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Home My WebLink About2006-12-26 AGENDA Nantucket Land Bank Commission Regular Meeting of December 26,2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting of December 12, 2006 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER BUSINESS D. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Cash Disbursements 3. Bond Financing Discussion E. PROPERTY MANAGEMENT 1. Lily Pond Property - Blair House Update EXECUTNE SESSION ADJOURNMENT -T C- :=3 ,'-- '-- ~ s ""-'., z --- ..... ; :;..::. \0 0 Lv ............. ....... . . . . . . . . . . . . . . . . . . . . . . . . ...................... . ...................... . :-:.:.:->:- .... . ... ... ........... . .......... . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of November 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 4.60 0.50 4.70 5.42 $25,214.13 $5,319.45 $6,583,942.59 $6,439,357.25 $13,053,833.42 ........... . . . . . . . . . . . . . . ... ,........... ......................... . . . . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: Miacomet Park / Nantucket Bank CD43-2790 due 1/25/07 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 4.70 4.73 5.00 5.42 $2,540,589.97 $237,106.87 $8,208.30 $1,180,078.34 $328,011.55 $650.00 $125,000.00 $40,359.33 $4,460,004.36 3.53 BONDS: Principal Outstanding 1998 Series E Issue (Fina/ 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 Outstanding $1,700,000 $3,000,000 NOTES / LOAN: Marble Note #19 Goodwillie Note #28 (Note payable 12/12/06) 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) Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 Final Interest due 12/12/06 $60,000.00 $2,000,000 Golf Course Loan $4,959,980 $19,659,980 (B) TOTAL NOTES/LOAN/BONDS: Interest of $40,000 due 12/12/06, 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: Total Annual Notes I Loan Payments (E): $432,360.60 $995,435.00 .............................. . ...................... . ................ . . . TOTAL DEBT (A) & (B): $29,204,980 , . . . . . . . . ........ . . . . . . . . . . Total Annual Debt Payments (C) (D) & (E): $2,016,300.00 STA TEMNTFY07 MINUTES Nantucket Land Bank Commission Regular Meeting of December 26, 2006 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Bartlett, Holdgate, Johnson, Reinhard, Stackpole. Minutes of the regular meetings held November 28, 2006, and December 12, 2006: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of November 28,2006, and December 12,2006, as written. A CITIZEN BUSINESS/ANNOUNCEMENTS: None. B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: Ms. Hunter presented a written summary of items for discussion, prepared by Charlie Passios, and highlighted certain topics for action by the Commission. a. Membership Rates 2007: Upon a motion made and duly seconded, it was VOTED that membership rates for 2007 will remain the same as the 2006 rates. b. Tournament Schedule 2007: Upon a motion made and duly seconded, it was VOTED to accept the 2007 Tournament Schedule as presented. c. Administration Building Renovations: The Commission received copies of proposals for renovation of the administration building submitted by Blue Star Construction in the amount of $265,569.30 and W. McEachern General Contracting in the amount of $243,634.30. The Commission determined to hold the matter over until the January 9,2007, regular meeting and asked that plans for the proposed renovations be available at that meeting. d. Budget 2007: Mr. Passios' summary stated that he will mail the draft budget to the Commission for their review prior to the next Land Bank meeting and that he encouraged Commissioners to contact him with any questions or concerns. C. TRANSFER BUSINESS: 1. Transfer Update - No. 15192 H. Gordon Kennedy and Ellen A. MacKenzie: Staff was authorized to provide a Release of Lien to the purchasers based upon receipt of full payment of the outstanding Land Bank fee, penalty and interest. D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the November 2006 financial report as presented. Land Bank Commission December 26, 2006 Page 2 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the December 26, 2006, warrant document in the amount of $61,627.08 to be provided to the county treasurer. 3. Bond Financing Discussion: Ms. Hunter reported that bond counsel is preparing an article for presentation to the Selectmen asking them to submit an article for consideration at the April Town Meeting requesting full faith and credit backing of the Town of Nantucket for the issuance of a proposed thirty million dollar Land Bank bond. E. PROPERTY MANAGEMENT: 1. Somerset Road Sidewalk Project: Mr. Bartlett expressed concern regarding costs associated with the recent hydro-seeding along the shoulders of the road and sidewalk and asked staff to make sure that the seeding is not paid for twice. 2. Lily Pond Property - Blair House: Mr. Perry provided an update on the Land Bank's move-on and move-off applications for the Blair and Hemeon houses at the Lily Pond property and stated that the final plans for the project will be presented for the Commission's review. F. EXECUTNE 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 G. PROPERTY MANAGEMENT (continued): 1. Miacomet Golf Course: The Commission discussed their perception of the renovations needed at the administration building, management concerns and renovation of the "old" nine holes and asked that plans for the proposed renovations to the course be available at the next meeting. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:05 P.M. Attested to: John Accepted, Approved, and Released by the VOTE of the Commission this 9th day of January 2007. .r/ ii' ;' Kenneth W. Holdgate, JrC: h .