HomeMy WebLinkAbout2013-09-10AGENDA
Nantucket Land Bank Commission
Regular Meeting of September 10, 2013
Land Bank Conference Room, 22 Broad Street RECEIVED
Nantucket, Massachusetts
2013 SEP 25 PPI 3 08
CALL TO ORDER: 4:00 P.M. NANTUCKET TOWN CLERK
A. CITIZEN BUSINESS /ANNOUNCEMENTS
B. EXECUTIVE SESSION
1. Approval of Executive Session Minutes of August 27, 2013
2. Potential Litigation
3. Real Estate Acquisition
C. GOLF BUSINESS
1. Miacomet Golf Course - Financial Planning Discussion
D. APPROVAL OF MINUTES
1. Regular Meeting of August 27, 2013
E. TRANSFER BUSINESS
F. FINANCIAL BUSINESS
1. Monthly Transfer Statistics
2. warrant Authorization - Cash Disbursements
G. PERSONNEL MANAGEMENT
1. Resource Planner/Ecologist - Revised Job Description
2. Building Maintenance Specialist - 6 -Month Review
H. PROPERTY MANAGEMENT
1. Town CPC Applications - Review
2. 'Sconset Golf Clubhouse - CPC Application Update
• • 1 �luleli•YY
MINUTES
Nantucket Land Bank Commission
Regular Meeting of September 10, 2013
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:04 p.m.
PRESENT: Bartlett, Paterson, Reinhard, Stackpole. ABSENT: Gardner
STAFF PRESENT: Eric Savetsky, Executive Director; Jesse Bell, Assistant Director; Susan
Campese, Administrator/Finance Manager; Doris Strang, Assistant Administrator; Bruce Perry,
Resource Planner/Ecologist.
A. CITIZEN BUSINESS /ANNOUNCEMENTS
1. Fair Street Park — Use Request: Mr. Savetsky presented a request from a collaborative
group comprised of the Dreamland Foundation, Nantucket Historical Association, Acktown and
Nantucket Bookworks to hold children's book readings at the Fair Street Park on September 20, 21,
27 and 28, 2013. Upon a motion made and duly seconded, it was unanimously VOTED to approve
the request.
2. Ladies Professional Golf Association (LPGA) — Meeting Request: Mr. Savetsky informed
the Commission that Brad Alexander, lead rules official from the LPGA was arriving on island
Saturday and would be spending the day at the course to review yardage, tees, galleries and
grandstand needs. Further, there would be a one hour meet and greet with the Selectmen, Land
Bank Commissioners, a few club members, Police Chief Bill Pittman and the Miacomet Golf
operations team. After some discussion, it was the consensus of the Commission to have Mr.
Savetsky and Commissioners Paterson and Gardner attend the meeting.
Mr. Perry departed the meeting at 4:08 p.m.
B. EXECUTIVE SESSION: Upon a motion made and duly seconded, it was unanimously VOTED
to go into executive session in order to discuss the purchase, exchange, lease or value of real
property, potential litigation, and review and approve executive session minutes. Each member was
polled individually. All members voted yes. The Chairman declared that discussion of these matters
in open session may be detrimental to the Land Bank's negotiating position and that the
Commission would reconvene in regular session following executive session.
RETURN TO OPEN SESSION
Mr. Perry and MGC Financial Workgroup members, Charles Williams and Robert Williams
entered the meeting at 4:38 p. m.
Land Bank Commission
September 10, 2013
C. GOLF BUSINESS:
Page 2
1. Miacomet Golf Course — Financial Planning Discussion: Mr. R. Williams gave a
presentation of different funding scenarios the workgroup came up with in order to increase gross
revenue to finance the building of a new clubhouse. The consensus of the Commission was that the
expense should be shared between the Land Bank, membership and the non - members greens fees.
The Commission asked that some of the increases be revised and extended over a longer period of
time. Mr. C. Williams gave a brief overview on the current bonding climate and explained what
bond terms could be expected. The Commission thanked the workgroup for their hard work on the
project and asked them to come back next month with adjusted numbers and projections for
operating expenses.
Commissioner Gardner entered the meeting at 5:15 p.m.
Mr. R. Williams and Mr. C. Williams departed the meeting at 5.35 p.m.
D. APPROVAL OF MINUTES: Upon a motion made and duly seconded, it was unanimously
VOTED to accept, approve and release the regular session minutes of August 27, 2013, as written.
