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Home My WebLink About2006-10-24 AGENDA Nantucket Land Bank Commission Regular Meeting of October 24, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meetings held October 10,2006 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. EXECUTNE SESSION C. PROPERTY MANAGEMENT 1. Miacomet Golf Course D. TRANSFER BUSINESS E. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements F. REGULAR BUSINESS 1. Public Notices Review 2. Teaming With Wildlife - Endorsement Request G. PROPERTY MANAGEMENT 1. Properties Update 2. Sharp Property - Madaket 3. Somerset Road Sidewalk Project Update 4. Bartlett Road Bikepath/Sidewalk Project EXECUTNE SESSION ADJOURNMENT -1- o .....- ","'~ .oJ;' ... Ic:.- d 0\ z c::J <:: --- \..J1 ~ --" --.J Land Bank Commission . October 24, 2005 Page 2 b. Documentation Provided - No. 27366 J. Graham Goldsmith and Katherine P. Goldsmith: Based upon the documentation provided by the purchasers' attorney, the Commission found the transfer to be in order. 2. "M" Exemption Update: a. Two-Year Domicile Requirement Non-Compliance - No. 24330 Simon Clarke and Trevor Lincoln: Ms. K. Hunter summarized the transfer and staffs efforts to verify compliance with the "M" exemption two-year domicile requirement. Based upon information currently available to the Land Bank, that the purchasers are not domiciled at the property, upon a motion made and duly seconded, it was VOTED that there was a failure to discharge the full Land Bank fee due at the time of transfer and to send a Notice of Assessment. Pursuant to the vote, the Commission executed and authorized placing a Notice of Lien against the property. b. Five-Year Ownership Compliance and Releases of Liens: The Commission authorized the issuance of Releases of Liens forthe following properties as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-): No.21213 Jason Sullivan and Elizabeth A. Mullally Sullivan No. 21219 Richard K. Perry and Jennifer Ann Perry E. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements for the period ending September 30,2006. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the October 24,2006, warrant document in the amount of$69,140.93 to be provided to the county treasurer. F. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. 2. Teaming with Wildlife Endorsement Request: The Director presented a request from the Teaming with Wildlife Coalition asking the Land Bank to consider endorsing their cause and to join the coalition. The Commission declined to make an endorsement. G. PROPERTY MANGEMENT: 1. Property Manager's Update: The matter was held over to the next meeting. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of October 24, 2006 1. Transfer Update: a. Notice of Assessment - Update: No. 26973 Matthew E. McManus and Jennifer McManus b. Documentation Provided: No. 27336 J. Graham Goldsmith and Katherine P. Goldsmith 2. "M" Exemption Update: a. Two-Year Domicile Requirement Non-Compliance: No. 24330 Simon Clarke and Trevor Lincoln b. Five-Year Ownership Compliance - Releases of Lien: No. 21213 Jason Sullivan and Elizabeth A. Mullally Sullivan No. 21219 Richard K. Perry and Jennifer Ann Perry C:IWP60IMINDOCSITRANSFER BUSINESS 05 SHORT.doc MINUTES Nantucket Land Bank Commission Regular Meeting of October 24, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:02 P.M. PRESENT: Bartlett, Holdgate, Johnson, Reinhard, Stackpole. Minutes of the regular meeting held October 10, 2006: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of October 10, 2006, as amended. A. CITIZEN BUSINESS/ANNOUNCEMENTS: None. B. 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 personal character and reputation of an individual. RETURN TO REGULAR SESSION C. PROPERTY MANAGEMENT: I. Miacomet Golf Course: a. Financial Report: Charlie Passios presented the September 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. b. Operations Update: Mr. Passios presented an outline for discussion including a financial summary as of October 24, 2006, member account policies, restaurant activity and winter scheduling, holiday schedules, private functions review, golf shop events and an outline from a Miacomet Golf management meeting held October 24, 2006. c. Facilities Update: Mr. Passios provided an update on plans to renovate the administration building and the original nine holes. d. Golf Car Trail Pass Discussion: The Commission gave a positive response to a proposal for offering golf car trail passes to senior members at $450.00 per