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Home My WebLink About2007-11-27 62' :eJ>' 2"~ 2. Burchell/Heyer Property - Septic System Replacement C N 3. Brush Chipper Replacement Discussion ~~~, ... ~ 4. Sachem Road/Save Our Square Property - Conservation CommissiQ.H Applicftfton N o AGENDA Nantucket Land Bank CommissIon Regular Meeting of November 27,2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. CITIZEN BUSINESS/ANNOUNCEMENTS B. PROPERTY MANAGEMENT 1. Miacomet Golf Course C. TRANSFER BUSINESS D. FINANCIAL BUSINESS I. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - Goodwillie Note #29 Final Payment 4. Acquisition Bond Issuance Discussion E. REGULAR BUSINESS 1. Public Notice Review 2. Scheduling Reminder - Special Meeting, December 4, 2007 F. PROPERTY MANAGEMENT 1. Greene Property - Septic System Discussion EXECUTIVE SESSION ADJOURNMENT d ....., c::;J C"':l ~:u ~ -~ i~ MINUTES Nantucket Land Bank Commission Regular Meeting of November 27,2007 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:05 P.M. PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. ABSENT: None. A. CITIZEN BUSINESS: None. B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables report to date, provided the October 2007 balance sheet and profit / loss comparison, and stated that he believes operations may need to meet off-season financial obligations from funds currently invested in the Miacomet Golf money market account. b. Operations Update: Mr. Passios provided an update on restaurant and golf shop operations, discussed membership dues payment policies, and reported that the preliminary 2008 draft budget would be provided to the Commission within the next week. c. Golf Course Renovations Update: Mr. Passios provided a hole-by-hole status report of the course renovations. d. Golf Shop Relocation Update: Mr. Passios reported that plans for the relocation of the golf shop will be finalized within the coming week at which time he will seek cost estimates from contractors. Commissioner Johnson asked Mr. Passios about his plans to ensure a spring completion date as requested by the Commission. C. TRANSFER BUSINESS: 1. Transfer Hearing Discussion - No. 28483 The Nantucket Dreamland Foundation: Ms. Hunter reminded the Commission of the hearing scheduled for the Dreamland Foundation on January 8, 2008, regarding their request for a refund of the Land Bank fee paid at the time of purchase and recommended that the Commission ask Land Bank counsel Valerie Swett to represent them at the hearing. The Commission agreed. 2. "M" Exemption Update: a. Five-Year Ownership Compliance and Release of Lien - No. 22483 Brian Borgeson: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of a Release of Lien for the above referenced transfer as a result of the purchaser fulfilling all of the requirements of Section 12, subsection (-m-). - Land Bank Commission November 27,2007 Page 2 D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements for the period ending October 31, 2007. E. PROPERTY MANAGEMENT: I. Brush Chipper Replacement Discussion: Bruce Perry presented a request to purchase a new chipper from NYNE Equipment, Inc. d.b.a Vermeer New England. Upon a motion made and duly seconded, it was VOTED to approve the request as recommended by Mr. Perry and to execute the voucher in the amount of$21,300 included in the November 27,2007, warrant document. F. FINANCIAL BUSINESS (continued): 1. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the November 27,2007, warrant document in the amount of $757,165.28 to be provided to the county treasurer. G. REGULAR BUSINESS: 1. Public Notice Review: The Director reviewed public notices received since the last review. No action was taken. H. FINANCIAL BUSINESS (continued): I. Acquisition Bond Issuance Discussion: The Director provided an update on the bond issuance process and briefed the Commission about the documents that will be presented for authorization at the December 4th special meeting. 