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Home My WebLink About2008-06-24 ---lv AGENDA Nantucket Land Bank Commission Regular Meeting of June 24, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF JUNE 10, 2008 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Wolfe Property - House Removal Update 3. Beach Use Requests d co c- J= --" o E. TRANSFER BUSINESS ::g F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - 1998 Series E Bond Semi-Annual Payment c; c:> G. PERSONNEL MANAGEMENT 1. Annual Salary Reviews ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of June 24, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:04 P.M. PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. A. 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 B. CITIZEN BUSINESS/ANNOUNCEMENTS: None. C. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of June 10, 2008 as written. D. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Charlie Passios provided account balances, receivables and payables to date, and reviewed the May 200S balance sheet and profit and loss comparison. b. Membership Update: Mr. Passios provided a membership update. After a suggestion made by Commissioner Bartlett, upon a motion made and duly seconded, it was VOTED to offer to transfer Tim Russert's golf membership to his family indefinitely. c. Golf Course Renovations Update: Mr. Passios provided an update on the final NMP Golf Construction contract payments, retainage release and credits and gave an update on the final budget. d. Irrigation Pump Failure: Mr. Passios provided an update on the replacement of the failed irrigation pump and estimated three to five weeks until the project would be complete. e. Driving Range Mats: After a discussion, upon a motion made and duly seconded, it was VOTED to approve the purchase of new mats for the driving range at a cost not to exceed $5,000. f. Golf Course Opening: The Commission discussed potential dates for the IS-hole opening including plans for a member appreciation cocktail party and tournament subject to completion of the irrigation pump replacement. 2. Wolfe Property - House Removal Update: The Director informed the Commission that the house had been successfully removed and improvement concepts for the property were discussed. Nantucket Land Bank June 24, 2008 Page 2 3. Ladies Beach Property - Use Requests: The Commission considered requests from Susan Warner ofNantlicket Clam Bake to hold two events at the Land Bank's Ladies Beach property on Monday, August 11,2008 for 20 people from 6 p.m. to 9 p.m. and on Friday, August 15,2008 for 60 people from 6 p.m. to 9 p.m. Upon a motion made and duly seconded, it was VOTED to approve the requests as presented. 4. Codfish Park/Gulley Road - Use Request: The Commission considered a request from Susan Warner of Nantucket Clam Bake to hold an event at the Land Bank's Codfish Park property for 25 guests with table seating on Sunday, August 31,2008 beginning at 6 p.m. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 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. 28993 Benjamin P. Moore and Nell A. Van Vorst No. 29035 Twenty Nine Evergreen Way Cooperative Corporation, Inc. No. 29038 8 Daffodil Lane Cooperative, Inc. No. 29042 Twenty Daffodil Lane Cooperative Corporation, Inc. No. 29044 14 Daffodil Lane Cooperative Corporation, Inc. No. 29049 Sasha Cohen Irrevocable Trust No. 29065 9 Daffodil Lane Cooperative Corporation, Inc. No. 29071 11 Daffodil Lane Cooperative Corporation, Inc. No. 29089 ACK Bound, LLC No. 29090 Rebecca Boggan b. Purchase Price Verified: Based upon the information provided supporting the stated purchase price, the Commission found the following transfers to be in order: No. 29091 Martin House Inn, LLC No. 29092 Cliff Lodge Inn, LLC 2. "M" Exemption Update: a. Five Year Ownership Compliance / Release of Lien - No. 23192 Carl Clarke and Barbara Keane Clarke: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of a Release of Lien as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-). b. Two-Year Domicile Non-Compliance - No. 27066 Saulius Vizgintas and Donata Vizgintas: The Commission asked staff to contact the purchasers to determine if they are in compliance with the domicile requirement of the "M" exemption claimed at the time of the transfer. Nantucket Land Bank June 24, 2008 Page 3 c. Two-Year Domicile Non-Compliance Request - No. 26711 Joseph Wright, Janice E. Wright and Robert B. Wright: The Commission approved a request from the purchasers to provide payment of the outstanding fee, penalty and accrued interest by August 8, 2008. F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the financial report for the period ending May 31, 2008. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the June 24, 2008, warrant document in the amount of$189,273.04 to be provided to the county treasurer. 3. Warrant Authorization - 1998 Series E Bond Semi-Annual Payment: Upon a motion made and duly seconded, it was VOTED to approve payment and to authorize staff to wire the Series E semi-annual bond payment of interest and principal in the total amount of$797,370 from the Land Bank's Collection Account to the Bond Trustee at U.S. Bank. G. PERSONNEL MANAGEMENT: 1. Annual Reviews: Staff voluntarily left the meeting at this time. The Commission continued their discussion regarding compensation for Land Bank employees. a. Assistant Property Manager - Robert Earley: Based on a favorable review and recommendation from the Director, upon a motion made and duly seconded, it was VOTED to approve an annual salary increase of 3% for longevity and 3% for cost ofliving totalling $63,876.66 effective May 19, 2008. b. Property Planner/Stewardship Coordinator - Bruce Perry: Based upon a recommendation from the Director, upon a motion made and duly seconded, it was VOTED not to grant a salary increase at this time and to review the matter in three months. Staff returned to the meeting. The Commission authorized the Director to execute a Personnel Change FornI for Robert Earley to be provided to the county treasurer. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:45 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 8th da of July, 2008. John J. Stac ......... '.'........... ..... ....... .............. ............... . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of JUNE 30, 2008 ........................... . ............... . ............ .... ........... . ........... . . . . . . . . . . . . . . . . . . . . . . . . ........... . .......... . . . . . . . . . . . . . .' . . . . . . . . . . . . . . . . . . .' . .......... . STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund x8888 Nantucket Bank / Collection Account x7653 Nantucket Bank / Special CD x1135 due 3/20/2009 MMDT / Cash Account x9979 TOTAL UNRESTRICTED FUNDS: APY 0.40 2.38 3.04 $17,353.25 $2,068,166.76 $9,120,684.86 $912,841.56 $12,119,046.43 ..................... . . . . . . . . . . . . . . . . ........... . ................. . ............................'..................... . . . . . . . . . . . . . . . . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: APY US Bank / Debt Service Fund 2007A x1002 US Bank / Debt Service Reserve Fund 2007A x1004 US Bank / Debt Service Fund 98E x4002 Nantucket Bank / Working Capital Reserve x2733 due 12/14/2008 4.07 Nantucket Bank / SHAC Escrow x7038 1.96 MMDT / Marble Reserve x0553 Citizens Bank / Deutsch Williams Escrow Nantucket Bank / Tenant Security Deposits TOTAL RESTRICTED FUNDS: $32,244.05 $1,148,203.13 $807,485.39 $1,271,968.72 $38,475.86 $353,412.56 $2,500.00 $650.00 $3,654,939.71 . . . . . . . .. ..... ............. . ........ . .. .'.,.. .... ......... . . . .., ........... . . . . . . . . . . . . ..... ..... ......... ......... . ........ . 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 12/1/2008 $788,084.38 6/1/2009 $305,159.38 TOTAL BONDS: $24,090,000 (A) Total Annual Interest + Principal Bond Payments (D) : $2,099,327.51 Principal NOTES / LOAN: Outstanding Marble Note #19 $1,700,000 Golf Course Loan $4,617,390 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: $6,317,390 (B) T olal Annuallnteresl Notes I Loan Payments (E): $535,435.00 TOTAL DEBT (A) & (B): $30,407,390 Total Annual Debt Payments (D) & (E): $2,634,762.51 * 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 June 24, 2008 1. Transfer Update: a. Additional Information Provided: No. 28993 Benjamin P. Moore and Nell A. Van Vorst No. 29035 Twenty Nine Evergreen Way Cooperative Corporation, Inc. No. 29038 8 Daffodil Lane Cooperative, Inc. No. 29042 Twenty Daffodil Lane Cooperative Corporation, Inc. No. 29044 14 Daffodil Lane Cooperative Corporation, Inc. No. 29049 Sasha Cohen Irrevocable Trust No. 29065 9 Daffodil Lane Cooperative Corporation, Inc. No. 29071 11 Daffodil Lane Cooperative Corporation, Inc. No. 29089 ACK Bound, LLC No. 29090 Rebecca Boggan b. Purchase Price Verified: No. 29091 Martin House Inn, LLC No. 29092 Cliff Lodge Inn, LLC 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Releases of Lien: No. 23192 Carl Clarke and Barbara Keane Clarke b. Two-Year Domicile Non-Compliance: No. 27066 Saulius Vizgintas and Donata Vizgintas No. 26711 Joseph Wright, Janice E. Wright and Robert B. Wright