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HomeMy WebLinkAbout2007-10-23 AGENDA Nantucket Land Bank Commission Regular Meeting of October 23, 2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER Minutes of the regular meeting October 9, 2007 A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER HEARING 1. No. 28033, Keith P. Brown - Postponement Request D. TRANSFER BUSINESS c; ~:':~ E. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements 3. Payment Authorization - Holdgate Note #30 4. Acquisition Bond Issuance Discussion 2: r""'O"'.' r"'f'''1 F. REGULAR BUSINESS 1. Public Notice Review 2. Community Preservation Committee - Update G. PROPERTY MANAGEMENT 1. Walker Property - BulkheadinglPier Project Update 2. GreeneIW ade Cottages - Septic System Licensing Issue 3. Gaillard Property - Lease Extension Request 4. Wanoma Way/Tom Nevers Property - Abutter Letters of Concern H. PERSONNEL MANAGEMENT 1. Personnel Regulations Discussion EXECUTIVE SESSION ADJOURNMENT ~ AJ tl1 z c::::l <:: N - -0 N A. - .;::: fl MINUTES Nantucket Land Bank Commission Regular Meeting of October 23,2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:02 P.M. PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. Minutes of the regular meeting held OCtober 9, 2007: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of October 9,2007, as amended. 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, provided the September 2007 balance sheet and profit and loss comparison, and took questions from the Commission regarding the financial statements. The Commission asked Mr. Passios to provide additional information regarding certain items on the balance sheet and the income statement for further review and discussion. b. Operations Update: Mr. Passios provided an update on restaurant operations, reported that the course would have seven open holes as of October 29,2007, and made a recommendation for a temporary reduction of the green's fees and winter membership rates throughout the duration of the 9-hole renovation project. Upon a motion made and duly seconded, it was VOTED to approve the temporary rates as follows: 7-Hole Green Fee $30.00 Winter Membership $300.00 c. Golf Course Renovations Update: Mr. Passios provided a hole-by-hole status report of the course renovation. d. Golf Shop Relocation Discussion: Mr. Passios discussed the relocation of the golf shop to the administration building. The Commission asked Mr. Passios to bring back a designlbuild proposal with cost estimates. e. Property Insurance Update: Mr. Passios reported that the new property insurance with AIG is currently in effect. C. TRANSFER HEARING: 1. Transfer Hearing Postponement Request - No. 28033 Keith P. Brown: Ms. Hunter informed the Commission that Keith P. Brown has requested a postponement of the hearing Land Bank: Commission October 23, 2007 Page 2 scheduled for October 23,2007, on the matter of Land Bank Notice of Assessment dated September 28, 2007. Upon a motion made and duly seconded, it was VOTED to reschedule the hearing November 13, 2007, and to ask staff to notify Mr. Brown of the new hearing date. D. TRANSFER BUSINESS: 1. "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. 22371 Derrick P. Wiggins and Angie Smith-Wiggins No. 22402 Scott R. Whelden and Nicole C. Whelden No. 22408 Jeffrey E. Daume and Elizabeth G. Daume No. 22430 William J. Knight and Kimberly C. Knight b. Release of Lien Adjustment Paid - No. 26013 Aisling Glynn and Caroline Reilly: The Commission accepted payment for the outstanding interest through September 11, 2007. Accordingly, upon a motion made and duly seconded, it was VOTED to authorize the issuance of a Release of Lien to be provided to the purchasers based upon receipt of the fee and accrued interest in full. .. c. Applicability of the "M" Exemption - No. 28505 Maytawee Thairat and Maturod Thairat: Ms. Hunter summarized correspondence from the purchasers' attorney, Kate Mitchell, and Maturod Thairat's affidavit regarding the circumstances of her involvement with property at 22A Daffodil Lane which was purchased by her aunt and uncle. Based upon the explanation and documentation provided, upon a motion made and duly seconded, it was VOTED to accept Ms. Thairat claim to the "M" exemption. E. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements for the period ending September 30, 2007. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the October 23,2007, warrant document in the amount of $603,493.96 to be provided to the county treasurer. 3. Payment Authorization - Holdgate Note #30: Upon a motion made and duly seconded, it was VOTED to authorize payment of the principal and interest due October 31, 2007, on the Land Bank's Holdgate Note #30 in the amount of $2,986,666.00. 4. Acquisition Bond Issuance Discussion: The Director reported on recent discussions with bond advisor Cynthia McNernery regarding the timing for issuance and the use of bond proceeds. Land Bank Commission October 23, 2007 Page 3 F. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. 