HomeMy WebLinkAbout2006-04-10
AGENDA
Nantucket Land Bank Commission
Regular Meeting of April 24, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
A. Annual Electioj of Officers
Minutes of th~ular meeting April] 0, 2007
B. CITIZEN BUSINESS/ANNOUNCEMENTS
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 Notice Review
G. PROPERTY MANAGEMENT
1. W anoma Way Property - Use Request
2. Nobadeer Farm Road - Ballfield Permitting
3. Cisco Beach Property - Ozone Surf Classic Event
4. Craig Property - Use Request
5. Moors End Farm - Consent For Lease Assignment
6. Maxcy Pond Property - Trail Discussion
7. Nobadeer Farm Road Property Restrictions
EXECUTIVE SESSION
ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of April 24, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. ABSENT: None.
Minutes of the regular meeting held April 1 0, 2007, and the special meeting held April 18, 2007:
Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes
of April 10, 2007, and April 18, 2007, as written.
A. REGULAR BUSINESS:
1. Annual Election of Officers: Upon a motion made and duly seconded, it was VOTED to
unanimously elect the following officers of the Land Bank Commission:
John J. Stackpole, Chairman
Leslie B. Johnson, Vice Chairman
Allen B. Reinhard, Secretary
Philip D. Bartlett, Treasurer
Robert L. Gardner, Vice Secretary/Vice Treasurer
B. CITIZEN BUSINESS/ANNOUNCEMENTS:
1. Land Council/Quidnet Purchase: The Director reported that on April 24, 2007, the Land
Bank closed on the thirty-one acre parcel in Quidnet from the Nantucket Land Council who also
completed their purchase of a 270 acre conservation restriction on Eel Point Road from Linda Loring.
C: PROPERTY MANAGEMENT:
1. Miacomet Golf Update:
a. Financial Report: Charlie Passios provided a financial update as of April 24, 2007, and
presented the March 2007 financial statements. After a discussion, upon a motion made and duly
seconded, it was VOTED to approve the transfer of $200,000 from the money market account to the
checking account to be used for the capital expense purchase of Toro mowers.
b. Membership Discussion: Mr. Passios provided a membership update. Based upon the
current number of members and a recommendation by Mr. Passios, upon a motion made and duly
seconded, it was VOTED to offer 20 new memberships as follows:
Single Memberships
Family Memberships
One-Time Initiation Fee
$3,600.00
$5,400.00
Annual Dues
$3,000.00
$5,730.00
Land Bank Commission
April 24, 2007
Page 2
c. Senior Golf Car Pass: After a brief discussion of the matter, the Commission agreed
that a senior golf car pass may be used by either spouse even if one of the spouses does not meet the
senior golf car pass age requirement.
Commissioner Bartlett abstained.
d. Golf Course Renovations Update: Mr. Passios reported on recent discussions with
NMP Golf Construction (NMP) which were held as part of the bid review process. Upon a motion
made and duly seconded, it was VOTED to confirm the Commission's March 27th vote to select
NMP as the lowest most qualified bidder and to move forward with the final contract.
e. Personnel Benefits Discussion: Mr. Passios provided details of the proposed Fidelity
Funds 401 K retirement program including participation, administration and associated costs.
D. TRANSFER BUSINESS:
1. Proposed Transfer Discussion - Cassidy Family Trust and Blackfin, LLC, Paul R. Senecal,
Trustee of the Maria F. Senecal Testamentary Trust: The Commission reviewed the details of
proposed transfers of real property interests affecting the above referenced entities for property
located at 72 and 80 Somerset Road. After discussion, the Commission informally determined that a
claim to exemption from the Land Bank fee would be accepted on the transfers between the Cassidy
Family Trust and Blackfin, LLC and the transfer from the Cassidy Family Trust to Paul R. Senecal,
Trustee, subject to the transfers being in the same form as presented by Attorney Jessie Glidden.
2. "M" Exemption Update:
a. Domicile Non-Compliance Extension Request - No. 25533 Richard P. Marshall and Erin
M. Marshall: The Commission considered a written request from the purchasers for a one-year extension
of the domicile requirement of the "M" (first-time buyers) exemption to allow the purchasers time to
complete the construction of their home. Upon a motion made and duly seconded, it was VOTED to
approve the request and grant the Marshalls a one-year extension ending March 18, 2008.
b. Release of Lien Pending Proposed Sale - No. 24514 Kristofer Feeney and Hu Yu a/k/a/
Daisy Hu Feeney: The Commission executed a Release of Lien to be provided to the Feeneys subject
to the sale oftheir property at 39B Essex Road, currently scheduled for May 1,2007.
c. Two-Year Domicile Non-Compliance: Upon a motion made and duly seconded, it was
VOTED that there has been a failure to comply with the domicile requirement of the "M" (first-time
buyers) exemption, to send Notices of Assessment of fee due and to authorize placing a liens against
the following transfers:
No. 24041 Amy A. Metcalfe
No. 25400 Bernadette Maglione
: Land Bank Commission
April 24, 2007
Page 3
3. Transfer Update - No. 27618 9 Dukes Road LLC: Ms. K. Hunter presented the details of
the transfer which were a purchase of a one-third interest in property located at 9 Dukes Road from
Frances McCarthy, Denise M. Hall and Ronald C. Hall to the 9 Dukes Road LLC. Upon a motion
made and duly seconded, it was VOTED that based upon a failure to provide the requested
information and documentation there has been a failure to discharge the Land Bank fee due, to send a
Notice of Assessment, and to place lien against the property.
E. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the financial statements for the
period ending March 31, 2007.
1. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to approve and execute the April 24, 2007, warrant document in the amount of
$48,922.51 to be provided to the county treasurer.
F. REGULAR BUSINESS:
1. Public Notice Review: The Director reviewed notices received since the last review. No
action was taken.
G. PROPERTY MANAGEMENT:
1. W anoma Way Property - Use Request: The Commission considered a request from
abutters Richard and Kathleen Evans to use the Land Bank's Wanoma Way property to access their
property below the bluff for the installation of leaching trenches. Upon a motion made and duly
seconded, it was VOTED to approve the request subject to the abutter's agreeing to contribute
$5,000 towards the planned construction of beach stairs on Land Bank property.
2. Nobadeer Farm Road - Ball Field Permitting:
Bruce Perry presented a proposal from Mark Mello to provide a survey of moth habitat at the Land
Bank's Nobadeer Farm Road property at a cost of$4,184. Upon a motion made and duly seconded,
it was VOTED to approve Mr. Mello's proposal as presented.
In addition, the Commission determined to contract for services with Kelly Cardoza of Avalon
Consulting to coordinate and file permit applications with Natural Heritage for the ballfield project.
3. Cisco Beach Property - Ozone Surf Classic Event: Mr. Perry reported that he will be
meeting with the organizers of the Ozone Surf Classic to discuss the event held last year and plans
for the event to be held this summer.
4. Craig Property - Use Request: The Director presented a request from the Tuckernuck
Land Trust to use the Craig Property parking area for parking needs of a member function at an
abutter's home on July 7, 2007, between 6:00 p.m. and 8:30 p.m. Upon a motion made and duly
seconded, it was VOTED to approve the request as presented.
Land Bank Commission
April 24, 2007
Page 4
5. Moors End Farm - Consent for Lease Assignment: After an explanation by Director
Savetsky, upon a motion made and duly seconded, it was VOTED to execute a Consent for Lease
Assignment from Steven and Susan Slosek to their children, Abigail and Sam Slosek for the
continued use and operation of the farming activity at Moors End Farm as prepared by their
representative, Jesse Glidden.
6. Maxcy Pond Property - Trail Discussion: The Commission discussed a recent site visit to
the Land Bank's Maxcy Pond property and cooperative efforts between the Land Bank, the Anglers
Club and abutters to create access from Cliff Road to the Old Settlers' Burial Ground. Upon a
motion made and duly seconded, it was VOTED to ask staff to brush cut a walking path from the
parking area to the burial ground for public use.
7. Nobadeer Farm Road Property - Tennis Club Restrictions: After reviewing the terms with
Director Savetsky, the Commission authorized and executed the final restrictions amendment
document for the Nantucket Tennis & Swim Club currently under agreement for purchase by the
Great Harbor Yacht Club which requires that the club continue to offer 35 discounted resident
memberships, hourly public access to courts, free access to the Nantucket High School Tennis team
and provide a minimum of seven tennis courts for public use.
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 approval of the 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:
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Accepted, Approved, and Released by the VOTE of
the Commission this 8th day of May, 2007.
L<A~ 6~~
Leslie B. Johnson, Vice Chairman
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of March 31, 2007
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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
4.73
5.44
$6,896.87
$5,009,145.33
$6,553,208.99
$11,569,251.19
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
4.73
4.74
5.00
5.44
$2,577,540.46
$240,744.28
$8,875.42
$1,199,324.73
$333,811.00
$650.00
$5,082,500.00
$40,841.48
$9,484,287.37
3.73
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BONDS:
Principal
Outstanding
1998 Series E Issue
(Final principal payment 7/1/2019)
$9,545,000 (A)
Payment Due
7/1/2007
Payment Due
1/1/2008
(D) $222,370.00
(C) $785,432.50
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NOTES / LOAN:
Marble Note #19
Principal
Outstanding
$1,700,000
$2,000,000
Payment Schedules Annual Payments
Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40
Interest of $40,000 due 6/12107, & 12112107 $80,000.00
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 $4,889,867
TOTAL NOTES/LOAN:
$16,589,867 (B)
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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:
$320,000.00
$432,360.60
Total Annual Notes I Loan Payments (E):
$935,435.00
TOTAL DEBT (A) & (B): $26,134,867
Total Annual Debt Payments (C) (D) & (E): $1,943,237.50
STATEMNTFY07
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of April 10, 2007
1. Proposed Transfer Discussion - No. 24514 Kristopher Feeney and Daisy Hu Feeney
2. March Transfers - Record Nos. 27788 through 27877:
a. Current "M" Exemptions:
No. 27799 Brian Borgeson, Trustee of Merci Mere Nominee Trust
No. 27835 Jesus A. Partida and Jorene H. Partida
No. 27842 Gretchen S. Buchmann and Aaron J. Hull
b. Transfer Review - Supplemental Discussion:
No. 27799 Brian Borgeson, Trustee ofMerci Mere Nominee Trust
3. "M" Exemption Update:
a Adjustment Pending - Release of Lien:
No. 23251 Jason A. Olbres and Nichole L. Marks
4. Transfer Update:
a. Transfer Review - Adjustments Paid:
No. 27820 Bruce H. Poor
No. 27822 Carol A. Surface
No.27871 Matthew E. McManus and Jennifer McManus
b. Release of Lien:
No. 96973 Matthew E. McManus and Jennifer McManus