HomeMy WebLinkAbout2008-01-22 (amended)
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of January 22,2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting January 8, 2008
A. CITIZEN BUSINESSI ANNOUNCEMENTS
B. TRANSFER HEARING - No. 28483, Nantucket Dreamland Foundation
C. PROPERTY MANAGEMENT
1. Miacomet Golf Course
D. TRANSFER BUSINESS
E. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization - Cash Disbursements
F. REGULAR BUSINESS
I. Public Notice Review
G. PROPERTY MANAGEMENT
1. Nobadeer Farm Road Property - Management Update
2. Hinsdale Road Properties - Trail Planning
3. Tom Nevers Property
4. Craig Property - Dingy Rack Expansion
EXECUTIVE SESSION
ADJOURNMENT
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Nantucket Land Bank Commission
Regular Meeting of January 22, 2008
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Gardner, Reinhard, Johnson, Stackpole. ABSENT: Bartlett.
Minutes of the regular meeting held January 8, 2008. Upon a motion made and duly seconded, it was
VOTED to accept, approve, and release the minutes of January 8, 2008, as written.
A. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
B. TRANSFER HEARING - No. 28483, Nantucket Dreamland Foundation:
Pursuant to Section 6.01 of the Rules and Regulations of the Nantucket Land Bank Commission, a
hearing was held as requested by the purchaser's representatives to consider the request for a refund of
the Land Bank fee paid under the "G" exemption on Record No. 28483 dated October 3,2007, in the
amount of $196,000 for the transfer of property at 18 Easy Street and 17 South Water Street from
Dreamland Theater ZMG LLC to The Nantucket Dreamland Foundation.
The hearing was tape recorded.
Patty Roggeveen, Executive Director of The Nantucket Dreamland Foundation and Attorney
William F. Hunter, Esq. were present to act as representatives for the purchaser.
Attorney Valerie Swett, Esq. was present to act as representative for the Nantucket Land Bank
Commission.
The hearing was opened by the Chairman.
Ms. Swett presented the exhibit list and asked that the following documents be entered into the
record as exhibits. The exhibits were entered without objection.
Exhibit A, Transfer Documents Record No. 28483 dated October 3, 2007, including Form A, two Forms B,
and Deed from Dreamland Theater ZMG LLC to The Nantucket Dreamland Foundation c/o Intercontinental
Developers, Inc. for price of $9,800,000.00 filed at the Nantucket Registry on October 3, 2007, as Document
121858 noted on Certificate 22759;
Exhibit B. Hand-written correspondence from Philipe Lafonte, Director and Peter Palandjian, Officer of the
Nantucket Dreamland Foundation dated October 30,2007, to Nantucket Land Bank Commission requesting a
refund of the Land Bank fee paid and a hearing on Land Bank Record No. 28483;
Exhibit C. Certified Mail Correspondence from Valerie Swett, Esq. dated November 29,2007, to Mr. Peter
Palandjian, Director, The Nantucket Dreamland Foundation notifying the Nantucket Dreamland Foundation
of the scheduled hearing date on January 8, 2008, and requesting additional documentation and information;
Exhibit D. Email string including (i) correspondence from William F. Hunter, Esq. dated December 19, 2007
(4:36 PM) to Eric Savetsky requesting a postponement of the hearing, and (ii) correspondence from Valerie
Swett, Esq. dated December 19,2007 (7: 10 PM) to William F. Hunter, Esq. confirming receipt of the
postponement request, proposing January 22 as the new hearing date and transmitting a copy of Exhibit C
Land Bank Commission
January 22,2008
Page 2
(iii) correspondence from William F. Hunter, Esq. dated December 20,2007 (9:51 AM) to Valerie Swett,
Esq. accepting the January 22, 2008, hearing date;
Exhibit E. Email string including (i) correspondence from Valerie Swett, Esq. dated January 10,2008, (12:19
PM) to William F. Hunter, Esq. confirming the Land Bank Commission's approval ofthe rescheduled
hearing date and seeking documentation and information, (ii) correspondence from William F. Hunter, Esq.
dated January 10, 2008, (1 :27 PM) to Valerie Swett, Esq.
