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Home My WebLink About2009-06-09 -----r" '---'" AGENDA Nantucket Land Bank Commission Regular Meeting of June 9, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER A. EXECUTIVE SESSION d 'D B. CITIZEN BUSINESS/ANNOUNCEMENTS C. MINUTES OF THE REGULAR MEETING OF MAY 26, 2009 f'0 \....)1 -' D. PROPERTY MANAGEMENT 1. Fair Street Property - Project Update 2. Cisco Beach Property - Use Request '. .) E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. MontWy Transfer Statistics 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - 2009 Series A Bond Semi-Annual Payment 4. Warrant Authorization - Nantucket Golf Management, Inc. Cash Advance Request G. REGULAR BUSINESS 1. Community Preservation Committee - Member Appointment ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of June 9, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:05 P.M. PRESENT: Bartlett, Johnson, Reinhard. ABSENT: Gardner, 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 approval of the minutes and land acquisition. RETURN TO OPEN SESSION B. CITIZEN BUSINESS: The Commission viewed a historic photo provided by Brian Chadwick of the Eilert property and the Director presented a letter from the Nantucket Biodiversity Initiative thanking the Land Bank for its annual contribution toward their research efforts. C. APPROV AL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the minutes of May 26, 2009, as written. D. PROPERTY MANAGEMENT: I. Fair Street Property - Project Update: The Director reported that David Bartsch would be meeting with the Historic District Commission that evening to clear up any lingering ambiguities on the design of the project, specifically with regard to the type of stone which would be used, in addition to confirming the height of the granite-capped sitting walls and end columns. 2. Cisco Beach Property - Use Request: Christian del Rosario was in attendance to present his request to use Land Bank beaches for his mobile surfing business, Nantucket Surfari, which provides surf lessons and rents surfboards at various beach locations around the island. The Commission asked that Mr. del Rosario identify on a map the specific areas of Land Bank beaches he is requesting use of and asked the Director to speak with Land Bank counsel regarding potential liability issues. Commissioner Gardner entered the meeting at this time. 3. Ray Property - Boathouse and Cottage Update: Property Planner/Stewardship Coordinator Bruce Perry reported that the applicable permits had been obtained for the repositioning and altering of the boathouse for more optimal use by the Marine Department and informed the Commission that Ted Jennison indicated that he was still interested in the Chase cottage. E. TRANSFER BUSINESS: 1. Record Nos. 29838 through 29905: The Commission reviewed transfers for the period of May 1, 2009 through May 31,2009. Land Bank Commission June 9, 2009 Page 2 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. 29839 Christopher J. Martin No. 29846 Somerset Lane LLC No. 29874 Christine H. Hulme Revocable Living Trust No. 29875 David C. Hulme Revocable Living Trust No. 29892 Stuart E. Gaw and Lee S. Gaw No. 29905 Richard O. Feodoroff b. Purchase Price Explanation Required: The Commission asked staff to request additional information and/or documentation from the purchasers to support the stated purchase price on the following transfers: No. 29840 Paul M. Roberts DDS, LLC No. 29876 Joel P. Brown and Valerie Sampier No. 29883 Maria J. Pena 2. Transfer Update: a. Additional Information Provided: The Commission found the following transfers to be in order based upon the additional information and/or documentation provided: No. 29798 Henry B. Sheets, Jr. 2004 Trust No. 29803 LLD Realty LLC No. 29804 LLD Realty LLC 3. "M" Exemption Update: a. Transfer Discussion - No. 28026 Brian J. Joynt: Ms. Hunter presented written correspondence from Mr. Joynt which provided a history of the purchaser's connection to Nantucket, a timeline leading to his 21 Cornwall Street purchase and an explanation of how his career