2. Community Preservation Committee - Representative's Update: Community Preservation Committee (CPC) Land Bank representative Polly Miller was present to provide an update on recent CPC activity including staffing and board member status, project management assignments and requests for funding. Ms. Miller took questions and comments from the Commission regarding criteria for funding and recent project requests. G. PROPERTY MANGEMENT (continued): 1. Gaillard Property - Lease Extension Request: Michael Gaillard was in attendance to request a lease extension for the Land Bank's Gaillard house in exchange for his providing general property maintenance and improvements. The Commission took the request 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 land acquisition. RETURN TO OPEN SESSION 1. PROPERTY MANAGEMENT (continued): 1. Walker Property - Bulkheading/Pier Project Update:. The Director provided an update on the bulkhead/pier project at the Land Bank's Walker property and the Commission discussed options for continued permitting and pier design concepts. 2. Greene/W ade Cottages - Septic System Licensing Issue: The Director provided a brief history of the Land Bank's original acquisition of the property and the Commission's September 11 th discussion which was generally in favor of allowing the abutter, Wade Greene, continued use of an existing septic system which is located on Land Bank property subject to the parties entering into a non-recorded licensing agreement satisfactory to Land Bank counsel and the Commission. The Director reported that Mr. Greene wants to include language in the proposed licensing agreement which would grant permission for future expansion of the house and the abutter's septic system. The Commission asked for more information about the possibility of relocating the septic system onto the abutter's property and that an application be made for the replacement of the system without expansion before considering the request. 3. Gaillard Property - Lease Extension Request (continued): The Commission continued its discussion regarding the lease extension request from Michael Gaillard. Upon a motion made and duly seconded, it was VOTED to extend the lease to Michael Gaillard until March 31,2008. The Commission also discussed starting a "friendly" eviction process three months in advance of March 31 st. Land Bank Commission October 23, 2007 Page 4 4. Wanoma Way/Tom Nevers Property - Abutters Letters of Concern: The Director reported that multiple correspondences have been received from abutters to the Land Bank's Wanoma Way/Tom Nevers property expressing concern over the proposed construction of stairs, the possibility of increased traffic to the area and parking issues along the road. The Commission discussed ways to prevent parking along the roadside and to maintain use of the stairs for neighborhood pedestrians. J. PERSONNEL MANAGEMENT: 1. Personnel Regulations Discussion: The Director reported that Ms. Hunter has been updating the existing Personnel Rules and Regulations. The Commission asked staff to send them the edited, red-lined copy for review and discussion. K. 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 ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:45 P.M. Attested to: ~~ . a~1~ri Allen B. elnhara, Secretary Accepted, Approved, and Released by the VOTE of the Commission this 13th day of November 2007. John J. Stackpole, C ......... . ........ . . . . . . . . . . , . . .. .. ..... .... ..,........ . . . . . . . . , . . . . .,.......... .. .... ........ . . . . . . . . . . . . . . . . ............... . .. ....... . . . . . . . . . . . . . . . . ............... . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of September 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 4.59 5.12 $7,156.16 $3,575,351.38 $6,730,451.77 $10,312,959.31 ........... . ........,.. . .......... . ........... . ................ -..... .~ 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 4.59 4.21 4.94 5.12 $246,290.34 $9,521.47 $1,229,218.21 $342,839.49 $650.00 $2,500.00 $46,222.40 $1,877,241.91 3.56 ......................' . . . . . - . . . . . 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 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 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 $4,800,735 TOTAL NOTES/LOAN: $16,500,735 (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 / Loan Payments (E): $935,435.00 . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . .............. . . . . . . . . . . . . . . . . ........ . ........ . :':':':'.,:-:.:.:.:.;.:-:-:.:-:, TOTAL DEBT (A) & (B): $25,495,735 Total Annual Debt Payments (C) (D) & (E): $1,955,175.00 STA TEMNTFY08 . .. TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of October 23,2007 1. Transfer Hearing Postponement Request: No. 28033 Keith P. Brown 2. "M" Exemption Update: a. Five-Year Ownership Compliance and Releases of Liens: No. 22371 Derrick P. Wiggins and Angie Smith-Wiggins No. 22402 Scott R. Whelden and Nicole C. Whelden No. 22408 Jeffrey E. Daume and Elizabeth G. Daume No. 22430 William J. Knight and Kimberly C. Knight b. Release of Lien Adjustment Paid: No. 26013 Aisling Glynn and Caroline Reilly c. Applicability of "M" Exemption: No. 28505 Maytawee Thairat and Maturod Thairat