Exhibit F. Email string including (i) correspondence from William F. Hunter, Esq. dated January 19,2008,
(1:58 PM) to Valerie Swett, Esq. (ii) correspondence from Valerie Swett, Esq. dated January 21, 2008 (1:01
PM) to William F. Hunter, Esq. (iii) correspondence from William F. Hunter, Esq. dated January 21, 2008
(1 :01 P.M.) to Valerie Swett, Esq. including attachments.
Exhibit G. Correspondence from William F. Hunter, Esq. dated January 21, 2008, to Valerie Swett, Esq.
including (i) copies of the Delaware Certificate ofIncorporation (ii) three letters of contribution (iii) Deed
from Dreamland Theater ZMG LLC to The Nantucket Dreamland Foundation c/o Intercontinental Developers,
Inc. for price of$9,800,000.00 (iv) Short Form PC (v) Foreign Corporation Certificate of Registration (vi)
Memorandum of Law.
Attorney Hunter provided a synopsis of the events of the transaction, correspondence as listed in the
exhibit list and responded to questions posed by Attorney Swett in correspondence dated November
29,2007. Attorney Hunter submitted the following exhibits into the records without objection:
Exhibit H. Copy of Certificate for Solicitation issued to Nantucket Dreamland Foundation by the
Commonwealth of Massachusetts, Office ofthe Attorney General, The Division of Non-Profit Organizations
/ Public Charities, Business and Labor Bureau.
Exhibit L The Dreamland Theater Foundation's draft mission statement dated January 7, 2008.
Attorney Swett asked a series of questions regarding the status of The Nantucket Dreamland
Foundation as a public charity on the date ofthe transfer and Attorney Hunter responded. The
principal points presented were that the Foundation did not have an IRS determination of tax-
exempt status under Section 501(c)(3) on the date ofthe transfer and that none had been applied for
at the date of the hearing, though it was represented that an application was being drafted. It was
also represented that the by-laws for the Foundation were not finalized and no draft was offered.
Attorney Swett agreed with Attorney Hunter's point that the Delaware incorporation of the
Foundation was not relevant to the discussion, since the Massachusetts Supreme Judicial Court
ruled years ago that limitation of public charity status to Massachusetts corporations is
unconstitutional.
Commissioner Johnson made a comment regarding the mission of the Land Bank and the public
benefits it provides.
By agreement ofthe parties, the hearing was continued to 4:00 p.m. on Tuesday, February 12,2008,
to allow the Commission to review the information presented and allow Mr. Hunter the opportunity
to answer any questions in the interim.
Land Bank Commission
January 22,2008
Page 3
C. 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 potential litigation.
RETURN TO OPEN SESSION
D. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios provided account balances, receivables and payables
to date, and presented the December 2008 balance sheet and profit and loss comparison.
b. Operations Update: The Commission discussed 2008 tournament scheduling and
considered implementing a room fee for private party rentals of the restaurant. Upon a motion made
and duly seconded, the Commission VOTED to set the fee at $350 for members and $500 for non-
members.
c. Membership Update: Mr. Passios provided an update on the number of resigned and
converted memberships, sunuriarized recent Membership Advisory Committee activity and
presented a medical leave of absence request for Michael Angelastro. Upon a motion made and duly
seconded, it was VOTED to approve the leave of absence for one year.
d. Golf Course Renovations Update: Mr. Passios provided an update on the 9-hole
renovation project and summarized Change Order #008 for an infiltration structure addition to Hole
#10. Upon a motion made and duly seconded, it was VOTED to authorize the Director to execute
Change Order #008 in the amount of $2,962.00.
e. Golf Shop Relocation Update: Mr. Passios provided a status report on the golf shop
relocation project.
f. 2008 Membership Rates Discussion: Mr. Passios presented the proposed 2008
membership fee increases as follows:
Winter Membership
Resident Pass
18 Holes Resident wlcard
9 Hole Resident wlcard
18 Holes
9 Holes
Golf Car Fees
Club Rental Sets
2007
$550.00
$280.00
$ 67.00
$ 36.40
$ 95.00
$ 56.00
$ 38.00
$ 35.00
2008
$650.00
$300.00
$ 74.00
$ 40.00
$105.00
$ 62.00
$ 41.00
$ 50.00
Land Bank Commission
January 22,2008
Page 4
Commissioners Johnson and Stackpole abstained as members of Miacomet Golf Club.