E. TRANSFER BUSINESS:
1. August 2013 Transfers — Record Nos. 34338 through 34415: The Commission reviewed
transfers for the period of August 1, 2013 through August 31, 2013.
a. Current "M" Exemptions and Liens: The Commission authorized the placing of a
lien against each of the following properties as a result of the purchasers claiming the "M"
exemption as first -time buyers of real property:
No. 34395 Connor E. Wallace
No. 34361 Anthony J. Valero
F. FINANCIAL BUSINESS
1. Monthly Transfer Statistics: Monthly transfer statistics reports comparing calendar years
2012 and 2013 through August 2013 were presented.
2. Warrant Authorization — Cash Disbursements: Upon a motion made and duly seconded, it
was VOTED to execute the September 10, 2013 warrant document in the amount of $88,122.14 to
be provided to the county treasurer.
G. PERSONNEL MANAGEMENT:
1. Resource Planner/Ecologist — Revised Job Description: Mr. Savetsky presented a revised
job description for Mr. Per y's position. Upon a motion made and duly seconded, it was
unanimously VOTED to adopt the job description as written.
Land Bank Commission Page 3
September 10, 2013
2. Building Maintenance Specialist — 6 -Month Review: Based on a recommendation from
the Property Management Supervisor and the Executive Director, upon a motion made and duly
seconded, it was unanimously VOTED to approve a wage increase of $3,000 for Peter Halik, which
brings his base annual salary to $65,000 per year. The Commission authorized Mr. Savetsky to
execute a Personnel Change Form to be provided to the County Treasurer.
H. PROPERTY MANAGEMENT:
1. Town CPC Applications — Review: Mr. Savetsky presented two Town Community
Preservation Committee (CPC) applications provided by the Director of Planning, Andrew Vorce
that named the Land Bank as co- applicants. The first requested funds to move the old depot
building to the comer of Dave and Pleasant Streets for use as a bus stop, with additional plans for
landscaping and development of a sidewalk corridor. The application stated that the Land Bank
would own and manage the green space on the property. The second application requested
$500,000 to purchase and improve the lot at 50 Union Street with the Land Bank as co- owners of
the land. After some discussion, upon a motion made and duly seconded, it was VOTED to: (a)
send a letter of support for the depot building application but remove the Land Bank's name from
owning and/or managing the property as proposed; and (b) approve the Land Bank's participation
in the 50 Union Street application as written. Commissioner Gardner was opposed.
Mr. Savetsky departed the meeting at 6:00 p.m.
2. 'Scwnset Golf Clubhouse — CPC Application Update: Ms. Bell presented her draft
application for CPC funds to partially fund the historic restoration of the 'Sconset Golf Clubhouse.
Further she presented a Siasconset Golf guest book from 1899 to 1901 that was recently donated to
the Land Bank. After some discussion, upon a motion made and duly seconded, it was unanimously
VOTED to approve the CPC application. Further, the Commission commended Ms. Bell on a job
well done.
ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 6:20 p.m.
Attested to: wm,
Neil Paterson, Secretary
I d, Approved and Released by the VOTE
ommissio 24 day of Se tember, 2013.
i
. Reinhard, hairman
MONTHLY TRANSFER STATISTICS CALENDAR 2012
1
cAL12
Total
Exempt
Taxable
Total Gross
Grass
Revenue
_ _.....
Month
Transfers
I Transfers
Transfers
Value
Value Taxable
Received
Jan 12
63�_
40
23
-
$22 737 132
1
$22 395,132
_ $447,903
_
Feb -12
71
35
36
T
$43055,537'
$861,111
Mar -12
79 T
47
, 32
_$43,728,802
$34,458,370
$30,543,200
$610,864
_
$50851261
$85,339814
_ Apr -12
_ Me 12
Jun -12
171
95
44
47
51
127 _
48
42
$47,713,751
_ $64058031
$51109793
$954,275
$1,281,161
$1,022,196
93
$52998,896
Jul-12 _
Au -12
73
77
43
! 43
_
30
34
_
$46009,291
$103,153,643
_ $38,341,764
$100.982.6451
$766,835
$Z,036,663
Sap -12
107
44
63
$75433,577
$72,371,463
$1,447,429
_
Oct -12
Nov -12
.122
120
53
54
$108499,596
$98208,7321
$105177,368
$95,569,731
$2,103,547
69 �_
66
—
__$1,921,313
$2,349,446
—
Dec -12 448
_
370
78
$143154,855, $117,472,287
THRU AUG 12
722
350
372
$439,277,099
$398,199,853
$7,979,897
Average
73
54
$72,047822
1 $65,732,5581
$1316,803
_
Low
_.127
� 83
—
35
23
$22,737,132
$22,395,132
$447,903
High
448
370
127 y_
