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Home My WebLink About2008-10-14 -r c... AGENDA Nantucket Land Bank Commission . Regular Meeting of October 14,2008 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 SEPTEMBER 23,2008 AND SPECIAL MEETING OF SEPTEMBER 30, 2008 D. TRANSFER BUSINESS E. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Cash Disbursements 3. Bond Issuance Discussion d co F. REGULAR BUSINESS 1 . Community Preservation Committee Update = .:-J ---I Lv a G. PROPERTY MANAGEMENT 1. Bum Program - Training Update 2. Miller Millbrook Road Property - Release of Restriction Request 3. Nobadeer Farm Road Property - Use License Execution -:::> :::J "_,.J ;~,J ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of October 14, 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 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 September 23, 2008 and special session minutes of September 30, 2008. D. TRANSFER BUSINESS: 1. September 2008 Transfers - Record Nos. 29318 through 29393: a. Current "M" Exemption and Lien - No. 29392 Peter Fletcher Haigh, Jr. and Ashley Christ: The Commission authorized placing a lien against the property as a result of the purchasers claiming the "M" exemption as first-time buyers of real property. 2. Transfer Update: a. Additional Information Not Provided: The Commission asked staff to request additional information and/or documentation to support the purchasers' claim to an exemption from the Land Bank fee for the following transfers: No. 29345 The Gendron Family Revocable Trust No. 29353 Sleepy Hollow Island Realty, LLC No. 29354 PRS Nominee Trust No. 29355 Pleasant Street Nominee Trust b. Purchase Price Explanation Provided: The Commission accepted the explanation andlor documentation provided to support the stated purchase price on the following transfers: No. 29226 Denise Scruton No. 29315 Julie and Matthew Richardson Land Bank Commission October 14, 2008 Page 2 3. "M" Exemption Update: a. Five-Year Domicile Requirement / Release of Lien - No. 20032 Sean O'Callaghan and Sarah Masi: Ms. Hunter explained that a Release of Lien was not executed at the time the purchasers had fulfilled all of the requirements of the "M" exemption on September 15, 2005. Upon a motion made and duly seconded, the Commission VOTED to authorize the issuance of a Release of Lien as a result of their prior fulfillment of all of the requirements of Section 12, subsection (-m-). b. Two-Year Domicile Requirement / Response to Inquiry - No. 27322 Russell N. Jaehnig: Based upon the Commission's acceptance of the purchaser's explanation ofthe circumstances of his compliance with the two-year domicile requirement of the "M" exemption, the Commission found the above referenced transfer to be in order at this time. E. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The September 2008 transfer statistics were presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the October 14, 2008 warrant document in the amount of $132,663 .04 to be provided to the county treasurer. 3. Bond Issuance Discussion: The Commission reviewed projections based on previous transfer fee revenue, land acquisition expenditures, operating expenses and estimated debt service payments In order to assess the feasibility and appropriate timing for issuing the remaining $19,900,000 in funds guaranteed by the full faith and credit of the Town of Nantucket. F. REGULAR BUSINESS: I. Community Preservation Committee Update: The Commission reviewed a summary of the fiscal year 2010 funding requests received by the Community Preservation Committee (C.P.c.) as provided by Land Bank representative Polly Miller. The Commission also discussed Ms. Miller's request to serve an additional year. Upon a motion made and duly seconded, it was VOTED to reappoint Ms. Miller as the Land Bank's representative for an additional year and wished to thank Ms. Miller for her continued service. G. PROPERTY MANAGEMENT: 1. Blair House Relocation Update: Property Planner/Stewardship Coordinator Bruce Perry provided an update on the status of the Blair House relocation and reported that the house will be moved to its new location once the construction of the foundation is complete. 