The URL can be used to link to this page

Home My WebLink About2009-11-10 TC- AGENDA Nantucket Land Bank Commission Regular Meeting of November 10, 2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER c3 \-0 A. EXECUTIVE SESSION B. PROPERTY MANAGEMENT 1. Miacomet Golf Course - Manager's Update 1',) VI C. CITIZEN BUSINESS/ANNOUNCEMENTS -..1 D. MINUTES OF THE REGULAR MEETING OF OCTOBER 27,2009 E. TRANSFER BUSINESS F. FINANCIAL BUSINESS 1. Monthly Transfer Statistics 2. Warrant Authorization - Cash Disbursements 3. Warrant Authorization - 2007 Series A Semi-Annual Bond Payment G. REGULAR BUSINESS 1. Community Preservation Committee Report H. PERSONNEL MATTERS 1. Part-Time Office Administrative Assistant 1. PROPERTY MANAGEMENT 1. Nobadeer Farm Road Property - Ballfields License Agreement ADJOURNMENT MINUTES Nantucket Land Bank Commission Regular Meeting of November 10,2009 Land Bank Meeting Room, 22 Broad Street Nantucket, Massachusetts CALL TO ORDER: 4:00 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. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was VOTED to accept, approve and release the regular session minutes of October 27,2009, as written. C. PROPERTY MANAGEMENT: 1. Miacomet Golf Course - Management Update: a. Financial Report: Alan Costa was in attendance to present the September 2009 balance sheet and profit and loss comparison. b. Operations Update: Mr. Costa provided an update on matters related to personnel changes, relocation of the starter shed and demolition of the ball shed and future capital improvements committee activities. D. PROPERTY MANAGEMENT: 1. Community Preservation Committee Report: Community Preservation Committee (C.P.c.) Land Bank representative Ken Beaugrand was in attendance to provide a report ofC.P.C. activities, including an update on the amount of funding available for disbursement and a brief description of the requests for proposals received by the Committee for funding in Fiscal Year 2011 within its three categories of open space, historic resources and supportive housing. E. CITIZENS BUSINESS/ANNOUCEMENTS: None. F. TRANSFER BUSINESS: 1. October 2009 Transfers - Record Nos. 30154 through 30238: a. Current "M" Exemptions and Liens: The Commission authorized placing liens against the following purchasers' property as a result of their claiming the "M" exemption as first- time buyers of real property. No. 30185 Robert J. McGrath and Vilma McGrath No. 30189 Plamen P. Penkov and Mihaela Ivilova No. 30200 Winston N. Beckford ... > Land Bank Commission November 10,2009 Page 2 2. Transfer Update: a. Additional Information Provided: Based upon the submission of a satisfactorily completed Form B, the Commission found the following transfers to be in order: No. 30028 The Downyflake, Inc. No. 30078 Julie L. Forgaard No. 30087 The Farrington Trust b. Purchase Price Documentation Provided: Based upon the submission of the requested documentation supporting the stated purchase price, the Commission found the following transfer to be in order: No. 30116 The Leo Weim Nominee Trust No. 30140 Thomas Tuttle and Sharmila Tuttle No. 30145 Courtney McAllister No. 30153 LLD Realty, LLC 3. "M" Exemption Update: a. Two-Year Domicile Compliance / Response to Inquiry - No. 28448 Kate Merlini Fraser and Gordon Fraser: Based upon receipt of the requested documentation supporting the purchasers' compliance with the two-year domicile requirement of the "M" exemption, the Commission found the transfer to be in order at this time. b. Five-Year Domicile Non-Compliance / Partial Payment Received Release of Lien - No. 24667 Julia P. Banks n.k.a. Julia Banks Hauck: Ms. Hunter informed the Commission that the purchaser provided payment in the amount of $7,947.78 representing the total fee, penalty and a portion of the interest due as required by the Notice of Assessment dated October 13,2009. Upon a motion made and duly seconded, it was VOTED to execute a Release of Lien to be issued subject to receipt of the outstanding interest in the amount of $37.44. c. Five-Year Domicile 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 ofthe requirements of Section 12 (-m-): No. 24993 Scott K. Valero and Meghan A. Blair No. 25015 William M. Stephens No. 25022 Philip E. Dickey, Anna E. Dickey and Catherine Dickey 4. Transfer Update (continued): a. Anticipated Transfer Discussion - Servant Healthcare Investments, Inc.: Administrative Assistant Jesse Bell provided a brief history of staffs correspondence and discussions with Land Bank counsel regarding the anticipated transfer of the ground lease from the Town of Nantucket for property located at 21 South Shore Road currently held by Sherburne Commons, Inc. in connection with Sherburne Common's confirmed. Chapter 11 bankruptcy liquidation plan. Based upon the information provided by Land Bank counsel regarding the court's order that Servant Healthcare Investments, Inc. shall not be obligated to pay a Land Bank fee on the transfer pursuant to Section 1146 Land Bank Commission November 10,2009 Page 3' ~.. of the Bankruptcy Code, upon a motion made and duly seconded, it was VOTED to allow the transfer to pass through without payment of the fee. b. Transfer Discussion - No. 30071 Thomas M. O'Connor and Jeremy S. O'Connor and Unreported Transfers of Interest within Milestone Road, LLC and/or Sconset Hydrangeas, LLC: Ms. Hunter provided a brief history of the above-referenced transfers, presented documentation and correspondence provided by the purchasers' attorney dated September 21, 2009, and reported that it appears that there have been unreported transfers of interest with Milestone Road, LLC and/or Sconset Hydrangeas, LLC and that transfer No. 30071 does not qualify for the claimed exemption (-j-) as a full or partial liquidation of the grantor partnership. Based on the materials provided, upon a motion made and duly seconded, it was VOTED to direct staff to contact the purchasers and require that they provide proper filings for any unreported transfers of interest and to issue a Notice of Assessment for the outstanding Land Bank fee plus penalty and accrued interest since the date of transfer No. 30071 based on an estimate of fair market value of the property as determined by the Town of Nantucket FYE 2009 assessed value. G. FINANCIAL BUSINESS: 1. Monthly Transfer Statistics: The October 2009 transfer statistics were presented. 