HomeMy WebLinkAbout2009-03-10
AGENDA
Nantucket Land Bank Commission
Regular Meeting of March 10, 2009
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
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CALL TO ORDER
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A. EXECUTIVE SESSION
B. CITIZEN BUSINESS/ANNOUNCEMENTS
C. MINUTES OF THE REGULAR MEETING OF FEBRUARY 24, 2009
D. PROPERTY MANAGEMENT
1. Miacomet Golf Course - Monthly Report
2. 2008 Property Management Summary
3. 2009 Property Work Plan Review
4. Lily PondIBlair House Landscaping Planning
5. Burn Program - TNC Memorandum of Understanding
6. Ladies Beach - Use Request
E. TRANSFER BUSINESS
F. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. Warrant Authorization - Cash Disbursements
3. 2009 Series A Refunding Bond Issue
ADJOURNMENT
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MINUTES
Nantucket Land Bank Commission
Regular Meeting of March lO, 2009
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:02 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 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 the approval of minutes and real estate
acquisition.
RETURN TO OPEN SESSION
B. CITIZEN BUSINESS/ANNOUNCEMENTS: None.
C. APPROV AL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to
accept, approve and release the regular session minutes of February 24, 2009, as written.
D. PROPERTY MANAGEMENT:
1. Miacomet Golf Course:
a. Septic System Update: The Director reported that Miacomet Golf Course has
received the following bids for installation of a new septic system:
Toscana Corporation
P & M Reis Trucking, Inc.
Holdgate Partners, Inc.
$167,821.10
$142,380.47
no estimate submitted
After discussion, upon a motion made and duly seconded, the Commission VOTED to authorize
Miacomet Golf to contract with the lowest responsive and responsible bidder subject to final review
and approval of the system design by the Director and Golf Course Manager Alan Costa.
b. Management Services Contract: Upon a motion made and duly seconded, it
was VOTED to execute and authorize a contract with Nantucket Golf Management, Inc. for
management services at Miacomet Golf for one year, with an annual compensation of$135,000
and renewal options for either one or two additional years at the Commission's discretion
pursuant to Article 3.2 of the agreement.
2.2008 Season Review: Property Supervisor Jeffrey Pollock reviewed 2008 property
management activities and accomplishments. The Commission praised property management
staff for a job well done.
Nantucket Land Bank Commission
March 10, 2009
Page 2
3.2009 Draft Work Plan Review: Mr. Pollock presented the 2009 Property Management
Task List which itemized and prioritized projects and goals for Land Bank properties. After a
discussion, upon a motion made and duly seconded, it was VOTED to approve the task list as
presented.
4. Lily Pond/Blair House Landscaping Planning: Assisant Property Manager Robert
Earley presented plans showing Blair House landscaping concepts and public parking area
improvements at the Land Bank's Lily Pond property. The Commission accepted the plans and
asked Mr. Earley to obtain cost estimates for stonework and paving options for the parking area.
5. Bum Program - TNC Memorandum of Understanding: Upon a motion made and duly
seconded, it was VOTED to execute a Memorandum of Understanding to facilitate cooperation
between the Land Bank and The Nature Conservancy as partners in the Bum Program.
6. Ladies Beach Use Request: The Director presented a request on behalf of Jay and Rika
Powers to use of the Land Bank's Ladies Beach property for a catered wedding reception on
Saturday, June 27, 2009 from 6 p.m. to 9 p.m. including a 20' x 30' tent, table seating and
amplified music for 40 people. Upon a motion made and duly seconded, the Commission
VOTED to approve the use request at Ladies Beach without the tent or amplified music and
asked the Director to recommend an alternate location for approval of the event with a tent.
TRANSFER BUSINESS:
1. February 2009 Transfers - Record Nos. 29680 through 29732:
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. 29680 Richard E. Behrman Qualified Personal Residence Trust #2
No. 2968l Richard E. Behrman Qualified Personal Residence Trust #3
No. 29682 Richard E. Behrman Qualified Personal Residence Trust #4
No. 29693 Richard E. Behrman Qualified Personal Residence Trust #1
No. 29718 Karen L. Bopp and David Bopp
No. 29731 Giles Realty Trust
b. Purchase Price Explanation Required - No. 29691 Lisa WoWleib: The
Commission asked staff to request additional information and/or documentation from the purchaser
to support the stated purchase price on the above referenced transfer.
