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Home My WebLink About2008-11-25 AGENDA Nantucket Land Bank Commission Regular Meeting of November 25,2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts r:.-: CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESSI ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF NOVEMBER 12,2008 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Building Maintenance - Policy Discussion 3. Gaillard Property - Planning Discussion 4. Reith Property - Planning Discussion 5. Gardner Property - Shanty Occupancy Request 6. Miller Millbrook Road Property - Restriction Enforcement Modification 7. Permitting Update E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements G. PROPERTY MANAGEMENT 1. Miacomet Golf Course - 2009 Management RFP Review ADJOURNMENT Te d co CJ ,..., ,--, --> N -:] ;.J ;:,. MINUTES Nantucket Land Bank Commission Regular Meeting of November 25, 2008 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:03 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. 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 November 12,2008, as written. D. REGULAR BUSINESS: 1. Meeting of December 9,2008 Rescheduling: Upon a motion made and duly seconded, it was V U 1 hU to reschedule the regular meetmg of December 9, 2008 to December 11, 2008 at 4 p.m. E. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: The Commission reviewed the account balances, receivables and payables to date, in addition to the October 2008 balance sheet and profit and loss comparison previously provided by electronic correspondence. b. 2009 Budget Update: The Commission was informed that the proposed 2009 Miacomet Golf Course Budget recommendations would be provided at the next regular meeting attended by Mr. Passios. 2. Building Maintenance - Policy Discussion: Property Supervisor Jeffrey Pollock was present to discuss the issue of increased building maintenance with houses on Land Bank property, and to recommend that the Commission adopt the policy that a Miacomet Golf employee be designated to respond to golf rental housing maintenance issues and that repairs under $2,000 shall be the responsibility of Miacomet Golf Course. Upon a motion made and duly seconded, the Commission VOTED to implement the recommended policy and reference it in the new management contract. 3. Reith Property - Planning Discussion: After a discussion of the property, upon a motion made and duly seconded, the Commission VOTED to direct Property Planner/Stewardship Coordinator Bruce Perry to begin the permitting process for the removal of buildings. LaI;ld Bank Commission November 25, 2008 Page 2 4. Gaillard Property - Planning Discussion: After a discussion of the property, upon a motion made and duly seconded, the Commission VOTED to file permits with the H.D.C. seeking to shorten the gambrel barn structure to its original size, remove all other ancillary structures and ask golf staff to inspect the cottage and shed for their potential use as storage at Miacomet Golf Course. 5. Gardner Property - Shanty Occupancy Request: The Director presented a request from Jessica Jay for a long-term lease of the shanty on the Land Bank's Gardner Property. The Commission determined to deny the request. 6. Miller / Millbrook Road Property - Restriction Enforcement Modification: The Director reported that Property Supervisor Jeffrey Pollock had visited the site with owners Michael and Elisa Allen and recommended that it would be more beneficial to allow the natural vegetation to grow back rather than install additional plantings. Upon a motion made and duly seconded, the Commission VOTED to execute an amendment to the restriction as recommended by Mr. Pollock. 7. Permitting Update: The Commission received a permitting and property planning update from Mr. Perry including projects at the Land Bank's Miller, Carter, Sanguinetti and Wolfe properties. F. TRANSFER BUSINESS 1. Transfer Update: a. Additional Information Provided: Based upon the additional information proyided, the Commission found the following transfers to be in order: No. 29452 257 Hummock Pond Road Nominee Trust No. 29353 Sleepy Hollow Island Realty LLC No. 29354 PRS Nominee Trust No. 29355 Pleasant Street Nominee Trust b. Adjustment Paid / Duplicate Release of Lien Requested - No. 28445 Murat Aslansan and Kaan Aslansan: Based upon a previous vote, the Commission executed a duplicate Release of Lien to be provided to the purchaser's representative. c. Litigation Update - No. 26977 Bruce A. Issadore and John J. Englert and No. 26947 Bruce H. Poor: Ms. Hunter provided an update of the "certiorari" procedural