HomeMy WebLinkAbout2007-05-22
AGENDA
Nantucket Land Bank Commission
Regular Meeting of May 22, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting May8, 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 Notice Review
2. Land Bank Website Discussion
F. PROPERTY MANAGEMENT
1. MadaquechamlNew South Road Property - Use Request
2. Lily Pond Property - Blair House Discussion
3. Ladies Beach - Use Requests
4. Nobadeer Farm Road Property - Ballfields Discussion
EXECUTIVE SESSION
ADJOURNMENT
Nantucket Land Bank
May 22,2007
Page 2
C. TRANSFER BUSINESS:
1. Transfer Update:
a. Transfer Review - Documentation Provided - No. 27799 Brian Borgeson, Trustee of
Merci Mere Nominee Trust: Based upon documentation and information provided by the purchaser's
attorney the Commission found the transfer to be in order.
2. "M" Exemption Update:
a. "M" Exemption Compliance Request - No. 22519 Kevin J. Allegrini and Alisa Leib:
The Commission considered a written request from the purchasers' representative, Emily Avery,
explaining the circumstances of a pending sale of their Goldfinch Drive property and asking the
Commission to allow the Alleginis to transfer their "M" exemption to their proposed purchase of an
Arlington Street property based on the purchasers' financial circumstances and the fact that they
have nearly completed the five-year ownership requirement. After a discussion and upon a motion
made and duly seconded, it was VOTED not to allow the purchasers to transfer the exemption to the
new property but to waive the penalty and interest on the fee which would become due at the time of
the Goldfinch Drive sale.
b. Five Year Ownership Compliance and Releases of Liens: Upon a motion made and
duly seconded, it was VOTED to authorize the issuance of Releases of Liens for the following as a
result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-):
No. 21863 Aaron Norton
No. 21957 Harvey E. Lynch
No. 21958 Michael Eminescu
D. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the financial report for the period
ending April 30, 2007.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the May 22, 2007, warrant document in the amount of$176,469.19 to be
provided to the county treasurer.
E. REGULAR BUSINESS:
1. Public Notice Review - Eel Point Road: The Director reviewed a public notice from the
Nantucket Planning Board regarding an application for a subdivision at 135 Eel Point Road abutting
the Land Bank's Rand/40th Pole Beach property. The Commission asked the Director to submit a
letter asking the Planning Board to consider the impact of the subdivision on the area roadways,
endangered plants and archeological resources.
2. Public Notice Review - Surfside Road/Dias: The Director reviewed a public notice from
the Nantucket Planning Board regarding an application for a multi-family dwelling and special permit
Nantucket Land Bank
May 22,2007
Page 4
4. Nobadeer Farm Road Property - Ballfields Discussion: The Director presented a letter from
Dusty Ramos, abutter to the Land Bank's Nobadeer Farm Road property, voicing her concerns
regarding the location of the proposed ballfields and asking the Commission to reconsider
development of the property. The Director reported that he would contact Ms. Ramos and invite
her to the office for a discussion and to view the plans.
Mr. Perry provided an update on the ballfield permitting process including results of the plant
habitat survey and briefly described mitigation concepts to be developed and brought back for the
Commission's review.
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 the 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 6:58 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 1th day of June, 2007.
John J. StaCkpOl~
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of May 22,2007
1. Transfer Update:
a. Transfer Review - Documentation Provided:
No. 27799 Brian Borgeson, Trustee ofMerci Mere Nominee Trust
2. "M" Exemption Update:
a. "M" Exemption Compliance Request:
No. 22519 Kevin J. Allegrini and Alisa Leib
b. Five Year Ownership Compliance and Releases of Lien:
No. 21863 Aaron Norton
No. 21957 Harvey E. Lynch
No. 21958 Michael Eminescu
MINUTES
Nantucket Land Bank Commission
Regular Meeting of May 22, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole.
Minutes of the regular meeting held May 8, 2007: Upon a motion made and duly seconded, it was
VOTED to accept, approve and release the minutes of May 8, 2007, as written.
A. CITIZEN BUSINESS: The Commission was informed that a $1,000.00 grant has been awarded to
the Nantucket Land Bank from the Marie C. and Joseph C. Wilson Foundation at the request of one
of its board members, Chris Kling.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Update:
a. Financial Report: Charlie Passios presented a financial update as of May 22,2007, and
gave a summary of capital expenditures to date.
b. Membership Update: Mr. Passios provided a membership update.
c. Past Due Memberships Discussion: After a discussion, upon a motion made and duly
seconded, it was VOTED to endorse the club's policy that all privileges for those members whose
accounts become more than ninety days past due shall be suspended.
d. Buildings Renovations Update: Mr. Passios gave a progress report on the renovation of
the administration building.
e. Golf Course Renovations Update: Mr. Passios provided an update on matters related to
the proposed golf course renovations including a report that the contract with NMP Golf Construction
(NMP) is being reviewed by Land Bank counsel, the irrigation system materials have been reserved,
and that the NMP work schedule will include the winter season. Mr. Passios also reported on builder's
risk insurance coverage which the Commission opted not to purchase.