requires him to have a residence in Boston. After a discussion regarding the definition of actual domicile and based upon the information before it at the time, the Commission determined that Mr. Joynt may have established a residence at 21 Cornwall Street but has not made th~ property his actual domicile within two years of the date of his purchase and therefore, is not in compliance with the domicile requirement of the "M" exemption. Upon a motion made and duly seconded, it was VOTED to waive the penalty in the amount of $2,000 subject to receipt of payment of the outstanding fee and interest within a period of 30 days in recognition of the purchaser's good faith efforts to cooperate. F. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The May 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 June 9, 2009 warrant document in the amount of$138,186.47 to be provided to the county treasurer. Land Bank Commission June 9,2009 Page 3 3. Warrant Authorization - 2009 Series A Bond Semi-Annual Payment: Upon a motion made and duly seconded, it was VOTED to approve payment and authorize staff to wire the 2009 Series A semi-annual bond payment of interest and principal in the total amount of$I,141,598.75 from the Land Bank's Collection Account to the Bond Trustee at U.S. Bank. 4. Warrant Authorization - Nantucket Golf Management, Inc. Cash Advance Request: In consideration of a request previously submitted by electronic correspondence, upon a motion made and duly seconded, it was VOTED to approve the June 9, 2009 warrant document in the amount of $100,000 as a cash advance to Miacomet Golf to fund operations expenses. G. REGULAR BUSINESS: 1. Community Preservation Committee - Member Appointment: The matter was continued until the next meeting when Commissioner Stackpole would be present, as he had previously expressed an interest in the position. ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:10 P.M. Attested to: Accepted, Approved, and Released by the VOTE of the Commission this 23rd day of June, 2009. M~NrnBt;!,::::];gN.lfiIB!:li~]~IJf:~R::::r;!~II~:Mg:!199:~:::::::!:::!,:::::::::!!:!::::::!:!:!:!:!:!!:!!::::::::!!!::: !:::::!:!!:::::::!::!:!:!:::::::::::::!!:::::\!!,::!!!:!::!!:!::::!:::!!!:::::::::::::::::!!:::::!:::!:!::::::::::::!::!:..::::!:::.:::: 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 $111,793,300 $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 ,.8R ~$7H )ii 'Jon .. 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 M~NroH.k1t:;fB.IIRm~I::Ril1t~lmJ.~I':::I.i!pm!~Jfpg!!~~~I:!!::::::!:!:!!!:!:!::::::!:::::!!,::::::::::::::::::::::::::::::\::::::::"::::!;:!:!:!:::::::!::::::::::::::::::::::!!::!:::::[!!:!\:!,:::::::' .....-.-.-........ ...n.............. . . . . . . , . . . . . . . . . . . ..................................'.. ................... .................. ................... ................. .................... ....... ......... FY09 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received Jul-08 65 38 27 $47,229,858 $46,335,111 $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 53 42 11 $17,755,594 $15,955,594 $327,112 Apr-09 52 34 18 $39,600,613 $29,920,613 $598,412 Mav-09 68 43 25 $18,179,460 $14,853,400 $297,068 Jun-09 /4( .... "Il:.RO')I"'\C 1.0"'7 . Average 65 42 23 $40,388,418 $38,032,473 $763,350 Low 52 32 11 $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 June 9, 2009 1. May 2009 Transfers - Record Nos. 29838 through 29905: a. Additional Information Not Provided: No. 29839 Christopher J. Martin No. 29846 Somerset Lane LLC No. 29874 Christine H. Hulme Revocable Living Trust No. 29875 David C. Hulme Revocable Living Trust No. 29892 Stuart E. Gaw and Lee S. Gaw No. 29905 Richard O. Feodoroff b. Purchase Price Low: No. 29840 Paul M. Roberts DDS, LLC No. 29876 Joel P. Brown and Valerie Sampier No. 29883 Maria J. Pena 2. Transfer Update: a. Additional Information Provided: No. 29798 Henry B. Sheets, Jr. 2004 Trust No. 29803 LLD Realty LLC No. 29804 LLD Realty LLC 3. "M" Exemption Update: a. Transfer Discussion: No. 28026 Brian J. Joynt C:\WP60IMINDOCSITRANSFER BUSINESS 09 1st meeting.doc