Troy Industrial Development Authority

September 21, 2018 10:00 AM Regular Board Meeting Minutes Present: Kevin O’Bryan, Hon. Mark McGrath, Steve Strichman, Paul Carroll (present from 10:30 a.m. – 11 a.m.), Brian Carroll, Tina Urzan, Susan Farrell, Hon. Anasha Cummings and Bill Strang Absent: Lou Anthony Also in attendance: Justin Miller, Esq., MaryEllen Flores, Dylan Turek, Jim Conroy, Bob Decker, Debra Lockrow, Marie Gavazzi, Jona Hoxha, Carl Erickson, Genika Blandshaw, Jack Engster, Benjamin Oevering, Daniel Frament, Kristine Dimas, Michael Fusco, Gary Pavlic, Deanna Dal Pos, Michael Choppa, Colton Hill, Charles Wiff, Cosmo Marfione, Thomas P. Keaney, Tom Nardacci, Luke Nathan, Jiff Mirel, Seth Rosenblum, Jim Lewis, Elbert Watson, Guha Bala, Eric Anderson and Denee Zeigler. The Vice Chairman called the regular board meeting to order at 10:00 a.m. I. Public Hearing – Kings Commons, LLC See attached public hearing minutes. II. Public Hearing – Fourth Street Troy, LLC See attached public hearing minutes. III. Minutes The board reviewed the minutes from the August 10, 2018 board meeting. Tina Urzan made a motion to approve the August 10, 2018 minutes. Susan Farrell seconded the motion, motion carried. IV. Authorizing Resolution – Kings Commons, LLC Mr. Miller explained that the authorizing resolution is the last step of the process for the project. He advised that this approval will give the IDA the approval is needs to move forward and set up financial assistance in the form of lease-leaseback, sales and mortgage tax and PILOT agreement. The board had no other questions. Mr. McGrath noted that he is not in favor of the project due to the lack of commercial space and job creation along with the increase of city services such as DPW and Fire and Police. Mr. Cummings agreed and added that he would have liked to see some commercial aspect of the project to connect it to the area. (See Resolution 09/18 #1 Attached) 1  Brian Carroll made a motion to approve the Authorizing Resolution for Kings Commons, LLC. Susan Farrell seconded the motion. Mark McGrath and Anasha Cummings voted no. Motion carried by a vote of 5-2. V. Authorizing Resolution – Fourth Street Troy, LLC Mr. Miller explained that that the authorizing resolution is the final approval required and it will allow the IDA to move forward with setting up the lease-leaseback, sales and mortgage tax and PILOT agreement. Mark McGrath asked if the business owners here speaking on behalf of the project will be located in the building or if there will be space for new commercial tenants. Jeff Mirel explained that there will be 2300 square feet allocated in storefront space on the corner of Fourth and Congress. He added that we can’t predict the type of retail space that will go in, but it could be anything from restaurant to clothing. Mr. Mirel stated that it will absolutely be commercial space. The chairman noted that the project applicant wanted to do a PowerPoint presentation. Mr. Mirel presented to the board slides illustrating the artist renditions of the site to help explain how it will fit in the space. He noted that there is additional cost for this project due to the work due to the assemblage of 3+ parcels, urban fill conditions, some contamination on one of the lots and demolition costs. He added that they will be making improvements to the city sewer system that will help the area in the Mr. Mirel explained the 2.8% in the housing in the city of troy was constructed after 2000. He added that nearly 60% was constructed before 1939. As a result of this being a new construction project, there is a higher cost all around. Mr. Mirel added that the project is also located in a flood zone. He noted that without this PILOT, we most likely would not have a project. With the PILOT, the city will receive $1.6 Million over the term. Mr. Mirel advised that they have worked with Camoin Associates to conduct an impact study to show the many benefits of this project. He noted increased jobs, people living here and spending in local businesses; a significant boom all around. Mr. McGrath also noted the increase in Sales Tax for the county. Brian Carroll explained that he appreciates the long hours and work behind this, although it is not the kind of PILOT terms that he likes to see. He explained that this is the type of PILOT that IDAs in NYS would get beat up for; the city will not see additional revenue from the project until around year 13. People will comment that we are bearing the risk of the developers and not keeping their best interest in mind while making our decision; however, he is very impressed on the showing of support from the public. Tina Urzan feels that this project will have a positive impact on the surrounding areas; both businesses and residents. She added that it is one of those projects that we cannot measure on just the job creation numbers alone. The chairman noted that he is not in support of the PILOT terms, but also feels as if this project will be good for the area and have many other benefits to the area. He wanted to note that he is extremely impressed in the outpouring of public support and reminded them that they will be holding the developer to what they presented here today. (See Resolution 09/18 #2 Attached) Mark McGrath made a motion to approve the Authorizing Resolution for Fourth Street Troy, LLC. Paul Carroll seconded the motion, motion carried. VI. Financials Ms. Flores advised that there is $1 Million in assets versus $1 Million in equity. She advised the negative amount of $648 is the advance payment for CFO for Hire’s services. 