE of the Commission this 24th day of October 2006. /c Kenneth W. Holdgate, Jr. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of October 10, 2006 1. Transfer Update / Hearing Scheduled for October 24, 2006: Unreported transfer of control when Andrew Kay was added as manager, Hedgebury Lane, LLC and Harold B. Murphy and Lauren C. Murphy, Trustees ofECD Realty Trust 2. September Transfers - Record Nos. 27267 through 27342: a. Current "M" Exemptions: No. 27318 Christopher Gallant and Annette Tremblay No. 27322 Russell N. Jaehnig No. 27327 Peter Wills and Trudi Williams b. Additional Review and Request for Information: No. 27301 Fifteen Beach Street Nominee Trust No. 27336 J. Graham Goldsmith and Katherine P. Goldsmith 3. Transfer Update: a. Inquiry Compliance - Form B Provided: No. 27258 George W. Bilicic, Jr. and Laura S. Bilicic 4. "M" Exemption Update: a. Release of Lien - Adjustment Paid: No. 25469 Portia L. Stephens b. Inquiry Compliance - Form B Provided: No. 27258 George W. Bilicic, Jr. and Laura S. Bilicic MONTHLY TRANSFER STATISTICS CALENDAR 2005 CAL05 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received 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 93 53 40 $68,345,932 $67,135,932 $1,356,739 Apr-05 89 50 39 $51,084,963 $49,884,963 $1,007,699 May-05 96 50 46 $83,808,142 $76,101,803 $1,524,036 Jun-05 124 58 66 $148,172,988 $144,472,988 $2,889,460 Jul-05 83 36 47 $84,966,423 $84,366,423 $1,691,900 Aug-05 92 45 47 $79,297,377 $78,447,377 $1,574,140 Sep-05 131 48 83 $170,977,147 $155,677,147 $3,113,343 Oct-05 120 35 85 $176,148,013 $171,285,209 $3,429,117 Nov-05 91 48 43 $75,391,500 $74,591,500 $1,495,630 Dec-05 148 110 38 $79,616,375 $65,841,375 $1,335,445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . . . . . . . .. . . .. .,..::...:.$$$$.;$$.7;:1.~~. :...::,:...$~~~;.Q3,$~1j7 .................... , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... "," 923. :44.5: ..:.....:..::::478.:.::..: . . . . . . . . . . . . . . . . . . . , . . ................... . .... . ....... . . .... ... . . :':...:.:~1@;fl;~ei79~... ...... tHRU SEP05..... . . . .. ... : : : : : :: :: ..:: : . . .: .: .'. : ~ : : : : : .... ... ::::::::.' ,', ::;::::::::::::- .................. .. ............. . ................ . .................... . ............. . ...................... . Average 107 53 54 $99,817,751 $95,479,683 $1,917,999 Low 83 35 37 $43,249,759 $42,599,759 $853,995 High 148 110 85 i $176,148,013 $171,285,209 $3,429,117 MONTHLY TRANSFER STATISTICS CALENDAR 2006 CAL06 Month Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jut-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 ...........'...-.-.-............. . .................. . .tHTHRUSEf@eH ................. . .. .............. Average Low High MONTHL Y Total Exempt Taxable Total Gross Gross Revenue Transfers Transfers Transfers Value Value Taxable Received 106 59 47 $105,705,774 $104,705,774 $2,094,115 87 54 33 $52,792,786 $51,532,000 $1,038,640 104 63 41 $81,793,500 $80,393,500 $1,607,870 78 44 34 $73,440,925 $69,424,975 $1,388,500 96 50 46 $91,696,267 $90,991,600 $1,821,832 79 39 40 $78,671,608 $77,871,608 $1,557,432 66 34 32 $65,734,501 $64,334,501 $1,286,690 75 49 26 $48,890,581 $46,838,137 $938,763 76 37 39 $107,911,581 $106,311,581 $2,137,232 ... -,.. -. -. ............ . .............7. .....7.... ...... . ....6 .. . . . . . . . . . . . . . 85 66 106 I .... . ..... J . .. :..:$7P.~~$~7i~~f::::$P~~;:4P$.r.~7p $78,515,280 $76,933,742 $48,890,581 $46,838,137 $107,911,581 $106,311,581 .....-.. .'.......-...'.'...-.'... .....$. ..1. .3...S. 7. .1..0. ..1. .4. . . . .. . . . .... . .. .. .. . . .. ...... .... ..... . -:.:-. .;; " '.-::-.": ;" ;::::: ::;.;..:....;.;::-:J;..:.::::.::: $1,541,230 $938,763 $2,137,232 . - . . . - . -. . - . - . . . . . - . ..4..2..9............ . . . . . . . . ~~:. ~.-..:y~~~~:< .......... . . . .. .... 48 34 63 .......... . ::$.:38, ... . 38 26 47 UNAUDITED