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Home My WebLink About2006-04-25 AGENDA Nantucket Land Bank Commission Regular Meeting of April 25, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. TRANSFER HEARING: No. 25156 Robert Driscoll & Laina C. Driscoll No. 25586 Quisett Partners Nominee Trust Minutes o/the regular meetings held April 11, 2006 B. CITIZEN BUSINESS/ANNOUNCEMENTS C. PROPERTY MANAGEMENT I. Miacomet Golf Update D. TRANSFER BUSINESS E. FINANCIAL BUSINESS I. Monthly Financial Report 2. Warrant Authorization F. REGULAR BUSINESS I. Public Notice Review 2. Annual Election of Land Bank Officers 3. Community Preservation Committee Member Appointment G. PROPERTY MANAGEMENT I. Carter Property - Bulkhead Permitting Update 2. 40th Pole Property - Management Discussion 3. Nantucket Housing Office Request 4. Ladies Beach - Use Request 5. Property Supervisor's Update H. PERSONNEL MANAGEMENT I. Health Insurance Benefits Discussion EXECUTIVE SESSION ADJOURNMENT ""r./- { L~~'''' ~ ::U -~ :>Tj 0 .,,~,i' ::!:: ::IE ?< :z: """'l - ('"'") 0 f"-. ["1""1 -0 -.,' ...,...., N -.lC N N . Land Bank Commission April 25, 2006 Page 2 After a brief discussion of the materials presented, there being no further evidence, upon a motion made and duly seconded it was VOTED to close the hearing. The Commission accepted the representations and evidence presented confirming that the ownership interests of the real property have not changed according to a partnership agreement between the parties and upon a motion made and duly seconded, it was VOTED to grant the exemptions claimed, to rescind the prior determinations of assessment of fee due and to release the lien placed against the property on September 14,2005. D. CITIZEN BUSINESS/ANNOUNCEMENTS: None E. PROPERTY MANAGEMENT: 1. Miacomet Golf Update: a. Financial Report: Charlie Passios presented the March 2006 financial report. Upon a motion made and duly seconded, it was VOTED to accept the statements as presented. b. Membership Update: The Commission received an update on the number of member resignations received, the number of waitlisted parties for memberships and the total uncollected outstanding 2006 membership dues. c. Operations Update: Mr. Passios provided an update on matters related to operations including preparation of the greens for seasonal play, participation in a reduced water consumption research study and the Historic District Commission's approval of a golf car storage stockade fence. d. Facilities Update - Building Renovations: Mr. Passios reported that the bathroom renovation plans are being revised in order to comply with handicap accessibility requirements. e. Facilities Update - Course Renovations: Mr. Passios provided an update on plans to renovate the original nine holes including irrigation plans, final plan completion, phasing options and the bid process. Upon a motion made and duly seconded, it was VOTED to approve the proposed phasing options and to authorize Mr. Passios to move forward with the bid process as presented. F. FINANCIAL BUSINESS: 1. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the January 11,2005 warrant document in the amount of $63,972.08 to be provided to the county treasurer. G. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed notices received since the last review. No action was taken. Land Bank Commission April 25, 2006 Page 4 . RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:21P.M. Attested to: A en B. Remhard; Vice SecretaryNice Treasurer Accepted, Approved, and Released by the VOTE of the Commission this 9th day of May 2006. ,/ J\. ( TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of April 25, 2006 1. Transfer Hearing: No. 25156 Robert Driscoll and Laina C. Driscoll No. 25586 Quisset Partners Nominee Trust 2. "M" Exemption Update: a. "M" Exemption Execution of Lien: No. 24247 Jivko Kalpazanov and Anna Kalpazanova b. Five Year Ownership Compliance and Releases of Liens: No. 20742 Evan D.J. Marley No. 20747 Christopher R. Fuller and Lizbet Carroll Fuller MINUTES Nantucket Land Bank Commission Regular Meeting of April 25, 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 April 11, 2006. Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of April 11, 2006, as written. A. TRANSFER BUSINESS: 1."M" Exemption Execution of Lien - No. 24247 Jivko Kalpazanov and Anna Kalpazanova: The Commission confirmed prior authorization of the placement of a lien against the above referenced property as a result of the purchasers claiming the "M" exemption as first time buyers of real property. 2. Five Year Ownership Compliance and Releases of Liens: The Commission authorized the issuance of releases of lien for the following properties as a result of the purchasers fulfilling all of the requirements of Section 2, subsection (-m-): No. 20742 Evan D.J. Marley No. 20747 Christopher R. Fuller and Lizbet Carroll Fuller B. