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HomeMy WebLinkAbout2007-07-24 AGENDA Nantucket Land Bank Commission Regular Meeting of July 24, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER EXECUTIVE SESSION Minutes of the regular meeting July 10, 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 I. Public Notice Review F. PROPERTY MANAGEMENT 1. Walker Property/Craig Property - Use Request 2. Bum Program - Equipment Request 3. Stone Property - Use Request EXECUTIVE SESSION ADJOUWMENT Lr',\ c::: r-- l"- f=' .. Nantucket Land Bank July 24, 2007 Page 2 C. TRANSFER BUSINESS: 1. Transfer Update: a. Amended Notice of Assessment - No. 27618 9 Dukes LLC: Upon a motion made and duly seconded, it was VOTED to execute and authorize an Amended Notice of Assessment to reflect the amount paid at the time of transfer. 2. "M" Exemption Update: a. 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. 22071 Christopher T. Oberg No. 22129 Sheila Barrett No. 22413 Nathan J. Damian and Stacey M. Davis b. Five Year Ownership Non-Compliance / Notice of Lien - No. 22009 Philip Austin and Ursula Austin: Upon a motion made and duly seconded, it was VOTED to authorize and execute a Notice of Lien to be held for recording in the event that the purchasers fail to pay the fee and accrued interest or fail to request a hearing within thirty days of the Notice of Assessment. c. Release of Lien / Adjustment Paid - No. 22191 Kenneth A. Fahrman and Marilyn Fahrman: Upon a motion made and duly seconded, it was VOTED to execute a Release of Lien to be provided to the purchasers based upon the receipt of the fee, negligent penalty and accrued interest in full and to consider the matter in order. D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the unaudited financial report for the period ending June 30, 2007. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the July 24, 2007, warrant document in the amount of $44,080.55 to be provided to the county treasurer. E. REGULAR BUSINESS: 1. Public Notices Review: The Director reviewed public notices received since the last review. No action was taken. F. PROPERTY MANAGEMENT (continued): 1. Burn Program - Equipment Request: Bruce Perry presented a proposal for the purchase of high frequency, transceiver radios for improved communication during prescribed burning conducted by the Nantucket Heathlands Partnership. Upon a motion made and duly seconded, it was VOTED to authorize the purchase of the Land Bank's portion of the cost of the radios. ... ... ;.::::::::::::;::: NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of June 30, 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 4.70 5.12 $52,916.00 $2,700,948.38 $6,640,309.41 $9,394,173.79 . . . . . . . . . ......... .. ....... '..... ............ . . . . . . . . . . . . . .......;.;.:-:.;.;.;.;.> .. 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 3/14/08 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 4.49 5.05 5.12 $2,604,948.35 $243,515.82 $794,412.50 $1,214,038.78 $338,247.77 $650.00 $127,500.00 $34,219.89 $5,357,533.11 3.81 ..... ....... ..... ................ .. . . . . . . . . . . . . . . . . . ......... . .......... ... .......... . 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 $4,836,588 TOTAL NOTES/LOAN: $16,536,588 (B) 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: $320,000.00 $432,360.60 Total Annual Notes / Loan Payments (E): $935,435.00 ............... .. ........ . .. ......... ................................... .... .... .. .....:-:-:.;......-:.;.;.;.;.:.;-:.... TOTAL DEBT (A) & (B): $26,081,588 Total Annual Debt Payments (C) (D) & (E): $1,943,237.50 STATEMNTFY07 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of July 24, 2007 1. Transfer Update: a. Amended Notice of Assessment: No. 27618 9 Dukes LLC 2. "M" Exemption Update: a. Five-Year Ownership Compliance and Releases of Liens: No. 22071 Christopher T. Oberg No. 22129 Sheila Barrett No. 22143 Nathan J. Damian and Stacey M. Davis b. Five-Year Ownership Non-Compliance - Notice of Lien: No. 22009 Philip Austin and Ursula Austin c. Release of Lien / Adjustment Paid: No. 22191 Kenneth A. Fahrman and Marilyn Fahrman Nantucket Land Bank July 24, 2007 Page 3 2. Bum Program - Review Report: The Director provided a summary of the independent review conducted of the April 1, 2007, Nantucket Conservation Foundation prescribed burn including the findings that the cause of the incident was weather related and could not have been predicted. 2. Walker Property/Craig Property - Use Request: Alec Griswold was in attendance as representative of ACKKayak to present a proposal to use the Walker and Craig properties as pick- up/drop-offlocations for his mobile kayak rental service. The Commission expressed its concern regarding the commercial use of both properties and determined to take the matter under advisement. 3. Stone Property - Use Request: The Director presented a request from Carol Muehling to hold a memorial service at the Stone property on August 4, 2007, from 9 a.m. to 10 p.m. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 4. Witherbee Property - Management Request: The Director presented two requests from the Surfside Association for Land Bank management of Town-owned beach property including the repair and maintenance of the stairs at Footsteps Beach and management of the parking area at Fisherman's Beach. The matter was taken under advisement. 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 I. PROPERTY MANAGEMENT (continued): 1. Walker Property/Craig Property - Use Request: The Commission discussed its concerns regarding the commercial use of the Walker property and the high level of activity at the Craig property. Based on these discussions, the Commission determined to deny ACKKayak's use request for both properties. Attested to: made and duly seconded, it was VOTED to adjourn at 5:40 P.M. ADJOURNMENT: Accepted, Approved, and Released by the VOTE of the Commission this 14th day of August 2007. MINUTES Nantucket Land Bank Commission Regular Meeting of July 24, 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 July 10, 2007: Upon a motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of July 10, 2007, as written. A. CITIZEN BUSINESS: None B. PROPERTY MANAGEMENT: I. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, provided the June 2007 balance sheet and profit and loss comparison, and reported that NMP Payment #001, drawn from Miacomet Golf s money market account, was made in the amount of$133,000. b. Member Request: Mr. Passios presented a request from a resigned member to have their membership reinstated and explained the circumstances of the January 2007 resignation. Upon a motion made and duly seconded, it was VOTED to approve the request subject to payment of the 2007 annual membership dues in full. c. Personnel Discussion: Mr. Passios reported on a recent incident which occurred on the golf course between a Miacomet Golf Course employee and a member, the Director summarized the details of the altercation based on correspondence with the member's parent and a witness at the scene, and the Commission asked Mr. Passios to speak with the families of the members involved. d. Golf Course Renovations Update: Mr. Passios reported on a recent pre-construction planning meeting with Howard Mauer and NMP Golf Construction representatives at which irrigation scheduling and putting green construction items were discussed. e. Golf Shop Marketing Proposal: The Commission approved a marketing proposal which would allow players to earn credit for purchases in the golf shop by hitting the green during weekend open play. f. Member Advisory Group Update: Mr. Passios reported that twelve volunteers are expected to attend the first meeting of the Member Advisory Group scheduled for Wednesday, July 25th at 8:00 p.m. to discuss group objectives and establish a committee. g. Inspector General Report: The Director reported that the Inspector General's office recently requested a copy of the Moors, Inc. contract and extension of contract.