year. D. TRANSFER BUSINESS: 1. Transfer Update: a. Notice of Assessment - No. 26973 Matthew E. McManus and Jennifer McManus: Upon a motion made and duly seconded, it was VOTED to execute a Notice of Lien to be places against the property if a hearing is not requested by the purchasers within thirty days (November 3, 2006) from the date of the Notice of Assessment. Land Bank Commission October 24, 2005 Page 3 2. Sharpe Property - Abutter's Concerns: The Director presented correspondence from Jean Holmes, abutter to the Land Bank's Sharpe Property, expressing her concerns over the use of the property and reported that a management proposal for the property would be prepared for the Commission's review. 3. Somerset Road Sidewalk Project Update: The Director provided an update on the progress of the Somerset Road sidewalk project. 4. Bartlett Road Bikepath/Sidewalk Project: The Director reported that the proposed centerline of the relocated path had been staked by the Planning Office. The Commissioners determined to visit the property for future discussions. 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 land acquisition. RETURN TO REGULAR SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:38 P.M. Attested to: L John J. S a Accepted, Approved, and Released by the VOTE of the Commission this 14th day of November 2006. ~~~ Kenneth W. Holdgate, Jr ai n'l ......................... ........................................ .....'....................................... ,', ..................... ...... ...............'............................ ......, .......... .............. ...................... ...,........... ........... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .............,.. . ............... . . . . . . . . . . . . . . . . . . ............, . ......... . ......,. . .. ...... ~~ NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of September 30, 2006 .................. . .................. . . . . . . . . . . . . . . . . . . . . ......... . .......... . ......... . ........., . . . . . . , . . . . . . . . , ............ . . .................... STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 790008734 Nantucket Bank / Operating Fund 799508888 Nantucket Bank / Collection Account 790017653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 4.78 0.50 4.78 4.96 $24,996.41 $5,320.16 $7,042,147.97 $10,670,180.60 $17,742,645.14 .............................................................:-;.;.;.;.:-: -:.;.;.:.;.;.;.;.;.:.;.;.;.:.:-;.;.;.: -:.;';". . . . . . . . . . . . . . . . . ............. . . . . . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Miacomet Park / Nantucket Bank CD43-2790 due 9/25/07 Miacomet Park 2000 / Nantucket Bank 79-24361 Debt Service Fund 98E / US Bank Working Capital/ Nantucket Bank CD45-2733 due 6/14/07 Marble Reserve / MMDT Account 44250553 Tenant Security Deposits / Nantucket Bank Deutsch Williams Escrow / Citizens Bank Smooth Hummocks Management Escrow 790027038 TOTAL RESTRICTED FUNDS: APY 4.59 4.78 4.72 5.00 5.43 $2,521,590.59 $235,265.00 $8,144.41 $1,170,493.16 $325,130.75 $650.00 $342,500.00 $40,126.54 $4,643,900.45 3.40 ........... . ............ . ........... . ................................... . ................................... , ................................... . ...................... . .............. . ............. . ........... . . . . . . . . . . . . BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $9,545,000 (A) .................. . .................. . .................. . .................. . ............... . .............. . ............... . .............. . Payment Due 1/1/2007 (C) $235,432.50 Payment Due 7/1/2007 (D) $785,432.50 .............. .......... ......... ......................... . .............. .......... .............. .. ........................... . . . . . . . . . . . . . . . .. ......... .............. . 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, Dee: $103,074.40 Goodwillie Note #28 $3,000,000 Final Interest due 12/12/06 $60,000.00 (Note payable 12/12/06) Goodwillie Note #29 $2,000,000 Interest of $40,000 due 12/12/06, 6/12/07, & 12/12/07 $80,000.00 (Note payable 12/12/07) Golf Course Loan $4,994,645 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOTAL NOTES/LOAN/BONDS: $11,694,645 (B) Total Annual Notes / Loan Payments (E): $675,435.00 ......... . .......... . ......... . .............,........ . ..................,....................... '. TOTAL DEBT (A) & (B): $21,239,645 Total Annual Debt Payments (C) (D) & (E): $1,696,300.00 STATEMNTFY07