2. Warrant Authorization - Goodwillie Note #29 Final Payment: Upon a motion made and duly seconded, it was VOTED to approve and execute the November 27, 2007,warrant document in the amount of $2,040,000 authorizing final payment of the principal and interest for Note #29. I. REGULAR BUSINESS (continued): 1. Scheduling Reminder - Special Meeting, December 4,2007: The Director reminded the Commission that a special meeting is scheduled for December 4, 2007, at 4 p.m. in the Land Bank Meeting Room. J. PROPERTY MANAGEMENT (continued): 1. Greene Property - Septic System Discussion: The Director provided an update on recent correspondence with the Greene's attorney, Melissa Philbrick, presented property plans, and summarized their request that the septic system for their residence be allowed to remain as currently located on Land Bank property. Upon a motion made and duly seconded, it was VOTED to allow the Greenes or any successors in title to have the right to upgrade or replace the existing septic system in Land Bank Commission November 27,2007 Page 3 its current location subject to not expanding the ground cover of the existing dwelling more than 50 square feet and to the Greenes granting a second-position right of first refusal to the Land Bank. 2. Burchell/Heyer Property - Septic System Replacement: The Commission considered the following proposals to replace the existing septic system at the Land Bank's Burchell/Heyer property: T.C.E. L.L.C. Atlantic Aeolus Corp. P&M Reis Trucking, Inc. $14,464 $14,500 $ 9,900 Upon a motion made and duly seconded, it was VOTED to select P&M Reis Trucking, Inc. as the lowest responsible, responsive bidder. 3. Sachem Road/Save Our Square Property - Conservation Commission Application: The Director presented a request from abutters, Jack Griswold and Charles Moore, to join in their application and Notice ofIntent to the Nantucket Conservation Commission seeking permission to improve drainage conditions at the properties by replacing culverts under Sachem Road adjacent to the Land Bank's Sachem Road/Save Our Square property. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 4. Property Management Discussions: Commissioner Reinhard complimented the property management staff for recent improvements at the Land Bank's Farrell property and informed the Commission that he has received positive feedback from the public regarding various Land Bank properties. Chairman Stackpole asked staff to look into the construction of a duplex at the Land Bank's Bamber property and Commissioner Bartlett asked staff to research the cost estimates for the construction of three cedar shed-style restrooms at the Miacomet Golf Course. 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 purpose of going into executive session was to discuss matters related to land acquisition. ADJOURNMENT: 6:05 p.m. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this day of December 2007. '" . ..... . . . ...... .. . .;-:-:.;.:.:-:-:-:- NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of October 31, 2007 .:.:.:.:-:.:.:. ...... .... .. ..... ..... ........ ... :':':-:-:-:':".' . STATEMENT OF ACCOUNTS - UNRESTRICTED FUNDS: Nantucket Bank 1 Operating Fund 799508888 Nantucket Bank 1 Collection Account 790017653 MMDT 1 Cash Account 44229979 TOTAL UNRESTRICTED FUNDS: APY 0.50 4.54 5.17 $7,222.40 $315,181.34 $6,760,812.10 $7,083,215.84 STATEMENT OF ACCOUNTS - RESTRICTED FUNDS: Debt Service Fund 98E 1 US Bank Working Capital 1 Nantucket Bank CD45-2733 due 3/14/08 Marble Reserve 1 MMDT Account 44250553 Tenant Security Deposits 1 Nantucket Bank Deutsch Williams Escrow 1 Citizens Bank Smooth Hummocks Management Escrow 790027038 TOTAL RESTRICTED FUNDS: APY 4.26 4.94 5.17 $9,554.96 $1,234,375.53 $344,386.00 $650.00 $2,500.00 $46,364.93 $1,637,831.42 3.46 . . . . . . . . . .... ..... ......... . BONDS: Principal Outstanding 1998 Series E Issue (Finalprinc~a/payment7/11.2019) $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, Dec: Interest of $40,000 due 12/12/07 $103,074.40 $80,000.00 Goodwillie Note #29 (Note payable 12/12/07) Holdgate Note #30 $5,333,334 ($2,666,666 due 10/31/08 and 10/31/09) Golf Course Loan $4,764,613 TOTAL NOTES/LOAN: $13,797,947 (B) Interest due with partial note payment on 10/31/2008 ($106,666.72 due 10/31/09) Principal and Interest of $36,030.05 due Monthly: $213,333.36 $432,360.60 Total Annual Interest Notes / Loan Payments (E): $828,768.36 . . . . . . . . . . . . . . . . . . ............... .. ............... . ............... .. TOTAL DEBT (A) & (B): $22,792,947 Total Annual Debt Payments (C) (D) & (E): $1,848,508.36 ST A TEMNTFY08 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of November 27, 2007 I. Transfer Hearing Discussion: No. 28483 The Nantucket Dreamland Foundation 2. "M" Exemption Update: a. Five- Year Ownership Compliance and Release of Lien: No. 22483 Brian Borgeson