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Home My WebLink About2009-01-13 --------/' ,.-/' AGENDA Nantucket Land Bank Commission Regular Meeting of January 13,2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts o \..:.:J --=; CALL TO ORDER N ':0 A. EXECUTIVE SESSION -, B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF DECEMBER 11, 2008 D. PROPERTY MANAGEMENT 1. Holdgate/Old South Road - Property Use Discussion 2. Gaillard Property - Permitting Update 3. Chase-Ray Property - Permitting Update 4. Lily Pond Property - Blair House Update 5. Peterson Property - Property Improvement Discussion 6. Wanoma Way Property - Beach Stairs Discussion 7. 40th Pole Property - Unauthorized Use Discussion 8. MadaquechamlSouth Pasture Property - Permitting Update E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Monthly Transfer Statistics 3. Warrant Authorization - Cash Disbursements 4. Warrant Authorization - Miacomet Golf Course ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of January 13,2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:04 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 BUSINESS/ANNOUNCEMENTS: The Director reported that Parks and Recreation was applying for a waiver of the screening requirement for the ballfields parking at the Land Bank's Nobadeer Farm Road property with the Zoning Board of Appeals. C. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of December 11,2008, as written. D. PROPERTY MANAGEMENT: 1. Holdgate/Old South Road - Property Use Discussion: Judy Zurheide and Campbell Sutton were in attendance to present their request for the installation of a Labyrinth at the Land Bank's Holdgate/Old South Road property. The Commission responded favorably to the concept and asked the Director to coordinate with the applicants and Property Management Staff on the details of cost, construction and maintenance. 2. Gaillard Property - Permitting Update: Property Planner/Stewardship Coordinator Bruce Perry provided an update on the buildings at the Land Bank's Gaillard property and landscaping plans for the property were discussed. 3. Chase/Ray Property - Permitting Update: Mr. Perry reported on parties interested in the Chase cottage and the progress being made at the H.D.C. for removal of the boat house at the Land Bank's Chase/Ray property. 4. Lily Pond Property - Blair House Update: Mr. Perry provided an update on the exterior renovation of the Blair House at the Land Bank's Lily Pond property. After a discussion of the most cost effective approach, upon a motion made and duly seconded, the Commission VOTED to authorize Mr. Perry to replace rather than upgrade all 26 windows of the house. 5. Peterson Property - Property Improvement Discussion: Mr. Perry informed the Commission that invasive species had overgrown areas of public access on the Land Bank's Peterson property. In order to make the property more open and inviting to the public, upon a motion made and duly seconded, the Commission VOTED to authorize Mr. Perry to begin the Land Bank Commission January 13, 2009 Page 2 permitting process for the removal of invasive species from the property. 6. Wanoma Way Property - Beach Stairs Discussion: The Director presented electronic correspondence from Jake Jacobsen to the Commission and discussed the ongoing settlement negotiations with Wanoma Way area residents. 7. 40th Pole Property - Unauthorized Use Discussion: Mr. Perry reported that he would be meeting with the engineer of Toscana Corp. to come up with a restoration plan for the damage caused by their unauthorized use of the Land Bank's property at 40th Pole. 8. MadaquechamlSouth Pasture Property - Permitting Update: The Director provided an update on the progress being made toward obtaining state approvals for use of the northerly 25 acres by the Town of Nantucket for an industrial park so that the southerly 35 acres could one day be conveyed to the Land Bank. E. TRANSFER BUSINESS: 1. December 2008 Transfers - Record Nos. 29516 through 29620: a. Current "M" Exemptions and Liens: The Commission authorized the placing of liens against the following properties as a result of the purchasers claiming the "M" exemption as first-time buyers of rea 1 property: No. 29539 Jay D. Lovering and Jane E. Lovering No. 29560 Donna Barnett 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. 