$143�,154855
$117,472,287
$2,349,446
�
I
MONTHLY TRANSFER STATISTICS CALENDAR
2013
CAL13
--
Month
Total
I Transfers
Exempt
Transfers
,Taxable
Transfers
Total Gross
Value
i_ Gross
—
Value Taxable
Revenue
Received
$34,484,069
_$689,894
Feb -13
- - -82
47
35�_$30,549050�
—
$30,549,050
$610,981
Mar -13
_
86
1 59
27
$28,375401
$19,594,108
$391,882
_ Apr -13 _
May -13
_ 99
82
80
81
72
41
.33
45
_
27
41 _
36
$30184310
$67,451,345
$83,041,129
$39,269,537
$27531,512i
$ 3,327,4991
$81,393,629
$36,279,5371
$550,630
$1,259,850
_
Jun -13
JUI -13
$1,827,873
$735,021
_
Au -13
78
1 26
_
52
$103 362 429
$100 769 7001
$2,023,394
Sep-13
Oct 13
Nov 43
Dec -13
THRU AUG 13
651
367
284
$416,717,889
$393,929,723
$7,889,325
Average
46
36
r
$52,089736
$49,241,215
$986,166_
Low
_81
63
26
19
I
$28,375,401
$19,594 108
$391,882
High
99
i 72
52
$103,362,429
_
$100,769,700 1
I ! --
$2 023 394
MONTHLY(UNAUDITED)
DOCUMENTS AND EXHIBITS
Nantucket Land Bank Commission
Regular Meeting of September 10, 2013
1. Fair Street Park — Book Reading draft
2. MGC — Gross Revenue Projections
3. "M° Exemption Lien (see transfer business for record no.)
4. Monthly Transfer Statistics and Graph
5. Check Warrant Summary September 10, 2013
6. Resource Planner/Ecologist — Revised Job Description
7. TON — CPC Application plan (depot building)
8. Sconset Golf Clubhouse — CPC Application
9. Siasconset Golf Guestbook (1899 -1901) — Historic artifact on display at Sconset Golf
Clubhouse
TRANSFER BUSINESS
Nantucket Land Bank Commission
Regular Meeting of September 10, 2013
1. August 2013 Transfers — Record Nos. 34338 through 34415 :
a. Current "M" Exemptions and Liens:
No. 34395 Connor E. Wallace
No. 34361 Anthony J. Valero
MINUTES
Nantucket Land Bank Commission
Special Meeting of September 19, 2013
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 2:09 p.m.
PRESENT: Bartlett, Paterson, Reinhard, Stackpole. ABSENT: Gardner.
STAFF PRESENT: Eric Savetsky, Executive Director; Jesse Bell, Assistant Director.
Bob Williams and Charlie Williams were also present at call to order.
A. GOLF BUSINESS:
I. Miacomet Golf Course ( "MGC ") — Financial Planning Discussion: Bob Williams and
Charlie Williams presented two options for the financing of a new clubhouse, cart storage
building and practice facility for the Commission's consideration. Both options were
based on the following assumptions: (a) gradual increases to membership dues were
favored over an assessment; (b) the improvements would cost around $7 million to build;
and (c) it would be preferable for the Land Bank to invest $1 million as a down payment
and issue a 20 -year, six million dollar bond with a 5% interest rate (rather than a 10 -year,
six million dollar bond with an interest rate of 3.65 %) for the remaining balance. In order
to support the increase of roughly $600,000 in additional debt service annually, the first
option entailed gradually stepping up dues over a five -year period at 5% per you for
"Legacy" members and 2.5% per year for "Regular Single" members, in addition to
increasing greens fees from $140 to $160 in year one and $180 in year three. In this
scenario, after the five -year step up, by the sixth year Miacomet will have increased its
annual membership dues revenue by about $140,000 and annual greens fees revenue by
about $319,000. The second option entailed no increases but recognized that
approximately ten "Legacy" memberships are replaced by eight "Regular Single" and two
"Regular Family" memberships per year and that a five -year operating period would
ultimately result in an aggregate positive cash flow not counting the expense of
depreciation. After some discussion, there was consensus among the Commissioners that
the membership increases outlined in "Option One" were worth presenting to the
membership for feedback. Upon a motion made and duly seconded, it was unanimously
VOTED to explore the conceptual rate increases with Miacomet Golf membership. It was
also recognized that further investigation was needed regarding the design, construction
and operating costs of a new clubhouse facility relative to its size.
ADJOURNMENT: Upon a motion m=ade and my seconded, it was VOTED to adjourn at 10:20 a.m.
Attested to:
Neil Paterson, Secretary
IApproved, and Released by the VOTE
mmissiois 24th day of September, 2024th day of September, 2013.
Allen B. Remh , Chairman