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Home My WebLink About2007-09-25 AGENDA Nantucket Land Bank Commission Regular Meeting of September 25, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting September 11, 2007 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER BUSINESS D. FINANCIAL BUSINESS I. 2007 Audited Financial Statements 2. Monthly Financial Report 3 . Warrant Authorization - Cash Disbursements E. REGULAR BUSINESS 1. Public Notice Review F. PROPERTY MANAGEMENT 1. Dias/Pilot Whale Drive Property - Encroachment Matter 2. Codfish Park Properties - Sconset Beach Preservation Fund 3. Craig Property - Use Request EXECUTIVE SESSION ADJOURNMENT -i~."", 0"'. ~?j' Z..i:. (J r ('T., :;:{11 ~~;::. ~ C) CJ --l - N ::g N w - IU :0 t';~ Land Bank Commission September 25,2007 Page 2 C. TRANSFER BUSINESS: 1. Transfer Update: a. Exemption Verification Not Provided - No. 28033 Keith P. Brown: Based on the purchaser's failure to provide the requested documentation to verify his claim to the "K" exemption, upon a motion made and duly seconded, it was VOTED that there has been a failure to discharge a Land Bank fee due, to send a Notice of Assessment at 2% of one-half of the fair market value of the real property interests transferred (assessed value), together with penalty and interest. 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. 22258 Sunny Blake Wood and Julia O'Donnell Wood No. 22310 Steven J. Boukus and Casey P. Sayre D. FINANCIAL BUSINESS: 1. 2007 Audited Financial Statements: Ms. Hunter presented the Fiscal Year 2007 audited financial statements, together with a staff-prepared Land Bank financial summary which included Miacomet Golf operations and a balance sheet and income statement summary which included only Land Bank operations. Upon a motion made and duly seconded, it was VOTED to accept the Fiscal Year 2007 audited financial statements as prepared by O'Connor & Drew P.C. subject to further review by the Commissioners to be completed by September 27th. 2. Monthly Financial Report: The Commission accepted the unaudited financial report for the period ending August 31, 2007. 3. Warrant Authorization - Cash Disbursements: U:pon a motion made and duly seconded, it was VOTED to execute the September 25, 2007, warrant document in the amount of $86,311.45 to be provided to the county treasurer. E. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed notices received since the last review. No action was taken. F. PROPERTY MANGEMENT (continued): 1. Dias/Pilot Whale Drive Property - Encroachment Matter: The Director reported that the lawsuit filed by the Land Bank against abutter Richard Travaglione for encroachment on the Land Bank's Dias/Pilot Whale property has been settled by a restitution payment from Mr. Travaglione to the Land Bank in the amount of$12,000. .... .... ........... . .......... . ....... ... .......... NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of August 31, 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 4.67 5.49 $7,139.64 $1,580,366.41 $6,700,661.91 $8,288,167.96 . ................ ......... . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: 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 4.67 4.62 5.05 5.49 $245,443.06 $9,488.20 $1,224,247.43 $341,322.04 $650.00 $4,692,500.00 $46,098.63 $6,559,749.36 3.63 .......... . ............. . ......... . . . . . . . . . . . . . . ............. . ............ . BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $8,995,000 (A) Payment Due 1/1/2008 (C) $222,370.00 Payment Due 7/1/2008 (D) $797,370.00 . .. . . .. ......... . .......... . ......... . ........ . ......... ... ...:-;.:-:-:-:<.;.:-:-:-:-'.' . ........... . 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 12/12/07 $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 $4,818,695 TOTAL NOTES/LOAN: $16,518,695 (B) ............. ... ............ ........ ................ . ..... .. .......... . . . . . . . . . . . .......... . 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 Interest Notes I Loan Payments (E): $935,435.00 TOTAL DEBT (A) & (B): $25,513,695 Total Annual Debt Payments (C) (D) & (E): $1,955,175.00 STA TEMNTFYOB MINUTES Nantucket Land Bank Commission Regular Meeting of September 25, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Gardner, Johnston, Reinhard, Stackpole. ABSENT: Bartlett. Minutes of the regular meeting held September 11, 2007: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of September 11, 2007. A. CITIZEN BUSINESS/ANNOUNCEMENTS: None. B. PROPERTY MANAGEMENT: 1. Property Supervisor Request: The Director presented a request from Property Supervisor Jeffrey Pollock to use the Land Bank's truck and trailer during his personal time to help the Egan Institute with the relocation of a historic lifesaving boat. Upon a motion made and duly seconded, it was VOTED to approve the request. Commission Reinhard abstained. 2. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, and provided the August 2007 balance sheet and profit and loss comparison. b. Golf Course Renovations Update: Mr. Passios provided a status report on course renovations and reported that NMP Payment No.3 is due in the amount of$259,928.59 for costs associated with mobilization and irrigation. Upon a motion made and duly seconded, it was VOTED to approve Application for Payment No.3, to authorize payment from Miacomet Golfs money market account and to keep the balance of funds in the money market account (approximately $250,000) for off-season operations as needed. c. Property Insurance Discussion: Mr. Passios reported that the new property insurance policy with AIG would be bound by September 30, 2007. d. Member Advisory Group Update: Mr. Passios reported that comments and suggestions from the Member Advisory Group will be provided to golf management for future discussion by the Commission at a Land Bank meeting. e. Abutter's Request: The Director presented written correspondence from Miacomet Golf Course abutter, Robert Owen, requesting permission to maintain a visual corridor of the course from behind his home. The Commission asked that Mr. Passios and Golf Course Superintendent Sean Oberly conduct a site visit and report back with a recommendation. Land Bank Commission September 25,2007 Page 3 2. Codfish Park Properties - Sconset Beach Preservation Fund (SBPF): The Director reported that, at its meeting scheduled for Wednesday, September 26, 2007, the Board of Selectmen will discuss Sconset Beach Preservation Fund's requested assent to its filing ofa Chapter 91 Waterway Permit Application with the Department of Environmental Protection for the proposed beach nourishment project. Discussion occurred. 3. Craig Property - Use Request: The Director presented electronic correspondence from Rick Porteus, representative of Nantucket Rowing, seeking permission to continue its use of the Land Bank's Craig property as a launching site for the program throughout Fall 2007 and Spring 2008, requesting a brush cut area for the storage of boats and asking for approval to place an 8'x10' storage shed on the property to house their equipment. Upon a motion made and duly seconded, it was VOTED to approve the request to allow the program to continue its use of the property throughout Fall 2007 and Spring 2008 and to ask property management staff to determine an appropriate area to brush cut for the storage of the boats. The Commission's determined to revisit Nantucket Rowing's request for a storage shed after a management plan for the property has been completed. 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 approval of minutes and land acquisition. RETURN TO REGULAR SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:56 P.M. Attested to: btb Allen B. Reinhard, Secretary Accepted, Approved, and Released by the VOTE of the Commission this 9th day of October 2007. John J. StaCkpOle~~ TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of September 25,2007 1. Transfer Update: a. Exemption Verification Not Provided: No. 28033 Keith P. Brown 2. "M" Exemption Update: a. Five-Year Ownership Compliance and Releases of Liens: No. 22258 Sunny Blake Wood and Julia O'Donnell Wood No. 22310 Steven J. Boukus and Casey P. Sayre