Mr. Passios reviewed the procedure for approval of change of work orders during construction.
Upon a motion made and duly seconded, it was VOTED to authorize the Director to review, approve
and certify change orders. The Commission appointed Commissioners Bartlett and Johnson to act as
liaisons for the project.
f. Membership Benefits Discussion: Mr. Passios presented a suggestion from golf club
staff to offer members a discount on food purchased at the restaurant. Upon a motion made and duly
seconded, it was VOTED to approve a 10% member discount on food. The Commission also
considered offering a 10% discount on rounds of golf to member's guests who join them in play and
determined to continue the discussion at a later date.
Nantucket Land Bank
May 22,2007
Page 3
to waive the zoning bylaw dimensional requirements for parking spaces for property located at 65
Surfside Road. The Commission asked the Director to submit a letter objecting to a waiver of the
parking requirements.
F. PROPERTY MANAGEMENT (continued):
1. MadequechamlNew South Road Property - Use Request: Citizen Darren Legge was in
attendance as representative for the riders and parents of riders who participate in AT.V. and dirt
bike riding activities in Madequecham. Mr. Legg explained the circumstances which have
prevented the riders from using the existing tracks and proposed the relocation of an adult and
children's track on to the Land Bank's Madequecham property in order to provide a safe and
appropriate venue for the sport which would help reduce unauthorized riding on other properties.
Upon a motion made and duly seconded, it was VOTED to approve the project in concept subject to
the riders providing stewardship of the property and creating an association that would carry
insurance protection for the Land Bank. The Commission asked Mr. Legg to work with Resource
Planner/Ecologist Bruce Perry to determine an appropriate location and design for the track which
would provide a partial sound barrier and minimize impact on the natural landscape and vegetation.
Commissioner Reinhard abstained
G. REGULAR BUSINESS:
I. Land Bank Website Discussion: The Director provided details and general cost estimates for
the redesign of the website including the addition of photographs, interactive maps, printable trail and
property guides based upon design and copy previously created by Grant Sanders and Anthony Leone
for the 2007 Land Bank Properties Map. The Commission determined to move forward with the project
and asked staff to seek cost estimate proposals.
H. PROPERTY MANAGEMENT (continued):
1. Lily Pond Property - Blair House Discussion: The Director summarized a proposal from
the Nantucket Housing Office to renovate and historically restore the Erna Blair House to be used
as housing for the Housing Office's Executive Director. The Commission was generally in favor of
the proposal and asked staff to provide cost estimates for the relocation of the building onto a
foundation at the Hemeon House property.
2. Ladies Beach - Commercial Use Request: The Commission considered a written request
from Townsend Wright, owner of The Trinity Collection, to rent approximately fifteen surfboards
for the summer season from 10:00 a.m. to 5:00 p.m. daily from the Land Bank's Ladies Beach
property. The Commission agreed that the Ladies Beach property is not a suitable location for
commercial activity and denied the request.
3. Ladies Beach - Use Request: The Director presented a request from Nantucket Clambake to
hold a party at Ladies Beach on Saturday, July 14th at 5:30 P.M. with table seating for forty people.
Upon a motion made and duly seconded, it was VOTED to approve the request as presented.
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of April 30, 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:
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APY
0.50
4.70
5.43
$12,478.76
$3,052,290.47
$6,581,766.54
$9,646,535.77
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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
4.70
4.61
5.00
5.43
$2,586,544.19
$241,684.83
$8,910.90
$1,204,145.02
$335,265.68
$650.00
$437,500.00
$40,969.82
$4,855,670.44
3.76
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BONDS:
Principal
Outstanding
1998 Series E Issue
(Fmalprinc~alpayment7/1/2019)
$9,545,000 (A)
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Payment Due
7/1/2007
(C) $785,432.50
Payment Due
1/1/2008
(D) $222,370.00
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NOTES / LOAN:
Marble Note #19
Goodwillie Note #29
(Note payable 12/12/07)
Principal
Outstanding
$1,700,000
$2,000,000
Payment Schedules Annual Payments
Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40
Interest of $40,000 due 6/12/07, & 12/12/07 $80,000.00
Holdgate Note #30 $8,000,000
($2,666,666 due 10/31/07, 10/31/08, 10/31/09)
Golf Course Loan $4,872,174
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:
$16,572,174 (B)
$320,000.00
$432,360.60
Total Annual Notes / Loan Payments (E):
$935,435.00
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TOTAL DEBT (A) & (B): $26,117,174
Total Annual Debt Payments (C) (D) & (E): $1,943,237.50
STATEMNTFY07