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Home My WebLink About2006-03-28 AGENDA Nantucket Land Bank Commission Regular Meeting of March 28, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes afthe regular meetings held February 28,2006 and March 14,2006 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. Annual Town Meeting Discussion 3. Town Master Plan Survey 4. Meeting Format Discussion 5. Office Equipment Request F. PROPERTY MANAGEMENT 1. Property Management Update 2. Somerset Road Bikepath Project Update 3. Carter Property - Bulkhead Permitting Update 4. Gardner Property - Shanty Discussion EXECUTNE SESSION ADJOURNMENT j?nTJ NMOl ~lC:t\J 6 L: f d Z L ~dV 90. " , Jti 10 v1/1A / . f...->v'{:::... Land Bank Commission March 28, 2006 f. Facilities Request - Starter Shed: Mr. Passios presented a request to purchase a new starter shed for $4,180. Upon a motion made and duly seconded, it was VOTED to approve the request. Page 2 g. Facilities Update: Mr. Passios provided an update on building renovations and course improvements including the preparation of course drainage and irrigation design plans, submission of the clubhouse building permit, and scheduling of the Historic District Commission hearing for the golf car storage stockade fence. g. Instructor Program Update: Mr. Passios reported that a press release introducing the Nantucket Golf Academy as the provider of golf instructional services at Miacomet Golf Course was sent to a number of regional newspapers and golf periodicals. h. Member Welcome Party Discussion: The Commission discussed dates, times and considered details for the planning ofa 2006 Member Welcome Party. 2. Walker Property Discussion: Nantucket Land and Sea owner Jim Gross was in attendance to discuss his request to use the Walker property and existing building for the operation of his business this summer and provided input regarding existing mooring placement and future Land Bank plans for the property. The request was denied. C. TRANSFER BUSINESS: 1. Transfer Update: a. Satisfactorily Completed Form B and/or Documentation Provided - No. 26700 Richard R. Ray, Jr: The Commission found the transfer to be in order based upon receipt of a satisfactorily completed Land Bank Form B. 2. "M" Exemption Update: a. Five Year Ownership Compliance and Releases of Lien: The Commission authorized the issuance of releases oflien for the following properties as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): . No. 20649 Joseph M. Topham No. 20679 Terry Kelly and Aveen Irwin D. FINANCIAL BUSINESS: 1 Monthly Financial Reports: The Commission accepted the February 2006 financial report as presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the March 28,2006, warrant document in the amount of$59,582.82 to be provided to the county treasurer. Land Bank Commission March 28, 2006 Page 4 RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:48 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 11th day of April 2006. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of March 28, 2006 1. Transfer Update: a. Satisfactorily Completed Form B and/or Documentation Provided: No. 26700 Richard R. Ray, Jr. 2. "M" Exemption Update: a. Five Year Ownership Compliance and Releases of Liens: No. 20649 Joseph M. Topham No. 20679 Terry Kelly and Aveen Irwin MINUTES Nantucket Land Bank Commission Regular Meeting of March 28, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Ho1dgate, Miller, Reinhard, Stackpole. ABSENT: Bartlett. Minutes of the previous regular meetings held February 28,2006 and March 14,2006: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of February 28, 2006, and March 14,2006, as written. A. CITIZEN BUSINESS: The Director read aloud a letter from Philip C. Murray regarding the Gaillard structure at 86 Union Street. Mr. Murray provided details of his family's history at the barn and expressed his opinion that the building should remain at the property. B. PROPERTY MANAGEMENT: 1. Miacomet Golf Update: a. Abutter's Request: The Director presented a request from Miacomet Golf Course abutter Lucy Cobb seeking permission to access the rear portion of her property by way of the golf course in order to repair her existing well. Upon a motion made and duly seconded, it was VOTED to approve the request subject to the direction of the Miacomet Golf Course superintendent and the restoration of any golf course property damage caused by the well drilling project. b. Member Requests - Membership Cancellation: The Director presented a letter from Miacomet Golf Club member, Philip S. Iuliano expressing his opinion in the matter of the Commission's denial of his request to cancel his membership and refund his initiation fee. c. Financial Report: Charlie Passios presented the February 2006 Golf financial statements including the income statement and