At this time, the Rule of Necessity was invoked based on the fact that the Commission was unable to
obtain a quorum due to disqualification of Commissioners as members of Miacomet Golf Course
and, as a last resort those disqualified participated under the authority of the Rule of Necessity.
Upon a motion made and duly seconded, it was VOTED to approve the proposed 2008 membership
rates as presented.
g. 2008 Miacomet Golf Course Budget Review and Discussion: Charlie Passios answered
final questions from the Commission regarding the 2008 draft budget and noted of his individual
budget discussions with the Commissioners.
Commissioners Johnson and Stackpole abstained as members of Miacomet Golf Club.
At this time, the Rule of Necessity was invoked based on the fact that the Commission was unable to
obtain a quorum due to disqualification of Commissioners as members of Miacomet Golf Course
and, as a last resort those disqualified participated under the authority of the Rule of Necessity.
Upon a motion made and duly seconded, it was VOTED to approve the draft 2008 Miacomet Golf
Course Operating Budget as presented.
E. TRANSFER BUSINESS:
1. Transfer Update:
a. Notice of Assessment - No. 28206 17 West Chester Street, LLC: Upon a motion made
and duly seconded, it was VOTED to execute and authorize the placement ofa Notice of Lien
against the property based on the purchaser's failure to request a hearing within thirty days after the
mailing of the Notice of Assessment.
b. Additional Information Provided - No. 28241 Fargo Thompson, Trustee Wauwinet
Road Nominee Trust: Based upon receipt of a signed affidavit attesting to the true and complete
purchase price by all the parties, the Commission found the matter to be in order.
c. Adjustment Paid 1 Release of Lien - No. 28445 Murat Aslansan and Kaan Aslansan:
The Commission authorized and executed a Release of Lien to be provided to the purchasers based
upon receipt of payment of the outstanding Land Bank fee, accrued interest and penalty.
2. "M" Exemption Update:
a. Approved Transfer of ExemptioI11 Notice of Lien - No. 25319 Ronny Arias and Karen
L. Arias: As a result ofthe previously approved request to transfer the "M" first-time buyer's
exemption from the original Miacomet Avenue property, the Commission authorized the placement
of a lien against the purchasers' replacement property at 4 Reacher Lane.
Land Bank Commission
January 22, 2008
Page 5
b. Two-Year Domicile Noncompliance 1 Extension Request - No. 26551 Christopher F.L.
Ryder: The Commission considered a written request from the purchaser seeking a one year
extension of the two-year domicile requirement in order to complete renovations of his house. Upon
a motion made and duly seconded, it was VOTED to extend the domicile requirement for one year
ending December 29, 2008.
c. Five Year Domicile 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 transfers as
a result of the purchasers fulfilling all of the requirements of Section 12 (-m-):
No. 22692 Christian L. Ray and Stephanie Ray
No. 22705 Brendon L. Hunt and Tonia A. Hunt
No. 22717 Robert M. Holdgate
No. 22718 Steven J. Holdgate, Sr. and Sarah Beth Holdgate
No. 22729 Brian B. Johnson and Fiona Johnson
No. 22756 Amy Manning
No. 22677 Todd A. Burns and Jessic~ L. Bums
F. FINANCIAL BUSINESS:
I. Monthly Financial Report: The December 2007 financial report including the balance sheet,
income statement and an annual debt payment chart was accepted by the Commission.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to approve and execute the January 22, 2008, warrant document in the amount of
$356,993.87 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. PROPERTY MANAGEMENT:
I. Nobadeer Farm Road Property - Management Update: The Director reported on the recent
Planning Board hearing in connection with the application for permits to construct a paddle tennis
facility at the Land Bank's Nobadeer Farm Road property. The Commission discussed current
abutters' concerns and considered options for minimizing the impact on the area.
2. Hinsdale Road Properties - Trail Planning: The Commission approved the conceptual plan
for the creation of a trail system at the Land Bank's Hinsdale Road property as presented.
3. Wanoma Way 1 Tom Nevers - Stair Construction Discussion: Property Planner/Stewardship
Coordinator Bruce Perry presented a plan for the construction of stairs at the Land Bank's Wanoma
Way property and provided an update on the status of the Notice ofIntent before the Conservation
Commission.
Land Bank Commission
January 22,2008
Page 6
4. Craig Property - Dingy Rack Expansion Discussion: The Commission viewed the April
2007 aerial photograph ofthe Land Bank's Craig property to consider concepts for creating alternate
dingy, canoe and kayak storage that would accommodate the public's intense use of the property
while limiting impact on the shoreline and marshland.