2. Warrant Authorization - Cash Disbursements: Upon a motion made and duly seconded, it was VOTED to execute the November 10,2009 warrant document in the amount of $83,689.13 to be provided to the county treasurer. 3. Warrant Authorization - 2007 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 Series A semi- annual bond payment of interest and principal in the total amount of$805,159.38 from the Land Bank's Collection Account to the Bond Trustee at.U.S. Bank. H. PERSONNEL MATTERS: 1. Part-Time Office Administrative Assistant: The Director provided a preliminary list of the applications received for the advertised position of the Part-Time Office Administrative Assistant and invited the Commission to participate in the selection process. 1. PROPERTY MANGEMENT: 1. Nobadeer Farm Road Property - Ballfields License Agreement: The Director presented the revised license agreement between the Land Bank and the Town of Nantucket for the use of the Land Bank's Nobadeer Farm Road property for the construction of the Town's ballfields facility. Upon a motion made and duly seconded, it was VOTED to execute the agreement as presented. . Land Bank Commission November 10,2009 ADJOURNMENT: Upon a moti Attested to' Page 4 ly ended, it was VOTED to adjourn at 5:50 P.M. Accepted, Approved, and Released by the VOTE of the Commission this 24th daYJ of November 2009. .................................. ........................................... . MONTH1;.:)fm~~ffi9R STATISTICS OALENDAR '2008 ............................. ... .......................................... .................................. ...................................... ........................... ..... ................................... .................................. ............................... ................................. ..........-................. .................................. ........................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... ..... ...................... CAL08 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received 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 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 Average Low High 72 54 105 46 32 83 26 15 37 $49,663,573 $22,986,126 $84,318,085 $48,579,057 $20,986,126 $83,708,085 $981,413 $466,722 $1,678,162 '.....'....'N.....w....e..'..'I!..'.'y.'....'..m...RAN.....'....'......S....'p....e.....R....'.'s...'m....A)'.'..m...I.'S.....m...I.'C....'S......:G'...)t'....'..U..'.'S....N..:...S....:Aa:........'.'2.....'0...'0...9....'.'.'.:.'.'.'.:.:.:.:.:.:.'.'.:.:.:.:.,..., . . ... .. ." ~ . .. .. .. ... . ... .... ....................... . . . .. . . .. . . . .. .. . .. . .. . .. .. . .. . . .. . . .. . . . .. . ...................... MQ,.,::..:,:,:,:::,:.......:).)",,:.:.:::.,..::\.::::..:,,\...::....,:...',,?:,:::, ..................-........... ............................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... ......... ................. ................. .. . ..................... ................................................................................................ .....~....................................................................................... ..... ................................................................................... .......................................................................................... ............ .................................. ................................... CAL09 Total Exempt Taxable Total Gross Gross Revenue Month Transfers Transfers Transfers Value Value Taxable Received 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 May-09 68 43 25 $18,179,460 $14,853,400 $297,068 Jun-09 58 45 13 $10,720,838 $8,885,838 $185,717 Jul-09 61 41 20 $44,644,114 $42,991,125 $878,323 Aug-09 37 25 12 $17,214,552 $12,649,226 $252,985 Sep-09 92 46 46 $67,744,386 $64,608,073 $1,280,828 Oct-09 85 38 47 $90,032,410 $87,070,640 $1,741,413 Nov-09 Dec-09 ~4g,QQ7Ht~~...[...................$A~g,4$7~$~.... .Ui.... . ."'. 14 Average 62 40 22 $34,200,749 $30,545,767 $612,117 Low 37 25 11 . $10,720,838 $8,885,838 $185,717 High 92 46 47 $90,032,410 $87,070,640 $1,741,413 MONTHL Y (UNAUDITED) ~.... TRANSFER BUSINESS Nantucket Land Bank Commission Regular Meeting of November 10,2009 1. October 2009 Transfers - Record Nos. 30154 through 30238: a. Current "M" Exemptions: No. 30185 Robert J. McGrath and Vilma McGrath No. 30189 Plamen P. Penkov and Mihaela Ivilova No. 30200 Winston N. Beckford 2. Transfer Update: a. Additional Information Provided: No. 30028 The Downyflake, Inc. No. 30078 Julie L. Forgaard No. 30087 The Farrington Trust b. Purchase Price Documentation Provided: No. 30116 The Leo Weim Nominee Trust No. 30140 Thomas Tuttle and Sharmila Tuttle No. 30145 Courtney McAllister No. 30153 LLD Realty, LLC 3. "M" Exemption Update: a. Two-Year Domicile Compliance - Response to Inquiry: No. 28448 Kate Merlini Fraser and Gordon Fraser b. Five-Year Domicile Non-Compliance - Partial Payment ReceivedlRelease of Lien: No. 24667 Julia P. Banks n.k.a. Julia Banks Hauck c. Five-Year Domicile Compliance - Release of Lien: No. 24993 Scott K. Valero and Meghan A. Blair No. 25015 William M. Stephens No. 25022 Philip E. Dickey, Anna E. Dickey and Catherine Dickey 4. Transfer Update: a. Transfer Discussion - Servant Healthcare Investments b. Notice of Assessment: No. 30071 Thomas M. O'Connor and Jeremy S. O'Connor C:IWP60IMINDOCSITRANSFER BUSINESS 09 1st meeting,doc