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Home My WebLink About2009-03-04 AGENDA Nantucket Land Bank Commission Regular Meeting of March 24, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF MARCH 10, 2009 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course - Monthly Report 2. Fair Street Property - Landscape Construction Project 3. Peterson Property - Bamboo & Knotweed Removal 4. Latici Property - Property Planning 5. Chase Property - Planning Update 6. Gaillard Property - Project Update 7. Ladies Beach - Use Request 8. Miacomet Beach - Use Request 9. Nobadeer Farm Road Property - Right of First Refusal Waiver Request E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements ADJOURNMENT -re:- o '-0 ~~"':> cc-:J -<J :J'\ --...... , ~ ::;. l.jl MINUTES Nantucket Land Bank Commission Regular Meeting of March 24, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:01 P.M. PRESENT: Gardner, Johnson, Reinhard, 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 land acquisition. RETURN TO OPEN SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS: The Commission received copies of the Advisory Services Panel Report provided by the Urban Land Institute funded by the Island-based philanthropic organization ReMain Nantucket, which includes a recommendation that the Land Bank should broaden its mission of open space preservation to include community preservation. c. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of March 10,2009, as written. D. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Golf Course General Manager Alan Costa was in attendance and presented the February 2009 balance sheet and profit and loss comparison previously provided by electronic correspondence. b. Golf Car Lease: Upon a motion made and duly seconded, it was VOTED to authorize the Director to execute a letter enabling Mr. Costa to enter into a four-year golf car lease agreement. c. Clubhouse Renovations Report: Mr. Costa reported that the kitchen floor renovation was completed under budget allowing for the replacement of all the windows in the old golf shop and that the interior of the restaurant and old golf shop were repainted by staff. d. Septic System Replacement Update: Mr. Costa provided a status report on the installation of the new septic system. e. Restaurant Use Request: Mr. Costa requested the Commission's opinion on a request from Karsten Reinemo to hold an eighty person private dinner party on Friday, September 4, 2009 at the restaurant. The Commission deferred the decision to Mr. Costa. f. Membership Update: Mr. Costa provided a membership update, including the number of resignations, new member acceptances, and memberships with outstanding dues. Land Bank Commission March 24,2009 Page 2 g. Redevelopment of Well: Mr. Costa informed the Commission that the expense for redevelopment of the well was not included in the approved budget and is estimated to cost an additional $29,000. 2. Fair Street Property - Landscape Construction Project: David Bartsch of Bartsch and Radner Design, Inc. was in attendance to review the design changes made based on the permitting requirements ofthe Fair Street Park and present bids from the following entities for its construction: Nicholas Ferrantella Landscaping Ernst Land Design, Inc. David Champoux Landscaping, Inc. After a discussion, based on the completeness of the proposal and willingness to work within the Land Bank's budget, upon a motion made and duly seconded, it was VOTED to award the contract for services to construct the Fair Street Park to the lowest responsive and responsible bidder, Nicholas Ferrantella Landscaping. 3. Peterson Property - Bamboo & Knotweed Removal: Mr. Perry reported that the Land Bank received permission from the Conservation Commission for invasive species removal at the Land Bank's Peterson Property and presented aerial photographs to the Commission highlighting where the work would be performed. 4. Latici Property - Property Planning: The Director reminded the Commission that, in June of 2008, the lease agreement with the Laticis expired and improvement concepts for the property were considered. The Commission asked the Director to write a letter to the Latici family allowing their extended use of the property throughout the summer and early fall and asking that they vacate the premises by October 1, 2009. 5. Chase Property - Planning Update: Mr. Perry reported that all interested parties had withdrawn their requests to relocate the Chase cottage and suggested that the Land Bank advertise again in the fall. Additionally, in preparation for the long-term leasing of the boathouse to the Marine Department, the responsibilities of permitting, upgrading and repositioning ofthe building were discussed. 