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Home My WebLink About2008-07-08 -re..- AGENDA Nantucket Land Bank Commission Regular Meeting of July 8, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER C. MINUTES OF THE REGULAR MEETING OF JUNE 24, 2008 d co - ~ c- -' c= .- .'i' N W -0 ..i:::. ~ A. EXECUTIVE SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Wolfe Property - Project Update 3. Hummock Pond Road Bikepath Discussion 4. Beach Use Request E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Fiscal Year 2008 Cash Disbursements 3. Warrant Authorization - Cash Disbursements 4. Fiscal Year 2008 Year End Budget Amendments 5. Fiscal Year 2009 Budget Approval ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of July 8, 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 approval of the minutes and 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 24, 2008 as written. D. PROPERTY MANAGEMENT: I. Miacomet Golf Course: a. Golf Course Renovations Update: Mr. Passios provided an update on the final NMP Golf Construction contract payment included in the June 30, 2008 warrant and gave an update on the final budget, final schedule and close-out report. b. Golf Course Operations - 9-Hole Opening Discussion: Mr. Passios made recommendations and suggestions for holding an opening event of the renovated nine holes the week of July 21 st. After a discussion, it was determined to hold the opening ceremony the morning of July 21 sl with member-only play of the renovated 9-holes to follow, and to open the entire course to the general public the next day. c. Irrigation Pump Failure: Mr. Passios provided an update on the replacement of the failed irrigation pump and reported on estimates of coverage with the insurance adjuster. d. Operations Discussion: Commissioner Bartlett requested that staff monitor the course for walk-ons in the late afternoons and early evenings and asked that a golf shop sign be installed outside the golf shop to direct the public to its new location. 2. Wolfe Property - Project Update: The Director provided an update on the improvements made to the Wolfe property since the removal of the house including fencing and hydro seeding and presented concepts for parking improvements as suggested by the public. Land Bank Commission July 8, 2008 Page 2 3. Johnson Property/Mt. Vernon Farm Property - Bikepath Discussion: The Commission reviewed preliminary plans for the Town's construction of a bike path along Hummock Pond Road showing crossings on the Land Bank's Johnson and Mt. Vernon Farm properties and found the encroachments to be acceptable. 4. Ladies Beach Property - Use Request: The Commission considered a request to hold a gathering at the Land Bank's Ladies Beach property for 40 people on Saturday, July 19,2008 from 3 p.m. to 9 p.m. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. E. TRANSFER BUSINESS: 1. Transfer Record Nos. 29122 through 29189: The Commission reviewed transfers for the period of June 1,2008 through June 30, 2008. a. Current "M" Exemptions and Liens: The Commission authorized placing liens against the following properties as a result of the purchasers claiming the "M" exemption as first time buyers of real property: No. 29124 Pascal E. Antonietti and Eleanor W. Antonietti No. 29127 Twenty Eight Young's Way Nominee Trust No. 29183 Cynthia J. Thomas and Melinda Rodrigues b. Additional Review and Request for Information: Staff was asked to request additional information and/or documentation for the following transfers: No. 29139 MacDougall Family Trust No. 29152 Legal-Sea Nominee Trust No. 29153 Legal-Sea Nominee Trust No. 29154 HHE Nominee Realty Trust No. 29157 Bruce M. Taylor and Jackie S. Taylor Family Trust c. Purchase Price Low - No. 29176 53 Orange Street Partners LLC: Staff was asked to request additional information and/or documentation from the purchaser to support the stated purchase price on the above referenced transfer. 