HomeMy WebLinkAbout2006-02-28
AGENDA
Nantucket Land Bank Commission
Regular Meeting of February 28, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting held January 24,2006
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Update
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Monthly Financial Report
3. VVarrantAuthorization
4. VVarrant Authorization - Ratify & Confirm February 14, 2006 VVarrant
E. REGULAR BUSINESS
1. Madaket Harbor VV atershed VV orkgroup - Member Appointment
2. Nantucket Biodiversity Initiative - Funding Request
3. Public Notice Review
F. PROPERTY MANAGEMENT
1. Property Manager's Update
2. Property Map Project
3. Blair House - Letter of Interest
EXECUTIVE SESSION
ADJOURNMENT
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Land Bank Commission
February 28,2006
Page 2
g. Facilities Update: Mr. Passios provided an update on clubhouse renovations
including approval of plans by the Historic District Commission, phasing considerations and pricing
options. Mr. Passios also provided a progress report on plan preparation for the renovation of the
existing nine holes.
h. Facilities Request: Mr. Passios presented a request to install a gas fired furnace
and hot water unit in the proposed addition. Upon a motion made and duly seconded, it was
VOTED to approve the request as presented.
i. Instructor Program Update: Mr. Passios reported that three proposals had been
received, provided details on the negotiated terms of the proposed contract and informed the
Commission that Agility Golf would be announced as the new golf instructional service provider
subject to successful contract negotiations.
C. TRANSFER BUSINESS:
1. Transfer Record Nos. 26576 through 26681: The Commission reviewed transfers for
the period of January 1,2006, through January 31, 2006.
a. The Commission authorized placing liens against the following properties as a
result of the purchasers claiming the "M" exemption as first time buyers of real property:
No. 26611 Claudia K. Dhar
No. 26639 Rene Lemus
No. 26645 Jason D. Meister
No. 26658 Francis J. Tracy and Mica Seely
b. Satisfactorily Completed Form B or Documentation Not Provided: Staff was
asked to seek a completed Form B from the following:
No. 26581 Robert S. Talbott
No. 26601 Brix Development, LLC
No.26659 Two Fifty One Hummock Pond Realty Trust
No.26668 Terrence D. Straub and Elizabeth M. Shepard
No. 26681 Donald R. Finley
2. Transfer Update:
a. Satisfactorily Completed Form B Provided - No. 26494 Mark N. Kozak and Nancy
M. Kozak: Based upon the information and/or documentation provided the Commission found the
transfer to be in order.
Land Bank Commission
February 28, 2006
Page 4
F. PROPERTY MANAGEMENT:
1. Property Manager's Update: Jeff Pollock provided an update on property management
activities including improvements to the parking areas at Plains Pasture and Rodts properties,
progress on the installation of a vegetated buffer along the life estate at the Burchell property and
renovations at the Marble garage.
2. Equipment Request - Tree Pod Trailer: Mr. Perry and Mr. Pollock presented a request
and recommendation to purchase a six pod trailer at a price in the range of$18,000 to $25,000. Upon
a motion made and duly seconded, it was VOTED to authorized the purchase subject to the
Commission's final vote and approval ofa fixed cost proposal.
3. Burning Academy Update: Mr. Perry reported that he attended a seven day engine
training program through Southern Area Engine Academy at the Withlacoochee Training Center in
Florida and that he and Mr. Pollock participated in control burns at Nature Conservancy preserves in
Georgia and Florida lasting 10 days.
4. Property Map Project Update: Based upon a recommendation by the Director and further
discussion, upon a motion made and duly seconded, it was VOTED to contract for services with Grant
Sanders of yackon.com to coordinate the design and printing of a proposed Land Bank property map.
5. Blair House - Letter oflnterest: The Director presented a letter from Leedara Zola,
Nantucket Housing Office, suggesting the possibility of using the Land Bank's Blair House for a
community housing project. The Commission took the matter under advisement.
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 6:32 P.M.
Attested to:
f{ 1rt/
Accepted, Approved, and Released by the VOTE
of the Commission this day of 2006.
" '
MONTHLY TRANSFER STATISTICS FISCAL YEAR 2005
FY05 Total Exempt Taxable Total Gross Gross Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
Jul-04 100 55 45 $73,444,580 $56,285,180 $1,125,704
Aug-04 83 41 42 $59,176,066 $58,161,216 $1 ,171 ,774
Sep-04 135 46 89 $154,331,770 $153,331,770 $3,066,635
Oct-04 161 61 100 $188,678,425 $163,378,425 $3,633,009
Nov-04 90 28 62 $90,528,833 $89,928,833 $1,808,922
Dec-04 176 112 64 $96,050,582 $94,817,249 $1,900,345
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 $2,889,460
................. .
