Troy Capital Resource Corporation

Name: Troy Capital Resource Corporation — Troy, NY
Start: 2018-01-19
End: 2018-01-19
Location: Troy, NY

Regular Meeting

Troy, NY · January 19, 2018

Minutes

City of Troy Capital Resource Corporation January 19, 2018 10:00 AM Meeting Minutes Present: Kevin O’Bryan, Steve Strichman, Brian Carroll, Tina Urzan, Paul Carroll and Susan Farrell Absent: Lou Anthony Also in attendance: Justin Miller, Deanna DalPos, Jim Lozano, Mary Ellen Flores, Cheryl Kennedy and Denee Zeigler. The CRC was convened at 10:15 a.m. I. Minutes The board reviewed the minutes from December 15, 2017. Brian Carroll made a motion to approve the minutes from December 15, 2017. Susan Farrell seconded the motion, motion carried. II. Financials Mrs. Flores advised that there is currently $461,000 in assets; all of which is in cash. The board asked if we are limited in how we can invest our liquid assets. The board had a general discussion on the types of investing they can do and if it would be worthwhile to do at this point. Mr. Miller asked about year over year operating expenses. Ms. Flores advised that we received an annual fee from RPI in the amount of $1,500. She advised that the other fees that show up are for accounting, legal and auditing fees. Ms. Flores advised that we gave out two grants in 2017; $10,000 to The Enchanted City and $9,000 to The City of Troy for the Neighborhood Improvement Grant. Ms. Flores added that we did have an expense for $6,000 for our portion of the eCivis software. The chairman noted that we need to have a follow up on how the software is working in the next couple of months. Mr. Strichman noted that he will report on it next month. Tina Urzan made the motion to approve the financials as presented. Paul Carroll seconded the motion, motion carried. III. Adjournment The Chairman asked if there was any other business before they adjourn the CRC meeting and return to the IDA meeting. Paul Carroll made a motion to adjourn the CRC meeting. Brian Carroll seconded the motion, motion carried. The CRC meeting was adjourned at 10:25 a.m.

Agenda

Chairman Board Members Kevin O’Bryan Paul Carroll Vice‐Chair Louis Anthony Brian Carroll Tina Urzan BOARD OF DIRECTORS MEETING Susan Farrell Executive Director January 19, 2018 Steven Strichman 10:00 a.m. Planning Department Conference Room City Hall AGENDA I. Introduction of New Members II. Approval of Minutes from the October 27, 2017 board meeting. III. Overview of Organizational Resources IV. Financials V. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166 City of Troy Capital Resource Corporation October 27, 2017 10:00 AM Meeting Minutes Present: Kevin O’Bryan, Steve Strichman, Brian Carroll, Tina Urzan, Hon. Robert Doherty, Susan Farrell, Hon. Dean Bodnar and Lou Anthony Absent: Paul Carroll Also in attendance: Justin Miller, Deanna DalPos, Mary Ellen Flores, Cheryl Kennedy, Sara McDermott, Brian McCandless, John Haynes, Tim O’Byrne, Kevin Bette and Denee Zeigler. The CRC was convened at 10:50 a.m. I. Minutes D The board reviewed the minutes from September 15, 2017. Tina Urzan made a motion to approve the amended minutes from September 15, 2017. II. Budget R Lou Anthony seconded the motion, motion carried. T Mr. Strichman went through the proposed budget with the board members and explained that this board does not see that much activity; mainly bonds. He noted the AF $75,000 that was returned for the grant given to the city for a financial consultant. Mr. Miller advised we may have opportunity to refinance bonds through a couple different not for profits in the near future. The board had a general discussion on how often bonds are refinanced and the process. Tina Urzan made a motion to approve the 2018 IDA Budget as presented. Hon. Bob Doherty seconded the motion, motion carried. III. Financials Mrs. Flores advised that there is currently $460,000 in assets; all of which is in cash. The board had a general discussion about future uses for CRC funds. Mrs. Flores advised that we show $3 in interest for the month. Brian Carroll made the motion to approve the financials as presented. Lou Anthony seconded the motion, motion carried. III. Adjournment The Chairman asked if there was any other business before they adjourn the CRC meeting and return to the IDA meeting. Brian Carroll made a motion to adjourn the CRC meeting. Hon. seconded the motion, motion carried. The CRC meeting was adjourned at 10:56 a.m.

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