Troy Industrial Development Authority

Chairman Board Members Kevin O’Bryan Paul Carroll Louis Anthony Vice‐Chair Tina Urzan Brian Carroll Susan Farrell ExecutiveI.Director Anasha Cummings Steven Strichman Mark McGrath BOARD OF DIRECTORS MEETING February 23, 2018 10:00 a.m. Planning Department Conference Room AGENDA I. Approval of Minutes from the January 19, 2018 board meeting. II. Troy Wayfinding System proposal III. Audit & Finance Committee IV. Executive Director Report V. Financials VI. Old Business VII. New Business VIII. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  January 19, 2017 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. R The Chairman called the meeting to order at 10:00 a.m. I. Minutes D The board reviewed the minutes from the December 15, 2017 board meeting. II. AF Tina Urzan made a motion to approve the December 15, 2017 meeting minutes. Sue Farrell seconded the motion, motion carried. Overview of Organizational Resources T The chairman spoke about the each of the three entities; LDC, IDA and CRC and the legality of what kinds of projects each board can do. Mr. Miller explained that the LDC and CRC are not for profit corporations; allowing some flexibility of what projects they can do. He advised that the IDA is slightly different in that it cannot make gifts, grants or loans and is IDA is generally constrained to spending money on its own projects. It can have memberships to state organizations and support local causes through sponsorships that involve marketing. Mr. Miller gave the recent example of the staircase to Riverfront Park that connected two previous IDA projects. Mr. Miller advised that LDC has the ability to lend funds and give grants. Mr. Miller explained that they have been looking for different ways that the three entities can either collaboratively or independently invest their funds to help promote economic development. Mr. Carroll noted that it is important to look forward and note the work that will be carried out by each board in order to budget correctly. The board agreed and noted that each board has its own strengths that we can use independently or together. The chairman summarized by stating that it is our responsibility to pay attention to current needs, capacity to generate revenue and combine that with the things that we think we need to be doing going forward. The board agreed that we will have more discussions on this topic going forward. III. TRIP and RCHR Sponsorship 1  Mr. Strichman spoke about a sponsorship that the IDA made for an event that took place in October. He advised that it was an event held by TRIP & RCHR that was honoring our chairman and his wife for their valuable service to the community by presenting them with the Community Citizenship Award. Mr. Strichman advised that a board vote is needed in order to issue the payment. The chairman advised he will abstain from the vote; we have a quorum based on the majority of board members present. Susan Farrell also abstained from the vote, as she is a TRIP employee. Brian Carroll made a motion to approve the sponsorship to the TRIP & RCHR Annual Homecoming Dinner in the amount of $1,500. Kevin O’Bryan and Susan Farrell abstained from the vote. Paul Carroll seconded the motion, motion carried. IV. Executive Director Pipeline Report Mr. Strichman went over the project pipeline report with the board. The board members asked about the Boutique Hotel project. Mr. Strichman advised that is a project that received a Restore NY grant last year and they are currently working on getting historic tax credit. The board asked if the project at 701 River Street will be subject to the fee R sharing agreement. Mr. Strichman advised no. The board had a general discussion on the types of income that will be coming into the IDA over the next year. Mr. Strichman D noted that 701 River Street will be going in from of the planning commission next week without the President Street portion. Mr. Strichman updated the board members on the Garnett Housing project. He advised AF that it started out as 27 properties which were sold and then brought down to 23 properties. Mr. Strichman advised that the 23 properties have since been sold and are back in the tax rolls. He wanted to note how the IDA’s involvement helped those properties to become viable properties able to sold at full market value and be back on the tax rolls. The board agreed that was a successful project. V. Financials T Ms. Flores advised that the balance sheet shows $1 Million in assets with $642,000 in cash versus $1 Million in liability and $86,000 is liabilities. Ms. Flores advised $60,000 in loss for the month of December; due to paying the LDC their portion of the fee for 444 River Street. Brian Carroll made a motion to accept the financials as presented. Tina Urzan seconded the motion, motion carried. Adjournment to the CRC portion of the meeting at 10:15 a.m. Brian Carroll made a motion to adjourn the IDA portion of the meeting to convene as the CRC. Tina Urzan seconded the motion, motion carried. Paul Carroll made a motion to re-convene the IDA portion of the meeting at 10:25 a.m. Tina Urzan seconded the motion, motion carried. 