29503 Nesbitt Inn, LLC No. 29504 Nesbitt Inn, LLC No. 29569 Harborwatch 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. 29533 Gerard J. and Patricia A. Keneally No. 29573 Three Dog Nominee Trust No. 29605 The Heaven Helper Trust c. Additional Information Provided: Based on the additional information provided, the Commission found the following transfers to be in order: Land Bank Commission January 13, 2009 Page 3 No. 29500 Fishers Landing Real Estate Nominee Trust No. 29501 Alan F. Atwood Real Estate Nominee Trust d. Purchase Price Explanation Provided - No. 29406 One Morey Lane, LLC: The Commission accepted the documentation provided to support the stated purchase price on the above-referenced transfer. 3. "M" Exemption Update: a. Two-Year Domicile Non-Compliance Discussion - No. 27544 51 Nobadeer Farm Road Realty Trust: Ms. Bell summarized the history of the transfer and presented written correspondence from the purchaser's attorney, Bill Hunter, offering to pay the fee and penalty and requesting a waiver of the accrued interest due as a result of his client's inability to comply with the domicile requirement of the "M" exemption. Upon a motion made and duly seconded, the Commission VOTED to waive the penalty and require payment of the fee and accrued interest, based upon a combination of the purchaser's extraordinary financial hardship and good faith efforts to comply with the exemption. b. Two-Year Domicile Requirement - Response to Inquiry: Based on the additional information provided, the Commission found the following purchasers to be in compliance with the two-year domicile requirement of the "M" exemption: No. 27353 Erica L. Valero No. 27529 Mercedes Ramirez c. Release of Lien / Adjustment Paid - No. 26551 Christopher F.L. Ryder: Based upon receipt of the outstanding fee in the amount of $4,000, upon a motion made and duly seconded, the Commission VOTED to approve and execute a Release of Lien to be provided to the purchaser. d. Release of Lien / Adjustment Paid - No. 26947 Bruce H. Poor: Based upon receipt of the outstanding interest owed in the amount of $5,936, upon a motion made and duly seconded, the Commission VOTED to ratify and confirm the previously executed Release of Lien which was provided to the purchaser. D. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted financial statements including the income statement and balance sheet for the period ending November 30,2008. 2. Monthly Transfer Statistics: Monthly transfer statistics reports comparing calendar years 2007 and 2008 and fiscal years 2008 and 2009 through December 2008 were presented. 3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the January 13,2009 warrant document in the amount of$124,261.75 Land Bank Commission January 13, 2009 Page 4 to be provided to the county treasurer. 4. Warrant Authorization - Ratify and Confirm Previously Authorized Warrant for Miacomet Golf: Upon a motion made and duly seconded, it was VOTED to ratify and confirm the previously executed January 13,2009, warrant document authorizing a cash advance to Miacomet Golf in the amount of $100,000 to fund course operations expenses. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:54 P.M. Attested to: ~ ~ ' ~l~ Allen B. Reinhard, Secretary Accepted, Approved, and Released by VOTE of the Commission this 27th day of January 2009. ................. . . . . . . . . . . . . . . . . ............ . ......... . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of NOVEMBER 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 2.87 3.04 2.84 $17,678.38 $6,081,530.12 $9,235,958.92 $923,909.53 $16,259,076.95 ................... . ................. . ............... . ........ . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007A x1002 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 0.01 0.01 0.01 4.07 3.39 2.84 $820,491.43 $1,148,203.13 $10,347.57 $1,293,439.45 $51,263.64 $357,697.60 $2,500.00 $650.00 $3,684,592.82 ..................... . .................. . ............... . ......... . BONDS: Principal Outstanding 1998 Series E Issue (Final principal payment 7/1/2019) $8,420,000 2007 Series A Issue (Final principal payment 12/1/2027) $15,095,000 TOTAL BONDS: $23,515,000 (A) Payment Due Payment Due 1/1/2009 $208,713.75 7/1/2009 $803,713.75 12/1/2008 $788,084.38 6/1/2009 $305,159.38 Total Annual Interest + Principal Bond Payments (0) : $2,105,671.26 ............ . .......... . ...... '.. ............ . ............ . ........ . , . . . . . . . . . ......... . ........ . ......... . . . . . . . . . . . . ......... . Principal NOTES / LOAN: Outstanding Marble Note #19 $1,700,000 Golf Course Loan $4,523,111 TOTAL NOTES/LOAN: $6,223,111 (B) Payment Schedules Annual Payments Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40 Principal and Interest of $36,030.05 due Monthly: $432,360.60 Total Annual Interest Notes / Loan Payments (E): $535,435.00 TOTAL DEBT (A) & (B): $29,738,111 Total Annual Debt Payments (D) & (E): $2,641,106.26 *A restricted 9-month CD with the benefit of withdrawing at any time, if needed, without penalty. STATEMNTFY09 MOl'taCm:TRANSeaRSWATISTICSCAUENQA820QZ:(: ....................................................................................................................................................... ................. . . ..... ................. ........................................................................................................ ................................................................................................... . ............................................................................................... ..........................................................~................................. ...... ....................... ............................. .. ... ..................................... 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 Mar-07 90 45 45 $75,366,310 $74,206,310 $1,543,701 Apr-07 103 68 35 $71,652,750 $61,309,417 $1,230,188 May-07 74 47 27 $51,842,265 $48,277,265 $969,545 Jun-07 116 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 Sep-07 104 50 54 $111,793,300 $104,773,300 $2,099,466 Oct-07 105 56 49 $106,491,448 $1 01 ,741 ,448 $1,846,289 Nov-07 94 58 36 $72,763,084 $70,196,084 $1,404,462 Dec-07 87 70 17 $49,273,500 $46,623,500 $940,470 ................<.."i'9T,t>.W.... &~7~~gg,~&~....iii$~1$,Q'Z~,~~7.... ........ .. Average 92 56 36 $72,301,891 $68,256,299 $1,363,875 Low 49 39 10 $20,137,833 $19,337,833 $455,339 High 120 78 54 $128,722,279 $120,670,279 $2,424,906 Mgt;IJHq*mBg$fflJ;I::$m~1~$Jn~I.~lg8m.~~~~t.::: ~:~:~:~:::~:::~:::::~:::: :~: ~:~;~::;~;~;~:::~:::::: ::::;:;~;~;~;:::::;:::;::~:~:~:::::::~:~ ;~:~:::::::: :~:::~::;~;:; :::; :;:;::::: :::::;::::: :::: :::.:. :::.: .'.:.:.:. -..... ....... . . . ........................................... ............ ..................................................... ................................................. . . .... ...... ......................... 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-08 59 38 21 $40,306,700 $39,606,700 $794,934 Apr-08 61 37 24 $36,321,250 $35,921,250 $722,425 May-08 98 83 15 $22,986,126 $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 $46,335,111 $928,702 Aug-08 63 38 25 $84,318,085 $83,708,085 $1,678,162 Sep-08 76 39 37 $55,282,900 $54,882,900 $1,097,658 Oct-08 68 39 29 $52,249,003 $51,846,781 $1,043,786 Nov-08 54 32 22 $41,932,496 $41,532,496 $846,650 Dec-08 105 74 31 $51,609,065 $50,799,065 $1,019,981 ................../.....+9I, ....94~............) 