Industrial Development Agency

Mount Vernon Industrial Development Agency City Hall – 1 Roosevelt Square Mount Vernon, New York 10550 (914) 665-2300 Shawyn Patterson-Howard Darren M Morton, Ed.D., CPRP, CMFO Mayor/ Chairman Treasurer Meeting June 13, 2024 10:00 AM AGENDA ROLL CALL APPROVAL OF MINUTES May 13, 2024 FINANCIAL REPORT Financial Statements BUSINESS DEVELOPMENT REPORT RESOLUTIONS Resolution 6/2024-1 Authorizing Payment of Invoices Resolution 6/2024-2 Consider Lease Agreement with National Gear & Piston Inc. NEW BUSINESS OTHER Report of Agency Counsel ADJOURNMENT Next Meeting – July 11, 2024  Minutes of the City of Mount Vernon Industrial Development May 13, 2024 A meeting of the Board of Directors (“Board”) of the City of Mount Vernon Industrial Development Agency (“Agency”) was held on Monday, May 13, 2024 in the Mayor’s Conference Room, City Hall, 1 Roosevelt Square, Mount Vernon, New York 10550 and via video conference. Present: Hon. Shawyn Patterson-Howard Darren M. Morton, Ed.D Brian Johnson, Esq. Stephanie Vanderpool Orville Gayle(School Board Representative) Excused: None Absent: None Also Present: Robin Mack, Director of Business Development Darius Chafizadeh, Esq., Harris Beach PLLC Julie Marshall, Harris Beach PLLC (via remote meeting) The meeting was called to order at 11:29 AM by Chair Patterson-Howard. A quorum of members was present. Approval of Minutes Minutes of the March 14, 2024 meeting were reviewed. Motion by S. Vanderpool, seconded by D. Morton, the minutes were approved. Financial Report R. Mack reviewed the financial report including the IDA Administrative Fee income and PILOT payments. Business Development Report R. Mack reported on the Mt. Vernon First Small Business Grants which supports and attracts new businesses in the downtown area. The application deadline is June 24th. Resolution Resolution 5/2024-1 Authorizing Payment of Invoices Motion by B. Johnson, seconded by D. Morton, the resolution was unanimously adopted. Resolution 5/2024-2 Authorizing Entering Lease Agreement with National Gear and Piston The Resolution was tabled until the June 2024 meeting. Resolution 5/2024-3 Authorizing RBT CPAs LLP Additional Services Motion by B. Johnson, seconded by D. Morton to adopt the resolution with the provision that the work not exceed a total of 5 hours. The resolution was unanimously adopted. New Business There was no new business. Report of Agency Counsel No report Executive Session A motion was made by B. Johnson, seconded by S. Vanderpool to enter into Executive Session at 11:46 AM to discuss lease negotiations. The motion was unanimously approved. Motion by B. Johnson, seconded by D. Morton to exit executive session and return to public session at 12:02 PM. The motion was unanimously approved. Mr. Chafizadeh reported that no action was taken during Executive Session. A motion was made by B. Johnson, seconded by D. Morton Motion to adjourn the meeting. The motion was adopted by unanimous consent at 12:03 PM. Respectfully submitted by Julie Marshall  Mount Vernon Industrial Development Agency Quarter 1 April May Financial Statements: 05/31/24 2024 2024 2024 Income Statement Revenue PILOT 929,782 238,919 0 Fees, Rent and Lease 49,221 21,365 0 PILOT Escrow 970 0 Interest 1,435 483 490 Total Income 981,409 260,767 490 Expenses Salaries and Benefits 25,106 8,369 11,830 Overhead Events PILOT Remittance - 0 856,883 Total Expenses 25,106 8,369 868,713 Net Earnings or (Loss) 956,302 $ 252,399 $ (868,223) Balance Sheet Chase Escrow accounts 849,641 849,694 849,749 Money Mkt Account 812,363 812,530 812,702 Pilot Account 2,041,758 2,280,931 1,424,312 Operating Account 118,934 110,059 87,233 PILOTS Receivable 103,178 103,178 103,178 Total Assets $ 3,925,874 $ 4,156,392 $ 3,277,173 Liabilities Accounts Payable (Other) 7,993 3,810 25,501 Accounts Payable (PILOT) 2,041,758 2,280,931 1,424,312 Total Liabilities $ 2,049,751 $ 2,284,741 $ 1,449,812 Cash Flow Statement Operating Cash Flow Net Earnings 956,302 252,399 (868,223) Cash From Operations 956,302 252,399 (868,223) Net Increase (decrease) in Cash 919,197 230,299 (879,446) Opening cash balance 1,241,495 2,160,692 2,390,991 Closing cash balance $ 2,160,692 $ 2,390,991 $ 1,511,544 Notes: (1) Market value per Tri-Party Collateral agreement with MVIDA, Webster Natl Bank & BNY Mellon is $575,672.56 thru 5/31/24.  