5. Wolfe Property - House Removal Update: Mr. Perry provided an update of the status of
the permitting application for the demolition of the Wolfe House currently before the Historic
Districts Commission and the Commission discussed property improvement concepts.
6. Wood Property 1 Warren's Landing - Request for Funding: Commissioner Stackpole
requested a Land Bank contribution towards the cost of hiring Fran Kartunen to research the rights
of way and title histories of various properties for the Roads and Rights and Ways Committee. Upon
a motion made and duly seconded, it was VOTED to authorize $3,000 towards the research project.
I. 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 7:36 P.M.
Attested to:
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Amended, Approved, and Released by the VOTE of
the Commission this 26th day of February, 2008.
)~~~ 8M
Leslie B. Johnson, Vice Chairman
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of December 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
4.18
3.73
$7,032.30
$3,053,302.41
$4,270,192.26
$7,330,526.97
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STATEMENT OF ACCOUNTS. RESTRICTED FUNDS:
Debt Service Fund 2007 A / US Bank
Debt Service Reserve Fund 2007 A / US Bank
Special Account / Nantucket Bank due 3/20/2008*
Debt Service Fund 98E / US Bank
Working Capital Reserve / Nantucket Bank due 3/14/08
Marble Reserve / MMDT Account
Tenant Security Deposits / Nantucket Bank
Deutsch Williams Escrow / Citizens Bank
Smooth Hummocks Management Escrow
TOTAL RESTRICTED FUNDS:
.APY
3.20
3.20
4.90
3.20
5.05
5.09
3.30
$31,808.44
$1,148,203.13
$12,019,199.99
$231,986.73
$1,244,587.42
$347,284.43
$650.00
$72,500.00
$46,619.78
$15,142,839.92
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Principal Payment Due Payment Due
BONDS: Outstanding
1/1/2008 7/1/2008
1998 Series E Issue $8,995,000 $222,370.00 $797,370.00
(Final principal payment 7/1/2019)
6/1/2008 12/1/2008
2007 Series A Issue $15,095,000 $318,084.38 $788,084.38
(Final principal payment 12/1/2027)
TOTAL BONDS: $24,090,000 (A) Total Annual Interest + Principal Bond Payments (D) : $2,125,908.76
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Principal
NOTES / LOAN: Outstanding Payment Schedules Annual Payments
Marble Note #19 $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40
Holdgate Note #30 $5,333,332 Accrued interest $44, 111.43
(principal paid in full on 1/15/2008) (accrued interest through 1/15/2008)
Golf Course Loan $4,728,220 Principal and Interest of $36,030.05 due Monthly: $432,360.60
TOTAL NOTES/LOAN:
$6,428,220 (B)
Total Annual Interest Notes / Loan Payments (E):
$535,435.00
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TOTAL DEBT (A) & (B): $30,518,220 Total Annual Debt Payments (D) & (E): $2,661,343.76
. a restricted 3-month CD with the benefit of withdrawing at any time, if needed, without penalty
STATEMNTFYOB
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of January 22, 2008
1. Transfer Hearing - No. 24281 The Nantucket Dreamland Foundation
2. Transfer Update:
a. Notice of Assessment Update:
No. 28206 17 West Chester Street LLC
b. Additional Information Provided:
No. 28241 Fargo Thompson, Trustee Wauwinet Road Nominee Trust
c. Adjustment Paid 1 Release of Lien:
No. 28445 Murat Aslansan and Kaan Aslansan
6. "M" Exemption Update:
a. Approved Transfer of Exemption 1 Notice of Lien:
No. 25319 Ronny Arias and Karen L. Arias
b. Two Year Domicile Noncompliance 1 Extension Request:
No. 26551 Christopher F.L. Ryder
c. Five year Domicile Compliance and Releases of Liens:
No. 22692 Christian L. Ray and Stephanie Ray
No. 22705 Brendon L. Hunt and Tonia A. Hunt
No. 22717 Robert M. Holdgate
No. 22718 Steven J. Holdgate, Sr. and Sarah Beth Holdgate
No. 22729 Brian B. Johnson and Fiona Johnson
No. 22756 Amy Manning
No. 22677 Todd A. Burns and Jessica L. Burns