HomeMy WebLinkAbout2007-06-26
AGENDA
Nantucket Land Bank Commission
Regular Meeting of June 26, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER
Minutes of the regular meeting June 12, 2007and special meeting of June 20, 2007
A. CITIZEN BUSINESS/ANNOUNCEMENTS
B. PROPERTY MANAGEMENT
1. Miacomet Golf Course
C. TRANSFER BUSINESS
D. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization - Cash Disbursements
3. Series E Semi-Annual Bond Payment
4. Nantucket Bank Resolution
E. REGULAR BUSINESS
1. Public Notice Review
F. PROPERTY MANAGEMENT
1. Land Bank Fundraising Event Request
2. Goodwillie Property - Washing Pond Road Extension
3. Hemeon House - Use Request
G. PERSONNEL ADMINISTRATION
1. Annual Employee Compensation Review
2. Part-time Seasonal Landscape Assistant Review
EXECUTIVE SESSION
ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of June 26, 2007
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
PRESENT: Bartlett, Johnson, Reinhard, Stackpole. ABSENT: Gardner.
Minutes of the regular meeting held June 12, 2007, and special meeting held June 20, 2007: Upon a
motion made and duly seconded, it was VOTED to accept, approve, and release the minutes of June 12,
2007, and June 20, 2007, as written.
A. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
B. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Charlie Passios presented a financial update as of June 26, 2007,
including account balances, receivables, payables and capital expenditures.
b. Membership Update: Mr. Passios provided a update and reported that Mr. Niles is
seeking a membership. Mr. Niles missed the membership application deadline as a result of a
miscommunication. Based on the fact that membership was still below 400 members, upon a motion
made and duly seconded, it was VOTED to authorize the request.
c. Buildings Renovations Update: Mr. Passios gave a progress report on the renovation of
the administration building.
d. Golf Course Renovations Update: Mr. Passios provided an update on matters related to
the proposed golf course renovations and stated that the contract with NMP Golf Construction has
been finalized and is scheduled to be signed within the week.
e. Member Advisory Group Update: Mr. Passios reported that eleven volunteers have
signed up to participate as part of the proposed Member Advisory Group.
C. TRANSFER BUSINESS:
1. Transfer Update:
a. Transfer Review - Documentation Provided: Based upon documentation provided
by the purchasers or the purchasers' representative the Commission found the following transfers to
be in order:
No. 28041 Suzanne M. Klinck
No. 28052 Richard Parvey and C. Bradford Jackson, Trustees
Dolphin Court Homeowners Association
Nantucket Land Bank
June 26, 2007
Page 2
2. "M" Exemption Update:
a. 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
as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-):
No. 21978 Timothy F. Taaffe, Ceol Agus Bia Trust
No. 22021 Raymond P. Symer
No. 22044 Seth H. Rutherford and Joseph M. Lake
b. Notice of Assesment - No. 22191 Kenneth A. Fahrman and Marilyn Fahrman: Ms.
Hunter provided a history of the transfer, the determination that purchasers had failed to comply with the
domicile requirement of the "M" exemption and the Commission's prior issuance ofa notice of
assessment of fee due. Ms. Hunter stated that a recent review of records at the Nantucket Registry of
Deeds by Land Bank council, Valerie Swett, strongly indicated that the purchasers misrepresented their
status as first-time buyers of real property since the mortgage recorded by the Fahrmans at the time of
purchase contained a second home rider.
Upon a motion made and duly seconded, it was VOTED to send an Amended Notice of Assesment of fee
due at 2% of the amount exempted at the time of transfer, together with penalty and interest; and to
determine, pursuant to Section 13(b) ofthe Act, that the unpaid fee was due to "fraud with intent to
defeat or evade the fee imposed" and accordingly the penalty shall be "equal to the amount of said fee."
c. Five- Year Ownership Compliance Discussion - No. 22009 Philip Austin and Ursula
Austin: Ms. Hunter reported that the purchasers had sold a small portion of their property which was
purchased subject to a claim to the "M" exemption in 2002. The sale occurred prior to the Austins
completing the required five years of ownership under the exemption. A lengthy discussion followed.
