HomeMy WebLinkAbout2007-08-28
AGENDA
Nantucket Land Bank Commission
Regular Meeting of August 28, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting August 14, 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. Bond Issuance Update
3. Web site Development Discussion
F. PROPERTY MANAGEMENT
1. Latici Property - Lease Extension Request
2. Miacomet Pond/Maria Mitchell Property - Use Request
EXECUTIVE SESSION
ADJOURNMENT
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Land Bank Commission
August 28, 2007
Page 2
D. TRANSFER BUSINESS:
1. Informal Opinion / Transfer Discussion - Dorset Realty Corporation / John B. Collins and
Martha R. Collins: Ms. Hunter briefly explained the circumstances of the proposed transfer and
informed the Commission that Richard Glidden, representative for the purchaser, has withdrawn his
request for an informal opinion.
2. Transfer Update:
a. Request for Acceptance of Exemption - No. 27618 Craig E. Taylor and Yolanda J.
Maxwell: Ms. Hunter summarized correspondence from Mr. Taylor which was submitted to
document and verify his claim to eligibility of the "C" exemption as a domestic partner to Ms.
Maxwell. Based upon the information provided, upon a motion made and duly seconded, it was
VOTED to accept the exemption and to find the transfer to be in order.
b. Transfer Discussion - No. None, James W. Pattison: Ms. Hunter summarized
correspondence from Attorney Susan McCarthy describing a 2002, for consideration, off-record
transfer of a 20% interest to Mr. Pattison from his son, James W. Pattison, Jr. by way of a Bill of
Sale and stated that Ms. McCarthy is asking the Commission to accept payment of the outstanding
fee which became due at the time of transfer and accrued penalty and to waive the accrued interest
based on the good faith efforts of the purchaser to resolve the matter. Upon a motion made and duly
seconded, it was VOTED to accept payment of the fee and penalty in the total amount of $1,900.
3. "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. 22241 Gregory Phillips
No. 22233 Norman Van Dyke, Jr., Katherine E. Bedell, Maria M. Watson
No. 22211 Christopher C. Montgomery and Bridget C. Montgomery
E. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the unaudited financial report for the
period ending July 31, 2007.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the August 28, 2007, warrant document in the amount of$71,253.29 to be
provided to the county treasurer.
F. REGULAR BUSINESS (continued):
1. Public Notice Review: The Director reviewed notices received since the last review. No
action was taken.
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of July 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
4.67
5.12
$7,124.55
$3,979,950.41
$6,670,270.96
$10,657,345.92
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STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: APY
Miacomet Park / Nantucket Bank CD43-2790 (closed 7/26/07 and transferred to COLLECTION)
Miacomet Park 2000 / Nantucket Bank 79-24361 4.68
Debt Service Fund 98E / US Bank 4.68
Working Capital/ Nantucket Bank CD45-2733 due 3/14/08 5.05
Marble Reserve / MMDT Account 44250553 5.12
Tenant Security Deposits / Nantucket Bank
Deutsch Williams Escrow / Citizens Bank
Smooth Hummocks Management Escrow 790027038 3.80
TOTAL RESTRICTED FUNDS:
$0.00
$244,493.89
$9,370.79
$1,219,132.42
$339,773.97
$650.00
$2,500.00
$45,959.37
$1,861,880.44
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BONDS:
Principal
Outstanding
1998 Series E Issue
(Fmalprinc~alpayment7/1/201~
$8,995,000 (A)
Payment Due
1/1/2008
(C) $222,370.00
Payment Due
7/1/2008
(D) $797,370.00
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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. Dee: $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 $4,818,695
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 NOTES/LOAN:
$16,518,695 (B)
Total Annual Notes / Loan Payments (E):
$935,435.00
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TOTAL DEBT (A) & (B): $25,513,695
Total Annual Debt Payments (C) (D) & (E): $1,955,175.00
STA TEMNTFY08
MINUTES
Nantucket Land Bank Commission
Regular Meeting of August 28, 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 August 14, 2007: Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of August 14, 2007, as written.
A. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios presented account balances, receivables and
payables to date, and provided the July2007 balance sheet and profit and loss comparison.
b. Golf Course Renovations Update: Mr. Passios reported that start up for the project
is scheduled for September 4,2007, and presented NMP Payment Application #002 for irrigation
materials. Upon a motion made and duly seconded, it was VOTED to authorize payment from the
Miacomet Golf Club's money market account in the amount of$184,500. A discussion followed
regarding the activity of the money market funds.
c. Property Insurance Proposal: Mr. Passios provided an update on the golf course's
current property insurance coverage and proposed switching to AIG (Bollinger Program for Golf
Courses) which includes wind and hail coverage at an annual premium of $60,231 with an option to
increase the limit ofliability to five million at a cost of$3,126. Upon a motion made and duly
seconded, it was VOTED to accept the proposal to switch insurance carriers to AIG and increase the
limit of liability to five million.
d. Personnel Discussion: Mr. Passios informed the Commission that Outside Services
Manager, Jack Moran, recently submitted his resignation effective September 1, 2007.
e. State Ethics Commission Inquiry: The Director reported that a representative of the
State Ethics Commission called with questions regarding the Land Bank Commissioners' status as
Miacomet Golf Club members.
C. REGULAR BUSINESS:
1. Website Development Discussion: Grant Sanders was in attendance to discuss Land Bank
website development and the proposal submitted by Caffeinated (Sanders) and Leone Design. Mr.
Sanders explained that Phase 1 would include concept, site and idea development, functionality
determination, property research and database construction at an estimated cost of $5,000. Upon a
motion made and duly seconded, it was VOTED to approve Phase 1 of the project.
Land Bank Commission
August 28, 2007
Page 3
2. Bond Issuance Update: The Director and Ms. Hunter provided an update on recent
discussions with Cynthia McNerney of First Southwest Financial regarding the timing for the
issuance of the bonds and initiated a discussion regarding prepayment of outstanding Land Bank
notes and reimbursement from bond proceeds to the Land Bank for land acquisitions which occur
prior to the funding of the bonds.
G. PROPERTY MANAGEMENT:
1. Latici Property - Lease Extension Request: The Commission continued recent discussions
regarding Bruno Latici's request for an extension to his existing lease which expires in June 2008.
The Commission asked Resource Planner/Ecologist Bruce Perry to conduct a site visit at the
property to determine the feasibility of creating parking spaces at the area prior to the termination of
Mr. Latici's lease.
2. Miacomet Pond / Maria Mitchell Property - Use Request: The Director presented a request
from Alison Trebby to hold a wedding ceremony at the Land Bank's Miacomet Pond / Maria
Mitchell property on September 13,2008, from 4:00 p.m. to 5:00 p.m. Upon a motion made and duly
seconded, it was VOTED to approve the request as presented.
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 land acquisition.
RETURN TO OPEN SESSION
I. PROPERTY MANAGEMENT (continued):
1. Miacomet Golf Course - Personnel/Management Discussion: The Commission continued
its discussion regarding personnel and management issues at Miacomet Golf Course.
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:55 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 11 th day of September, 2007.
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of August 28, 2007
1. Informal Opinion - Transfer Discussion:
Dorset Realty Corporation/John B. Collins and Martha R. Collins
2. Transfer Update:
a. Request for Acceptance of Exemption:
No. 27618 Craig E. Taylor and Yolanda J. Maxwell
b. Transfer Discussion:
No. none James W. Pattison
3. "M" Exemption Update:
a. Five-Year Ownership Compliance and Releases of Liens:
No. 22241 Gregory Phillips
No. 22233 Norman Van Dyke, Jr., Katherine E. Bedell, Maria M. Watson
No. 22211 Christopher C. Montgomery and Bridget C. Montgomery