MVIDA SUMMARY_ 2024 PILOT PAYMENTS & OPEN BALANCES Project ESCROW PAYMENTS DUE PAYMENTS REC'D OPEN Updated 06/05/24 Balances January July January July BALANCES First Half 2023 Second Half 2024 First Half 2023 Second Half 2024 PAYMENT STATUS 22 South West Street 30,000 84,594.07 84,594.07 (84,594.07) 84,594.07 Paid 01/16/2024 203 Gramatan Ave/ Blue Rio, LLC Project 9,200 47,463.58 47,463.58 (50,786.03) 44,141.13 Paid 04/02/24 includes late interest Blue Rio/ Duck Soup 20,976.92 20,976.92 (20,976.92) 20,976.92 Paid 12/29/23 130 Modern LLC/Macquesten - RESIDENTIAL 69,660 37,701.11 37,701.11 (37,701.11) (37,701.11) - Paid 01/16/2024 130 Modern LLC/Macquesten - COMMERCIAL 541.22 541.22 (541.22) (541.22) - Paid 01/16/2024 Ace Natural, Inc./Exit 8 Hutch LLC Natural Food 60,777.44 60,777.44 (60,777.44) 60,777.44 Paid 1/24/24 Dominican Magic 20,000 28,080.00 28,080.00 56,160.00 Updated invoice -$62,486.40 sent 6/05/24. Includes $31,598.40 for 2023. Enclave at Fleetwood Parcel A 63,864.41 63,864.41 (63,864.50) 63,864.32 Paid 1/05/24 Enclave at Fleetwood Parcel B 41,688.85 41,688.85 (41,689.00) 41,688.70 Paid 1/05/24 Enclave on 5th Housing Development Fund Company, Inc. 52,400 43,542.89 43,542.89 Annual Pilot- due 7/01/24 and Enclave on 5th Residential, LLC Grace Plaza LLC 17,318 59,732.45 (59,732.45) - Paid 04/25/24 Grace Terrace LLC 53,600 33,469.53 33,469.53 66,939.06 Updated invoice sent 6/05/24; payment expected by June monthend. Grace Towers Housing II LLC 49,680 128,401.00 (128,401.00) - Paid 4/30/24 Heritage House North (aka Mount Vernon North) 73,141.93 77,530.45 (73,141.93) (73,141.93) 4,388.52 Paid 01/05/24 Heritage House South (aka Mount Vernon South) 135,685.08 140,745.84 (135,685.08) (135,685.06) 5,060.78 Paid 01/05/24 Oakwood Gardens 20,000 39,166.02 39,166.02 (39,166.02) 39,166.02 Paid 12/29/23 Warren Place LLC & American Christmas, Inc. 37,500.00 37,500.00 (39,750.00) (2,250.00) 33,000.00 Paid $39,750 12/28/23 by wire; apply overpayment to H2 2024 Regent Hospitality Linen Services 27,750 16,567.48 16,567.48 33,134.96 Updated invoice -$18,224.23 sent 6/05/24. Target 175,091.54 181,622.08 (175,091.54) 181,622.08 Paid 12/29/23 Zion Court Apartments LP - RESIDENTIAL 29,000 16,731.30 16,731.30 (16,731.30) 16,731.30 Paid 1/31/2024 Zion Court Apartments LP - COMMERCIAL 865.95 865.95 (865.95) 865.95 Paid 1/31/2024 Sandford Terrace LLC - NEW PROPOSAL 32,773 16,378.50 16,378.50 (16,378.50) 16,378.50 Paid 01/02/24 Kings Court 56,932 20,646.57 (20,646.57) - Paid 1/10/24 Macedonia Towers 63,578.32 (63,578.32) - Paid 1/10/24 American Christmas 6,497 1 North Fulton 20,000 A-Val 54,608 WP East Acquisitions LLC 20,000 Petrillo Apartments 20,000 - - Hartley Park Towers 20,000 Hawkins, Delafield & Woods 50,223 Sandford Terrace TOTAL 849,641 $ 1,246,186.15 $ 946,264.75 $ (1,130,098.95) $ (249,319.32) $ 813,032.63  Mount Vernon IDA - Status of 2024 Administrative Fees Updated 5/31/2024 Project Name Applicant Name Project Address Mailing Address 2024 Amount 2024 STATUS 130 Modern, LLC 130 Modern LLC 130 Mount Vernon Avenue 438 Fifth Avenue, Suite 100 6,523.87 203 Gramatan Avenue Atlantic Development Group, LLC 203 Gramatan Avenue 155 6th Avenue #3 6,244.31 Ace Natural Ace Natural 249-257 East Sandford Blvd 6,523.87 American Christmas, LLC American Christmas LLC 30 Warren Place 6,523.87 Dominican Magic Luciano Brothers LLC 458 South 10th Street 151 Ludlow Street 6,523.87 Enclave at Fleetwood Project Enclave Equities LLC 525-645 North MacQuesten 2 Pkwy Manhattanville Road, Suite 403 6,149.37 Recd. 01/05/24 Enclave on 5th Residential LLC Enclave on 5th Residential LLC 15 South Fifth Avenue 2 Manhattanville Road, Suite 403 5,000.00 Grace Terrace LLC Grace Terrace Corp./ 125-129 South Fifth Avenue 700 White Plains Road 5,000.00 Recd. 01/09/24 Grace Plaza Grace Plaza LLC 153-163 South 5th Avenue 700 White Plains Road 5,000.00 Grace Towers Project Grace Towers II LLC 20-28 East Third Street 700 White Plains Road 5,000.00 Recd. 01/03/24 Regent Hospitality Linen Services LLC Regent Hospitality Linen Services LLC 130 South Columbus Avenue86-02 104th St. 6,333.85 Target Corp./ Heritage North GDC Properties LLC and Target East Sanford Boulevard 245 Saw Mill River Road 5,000.00 Recd. 01/05/24 Oakwood Gardens Preservation LLC Oakwood Gardens Preservation LLC 630 East Lincoln Avenue 641 Lexington Avenue, 15th Floor 6,523.88 22 South West Street c/o MacQuesten Development 22 South West Street 438 Fifth Avenue, Suite 100 6,523.87 Macedonia Towers/ Community Housing Macedonia Towers 150 South Fifth Ave 700 White