HomeMy WebLinkAbout2009-01-27
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of January 27,2009
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
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CALL TO ORDER
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A. EXECUTIVE SESSION
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B. CITIZEN BUSINESS/ANNOUNCEMENTS
C. MINUTES OF THE REGULAR MEETING OF JANUARY 13,2008
D. PROPERTY MANAGEMENT
1. Miacomet Golf Course
2. Gaillard Property - Permitting Update
3. Chase-Ray Property - Permitting Update
4. Lily Pond Property - Blair House Renovation
5. Wanoma Way Property - Beach Stairs Discussion
6. Bum Program Discussion
7. Hussey Farm Pond Property - Homeowner's Association Request
8.2009 Annual Town Meeting - Rezoning Articles
E. TRANSFER BUSINESS
F. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization - Cash Disbursements
ADJOURNMENT
MINUTES
Nantucket Land Bank Commission
Regular Meeting of January 27, 2009
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:05 P.M.
PRESENT: Gardner, Reinhard, Johnson, 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 approval of the minutes and 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 January 13,2009, as written.
D. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Financial Report: Alan Costa provided account balances, receivables and
payables to date, and presented the December 2008 balance sheet and profit and loss
companson.
b. Kitchen Floor Replacement: Mr. Costa reported that the kitchen floor was in
violation of the health code and needed to be replaced. Upon a motion made and duly seconded,
the Commission VOTED to approve the replacement of the kitchen floor as mandated by the
Health Department.
c. 2009 Miacomet Golf Course Budget Review and Discussion: Mr. Costa
answered questions from the Commission regarding the proposed 2009 budget previously
provided by electronic correspondence. After review and a brief discussion, upon a motion made
and duly seconded, the Commission VOTED to approve the budget as presented.
d. Membership Update: Mr. Costa provided a membership update and
recommended filling 13 vacant slots in order to maintain the total membership count at 400.
Upon a motion made and duly seconded, the Commission VOTED to offer 13 new memberships
as recommended. In addition, Mr. Costa presented a request from Bernie Coffin for a lifetime
membership, free of charge, as a tribute to his father's relationship with Ralph Marble in the
creation of Miacomet Golf. The Commission determined to deny the request.
e. 2009 Tournament Scheduling: The Commission accepted the 2009 Tournament
Schedule and related activities and events were discussed.
Land Bank Commission
January 27, 2009
Page 2
f. Septic System Update: Mr. Costa provided an update on the septic system
replacement and reported that he would ask Blackwell & Associates to move the project along
quickly.
g. 2009 Rates Discussion: Mr. Costa recommended increasing the twilight rate
from $40 to $50 and creating a IS-round play card at a cost of$1,250. Upon a motion made and
duly seconded, the Commission VOTED to approve the recommendations as presented.
2. Gaillard Property - Permitting Update: Property Planner/Stewardship Coordinator
Bruce Perry reported that the H.D.C. approved the shortening of the main house to its original
gambrel structure and updated the Commission on parties interested in removing the ancillary
buildings. Upon a motion made and duly seconded, the Commission VOTED to award the back
shed to Mary Ellen Castle based on her year-round, personal use of the building.
3. Chase/Ray Property - Permitting Update: Mr. Perry updated the Commission on
parties interested in taking the cottage and reported that the H.D.C. was going to deny the Land
Bank's request to demolish the boat house.
4. Lily Pond Property - Blair House Renovation: Mr. Perry reported that the Blair House
would be moved to the new foundation next week and that the H.D.C. would not approve
replacement of the windows. After discussion, upon a motion made and duly seconded, it was
VOTED to approve renovation of the building exterior and authorize staff to move forward with
obtaining the applicable building permits.
5. Wanoma Way Property - Beach Stairs Discussion: The Director provided an update on
the ongoing settlement negotiations with Wanoma Way area residents.
6. Bum Program Discussion: The Director discussed the issue of having Mr. Perry act as
a bum boss on controlled bums on Audubon properties and the potential liability issues. The
Commission approved the bum boss arrangement based on the existing Memorandum of
Understanding agreement and reciprocal relationship the Land Bank maintains with the
Massachusetts Audubon Society in the Bum Program.
7. Hussey Farm Property - Homeowner's Association Request: The Director presented a
request from the Hussey Farm Association for the payment of $200 in annual dues given the
Land Bank's status as land owners in the area. Upon a motion made and duly seconded, the
Commission VOTED to authorize payment of the 2009 dues as a contribution toward
neighborhood road maintenance.