................ .
................. .
Hti-lR:l?;)AN94\
Average
Low
High
.......... .
..:...:81$.....
...,. .
114
83
176
......,.... .
........... .
...400
. . . . . . . . . . . .
........... .
55
28
112
............ .
....................1..5.
........4:.:.
............ .
59
37
100
. . . . . . . . . . . . . . . . . . . . . . . . . . .
....................$. '7' g' '8' "00' '.' ...............
. . . . . . . . . . .....
.......... ........
.......... . . .
.......... .... .. .
.......... .
.......... .. .. . .. .
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$99,468,869
$43,249,759
$188,678,425
.:." ..:$7$1,,$~4:j$~$
$94,287,487
$42,599,759
$163,378,425
............. '.'.......
.............$.....5.......5......8........
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. ........... '1' "'4' '0" '7'0'
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$1,923,567
$853,995
$3,633,009
MONTHLY TRANSFER STATISTICS FISCAL YEAR 2006
FY06 Total Exempt Taxable Total Gross Grass Revenue
Month Transfers Transfers Transfers Value Value Taxable Received
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
Jan-06 106 59 47 $105,705,774 $104,705,774 $2,094,115
Feb-06
Mar-06
Apr-06
May-06
Jun-06
............. .
.............. .
............. .
:tHRuJANb6
............. .
............. .
Average
Low
High
............ .............
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11 0 54
83 35
148 11 0
............ .
............. .
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............ .
56
38
85
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........... .... ..
:::::;:;:::;:;:;:::;. .:.;:.::.::1::.:..:..:.:.:.......;
....................... .
$110,300,373
$75,391,500
$176,148,013
..................... .
.................... .
.......$. ]. . 3' '4' "g' '1' .....8. O' "5' .
.>\....(.i....}1-;...:....
$104,987,829
$65,841,375
$171,285,209
..................... .
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............$. .1.......7. 3' '3' '.' '.' . .
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$2,104,813
$1,335,445
$3,429,117
MONTHL Y
UNAUDITED
MINUTES
Nantucket Land Bank Commission
Regular Meeting of February 28, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:02 P.M.
PRESENT: Holdgate, Miller, Reinhard. ABSENT: Bartlett, Stackpole.
Minutes of the previous regular meeting held January 24, 2006: Upon a motion made and duly
seconded, it was VOTED to accept, approve and release the minutes of January 24, 2006, as written.
A. CITIZEN BUSINESS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Update:
a. Member Requests - Membership Cancellation: The Director presented a letter from
Miacomet Golf Club member, Philip S. Iuliano requesting cancellation of his membership and refund
of his initiation fee. Upon a motion made and duly seconded, it was VOTED to deny Mr. Iuliano's
request to refund his initiation fee and asked staffto direct Mr. Iuliano to contact Miacomet Golf Club
with his request to cancel his membership.
b. Financial Report: Charlie Passios presented the January 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.
c. Member Request - Leave of Absence: Mr. Passios reported that Jack Topham has
requested a membership leave of absence due to serious physical illness which will prevent him
from playing golf. Upon a motion made, and duly seconded, it was VOTED to allow Mr. Topham
to take a medical leave of absence and transfer his family membership to an individual membership
for the benefit of his spouse.
d. Member Request - Transfer ofF ounding Membership: Upon a motion made and duly
seconded, it was VOTED to transfer the founding membership of deceased Miacomet Golf Club
member, Donald Oliver to his spouse, Nancy Oliver, as a non-founding individual membership.
e. Member Request - Barter for Services: Mr. Passios reported that Bert Dickerson has
offered to annually remove, clean and replace the awning at the Miacomet Golf Club, as a barter, in
exchange for his yearly membership dues of $1 ,208. Mr. Dickerson previously owned a tent business
on the island. Mr. Passios estimated the cost ofthis annual service to be approximately $4,000. Upon
a motion made and duly seconded, it was VOTED to accept Mr. Dickerson's proposal.
f. Operations Update: Mr. Passios provided an update on matters related to pro shop
set-up, implementation of a golf course flag play-pacing system, restaurant activity and grounds
improvements.
