HomeMy WebLinkAbout2016-7-19AGENDA
Nantucket Land Bank Commission
Special Meeting of July 19, 2016
Land Bank Conference Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 P.M.
A. CONVENE IN OPEN SESSION
1. GOLF BUSINESS o
a. Club Consulting Group c :::E
1. Vision and Mission Statement Review
2. Findings and Recommendations n C
C7
2. FINANCIAL BUSINESS c7 m m
a. Fiscal Year 2017 Budget Approval .-4
b. 2007 Series A Bond — Refunding Discussion
ADJOURNMENT
MINUTES
Nantucket Land Bank Commission
Special Meeting of July 19, 2016
Land Bank Meeting Room, 22 Broad Street
Nantucket, Massachusetts
CALL TO ORDER: 4:00 p.m.
PRESENT: Robert Gardner, Richard Glidden, Neil Paterson, Allen Reinhard, John Stackpole.
STAFF PRESENT: Eric Savetsky, Executive Director; Jesse Bell, Assistant Director.
Christopher Calvert, Managing Director of Club Consulting Group ( "CCG'); Miacomet Golf Course
( "MGC ") Controller, Nicole Wynne; Robert Williams; Inquirer and Mirror Reporter, Lindsay
Pykosz were also present at call to order.
A. CONVENE IN OPEN SESSION
1. GOLF BUSINESS:
a. Miacomet Golf Course - Club Consulting Group ( "CCG "):
Vision and Mission Statement Review: Mr. Calvert presented a draft
vision and mission statement for review, suggesting that the Commission
take a few days to consider the language and email him comments,
further indicating he would bring back a finalized version for a vote at a
future meeting.
2. Findings and Recommendations: Mr. Calvert reviewed CCG's findings of
their operational assessment with the Commission, all of which were
compiled into a final report and presented at the meeting. His presentation
identified the strengths and weaknesses of all departments and compared
all aspects of the operation (rates, staffing, etc.) to industry standards.
Further, Mr. Calvert touched on the pros and cons of different
management models, and expressed concern over the relationship
between the Land Bank and current management, stating that this would
be the biggest challenge going forward.
Miacomet Golf Course ( "MGC') Controller, Nicole Wynne left the meeting at this time.
2. FINANCIAL BUSINESS:
a. Fiscal Year 2017 Budget Approval: Mr. Savetsky asked whether the Commission
had a chance to review the proposed budget for 2017 and if there were any
questions. Seeing none, upon a motion made by Commissioner Stackpole and
duly seconded by Commissioner Glidden, it was unanimously VOTED to
Land Bank Commission Page 2
July 19, 2016
approve the Fiscal Year 2017 proposed budget as presented.
b. 2007 Series A Bonds — Preliminary Refunding Bonds Vote: Upon a motion made
by Commissioner Glidden and seconded by Commissioner Stackpole, it was
unanimously VOTED that in order to reduce interest costs, the Nantucket Islands
Land Bank (the "Land Bank ") is authorized to provide for the sale and issuance
of refunding bonds under the Trust Agreement dated as of December 1, 2007, as
supplemented to the date hereof, to refund all or any portion of the remaining
principal of and redemption premium and interest on any of the Land Bank's
$15,095,000 2007 Series A Bonds (Full Faith and Credit Issue) dated December
1, 2007, outstanding as of the date of this vote, provided that no such refunding
bonds shall be issued under this vote unless and until the final interest rates and
other terms of such refunding bonds have been approved by this Commission.
ADJOURNMENT: Upon a otion made by Commissioner Stackpole and duly seconded by
Commissioner Glidden, it was V ED to adjourn at 6:37 p.m.
Attested to:
Richard J. Glidden. Secretary
Approved, and Released by the VOTE
emission this 9th day of August, 2016.
I
DOCUMENTS AND EXHIBITS
Nantucket Land Bank Commission
Special Meeting of July 19, 2016
1. Club Consulting Group — Agenda
2. Club Consulting Group — Report on MGC
3. MGC Mission and Vision Statements
4. Bond Refunding Information
5. Draft Bond Refunding Warrant Article