2  Ms. Flores advised that there is a profit for the month of August of $6,000 due to an application fee refund for the TRU Hotel project. Tina Urzan made a motion to approve the IDA financials as presented. Hon. Anasha Cummings seconded the motion, motion carried. VII. New Business Economic Development Coordinator - Steve Strichman introduced the board to Dylan Turek, the new economic development coordinator. 515 River Street – Mr. Strichman noted that the hotel project at 515 River Street had its ribbon cutting yesterday. It looks amazing and is ready for business. 701 River Street – Mr. Strichman advised of the groundbreaking of this project next week. UTEP – Mr. Strichman noted that he will review the uniform tax exemption policy along with Dylan Turek. The board agreed that is a good idea. King Fuels – Mr. Strichman explained that there will be some work happening at this site and he may have to come to us for assistance with some of the items. TRU Hotel – Mr. Strichman advised that this project will most likely not happen. They had some issues and wanted to keep it on hold, but we will have to wait and see if they decide to come back and present to us. VIII. Adjournment With no other items to discuss, the regular board meeting was adjourned at 10:38 a.m. Tina Urzan made a motion to adjourn the IDA meeting at 10:52 a.m. Hon. Anasha Cummings seconded the motion, motion carried. 3  PUBLIC HEARING AGENDA TROY INDUSTRIAL DEVELOPMENT AUTHORITY KINGS COMMONS LLC SEPTEMBER 21, 2018 AT 10:00 A.M. CITY HALL, 433 RIVER STREET, 5TH FLOOR, TROY, NEW YORK 12180 Report of the public hearing of the Troy Industrial Development Authority (the “Authority”) regarding the Kings Commons LLC Project held on Friday September 21, 2018 at 10:00 a.m., at the Troy City Hall, located at 433 River Street, 5th Floor, Troy, New York 12180. I. ATTENDANCE Steven Strichman, Executive Director Kevin O’Bryan, Chairman Brian Carroll, Vice Chairman Hon. Anasha Cummings, Board Member Hon. Mark McGrath, Board Member Louis Anthony, Board Member William Strang, Board Member Susan Farrell, Board Member Tina Urzan, Board Member Benjamin Oevering, Rosenblum Development Corporation Michael Choppa, Rosenblum Development Corporation Jeff Mirel, Rosenblum Development Corporation Seth Rosenblum, Rosenblum Development Corporation Members of the General Public: Jim Conroy, Resident Bob Decker, Resident Debra Lockrow, Resident/Business Owner Marie Gavazzi, Resident Jona Hoxha, Business Owner Carl Erickson, Resident Genika Blandshaw, Juice Factory VII Jack Engster, Business Owner Daniel Frament, Business Owner Kristine Dimas, Business Owner Michael Fusco, Business Owner Hon. Gary Pavlic, Troy City Council Deanna DalPos, Commercial Real Estate Colton Hill, Kings Commons LLC Charles Wiff, Business Owner Cosmo Marfione, Kings Commons LLC Thomas P. Keaney, Kings Commons LLC Tom Nardacci, Business Owner Luke Nathan, Reporter Jim Lewis, Business Owner Guha Bala, Business Owner Elbert Watson, Business Owner II. CALL TO ORDER: (Time: 10:00 a.m.). Steven Strichman opened the hearing and Justin Miller, Esq. read the following into the hearing record: This public hearing is being conducted pursuant to Title 11 of Article 8 of the Public Authorities Law of the State of New York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended (collectively, the “Act”). A Notice of Public Hearing describing the Project was published in Troy Record, a copy of which is attached hereto and is an official part of this transcript. A copy of the Application submitted by Kings Commons LLC to the Authority, along with a cost-benefit analysis, is available for review and inspection by the general public in attendance at this hearing. III. PROJECT SUMMARY KINGS COMMONS LLC, for itself and/or on behalf of an entity to be formed ( collectively, the “Company”), has requested the Authority’s assistance with a certain project (the “Project”) consisting of (i) the acquisition by the Authority of a leasehold interest in an approximately .22 acre parcel of land located at 12-14 King Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID No. 101.37-3-6) and the existing improvements located thereon (the “Existing Improvements”), (ii) the planning, design, engineering, construction and operation of a five story residential facility containing 52 market rate rental apartment units and common areas, all to be leased by the Company to residential tenants, including exterior access and egress improvements, curbage, utility, parking improvements and related site and exterior improvements upon and adjacent to the Land (collectively, the “Improvements”), (iii) the acquisition and installation by the Company in and around the Land, Existing Improvements and Improvements of certain items of equipment and other tangible personal property necessary and incidental in connection with the Company’s development of the Project in and around the Land, Existing Improvements and Improvements (the “Equipment”, and collectively with the Land, the Existing Improvements and the Improvements, the “Facility”), and (iv) the lease of the Facility to the Company. It is contemplated that the Authority will acquire a leasehold interest in the Facility and lease the Facility back to the Company. The Company will operate the Facility during the term of the leases. The Authority contemplates that it will provide financial assistance (the “Financial Assistance”) to the Company in the form of (a) a sales and use tax exemption for purchases and rentals related to the Project; (b) mortgage recording tax exemptions(s) related to financings undertaken by the Company to construct the Facility; and (c) a partial real property tax abatement structured through a PILOT Agreement. The foregoing Financial Assistance and the Authority’s involvement in the Project are being considered to promote the economic welfare and prosperity of residents of the City of Troy, New York. IV. AGENCY COST-BENEFIT ANALYSIS: The Company Application for Financial Assistance indicates a total project cost of approximately $12,862,462. Based upon additional information provided by the Company, the Agency estimates the following amounts of financial assistance to be provided to the Company: Mortgage Recording Tax Exemption = $ 92,000.00  Sales and Use Tax Exemptions = $ 500,000.00 Estimated PILOT Savings = $3,127,902.00 Total estimated Financial Assistance = $3,719,902.00 IV. SEQRA: For purposes of the Project, the City Planning Commission served as lead agency for purposes of review pursuant to SEQRA. VI. PUBLIC COMMENTS No public comments. VII. ADJOURNMENT As there were no comments, the public hearing was closed at 10:04 a.m.  PUBLIC HEARING AGENDA TROY INDUSTRIAL DEVELOPMENT AUTHORITY FOURTH STREET TROY, LLC SEPTEMBER 21, 2018 AT 10:00 A.M. CITY HALL, 433 RIVER STREET, 5TH FLOOR, TROY, NEW YORK 12180 Report of the public hearing of the Troy Industrial Development Authority (the “Authority”) regarding the Fourth Street Troy, LLC Project held on Friday September 21, 2018 at 10:00 a.m., at the Troy City Hall, located at 433 River Street, 5th Floor, Troy, New York 12180. I. ATTENDANCE Steven Strichman, Executive Director Kevin O’Bryan, Chairman Brian Carroll, Vice Chairman Hon. Anasha Cummings, Board Member Hon. Mark McGrath, Board Member Louis Anthony, Board Member William Strang, Board Member Susan Farrell, Board Member Tina Urzan, Board Member Benjamin Oevering, Rosenblum Development Corporation Michael Choppa, Rosenblum Development Corporation Jeff Mirel, Rosenblum Development Corporation Seth Rosenblum, Rosenblum Development Corporation Members of the General Public: Jim Conroy, Resident Bob Decker, Resident Debra Lockrow, Resident/Business Owner Marie Gavazzi, Resident Jona Hoxha, Business Owner Carl Erickson, Resident Genika Blandshaw, Juice Factory VII Jack Engster, Business Owner Daniel Frament, Business Owner Kristine Dimas, Business Owner Michael Fusco, Business Owner Hon. Gary Pavlic, Troy City Council Deanna Dal Pos, Commercial Real Estate Colton Hill, Kings Commons LLC Charles Wiff, Business Owner Cosmo Marfione, Kings Commons LLC Thomas P. Keaney, Kings Commons LLC Tom Nardacci, Business Owner Luke Nathan, Reporter  Jim Lewis, Business Owner Guha Bala, Business Owner Elbert Watson, Business Owner Eric Anderson, Reporter II. CALL TO ORDER: (Time: 10:00 a.m.). Steven Strichman opened the hearing and Justin Miller, Esq. read the following into the hearing record: This public hearing is being conducted pursuant to Title 11 of Article 8 of the Public Authorities Law of the State of New York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended (collectively, the “Act”). A Notice of Public Hearing describing the Project was published in Troy Record, a copy of which is attached hereto and is an official part of this transcript. A copy of the Application submitted by Fourth Street Troy, LLC to the Authority, along with a cost-benefit analysis, is available for review and inspection by the general public in attendance at this hearing. III. PROJECT SUMMARY FOURTH STREET TROY, LLC, for itself and/or on behalf of an entity to be formed (collectively, the “Company”), has requested the Authority’s assistance with a certain project (the “Project”) consisting of (i) the acquisition by the Authority of a leasehold interest in two parcels of land located at 144-146 Fourth Street and 134-142 Fourth Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID Nos. 101.61-7-22 and 101.61-7- 2) and the existing building structures and improvements located thereon consisting principally of a vacant former bank branch building and related parking and site improvements (the “Existing Improvements”), (ii) the demolition of portions of the Existing Improvements and the planning, design, engineering, construction, of an approximately 194,000 square foot, five story mixed use commercial and residential facility containing approximately 2,000 to 3,000 square feet of commercial space and approximately 80 market rate rental apartment units, all to be leased by the Company to residential and commercial tenants, including exterior access and egress improvements, curbage, parking and related exterior improvements (collectively, the “Improvements”), (iii) the acquisition and installation by the Company in and around the Land, Existing Improvements and Improvements of certain items of equipment and other tangible personal property necessary