HomeMy WebLinkAbout2006-07-25
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of July 25, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meetings held July 11, 2006
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. TRANSFER BUSINESS
C. PROPERTY MANAGEMENT
1. Miacomet Golf Update
D. FINANCIAL BUSINESS
1. Monthly Financial Statistics
2. Warrant Authorization - Cash Disbursements
E. REGULAR BUSINESS
1. Public Notices Review
2. Land Bank Logo Design Discussion
3. Housing Bank Article Update
F. PROPERTY MANAGEMENT
1. Property Management Update
2. Gardner Property - Cottage Addition
3. Carter Property - Bulkhead Permitting Update
4. Walker Property - Use Request
EXECUTIVE SESSION
ADJOURNMENT
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Nantucket Land Bank
July 25, 2006
Page 2
c. Course Renovation - Proposal Update: Mr. Passios reported on recent discussion
with NMP Golf regarding their proposal to renovate the existing nine holes.
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d. Course Renovation - Permitting Update: The Director reported on recent discussions
with Kelly Cardoza, consultant to the Land Bank, and Charlie Passios regarding permitting
requirements for the project. Discussion followed. Upon a motion made and duly seconded, it was
VOTED to authorize the Director to file a request with the Secretary of Environmental Affairs.
E. FINANCIAL BUSINESS (continued):
I. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the July 25, 2006, warrant document in the amount of$49,531.86 to be
provided to the county treasurer.
F. REGULAR BUSINESS:
I. Public Notices Review: The Director reviewed public notices received since the last review.
No action was taken.
2. Land Bank Logo Design Discussion: Commissioner Reinhard initiated a discussion
regarding reworking the Land Bank logo design and gave his opinion on the matter. No action was
taken.
3. Housing Bank Article Update: The Director provided an update on Senate Bill No. 2555, a
bill to establish the Martha's Vineyard and Nantucket housing banks, and reported that since it is
apparent that the bill will not make it out of committee this session town counsel has drafted an article
for the October Special Town Meeting seeking to establish The Nantucket Community Housing Bank.
G. PROPERTY MANAGEMENT:
1. Lily Pond Property - Parking Discussion: The Director reported that the property
supervisor has asked the Nantucket Police Department to enforce a two-hour parking limit at the Lily
Pond parking area to help control all-day parking at the property.
2. Carter Property - Bulkheading Update: The Director reported that an approved Order of
Conditions was issued by the Conservation Commission and bid specifications were being prepared.
3. Property Activity Update: The Director provided an update on the Somerset Road bike
path project bids and plans for proposed ball fields at the Commission's Nobadeer Farm Road
property.
4. Gardner Property - Marble Cottage Addition: The Commission reviewed concept plans for
a proposed addition to the Marble Cottage and the Director provided cost estimates for each option.
Upon a motion made and duly seconded, it was VOTED to approve the Option II design and to
submit an application to the Historic District Commission.
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of June 30, 2006
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STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS:
Nantucket Bank / Operating Fund 790008734
Nant.uckeLBank / Operating Fund 799508888
Nantucket Bank / Collection Account 790017653
MMDT / Cash Account 44229979
TOTAL UNRESTRICTED FUNDS:
APY
4.30
0.50
4.41
5.17
$24,553.26
$26,005.89
$3,111,844.48
$14,936,075.85
$18,098,479.48
STATEMENT OF ACCOUNTS. RESTRICTED FUNDS:
Miacomet Park / Nantucket Bank CD43-2790 due 7/25/06
Miacomet Park 2000 / Nantucket Bank 79-24361
Debt Service Fund 98E / US Bank
Working Capital/Nantucket Bank CD45-2733 due 6/14/06
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
4.07
4.40
4.51
5.00
5.17
5.17
$2,494,015.66
$232,600.70
$779,558.17
$1,156,184.04
$320,839.58
$150,860.90
$1,100.00
$264,444.07
$21,060.32
i:m$5,420,663.44
2.93
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BONDS:
Principal
Outstanding
1998 Series E Issue $10,070,000 (A)
(Final principal payment 7/1/2019)
Payment Due
7/1/2006
Payment Due
1/1/2007
(C) $771,851.25
(D) $235,432.50
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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 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)
Ottison Note #27 $4,500,000 Interest for One Year due Sept 26,2006: $112,500.00
(Note payable 9/2(106)
Goodwillie Note #28
(Note payable 12/12/06)
$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:
$5,046,159
$16,671,159 (B)
Principal and Interest of $36,030.05 due Monthly:
Total Annual Notes / Loan Payments (E):
$432,360.60
$875,560.00
Interest of $60,000 due 6/12/06 and 12/12/06
$120,000.00
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TOTAL DEBT (A) & (B): $26,741,159
Total Annual Debt Payments (C) (D) & (E): $1,882,843.75
STATEMNTFY06
MINUTES
Nantucket Land Bank Commission
Regular Meeting-of July 25, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Bartlett, Holdgate, Johnson, Reinhard, Stackpole.
Commissioner Bartlett joined the meeting during the Miacomet Golf Update.
Minutes of the regular meeting held July 11, 2006: Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of July 11,2006, as written.
A. CITIZEN BUSINESS: None
B. TRANSFER BUSINESS:
1. "M" Exemption Update:
a. Release of Lien Adjustment Pending - No. 22250 David P. Betar and Adriel L.
Betar: The Commission executed a Release of Lien to be provided to the purchasers subject to the
receipt of the outstanding fee, penalty and accrued interest.
2. Transfer Update:
a. Inquiry Compliance: Based upon a review of documentation provided by the
purchasers' attorney the Commission found the transfers to be in order:
No. 26953 Gary S. Bournie and William J. Richards
No. 26986 Joseph M. Lamb and Rebecca L. Lamb
C. FINANCIAL BUSINESS:
1. Financial Report: Ms. Hunter presented a financial summary as of June 30, 2006.
D. PROPERTY MANAGEMENT:
1. Miacomet Golf Update:
a. Monthly Financial Report: Mr. Passios presented the financials through June 30,
2006. Upon a motion made and duly seconded, it was VOTED to accept the statements as presented.
b. Operations Update: Mr. Passios provided an update on golf shop, restaurant, golf
play, membership and building renovation activities.
Nantucket Land Bank
July 25, 2006
Page 3
5. Walker Property - Use Request: The Director presented a request from Tim Weld to hold a
party on Saturday, July 29th, 2006, with 3 tables and 10 chairs from 6 p.m. to 10 p.m. Upon a motion
made and duly seconded, it was VOTED to approve the request as presented subject to the party being
kept to one side of the property.
6. Property Management Update:
a. Brock Property - Off Milestone Road: The Commission approved a request from the
Wannacomet Water Company to allow discharge water from a well pump test to run off onto Land
Bank Brock property. The Commission asked staff to work with representatives from the Water
Company to minimize damages to the property and trails.
b. Gardner Property - Ozone Surf Classic: Mr. Perry informed the Commission that he
has been coordinating with organizers of the Ozone Surf Classic which is scheduled for August 5,
2006, to provide parking, as previously approved, at the Gardner fields.
Commissioner Holdgate left the meeting during Executive Session.
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 6:20 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 8th day of August 2006.
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of July 25, 2006
1. "M" Exemption Update:
a. Release of Lien - Adjustment Pending:
No. 22250 David P. Betar and Adriel L. Betar
2. Transfer Update:
a. Inquiry Compliance:
No. 26953 Gary S. Bournie and William J. Richards
No. 26986 Joseph M. Lamb and Rebecca L. Lamb