Based upon the purchasers failure to comply with the requirements of the "M" exemption, upon a motion
made and duly seconded, it was VOTED that there had been a failure to discharge the Land Bank fee due
on the amount exempted at the time of purchase, to send a Notice of Assessment of fee due together with
interest and penalty. In the interest of promptly resolving the matter, upon a motion made and duly
seconded, it was VOTED to waive the penalty provided that the outstanding fee is paid within 30 days of
the date listed in the notice of assessment.
D. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the financial report for the period
ending May 31, 2007.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded,
it was VOTED to execute the June 26, 2007, warrant document in the amount of$120,957.67 to be
provided to the county treasurer.
3. Warrant Authorization - Series E Semi-Annual Bond 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 $785,432.50 from the
Land Bank's Collection Account to the Bond Trustee at U.S. Bank.
Nantucket Land Bank
June 26, 2007
Page 3
4. Nantucket Bank Resolution: The Chairman and the Secretary authorized and executed a
resolution to allow the Land Bank Director, Office Administrator, Office Assistant and the Town
and County Treasurer to issue checks, authorize wires and deposit funds into Land Bank accounts
at Nantucket Bank.
E. REGULAR BUSINESS:
1. Public Notice Review: The Director reviewed public notices received since the last
reVIew. No action was taken.
F. PROPERTY MANAGEMENT:
1. Goodwillie Property - Washing Pond Road Extension: The Director reported that the roadway
and parking area at the Goodwillie property have been improved with turnouts, fencing and grading in
order to limit the impact of the increased traffic to the natural vegetated areas of the property.
2. Hemeon House - Use Request: The Commission considered a request from Andrew
Vorce, Director at the Planning Office, to allow a planning employee commuting from off-island
the occupy the Hemeon House several nights each month beginning now through September. The
Commission denied the request based on the dwelling not being habitable in its current state.
G. PERSONNEL ADMINISTRATION:
1. Part-time Seasonal Landscape Assistant Review: The Director presented a request from
Assistant Property Manager, Robert Earley, seeking a two dollar increase in the hourly rate paid to
the part-time, seasonal landscape assistant, Brian Paonessa, in recognition of his outstanding
performance on the job. Upon a motion made and duly seconded, it was VOTED to approve the
request and authorize the Director to execute a Personnel Change Form to be provided the county
treasurer. Commissioner Reinhard asked the Director to prepare a letter to Mr. Paonessa
recognizing his exemplary performance.
2. Annual Employee Compensation Review: Staff voluntarily left the meeting at this time.
The Commission continued their discussion regarding compensation for Land Bank employees.
Upon a motion made and duly seconded, it was unanimously VOTED to approve salary increases as
follows:
Edward Boynton
Robert Earley
Craig Hunter
Bruce Perry
Jeffrey Pollock
Eric Savetsky
Kathryn Hunter
$54,02geffective October 25, 2007
$60,261 effective May 19,2007
$80,139 effective July 1,2007
$70,240 effective May 29, 2007
$67,845 effective August 4, 2007
$101,854 effective August 4,2007
$26.00 per hour effective August 23, 2007
Staff returned to the meeting. The Commission authorized the Director to execute Personnel Change
Forms to be provided to the county treasurer.
Nantucket Land Bank
June 26, 2007
Page 4
H. PROPERTY MANAGEMENT:
1. Land Bank Fundraising Event Request: Peter Martin of Tidal Rock, an apparel company,
was present seeking permission to hold a fundraising event for the benefit of the Nantucket Land
Bank to be held at a Land Bank property on Saturday, August 25, 2007, from 3:00 p.m. to 9:00 p.m.
with activities to include food, games and musical entertainment, approximately 250 participants
with an estimated revenue of $11 ,000.