and incidental in connection with the Company’s development of the Project in and around the Land, Existing Improvements and Improvements (the “Equipment”, and collectively with the Land, the Existing Improvements and the Improvements, the “Facility”), and (iv) the lease of the Facility to the Company. It is contemplated that the Authority will acquire a leasehold interest in the Facility and lease the Facility back to the Company. The Company will operate the Facility during the term of the leases. The Authority contemplates that it will provide financial assistance (the “Financial Assistance”) to the Company in the form of (a) a sales and use tax exemption for purchases and rentals related to the Project; (b) mortgage recording tax exemptions(s) related to financings undertaken by the Company to construct the Facility; and (c) a partial real property tax abatement structured through a PILOT Agreement. The foregoing Financial Assistance and the Authority’s involvement in the Project are being considered to promote the economic welfare and prosperity of residents of the City of Troy, New York. IV. AGENCY COST-BENEFIT ANALYSIS: The Company Application for Financial Assistance indicates a total project cost of approximately $18,682,288. Based upon additional information provided by the Company, the Agency estimates the following amounts of financial assistance to be provided to the Company: Mortgage Recording Tax Exemption = $168,140.00 Sales and Use Tax Exemptions = $ 896,749.00 Estimated PILOT Savings = $4,219,927.00 Total estimated Financial Assistance = $5,284,816.00 IV. SEQRA: For purposes of the Project, the City Planning Commission served as lead agency for purposes of review pursuant to SEQRA. VI. PUBLIC COMMENTS James Conroy introduced himself as a resident of 125 2nd Street and a Commercial Realtor at BHHS Blake located at 33 2nd Street and added that he has no connection with this proposal but feels it is an important project to support. Mr. Conroy noted that tomorrow's headlines will either state the Troy IDA approves or disapproves $5,284,000 tax relief package for the project; but that is only a small part of the total project. This project should not be evaluated by the tax payment alone. First, even if the proposed pilot is approved, the city will never receive less tax than we do now from the property. The benefits of this project incorporate much more than taxes. It is a very complicated puzzle which includes purchasing two parking lots, one from the city and one from Capital Land Taxi, repaving two parking lots, demolition of a dilapidated building and construction of a new parking lot for Capital Land Taxi and replacement of a City Sewer Line. These are all public improvements which add to the bottom line cost of the project but improve the condition of the city. The proposed building will be a five story, 80-unit residential building. This new construction will replace a seriously underdeveloped building at this important intersection in the downtown. This building will survive all of us and continue to pay dividends for 20 - 30 - 50 or even 100 years to come. One of my biggest concerns is: WHAT WILL HAPPEN IF THIS PROPOSAL IS NOT APPROVED?? The developer is noted for good construction and good management with the development of The News Building being a tangible example of his finished product. Unlike developments at The Mooradian’s building, Kelly Clothes and Marvin Neitzel, there are no other governmental supports for this project. It is specifically stated that the city wants to encourage Market Rate Housing, which these will be. Bob Decker recently purchased 84 Ferry Street and noted that he is excited about this project. He advised his wife will be running a small business from that location and they have already seen a positive change in the area with the recent removal of the dilapidated building near the cab stand. It makes that area much more appealing to drive through and looks forward to the completed project. Deb Lockrow, owner of Artcentric Marketplace on River Street and owner of a property near this project site, explained that she is in favor of this project and loves how The News turned out; increasing the amount of people living downtown is always good for businesses. Ms. Lockrow believes we have taken Troy back one building at a time and is in favor of this project, but is also concerned about the smaller project owners not understanding the way PILOT projects work and feeling less important than the large developers. Ms. Lockrow would like to see this type of development continue to grow and connect the surrounding blocks with one another. Marie Gavazzi, resident, noted that she lives in downtown Troy and considers it her neighborhood. She is involved in what is happening and attends the different city and neighborhood group meetings that take place. Ms. Gavazzi stated that she does have some issues with the magnitude of PILOTs the city gives, if she could recommend one project, this would be it. She admires the quality of work that they do and is excited to see the transformation that will take place at this corner. Ms. Gavazzi also noted that Jeff Mirel is an actively involved member of the Downtown BID and presented to their neighborhood group. She added that they will also be moving parking away from the downtown, which