1......ii~1.f................t/$~~~ $~ , .... ...... Average 72 46 26 $49,663,573 $48,579,057 $981,413 Low 54 32 15 $22,986,126 $20,986,126 $466,722 High 105 83 37 $84,318,085 $83,708,085 $1,678,162 MONTHL Y (UNAUDITED) :M~.mgoo::mR~~:iE:I;::lltll,,~m"~~:~~ffl~~~g:::ooi.;:llg!::;:~~::;::::.:::::::;:~~::~;~:~~::~~:::::::::::::::;::~::~::;::::::~::::;;:::::::;::::;:::~;:::::~;;::;;:;;:::::::::::;~~::~;::::;::::::~:::~::~::;:~:::~:;:::~~:~:;:;~.::::::::::::::;:::;;:;:;::::::.:::::::;:~~:~: FY08 Total Exempt Taxable Total Grass Grass Revenue Month Transfers Transfers Transfers Value Value Taxable Received 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 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 Dec-07 87 70 17 $49,273,500 $46,623,500 $940,470 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-08 59 38 21 $40,306,700 $39,606,700 $794,934 Apr-08 61 37 24 $36,321 ,250 $35,921 ,250 $722,425 May-08 98 83 15 $22,986,126 $20,986,126 $466,722 Jun-08 68 41 27 $49,391 ,772 $46,394,550 $929,891 ~~$:l$$?Q,??~~47? ........:.....~4$~;.1~; Average 85 53 32 $65,338,662 $62,252,310 $1 ,238,765 Low 59 37 15 $22,986,126 $20,986,126 $466,722 High 120 83 54 $128,722,279 $120,670,279 $2,424,906 ':MONmBEMH'tRANSSG;ArSmA1:ISmISS:::!ISCiA.tifMSARt2no.Q:;:;:':;:::;:;:;:::;:;:;:::;:::;:::;:;:;:;:;:::;:;:;:;:;:::;:;:;:;:;:;:;:':;:::;:::;:::;:::;:::;:;:;:::;:::;:::;:::;:::;:::;:::;:;:;:;:;:::;:;:::;:::::;:::;:::::':;:':;:::;:::::;:;:::;:::;:::;:::;:::;:;:;:::;:::;:;::::;- :: '.;. :::;,' .:-::: .;:::;:::: '.' . ".' '.': ":', ':::" ':: ::' ::::',:::: .:...... ::: ....',. :..... :':':::;:,:: .,;. . .::::','.. .:::::;:::;:::::::::::::::::::::::;:::::::::;:::;:;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:;:::::::::::;:::;:::::::::::::::::;:::::::;:::::::::::::::;:::::::::::::::::::::::::::::::::::::::::::;:::;:. ::..:...;..::.....::;.:::...::..:::...:::.........;::..:;::::::...:::.::;....-::;:...-:::...:.....;:..:::::.,..,..:..:::...;:::.....::::..:::..::::...:...::....:.....:::...::..:;;....,;::.....::::;..;::;...:.....;::.....;...;::;.......,.;:::::,.:;:.,.,...,..:::.....::;...;::.....:::...::;...;;:...;.::::::::::::::::::::::;:;:::;:;:;;::;:;:;::::;;:::::::::::::::::::::::;:;:::;:;:;:::;:;:;::::::::;::::;;::::::::::::::::::::::;:::::::::::::::;:::;:;::::::::::::;;:::::;:;:;:::;:::::::;::::::::::::;::::::::::;:;;;:;:::::; ... FY09 Total Exempt Taxable Total Grass Grass Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jul-08 65 38 27 $47,229,858 $46,335,1 1 1 $928,702 Aug-08 63 38 25 $84,318,085 $83,708,085 $1 ,678,162 Sep-08 76 39 37 $55,282,900 $54,882,900 $1 ,097,658 Oct-08 68 39 29 $52,249,003 $51 ,846,781 $1 ,043,786 Nov-08 54 32 22 $41 ,932,496 $41 ,532,496 $846,650 Dec-08 105 74 31 $51 ,609,065 $50,799,065 $1 ,019,981 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 i,.8RqqE:qO~.. 2€ ....... ( Average 72 43 29 $55,436,901 $54,850,740 $1 ,102,490 Low 54 32 22 $41 ,932,496 $41 ,532,496 $846,650 High 105 74 37 $84,318,085 $83,708,085 $1 ,678,162 MONTHL Y (UNAUDITED) TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of January 13,2009 1. December 2008 Transfers - Record Nos. 29516 through 29620: a. Current "M" Exemptions: No. 29539 Jay D. Lovering and Jane E. Lovering No. 29560 Donna Barnett 2. Transfer Update: a. Additional Information Not Provided: No. 29503 Nesbitt Inn, LLC No. 29504 Nesbitt Inn, LLC No. 29569 Harborwatch Nominee Trust b. Purchase Price Explanation Required: No. 29533 Gerard 1. and Patricia A. Keneally No. 29573 Three Dog Nominee Trust No. 29605 The Heaven Helper Trust c. Additional Information Provided: No. 29500 Fishers Landing Real Estate Nominee Trust No. 29501 Alan F. Atwood Real Estate Nominee Trust d. Purchase Price Explanation Provided: No. 29406 One Morey Lane, LLC 3. "M" Exemption Update: a. Two-Year Domicile Non-Compliance Discussion: No. 27544 51 Nobadeer Farm Road Realty Trust b. Two-Year Domicile Requirement - Response to Inquiry: No. 27353 Erica L. Valero No. 27529 Mercedes Ramirez c. Release of Lien - Adjustment Paid: No. 26551 Christopher F.L. Ryder No. 26947 Bruce H. Poor C:\WP60IMINDOCSITRANSFER BUSINESS 09 1st meeting. doc