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Home My WebLink About2006-05-23 AGENDA Nantucket Land Bank Commission Regular Meeting of May 23,2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meetings held May 9, 2006 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Update C. TRANSFER BUSINESS D. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization E. REGULAR BUSINESS 1. Public Notice Review 2. Land Bank Map Project Update F. PROPERTY MANAGEMENT 1. Property Supervisor's Update 2. Smooth Hummocks Management Discussion 3. Carter Property - Conservation Commission Permitting Update 4. Gardner Property - Marble Cottage Discussion 5. Nobadeer Farm Road Property- Town Bikepath Project 6. Johnson Hummock Pond Road Property - Utility Request 7. Somerset Road Sidewalk Project - Update EXECUTIVE SESSION ADJOURNMENT ....-l, o ~:. """"'"'~. . ..r,i'~ ("'''':\ ~ ~ :;z: - ::- -to~~ -::::-----=:,.. ';1::::> '" i.)1. 0) Nantucket Land Bank May 23, 2006 Page 2 2. Request for Commission's Informal Opinion Regarding Proposed Transfer - Charles A. Staziale, Jr., as Chapter 7 Bankruptcy Trustee for Student Finance Corporation: Ms. Hunter summarized a proposed transfer as outlined in a letter from Attorney Emily Avery, dated May 22, 2006. The Commission informally determined that a claim to exemption from the Land Bank fee when the property transfers from current owners, Andrew N. Yao and Lore N. Yao, to the bankruptcy trustee would be accepted as a "straw" to hold, market and sell the property for the Yaos as ordered by the United States Bankruptcy Court. D. FINANCIAL BUSINESS: I. Monthly Financial Report: The Commission accepted the financial report for the period ending April 30, 2006. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the May 23,2006, warrant document in the amount of$205,289.89 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. Land Bank Map Project Update: The Director provided an update including recent content development, design and preliminary layout. F. PROPERTY MANAGEMENT: I. Smooth Hummocks Management Discussion: Mr. Perry provided an update on short and long term plans to control phragmites at Land Bank properties located at Reedy Pond and Mioxes Pond. 2. Carter Property - Conservation Commission Permitting Process Update: The Director reported that in response to concerns expressed by the town biologist regarding the Land Bank's application for a stone revetment and beach nourishment at the Carter property, staffwould continue to explore alternative options. 3. Gardner Property - Marble Cottage Discussion: The Commission considered options for increasing and/or upgrading employee housing at the Gardner property including the construction of an addition to the Marble Cottage or the construction of a modular home nearby. 4. Nobadeer Farm Road Property - Town Bikepath Project: The Director presented the Town's preliminary design plans proposing an extension ofa bike path from Old South Road to Nobadeer Farm Road which would run across Land Bank's property. The Commission suggested that the proposed section of the bike path along the west side of Nobadeer Farm Road should be eliminated and that the bike path should run directly along the Land Bank property line rather than cut through the middle of it. ...... ... ........ ............... . . . . . . . . . . . . . . ... . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of April 30, 2006 ......................... ............................................ .......... ..................... ................... .....................-.- ......... . . . . . . . . . . . . . .. ................. ......... ............... STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 01-79-8734 Nantucket Bank / Collection Account 01-79-17653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 3.19 3.32 4.88 $622,629.39 $1,428,824.34 $14,812,316.74 $16,863,770.47 ...................... ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................. . ............ . 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 3.24 4.17 3.30 4.88 4.88 $2,4 77 ,426.57 $231,019.48 $7,652.95 $1,149,315.25 _ $318,181.13 $149,610.88 $1,500.00 $419,110.73 $25,852.48 $4,779,669.47 2.55 .................. ......... ............... . ............ . BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $10,070,000 (A) Payment Due 7/1/2006 Payment Due 1/1/2007 (C) $771,851.25 (D) $235,432.50 ................... ................ . . . . . . . . . . . . . . . . . . . . . . . . . .......... . Principal NOTES / LOAN: Outstanding Payment Schedules Annual Payment!: 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 &'5(06) Ottison Note #27 $4,500,000 Interest for One Year due Sept 26,2006: $112,500.00 (Note payable !}/2/j/OO) 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: $5,050,181 $16,675,181 (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 TOTAL DEBT (A) & (B): $26,745,181 Total Annual Debt Payments (C) (D) & (E): $1,882,843.75 STATEMNTFY06 MINUTES Nantucket Land Bank Commission Regular Meeting of May 23, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Bartlett, Holdgate, Johnson, Reinhard, Stackpole. Minutes of the regular meeting held May 9, 2006: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of May 9, 2006, as written. A. CITIZEN BUSINESS: None B. PROPERTY MANAGEMENT: 1. Miacomet Golf Update: a. Financial Report: Charlie Passios presented the April 2006 financial report. Upon a motion made and duly seconded, it was VOTED to accept the financial statements as presented. b. Operations Update: Mr. Passios provided an update on new memberships, course revenue, restaurant activity including a discussion of the popularity and impact of private functions, clubhouse renovations, security system installation and specification/plan completion for the renovation of the existing nine holes. c. Promotional Update: Mr. Passios informed the Commission that sports writers from the F AM tour would be visiting the island on June 1 st and will be playing the course. Commissioner Johnson joined the meeting at this time. C. TRANSFER BUSINESS: 1. "M" Exemption Update: a. "M" Exemption - 2 Year Domicile Non-Compliance - No 24041 Amy A. Metcalf: The Commission reviewed a letter from Ms. Metcalf explaining the circumstances which have prevented her from complying with the domicile requirements of the "M" exemption and requesting an extension. Upon a motion made and duly seconded, it was VOTED to grant Ms. Metcalf a one year extension at which time the fee, interest and penalty will become due if Ms. Metcalf fails to make the property her primary domicile. b. Five Year Ownership Compliance and Releases of Liens: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of Releases of Liens for the following as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): No. 20766 Vilma C. Merlos No. 20771 Linda J. Bellevue, Trustee The South Shore Road Nominee Trust Nantucket Land Bank May 23, 2006 Page 3 5. Johnson Hummock Pond Road Property - Utility Request: After a discussion, upon a motion made and duly seconded, it was VOTED to approve a request from Jeff Kaschuluk to allow a minor encroachment along the road edge for the installation of a water main from the north side of Bartlett Farm Road around the comer to Hummock Pond Road. 6. Somerset Road Sidewalk Project Update: The Director presented completed plans for the extension of the sidewalk along West Miacomet Road towards the golf course which includes a paved extension off of Somerset Road. After a discussion, it was decided to use crushed stone instead of asphalt paving on the Somerset Road extension. 7. Road Grading Discussion: The Commission asked property management staff to have Barrett Farm Road extension and the road out to Pout Pond graded for the season. 8. Property Supervisor's Update: Jeffrey Pollock provided an update on matters related to recent property management activities including the installation of beach access stairs, removal of the Blair garage and the installation of a traffic buffer at the Stone 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 minutes and land acquisition. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:45 P.M. Jo Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 13th day of June 2006. ~~?- -<<~ 'Kenneth W. Holdgate, Jr., C TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of May 23,2006 I. "M" Exemption Update: a. "M" Exemption - 2 Year Domicile Non-Compliance: No. 24041 Amy A. Metcalfe b. Five Year Ownership Compliance and Releases of Liens: No. 20766 Vilma C. Merlos No. 20771 Linda 1. Bellevue, Trustee The South Shore Road Nominee Trust 2. Request for Commission's Informal Opinion Regarding Proposed Transfer: Charles A. Staziale, Jr., as Chapter 7 Trustee of Student Finance Corporation