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Home My WebLink About2008-11-12 AGENDA Nantucket Land Bank Commission Regular Meeting of November 12,2008 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 28, 2008 D. TRANSFER BUSINESS E. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - 2007 Series A Bond Semi-Annual Payment 4. Warrant Authorization - Miacomet Golf Course Cash Advance Request F. PROPERTY MANAGEMENT 1. Miacomet Golf Course - Request for Proposals Discussion 2. Equipment Purchase Request - Power Washer 3. Chase Property - House Discussion 4. Walker Property - Use Request ADJOURNMENT ~~ d co 25 ..,::.: 1'0 0\ -:J ;:.;:, MINUTES Nantucket Land Bank Commission Regular Meeting of November 12,2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 3:30 P.M. at 158 Orange Street, Nantucket, Massachusetts. PRESENT: Gardner, Johnson, Reinhard, Stackpole. ABSENT: 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 ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 4:00 P.M. and reconvene at the Land Bank Meeting Room for continued discussion. CALL TO ORDER: 4:27 P.M. at Land Bank Meeting Room, 22 Broad Street, Nantucket, Massachusetts. B. 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 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 October 28, 2008, as written. Commissioner Reinhard left the meeting at this time. E. TRANSFER BUSINESS: 1. October 2008 Transfers - Record Nos. 29394 through 29461: a. Current "M" Exemption and Lien - No. 29418 Brian D. Potter and Christy R. Potter: 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: Land Bank Commission . November 12, 2008 Page 2 No. 29422 A & B Realty Trust No. 29434 Herbert Warren Cooper IV No. 29452 257 Hummock Pond Road Nominee Trust b. Purchase Price Explanation Required: The Commission asked staff to request additional information and/or documentation to support the stated purchase price on the following transfers: No. 29404 Christopher J. Detmer and Kyra L. Detmer No. 29406 One Morey Lane, LLC 3. "M" Exemption Update: a. Five-Year Ownership Non-Compliance / Release of Lien - No. 24237 Janine M. Franceschi: Based upon receipt of the outstanding fee, penalty and accrued interest since the date of the transfer, upon a motion made and duly seconded, the Commission VOTED to approve and execute a Release of Lien to be provided to the purchaser. b. Five-Year Ownership Non-Compliance / Release of Lien - No. 26658 Francis J. Tracy and Mica Seely: Upon a motion made and duly seconded, the Commission VOTED to approve and execute a Release of Lien to be provided to the purchasers subject to receipt of the outstanding fee on the above referenced transfer. c. Five-Year Ownership Non-Compliance Request - No. 24237 Janine M. Franceschi: Attorney Alison Zieffwas in attendance to present her written request on behalf of Ms. Franceschi for a full refund of the fee, penalty and accrued interest previously paid by the purchaser as a result of her failure to comply with the five-year home ownership requirement of the "M" exemption. Attorney Zieff left the meeting at this time. After deliberation, upon a motion made and duly seconded, the Commission VOTED to refund the penalty based soley upon the purchaser's extraordinary financial hardship. F. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The October 2008 transfer statistics were presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the November 12, 2008 warrant document in the amount of$84,384.33 to be provided to the county treasurer. 3. Warrant Authorization - 2007 Series A Bond Semi-Annual Payment: Upon a motion made and duly seconded, it was VOTED to approve payment and authorize staff to wire the Series A semi- annual bond payment of interest and principal in the total amount of$78~,084.38 from the Land Bank's Collection Account to the Bond Trustee at U.S. Bank. 4. Warrant Authorization - Miacomet Golf Course Cash Advance Request: After a discussion regarding reduced revenue due to the 9-hole renovation and recent repayment of previous cash advances, upon a motion made and duly seconded, it was VOTED to approve the November 12, 2008 warrant document in the amount of$100,000 as a cash advance to Miacomet Golf to fund course operations expenses. Land Bank Commission November 12, 2008 Page .) G. PROPERTY MANAGEMENT: 1. Miacomet Golf Course - Request for Proposals Discussion: The Commission acknowledged receipt of five proposals in response to the Land Bank's Request for Proposals (RFP) for Management Services at the Miacomet Golf Course. Upon a motion made and duly seconded, the Commission VOTED to continue the discussion until the next meeting to have an opportunity to further review the submissions. 