2. Transfer Update: a. Adjustment Paid / Release of Lien - No. 25500 David W. Smith, Andrea B. Smith and Michaela E. Smith: The Commission executed a Release of Lien to be provided to the purchasers based upon receipt of the full outstanding fee. F. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The June 2008 transfer statistics and annual fiscal and calendar year-end revenue statistics were presented to the Commission. Land Bank Commission July 8, 2008 Page 3 2. Warrant Authorization - Fiscal Year-End 2008: Upon a motion made and duly seconded, it was VOTED to execute the fiscal year-end June 30, 2008 warrant document in the amount of $273,187.56 to be provided to the county treasurer. 3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the July 8, 2008 warrant document in the amount of $1 ,382.94 to be provided to the county treasurer. 4. 2008 Fiscal Year Budget Amendments: The Director presented the Fiscal Year 2008 budget report. After a review, upon a motion made and duly seconded, it was VOTED to amend the Fiscal Year 2008 Budget to reflect the Commission's authorization of actual amounts spent for each line item subject to an additional review at the next meeting. 5.2009 Fiscal Year Budget: The Commission discussed the Fiscal Year 2009 draft budget. Upon a motion made and duly seconded, it was VOTED to approve the budget as prepared and presented by the Director subject to an additional review at the next meeting. ADJOURNMENT: 5:45 p.m. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 220d day of July 2008. M~NmfH;Xi'~Bg~Ji~)t{::II~TJ$.;mJI~:::~J,I~;;ti~~:~e.~I:119~::::::~:~:~~:~:::~~~~:~::~:::~:~::::::~~::~::::::::::::::::~::::::~:~:::~::~:~~::::::~:~::::::~::::::~~~~:::::::::::'::::~:~:::~~:::::~::~:::~:::~:~::::~:~::::~:::::" FY07 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jul-06 66 34 32 $65,734,501 $64,334,501 $1,286,690 Aug-06 75 49 26 $48,890,581 $46,838,137 $938,763 Sep-06 76 37 39 $107,911,581 $106,311,581 $2,137,232 Oct-06 97 58 39 $91,989,800 $77,540,800 $1,558,816 Nov-06 90 50 40 $82,332,701 $80,332,701 $1,610,654 Dec-06 118 81 37 $37,325,299 $35,325,299 $711,098 Jan-07 91 50 41 $80,227,513 $78,730,747 $1,575,890 Feb-07 49 39 10 $20,137,833 $19,337,833 $455,339 Mar-07 90 45 45 $75,366,310 $74,006,310 $1,543,701 Apr-07 103 68 35 $71,652,750 $61,309,417 $1,230,188 May-07 74 47 27 $51,842,265 $48,277,265 $969,545 Jun-07 1 16 78 38 $47,673,543 $44,030,543 $888,664 ".' " ,',,"', '.:" .::::,'" '.'.... Average 87 53 34 $65,090,390 $61,364,595 $1,242,215 Low 49 34 10 $20,137,833 $19,337,833 $455,339 High 118 81 45 $107,911,581 $106,31 1,581 $2,137,232 M~NmHgl~m~~$,Jtr;I:$Jt~11~$.m~~$~]1'$m~H::I~.lg~I::::~~~::::::::::::::~ .... ............ .............'.................. ........,..".... ...'...........................' .'..,.......,...,......................'...............'-' ....'.'.'.;.:.:.:.:-:.:.:.:.:.:-: ..................-...........,. :::::::::::::::::::::::::::::::::::::::::::;::::::::::::::. ...............'................ ....... '.................'.. .......'..........................,...,..'......... .'