Planning, Economic Development and Land Use Committee

COMMON COUNCIL COMMITTEE MEETING PLANNING, ECONOMIC DEVELOPMENT AND LAND USE COMMITTEE Cathy Fahey, Chair Meeting called by: Cathy Fahey, Chair Date: 03-25-20 Time: 5:30PM Committee Members Present: Fahey, Chair ☒ Doesschate ☒ Balarin ☒ Love ☒ Hoey ☒ Sarah Reginelli – Capitalize Albany Andrew Corcione – Capitalize Albany Mark Opalka – Capitalize Albany Joseph A. Scott – Hodgson Russ LLP Tracy Metzger, Chairperson – Industrial Development Agency Board Darius Shahinfar, Treasurer – Industrial Development Agency Board Mark Opalka, Chief Financial Officer – Industrial Development Agency Board Dominick Calsolaro – Industrial Development Agency Jahkeen Hoke – Industrial Development Agency Board Invitees/Speakers Robert Schofield – Industrial Development Agency Board Council Members Present: O’Brien, Farrell, Conti, Kimbrough, Anane, Flynn and Johnson City Personnel Present: Danielle Gillespie and John-Raphael Pichardo Minutes Agenda Item (s): Reauthorizing the authority of the Capital Resource Corporation (CRC) and have a discussion on the roles and activities of the city's CRC Questions and Discussion  Sarah Reginelli and Andrew Corcione provided a presentation on the roles and activities of the City's CRC  CRC provides the Common Council with an annual report of yearly investment in the City of Albany  Council members Hoey, Anane, Balarin, Fahey, Love, and Conti asked questions in which Sarah Reginelli, John Scott and Andrew Corcione answered  Council members Farrell and Fahey spoke on the presentation material  The committee also discussed Resolution 28.41.20R needs to be passed at April 6 meeting to reauthorizing the authorization of the Capital Resource Corporation (CRC) for another two years RESOLUTION 28.41.20R  RESOLUTION OF THE COMMON COUNCIL CONSENTING TO THE AMENDMENT OF THE CITY OF ALBANY CAPITAL RESOURCE CORPORATION’S CERTIFICATE OF INCORPORATION AUTHORIZING THE CONTINUATION OF THE AUTHORITY OF THE CITY OF ALBANY CAPITAL RESOURCE CORPORATION TO ISSUE OBLIGATIONS TO FINANCE PROJECTS TO BE UNDERTAKEN BY THE CORPORATION WHEREAS, on January 31, 2008, Section 854 of the General Municipal Law, commonly referred to as the Civic Facilities Legislation, expired, leaving industrial development agencies unable to provide financial assistance to projects owned or operated by not-for-profit corporations (hereinafter referred to as “Civic Facility Projects”); and WHEREAS, the City of Albany Common Council acknowledged that the ability to finance Civic Facility Projects with tax-exempt bonds had been a very important tool for the City of Albany Industrial Development Agency (the “Agency”), as the Civic Facilities Projects undertaken by the Agency have increased employment opportunities for residents of the City of Albany and allowed local not-for-profit corporations to upgrade their facilities at the lowest possible cost; and WHEREAS, the City of Albany Common Council authorized the Agency to form the City of Albany Capital Resource Corporation (“CRC”) in accordance with Section 1411 of the New York State Not-For-Profit Corporation Law (the “NFPCL”) by resolution at the public meeting held on March 15, 2010; and WHEREAS, since the creation of the CRC in 2010 the CRC has assisted not-for-profit corporations with projects that have furthered its stated goals, such as: (1) relieving and reducing unemployment, (2) promoting and providing for additional and maximum employment, (3) bettering and maintaining job opportunities, (4) instructing or training individuals to improve or develop their capabilities for such jobs, (5) carrying on scientific research for the purpose of aiding a community or geographical area by attracting new industry in the community or area, and (6) lessening the burdens of government and acting in the public interest; and WHEREAS, the Common Council recognizes the benefits the CRC has been able to foster in the City of Albany since its creation; NOW, THEREFORE, BE IT RESOLVED, that the City of Albany Common Council consents to the amendment of CRC’s certificate of incorporation authorizing the continuation of the authority of the CRC to issue obligations to finance projects to be undertaken by the CRC in accordance with Section 1411 of the NFPCL for an additional two years, expiring on April 15, 2022; and BE IT FURTHER RESOLVED that paragraph Seventeenth of the Certificate of Incorporation of the CRC shall be amended and such paragraph shall read as follows: “SEVENTEENTH: Notwithstanding anything herein to the contrary, the authority of the Corporation to issue Obligations to finance projects to be undertaken by the Corporation shall expire on April 15, 2022, subject to the determination by the Common Council to extend such authority by resolution duly adopted by the Common Council.” and BE IT FURTHER RESOLVED, that this resolution shall take effect immediately.  After discussion, Council Member Hoey made a motion to move Resolution 28.41.20R (reflects two- year authorization) out of the committee with a favorable recommendation, which was seconded by Council Member Doesschate. With four votes (Doesschate, Balarin, Hoey & Love) in favor and one vote (Fahey) oppose, motion passes out of committee.   Council Member Balarin made comment on technical issues  Sarah informed the Committee of small business assistance Public Comment: There was no public comment. Adjourn: The chairperson asked for a motion to adjourn, which was duly made, seconded, and passed. Respectfully Submitted, Michele Andre Senior Legislative Aide to Common Council