balance sheet. Upon a motion made and duly seconded, it was VOTED to accept the statements as presented. d. Member Discussion - Private Golf Cars: Mr. Passios initiated a discussion regarding the lack of liability insurance coverage on the privately owned golf cars while in use at the Miacomet Golf Course. The Commission asked Mr. Passios to look into options for coverage. e. Operations Update: Mr. Passios provided an update on matters related to the employment of a tee time service, participation in a reduced water consumption research project, water dispensing considerations, and results from a member questionnaire. Land Bank Commission March 28, 2006 E. REGULAR BUSINESS: Page :3 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. 2. Annual Town Meeting Discussion: The Director informed the Commission of two warrant articles involving the Land Bank to be heard at the April 11th Town Meeting including Article 28 proposing to change the zoning at the Latici and Crocker properties in Madaket from R/C to LUG2 and Article 68 which renews the request made by 2005 Town Meeting voters via Article 58 to increase the (-m-) exemption amount from $200,000 to $400,000. 3. Town Master Plan Survey Discussion: The Director reported that based on a survey polling citizens on objectives in the Town of Nantucket's Master Plan, open space preservation received the strongest support. 4. Meeting Format Discussion: The Director suggested reorganizing the format of the Land Bank meetings in order to provide additional time for Executive Session. The Commission asked that Miacomet Golf updates be limited to the second meeting of the month and to shift Executive Session to the first item on the agenda beginning April 25, 2006. 5. Office Equipment Request: The Director presented a recommendation to purchase an 11" x 17" color laser printer at a cost of up to $4,000. Upon a motion made and duly seconded, it was VOTED to approve the request. F. PROPERTY MANAGEMENT (continued): 1. Property Management Update: Jeffrey Pollock provided an update on matters related to property management activities including the completion and progress of trail, parking area, beach access, landscaping and building property improvement projects. 2. Somerset Road Bike Path Update: The Director reported that bike path specification plans have been completed and construction along Somerset Road / West Miacomet Road should be completed this spring. 3. Carter Property - Bulkhead Permitting Update: The Director provided an update on permitting of the proposed bulkhead at the Carter property and reported that a Notice oflntent has been filed, a site visit conducted, and the Conservation Commission hearing scheduled. 4. Gardner Property - Shanty Discussion: The Director presented a request from Patricia Kalinowski to occupy the Gardner Shack at the property for the months of June through September. Upon a motion made and duly seconded, it was VOTED to approve the request. 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 the minutes and land acquisition. NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of February 28, 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 4.55 $443,732.07 $3,685,955.92 $11,715,802.04 $15,845,490.03 ................................ . ............................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... . STATEMENT OF ACCOUNTS - RESTRICTED FUNDS: APY Debt Service Fund 98E / US Bank Working Capital/ Nantucket Bank CD45-2733 due 6/14106 Miacomet Park / Nantucket Bank CD43-2790 due 1/25/06 Miacomet Park 2000 / Nantucket Bank 79-24361 Marble Reserve / MMDT Account 44250553 Gardner Reserve / MMDT Account 44200442 Smooth Hummocks Management Escrow 790027038 Deutsch Williams Escrow / Citizens Bank Tenant Security Deposits / Nantucket Bank TOTAL RESTRICTED FUNDS: 3.94 3.30 4.07 3.04 4.55 4.55 2.43 $7,604.35 $1,143,098.09 $2,460,947.82 $229,868.70 $315,708.20 $148,448.09 $25,750.01 $68,750.00 $1,500.00 $4,401,675.26 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 Marble Note #19 $1,700,000 Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 Gardner Shr 19 Note #23 $425,000 (Trust terminates 6/5/06) Interest of $6,906.25 due 30th of Jan, April, July, Oct: $27,625.00 Ottison Note #27 $4,500,000 (Note payable 9/26/06) Goodwillie Note #28 $3,000,000 (Note payable 12/12/06) Interest for One Year due Sept 26,2006: $112,500.00 Interest of $60,000 due 6/12/06 and 12/12/06 $120,000.00 $2,000,000 Interest of $40,000 due 6/12/06, 12/12/06,6/12/07, & 12/12/07 $80,000.00 Goodwillie Note #29 (Note payable 12/12/07) Golf Course Loan $5,113,950 Principal and Interest of $36,030.05 due Monthly: $432,360.60 $875,560.00 $16,738,950 (B) Total Annual Notes / Loan Payments (E): TOTAL NOTES/LOAN DEBT: TOTAL DEBT (A) & (B): $26,808,950 Total Annual Debt Payments (C) (D) & (E): $1,882,843.75 5T A TEMNTFY06