is desirable from the stand point of urban planning. Jona Hoxha spoke on behalf of Jinah Kim, owner of Sunhee’s Kitchen. She advised that they are a small business located in south central downtown and are in favor of this project which will increase pedestrian traffic and economic development. Ms. Hoxha also noted that they appreciate how Rosenblum asks the community for input; it gives them great faith in how the project will be executed. She also hopes that this project will help to lift financial burdens to create more affordable housing given the needs for housing from all price points throughout Troy. Genika Blandshaw, owner of the Juice Factory, wanted to express her favor for the project which is located directly across from the project site. She added that she is getting ready to open a second location in The News building. She has a great appreciation for the work that this developer does and feels it will definitely increase the amount of pedestrians in downtown Troy; which will help small business owners. Jack Engster, of Manory’s, spoke on behalf of the project. He advised that they are all in favor of the project and agrees that it will increase the amount of pedestrian’s downtown which will help small business owners. Carl Erickson, resident, spoke in favor of the project. Guha Bala, president of Velan Studios located in Downtown Troy, spoke about starting the company Vicarious Visions along with his brother in the mid-1990’s in Menands. He explained that when he first came to the area, it was only his brother and himself making video games. Now there are about 500 people and about a dozen different companies. He advised that they really want this area to become an epicenter of this creative industry. Mr. Bala explained that they started Velan Ventures and Studios in downtown Troy with two employees in 2016. They now have about 40 employees; about half of which have come from out of the area and out of the country. He explained that of that half, they all wanted to come and live in downtown Troy. Mr. Bala explained that there are three different things happening and need to keep happening consistently and a really high quality to keep up the growth; one is the jobs, second is the merchants and third one is great housing stock. He also noted that families are also starting to make their homes here; it’s not just singles and empty nesters. Mr. Bala noted that he is in favor of this project because it meets so many of these requirements and is starting in a part of town that doesn’t have this type of housing. He feels it will help bridge it to the other parts of the community giving them places to live, work and play. Kristine Dimas, business owner of Elite Design on Fourth Street and a tenant of The News, spoke on behalf of the developer and their projects. She advised that she came here to invest in Troy and believes this building will help to increase the value and lift up the surrounding area. Mike Fusco, owner of the Franklin Inn and Best Western Suites, spoke in favor of the project. He agrees with many of the comments already made and hopes that people are able to understand the process a little more so they can see how a project like this will benefit the city. Gary Pavlic, resident and zoning board member, advised that the zoning board unanimously voted to approve the variances requested for this project. They felt that they met all of the requirements and it is important to the city. Mr. Pavlic advised that as a citizen, he also feels as if it will bring more pedestrian traffic downtown and that will help boost the businesses. Deanna Dal Pos, a resident and commercial real estate agent, spoke about her recent move into downtown Troy. She explained that she has seen the changes that have taken place in her short time here, and knows that Rosenblum does quality work. Ms. Dal Pos also wanted to make note of the top quality business owners that have come out to support this projects. Dan Frament, owner of Muddaddy Flats, spoke in favor of the project. He explained that he is very familiar with the people in the area and was excited for them once he heard that they would be taking on a project in that specific area. He noted that it is a very dark corner of the city that will brought to life with a project like this. Mr. Frament also noted that Rosenblum has had to go through several steps to make sure it happens the right way. He is excited for the surrounding businesses and the people that work and live in that area. Tom Nardacci, owner of Troy Innovation Garage, spoke in favor of this project. He thanked the board for the work they have done to date with Rosenblum’s proposal; noting that there is a lot of time and energy that goes into making a project like this possible. Mr. Nardacci explained that the past eight years has been a great run for downtown Troy. He noted that they are proud to have been a part of it all; first moving his company Gramercy Communications to Troy and then buying and investing significantly in a project that has received both statewide and national accolades. Mr. Nardacci noted that even with all of the progress and investments downtown, he feels as if we are halfway there; there is still a long way to go. He added that he frequently visits other cities and takes note of things that are working. Mr. Nardacci