2. Transfer Update:
a. Purchase Price Explanation Provided - No. 29629 LLD Nominee Trust: The
Commission accepted the explanation and documentation provided to support the stated purchase
price on the above referenced transfer.
. Nantucket Land Bank Commission
March 10, 2009
Page 3
3. "M" Exemption Update:
a. Request for Notice of Lien Amendment - No. 27408 Travis Lombardi and Adriene
H. Lombardi: Ms. Hunter explained that the purchasers (the "Lombardis") bought the property with
another couple (the "Wheldens") with the agreement that they would create a condominium under
the Nantucket Housing Needs Covenant ("NHNC") Program, and subsequent to its creation the
NHNC Unit would be conveyed to the Lombardis and the market rate unit would be conveyed to the
Wheldens. Ms. Hunter presented correspondence from Jessie Glidden, representative of the
Wheldens, reporting on the newly created convenanted unit, subsequent transfer of the units out to
each couple and requesting that the Wheldens be removed from the lien. Upon a motion made and
duly seconded, the Commission VOTED to execute a Release of Lien to be provided to the
Wheldens and authorized placing a new lien against the Lombardi's unit that will run with the
property from the time of its original purchase until the requirements of the "M"exemption have
been met.
b. Request for Duplicate Release of Lien - No. 16030 Henry Preston and Renay
Beldo-Preston: Based upon a previous vote, the Commission executed a duplicate Release of Lien to
be provided to the purchaser's representative.
c. Release of Lien / Payment Received - No. 2754451 Nobadeer Farm Road Realty
Trust: Based upon receipt of the outstanding fee plus interest accrued since the date of the transfer in
the total amount of $10,569.78, upon a motion made and duly seconded, the Commission VOTED
to approve and execute a Release of Lien to be provided to the purchaser.
F. FINANCIAL BUSINESS:
1. Monthly Transfer Statistics: The February 2009 transfer statistics were presented.
2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly
seconded, it was VOTED to approve and execute the March 10, 2009 warrant document in the
amount of $76,879.82 to be provided to the county treasurer.
3.2009 Series A Refunding Bond Issue - Authorization and Resolution: Mr. Savetsky
informed the Commission that the Land Bank has been offered an option to refinance the 1998
Series E Refunding Bond and the 2004 Nantucket Golf Course Mortgage through a private bond
placement with Bank of America resulting in $1.4 million in gross budgetary savings.
a. Resolution: Upon a motion made and duly seconded, the Commission VOTED in a roll call
vote, five in favor, none opposed, to adopt the following Resolution (1) authorizing and directing the issuance, sale
and delivery of 2009 Series A Refunding Bonds (full faith and credit issue) and (2) authorizing the execution and
delivery of a supplemental trust agreement relating to such 2009 Series A Refunding Bonds and other action:
WHEREAS, the Nantucket Islands Land Bank (the "Land Bank") a body politic and corporate and a public
instrumentality established under Chapter 669 of the Massachusetts Acts of 1983, as amended (the "Act"), is authorized
and empowered under the Act to issue its bonds and notes for the purpose of acquiring, holding and managing land and
interests in land or to purchase, refund or renew bonds or notes previously issued, and to enter into any agreements
necessary to effectuate and to secure any bonds or notes issued by it; and
Nantucket Land Bank Commission
March 10,2009
Page 4
WHEREAS, agreements entered into by the Land Bank to secure its bonds or notes may pledge or assign, in
whole or in part, the revenues and other money held or to be received by the Land Bank and may provide, among other
things, for the establishment of special funds and reserves;
WHEREAS, pursuant to the Act, the Nantucket Islands Land Bank Commission (the "Commission") authorized
the issuance of Refunding Bonds, 1998 Series E (Full Faith and Credit Issue) (the "1998 Series E Bonds") upon such