2. Equipment Purchase Request - Power Washer: The Director presented a request from property management staff for the purchase of a hot water power washer at a cost of $3,250 to be used for cleaning and maintaining property management equipment. Upon a motion made and duly seconded, the Commission VOTED to approve the request as presented. 3. Chase Property - House Discussion: After a discussion of the Land Bank's housing needs and based upon recommendations from staff, upon a motion made and duly seconded, the Commission VOTED to authorize Property Planner/Stewardship Coordinator Bruce Perry to begin the permitting process for the removal of the cottage from the property. 4. Walker Property - Use Request: Upon a motion made and duly seconded, it was VOTED to approve a request presented by Commissioner Stackpole to use the Land Bank's Walker property for the installation ofthe Figawi V.J.P. Tent on Memorial Day Weekend 2009 subject to receipt ofa Certificate of Insurance naming the Land Bank as additionally insured. ADJOURNMENT: Upon a motion e and duly seconded, it was VOTED to adjourn at 6:49 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 25th day of November 2008. ~l~/ John 1. Stack O'le '1 .~ MONTHLYTRANSFER....S-rA"tIS"tIGS...cAJLENDAR:20oz(........<>..)..}..........,....... CALOY- r~:t:I"::::t~::::,: . .~:t:1 Gross Month Transfers Transfers Transfers Value -----.- Jan-07 91 50 41 $80,227,513 ---- ~~l- Feb-07 49 39 10 $20,137,833 ~- Mar-07 . i- ~: 45 45 $75,366,310 -- Af)r-07 68 35 $71,652,750 May-07 47 27 $51,842,265 Jun-07 - -1--~116'- 78 38 $47,673,543 - juu ~--- Jul-07 74 42 32 $51,678,861 _I ----~..-- Aug-07 .. 120 73 47 $128,722,279 Sep-07 1----104---. 50 54 $111,793,300 ---- Oet-07 105 56 49 $106,491,448 Nov-07 94 58 36 $72,763,084 1- _ - -- -- ~-----_.- Dee-07 87 70 17 $49,273,500 I. .--.---- - THRU OCT 07 926 A~~~Q~-=l=~ : ....... ... (. .$'74$,Rf36,j04 ... >< $72,301,891 $20,137,833 $128,722,279 ...548..... 56 39 78 378 36 10 54 MONTHLYTRAN$r:e;R$'J'7\TI$'tI<P$~AL.SNf.')~~~9a>'" I .... . . . CAL08 Month Total Exempt Taxable Transfers Transfers Transfers Total Gross Value ..~ .-.-..- Jan-08 81 46 Feb-08 68 44 ~;;:g~':'J:~~ -:-- - ;~ May-08 _: 98 ____~~~ Jun-08~ u~~~~_(3~8_ 41 Jul-08 65 38 .... . u__ e-~--- _ ._~ Aug-08 63 38 1- ----~.. ---- 1----- Sep-Q~ 76 39 Oe~08 68 39 Nov-08 --- ----- -_.~- Dee-08 35 24 21 24 15 27 27 25 37 29 $71,587,030 $42,748,590 $40,306,700 $36,321,250 $22,986,126 $49,391,772 $47,229,858 $84,318,085 $55,282,900 $52,249,003 THRUOCT os AV~~~9~~~=t ~~ HighL____ 9~___ i A A" . ...... 44 37 83 26 15 37 Gross Value Taxable $78,730,747 $19,337,833 $74,206,310 $61,309,417 $48,277,265 $44,030,543 $49,178,861 $120,670,279 $104,773,300 $101,741,448 $70,196,084 $46,623,500 $"l02,?$6,602 . $68,256,299 $19,337,833 $120,670,279 Gross Value Taxable $68,587,030 $42,348,590 $39,606,700 $35,921,250 $20,986,126 $46,394,550 $46,335,111 $83,708,085 $54,882,900 $51,846,781 . '0 .. $49,061,712 $20,986,126 $83,708,085 Revenue Received $1,575,890 $455,339 $1,543.,701 $1,230,188 $9~6g,545 $~88,664 $987,5}7 $2,424,906 $2,099,466 $1,846,289- $1,404,462_ $940,470 $14,021,566 $1 ,3E31..~T5 $455,339 .--. - $2,424,-~06 .. Revenue Received ---- $1,389,0(38 $858,972 $794,934 li'?~?,425 $466,722 $929,891 $92?..702 $1,678-,162 $1,097,658 $1,043,786 ..$9,9-10 19 $991,032 $466,722 $1 ,67~162 MONTHL Y (UNAUDITED) TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of November 12,2008 10 October 2008 Transfers - Record Nos. 29394 through 29461: a. Current "M" Exemptions: No. 29418 Brian D. Potter and Christy R. Potter 2. Transfer Update: a. Additional Information Not Provided: No. 29422 A & B Realty Trust No. 29434 Herbert Warren Cooper IV No. 29452 257 Hummock Pond Road Nominee Trust bo Purchase Price Explanation Required: No. 29404 Christopher 1. Detmer and Kyra L. Detmer No. 29406 One Morey Lane, LLC 3. "M" Exemption Update: a. Adjustment Paid - Release of Lien: No. 24237 Janine M. Franceschi No. 26658 Francis J. Tracy and Mica Seely b. Five-Year Ownership Non-Compliance Request: No. 24237 Janine M. Franceschi CIWP60lMINDOCSITRANSFER BUSINESS 08 1st meeting doc