HomeMy WebLinkAbout2009-02-24
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AGENDA
Nantucket Land Bank Commission
Regular Meeting of February 24,2009
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
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C. MINUTES OF THE REGULAR MEETING OF FEBRUARY 10,2009
D. PROPERTY MANAGEMENT
1. Miacomet Golf Course - Monthly Report
2. VFW Property - Grant of Conservation Restriction Acceptance
3. Ray Property - Boathouse Use Request
4. Carter Property - ConCom Beach Stairs Permit Update
5. Walker Property - Management Update
6. Fair Street Property - Park Project Update
7. Tetawkimmo Open Space Property - Encroachment Matter
E. TRANSFER BUSINESS
F. FINANCIAL BUSINESS
1. Monthly Financial Report
2. Warrant Authorization - Cash Disbursements
ADJOURNMENT
MINUTES
Nantucket Land Bank Commission
Regular Meeting of February 24,2009
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:03 P.M.
PRESENT: Gardner, Johnson, Reinhard. ABSENT: Bartlett, Stackpole.
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 Vice
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: 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 February 10,2009, 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 January 2009 balance sheet and profit and loss comparison.
b. Kitchen / Golf Shop Improvements: Mr. Costa reported that the replacement of the
kitchen floor was underway and that the golf shop was being upgraded with new windows.
c. Septic System Update: The Director reported that design proposals for the new
septic system were received from Blackwell and Associates and that price estimates would be
brought back for additional discussion.
d. Membership Discussion: Mr. Costa provided a membership update and
recommended that the Commission consider setting a policy for membership category change
requests.
e. Groundwater Monitoring Discussion: Mr. Costa and the Commission discussed
groundwater monitoring protocol and procedures.
2. VFW Property - Grant of Conservation Restriction Acceptance: The Director explained
that the Town of Nantucket was asking the Land Bank to be the holder of a Conservation
Restriction on the Town's VFW property as required by a mitigation agreement the Town has with
Natural Heritage. Upon a motion made and duly seconded, the Commission VOTED to execute the
acceptance of grant of Conservation Restriction from the Town.
Land Bank Commission
February 24, 2009
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3. Ray Property - Boathouse Use Request: The Director presented a request on behalf of the
Marine Department for long term use of the boathouse at the Land Bank's Ray property and lease
terms were discussed. The Commission directed staff to work on a lease agreement for their
consideration.
4. Carter Property - Con Com Beach Stairs Permit Update: The Director notified the
Commission that there was a modification to the permit for the beach stairs currently pending
before the Conservation Commission.
5. Walker Property - Management Update: The Director reported that he had received an
inquiry from David Walker asking when the memorial plaque dedicated to his parents would be
displayed at the property. The Commission asked the Director to write a letter to Mr. Walker
explaining the delay.
6. Fair Street Property - Park Project Update: The Director updated the Commission on the
Fair Street park project and reported that the Land Bank was awaiting bids from three different
landscaping companies.
7. Tetawkimmo Open Space Property - Encroachment Matter: The Director updated the
Commission on the terms of an agreement being worked out with Holdgate Partners, Inc. in order to
resolve the encroachment issue at the Land Bank's Tetawkimmo Property. Upon a motion made
and duly seconded, the Commission VOTED that the terms of the agreement were acceptable as
proposed.
E. TRANSFER BUSINESS:
1. Transfer Update:
a. Notice of Assessment / Notice of Lien - No. 29521 Blue Dog Investments, LLC:
Ms. Bell explained that the "H" exemption was claimed for a foreclosure deed arising from a
second mortgage held by the purchaser in the amount of $365,000, however a Land Bank fee should
have been paid on a prior mortgage of record which the property remained subject to after the
transfer. Based on the purchaser's failure to pay a Land Bank fee on the prior mortgage at the time
of the transfer, upon a motion made and duly seconded, the Commission VOTED to issue a Notice
of Assessment and simultaneously execute a Notice of Lien to be recorded the next day in the
amount of$29,692.67, representing the outstanding Land Bank fee, penalty and accumulated
interest through February 25, 2009.