terms and conditions as are contained in a Trust Agreement dated as of January I, 1991 as amended and supplemented by
the Supplemental Trust Agreement dated as of July 15, 1998 among the Land Bank, the Town of Nantucket,
Massachusetts (the "Town") and the Trustee (the "Trustee"); and
WHEREAS, pursuant to the Act, the Commission authorized and issued a Golf Course Construction Bond dated
February 1,2003 (the "2003 Bond") pursuant to a Loan and Security Agreement dated as of February 1,2003 between
the Land Bank and Nantucket Bank; and
WHEREAS, the Commission hereby finds that it is in the best interest of and financially advantageous to the
Land Bank to refund the 1998 Series E Bonds and the 2003 Bond;
NOW, THEREFORE, BE IT RESOLVED by the Nantucket Islands Land Bank Commission that:
SECTION 1. Pursuant to the Act, the Commission hereby authorizes the issuance of $13, 175,000 2009
Series A Refunding Bonds (Full Faith and Credit Issue) (the "Bonds"), as Additional Bonds pursuant to the Trust
Agreement, dated as of December 1,2007 (the "2007 Trust Agreement") among the Land Bank, the Town of
Nantucket and the U.S. Bank National Association, as Trustee and upon such terms and conditions as are set forth
below and as further contained in the 2007 Trust Agreement, as amended and supplemented by the Supplemental
Trust Agreement dated as of March 13,2009 among the Land Bank, the Town and the Trustee (the "Supplemental
Trust Agreement", and together with the 2007 Trust Agreement, the "Trust Agreement").
SECTION 2. Pursuant to the Act, the Land Bank shall issue, sell and deliver the Bonds for the purpose of
refunding the 1998 Series E Bonds outstanding in the principal amount of$8,420,000 and the 2003 Bond outstanding in
the principal amount of $4,446,407.47 and the payment of the costs of issuance of the Bonds. The Bonds shall be
executed by the Chairman or the Vice Chairman of the Commission, shall be dated March 13, 2009, and shall otherwise
have the terms and be substantially in the forms set forth in the Trust Agreement, with such variations, omissions or
insertions as are permitted or required hereby or thereby; provided that the maturities, interest rates, and terms of the
Bonds shall be as shown in Exhibit A to this resolution.
SECTION 3, The sale of the Bonds to Bank of America, N.A. at a price of $13, 175,000 pursuant to the Bond
Purchase Agreement (the "Bond Purchase Agreement") dated as of February 27,2009 is hereby ratified and approved.
The distribution of an Official Statement dated March 13,2009 relating to the Bonds substantially in the form submitted
to and filed with the records of this meeting, with such insertions and changes as such Chairman or Vice Chairman may
approve, is hereby approved.
SECTION 4. The Chairman or the Vice Chairman of the Commission is authorized to execute and deliver the
Supplemental Trust Agreement dated as of March 13, 2009, and which Supplemental Trust Agreement shall be in
substantially the form submitted to and filed with the records of this meeting, subject to such changes, insertions or
omissions as such Chairman or V ice Chairman may approve, and the execution thereof shall be conclusive evidence of
such approval.
SECTION 5. In addition to the Supplemental Trust Agreement, the Bond Purchase Agreement, a refunding
escrow agreement and other documents to be executed in connection with the issuance of the Bonds and ,the refunding of
the 1998 Series E Bonds and the 2003 Bond, the Chairman or the Vice Chairman of the Commission is authorized to
execute and deliver a Restated and Amended Agreement as to Working Capital Reserve Account between the Land Bank
and the Town of Nantucket, dated as of March 13,2009, which agreement will amend, restate and replace the Restated
and Amended Agreement as to Working Capital Reserve Account between the Land Bank and the Town of Nantucket,
dated as of December 19, 2007, and which agreement shall be substantially in the form submitted to and filed with the
records of this meeting, subject to such changes, insertions or omissions as the Chairman or Vice Chairman may approve,
and the execution thereof shall be conclusive evidence of such approval.
