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Home My WebLink About2008-08-26 TC-- AGENDA Nantucket Land Bank Commission Regular Meeting of August 26, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION d co B. CITIZEN BUSINESS/ANNOUNCEMENTS (/) rr1 -0 C. MINUTES OF THE REGULAR MEETING OF AUGUST 12,2008 ....... o D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Tetawkimmo Property - Encroachment Matter 3. 40th Pole Property - Beach Use Request 4. Lily Pond Property - Use Request 5. Sharp Property - Use Discussion 6. Fair Street Property - Project Update 7. Hummock Pond Road Properties - Management Discussion 8. Miacomet Pond Property - Invasive Species Removal 9. Miacomet Pond Property - Unauthorized Use Discussion 10. Equipment Request - Dump Truck 3 ---" 0i E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements G. REGULAR BUSINESS 1. Website Development Discussion ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of August 26, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 P.M. PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. ABSENT: None. 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 and litigation. RETURN TO OPEN SESSION B. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, and reported on the July 2008 balance sheet and profit and loss comparison previously provided by electronic correspondence. b. Operations Advance - Reimbursement: After a discussion regarding the transfer of funds to the money market account, upon a motion made and duly seconded, it was VOTED to direct Moors Inc. to provide partial repayment of the $250,000 cash advanced in June 2008 in the amount of $200,000. c. Membership Update: Mr. Passios reported that Miacomet Golf Club member Dr. Jack Kindler was granted a cancellation of his membership due to health reasons and a refund of his 2008 dues. d. Operations Update: The Commission received a brief update on restaurant operations including the upcoming transition to off-season family dining promotions. e. Irrigation Pump - Insurance Coverage: Mr. Passios reported on final discussions with the adjuster regarding the full coverage awarded to replace the failed irrigation pump. C. CITIZEN BUSINESS/ANNOUNCEMENTS: None. D. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of August 12,2008, as written. Land Bank Commission August 26, 2008 Page 2 E. PROPERTY MANAGEMENT (continued): 1. Tetawkimmo Property - Encroachment Matter: Representative of the Tetawkimmo Homeowner's Association, Melissa Philbrick was present to discuss the continued encroachment of the Holdgate Partners, Inc. business operations onto the Land Bank's Tetawkimmo property. Based upon prior attempts to resolve the matter, the Commission asked the Director to work with Ms. Philbrick to draft correspondence notifying Holdgate Partners, Inc. to cease and desist the encroachment activity and restore the bank to its original state or the Commission will seek legal action. 2. 40th Pole Property - Beach Use Request: The Commission considered a request to hold a barbeque for 32 guests on Saturday, August 30, 2008 from 4 to 8 p.m. Upon a motion made and duly seconded, the Commission VOTED to approve the request as presented and asked that activity is kept to one side of the property as to not inhibit the public from using the property. Commissioner Gardner left the meeting at this time. 3. Lily Pond Property - Use Request: The Commission considered a request from Carolyn Butler to hold a wedding ceremony at the Lily Pond Property for 50 guests on Saturday, October 4, 2008. Upon a motion made and duly seconded, the Commission VOTED to approve the request as presented and asked staff to warn the applicant that the parking area may be closed due to Blair House relocation activity. 4. Sharp Property - Use Discussion: The Director informed the Commission that a complaint was received from an abutter regarding a 3 a.m. disturbance at the dock. The Commission asked staff to work to discourage nighttime activity and direct this type of use to the town's Barrett Pier. 5. Fair Street Property - Project Update: The Director reported that he and Commissioners Reinhard and Johnson met with David Bartsch at the Fair Street property to review and approve the required revisions made to the application currently before the Historic District Commission (H.D.C.) and reported that a final H.D.C. approval is anticipated. 6. Hummock Pond Road Properties - Management Discussion: The Commission considered a request from the Hummock Pond Homeowners Association for the removal of dead pine trees on the Land Bank's Moth Ball Way and Hummock Pond Road properties. Upon a motion made and duly seconded, it was VOTED to approve the request as presented. 7. Miacomet Pond Property - Invasive Species Removal: The Director informed the Commission that he had received complaints from Kathy Loughlin of35 West Miacomet Avenue regarding the permitted removal of the invasive species, Purple Loosestrife, by Land Bank staff from the Land Bank's property along Miacomet Pond. Land Bank Commission August 26, 2008 Page 3 8. Miacomet Pond Property - Unauthorized Use Discussion: The Director reported that an unauthorized wedding reception for approximately 200 people, previously permitted by the Town of Nantucket for the town's easterly side of the property, was held on Friday, August 22,2008. The Commission asked the Director to notify the applicant's catering company and tent service of their violation and send correspondence to the related town departments requesting that events of this nature are discouraged due to the level of impact on the properties and roads. 