Troy Industrial Development Authority
Regular MeetingTroy, NY · May 15, 2012
Minutes
City of Troy
Industrial Development Authority
May 15th, 2012
10:30AM
Meeting Minutes
Present: Wallace Altes Paul Carroll, Dean Bodnar, Lou Anthony, Tina Urzan, Mary
O’Neill, Lisa Kyer
Absent: Steve Bouchey, Robert Doherty
Also in attendance: Bill Dunne, Donna Ned, Justin Miller, Esq., Joe Mazzariello
I. Approval of the Minutes from the April 19th, 2012 Board Meeting.
Dean Bodnar made the motion to approve.
Paul Carroll seconded the motion.
II. Discussion accepting Agreement for Monument Square.
Jesse, Project Manager of Community Builders provided information
to the board regarding the senior housing and 18 million being put
into Monument Square apartments for renovation all the way
through historic tax credits which the state provided allocations in
2011. There will be 3-4 fulltime jobs created and housing will be
Section 8 (110%). Justin Miller explained tax credits for the
updated housing. The pilot was initiated in the 70’s. An application
was provided in 2009 for financial assistance. The application for
2012 will be provided to the board at the June 2012 meeting for
approvals. A June 8 th Public Hearing and resolution will be done.
No action taken.
III. Resolution #1 – Resolution Accepting an Application for Financial
Assistance from Stoneledge LLVP, LLC.
Victor Caponera, Attorney and Peter Luizzi from Stoneledge spoke
to the board on behalf of the 1.1 land acquisition, engineering and
architecture of the 216 high end apartments in Phase 1 for a total
of 20 million and Condos in Phase 2 with clubhouse and swimming
pool for a total of 30 million.
Justin Miller noted to the board that an application for financial
assistance for tax exemption is attached to board member agendas.
A Public Hearing for Stoneledge will be held on June 8, 2012.
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Dean Bodnar asked if the purchase of Oakwood Avenue Cemetery
property was obtained. Peter Luizzi noted that yes it was from the
cemetery to Highpointe then west. Victor Caponera noted that they
met with leadership and all the concerns of Highpointe residents
were addressed including traffic signals for interruption of traffic
and off site improvements of sewer systems will be met along with
bike path resurfacing.
Lisa Kyer asked Peter Luizzi about the demographics of renters
(families). Peter Luizzi noted that like Highpointe, the
demographics will be young professionals.
The completion date of the project will be 18-24 months from today
for the initial phase.
Justin Miller noted that timing on the condo side will be decided on
financing times due to the cost of $1500 a month.
Tina Urzan asked if there were greenspace and asked about the
drainage.
Peter Luizzi noted that there would be 72% greenspace and
Stoneledge would have not basements and have rectified their
storm drainage from Farrell Road and Gurley Avenue.
Dean Bodnar made the motion to approve.
Paul Carroll seconded the motion.
IV. Other Business
Financials - Joe Mazzariello went over the 2012 financials and will
make arrangements for the Auditor to attend the next scheduled
meeting in June and will hand out financials. The 2007 RPI
Scholarship Fund for $350,000 needs to be discussed at future
meeting. Also, discussion on Bond Issue Financing will be
scheduled for the June meeting and Joe will provide a balance
sheet. Bill Dunne and Wallace Altes asked for the balance to
provide for options.
News Release from Comptroller DiNapoli (Legislation Proposed to
Ensure Projects Meet Economic Goals) This information was passed
on to all board members.
Vice Chairman – To be discussed at future meeting.
Audit & Governance Committees – Policies were handed out to the
board and will be discussed at future meeting.
Fidicuary, Disclosure and Training – Chairman Altes asked the board
to return all documents and training completion to Donna Ned.
V. Adjournment
Wallace Altes made the motion to adjourn.
Paul Carroll seconded the motion to adjourn.
The next meeting is scheduled for June 8 th at 10:30AM.
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Agenda
Chair
City of Troy
Industrial Development
Wally Altes Authority
Vice-Chair
2012 Board Members BOARD OF DIRECTORS MEETING
Hon. Dean Bodnar
May 15, 2012
Mr. Paul Carroll 10:30 a.m.
Hon. Robert Doherty
Second Floor Conference Room B
Steve Bouchey City Hall
Louis Anthony
Mary O’Neill AGENDA
Lisa Kyer
Tina Urzan
Old Business
I. Approval of the Minutes from the April 19, 2012 Board meeting.
II. Discussion accepting Agreement for Monument Square
III. Resolution accepting an application for financial assistance from Stoneledge LLVP
IV. Other Business
Joe Mazzariello – Financials
News Release from Comptroller DiNapoli (Legislation Proposed to Ensure Projects
Meet Economic Goals)
Vice Chairman
Audit & Governance Committees
Auditor –Speak to IDA Board
Fidicuary, Disclosure and Training
V. Adjournment
City Hall – 1776 Sixth Avenue, Troy New York 12180
Phone: 518.279.7166
City of Troy
Industrial Development Authority
April 19th, 2012
9:00AM
Meeting Minutes
Present: Wallace Altes Paul Carroll, Dean Bodnar, Lou Anthony, Tina Urzan
Absent: Mary O’Neill, Lisa Kyer, Steve Bouchey
Also in attendance: Bill Dunne, Donna Ned, Justin Miller, Esq., Joe Mazzariello
I. Minutes ungratified from the March 15th, 2012 Board Meeting.
II. Resolution #1 – Resolution Naming Pioneer as Depository for the Troy
Industrial Development Authority.
Paul Carroll made the motion to approve.
Dean Bodnar seconded the motion.
III. Resolution #2 – Resolution Authorizing Signatories for Financial Accounts
for the Troy Industrial Development Authority.
Paul Carroll made the motion to approve.
Dean Bodnar seconded the motion.
IV. Other Business
Bill Dunne gave an update to the board on Bombers Burrito and Don
Boyajian who currently owns 2 King Street. Tami Dzembo of Bomber’s
Burrito have not signed the lease but are still going through financing and
moving ahead. Don Boyajian would like the city to take over 4-10 King
Street for demolition for parking.
Dean Bodnar asked if they were all caught up with taxes.
Bob Doherty was concerned for Col. Dickerson and their residents with
parking for a preparation for opposition. Tina Urzan agreed that there is
no parking for residents.
Joe Mazzariello went over the 2011 financials and will make
arrangements for the Auditor to attend the next scheduled meeting.
Justin Miller explained to the board the IDA and that it is a public benefit
corporation appointed by the mayor and that the projects are for
economic development, bankruptcy remote, governs own affairs and to
read the bylaws for an overview.
The IDA is for facilitating projects, Pilot for tax exemptions, sales tax
exemptions and mortgage recording tax exemptions. There are also tax
exempt bonds and prevailing wage rates for projects. A training is
required for regulation or reports. A binder was provided with all policies
and procedures. Justin also explained the Capitol Resource Corporation
which is the same board as the IDA for bonds and Wallace Altes asked to
have Justin explain the difference with the TLDC and IDA to the board
which are separate entities. Bob Doherty asked if all this was on the City
of Troy website.
Wallace Altes asked Bill Dunne if Vic Christopher’s position as Economic
Development Coordinator will be filled for the marketing position and the
answer was yes and this person will be attending the IDA meetings.
Wallace Altes made the final statement to the board that the IDA board is
here to enhance the tax base used in the mission statement.
V. Adjournment
Dean Bodnar made the motion to adjourn.
Tina Urzan seconded the motion to adjourn.
The next meeting is scheduled for May 15th at 10:30AM.
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