Nantucket Land Bank Commission
March 10, 2009
Page 5
SECTION 6. The Chairman or the Vice Chairman of the Commission is authorized to covenant, on behalf of the
Land Bank, that the Land Bank will pay any arbitrage rebate due to the United States in connection with the issuance of
Bonds and that the Land Bank will take all lawful actions necessary to comply with all requirements of the Internal
Revenue Code of 1986 relating to the use, expenditure and investment of the proceeds of the Bonds that must be satisfied
subsequent to the issuance of the Bonds in order that interest on the Bonds be or continue to be excluded from gross
income for federal income tax purposes and refrain from taking any actions that would cause interest on the Bonds to
become included in gross income for federal income tax purposes,
SECTION 7. Each of the officers, Commissioners and agents of the Land Bank and the Commission is to do all
acts and things required of them by the provisions of the Bonds and the Trust Agreement for the full, punctual and
complete performance and observance of all of the terms, covenants, provisions and agreements therein to be performed
or observed by the Land Bank and the Commission and also to do all acts and things necessary or proper in connection
with the execution and delivery of the Trust Agreement and the Bonds or otherwise required or appropriate to carry into
effect the provisions of this resolution and the matters hereby authorized, and any such actions hereby taken for such
purposes by any officer, Commissioner or agent of the Land Bank and the Commission are hereby ratified and
confirmed.
EXHIBIT A
$13,175,000
Nantucket Islands Land Bank
2009 Series A Refunding Bonds (Full Faith and Credit Issue)
1. Date of Bonds - March 13, 2009
2. Date of Maturities - July 1
3. Years of maturities, principal amounts, and interest rates:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
2009 $1,025,000 2.95% 2016 $1,060,000 2.95%
2010 975,000 2.95 2017 1,195,000 2.95
2011 1,015,000 2.95 2018 1,230,000 2.95
2012 1,040,000 2.95 2019 1,265,000 2.95
2013 1,065,000 2.95 2020 375,000 2.95
2014 1,090,000 2.95 2021 390,000 2.95
2015 1,130,000 2.95 2022 220,000 2.95
4. Optional redemption -
The 2009 Series A Refunding Bonds shall not be subject to redemption prior to maturity.
b. Authorizations: Upon a motion made and duly seconded, the Commission VOTED to authorize the
Chairman and the Secretary of the commission to execute all documents necessary for delivery of the bonds.
. Land Bank Commission
March 10, 2009
Page 6
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:l5 P.M.
Attested to:
Accepted, Approved, and Released by the VOTE
of the Commission this 24th day of March 2009.
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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
$~;g~2(H).....$@q4;j..1~,Q~g
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
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FY09 Total Exempt Taxable Total Gross 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 53 37 16 $14,330,594 $12,538,233 $239,530
Mar-09
Apr-09
May-09
Jun-09
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Average 68 43 25 $46,092,1 16 $44,703,449 $896,782
Low 53 32 14 $14,330,594 $12,538,233 $239,530
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 March 10,2009
1. February 2009 Transfers - Record Nos. 29680 through 29732:
a. Additional Information Not Provided
No. 29680 Richard E. Behrman Qualified Personal Residence Trust #2
No. 29681 Richard E. Behrman Qualified Personal Residence Trust #3
No. 29682 Richard E. Behrman Qualified Personal Residence Trust #4
No. 29693 Richard E. Behrman Qualified Personal Residence Trust #1
No. 29718 Karen L. Bopp and David Bopp
No. 29731 Giles Realty Trust
b. Purchase Price Explanation Required:
No. 29691 Lisa Wohlleib
2. Transfer Update:
a. Purchase Price Explanation Provided:
No. 29629 LLD Nominee Trust
3. "M" Exemption Update:
a. Request for Notice of Lien Amendment:
No. 27408 Travis Lombardi and Adriene H. Lombardi
b. Request for Duplicate Release of Lien:
No. 16030 Henry Preston and Renay Beldo-Preston
c. Release of Lien - Payment Received:
No. 27544 51 Nobadeer Farm Road Realty Trust
C: I WP60\MINDOCSITRANSFER BUSINESS 09 1 SI meeling.doc