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Home My WebLink About2009-02-10 AGENDA Nantucket Land Bank Commission Regular Meeting of February 10, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts c::i '-J --,.., rI -:::0 N VI CALL TO ORDER -, ~_._-~ A. EXECUTIVE SESSION <) B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF JANUARY 27,2009 D. PROPERTY MANAGEMENT 1. W anoma Way Property - Beach Stairs Discussion E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Cash Disbursements ADJOURNMENT Ie....- -, "1 MINUTES Nantucket Land Bank Commission Regular Meeting of February 10,2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:04 P.M. PRESENT: Gardner, Reinhard, Stackpole. ABSENT: Bartlett, Johnson. 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 27,2009, as written. D. PROPERTY MANAGEMENT 1. W anoma Way Property - Beach Stairs Discussion: The Director provided an update on discussions with Wanoma Way residents regarding a potential agreement on the proposed beach stairs. The Commission voiced concerns about entering into a permanent agreement which would restrict and condition public access to the beach at the Land Bank's Wanoma Way property . E. TRANSFER BUSINESS: 1. January 2009 Transfers - Record Nos. 29621 through 29679: The Commission reviewed transfers for the period of January 1,2009 through January 31, 2009. a. Current "M" Exemptions and Liens: The Commission authorized placing liens against the following properties as a result of the purchasers claiming the "M" exemption as first-time buyers of real property: No. 29649 Mary Ellen Castle and Mark Castle No. 29664 Virginia 1. Kostadinova and Borislav G. Nikolov Land Bank Commission February 10, 2009 Page 2 2. Transfer Update: a. Purchase Price Explanation Required - No. 29629 8 Madaket Road: Staffwas asked to request additional information and/or documentation from the purchaser to support the stated purchase price on the above referenced transfer. b. Purchase Price Explanation Accepted - No. 29533 Gerard J. and Patricia A. Keneally: The Commission accepted the documentation provided to support the stated purchase price on the above referenced transfer. c. "R" Exemption Not Claimed / Request for Refund - No. 29688 Bridgewater Credit Union: Ms. Bell presented a request for a full refund from the purchaser's attorney, Wesley A. Morris, explaining that the deed was given in lieu of foreclosure and would have qualified for the "R" exemption had it been claimed at the time of the transfer. Upon a motion made and duly seconded, the Commission VOTED to authorize staff to refund the fee in the amount of$11,234.65 to be provided to the purchaser's representative. d. "M" Exemption Update / Payment Request - No. 27919 Ryan Chadwick: Ms. Bell explained that while the fee was previously paid on the above referenced transfer, the penalty and interest were still owed in the total amount of$3,832.45, and presented a request from the purchaser for a payment schedule consisting of four monthly payments of equal value to discharge the outstanding debt. Based on the purchaser's extraordinary financial hardship, upon a motion made and duly seconded, the Commission VOTED to grant the purchaser's request as presented, provided that the first installment be received within the next week. F. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The January 2009 statistics were presented to the Commission. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the February 10,2009, warrant document in the amount of $76,504.51 to be provided to the county treasurer. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:34 P.M. Land Bank Commission February 10, 2009 Page 3 Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 24th day of February 2009. /~f~ IS 1: ~ Leslie B. Johnson, Vice Chairman :MmItHpM1!'m_~]1~1:':~wll,-$.;IDJB~'!'m~~ml;;:oolll::lg91:!::::::!:!:!::!!!:::::i:::'::::::::::!::::::::i:::::::i:::::::::':::!:::::::::::::::::::::::::::!::::::::::::::::::::,:::::::::!:':'::::'::,:::::::::::::,:::::::::::::::::,::::::::!::::::::!:i:'::::::'::: FY08 Total Exempt Taxable Total Gross Gross 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 $929,891 Li@~$, ~79I {..i<.....$$,~g;~9~. Average 85 53 32 $65,338,662 $62,252,310 $1 ,238,765 Low 59 37 15 $22,986,1.26 $20,986,126 $466,722 High 120 83 54 $128,722,279 $120,670,279 $2,424,906 M~N.mmlifi:mB.~~I:!I::$.;mf\1~lm~~I:::r'-$,I.r~l~g::I~~I::::::::::::::.:::::::'::::,:,i::::::::::::::i:::::::::::::::::::,:::::::::::::::::::: ;.;.:;:.:.::::::::::::::: ........,........................... :::::::::::::::::::::::::::;:::::::::;:::::::::::::;:::::::::::::::::::: .... d ...................,................ .;.:.;.:.:.:.:.:.:.:.:.:.:.:.:':.:.:-:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.: ..........'............. :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ....... FY09 Total Exempt Taxable Total Grass Gross 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 59 45 14 $21 ,784,925 $15,984,925 $319,787 Feb-09 Mar-09 Ap:--09 May-09 Jun-09 ,~~~ ~ Average 70 44 26 $50,629,476 $49,298,480 $990,675 Low 54 32 14 $21 ,784,925 $15,984,925 $319,787 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 February 10,2009 1. January 2009 Transfers - Record Nos. 29621 through 29679: a. Current "M" Exemptions: No. 29649 Mary Ellen Castle and Mark Castle No. 29664 Virginia 1. Kostadinova and Borislav G. Nikolov 2. Transfer Update: a. Purchase Price Explanation Required: No. 29629 8 Madaket Road b. Purchase Price Explanation Provided: No. 29533 Gerard 1. and Patricia A. Keneally c. "R" Exemption Not Claimed - Request for Refund: No. 29688 Bridgewater Credit Union d. "M" Exemption Update - Payment Request: No. 27919 Ryan Chadwick