8. 2009 Annual Town Meeting - Rezoning Articles: The Director updated the
Commission on areas of Land Bank property that may be affected by upcoming zoning articles
on the warrant for the 2009 Annual Town Meeting.
Land Bank Commission
January 27, 2009
Page 3
E. TRANSFER BUSINESS:
1. Transfer Update:
a. Additional Information Provided: Based upon the additional information
provided, the Commission found the following transfers to be in order:
No. 29503 Nesbitt Inn, LLC
No. 29504 Nesbitt Inn, LLC
No. 29434 Herbert Warren Cooper, IV
No. 29569 Harborwatch Nominee Trust
b. Purchase Price Explanation Provided: Based upon the information provided
supporting the stated purchase price, the Commission found the following transfers to be in order:
No. 29573 Three Dog Nominee Trust
No. 29605 The Heaven Helper Trust
2. "M" Exemption Update:
a. Five Year Domicile Compliance and 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. 23901 10 Polliwog Pond Nominee Trust
No. 23934 Steven Cheney and Loren Cheney
No. 23950 Gregory E. McKechnie and Courtney L. McKechnie
No. 23988 Malcolm S. Brooks
No. 23994 Tess Anderson
No. 24003 Geoffrey T. Silva and Stephanie L. Silva
No. 24010 Todd R. Stout
F. FINANCIAL BUSINESS
1. Monthly Financial Report: The Commission accepted the December 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 approve and execute the January 27, 2009 warrant document in the
amount of $69,000.62 to be provided to the county treasurer.
Land Bank Commission
January 27, 2009
Page 4
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:42 P.M.
Attested to:
Amended, Approved, and Released by the VOTE of
the Commission this 10th day of February, 2009.
John J. smCkpoq1h~*,^
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of DECEMBER 31, 2008
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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
2.01
3.04
2.19
$17,402.72
$6,861,954.39
$9,259,491.63
$925,638.57
$17 ,064,487 .31
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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
Nantucket Bank / NFRM Escrow x9058
MMDT / Marble Reserve x0553
Citizens Bank / Deutsch Williams Escrow
Nantucket Bank / Tenant Security Deposits
TOT AL RESTRICTED FUNDS:
APY
0.00
0.00
0.00
4.07
2.84
2.18
2.19
$32,417.11
$1,148,203.13
$219,061.45
$1,096,657.49
$51,393.70
$7,008.29
$358,367.01
$52,500.00
$650.00
$2,966,258.18
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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)
$14,625,000
TOTAL BONDS:
$23,045,000 (A)
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Payment Due
Payment Due
1/1/2009
$208,713.75
7/1/2009
$803,713.75
6/1/2009
$305,159.38
12/1/2009
$805,159.38
Total Annual Interest + Principal Bond Payments (D) :
$2,122,746.26
Principal
NOTES / LOAN: Outstanding
Marble Note #19 $1,700,000
Golf Course Loan $4,504,043
Payment Schedules Annual Payments
Interest of $25,768.60 due 9th of March, June, Sept, Dee: $103,074.40
TOTAL NOTES/LOAN: $6,204,043 (B)
Principal and Interest of $36,030.05 due Monthly: $432,360.60
Total Annual Interest Notes / Loan Payments (E): $535,435.00
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TOTAL DEBT (A) & (B): $29,249,043
Total Annual Debt Payments (D) & (E): $2,658,181.26
'A restricted 9-month CD with the benefit of withdrawing at any time, if needed, without penalty.
STATEMNTFY09
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of January 27, 2009
I. Transfer Update:
a. Additional Information Provided:
No. 29503 Nesbitt Inn, LLC
No. 29504 Nesbitt Inn, LLC
No. 29434 Herbert Warren Cooper, IV
No. 29569 Harborwatch Nominee Trust
b. Purchase Price Explanation Provided:
No. 29573 Three Dog Nominee Trust
No. 29605 The Heaven Helper Trust
2. "M" Exemption Update:
a. Five-Year Ownership Compliance - Releases of Liens:
No. 23901 10 Polliwog Pond Nominee Trust
No. 23934 Steven Cheney and Loren Cheney
No. 23950 Gregory E. McKechnie and Courtney L. McKechnie
No. 23988 Malcolm S. Brooks
No. 23994 Tess Anderson
No. 24003 Geoffrey T. Silva and Stephanie L. Silva
No. 24010 Todd R. Stout