HomeMy WebLinkAbout2008-03-25
AGENDA
Nantucket Land Bank Commission
Regular Meeting of March 25,2008
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting February 26, 2008
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Course
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Monthly Financial Report
3. Warrant Authorization - Cash Disbursements
E. PROPERTY MANAGEMENT
1. Wanoma Way/Tom Nevers Property - Beach Stairs Project
2. Craig Property - Easement Relocation
3. Gardner Property - Use Requests
4. Holdgate/Old South Road Property
5. Lappin Property
6. Walker Property - Use Request
7. Fair Street Property - Landscape Design Discussion
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EXECUTIVE SESSION
ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of March 25, 2008
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole.
Minutes of the regular meeting held February 26, 2008: Upon a motion made and duly seconded, it
was VOTED to accept, approve and release the minutes of February 26,2008 as written.
A. TRANSFER BUSINESS:
1. Transfer Record Nos. 28836 through 28903: The Commission reviewed transfers for the
period of February 1,2008 through February 29, 2008.
a. Additional Information Not Provided - No. 28897 Luke Thomewill and Caroline
S. Thomewill: The Commission asked staffto request additional information to support the
purchasers' claim to an exemption from the Land Bank fee.
2. Transfer Update:
a. Overpayment Request for a Refund - No. 28322 16 Nobadeer Farm Road Realty
Trust: The Commission reviewed written correspondence from the purchaser explaining the
circumstances of an overpayment of the Land Bank fee and requesting a refund. Upon a motion
made and duly seconded, it was VOTED to approve the request and authorize the issuance of a
refund of the Land Bank fee overpaid in the amount of $1 ,500.
b. Transfer Discussion - No. 28693 Brent B. Young: The Commission accepted
payment of the outstanding Land Bank fee and reviewed a written request from the purchaser for a
waiver of the accrued interest and penalty based on the unique nature of the transfer. Upon a motion
made and duly seconded, it was VOTED to waive the accrued interest and enforce payment of the
penalty based on the excessive time and expense incurred to collect and examine the information
needed to assess a fee.
3. "M" Exemption Update:
a. Two-Year Domicile Non-Compliance: The Commission asked staff to request
information in order to confirm the following purchasers' compliance with the two-year domicile
requirement of the "M" exemption claimed at the time of the transfer:
No. 26711 Joseph E. Wright, Janice E. Wright, Robert B. Wright
No. 26845 Juliet Porter
b. Two-Year Domicile Non-Compliance Extension Request - No. 25500 Michaela
E. Smith: The Commission reviewed a written request from the purchaser's family seeking an
extension to provide payment of the outstanding fee until June 1,2008. Upon a motion made and
duly seconded, it was VOTED to approve the request as presented.
,Land Bank Commission Page 2
March 25,2008
c. Two-Year Domicile Non-Compliance Extension Update - No. 25553 Richard P.
and Erin M. Marshall: The Commission reviewed correspondence from the purchasers making
notice of their domicile compliance and thanking them for the extension.
d. Adjustment Paid / Release of Lien - No. 24041 Amy A. Metcalfe: Based upon
receipt of the outstanding penalty, upon a motion made and duly seconded, it was VOTED to
approve and execute Releases of Liens to be provided to the purchaser.
e. 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
transfers as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-):
No. 22905 Craig Beni
No. 22907 William E. and Bettina E. Landt
B. FINANCIAL BUSINESS:
1. Monthly Transfer Statistics: The February 2008 transfer statistics were presented to the
Commission.
2. Monthly Financial Report: The Commission accepted the February 2008 financial report
including the balance sheet and income statement.
3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the March 25, 2008 warrant document in the amount of$211,918.61 to be
provided to the county treasurer.
C: PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios provided account balances, receivables and
payables to date, and reported that the February 2008 balance sheet and profit and loss comparison
will be provided when the audit is complete.
b. Membership Update: The Commission reviewed current membership standings
and considered three requests for a medical leave of absence from members Richard Fedoroff, Gail
Hano and Randy Norris. Upon a motion made and duly seconded, it was VOTED to approve the
requests as presented.
c. Renovations Update: Mr. Passios provided an update on the 9-hole renovation and
golf shop relocation projects, discussed concepts for putting green improvements and informed the
Commission of recent discussions with NMP Golf Construction Inc. regarding its contract to
complete the 9-hole renovation.
d. Golf Club House Site Improvement Proposal: Mr. Passios presented a site
improvement concept plan for the in-house construction of a patio, handicap walkway, golf car path
and staging area estimated at $23,444 for materials and trucking. Upon a motion made and duly
seconded, it was VOTED to approve the plans at a budget not to exceed $25,000.