noted that there are now about 115 people that work inside the Troy Innovation Garage. They are freelancers, startups and small companies which were not part of downtown Troy; they see us as an entry way into the downtown. Mr. Nardacci pointed out that the commercial real estate market here is small and we work to provide an easy access point. The folks working inside the Troy Innovation Garage have an average salary of about $65,000 in a building that previously sat vacant for about three decades. Mr. Nardacci noted that the reason people are coming to our project is for reasons previously mentioned by Guha. Most of the members of The Troy Innovation Garage are not just working here, they are also living here. He is very familiar with Rosenblum’s work and is very excited to see that they are doing work in Troy. Mr. Nardacci spoke of their holistic approach to development and connections they develop in the communities they build in. He mentioned a previous economic developer that he had worked with that stressed the importance of building neighborhoods. He sees that happening in the area around this project and is excited to see the positive results from their work. Jim Lewis, resident and owner of Icarus/Springwood Studios, spoke in favor of the Rosenblum project. He advised that had an opportunity to tour The News building with Jeff Mirel and saw what they were doing and noted how they talked about the area. Mr. Lewis felts that the depth and consideration for the neighborhood and the city of troy was outstanding; it was everything he could hope for in a developer. He spoke about the history of this specific area; known for working class people, drugs and prostitution. Mr. Lewis feels this is a massive project of great quality that will help to turn around the perception of this area. He stated that he can’t think of anything better to go there. The chairman noted the impressive, passionate and diverse group that has come out to speak in support of this project; which isn’t always the case with large projects in Troy. He commended everyone for their civic spirit and coming out to support this project. Letters of support were received from five businesses; Joseph’s House & Shelter, Rensselaer County Historical Society, RPI, DeFazio’s and Flowers by Pesha. (See Attachments 1-5) VII. ADJOURNMENT With no additional comments, the public hearing was closed at 10:27 a.m.  ATTACHMENT 1 OF 5 JOSEPH'S HOUSE HELTER September 20, 2018 City of Troy Industrial Development Agency c/o Steven Strichman, Executive Director 433 River Street, Suite 5001 Troy, NY 12180 RE: Fourth Street Redevelopment Project/ The Rosenblum Companies Dear Board Members of the City of Troy IDA, Joseph's House & Shelter looks forward to collaborating with Rosenblum Companies as it develops housing in downtown Troy. We are particularly interested in creating a more inclusive, safer and accessible community. Joseph's House employs 63 staff members. Many are interested in living in quality housing located in a walkable downtown. We wish Rosenblum Companies good luck on their venture and look forward to our collaboration. Sincerely, - '- evin O'Connor Executive Director Providing non-judgmental shelter and housing-first solutions to homelessness in Rensselaer County since 1983 74 FERRY STREET, TROY, NEW YORK 12180 • 518-272-2544 FAX 518-272-9370 www.josephshousetroy.org  ATTACHMENT 2 OF 5 September 20, 2018 City of Troy Industrial Development Agency c/o Steven Strichman, Executive Director 433 River Street, Suite 5001 Troy, New York 12180 RENSSELAER RE: Fourth Street Redevelopment Project / The Rosenblum Companies COUNTY 1Uiit•>�R4U Dear Honorable Board Members of the City of Troy IDA: I write to you today in support of an application for assistance before the City of Troy SOCIETY Industrial Development Agency by The Rosenblum Companies for the redevelopment of the properties at 134 - 146 Fourth Street in Troy (the former KeyBank site and adjacent 57 SECOND STREET municipal lot). TROY,NEWYORK l218J 5 18.272.7232 These properties are located in a neighborhood south of Congress Street that has not R CHSonline.o rg yet experienced the same economic growth as other parts of the City. The intersection of Fourth and Congress Streets has suffered from public safety issues despite concerted RCHS Trustees community efforts and new investment. Douglas G. Bucher Luann Conlon The project proposed by The Rosenblum Companies would avert a likely extended Phyllis Conroy vacancy at this property, revitalize an important City gateway and encourage more Vice President Christopher Eastman walking traffic south of Congress Street, extending the reach of historic downtown's Tammy Gobert revitalization. The project will also introduce new high quality housing as envisioned by William P. Hessney the City's Comprehensive Plan while potentially reducing the demand on City services Christina S. Kelly like law enforcement as it attracts 100+ new residents to frequent our shops, restaurants Brendan Kennedy President and cultural assets. Patricia O'Bryan Michele Phillips Unfortunately, although the applicant faces considerable, unique challenges, this Patrick Pigott project is not eligible for a number of subsidies that have made possible other difficult Rachel Ryan Beth Schroeder developments in the City and region. It is