HomeMy WebLinkAbout2006-01-24
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of January 24, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting held January 10, 2006
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Update
C. TRANSFER HEARING POSTPONEMENT REQUEST
1. No. 25156 Robert Driscoll and Laina C. Driscoll and
No. 25586 Quisett Partners Nominee Trust
D. TRANSFER BUSINESS
E. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization
F. PROPERTY MANAGEMENT
1. Walker Property Update
2. Farrell Property Update
EXECUTIVE SESSION
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ADJOURNMENT
Land Bank Commission
January 24,2006
Page 2
Commissioner Bartlett elected to excuse himself from executive session.
RETURN TO OPEN SESSION
Commissioner Bartlett returned to the meeting.
D. PROPERTY MANAGEMENT (continued):
I. Miacomet Golf Course - Management Discussion: The Commission discussed various
matters related to management and operations.
E. TRANSFER HEARING POSTPONEMENT REQUEST - No. 25156 Robert Driscoll and Laina C.
Driscoll and No. 25586 Quisett Partners Nominee Trust: Ms. Hunter presented a request from Richard J.
Glidden as representative for the Driscolls and the Quisett Partners Nominee Trust to reschedule the
hearing. The Commission agreed to reschedule the hearing to be held on April 11 , 2006, at 4 P.M. and
asked staff to inform Mr. Glidden of the new hearing date.
F. TRANSFER BUSINESS:
1. Transfer Update - Satisfactorily Completed Form B and/or Documentation Provided:
Based upon the information and/or documentation provided the Commission found the following
transfers to be in order:
No. 26324 Whittemore Realty Trust,
Edwin P. Whittemore and Janice M. Whittemore, Trustees
No. 26493 Warren W. Hill
No. 26524 Julius Jensen III
G. FINANCIAL BUSINESS:
I. Monthly Financial Report: The December financial report was accepted by the Commission.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to approve and execute the January 24,2006, warrant document in the amount of
$66,276.68 to be provided to the county treasurer.
H. PROPERTY MANAGEMENT:
I. Walker Property Update: The Director provided an update on proposed improvements at
the Walker property and reported that the application for a permit to remove the shed was favorably
reviewed by the Conservation Commission. Once the Order of Conditions has been received staff
will seek approval from the Historic District Commission to remove the shed.
2. Farrell Property Update: The Director provided an update on proposed improvements at
the Farrell property and reported that the application submitted to the Conservation Commission for
the removal of the building was favorably received and should be approved.
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of December 31,2005
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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
2.79
2.79
4.25
$200,720.97
$1,092,374.34
$11,633,410.41
$12,926,505.72
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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:
3.42
3.30
3.07
2.84
4.25
4.25
2.32
$254,061.46
$1,137,116.52
$2,446,691.80
$228,768.05
$313,487.98
$147,404.12
$25,650.41
$12,500.00
$1,500.00
$4,567,180.34
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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
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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 6/5106)
Ottison Note #27 $4,500,000 Interest for One Year due Sept 26, 2006: $112,500.00
(Note payable 9/21:5106)
Goodwillie Note #28 $3,000,000 Interest of $60,000 due 6/12/06 and 12/12/06 $120,000.00
(Note payable 12/12/06)
Goodwillie Note #29 $2,000,000 Interest of $40,000 due 6/12/06,12/12/06,6/12/07, & 12/12/07 $80,000.00
(Note payable 12/12/07)
Golf Course Loan $5,147,467 Principal and Interest of $36,030.05 due Monthly: $432,360.60
roT AL NOTES/LOAN DEBT: $16,772,467 (B) Total Annual Notes / Loan Payments (E): $875,560.00
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TOTAL DEBT (A) & (B): $26,842,467
Total Annual Debt Payments (C) (D) & (E): $1,882,843.75
STATEMNTFY06
MINUTES
Nantucket Land Bank Commission
Regular Meeting of January 24, 2006
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:01 P.M.
PRESENT: Bartlett, Holdgate, Miller, Reinhard, Stackpole. ABSENT: None.
Minutes of the regular meeting held January 10, 2006. Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of January 10, 2006, as written.
A. CITIZEN BUSINESS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Update:
a. Miacomet Golf Citizens' Concerns: The Chairman acknowledged receipt of
correspondence from Robert and Melanie Sabelhaus expressing their concerns regarding golf
professional Michael Merrill's employment at Miacomet Golf.
b. Facilities Update: Mr. Passios reported that proposed clubhouse renovations are
scheduled for review at the Historic District Commission on Tuesday, January 31, 2006.
c. Operations Update: Mr. Passios reported there has been an increase in golf and
restaurant activity.
d. Member Request - Robert Cameron: Mr. Passios presented a letter from Miacomet
Golf Course member, Robert Cameron, providing information regarding his current health
circumstances in support of his request to again temporarily suspend his membership privileges and
to waive payment of his dues for one more year. After a discussion and upon a motion made and
duly seconded, it was VOTED to approve the request based upon circumstances of extraordinary
hardship.
e. Request for Proposal- Instructor Program Update: Mr. Passios reported that the
deadline for submission for Requests for Proposal to obtain services for the golf instructor program
had to be extended for one week due to a delay in advertisement and was rescheduled for January 23,
2006, at 5 P.M. Three submissions were received. Management will review the proposals and
report back to the Commission.
f. 2005 Miacomet Golf Course Financial Statements: Golf accountant Peter Lamb was in
attendance to present the year end 2005 financial statements. After a discussion, upon a motion
made and duly seconded, it was VOTED to accept the financial statements as presented.
C. 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 threatened litigation.
Land Bank Commission
January 24, 2006
Page 3
I. 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 moti
ade and duly seconded, it was VOTED to adjourn at 6: 16 P.M.
Attested to:
Allen B. Reinhard, Vice Secretary
Accepted, Approved, and Released by the VOTE of
the Commission this day of , 2006.
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of January 24,2006
1. Request to Postpone Hearing:
No.25156 Robert Driscoll and Laina C. Driscoll
No. 25586 Quissett Partners Nominee Trust
2. Transfer Update:
a. Satisfactorily Completed Form B and/or Documentation Provided:
No. 26324 Whittemore Realty Trust,
Edwin P.Whittemore and Janice M. Whittemore, Trustees
No.26493 Warren W. Hill
No. 26524 Julius Jensen III