Land Bank Commission Page 3
March 25, 2008
e. Vehicles Request: Mr. Passios presented a request from Golf Course
Superintendent Sean Oberly to sell the original golf club dump truck for $3,500 and purchase a used
2002 Chevrolet Pickup for $12,900. Upon a motion made and duly seconded, it was VOTED to
approve the request as presented.
D. CITIZENS BUSINESS/ANNOUCEMENTS:
1. Awarded Grant: The Commission was informed that a $1,000.00 grant has been awarded
to the Nantucket Land Bank from the Marie C. and Joseph C. Wilson Foundation at the request of
one of its board members, Chris Kling.
2. Nobadeer Farm Road Property: The Commission acknowledged correspondence from Dr.
William Tramposch voicing concerns regarding the proposal to install two artificial turf fields on
the Land Bank's Nobadeer Farm Road property.
3. Norcross Property: The Director presented correspondence from Chuck Gifford, Director
of Community Relations and Development at Nantucket Cottage Hospital thanking the Commission
for the additional funds granted for the purchase ofthe Hospital's interest in the Norcross property.
4. Point Breeze Wetland Concerns: The Commission acknowledged correspondence from
Sinan Koseatac expressing concerns over the wetlands in the area of the development of the Point
Breeze Hotel.
5. Farrell Property: The Director presented correspondence from members of the Farrell
family thanking the Commission for its contribution towards the relocation of the Farrell house.
E. PROPERTY MANAGEMENT (continued):
1. Wanoma Way / Tom Nevers Property - Beach Stairs Project: The Director provided an
update on the permitting of proposed beach stairs at the Land Bank's Wanoma Way property.
2. Craig Property - Easement Relocation: Upon a motion made and duly seconded, it was
VOTED to execute and authorize an amendment to the existing utility easement running in favor of
the Holly Farm Realty Trust.
3. Gardner Property - Use Request: The Director presented a request from John Trudel for
the use of the Land Bank's Gardner Property fields on July 15,2008 through July 17,2008 between
8 a.m. and 1 p.m. to conduct a lacrosse camp organized by local families oflacrosse players. Upon
a motion made and duly seconded, it was VOTED to approve the request as presented.
4. Gardner Property - Use Request: The Director presented a request from Patricia
Kalinowski to occupy the Gardner shack at the property for the months of June through September.
Upon a motion made and duly seconded, it was VOTED to approve the request.
5. Holdgate / Old South Road Property: Property Supervisor Jeffrey Pollock was in
attendance to present a property concept plan including trail system, parking and recreation
improvements at the Land Bank's Holdgate / Old South Road property. Upon a motion made and
duly seconded, it was VOTED to approve the plan as presented.
Land Bank Commission
March 25, 2008
6. Lappin Property - Encroachment Discussion: The Commission reviewed aerial maps
showing an abutters' driveway encroachment onto the Land Bank's Lappin property and considered
options for resolving the issue. After some discussion, the Commission asked the Director to work
with the abutters to relocate the driveway.
Page 4
7. Walker Property - Use Request: Upon a motion made and duly seconded, it was VOTED
to approve a request previously presented by Commissioner Stackpole to use the Land Bank's
Walker property for the installation of the Figawi V.1.P. Tent on Memorial Day Weekend 2008
based on receipt of a Certificate of Insurance naming the Land Bank as additionally insured.
8. Fair Street Property - Landscape Design Discussion: The Commission considered
estimated costs for the design and installation oflandscaping improvements at the Land Bank's Fair
Street property from David Bartsch Landscape Architecture Inc. After a discussion, the
Commission authorized Commissioners Johnson and Reinhard to work with the Director to contract
services for the improvements with a budget not to exceed $75,000.
1. 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 7:18 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE
of the Commission this 22nd day of April 2008.
~A?~
John . SllIckpole Chamnan
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FY07
Month
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
........... ...................,....
