HomeMy WebLinkAbout2008-02-26
AGENDA
Nantucket Land Bank Commission
Regular Meeting of February 26, 2008
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting February 12, 2008 and January 22, 2008
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. TRANSFER BUSINESS
C. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization - Cash Disbursements
D. REGULAR BUSINESS
1. Public Notice Review
E. PROPERTY MANAGEMENT
1. Lily Pond Property - Use Request
2. 1 Fair Street - Property Improvement Discussion
EXECUTIVE SESSION
ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of February 26,2008
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:06 P.M.
PRESENT: Bartlett, Gardner, Johnson, Reinhard,. ABSENT: Stackpole.
Minutes of the regular meeting held February 12, 2008: Upon a motion made and duly seconded, it was
VOTED to accept, approve and release the minutes of February 12,2008, as written.
Minutes of the regular meeting held January 22, 2008: Upon a motion made and duly seconded, it was
VOTED to accept, approve and release the amended minutes of January 22, 2008, as written.
A. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios provided account balances, receivables and
payables to date, and presented the January 2008 balance sheet and profit and loss comparison.
b. Operations Update: The Commission considered an informal request for the use of
the Miacomet Golf Club for a Nantucket High School class reunion on August 25, 2008. After a
discussion, the Commission determined to deny the request based on the proposed date.
c. Membership Update: Mr. Passios provided an update on the number of resigned
and converted memberships and presented a medical leave of absence request for Robert Reardon.
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 #009 for a drainage addition to Hole #18. Upon a
motion made and duly seconded, it was VOTED to authorize the Director to execute Change Order
#009 in the amount of$14,882.00.
e. Golf Shop Relocation Update: Mr. Passios provided a status report on the golf
shop relocation project.
C: TRANSFER BUSINESS:
1. Transfer Update:
a. Notice of Assessment Update - No. 24041 Amy A. Metcalfe: Ms. Hunter reported
on recent correspondence sent by Land Bank counsel in an effort to collect the outstanding penalty
due on the above referenced transfer.
Land Bank Commission
February 26,2008
Page 2
b. Additional Information Provided: Based upon the additional information provided,
the Commission found the following transfers to be in order:
No. 28732 Caren A. Oberg and Emerson Muniz Gomes
No. 28779 Timothy Kelly
No. 28803 Peter N. Eldridge
No. None Omwater Realty Trust
c. Adjustment Paid / Release of Lien - No. 26645 Jason D. Meister: The
Commission authorized and executed a Release of Liento be provided to the purchaser based upon
receipt of payment of the outstanding Land Bank fee, accrued interest and penalty.
d. Transfer Discussion - No. 28693 Brent B. Young: Ms. Hunter provided a brief
summary of the transfer and reported that the opinion of the current market value of the unit was
received from an appraiser. Based upon the information provided, upon a motion made and duly
seconded, it was VOTED that there has been a failure to discharge the Land Bank fee due on the
above referenced transfer and to send a Notice of Assessment to the purchaser for the fee due
together with accrued interest and penalty.
2. "M" Exemption Update:
a. Five Year Domicile Compliance and Release 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,
subsection (-m-):
No. 22795 Michael Fabiszak and Diane Fabiszak
No. 22843 Maximo Tejada
D. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the January 2008 financial report
including the balance sheet and income statement.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the February 26,2008, warrant document in the amount of$230,619.31 to
be provided to the county treasurer.
E. REGULAR BUSINESS:
1. Public Notice Review: The Director reviewed public notices received since the last
review. No action was taken.
Land Bank Commission
February 26,2008
Page 3
F. PROPERTY MANAGEMENT:
1. Lily Pond Property - Use Request: The Director presented a request from Laura Friedman
of the Nantucket Atheneum to hold a children's story time event at the Land Bank's Lily Pond
property between 12 P.M. and 4 P.M. on Saturday, May 17,2008 with a rain date of May 18,2008
for up to 30 participants. Upon a motion made and duly seconded, it was VOTED to approve the
request as presented.
2. 1 Fair Street - Property Improvement Discussion: The Commission reviewed
correspondence from David Bartsch Landscape Architecture Inc. seeking the opportunity to design
improvements for the Land Bank's Fair Street property. Commissioners Johnson and Reinhard
reported that they attended a site meeting with Mr. Bartsch to discuss improvement concepts. After
a discussion, the Commission asked the Director to develop a budget for the project.
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 land acquisition.
RETURN TO OPEN SESSION
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:05 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE
of the Commission this 25th day of March 2008.
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* NAN1"UCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of FEBRUARY 29, 2008
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STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS:
Nantucket Bank / Operating Fund 799508888
Nantucket Bank / Collection Account 790017653
MMDT / Cash Account 44229979
Special Account / Nantucket Bank due 3/20/2008*
TOTAL UNRESTRICTED FUNDS:
APY
.0.50
3.28
4.08
4.90
$8,615.18
$1,915,221.98
$903,586.30
$10,776,278.44
$13,603,701.90
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STATEMENT OF ACCOUNTS * RESTRICTED FUNDS:
Debt Service Fund 2007 A / US Bank
Debt Service Reserve Fund 2007 A / US Bank
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
1.75
1.75
1.42
5.05
4.08
2.95
$31,917.64
$1,152,144.76
$10,061.54
$1,254,686.91
$349,829.32
$650.00
$2,500.00
$46,857.07
$2,848,647.24
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BONDS:
Principal
Outstanding
Payment Due
Payment Due
1998 Series E Issue
(Final principal payment 7/1/2019)
$8,995,000
7/1/2008
$797,370.00
1/1/2009
$208,713.75
2007 Series A Issue
(Final principal payment 12/1/2027)
$15,095,000
6/1/2008
$318,084.38
12/1/2008
$788,084.38
TOTAL BONDS:
$24,090,000 (A)
Total Annual Interest + Principal Bond Payments (D) :
$2,112,252.51
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Principal
NOTES / LOAN: Outstanding
Marble Note #19 $1,700,000
Golf Course Loan $4,691,553
Payment Schedules Annual Payments
Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40
Principal and Interest of $36,030.05 due Monthly: $432,360.60
TOTAL NOTES/LOAN: $6,391,553 (B)
Total Annual Interest Notes / Loan Payments (E): $535,435.00
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TOTAL DEBT (A) & (B): $30,481,553 Total Annual Debt Payments (D) & (E): $2,647,687.51
* a restricted 3-month CD with the benefit of w/1hdrawing at any time, if needed, without penalty
STATEMNTFYOB
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of February 26,2008
1. Transfer Update:
a. Notice of Assessment Update:
No. 24041 Amy A. Metcalfe
b. Additional Information Provided:
No. 28732 Caren A. Oberg and Emerson Muniz Gomes
No. 28779 Timothy Kelly
No. 28803 Peter N. Eldridge
No. None Ornwater Realty Trust
c. Adjustment Paid / Release of Lien:
No. 26645 Jason D. Meister
d. Transfer Discussion:
No. 28693 Brent B. Young
2. "M" Exemption Update:
a. Five- Year Domicile Compliance and Releases of Liens:
No. 22795 Michael Fabiszak and Diane Fabiszak
No. 22843 Maximo Tejada