Land Bank Commission
February 28, 2006
Page 3
3. "M" Exemption Business:
a. Five Year Ownership Compliance and Releases of Liens: The Commission authorized
the issuance of Releases of Liens for the following properties as a result of the purchasers fulfilling all
of the requirements of Section 12, subsection (-m-):
No. 20572 William J. Higgins, John F. Grade and Janice Higgins Grande
No. 20597 Richard J. Glidden, Trustee of J.A.T. 3 Topping Lift Realty Trust
No. 20607 William T. Gorman and Yvonne J. Slevin Gorman
No. 20614 Dean Miller and Becky Miller
b. Adjustment Paid - Release of Lien - No. 23391 David C. Conover: The Commission
executed a Release of Lien to be provided to the purchaser based upon receipt of the outstanding fee,
penalty and accrued interest.
D. FINANCIAL BUSINESS:
1. Monthly Transfer Statistics: The January 2006 transfer statistics were presented.
2. Monthly Financial Report: The Commission accepted financial statements for the period
ending January 31, 2006.
3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the February 28,2006 warrant document in the amount of$34,855.89 to be
provided to the county treasurer.
4. February 14,2006 Warrant Authorization - Cash Disbursements: Upon a motion made
and duly seconded, it was VOTED to ratify and confirm prior approval by a majority of the
Commissioners the February 14,2006, warrant document in the amount of$106,753.44.
E. REGULAR BUSINESS:
1. Madaket Harbor Watershed Workgroup - Member Appointment: Upon a motion made
and duly seconded, it was VOTED to appoint Commissioner Reinhard as the Land Bank's
representative to the Madaket Harbor Watershed Workgroup.
2. Nantucket Biodiversity Initiative - Funding Request: The Director presented a request from
Bob Kennedy, Chairman ofthe Nantucket Biodiversity Initiative, seeking financial support for its 2006
initiatives. The program conducts research on Land Bank property. Upon a motion made and duly
seconded, it was VOTED to contribute $1,000 subject to the reports being provided to the Land Bank.
3. Public Notice Review: The Director reviewed public notices received since the last
review. No action was taken.
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NANTUCKET LAND BANK COMMISSION WORKSHEET'
UNAUDITED FINANCIAL REPORT as of January 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
TOT AL UNRESTRICTED FUNDS:
APY
3.04
2.94
4.38
$584,065.29
$2,657,216.45
$11,675,862.38
$14,917,144.12
STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: APY
Debt Service Fund 98E / US Bank
Working Capital/Nantucket Bank CD45-2733 due 6/14/06
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:
3.86
3.30
4.07
2.99
4.38
4.38
2.43
$7,540.20
$1,140,255.27
$2,451,544.63
$229,340.90
$314,631.94
$147,942.02
$25,702.69
$71,250.00
$1,500.00
$4,389,707.65
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
(D) $235,432.50
(C) $771,851.25
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, Dec: $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 9/20/06)
Goodwillie Note #28
( Note payable 12/12/U6)
$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
roTAL NOTES/LOAN DEBT:
$5,147,467
$16,772,467 (8)
Principal and Interest of $36,030.05 due Monthly:
Total Annual Notes / Loan Payments (E):
$432,360.60
$875,560.00
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
TOTAL DEBT (A) & (B): $26,842,467
Total Annual Debt Payments (C) (D) & (E): $1,882,843.75
STA TEMNTFY06
..
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of February 28, 2006
1. January Transfers - Record Nos. 26576 through 26681
a. Current "M" Exemptions:
No. 26611 Claudia K. Dhar and Ravinder M. Dhar
No. 26639 Rene Lemus
No. 26645 Jason D. Meister
No. 26658 Francis J. Tracy and Mica Seely
b. Satisfactorily Completed Form B or Documentation Not Provided:
No. 26581 Robert S. Talbott
No. 26601 Brix Development, LLC
No. 26659 Two Fifty One Hummock Pond Realty Trust
No.26668 Terrence D. Straub and Elizabeth M. Shepard
No. 26681 Donald R. Finley
2. Transfer Update:
a. Satisfactorily Completed Form B and/or Documentation Provided:
No. 26494 Mark N. Kozak and Nancy M. Kozak
3. "M" Exemption Business:
a. Five Year Ownership Compliance and Releases of Liens:
No. 20572 William J. Higgins, John F. Grade and Janice Higgins Grande
No. 20597 Richard J. Glidden, Trustee of lA.T. 3 Topping Lift Realty Trust
No. 20607 William T. Gorman and Yvonne J. Slevin Gorman
No. 20614 Dean Miller and Becky Miller
b. Adjustment Paid - Release ofUen - No. 23391 David C. Conover