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Home My WebLink About2008-09-23 it.-- AGENDA Nantucket Land Bank Commission Regular Meeting of September 23,2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESSI ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF SEPTEMBER 9,2008 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Mt. Vernon Farm - Use Request E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. 2008 Audited Financial Report 2. Monthly Financial Report 3. Warrant Authorization - Cash Disbursements 4. Bond and Note Refinancing Update d co c:J .---. :....; ~ Ul G. PROPERTY MANAGEMENT (cont'd) 1. Miacomet Golf Course ~ ,:=;) N -.I ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of September 23, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:08 P.M. PRESENT: Johnson, Reinhard, Stackpole. ABSENT: Bartlett, Gardner. 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 BUSINESSI ANNOUNCEMENTS: The Commission acknowledged receipt of a letter from Jim Perelman regarding the Land Bank's relocation of the Blair house. C. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of September 9, 2008. D. PROPERTY MANAGEMENT: I. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, and reported on the preliminary August 2008 balance sheet and profit and loss comparison previously provided by electronic correspondence. b. Operations Advance - Reimbursement: Mr. Passios reported that payment was provided by Miacomet Golf Course to the Land Bank for the remaining $50,000 of the operations cash advanced in June 2008. c. Membership Update: Mr. Passios presented a request from Victoria Ryder seeking a retroactive medical leave of absence and asking for the application of her 2008 membership payment towards her 2009 membership dues. Upon a motion made and duly seconded, it was VOTED to approve the request as presented subject to adjustments for the leave of absence fee and the cost difference for a potential 2009 membership dues increase. d. Pump/Well Redevelopment: Mr. Passios updated the Commission on the present condition of the old well and discussed plans to remove and redevelop the well in the late fall. e. Computer Replacement: Mr. Passios reported that a replacement administration computer was needed and would be purchased at an amount not to exceed $1,350. Land Bank Commission September 23, 2008 Page 2 2. Mt. Vernon Farm - Use Request: The Director presented a request from Sue Ellen Robertson to set up a portable riding area on the property for use by 20 different equestrians. Upon a motion made and duly seconded, it was VOTED to approve the request as presented and ask Property Planner/Stewardship Coordinator Bruce Perry to manage the equestrian use of the property. 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. 29256 Elizabeth Chick No. 29275 Austin R. Schraff and Ann Keating No. 29280 Jennifer Smith Boylan, David A. Smith, Brett A. Smith No. 29302 The Beatrice K. Filimonov Living Trust b. Litigation Update: Ms. Hunter updated the Commission on the status of litigation activities related to the following transfers: No. 26947 Bruce H. Poor No. 26977 Bruce A. Issadore and 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 c. Transfer Discussion / Approval of Exemption - No. 29360 98H, LLC: The Commission accepted the (-i-), (-j-), (-na-) and (-c-) exemptions based on the information provided in the confidential correspondence from the purchaser's representative, Susan McCarthy, outlining the underlying ownership of the grantor and grantee partnerships and the percentages of interest transferred among its members during the dissolution of Nauticon Properties, LLC and the subsequent formation of 98H, LLC. 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Release of Lien: Upon a motion made and duly seconded, it was VOTED to authorize the issuance of Releases of Liens for the following transfers as a result of the purchasers fulfilling all of the requirements of Section 12 (-m-): No. 23449 Ronald J. Suhanosky, J r. and Colleen M. Marnell-Suhanosky No. 23477 Alyssa B. Billings and Benjamin E. Billing, III No. 23498 Amy K. Canepa Land Bank Commission September 23,2008 Page 3, F. FINANCIAL BUSINESS: 1. 2008 Audited Financial Statements: Ms'. Hunter presented the Fiscal Year 2008 audited financial statements, together with a staff-prepared Land Bank financial summary which included Miacomet Golf operations and a balance sheet and income statement summary which included only Land Bank operations. Upon a motion made and duly seconded, it was VOTED to accept the Fiscal Year 2008 audited financial statements as prepared by O'Connor & Drew P.C. subject to further review by the Commissioners to be completed by September 26th. 2. Monthly Financial Report: The Commission accepted the unaudited financial report for the period ending August 31, 2008. 3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the September 23,2008 warrant document in the amount of$61,798.57 to be provided to the county treasurer. G. PROPERTY MANAGEMENT (continued): I. Miacomet Golf Course: The Director initiated a discussion regarding the December 31, 2008 expiration of the Moors Inc. management services contract and suggested that the Land Bank work to draft a Request for Proposals (RFP) for continued management services at Miacomet Golf Course. Upon a motion made and duly seconded, it was VOTED to schedule a special meeting of the Land Bank Commission on September 30,2008 at 4 p.m. in its meeting room to discuss the details of the RFP and Commissioner Stackpole asked the Director to provide information regarding the capability of incorporating a Miacomet Golf Course enterprise account as an alternative to contracted management services. 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 land acquisition. RETURN TO OPEN SESSION ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:54 P.M. Attested to h (ipJ~ e . emhard, Secretary Accepted, Approved, and Released by the VOTE of the Commission this 11 th day of October, 2008. John 1. Stac TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of September 23, 2008 1. Transfer Update: a. Additional Information Provided: No. 29256 Elizabeth Chick No. 29275 Austin R. Schraff and Ann Keating No. 29280 Jennifer Smith Boylan, David A. Smith, Brett A. Smith No. 29302 The Beatrice K. Filimonov Living Trust b. Litigation Update: No. 26947 Bruce H. Poor No. 26977 Bruce A. Issadore and 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 ofECD Realty Trust c. Transfer Discussion - Approval of Exemption: No. 29360 98H, LLC 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Release of Lien: No. 23449 Ronald 1. Suhanosky, Jr. and Colleen M. Marnell-Suhanosky No. 23477 Alyssa B. Billings and Benjamin E. Billing, III No. 23498 Amy K. Canepa NANTUCKET LAND BANK COMMISSION WORKSHEET . UNAUDITED FINANCIAL REPORT as of AUGUST 31, 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 2.32 3.04 2.78 $18,087.22 $4,113,732.90 $9,167,222.07 $917,121.40 $14,216,163.59 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 1.42 1.42 1.42 4.07 2.35 2.78 $32,339.06 $1,148,203.13 $10,325.86 $1,280,625.80 $50,876.28 $355,069.53 $2,500.00 $650.00 $2,880,589.66 . . . . , . . . . 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 $4,579,890 Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 TOTAL NOTES/LOAN: $6,279,890 (B) Principal and Interest of $36,030.05 due Monthly: $432,360.60 Total Annual Interest Notes I Loan Payments (E): $535,435.00 TOTAL DEBT (A) & (B): $29,794,890 Total Annual Debt Payments (D) & (E): $2,641,106.26 * a restricted 3-month CO with the benefit of withdrawing at any time, if needed, without penalty STA TEMNTFY09