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Home My WebLink About2007-03-27 AGENDA Nantucket Land Bank Commission Regular Meeting of March 27, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting March 13, 2007 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER BUSINESS D. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements E. REGULAR BUSINESS 1. Public Notices F. PROPERTY MANAGEMENT 1. Property Management Update 2. Walker Property - Town Stormwater Notice of Intent EXECUTIVE SESSION ADJOURNMENT d -..J _. ....-.. ..-;~ CTJ ~o , -.4 Lv ):::.:J \.0 "0 ~ Ie ~ Land Bank Commission March 27,2007 Page 2 C. REGULAR BUSINESS: 1. Meeting Schedule: The Commission discussed schedules for Land Bank's April meetings and town meeting. The Commission determined to hold the election of Land Bank officers at a meeting to be held on April 24, 2007, if all Commissioners are present. D. TRANSFER BUSINESS: 1. "M" Exemption Update: a. Release of Lien Adjustment Paid - No. 25535 Michael J. Alpert: The Commission executed a Release of Lien to be provided to the purchaser based on the receipt of the outstanding fee, penalty and accrued interest. b. Five Year Ownership Compliance and Releases of Lien: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of Releases of Lien for the following as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-) of the Act: No. 21710 Sean McMahon No. 21712 Marc J. Gazaille No.21751 Scott E. Corry and Lori L. Corry c. Applicability of"M" Exemption - No. 27135 Gretchen S. Buchmann and Aaron J. Hull: Ms. Hunter summarized the transaction and correspondence from the purchasers dated March 27th questioning the applicability of the Land Bank fee. Based upon the additional information provided, upon a motion made and duly seconded, it was VOTED to accept a claim to the first time buyers "M" exemption and to refund the $4,000 Land Bank fee paid at the time of transfer subject to the purchasers being able to make the Fourth Way property their actual year-round domicile by March 15, 2009, and to own the property until at least March 15, 2012. E. FINANCIAL BUSINESS: 1 Monthly Financial Report: The Commission accepted the January 2007 and the February 2007 financial reports as presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the March 27,2007, warrant document in the amount of$120,988.63 to be provided to the county treasurer. Ms. K. Hunter informed the Commission that Property Supervisor Jeffrey Pollock had received the following proposals to paint the exterior of the 22 Broad Street office building prior to selecting Historical District Painters as the lowest, most qualified responsive bidder: Victor Marrett Painting Milestone Painting Historical District Painting $40,000 $23,000 $25,150 Commissioner Stackpole joined the meeting at this time. :::,:::::::::::::: ;.::::;.:-:.:: .. ,:::,:.:.::::::::,: NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of January 31, 2007 :: ".:: ::.'.:"" . :....:. ";" ':::-:',::':.;'.':',::.:. .:.: ::::;:::::::::::::::::::::;:::::::::::::::::-. .. .: ....::. ,;';'::.-::.:::;:;.:::::.;:,:.:-' .... '; ::::.::: ", : .... :::;:....::.. ",. :....-: . :::::::: STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 799508888 Nantucket Bank / Collection Account 790017653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: .. . APY 0.50 4.75 5.43 $6,862.59 $8,121,886.48 $6,497,440.23 $14,626,189.30 ...,..... . ,',:.:.:-".:,'<-:. .. . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Miacomet Park / Nantucket Bank CD43-2790 due 7/25/07 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 4.50 4.75 4.66 4.89 5.43 3.66 $2,557,845.98 $238,978.48 $8,781.33 $1,189,900.77 $330,970.22 $650.00 $367,500.00 $40,606.51 $4,735,233.29 ... .:........-:.. .. ... ::::: ;.;.:.;.:-:.:-:-:.:.;.;.: .. BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $9,545,000 (A) .:.;.:-:.;.:.;.:-:.;.:.;.:.: Payment Due 7/1/2007 (C) $785,432.50 Payment Due 1/1/2008 (D) $222,370.00 ", .. .... :::::;::::::::::::::::::::::::;.,. . .. . .. . . . . . . -. .... ......". . ................... ........ . NOTES / LOAN: Marble Note #19 Principal Outstanding $1,700,000 Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 Goodwillie Note #29 $2,000,000 (Note payable 12/12/07) Holdgate Note #30 $8,000,000 ($2,666,666 due 10/31/07, 10/31/08, 10/31/09) Golf Course Loan $4,925,055 TOTAL NOTES/LOAN: $16,625,055 (B) .: . . . . . ........... :::::::::::::::::::::.:. . _TOTAL DEBT (A) & (B): $26,170,055 Interest of $40,000 due 6/12/07, & 12/12/07 $80,000.00 Interest due with partial note payment on 10/31/2007 ($213,333.36 due 10/31/08; $106,666.72 due 10/31/09) $320,000.00 Principal and Interest of $36,030.05 due Monthly: $432,360.60 Total Annual Notes I Loan Payments (E): $935,435.00 Total Annual Debt Payments (C) CD) & CE): $1,943,237.50 STATEMNTFY07 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of March 27, 2007 1. "M" Exemption Update: a. Release of Lien Adjustment Paid: No. 25535 Michael J. Alpert b. Five-Year Ownership Compliance and Releases of Lien No. 21710 Sean McMahon No. 21712 Marc J. Gazaille No. 21751 Scott E. Corry and Lori L. Corry c. Applicability of "M" Exemption: No. 27135 Gretchen S. Buchmann and Aaron 1. Hull MINUTES Nantucket Land Bank Commission Regular Meeting of March 27, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:01 P.M. PRESENT: Bartlett, Holdgate, Johnson, Stackpole. ABSENT: Reinhard. Minutes of the previous regular meetings held March 13, 2007: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of March 13,2007 as written. A. CITIZEN BUSINESS/ANNOUNCEMENTS: None. B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Update: Mr. Passios presented the February 2007 financial statements and provided an update on financial activites to date. b. Leave of Absence Requests: The Commission reviewed current membership standings and considered three requests for a leave of absence from members Brian Edmonds, Gail Hano and Fred Baybut. Upon