9. Equipment Request - Dump Truck: Stewardship Coordinator/Property Planner Bruce Perry provided a comparison report including cost estimates for the purchase of a replacement dump truck to be used for increased equipment towIng and hauling needs. The Commission asked Mr. Perry to provide additional details and collect property management staff input for final approval. E. TRANSFER BUSINESS: 1. Transfer. Update: a. Additional Information Provided - No. 29238 Rosenthal Associates Family Limited Partnership: Based upon the additional information provided, the Commission found the transfer to be in order. b. Purchase Price Documentation Required - No. 29226 Denise Scruton: The Commission asked staff to request additional information and/or documentation from the purchaser to support the stated purchase price on the above referenced transfer. 2. "M" Exemption Update: a. Two-Year Domicile Compliance: After reviewing the materials supplied by the purchasers on the following transfers, the Commission found, based solely on said materials, that the purchasers are in compliance with the two-year domicile requirement of the "M" exemption: No. 27126 Carlos W. Phillips and Bridgett Bloise-Phillips No. 27199 Almando and Maydene Mason b. Five-Year Ownership Non-Compliance - No. 23318 Maria J. Pena: The Commission asked staff to request additional documentation in order to determine compliance with the five-year domicile requirement of the "M" exemption. c. Five-Year Ownership Compliance / Release of Lien - No. 23374 Venessa K. Raab, Trustee, Raab Family Trust: Upon a motion made and duly seconded, it was VOTED to authorize issuance of a Release of Lien for the above referenced transfer as a result of the purchasers fulfilling all of the requirements of Section 12, subsection (-m-). d. Adjustment Paid / Release of Lien - No. 25892 Jennifer M. Kuhn: Based upon receipt of the outstanding fee, upon a motion made and duly seconded, the Commission VOTED to approve and execute a Release of Lien to be provided to the purchaser. Land Bank Commission August 26, 2008 Page 4 F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the July 2008 financial report including the balance sheet and income statement. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the August 26,2008 warrant document in the amount of$174,492.58 to be provided to the county treasurer. Commissioner Johnson left the meeting at this time. G. REGULAR BUSINESS: 1. Website Development Discussion: The Commission reviewed materials outlining the development of the Land Bank website during the first phase of the project including a conceptual design, an interactive map prototype, and a refined site map and considered a proposal from Leone Design and Caffeinated (Grant Sanders Creative) outlining the goals and objectives for the second phase at an estimated cost of $8,300. After a discussion, upon a motion made and duly seconded, the Commission VOTED to approve Phase 2 of the project. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:24 P.M. Attested to: , '2 -C- t eJ ~ __/~'-~c..-J , -. - ~~ ~Leslie B. Johnson, Vice Chairman Accepted, Approved, and Released by the VOTE of the Commission this 9th day of September, 2008. (tg l2o~. ~ cl Allen B. Reinhard, Secretary NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of JULY 31,2008 STATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: Nantucket Bank / Operating Fund x8888 Nantucket Bank / Collection Account x7653 Nantucket Bank / Special CD x 1135 due 3120/2009 MMDT / Cash Account x9979 TOTAL UNRESTRICTED FUNDS: APY 0.40 2.32 3.04 2.74 $17,470.14 $2,670,200.51 $9,143,923.86 $914,964.91 $12,746,559.42 STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007A x1002 US Bank / Debt Service Reserve Fund 2007 A x 1004 US Bank / Debt Service Fund 98E x4002 Nantucket Bank / Working Capital Reserve x2733 due 12/1412008 Nantucket Bank / SHAC Escrow x7038 MMDT / Marble Reserve x0553 Citizens Bank / Deutsch Williams Escrow Nantucket Bank / Tenant Security Deposits TOTAL RESTRICTED FUNDS: APY 1.49 1.49 1.49 4.07 2.27 .2.74 $32,298.76 $1,148,203.13 $10,313.00 $1,276,289.92 $50,782.65 $354,234.63 $2,500.00 $650-:00 $2,875,272.09 Principal Payment Due Payment Due Outstanding 1/1/2009 7/1/2009 $8,420,000 $208,713.75 $803,713.75 12/1/2008 6/1/2009 $15,095,000 $788,084.38 $305,159.38 BONDS: 1998 Series E Issue (Final principal payment 7/1/2019) 2007 Series A Issue (Final principal payment 12/1/2027) TOTAL BONDS: $23,515,000 (A) Total Annual Interest + Principal Bond Payments (D) : $2,105,671.26 Principal NOTES / LOAN: Outstanding Marble Note #19 $1,700,000 Golf Course Loan $4,598,675 Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 TOTAL NOTES/LOAN: $6,298,675 (B) 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): $29,813,675 Total Annual Debt Payments (D) & (E): $2,641,106.26 * a restricted 3-month CD with the benefit of withdrawing at any time, if needed, without penalty STA TEMNTFY09 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of August 26, 2008 1. Transfer Update: a. Additional Information Provided: No. 29238 Rosenthal Associates Family Limited Partnership b. Purchase Price Documentation Required: No. 29226 Denise Scruton 2. "M" Exemption Update: a. Two-Year Domicile Compliance: No. 27126 Carlos W. Phillips and Bridgett Bloise-Phillips No. 27199 Almando and Maydene Mason b. Five-Year Ownership Non-Compliance: No. 23318 Maria 1. Pena c. Five-Year Ownership Compliance - Release of Lien: No. 23374 Venessa K. Raab, Trustee, Raab Family Trust d. Adjustment Paid - Release of Lien: No. 25892 Jennifer M. Kuhn