2. Burn Program - Training Update: Mr. Perry reported that he attended a High Risk Organization Management conference in Albany, NY during the last week where he acquired skills and knowledge that would benefit the Land Bank's prescribed burn program. Land Bank Commission October 14,2008 Page 3 3. Millbrook Road Property - Release of Restriction Request: The Director presented a request from Whitney Gifford, representative for Michael and Elisa Allen owners of property at 55 Millbrook Road, seeking the Commission's release of the restriction limiting the gross floor area ofa second dwelling to 800 square feet. After a discussion, upon a motion made and duly seconded, it was VOTED to amend the restriction to allow a second dwelling maximum ground cover of 1,215 square feet subject to the inclusion of a 25' vegetated buffer, with a planting schedule to be determined by the Director, on the Allen's property where it meets the Land Bank's lot. 4. Nobadeer Farm Road Property - Use License Execution: The Director presented the final licensing agreement between the Land Bank and the Nantucket Paddle Tennis Association (N.P.T.A.) for the long-tenn use of the Nobadeer Farm Road Property for the N.P.T.A.'s tennis facilities. The Commission expressed its intention to create a long-term arrangement in order to provide the N.P.T.A. with a permanent home. Upon a motion made and duly seconded, it was VOTED to approve and execute the licensing agreement subject to the inclusion of a reasonable annual lease payment to be discussed at the next meeting. ADJOURNMENT: Upon a motion ma and duly seconded, it was VOTED to adjourn at 6:30 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 28th day of October, 2008. lVIoNTHC"'fTR.ANSFJ;RSTATJSmJC$iQlwt$NPAR2PPZUUU./i<'.""""............... ---- ----- ------ 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 ,575,890 ----------~ 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 ~ - --...---.. f.P~~~QZm~ ~~_ 103 68 35 $71 ,652,750 $61 ,309,417 $1 ,230,188 --.- .~_f\t191-Ql 74 47 27 $51 ,842,265 $48,277,265 $969,545 I- Jun-07 1 16 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 $2,424,906 d .. Sep-07 104 50 54 $1 1 1 ,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 ~~ - Dee-07 87 70 17 $49,273,500 $46,623,500 $940,470 _.- '" .---------_. THRU SEP 07 821 492 3129 $639094654>/ ...$$()(),~14,p$4 >$12175277 ,_.-.-.... ,.. . .', . ...., .','..... . ::-::::::',,-::.::,,:-..:1-:..-:,::-:.:':'-::"::::'::::'" ... :.' . .,:,::: , . ~yerage 92 56 36 $72,301 ,891 $68,256,299 $1 ,363,875 I- Low 49 39 10 $20,137,833 $19,337,833 $455,339 ---_.-._-----~- High 120 78 54 $128,722,279 $120,670,279 $2,424,906 ... uu MON'tHl.fY'."tgIXNSftSg,gIDA'tIS"tICSCA.I1SNUAR200$...U...>><<<>>>.>.>.>.'>>>>>.>>>...>.>........ ... ....... .-,-.-..-...,.,..,....-..,.........,.,.......................,.................. ..... ........................ ........ .,...-_.........-.,,--...,..,......-.....,..,.....,....,.....',............."........... ....................... ...... ....... .--- 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 ,389,068 - ------------ ---. Feb-08 68 44 24 $42,748,590 $42,348,590 $858,972 .------ Mar-OS 59 38 21 $40,306,700 $39,606,700 $794,934 ----- --~- Apr-08 61 37 24 $36,321 ,250 $35,921 ,250 $722,425 -.-.. -.- $22,986,126 May-OS 98 83 15 $20,986,126 $466,722 ~ Jun-08 68 41 27 $49,391 ,772 $46,394,550 $929,891 Jul-08 65 38 27 $47,229,858 $46,335,1 1 1 $928,702 -------.,.. $84,31 __j\ug-08 63 38 25 8,085 $83,708,085 $1 ,678,162 Sep-OS 76 39 37 $55,282,900 $54,882,900 $1 ,097,658 Oet-08 -----~- Nov-OS ---. --- Dee-OS ----.---.----.---. THRU SEP oa 639 404......... .235... $4f3~t1t2.$11.... . ..$438,770,342 $8,866,534 _..f!\verage 71 45 26 $50,019,146 $48,752,260 $985,170 Low 59 37 15 $22,986,126 $20,986,126 $466,722 ----.--. $84,318,085 ___ High.~ 98 83 37 $83,708,085 $1 ,678,162 MONTHL Y (UNAUDITED) TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of October 14, 2008 I. September 2008 Transfers - Record Nos. 29318 through 29393: a. Current "M" Exemptions: No. 29392 Peter Fletcher Haigh, Jr. and Ashley Christ 2. Transfer Update: a. Additional Information Not Provided: No. 29345 The Gendron Family Revocable Trust No. 29353 Sleepy Hollow Island Realty, LLC No. 29354 PRS Nominee Trust No. 29355 Pleasant Street Nominee Trust b. Purchase Price Explanation Provided: No. 29226 Denise Scruton No. 29315 Julie and Matthew Richardson 3. "M" Exemption Update: a. Five-Year Domicile Requirement - Release of Lien: No. 20032 Sean O'Callaghan and Sarah Masi b. Two-Year Domicile Requirement - Response to Inquiry: No. 27322 Russell N. Jaehnig C:IWP60IMINDOCSITRANSFER BUSINESS 08 1st meeting. doc