Troy Capital Resource Corporation
Regular MeetingTroy, NY · February 23, 2018
Minutes
City of Troy
Capital Resource Corporation
February 23, 2018
10:00 AM Meeting Minutes
Present: Kevin O’Bryan, Steve Strichman, Brian Carroll, Paul Carroll, Mark McGrath, Anasha Cummings and
Lou Anthony
Absent: Tina Urzan and Susan Farrell
Also in attendance: Justin Miller, Damien Pinto-Martin, Jeff Hurlburt, Mary Ellen Flores, and Denee
Zeigler.
The CRC was convened at 10:28 a.m.
The chairman advised the new members that by sitting on the board of the IDA, they are also CRC board
members. Mr. Miller talked about the history and background of the CRC and explained that this board has
the ability to provide grants/loans and refinance bonds.
I. Minutes
The board discussed the minutes and will vote on them at the next meeting when
there is a quorum of board members present from the January Meeting.
II. Downtown Revitalization Initiative funding
Mr. Strichman spoke about the $10 Million in grant funding that has come from NYS for the past
two years. We have applied twice and lost. He noted that the winning cities have both had
agencies to assist with the project. Mr. Strichman advised that the city is asking for $10,000 to
assist with public meetings. He added that we will reach out to see what projects are out there
and then define the area. Mr. McGrath asked about the DRI grant and the area it covered. He
noted that it was two different areas each time; did we lose because it went outside the
perimeter. Mr. Strichman explained that it is primarily a downtown grant that we used to try
and expand the downtown. Mr. Carroll clarified that we are making a decision to fund this
project as the CRC; not here to determine the specifics of what will be done. Mr. McGrath
added that he wanted to understand the grant before the CRC investing $10,000 of our money.
The board noted that in the past we have funded projects and stayed completely out of the
whole process; other times we stay more involved. Mr. Strichman noted that right now we are
getting the steering committee together and will then present to the city council. Mr. McGrath
noted that he wants to make sure that he fully understands the project we are potentially
funding. Mr. Cummings asked if the state comes out with the grant guidelines and we don’t feel
that we don’t feel we will be competitive towards, will we still go forward with the funding. Mr.
Strichman noted that once we approve this funding, we will start working immediately on the
RFP and expending the grant funds. Mr. Cummings asked what is going to be useful about the
process beyond the grant. Mr. Strichman advised that there is every indication that the grant
will be available this year and they would like to get started on it right away to be ready for the
process. Mr. Miller advised that we can approve up to $10,000 to cover any potential bids that
may come in.
Hon. Mark McGrath made a motion to approve up to $10,000 in grant funding
to be used to assist with the DRI grant planning phase.
Brian Carroll seconded the motion, motion carried.
III. Financials
Mrs. Flores advised that there is currently $461,000 in assets versus $461,000 in equity. The
board advised that this is money from refinancing bonds.
Anasha Cummings 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.
Lou Anthony made a motion to adjourn the CRC meeting.
Anasha Cummings seconded the motion, motion carried.
The CRC meeting was adjourned at 10:47 a.m.
Agenda
Chairman Board Members
Kevin O’Bryan Paul Carroll
Louis Anthony
Vice‐Chair Tina Urzan
Brian Carroll
Susan Farrell
BOARD OF DIRECTORS MEETING Anasha Cummings
Executive Director February 23, 2018
Steven Strichman Mark McGrath
10:00 a.m.
Planning Department Conference Room
City Hall
AGENDA
I. Approval of Minutes from the January 19, 2018 board meeting.
II. Downtown Revitalization Initiative (DRI) Concept Proposal
III. Audit & Finance Committee
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
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.
D Brian Carroll made a motion to approve the minutes from December 15, 2017.
Susan Farrell seconded the motion, motion carried.
II. Financials
R
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
T
had a general discussion on the types of investing they can do and if it would be
worthwhile to do at this point.
AF
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.
Partnership Proposal, Troy CRC
Downtown Revitalization Initiative, Round Three
Program Description
In 2016 Governor Cuomo launched the Downtown Revitalization Initiative (DRI), “a 100
million dollar effort to improve the vitality of urban centers across New York State.”
In 2016 and 2017, twenty communities were identified by the Governor’s Regional Economic
Development Councils (REDCs) to participate in the DRI. Troy was a finalist in both rounds;
however, the two winning communities in the Capital Region were Glens Falls (2016) and
Hudson (2017).
After several feedback sessions, it is our intention to put together a larger administrative project
team, contract with a proposal consultant, and using our lessons learned, inform and develop an
award-winning proposal for the DRI Round Three in 2018.
Need Statement
The City of Troy’s local strategy to retain and attract new business is informed by its
Comprehensive Plan, the Capital Region Economic Development Council’s Strategic Plan and
the Upstate Revitalization Initiative. Our previous DRI grant applications have attempted to
expand our Central Business District to the north and south corridors within the vision of these
plans.
With DRI funding we have another opportunity to improve connections, remove barriers, and
increase access in Downtown Troy, the waterfront, and surrounding neighborhoods by working
with local partners such as Troy’s Capital Resource Corporation, private investors and
developers to deliver new residential, employment, and recreational opportunities that that fuel
reinvestment and broader community renewal.
Troy is poised to leverage the ten million dollar DRI award and capitalize on millions of dollars
of private development projects underway in Troy, many of which have been supported by the
Troy Local Development Corporation and the Troy Industrial Development Agency and
potentially The Troy Capital Resource Corporation.
This is our opportunity to the next step in Troy. We ask for your partnership to ensure our best
efforts in this important process.
Planning/Proposal Development Investment
We are raising $20,000 in total funding to engage a firm to work with our administrative team to
plan and develop our proposal.
Total Funding Investment from Troy Capital Resource Corporation: $10,000
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Partnership Proposal, Troy CRC
DRI Proposal Project Information
Local Organizational and Management Capacity
The City of Troy convenes a network of economic development and community building
organizations to implement and support revitalization initiatives.
Partners
Local, County, Regional, and State Government Agencies
Business Groups
Tourism, Arts, Culture Groups
Residents of Project Area
Public Engagement and Meetings
The DRI Team convenes for project stakeholder meetings and community input.
The information gathering phase will identify:
Stakeholders types (developers, business leaders, organizations)
Potential DRI projects
CFA-ready projects (projects with corresponding CFA’s will be priority)
Connective initiatives (potential, underway, completed)
Stories that highlight regional impact and local strengths
Proposal Development - $20,000
The planning phase will use the information collected at the public meetings to incorporate into
an organized proposal with maps, detailed scopes, budgets, and timelines including but not
limited to:
Stakeholder engagement/support for vision
Project area boundaries and statistics
Recent and impending job growth
Past, present, and future investment
Project list and nexus information
Administrative capacity
Quality of life policies and comprehensive plan connections
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