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Average
Low
High
Total Exempt Taxable Total Gross
Transfers Transfers Transfers Value
66
75
76
97
90
118
91
49
90
103
74
116
$65,734,501
$48,890,581
$107,911,581
$91,989,800
$82,332,701
$37,325,299
$80,227,513
$20,137,833
$75,366,310
$71,652,750
$51,842,265
$47,673,543
.:$9a4,$4~t&1Q/ '
$65,096,390
$20,137,833
$107,911,581
Gross
Value Taxable
$64,334,501
$46,838,137
$106,311,581
$77,540,800
$80,332,701
$35,325,299
$78,730,747
$19,337,833
$74,006,310
$61,309,417
$48,277,265
$44,030,543
. ><$...50...875.1600>
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$61,364,595
$19,337,833
$106,311,581
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Revenue
Received
$1,286,690
$938,763
$2,137,232
$1,558,816
$1,610,654
$711,098
$1,575,890
$455,339
$1,543,701
$1,230,188
$969,545
$888,664
..," $... '1.. '0.." '2.. '7...4. '4'8. '1.
..". ,-, .. ,-.. . ... . .
....... .., - ---.., -..
:<:i.):/:: :.::;}:..:.\,,::-::::,:::>:-,.j::::-_::,:':,>: ,:.
.... $1,242,215
$455,339
$2,137,232
. ...
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FY08
Month
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
.. .
Average
Low
High
34
49
37
58
50
81
50
39
45
68
47
78
32
26
39
39
40
37
41
10
45
35
27
38
662...
87
49
118
..,....,...,.....,.....
398>'
53
34
81
.264>
34
10
45
Total Exempt Taxable Total Gross Gross Revenue
Transfers Transfers Transfers Value Value Taxable Received
74 42 32 $51,678,861 $49,178,861 $987,577
120 73 47 $128,722,279 $120,670,279 $2,426,406
104 50 54 $111,793,300 $104,773,300 $2,099,466
105 56 49 $106,491,448 $1 01 ,741 ,448 $1,846,289
94 58 36 $72,763,084 $70,196,084 $1,404,462
87 70 17 $49,273,500 $46,623,500 $940,470
81 46 35 $71,587,030 $68,587,030 $1,389,068
68 44 24 $42,748,590 $42,348,590 $858,972
92
68
120
$79,~A? ?R?
$42,748,590
$128,722,279
55
42
73
37
17
54
$75,514,887
$42,348,590
$120,670,279
$1,494,089
$858,972
$2,426,406
MONTHL Y (UNAUDITED)
. NANTUCKET lAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of FEBRUARY 29, 2008
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
................................ .
..................... .
................. .
............. .
................. .
............. .
......... ..
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
1.42
1.42
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
1998 Series E Issue
(Final principal payment 7/1/2019)
Principal Payment Due Payment Due
Outstanding
7/1/2008 1/1/2009
$8,995,000 $797,370.00 $208,713.75
6/1/2008 12/1/2008
$15,095,000 $318,084.38 $788,084.38
BONDS:
2007 Series A Issue
(Final principal payment 12/1/2027)
TOTAL BONDS: $24,090,000 (A)
Total Annual Interest + Principal Bond Payments (D) : $2,112,252.51
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
.................. .
............ .
........ .
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 withdrawing at any time, if needed, without penalty
STATEMNTFY08
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of March 25,2008
1. February 2008 Transfers - Record Nos. 28836 through 28903:
a. Additional Information Not Provided:
No. 28897 Luke Thornewill and Caroline S. Thornewill
2. Transfer Update:
a. Overpayment - Request for a Refund
No. 28322 16 Nobadeer Farm Road Realty Trust
b. Transfer Discussion:
No. 28693 Brent B. Young
3. "M" Exemption Update:
a. Two-Year Domicile Non-Compliance:
No. 26711 Joseph E. Wright, Janice E. Wright, Robert B. Wright
No. 26845 Juliet Porter
b. Two-Year Domicile Non-Compliance - Extension Update:
No. 25500 Michaela E. Smith
No. 25553 Richard P. and Erin M. Marshall
c. Adjustment Paid! Release of Lien:
No. 24041 Amy A. Metcalfe
d. Five-Year Ownership Compliance - Releases of Liens:
No. 22905 Craig Beni
No. 22907 William E. and Bettina E. Landt