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the March 2006 financial report as presented. C. TRANSFER HEARING (continued): Notice of Assessment Hearing No. 25156 Robert Driscoll and Laina C. Driscoll and No. 25586 Quissett Partners Nominee Trust: Pursuant to Section 14 of the Land Bank Act, the Commission continued a hearing held on April 11, 2006, on the matter of the Notices of Assessment from the Nantucket Islands Land Bank Commission dated July 14,2005, to Robert Driscoll and Laina C. Driscoll and December 21,2005, to Quissett Partners Nominee Trust to allow time for Mr. Arena to provide written documentation and/or affidavits by the parties for the Commission's review regarding his representations that the ownership interests of the real property have not changed. John Arena was present at the hearing. The hearing was opened by the Chairman. Ms. Hunter summarized information contained in an affidavit provided by John Arena which was executed by John Arena, Thomas Arena, Robert Driscoll and Laina Driscoll and entered the document into the record without objection as Exhibit X. Land Bank Commission April 25, 2006 Page 3 2. Annual Election of Land Bank Officers: Upon a motion made and duly seconded, it was VOTED to unanimously elect the following officers of the Land Bank Commission: Kenneth W. Holdgate, Jr., Chairman Philip D. Bartlett, Vice Chairman John J. Stackpole, Secretary Leslie B. Johnson, Treasurer Allen B. Reinhard, Vice SecretaryNice Treasurer 3. Community Preservation Committee Member Appointment: Upon a motion made and duly seconded, it was VOTED to appoint Polly T. Miller as Land Bank designee to the Community Preservation Committee. G. PROPERTY MANAGEMENT: 1. Carter Property - Bulkhead Permitting Update: The Director reported that the application for the installation of a proposed bulkhead at the Carter property was heard at the Conservation Commission's meeting on April 19th at which time additional information was requested. Sullivan Engineering will revisit the application and the Conservation Commission's concerns. 2. 40th Pole Property - Management Discussion: Mr. Perry reported that representatives of the Beach Management Advisory Committee have recommended the installation of temporary port- a-potties at the Land Bank's 40th Pole property. After a discussion, upon a motion made and duly seconded, it was VOTED to maintain the facilities at the property. 3. Nantucket Housing Office Request: The Director presented aletter from the Nantucket Housing Office asking if the Land Bank would be able to assist with landscaping at an "affordable housing" dwelling off Tom Never's Road. Upon a motion made and duly seconded, it was VOTED to help the Housing Office by transplanting a small number of trees or shrubs at the convenience of the property management department. 4. Ladies Beach - Use Request: The Director presented a request from Marvin Goldberg to hold a party for 20-25 people at Ladies Beach on Sunday, August 13th from 5:30 P.M. to 8:30 P.M. to include folding chairs, tables and take-out food. Upon a motion made and duly seconded, it was VOTED to approve the request subject to the terms presented. 5. Property Supervisor's Update: Jeffrey Pollock provided an update on matters related to recent property management activities including the installation of parking areas, trails, beach access and building improvements. Upon a motion made and duly seconded, it was VOTED to approve the purchase of four bike racks at a cost of $630 each including delivery. 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. ... ............ ....... ............................... . ..,........... -......... ........... ......... . . ........... '... ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .............. . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of March 31, 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 3.04 3.04 4.67 $270,493.32 $5,330,804.77 $11,761,424.66 $17,362,722.75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .......... . . . . . . . . . . . . . , . . . . . . . . . . .................................... ........... ...................... ..................... ..................... ........... ............. 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 3.04 4.09 3.30 4.67 4.67 $2,469,308.30 $230,454.39 $7,627.12 $1,146,253.35 $316,937.60 $149,026.16 $1,500.00 $68,750.00 $25,802.20 $4,415,659.12 2.43 ......................... . ...................... . ................. . BONDS: Principal Outstanding 1998 Series E Issue $10,070,000 (A) (Final principal payment 7/1/2019) Payment Due 7/1/2006 (C) $771,851.25 Payment Due 1/1/2007 (D) $235,432.50 ... . Principal NOTES / LOAN: Outstanding Payment Schedules Annual paymentl: 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 9/26/06) 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 rOT AL NOTES/LOAN DEBT: $5,097,097 $16,722,097 (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): $26,792,097 Total Annual Debt Payments (C) (D) & (E): $1,882,843.75 STA TEMNTFY06