therefore not surprising that Troy has seen Mark Shipley limited infill projects of this type. Joseph D. Strode!, Jr. Steven Talbot The Rosenblum Companies has built an exceptional reputation over a four-decade Treasurer Christine W. Ward history as both a developer and a meticulous, community-minded operator. Their Secretary thoughtful renovation of the century-old Troy Record building combined with a newly Ken Zalewski constructed addition is not only a first of its type in Troy's Central Business District but it is already attracting additional commercial investment. I am sure that The Rosenblum Company will design an attractive building that will reflect the important value adding historic character of the neighborhood. The proposed project will improve Troy's competitive position amidst a national multigenerational trend towards modern, walkable, convenient urban living and strengthens the ability of local companies to attract talent. I ask the IDA to approve The Rosenblum Companies' request for support of this project, which I believe will be a powerful economic driver in the City. Sincerely, ¥� Ka}nl�sevac-Len Executive Director  ATTACHMENT 3 OF 5 Division of Human Resources p: (518) 276-6302 Rensselaer Polytechnic Institute f: (518) 276-6370 110 8th Street, Troy, NY 12180-3590 www.rpi.edu/dept/hr September 20, 2018 City of Troy Industrial Development Agency c/o Steven Strichman, Executive Director 433 River Street, Suite 5001 Troy, New York 12180 RE: Fourth Street Redevelopment Project/ The Rosenblum Companies Dear Honorable Board Members of the City of Troy IDA: I am writing to you in support of an application for assistance before the City of Troy Industrial Development Agency by The Rosenblum Companies for the redevelopment of the properties at 134 - 146 Fourth Street in Troy (the former KeyBank site and adjacent municipal lot). These properties are located in a neighborhood south of Congress Street that has not yet experienced the same economic growth as other parts of the City. The intersection of Fourth and Congress Streets has suffered from persistent public safety issues in spite of concerted community efforts and investment. The project, proposed by The Rosenblum Companies, would prevent an extended vacancy at the property, revitalize an important City gateway, and encourage more walking traffic south of Congress Street. Simultaneously the project will introduce significant new high quality housing as envisioned by the City's Comprehensive Plan. It is my opinion that a 100+ new resident property will increase a number of customers to patronize our shops, restaurants, galleries, etc. The Rosenblum Companies has built an exceptional reputation over a four-decade history as both a developer and a meticulous, community-minded operator. Their thoughtful renovation of the century-old Troy Record building combined with a newly constructed addition is not only a first of its type in Troy's Central Business District but it is already attracting additional commercial investment, as well as providing a place of residence for faculty, staff and students of Rensselaer Polytechnic Institute. The proposed project will make Troy more competitive amidst a national multigenerational trend towards modern, walkable, convenient urban living and will improve our ability to attract talent. I urge the IDA to approve The Rosenblum Companies' request for support of this project, which I believe will be a powerful economic driver in the City. Curtis N. Powell, M.S., SPHR, SHRM-SCP Vice President for Human Resources  ATTACHMENT 4 OF 5 RE: Fourth Street Redevelopment Project/ The Rosenblum Companies lam an owner of a famih· business that has been in Tro\· for onir sb,t':-se,·en \·ears. As a business leader and interested in the redtalization of Troy we are excited to see the positiYe de\·elopment The Rosenblum Companies has brought to our city in a short period of time. '\\·e look forward to any future projects of the Rosenblum companies. I am writing to you in support of an application for assistance before the City of Troy Industrial Development Agency by The Rosenblum Companies for the redevelopment of the properties at 134 - 1-16 Fourth Street in Tro>· (the former KeyBank site and adjacent municipal lot). These properties are located in a neighborhood south of Congress Street that has not yet experienced the same economic growth as other parts of the City. The intersection of Fourth and Congress Streets has suffered from persistent public safety issues in spite of concerted community efforts and inYestment. The project proposed by The Rosenblum Companies would avert an extended .-acancy at the property, re\'italize an important City gateway and encourage more \\'alking traffic south of Congress Street, extending the reach of do1rntown·s re\·italization. Simultaneously the project 11-iil introduce significant new high quality housing as emisioned by the Cit.