Plains Road 5,000.00 Kings Court Kings Court 117 South Second Ave 5,000.00 Heritage South Heritage South 550 East Sandford Blvd 100 Summit Lake Drive, Ste 235, 5,000.00 Recd. 01/05/24 Zion Court Zion Court 116 West First Street 5,000.00 Sanford Terrace 470 South Fifth Avenue Corp 470 South Fifth Avenue CorpPO Box 204 6,428.91 Recd. 01/02/24 TOTAL $ 109,299.64  Resolution 6/2024-1 Date: June 13, 2024 At a scheduled meeting of the City of Mount Vernon Industrial Development Agency (the “Agency”) duly convened by the Chair of the Agency and held on June 13, 2024 at 10:00 AM in the Mayor’s Conference Room, 1 Roosevelt Square, Mount Vernon, NY 10550, the following members of the Agency were: Present: Absent: Excused: After the meeting had been duly called to order, the Chair announced that among the purposes of the meeting was to consider and take action on certain matters pertaining to the payment of invoices presented to the Agency for payment. The following resolution was duly moved and seconded, discussed and adopted with the following members voting: Voting Aye Voting Nay  Resolution 6/2024-1 RESOLUTION OF THE CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE PAYMENT OF INVOICES PRESENTED TO THE AGENCY FOR PAYMENT WHEREAS, by Title I of Article 18-A of the General Municipal Law of the State of New York, as amended, and Chapter 786 of the Laws of 1976 of the State of New York, as the same may be amended from time to time (collectively, the “Act”), the CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY (the “Agency”), was created with the authority and power among other things, to assist with the acquisition of certain industrial development projects as authorized by the Act; and WHEREAS, the Act authorizes the Agency (1) to promote the economic welfare, recreational opportunities and prosperity of the inhabitants of the City of Mount Vernon (the “City”), and (2) to promote, attract, encourage and develop recreation and economically sound commerce and industry through governmental action for the purpose of preventing unemployment and economic deterioration; and WHEREAS, the Agency has been presented with certain bills, statements and/or invoices for payment for services and/or goods provided to or for the benefit of the Agency as follows (collectively, “Invoices”): (i) City of Mount Vernon Board of Water Supply, $1,445.66 for June, 2024 Healthcare Premium; and (ii) Harris Beach PLLC, $3,775.18 for April, 2024 Legal Services; and (iii) RBT CPAs, $20,215 for Completion of Fiscal Audit for Year Ending December 31, 2023; and WHEREAS, the Treasurer has reviewed the Invoices and made such inquiry with respect thereto as has determined the Invoices to be necessary and appropriate; and WHEREAS, the Treasurer has advised the Agency at the meeting at which these resolutions are presented for adoption of the identity, nature and amount of each such Invoice; and WHEREAS, the Treasurer has recommended and approved payment of the Invoices; and NOW, THEREFORE, BE IT RESOLVED by the Agency (a majority of the members thereof affirmatively concurring) as follows: Section 1. The Agency hereby approves and authorizes the payment of the Invoices. Section 2. The Treasurer for the Agency is hereby authorized and directed to immediately pay the Invoices. This resolution shall take effect immediately. -2-  Resolution 6/2024-1 CERTIFICATION S T AT E OF N E W YORK ) SS.: COUNT Y O F WE ST CHES TE R) I, the undersigned, Secretary of the City of Mount Vernon Industrial Development Agency (the “Agency”) DO HEREBY CERTIFY: That I have compared the annexed extract of minutes of the meeting of the Agency including the resolution contained therein, held on June 13, 2024, with the original thereof on file in the office of the Agency, and that the same is a true and correct copy of the proceedings of the Agency and of such resolution set forth therein and of the whole of said original insofar as the same related to the subject matters therein referred to. I FURTHER CERTIFY, that all members of said Agency had due notice of said meeting, that the meeting was in all respects duly held and that, pursuant to Article 7 of the Public Officers Law (Open Meetings Law), said meeting was open to the general public and that public notice of the time and place of said meeting was duly given. I FURTHER CERTIFY, that there was a quorum of the members of the Agency present throughout said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Agency