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Home My WebLink About2008-10-28 AGENDA Nantucket Land Bank Commission Regular Meeting of October 28, 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 OCTOBER 14,2008 D. PROPERTY MANAGEMENT 1. Lily Pond Property - Abutter Encroachment 2. Miacomet Golf Course E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements G. PERSONNEL MANAGEMENT 1. Annual Review - Assistant Property Manager ADJOURNMENT I~ d co .2:' = -.-.:::: -- ~ .::.i " , . ~ i'.) "V MINUTES Nantucket Land Bank Commission Regular Meeting of October 28, 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 approval of the minutes and land acquisition. RETURN TO OPEN SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS: The Director presented a letter from the Naushop Homeowners Association thanking the Land Bank and Property Supervisor Jeff Pollock for the quick response to issues of concern on the Land Bank's neighboring property located on the comer of Tawpoot and Hinsdale Roads. c. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of October 14, 2008, as written. D. PROPERTY MANAGEMENT: 1. Lily Pond Property - Abutter Encroachment: Abutter to the Land Bank's Lily Pond property, Mrs. June Smith, was present to request an easement for her driveway encroachment at 13 North Liberty Street. Upon a motion made and duly seconded, it was VOTED to continue the discussion until after the Blair house has been sited in its new location. 2. Miacomet Golf Course: a. Financial Report: Charlie Passios presented account balances, receivables and payables to date, and reported on the September 2008 balance sheet and profit and loss comparison previously provided by electronic correspondence. b. 2009 Budget: Mr. Passios informed the Commission that Moors, Inc. would begin the budget process soon and to that end would be seeking feedback from the Commission on membership rates and anticipated capital expenditures for 2009. c. Abutter Request: Mr. Passios presented a request from Mr. and Mrs. Swenson of 130 Somerset Road for additional screening of the tanks at the Golf Course maintenance facility. The Commission directed Mr. Passios to have Golf Course Superintendent Sean Oberly install additional plantings to better screen the tanks from the Swenson's view. Land Bank Commission October 28, 2008 Page 2 3. Miacomet Golf Course - Driving Range Discussion: Kelly Cardoza of Avalon Consulting, Inc. was present to discuss permitting issues associated with the potential expansion of the driving range and installation of a short-game area at Miacomet Golf Course. Based on the extensive permitting requirements presented, the Commission determined not to proceed with the expansion or installation at this time. E. TRANSFER BUSINESS: 1. Transfer Update: a. Additional Information Provided - No. 29345 The Gendron Family Revocable Trust: Based upon the additional information provided, the Commission found the above-referenced transTer to be in order. 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Releases of Liens: 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. 23517 Edward F. King and Tracy C. King No. 23540 Rachel A. Parrotto and Paul M. Budzynski No. 23592 Michael LaScola and Orla Murphy-LaScola No. 23599 Nicolaas F. Judson No. 23666 Peter Christiansen b. Five-Year Domicile Non-Compliance / Notice of Assessment - No. 23318 Maria J. Pena: Ms. Hunter reported that the purchaser had failed to respond to previous written requests for information regarding the purchaser's apparent non-compliance with the five-year domicile requirement of the "M" exemption. Upon a motion made and duly seconded, the Commission VOTED to authorize staff to send a Notice of Assessment to the purchaser for the outstanding Land Bank fee plus penalty and accrued interest since the date of the transfer based upon a failure to comply with the domicile requirement of the "M" exemption. c. Five-Year Ownership Non-Compliance Discussion - No. 26658 Francis A. Tracy and Mica Seely: The Commission reviewed written correspondence from the purchasers regarding their ability to comply with the five-year home ownership requirement of the "M" exemption and requesting a waiver of the penalty and interest that would become due on the proposed sale of their property. Upon a motion made and duly seconded, the Commission VOTED to approve the request based upon the combination of the purchasers' extraordinary financial hardship and the property's designation as a permanently-restricted, affordable, covenanted second dwelling. F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the September 2008 financial report including the balance sheet and income statement. Land Bank Commission October 28, 2008 Page 3 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the October 28,2008 warrant document in the amount of$57,010.27 to be provided to the county treasurer. G. PERSONNEL MANAGEMENT: 1. Annual Review: a. Assistant Property Manager - Ed Boynton: Based upon a favorable review and recommendation from the Director, upon a motion made and duly seconded, the Commission VOTED to approve an annual salary increase of 5 % for merit and 3 % for cost of living, bringing Mr.B6ynt6n's-sa.laryto-$3g,35reffective-()cf()Der-Z5,1008~ - - ~--- ------- - - - - - ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:23 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 1th day of November 2008. NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of SEPTEMBER 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 2.36 3.04 2.82 $18,165.14 $5,376,604.80 $9,189,826.17 $919,247.40 $15,503,843.51 STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007 A x 1 002 US Bank / Debt Service Reserve Fund 2007 A x 1 004 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 ---- ~- 0.27 0.27 0.27 4.07 2.79 2.82 $32,378.37 $1,148,203.13 $10,338.41 $1,284,836.07 $50,999.29 $355,892.63 $2,500.00 $650.00 $2,885,797.90 Principal Payment Due Payment Due BONDS: Outstanding 1/1/2009 7/1/2009 1998 Series E Issue $8,420,000 $208,713.75 $803,713.75 (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 $23,515,000 (A) Total Annual Interest + Principal Bond Payments (D) : $2,105,671.26 Principal NOTES / LOAN: Outstanding Payment Schedules Annual Payments Marble Note #19 $1,700,000 Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 Golf Course Loan $4,561,034 Principal and Interest of $36,030.05 due Monthly: $432,360.60 TOT AL NOTES/LOAN: $6,261,034 (B) Total Annual Interest Notes I Loan Payments (E): $535,435.00 TOTAL DEBT (A) & (B): $29,776,034 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 October 28, 2008 l. Transfer Update: a. Additional Information Provided: No. 29345 The Gendron Family Revocable Trust 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Releases of Liens: No. 23517 Edward F. King and Tracy C. King No. 23540 Rachel A. Parrotto and Paul M. Budzynski No. 23592 Michael LaScola and Orla Murphy-LaScola No. 23599 Nicolaas F. Judson No. 23666 Peter Christiansen b. Five-Year Domicile Non-Compliance - Notice of Assessment: No. 23318 Maria J. Pena c. Five-Year Ownership Non-Compliance Discussion: No. 26658 Francis A. Tracy and Mica Seely