a motion made and duly seconded, it was VOTED to approve the requests from Ms. Hano and Mr. Baybut based on their current medical conditions and to deny Mr. Edmond's request. c. Operations Update: Ms. Passios provided an update on matters related to operations including golf course activity and restaurant personnel restructuring. d. Course Renovations Update: The Commission received an update on the renovation project and was informed that bids have been received from NMP Golf Construction and International Golf. Mr. Passios reported on follow-up discussions with the bidders regarding clarifications and scheduling. Upon a motion made and duly seconded, it was VOTED to select NMP Golf Construction as the lowest, most qualified bidder subject to successful negotiations and final contract acceptance. e. Facilities Renovations Discussion: The Commission discussed the need to install a storage shed on the north side of the administration building and to purchase an ice water machine. f. VFW Golf Tournament Discussion: The Commission considered a request from the VFW to hold a fund-raising tournament at Miacomet on August 14,2007, and determined to deny the request due to the inability of the club to properly accommodate the event. g. Miacomet Golf/Land Bank Meeting Schedule: The Commission considered scheduling additional meeting time for golf business. In the alternative Mr. Passios agreed to provide financial statements for the prior month two weeks in advance of the second regular monthly meeting. Land Bank Commission March 27, 2007 , Page 3 F. REGULAR BUSINESS (continued): 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. G. PROPERTY MANAGEMENT (continued): 1. Walker Property - Town Stormwater Notice oflntent: The Commission considered a request from the Department of Public Works (DPW) seeking Land Bank assent to the filing ofa Notice oflntent to the Conservation Commission for the installation of an underground retention basin and outfall pipe. Upon a motion made and duly seconded, it was VOTED to authorize the Director to sign an assent letter allowing the DPW to proceed with the application subject to the proposal not interfering with the Land Bank's plan to create a park setting at the property. 2. Property Management Update: Mr. Perry provided a property management update and reported on a recent controlled bum at the Land Bank's Mioxes Pond property. 3.22 Broad Street - Maintenance Needs: The Director reported that there have been sewer blockage issues and a camera inspection revealed that the connection from the building to the street is failing and will need replacement soon. H. OTHER BUSINESS: 1. Commissioner's Term Expiration: Chairman Holdgate thanked the staff and Commissioners for "a job well done" during his term on the Land Bank. Mr. Holdgate was likewise thanked for his sixteen years of exemplary Land Bank service, most recently serving as Chairman for the past nine years. 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 land acquisition. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:50 P.M. Attested to: Accepted, Approved, and Rele sed by the VOTE of the Co ission this 10th day of April 2007. . . . . .. ....... .............................. ... ......... ............... . . . . . . . . . . . . . . . . . -:.;.:...:.....;.;.;.;.;.:.;....::::::;::::::::-::;::::::::::::;:.::::: . .... ... ........ . . . . . . . . . . . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of February 28, 2007 ......... . .......... . .......... ......... .. ............. .. ...... ...... .. ... .......... .................. . . . :-::::::::::::::::::::::: ...... :::;:::::::::::::::;:;;::::::;:::::;:::::-;.... STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund 799508888 Nantucket Bank / Collection Account 790017653 MMDT / Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 0.50 4.75 5.42 $6,877.13 $8,139,801.70 $6,523,800.51 $14,670,479.34 . . . . . . . . . . . . . ........... . .. .. .................... .......... . ......... . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Miacomet Park / Nantucket Bank CD43-2790 due 7/25/07 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 4.33 4.75 4.72 5.00 5.42 $2,568,270.07 $239,830.95 $8,843.58 $1,194,364.36 $332,312.97 $650.00 $617,500.00 $40,718.65 $5,002,490.58 3.66 ... .......... ................ . ................ . .. ... . .......... . ....................... ............. . ........................ . ......... . .... .... ......... . . . . . . . . . . . . .. ......... BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $9,545,000 (A) .. ....... ........... . ........... . . . . . . . . . . . . . .. .. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payment Due 7/1/2007 (C) $785,432.50 Payment Due 1/1/2008 (D) $222,370.00 ......... . .......... . . . . . . . . . . . ........... ... . . . . . . . . . . . . . . . . ................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " ............. Principal Outstanding $1,700,000 $2,000,000 NOTES / LOAN: Marble Note #19 Goodwillie Note #29 (Note payable 12/12/07) Holdgate Note #30 $8,000,000 ($2,666,666 due 10/31/07, 10/31/08, 10/31/09) Golf Course Loan $4,907,494 .......... . ........... . . . . . . . . . . . . ........... . Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March. June, Sept, Dee: $103,074.40 Interest of $40,000 due 6/12/07. & 12/12/07 $80,000.00 Interest due with partial note payment on 10/31/2007 ($213,333.36 due 10/31/08; $106,666.72 due 10/31/09) Principal and Interest of $36,030.05 due Monthly: TOTAL NOTES/LOAN: $16,607,494 (B) ........ . ......... . ........ . ......... . ................... .... ...... . . . . . . . . . . . . . . . . . . " .......... ............................... ..... $320,000.00 $432,360.60 Total Annual Notes / Loan Payments (E): $935,435.00 ................ . .'-:-:-:-:.:-:-:-:-:-:-:-:.;.:-:. .... .. TOTAL DEBT (A) & (B): $26,152,494 Total Annual Debt Payments (C) (D) & (E): $1,943,237.50 STATEMNTFY07