..............,..'............,................. . ........................'...'..................... .. .................. ................. FY08 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jul-07 74 42 32 $51,678,861 $49,178,861 $987,577 Aug-07 120 73 47 $128,722,279 $120,670,279 $2,424,906 Sep-07 104 50 54 $1 11,793,300 $104,773,300 $2,099,466 Oct-07 105 56 49 $106,491,448 $101,741,448 $1,846,289 Nov-07 94 58 36 $72,763,084 $70,196,084 $1,404,462 Dec-07 87 70 17 $49,273,500 $46,623,500 $940,470 Jan-08 81 46 35 $71,587,030 $68,587,030 $1,389,068 Feb-08 68 44 24 $42,748,590 $42,348,590 $858,972 Mar-08 59 38 21 $40,306,700 $39,606,700 $794,934 Apr-08 61 37 24 $36,321,250 $35,921,250 $722,425 -- May-08 98 83 15 $22,986,126 $20,986,126 $466,722 Jun-08 68 41 27 $49,391,772 $46,394,550 $929,891 -- .:. .. ...... A1 > .... 'y' Average 85 53 32 $65,338,662 $62,252,310 $1,238,765 Low 59 37 15 $22,986,126 $20,986,126 $466,722 High 120 83 54 $128,722,279 $120,670,279 $2,424,906 MONTHL Y (UNAUDITED) MQmHqXi.....Bg~Ji~B~m~]J$~lg~QA14~NQAR~QQZn:::}................... -, CAL07 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jan-07 91 50 41 $80,227,513 $78,730,747 $1 ,575!~~_Q Feb-07 49 39 10 $20,137,833 $19,337,833 $455,339 _n._ -._----~-- Mar-07 90 45 45 $75,366,310 $74,206,310 $1,543,701 Apr-07 103 68 35 $71,652,750 $61,309,417 $1,230,188 May-07 74 47 27 $51,842,265 $48,277,265 $969,545 ._, ,- Jun-07 116 78 38 $47,673,543 $44,030,543 $888,664 Jul-07 74 42 32 $51,678,861 $49,178,861 $987,577 Aug-07 120 73 47 $128,722,279 $120,670,279 $2,~~6,406 . ---- ..-. Sep-07 104 50 54 $111,793,300 $104,773,300 $2,099,466 ~,~-- Oct-07 105 56 49 $106,491,448 $1 01 ,741 ,448 $2,042,289, Nov-07 94 58 36 $72,763,084 $70,196,084 $1 ,40_4,46~ Dec-07 87 70 17 $49,273,500 $46,623,500 $940,470 .. > . ..... . .:: . \l.:Rt::t:l':l ~?R .... '.':.' Ih< -..- Average 92 56 36 $72,301,891 $68,256,299 $1,380,333 Low 49 39 10 $20,137,833 $19,337,833 $455,339 High 120 78 54 $128,722,279 $120,670,279 $2,426,406 MQNmHglm~g$,f.jr;R.$mAm~$.m~~$y'~J,.;Nmel.~p~~...:.>)::'::"":.:.................... CAL08 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jan-08 81 46 35 $71,587,030 $68,587,030 $1,389,0?8 Feb-08 68 44 24 $42,748,590 $42,348,590 $858,972 Mar-08 59 38 21 $40,306,700 $39,606,700 $794,934 .-- Apr-08 61 37 24 $36,321,250 $35,921,250 $722,425 May-08 98 83 15 $22,986,126 $20,986,126 $466,722 Jun-08 68 41 27 $49,391,772 $46,394,550 $929,891 Jul-08 -- Aug-08 , Sep-08 ..- Oct-08 Nov-08 -- .-- Dec-08 ---- '- ...... -run,,"" . ':::C. .. ....""'~O1 >.. . "'!"I. In", Average 73 48 24 $43,890,245 $42,30?,374 $860,335 ,-. Low 59 37 15 $22,986,126 $20,986,126 $466,722 -- High 98 83 35 $71,587,030 $68,587,030 $1,389,Q68 MONTHL Y (UNAUDITED) TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of July 8, 2008 1. June 2008 Transfers - Record Nos. 29122 through 29189: a. Current "M" Exemptions: No. 29124 Pascal E. Antonietti and Eleanor W. Antonietti No. 29127 Twenty Eight Young's Way Nominee Trust No. 29183 Cynthia 1. Thomas and Melinda Rodrigues b. Additional Information Not Provided: No. 29139 MacDougall Family Trust No. 29152 Legal-Sea Nominee Trust No. 29153 Legal-Sea Nominee Trust No. 29154 HHE Nominee Realty Trust No. 29157 Bruce M. Taylor and Jackie S. Taylor Family Trust c. Purchase Price Low: No. 29176 53 Orange Street Partners LLC 2. Transfer Update: a. Adjustment Paid - Release of Lien: No. 25500 David W. Smith, Andrea B. Smith and Michaela E. Smith C:IWP60IMINDOCSITRANSFER BUSINESS OBIsl meeling.doc