2. "M" Exemption Update:
a. Five-Year Domicile Non-Compliance / Notice of Assessment - No. 27544 51
Nobadeer Farm Road Realty Trust: Ms. Bell summarized the history of the transfer and
explained that on January 14,2009, the purchaser was notified in writing of the Commission's
decision to waive the penalty. 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
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February 24, 2009
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Land Bank fee plus accumulated interest since the date of the transfer based upon a failure to
comply with the domicile requirement of the "M" exemption.
b. Five-Year Domicile Compliance / Release of Lien - No. 24036 Thomas J.
Bresette and Leslie A. Bresette: Upon a motion made and duly seconded, it was VOTED to
authorize the issuance of a Release of Lien for the above referenced transfer as a result of the
purchasers fulfilling all of the requirements of Section 12 (-m-).
D. FINANCIAL BUSINESS:
1. Monthly Financial Report: The Commission accepted the January 2009 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 February 24, 2009 warrant document in the amount of $104,920.77 to
be provided to the county treasurer.
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:47 P.M.
Attested to:
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Accepted, Approved, and Released by the VOTE
of the Commission this 10th day of March 2009.
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Leslie B. Johnson, Vice Chairman
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NANTUCKET LAND BANK COMMISSION WORKSHEET
UNAUDITED FINANCIAL REPORT as of JANUARY 31,2009
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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
0.20
1.19
3.04
1.84
$17,713.28
$5,073,675.40
$9,283,084.30
$927,094.40
$15,301,567.38
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STATEMENT OF ACCOUNTS. RESTRICTED FUNDS:
US Bank / Debt Service Fund 2007 A x 1002
US Bank / Debt Service Reserve Fund 2007A x1004
US Bank / Debt Service Fund 98E x4002
Nantucket Bank / Working Capital Reserve x2733 due 12/15/2009
Nantucket Bank / SHAC Escrow x7038
Nantucket Bank / NFRM Escrow x9058
MMDT / Marble Reserve x0553
Citizens Bank / Deutsch Williams Escrow
Nantucket Bank / Tenant Security Deposits
TOTAL RESTRICTED FUNDS:
APY
0.03
0.03
0.03
3.96
2.13
1.67
1.84
$32,417.22
$1,148,203.13
$10,348.43
$1,100,625.35
$51,482.83
$7,017.85
$358,930.64
$2,500.00
$650.00
$2,712,175.45
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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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NOTES / LOAN:
Marble Note #19
Principal
Outstanding
$1,700,000
Payment Schedules Annual Payment~,
Interest of $25,768.60 due 9th of March, June, Sept. Dee: $103,074.40
Bachman Note #31 $3,000,000
($750,000 due 1/28/10, 1/28/11, 1/28/12, 1/28/13)
Golf Course Loan
$4,504,043
TOTAL NOTES/LOAN:
$6,204,043 (B)
Payment Due
Payment Due
7/1/2009
$803,713.75
1/1/2010
$195,028.75
6/1/2009
$305,159.38
12/1/2009
$805,159.38
Total Annual Interest + Principal Bond Payments (D) :
$2,109,061.26
Interest due with partial note payment on 1/28/2010
(Interest of $90,000 due 1/28/10; $67,500 due 1/28/11;
$45,000 due 1/28/12; $22,500 due 1/28/13)
$840,000.00
Principal and Interest of $36,030.05 due Monthly:
$432,360.60
Total Annual Interest Notes / Loan Payments (E):
$1,375,435.00
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TOTAL DEBT (A) & (B): $29,249,043
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Total Annual Debt Payments (D) & (E): $3,484,496.26.
*A restricted 9-month CD with the benefit of withdrawing at any time, if needed, without penalty.
STATEMNTFY09
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TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of February 24,2009
1. Transfer Update:
a. Notice of Assessment - Notice of Lien:
No. 29521 Blue Dog Investments, LLC
2. "M" Exemption Update:
a. Notice of Assessment:
No. 27544 51 Nobadeer Farm Road Realty Trust
b. Five-Year Ownership Compliance - Release of Lien:
No. 24036 Thomas 1. Bresette and Leslie A. Bresette