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Home My WebLink About2008-07-22 AGENDA Nantucket Land Bank Commission Regular Meeting of July 22, 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 JULY 8, 2008 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Wolfe Property - Project Update 3. Sanguinetti Property - Trail Planning Discussion 4. Ladies Beach Property - Beach Use Request 5. Nobadeer Farm Road Property - Bikepath Agreement 6. Carter Property - Bulkheading Project Update 7. Cisco Area Road Maintenance Discussion E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements 3. Fiscal Year 2008 & Fiscal Year 2009 Final Budgets G. REGULAR BUSINESS 1. Public Notice Review ADJOURNMENT Ie d (Xl ~- . :;::::. . . c= CiJ --" W v 0 U1 MINUTES Nantucket Land Bank Commission Regular Meeting of July 22, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:06 P.M. PRESENT: Johnson, Reinhard, Stackpole. ABSENT: Gardner, Bartlett. 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 regular session minutes of July 8, 2008 as written. D. PROPERTY MANAGEMENT: 1. Wolfe Property - Project Update: The Director provided an update on the Wolfe property improvement project and the Commission discussed aesthetic changes to the existing fencing. 2. Sanguinetti Property - Trail Planning Discussion: Property Planner/Stewardship Coordinator Bruce Perry provided aerial maps of the property delineating the current and proposed trails including wetland crossings and informed the Commission of the need to construct over 400 ft of boardwalk as a requirement for the permitting of the proposed trails. The Commission asked Mr. Perry to provide pricing for the boardwalk construction for further consideration and discussion. Commissioner Gardner joined the meeting at this time. 3. Ladies Beach Property - Use Request: The Commission considered a request from Susan Warner of Nantucket Clam Bake to hold an event for 50 guests with table seating on Friday, August 22, 2008 at 5:30 p.m. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 4. Nobadeer Farm Road Property - Bikepath Agreement: Upon a motion made and duly seconded, it was VOTED to authorize the execution of a cancelable easement agreement with the Town of Nantucket once finalized and available for signatures for the proposed town bikepath through the Land Bank's Nobadeer Farm Road property. 5. Carter Property - Bulkheading Project Update: The Director provided an update on the bulkhead construction project at the Land Bank's Carter property and provided photographs of the completed bulkhead and recently installed beachgrass. 6. Cisco Area Road Maintenance Discussion: The Commission considered a request from Cisco Area Homeowners Association member Bill Duane for a contribution towards the cost of grading Nantucket Land Bank July 22, 2008 Page 2 Austin Locke Way. Based on the fact that the way does not lead to or connect with a Land Bank property, the Commission determined to deny the request but asked the Director to encourage the Town of Nantucket to contribute. 7. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, and reported on the schedule for repayment of the Land Bank cash advances and replenishing of the money market reserves. b. Operations Update: Mr. Passios reported on the successful opening of the renovated holes and provided the member tournament schedule as follows: July Better Ball Club Championship MCG vs. Sankaty at MGC One-Day Women's Member Guest One-Day Men's Member Guest July 29, 2008 August 16, 2008 - August 31, 2008 September 9,2008 September 13,2008 September 20, 2008 Commissioner Johnson requested an alternate date in August for the MCG vs. Sankaty tournament to encourage more participation. Upon a motion made and duly seconded, it was VOTED to approve the tournament schedule as presented. c. Irrigation Pump Replacement Update: Mr. Passios reported that the replacement pump arrived and would be installed and operational by Wednesday, July 23rd. d. Massachusetts Law Change - Course Alcohol Service: Mr. Passios notified the Commission of a pending change to Massachusetts Law allowing the service of alcohol on golf courses. The Commission determined not to offer the service on the course. E. 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 s~ssion and that the purpose of going into executive session was to discuss matters related to land acquisition. RETURN TO OPEN SESSION F. 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. 