hearing that took place at the Nantucket Superior Court on November 24, 2008 at which Land Bank counsel John Foskett and attorneys for the purchasers were present to submit their motions and arguments and reported that a decision from the judge is expected within six weeks. Land Bank Commission November 25, 2008 Page 3 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, subsection (-m-): No. 23701 John P. Ray No. 23738 Michael C. Craddock and Amy Craddock b. Five-Year Domicile Non-Compliance / Notice of Lien - No. 23318 Maria J. Pena: Upon a motion made and duly seconded, the Commission VOTED to execute and authorize the placement of a Notice of Lien against the property subject to the purchaser's failure to request a hearing within 30 days after the mailing of the Notice of Assessment. c. Two-year Domicile Non-Compliance / Notice of Assessment - No. 27318 Christopher Gallant and Annette Tremblay: 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 two-year domicile requirement. 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. d. Five Year O\lmership Non-Compliance Dh;cussion No. 27919 Ryan Chadwick: The Commission accepted the purchaser's payment of the outstanding fee in the amount of $8,000 and reviewed written correspondence from his attorney requesting a waiver of the penalty and accrued interest due as a result of his client's inability to comply with the five-year home ownership requirement of the "M" exemption. The Commission determined to deny the request based on the information available to it at the time. G. FINANCIAL BUSINESS 1. Monthly Financial Report: The Commission accepted the October 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 November 25,2008 warrant document in the amount of$111 ,973.10 to be provided to the county treasurer. Land Bank Commission November 25, 2008 Page 4 H. PROPERTY MANAGEMENT: 1. Miacomet Golf Course - 2009 Management RFP Review: The Commission ranked the five submitted proposals for management of the Miacomet Golf Course as follows: No.1 Nantucket Golf Management No.2 Billy Casper Golf No.3 Moors, Inc. No.4 Johnson Golf Management, Inc. No.5 RDC Golf Group, Inc. Upon a motion made and duly seconded, the Commission VOTED to hold a special meeting on December 4, 2008 at 4 p.m. in the Land Bank meeting room to interview the top-ranked candidate, Nantucket Golf Management and discuss the proposal in further detail. 2. Surveyor Discussion: Commissioner Stackpole asked the Director to look into the idea of hiring a surveyor that could be commissioned out to the Town of Nantucket on an as needed basis. ADJOURNMENT: 6:43 p.m. Accepted, Approved, and Released by the VOTE of the Commission this 11th day of December 2008. ~~ John J. Stackpol , C airma1 NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of OCTOBER 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 2.86 3.04 3.23 $17,657.14 $6,273,693.18 $9,213,241.34 $921,760.34 $16,426,352.00 ....................... . ................... . ............... . .......... . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007A x1002 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 0.11 0.11 0.11 4.07 3.13 3.23 $32,404.04 $1,148,203.13 $10,346.61 $1,289,200.99 $51,132.80 $356,865.53 $2,500.00 $650.00 $2,891,303.10 .................. ... ..... . ............... .......... ................................ . .......... . 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 $4,542,108 Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 TOTAL NOTES/LOAN: $6,242,108 (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): $29,757,108 . a restricted 3-month CD with the benefit of withdrawing at any time, if needed, without penalty Total Annual Debt Payments (D) & (E): $2,641,106.26 STATEMNTFY09 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of November 25, 2008 1. Transfer Update: a. Additional Information Provided: No. 29452 257 Hummock Pond Road Nominee Trust No. 29353 Sleepy Hollow Island Realty LLC No. 29354 PRS Nominee Trust No. 29355 Pleasant Street Nominee Trust b. Adjustment Paid - Duplicate Release of Lien Requested: No. 28445 Murat Aslansan and Kaan Aslansan c. Lititgation Update: No. 26977 Bruce A. Issadore and John 1. Englert No. 26947 Bruce H. Poor 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Releases of Liens: No. 23701 John P. Ray No. 23738 Michael C. Craddock and Amy Craddock b. Five-Year Domicile Non-Compliance - Notice of Lien: No. 23318MariaJ. Pena c. Two-Year Domicile Non-Compliance - Notice of Assessment: No. 27318 Christopher Gallant and Annette Tremblay d. Five-Year Ownership Non-Compliance Discussion: No. 27919 Ryan Chadwick