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Home My WebLink About2009-04-28 AGENDA Nantucket Land Bank Commission Regular Meeting of April 28, 2009 Land Bank Meeting Room, 22 Broad Street Nantuc~et, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF APRIL 14,2009 D. PROPERTY MANAGEMENT 1. Miacomet Golf Course 2. Fair Street Property - Project Update 3. Apthorpe Property - Signage Discussion 4. Nobadeer Farm Road Property - Gift Acceptance E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Financial Report 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - Ratify & Confirm Previously Authorized Warrant G. REGULAR BUSINESS 1. Election of Officers ADJOURNMENT Ie- d ,~':) = =-< VJ ---.J MINUTES Nantucket Land Bank Commission Regular Meeting of April 28, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:10 P.M. PRESENT: Bartlett, Gardner, Johnson, Reinhard, Stackpole. ABSENT: None. A. CITIZEN BUSINESS/ANNOUNCEMENTS: Diane and Bruce Holdgate were in attendance to request a waiver of the Land Bank's Right of First Refusal on their 57 Washington Street property as required by their lender in order to obtain financing for the property. Upon a motion made and duly seconded, it was VOTED to authorize the Director to execute the waiver subject to a review and approval by Land Bank counsel. B. 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 C. PROPERTY MANAGEMENT: 1. Miacomet Golf Course: a. Financial Report: Alan Costa was in attendance to present the March 2009 balance sheet and profit and loss comparison. b. Septic System Update: Mr. Costa reported that the septic system replacement project was complete and a final payment will be provided and noted that additional costs for grading of the leach field and driving range and electrical heating system installation were not included and will be billed at a later date. c. Management Activity Report: Mr. Costa provided a management report including updates on membership standings, clubhouse renovations and opening activities, restaurant events and spring scheduling, and web site improvements. D. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of April 14, 2009, as written. E. PROPERTY MANAGEMENT: 1. Fair Street Property - Project Update: The Director provided an update on the status of the Fair Street park construction project including the posting of the plans at the site for public viewing. 2. Apthorpe Property - Signage Discussion: The Commission considered a request from Colin Leddy to revisit the signage at the Apthorpe property to allow public use of the property after sunset Land Bank Commission April 28, 2009 Page 2 into the early evening. After a discussion regarding the proximity of the property to privately- occupied residences, upon a motion made and duly seconded, it was VOTED to change the language of the sign to give notice that the property is closed between 10 p.m. and 6 a.m. 3. Nobadeer Farm Road Property - Gift Acceptance: The Director presented a request from the Nantucket Paddle Tennis Association for the acceptance of a donation of a paddle tennis court from Lyman Perry to the Land Bank. Based on a determination from Land Bank counsel, upon a motion made and duly seconded, it was VOTED to accept the donation. F. TRANSFER BUSINESS: 1. Transfer Update: a. Additional Information Provided: Based upon receipt of the requested additional information and/or documentation, the Commission found the following transfers to be in order: No. 29743 Boulevarde Realty Trust No. 29754 Levesque Realty Trust No. 29757 Lisa St. Clair Harvey No. 29778 Eleanor Weller Reade No. 29780 NAC Conservation, Inc. 2. "M" Exemption Update: a. Five-Year Domicile Non-Compliance - No. 24247 Jivko Kalpazanov and Anna Kalpazanova: The Commission asked staff to contact the purchasers to determine if they are in compliance with the domicile requirement of the "M" exemption claimed at the time of the transfer. b. 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. 24183 Robert S. Graves, III No. 24205 Samuel and Susan Chambers G. FINANCIAL BUSINESS: 1. Monthly Financial Report: The Commission accepted the March 2009 financial report including the balance sheet and income statement. 2. Financial Discussion - Supplemental Reserve: In light of the decreased revenues and acquisition freeze, Ms. Hunter presented a summary ofthe Land Bank's anticipated operating expenses and debt service payments for Fiscal Years 2010 through 2016, discussed the financial position of the Land Bank based on current and projected transfer fee revenue, and made a recommendation that the Commission establish a supplemental reserve fund to cover Land Bank expenditures in the event the economy doesn't recover within the next two years. Upon a motion made and duly seconded, it was VOTED to designate the former Working Capital Reserve Account Land Bank Commission April 28, 2009 Page 3 invested in a 12 month certificate of deposit as a restricted supplemental reserve fund until the Land Bank's financial position improves. 3. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to approve and execute the April 28, 2009 warrant document in the amount of $26,385.57 to be provided to the county treasurer. 4. Warrant Authorization - Ratify and Confirm Warrant: Upon a motion made and duly seconded, it was VOTED to ratify and confirm the April 16, 2009 warrant in the amount of $1,500 towards the acquisition of property from The Polpis Road Real Estate Trust. H. REGULAR BUSINESS: 1. Annual Election of Officers: Upon a motion made and duly seconded, it was VOTED to unanimously elect the following officers of the Land Bank Commission: John J. Stackpole, Chairman Leslie B. Johnson, Vice Chairman Allen B. Reinhard, Secretary Philip D. Bartlett, Treasurer Robert L. Gardner, Vice Secretary, Vice Treasurer I. PROPERTY MANAGEMENT: 1. Wolfe Property - Use Discussion: Commissioner Stackpole presented a request to create a pull-off parking area at the Wolfe property. The Commission asked staff to provide permittable options for the concept. 2. Miller Property - Fencing Discussion: Commissioner Stackpole presented a request to staff to create a pedestrian access in the split rail fencing at the Miller property and to explore options for the placement of benches and a picnic table. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 5:50 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 12th day of May, 2009. ........ ........................'............. . . . . . . . . . . . . . . . ............. . NANTUCKET LAND BANK COMMISSION WORKSHEET UNAUDITED FINANCIAL REPORT as of MARCH 31, 2009 ....................... . .................... . .................. . .............. . )TATEMENT OF ACCOUNTS. UNRESTRICTED FUNDS: ~antucket Bank / Operating Fund x8888 'ljantucket Bank / Collection Account x7653 Nantucket Bank / Special CD x 1135 due 3/20/2010* Nantucket Bank / Special CD x2733 due 12/1512009* MMDT / Cash Account x9979 TOTAL UNRESTRICTED FUNDS: APY 0.20 1.00 2.53 3.96 1.29 $17,731.96 $6,018,206.48 $7,325,952.84 $1,107,574.70 $929,144.22 $15,398,610.20 ......... . . . . . . . . . . ......... , ... ......... ............ .. .............. . . . . . . . . . . . . . . . ........ . ............. . . . . . . . . . . . . . . . . . .............. . . . . . . . . . . . . -. STATEMENT OF ACCOUNTS. RESTRICTED FUNDS: US Bank / Series A Bonds Debt Service Fund x1002 US Bank / Series A Bonds Reserve Fund x1004 US Bank.' 2009 Serios ^ Bond ESCro'N x1099 US Bank / 98E Debt Service Fund x4002 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 0.06 0.06 0.06 1.81 1.36 1.29 $32,420.29 $2,452,605.01 $13,081,202.15 $10,349.41 $51,635.28 $7,033.43 $359,724.24 $202,500.00 $650.00 $3,106,568.25 1998 Series E Issue (Final principal payment 7/1/2019) $8,420,000 Payment Due Payment Due 7/1/2009 1/1/2010 $803,713.75 $195,028.75 6/1/2009 12/1/2009 $305,159.38 $805,159.38 7/1/2009 1/1/2010 $1,141,598.75 $179,212.50 130NDS: Principal Outstanding 2007 Series A Issue (Final principal payment 12/1/2027) $14,625,000 2009 Series A Issue (Final principal payment 7/1/2022) $13,175,000 TOTAL BONDS: $27,800,000 (A) Total Annual Interest + Principal Bond Payments (0) : $2,431,130.01 ............. . .......... . . . . . . . . . . . . . . . . . .. ............. ........... . ......... . ......... . ......... . ........ . ........ . ........ . ........ . NOTES: 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) 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 Golf Course Loan $4,446,407 PrinGipal aAEllntereot of $Je,QJQ.05 due Monthly: $132,360.60 TOTAL NOTES/LOAN: $4,700,000 (B) Total Annual Interest Notes / Loan Payments (E): $943,074.40 . . . . . . . . . . . . . . . . . . . . .. ............. . . . . . . . . . . . . . . . . .. ............ ............... . ........ . :OTAL DEBT (A) & (B): $32,500,000 Total Annual Debt Payments (D) & (E): $3,374,204.41 *A 12-month CD with the benefit of withdrawing at any time, if needed, without penalty. STATEMNTFY09 TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of April 28, 2009 1. Transfer Update: a. Additional Information Provided: No. 29743 Boulevarde Realty Trust No. 29754 Levesque Realty Trust No. 29757 Lisa St. Clair Harvey No. 29778 Eleanor Weller Reade No. 29780 NAC Conservation, Inc. 2. "M" Exemption Update: a. Five-Year Ownership Non-Compliance: No. 24247 Jivko Kalpazanov and Anna Kalpazanova b. Five-Year Ownership Compliance - Release of Lien: No. 24183 Robert S. Graves, III No. 24205 Samuel and Susan Chambers