29025 RIMAR 1, LLC No. 29026 RIMAR 2, LLC No. 29139 MacDougall Family Trust No. 29152 Lega-Sea Nominee Trust No. 29153 Lega-Sea Nominee Trust Nantucket Land Bank July 22, 2008 Page 3 b. Litigation Update Public Records Request - No. 26947 Bruce H. Poor, No. 26977 Bruce A. Issadore, John Englert, Thomas M. Sobol and Meredith L. Sobol, tenants in common, An Unreported Transfer of Control when Andrew Kaye was added as manager, Hedgebury Lane, LLC, and Harold B. Murphy' and Lauren C. Murphy, Trustees ofECD Realty Trust: Ms. K. Hunter provided an update on the recent activities surrounding the litigation on the above referenced transfers including rcccipt of the two bricfs from the purchasers' attorneys and Land Bank counsel's responses for submission into the administrative record for the court's "certiorari" or judicial review to determine if the evidence before the Commission was sufficient to support the conclusion drawn in its decision, and also notified the Commission of a public records request received June 30, 2008 from Bruce H. Poor's represcntative which was prepared and forwarded to Land Bank counsel for response. 2. "M" Exemption Update: a. Two Year Domicile Non-Compliance: The Commission asked staff to request a copy of the first page of the most recent Massachusetts Resident State Income Tax Return from the following purchasers in order to determine compliance with the domicile requirement of the "M" exemption: No. 27126 Carlos W. Phillips and Bridget Bloise-Phillips No. 27147 Ryan H. Conway b. Five Year Ownership Compliance and Releases of Liens - No. 23228 Stephanie Hall and Kevin Michael Ryder: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of a Releases of Lien to the purchasers as a result of their fulfillment of all of the requirements of Section 12, subsection (-m-). c. Transfer Exemption Approval Request - No. 29223 Nicole Gentile and Erik W. Lauritzen: The Commission considered a written request from the purchasers' representative, Alison Sweet Zieff seeking acceptance of the unmarried purchasers' claim to the "K" exemption as a division of martial assets. Upon a motion made and duly seconded, it was VOTED to approve the request based on the facts that the purchasers were living as a married couple, shared bank accounts and living expenses, and filed a Certificate of Registration of Domestic Partnership with the Nantucket Town Clerk and because Mr. Lauritzen will continue to fulfill the requirements of the "M" exemption. G. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the unaudited financial report for the period ending June 30, 2008. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the July 22,2008 warrant document in the amount of$74,169.63 to be provided to the county treasurer. 3. Fiscal Year 2008 and Fiscal Year 2009 Final Budgets: The Commission conducted a final review of the previously accepted and voted Fiscal Year 2008 budget amendments and Fiscal Year 2009 proposed budget. Nantucket Land Bank July 22, 2008 Page 4 H. REGULAR BUSINESS: 1. Public Notices Review: The Director reviewed public notices received since the last review. No action was taken. Attested to: ADJOURNMENT: Upon a mot' Accepted, Approved, and Released by the VOTE of the Commission this 1zth day of August 2008. .................................... . . . . ......................;.;.;.;.:.:.:-:.;.:.:.:.;.;.:-:-:-;.. . 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 x 1135 due 3/20/2009 MMDT / Cash Account x9979 TOTAL UNRESTRICTED FUNDS: APY 0.40 2.38 3.04 2.72 $17,353.25 $1,794,979.20 $9,120,684.86 $912,841.56 $11,845,858.87 STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007 A x 1 002 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 Nantucket Bank / SHAC Escrow x7038 MMDT / Marble Reserve x0553 Citizens Bank / Deutsch Williams Escrow Nantucket Bank / Tenant Security Deposits TOTAL RESTRICTED FUNDS: APY 1.52 1.52 1.52 4.07 1.96 2.72 $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 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) 12/1/2008 6/1/2009 2007 Series A Issue $15,095,000 $788,084.38 $305,159.38 (Final principal payment 12/1/2027) 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 TOTAL NOTES/LOAN: $6,317,390 (B) Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dec: $103,074.40 Principal and Interest of $36,030.05 due Monthly: $432,360.60 Total Annual Interest Notes / 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 STA TEMNTFY08 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of July 22, 2008 1. Transfer Update: a. Additional Information Provided: No. 29025 RIMAR 1, LLC No. 29026 RIMAR 2, LLC No. 29139 MacDougall Family Trust No. 29152 Legal-Sea Nominee Trust No. 29153 Legal-Sea Nominee Trust b. Litigation Update - Public Records Request: No. 26947 Bruce H. Poor No. 26977 Bruce A. Issadore, John Englert, Thomas M. Sobol and Meredith L. Sobol, tenants in common Unreported transfer of control when Andrew Kaye was added as manager, Hedgebury Lane, LLC and Harold B. Murphy and Lauren C. Murphy, Trustees of ECD Realty Trust 2. "M" Exemption Update: a. Two- Year Domicile Non-Compliance: No. 27126 Carlos W. Phillips and Bridgett-Bloise-Phillips No. 27147 Ryan H. Conway b. Five-Year Ownership Compliance - Releases of Lien: No. 23228 Stephanie Hall and Kevin Michael Ryder c. Transfer Exemption Approval Request: No. 29223 Nicole Gentile and Erik W. Lauritzen