6. Gaillard Property - Project Update: Mr. Perry updated the Commission on the schedule for the removal of the outbuildings at the Land Bank's Gaillard property and the renovation of the barn to its original shorter gambrel size. 7. Ladies Beach - Use Request: The Director presented a property use request from Susan Warner of Nantucket Clam Bake to hold an anniversary party at the Land Bank's Ladies Beach from 5 p.m. to 9 p.m. on Saturday, June 27, 2009 with catering and table seating for 40 people. Upon a motion made and duly seconded, the Commission VOTED to approve the request as presented subject to availability. 8. Miacomet Beach - Use Request: The Director presented a property use request from Sara O'Connor to hold a wedding ceremony at the Land Bank's Miacomet Pond Beach from approximately 5:30 p.m. to 5:45 p.m. on Saturday, September 19,2009 including 75 guests who will be bussed to the location. Upon a motion made and duly seconded, the Commission VOTED to approve the request as presented. Land Bank Commission March 24, 2009 Page ~ 9. Nobadeer Farm Road Property - Right of First Refusal Waiver Request: The Director presented a request for waiving its option rights to an abutting property, and after a discussion, upon a motion made and duly seconded, the Commission VOTED to execute a First Amendment to Waiver of Option Rights to the benefit of Great Harbor Yacht Club, subject to receipt of a membership roster demonstrating compliance with all the conditions imposed on Nantucket Tennis and Swim Club regarding accessibility and affordability. E. TRANSFER BUSINESS: 1. Transfer Update: a. Additional Information Provided - No. 29718 Karen L. Bopp and David Bopp: Based upon receipt of a satisfactorily completed Form B, the Commission found the above referenced transfer to be in order. b. Purchase Price Explanation Provided - No. 29691 Lisa Wohlleib: The Commission accepted the explanation and documentation provided to support the stated purchase price on the above referenced transfer. 2. "M" Exemption Update: a. Five-Year Compliance - 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. 24112 Bruce Marshall-Jones and Lynda Marshall-Jones No. 24123 Benjamin Champoux, Carolyn 1. Durand and Michael King Durand No. 24129 Tracy Boucher and Paul Boucher, Jr. No. 24147 Robert Michaud and Belinda Michaud No. 24150 Jon D. Gonfrade No. 24168 John Sylvia and Era Sylvia F. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the February 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 March 24, 2009 warrant document in the amount of $204,365.5 1 to be provided to the county treasurer. Land Bank Commission March 24, 2009 Page 4 ADJOURNMENT: Upon a motion made and duly s conded, it was VOTED to adjourn at 6: 12 P.M. Attested to: . . . .. . . . . . . ... . . ... .............. . .............. . ........ . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of FEBRUARY 28, 2009 . . . . . . . . . ........ . ........ . ........ . ........ . ........ . 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 1.00 3.04 1.46 $17,719.82 $5,166,441.87 $9,304,448.11 $928,126.46 $15,416,736.26 ................... . ................... . .................... . . . . . . . . . . . . . ......... . .......... . ......... . . . . . . . . . . . . ............. . .............. . ............. . .............. . .............. . ............... . . . . . . . . . . . . . . . . ........ . . . . . . . . . . ........ . ........ . . . . . . . . . . STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Debt Service Fund 2007 A x 1 002 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 0.08 0.08 0.08 3.96 1.82 1.36 1.46 $32,418.13 $1,148,203.13 $10,348.72 $1,103,918.17 $51,553.92 $7,025.12 $359,330.21 $202,500.00 $650.00 $2,915,947.40 ................... ................ ............... ................. . . . . . . . . . . . . . . . . . . . . . . . . . . ......... . ......... . ......... . ............... . . . . . . . . . . . . . . . . . ............... . ............... . 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) Total Annual Interest + Principal Bond Payments (D) : $2,109,061.26 .... ............. .. . . . . . . . . . . . . . . . . . . . . . ................ . 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 NOTES / LOAN: Marble Note #19 Principal Outstanding $1,700,000 Payment Schedules Annual Payments 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 $4,465,691 TOTAL NOTES/LOAN: $9,165,691 (B) Principal and Interest due 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 TOTAL DEBT (A) & (B): $32,210,691 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. ST A TEMNTFY09 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of March 24,2009 1. Transfer Update: a. Additional Information Provided: No. 29718 Karen L. Bopp and David Bopp b. Purchase Price Explanation Provided: No. 29691 Lisa Wohlleib 2. "M" Exemption Update: a. Five-Year Ownership Compliance - Release of Lien: No. 24112 Bruce Marshall-Jones and Lynda Marshall-Jones No. 24123 Benjamin Champoux, Carolyn 1. Durand and Michael King Durand No. 24129 Tracy Boucher and Paul Boucher, Jr. No. 24147 Robert Michaud and Belinda Michaud No. 24150 Jon D. Gonfrade No. 24168 John Sylvia and Era Sylvia