this ____ day of ________, 2024. ________________________ Brian G. Johnson, Secretary -3-  Resolution 6/2024-2 Date: June 13, 2024 At a scheduled meeting of the City of Mount Vernon Industrial Development Agency (the “Agency"”) duly convened by the Chair of the Agency and held on June 13, 2024, at 10:00 AM in the Mayor’s Conference Room, 1 Roosevelt Square, Mount Vernon, NY 10550, the following members of the Agency were: Present: Absent: Excused: After the meeting had been duly called to order, the Chair announced that among the purposes of the meeting was to consider and take action on certain matters pertaining to entering lease agreement with National Gear & Piston Inc. The following resolution was duly moved and seconded, discussed and adopted with the following members voting: Voting Aye Voting Nay  Resolution 6/2024-2 RESOLUTION OF THE CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY AUTHORIZING ENTERING INTO LEASE AGREEMENT WITH NATIONAL GEAR & PISTON INC. WHEREAS, by Title I of Article 18-A of the General Municipal Law of the State of New York, as amended, and Chapter 304 of the Laws of 1974 of the State of New York, as the same may be amended from time to time (collectively, the “Act”), the CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY (the “Agency”), was created with the authority and power among other things, to assist with the acquisition of certain industrial development projects as authorized by the Act; and WHEREAS, the National Gear & Piston, Inc. desires to lease two industrial buildings, containing approximately 20,400 square feet of grade level space, 12,250 square feet of basement space and 7,030 square feet of second-floor space, and all that certain plot, piece or parcel of landing have a street address 215, 217 and 229 South Fourth Avenue, Mount Vernon (Section 169.22, Block 3109, Lots 29, 30, and 31) including all buildings and improvements thereon under the terms of the lease attached hereto as Exhibit “A”; and WHEREAS, it is the desire of the Agency to enter into a Lease Agreement with National Gear & Piston, Inc. NOW, THEREFORE BE IT RESOLVED BY THE Agency (a majority of the members thereof affirmatively concurring) as follows: Section 1. The terms and conditions of the proposed Lease Agreement are hereby approved and the annual rent, option and other terms and conditions as set for in the Lease Agreement, attached hereto as Exhibit “A” are hereby found satisfactory and are approved. Section 2. The members, officers, employees, special counsel, and agents of the Agency are hereby authorized and directed for and in the name and on behalf of the Agency to do all acts and things required, and to do all such further acts and things as may be necessary or, in the opinion of the officer, employee, special counsel, or agent acting, desirable and proper, to effect the purposes of the foregoing resolution. Section 3. This resolution shall take effect immediately. [Balance of This Page Intentionally Left Blank] -2-  Resolution 6/2024-2 CERTIFICATION S T AT E OF N E W YORK ) : SS.: COUNT Y O F WE ST CHES TE R) I, the undersigned, Secretary of the City of Mount Vernon Industrial Development Agency (the “Agency”) DO HEREBY CERTIFY: That I have compared the annexed extract of minutes of the meeting of the Agency including the resolution contained therein, held on June 13, 2024 with the original thereof on file in the office of the Agency, and that the same is a true and correct copy of the proceedings of the Agency and of such resolution set forth therein and of the whole of said original insofar as the same related to the subject matters therein referred to. I FURTHER CERTIFY, that all members of said Agency had due notice of said meeting, that the meeting was in all respects duly held and that, pursuant to Article 7 of the Public Officers Law (Open Meetings Law) and Executive Order 202 of 2020, as amended and extended from time to time (“Executive Order”), said meeting was open to the general public, and that public notice of the time and place of said meeting was duly given in accordance with such Article 7 and the Executive Order. I FURTHER CERTIFY, that there was a quorum of the members of the Agency present throughout said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Agency this ____ day of ________, 2024. ________________________ Brian G. Johnson, Secretary -3-  Resolution 6/2024-2 Exhibit A (Lease Agreement) -4-