The Commission thanked Mr. Martin for the generous offer but denied the request based on the
Land Bank's desire not to compete with important fundraising efforts on the island and suggested
that Mr. Martin select a worthy non-profit to be the beneficiary of such an event.
2. Land Bank Property Management Staff Benefits Request: The Director presented an
inquiry from the property management staff asking if they could receive an "employee discount" on
lunches purchased at the Miacomet Golf Club. The Commission was generally in favor of granting
the request and asked the Director to talk to Mr. Passios about the idea.
H. 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 minutes and land acquisition.
RETURN TO OPEN SESSION
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:27 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE of
the Commission this 10th day of July 2007.
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of May 31, 2007
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STATEMENT OF ACCOUNTS - UNRESTRICTED FUNDS:
Nantucket Bank / Operating Fund 799508888
Nantucket Bank / Collection Account 790017653
MMDT / Cash Account 44229979
TOTAL UNRESTRICTED FUNDS:
APY
0.50
4.70
5.12
$7,147.01
$2,912,734.01
$6,611,432.10
$9,531,313.12
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STATEMENT OF ACCOUNTS - RESTRICTED FUNDS:
Miacomet Park / Nantucket Bank CD43-2790 due 7/25/07
Miacomet Park 2000/ Nantucket Bank 79-24361
Debt Service Fund 98E / US Bank
Working Capital/Nantucket Bank CD45-2733 due 6/14/07
Marble Reserve / MMDT Account 44250553
Tenant Security Deposits / Nantucket Bank
Deutsch Williams Escrow / Citizens Bank
Smooth Hummocks Management Escrow 790027038
TOTAL RESTRICTED FUNDS:
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APY
4.33
4.70
4.60
5.00
5.12
$2,595,880.55
$242,629.06
$8,945.14
$1,209,146.01
$336,776.80
$650.00
$127,500.00
$41,097.05
$4,562,624.61
3.72
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BONDS:
Principal
Outstanding
1998 Series E Issue
(Fmalprinc~alpayment7/11.2019)
$9,545,000 (A)
Payment Due
7/1/2007
(C) $785,432.50
Payment Due
1/1/2008
(D) $222,370.00
NOTES / LOAN:
Marble Note #19
Goodwillie Note #29
(Note payable 12/12/07)
Principal
Outstanding
$1,700,000
$2,000,000
Payment Schedules Annual Payments
Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40
Interest of $40,000 due 6/12/07, & 12/12/07 $80,000.00
Holdgate Note #30 $8,000,000
($2,666,666 due 10/31/07, 10/31/08, 10/31/09)
Golf Course Loan $4,854,414
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Interest due with partial note payment on 10/31/2007
($213,333.36 due 10/31/08; $106,666.72 due 10/31/09)
Principal and Interest of $36,030.05 due Monthly:
TOTAL NOTES/LOAN:
$16,554,414 (B)
$320,000.00
$432,360.60
Total Annual Notes / Loan Payments (E):
$935,435.00
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TOTAL DEBT (A) & (B): $26,099,414
Total Annual Debt Payments (C) (D) & (E): $1,943,237.50
C"TATI::".AA'Tr-'N..-y
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of June 26, 2007
1. Transfer Update:
a. Transfer Review - Documentation Provided:
No. 28041 Suzanne M. Klinck
No. 28052 Richard Parvey and C. Bradford Jackson, Trustees
Dolphin Court Homeowners Association
2. "M" Exemption Update:
a. "M" Exemption Five-Year Ownership Compliance Discussion:
No. 22009 Philip Austin and Ursula Austin
b. Five Year Ownership Compliance and Releases of Lien:
No. 21978 Timothy F. Taaffe, Ceol Agus Bia Trust
No. 22021 Raymond P. Symer
No. 22044 Seth H. Rutherford and Joseph M. Lake
c. Notice of Assessment - No. 22191 Kenneth A. Fahrman and Marilyn Fahrman