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Home My WebLink About2008-05-21 AGENDA Nantucket Land Bank Commission Regular Meeting of May 21, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS d co C. MINUTES OF THE REGULAR MEETING OF MAY 13,2008 z D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Backus/Ayers Property - License Agreement 3. Cisco Beach Property - Use Request ...... ..... -0 Vl E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements ADJOURNMENT Te- ","""'I : I: ~ MINUTES Nantucket Land Bank Commission Regular Meeting of May 21, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:05 P.M PRESENT: Bartlett, Johnson, Reinhard, Stackpole. ABSENT: Gardner. A. EXECUTIVE SESSION: Commissioner Gardner entered the meeting at this time. 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 B. CITIZEN BUSINESS/ANNOUNCEMENTS: The Director presented a letter from Patricia Boynton encouraging the Commission to consider future opportunities to purchase land on Tuckernuck. C. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of May 13,2008, as written. D. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Charlie Passios provided account balances, receivables and payables to date, reported that the April 2008 balance sheet and profit and loss comparison will be provided electronically, and the Commission discussed the impact of the course renovations on operations. b. Membership Update: Mr. Passios provided a membership update. c. Restaurant Update: Mr. Passios gave an update on the opening schedule and described upcoming changes and needs within the restaurant. After a discussion, upon a motion made and duly seconded, it was VOTED to approve the purchase of a second cold unit to expedite food service in the restaurant. d. Operations Discussion: Mr. Passios provided an update on operations including signage issues, employee golf play policy and tournament scheduling. Commissioner Johnson raised the idea of a dress code and Commissioner Bartlett asked for increased ranger monitoring of Hole #3 to prevent walk-ons. Land Bank Commission May 21,2008 Page 2 e. Golf Course Renovations Update: Mr. Passios updated the Commission on the completion of the renovations. After a discussion of outstanding issues not included in the contract, upon a motion made and duly seconded, it was VOTED to approve payment of $25,000 to NMP Golf Construction, Inc. for services to construct the putting green. f. Irrigation Well Failure: Mr. Passios reported on an irrigation well failure and indicated that he would present future reports and cost details as information becomes available. g. Golf Course Opening: The Commission discussed dates for the 9-hole opening and a member appreciation event, and at the suggestion ofMr. Passios, the Commission determined to ask Golf Course Superintendent Sean Oberly to take the opening shot as recognition for his hard work throughout the course renovation. h. Driving Range Expansion: Mr. Passios presented a concept plan for the expansion of the driving range and the Commission determined to move forward with site assessments to locate an area large enough to allow flexibility for the potential expansion. 2. Backus/Ayers Property - License Agreement: After a discussion, upon a motion made and duly seconded, it was VOTED to execute a licensing agreement between Nantucket High School, the Town of Nantucket and the Land Bank for a 20 ft depth encroachment onto the Land Bank's Backus/Ayers Property for a fence and an overflow drainpipe related to the construction of football fields. Commissioner Reinhard left the meeting at this time. 3. Cisco Beach Property - Use Request: After a discussion, upon a motion made and duly seconded, it was VOTED to approve a written request from Gary Kohner, Nantucket Island Surf School, to renew his lease ofa portion of the Land Bank's Cisco Beach Property to rent surfboards and provide surfing lessons subject to Mr. Kohner's continuing to provide stewardship of the property, carrying insurance protection for the Land Bank and requiring students and board renters to sign hold- harmless agreements. The term shall be one year and the lease amount shall be $3,500. 4. Lappin Property - Abutter's Concerns: The Commission asked property management staff to provide an improvement recommendation for the Lappin property in response to a request from abutters for removal of debris caused by the brush fire of April 24, 2008. E. TRANSFER BUSINESS: 1. Transfer Update: a. Additional Information Provided: Based upon the additional information provided, the Commission found the following transfers to be in order: No. 28960 3 Wammasquid Place Realty Trust No. 28980 Surfside Nantucket Partners LP No. 29004 The Sally E. Fogg Trust Land Bank Commission May 21, 2008 Page 3 2. "M" Exemption Update: a. Five-Year Ownership Compliance - 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 ofthe requirements of Section 12, subsection (-m-): No. 23015 Angel Tejada and Denise Tejada No. 23017 Sean Higgins No. 23092 Lisa A. Kolp and Donald L. Kolp No. 23094 Seamus M. Crowley and Elizabeth Gennaro No. 23100 Cherie M. Cseley F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the financial report for the period ending April 30, 2008. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the May 21, 2008, warrant document in the amount of$355,060.81 to be provided to the county treasurer. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:05 P.M. Attested to: a/\C~ Accepted, Approved, and Released by the VOTE of the Commission this lOth day of June, 2008. John J. Stack NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of APRIL 30, 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 0.40 2.53 3.04 4.07 $7,003.57 $3,013,115.46 $908,585.44 $10,852,901.49 $14,781,605.96 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 1.58 1.58 1.58 4.07 3.04 2.12 $32,005.71 $1,148,203.13 $10,089.31 $1,263,508.15 $351,764.77 $650.00 $7,500.00 $47,034.26 $2,860,755.33 Principal Payment Due Payment Due BONDS: Outstanding 7/1/2008 1/1/2009 1998 Series E Issue $8,995,000 $797,370.00 $208,713.75 (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) : $2,112,252.51 ......................... . .................... . .............. . Principal NOTES I LOAN: Outstanding Payment Schedules Annual Payments Marble Note #19 $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40 Golf Course Loan $4,654,610 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOTAL NOTES/LOAN: $6,354,610 (B) Total Annual Interest Notes I Loan Payments (E): $535,435.00 TOTAL DEBT (A) & (B): $30,444,610 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 May 21, 2008 1. Transfer Update: a. Additional Information Provided: -N(};-2-&960 3 Wammasquid Place Realty Trust No. 28980 Surfside Nantucket Partners LP No. 29004 The Sally E. Fogg Trust 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Releases of Liens: No. 23015 Angel Tejada and Denise Tejada No. 23017 Sean Higgins No. 23092 Lisa A. Kolp and Donald L. Kolp No. 23094 Seamus M. Crowley and Elizabeth Gennaro No. 23100 Cherie M. Cseley