2 VI. New Business Mr. Strichman advised that the LDC may have something coming up for the King Fuels site and may collaborate with this board. He advised more to come in upcoming meetings. VII. Old Business Mr. Strichman reminded the board members of the annual disclosure and fiduciary forms that need to be filled out and returned. VIII. Adjournment With no other items to discuss, the IDA portion of the meeting was adjourned at 10:30 a.m. Tina Urzan made a motion to adjourn the IDA meeting. Brian Carroll seconded the motion, motion carried. DR AF T 3 Troy IDA Partnership Proposal – Troy Wayfinding System February 16, 2018 Troy Wayfinding System Proposal Summary The financing of the Troy Wayfinding System is broken down into planning, design, fabrication and installation, and ongoing management. Need Statement The City of Troy has seen significant investment in the past decade, evidenced by the range and location of Troy Industrial Development Authority (IDA) Payment In Lieu of Taxes (PILOT) projects plotted on Map A. This is a nexus of increased activity, especially noticed in downtown, supporting activities beyond the workday that has better positioned the city for continued investment and tourism opportunity. There have been several logos throughout the past 50 years, evidenced by the scattered and inconsistent signage left throughout the city. This is most significantly noticed in the downtown area Central Business District (CBD) where signage is a variety of colors and not compliant to the American Disability Act (ADA). The most recent efforts to brand the city were successfully funded by a partnership between Troy Redevelopment Foundation and the Times Union to come up with a brand identity, which is the signature mark and primary logo of the city. However, as well-intentioned as the process was and though the design phase of the plan was completed, launch of the logo as the city brand was not completely executed. Signs for downtown and citywide are still varied and noncompliant. A variety of logos and confusing signage remain scattering the downtown and the city, making it difficult to navigate the complex, often one-way street grid of the downtown. The project supports economic development and potential future expansion of tax-base, attraction of new projects, and improvements to navigation for all populations working, living, and playing in Troy, NY. It would significantly benefit tourism, the arts and culture sector, and student/community relations which have been impacted negatively by lack of clear signage and a defined “visitor” center which formerly provided wayfinding support to visitors. Proposal We are requesting Troy IDA assistance of $61,700 in total funding for the design phase and implementations of findings that support ADA compliant pedestrian and vehicular wayfinding signage for Downtown Troy. The Office of Planning and Economic Development is working with or seeking other partners to fund the planning (placement study) and fabrication phases. Total funding request from Troy Industrial Development Authority: $61,700 $61,700 = (m) $55,000 plus standard deviation of $6,700 for most likely (m) cost scenario. (See page two for cost phases breakdown, page three for three-point estimates. Design scenario for Downtown Troy highlighted in red on page three). 1|Page Troy IDA Partnership Proposal – Troy Wayfinding System February 16, 2018 Wayfinding System Project Phase Estimates Planning $10,000 – $50,000 depending on complexity scope The scope of work for planning would include foremost (1) ADA compliant study for the placement, system and design of wayfinding signage for vehicular and pedestrian traffic. Outputs include: project design and way finding plan, system of documenting and labeling signage, assigned inventory numbers for signage, and a corresponding map for installation, manual for current processes and ongoing management. Design Phase $35,000 - $75,000 for Downtown ONLY | $100,000 - $150,000 for Citywide including Downtown The design phase produces graphic materials for all signage and future signage, implementing the design recommendations for the study with attention to findings that support ADA compliance, versatility, and clarity of directional navigation. This phase covers design of full program. Asking for $61,700 Fabrication $75,000 - $150,000 for Downtown ONLY | $350,000 - 750,000 for Citywide including Downtown This phase includes final cost of drawings, make-ready, outsourced material purchases for signage, and hardware. Ongoing Management Inventory list management and updates (absorbed annual budget costs). See page 3 for three-point estimation. Note: Cost estimates for phases are based on Sign Research Foundation’s Urban Wayfinding Planning and Implementation Manual and vendor information gathering interviews. 2|Page Troy IDA Partnership Proposal – Troy Wayfinding System February 16, 2018 Downtown Wayfinding Cost Projection (Three-Point Estimate) Phase Best-Case (a) Most Likely (m) Worst-Case (b) Planning/Study $10,000 $30,000 $50,000 Design $35,000 $55,000 $75,000 + $6,700SD Fabrication/Installation $75,000 $112,500 $150,000 Totals: $120,000 $197,500 $275,000 SD/Standard Deviation (b-a)/6 = SD Citywide Wayfinding Cost Projection (includes Downtown) (Three-Point Estimate) Phase Best-Case (a) Most Likely (m) Worst-Case (b) Planning/Study* $20,000 $35,000 $50,000 Design $100,000 $125,000 $150,000 Fabrication/Installation $350,000 $550,000 $750,000 Totals: $470,000 $710,000 $950,000 SD/Standard Deviation (b-a)/6 = SD *(low value for citywide study) = $20,000 3|Page  PAR K City of Troy, NY B LVD PAR K D R REN S AV S EL A MA SS ER ST AC HU Legend OO SETT D SA V JAY S W T T SAU S N LA OA IN C Proposed/Potential IDA Projects S K E AV NYRO Y DR TAYLOR CT 21S T LAV KE A ST GR AN DV IEW AV Current IDA Projects 5TH A V V streets 22ND ST 24TH ST 23RD ST HO OS ICK ST ST parcels N 1 ST 25T H ST LEE A S L AK E EAR L REID A 10T H CT ST 9TH S ST T H U TT O N ST JO 11T H SE V 16T H KIN DET R PH 17T H V AV O IT A ST ST V DET GS T EAG L E ST RO IT D R ST 19T H S JAC O ERR T SU EDG E HIL FE B ST BEM A DE N LN L TER ETT A RA GIA N NS 13T H T R V LS ST GR A ET ND T 14T H ST ST PEO PL AV GE O TE 15T H ST ES AV R IN FULT O BU RD RR Q N ST NK TS RD EN B CO RA M R OA DW OK N NU AY SAG E A EA RD DR MO AY V TO RY 8TH S RPI W AV R STAT E T E 6TH AV SH TS IT ST T AY S ON TIBB RP RPI IW V CO NG R EUC LI D AV FR 2ND ST E SS ST 7TH A W AY FER RY CO L ST LE G BO E AV LIV RPI W AR AY AV ST AV RIV ER 13T H KA NE ER ST 3RD ST LIB ER T ST N Y ST ST AH FR O N T 1ST ST T AV HIG HL AN D AV LN 4TH ST WA BA NK PRO S PE AD AM S ST ST C HIL L UT ST BR UN SW ICK RD ST JEF FE R SON ST V LIN DE N A IDA ST V CA NA L SP TR A C AM A E AV A V R IN EY C B A LS BEL L MA DIS O GA T N ST V