-s Comprehensi\'e Plan while arguably reducing the demand on City sen·ices like la\\· enforcement and attracting 100+ new residents to patronize our shops. restaurants. galleries. etc. l"nfortunately. although the applicant faces considerable, unique development and operating challenges, this project is not eligible for a number of subsidies that m2de other difficult de\·elopments in the Cit· and region possible. It is therefore not surprising that Troy has seen limited infili projects of this type. The Rosenblum Companies has built an exceptional reputation o\·er a four-decade history as both a de\·eloper and a meticulous, community-minded operator. Their thoughtful reno\·ation of the century-old Troy Record building combined with a newly constructed addition is not only a first of its type in Troy·s Central Business District but it is already attracting additional commercial inn,stment. The proposed project "·ill make Troy more competiti\·e amidst a national multigenerational trend towards modern, walkable, con\'enient urban lhing and improws the ability of our local companies to attract talent. I urge the IDA to appro\·e The Rosenblum Companies· request for support of this project. which I belie\·e 1·.-ill be a nowerful economic driver in the Cit\·. Sincerely. • rr·/f . :½ -,.-.-/ ·• )r . 7 '::/ {6C·c'6 ,_/./ };;:/JC,_:/'<:_/1()  ATTACHMENT 5 OF 5 501 Broadway - Suite 108 Downtown Troy, New York 12180-3543 September 19th, 2018 City of Troy Industrial Development Agency 433 River Street, Suite 5001 Troy, New York 12180 Attn: Steven Strichman, Executive Director RE: The Rosenblum Companies, Fourth Street Redevelopment Dear Mr. Strichman, My wife and I are writing to you in support of the redevelopment of the former KeyBank site located on the corner of Congress & Fourth Street in Downtown Troy. Although we have all seen the Congress 8i Fourth Street area businesses go through some positive changes, it still seems to struggle with reaching the same economic grovvth as other parts of the City. We believe that with your approval for assistance, and generous support of this important redevelopment and revitalization project, it would increase the appeal of Downtown Troy, strengthen businesses, and improve the overall quality of life for its residents and patrons.  PROJECT AUTHORIZING RESOLUTION (Kings Commons LLC Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on September 21, 2018 at 10:00 a.m., local time, at 433 River Street, Troy, New York 12180. The meeting was called to order by the Chairman and, upon roll being called, the following members of the Authority were: MEMBER PRESENT ABSENT Kevin O’Bryan X Brian Carroll X Hon. Anasha Cummings X Hon. Mark McGrath X Louis Anthony X Paul Carroll X William Strang X Susan Farrell X Tina Urzan X The following persons were ALSO PRESENT: Steven Strichman, Justin Miller, Esq., MaryEllen Flores, Dylan Turek, Jim Conroy, Bob Decker, Debra Lockrow, Marie Gavazzi, Jona Hoxha, Carl Erickson, Genika Blandshaw, Jack Engster, Benjamin Oevering, Daniel Frament, Kristine Dimas, Michael Fusco, Gary Pavlic, Deanna DalPos, Michael Choppa, Colton Hill, Charles Wiff, Cosmo Marfione, Thomas P. Keaney, Tom Nardacci, Luke Nathan, Jiff Mirel, Seth Rosenblum, Jim Lewis, Elbert Watson, Guha Bala and Denee Zeigler. After the meeting had been duly called to order, the Chairman announced that among the purposes of the meeting was to consider and take action on certain matters pertaining to a proposed project for the benefit of Kings Commons LLC, for itself or an entity to be formed. On motion duly made by Brian Carroll and seconded by Susan Farrell, the following resolution was placed before the members of the Troy Industrial Development Authority: Member Aye Nay Abstain Absent Kevin O’Bryan X Brian Carroll X Hon. Anasha Cummings X Hon. Mark McGrath X Louis Anthony X Paul Carroll X William Strang X Susan Farrell X Tina Urzan X Page 1 of 9  Resolution No. 09/18 #2 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) AUTHORIZING THE UNDERTAKING OF A CERTAIN PROJECT (AS FURTHER DEFINED HEREIN) FOR THE BENEFIT OF KINGS COMMONS LLC (THE “COMPANY”); (ii) ADOPTING FINDINGS PURSUANT TO THE STATE ENVIRONMENTAL QUALITY REVIEW ACT (“SEQRA”) WITH RESPECT TO THE PROJECT; AND (iv) AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS AND AGREEMENTS RELATING TO THE PROJECT WHEREAS, by Title 11 of Article 8 of the Public Authorities Law of the State of New York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended (hereinafter collectively called the “Act”), the TROY INDUSTRIAL DEVELOPMENT AUTHORITY (hereinafter called the “Authority”) was created with the authority and power to own, lease and sell property for the purpose of, among other things, acquiring, constructing and equipping industrial, manufacturing and commercial facilities as authorized by the Act; and WHEREAS, KINGS COMMONS LLC, for itself and/or on behalf of an entity to be formed ( collectively, the “Company”), has requested the Authority’s assistance with a certain project (the “Project”) consisting of (i) the acquisition by the Authority of a leasehold interest in an approximately .22 acre parcel of land located at 12-14 King Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID No. 101.37-3-6) and the existing improvements located thereon (the “Existing Improvements”), (ii) the planning, design, engineering, construction and operation of a five story residential facility containing 52 market rate rental apartment units and common areas, all to be leased by the Company to residential tenants, including exterior access and egress improvements, curbage, utility, parking improvements and related site and exterior improvements upon and adjacent to the Land (collectively, the “Improvements”), (iii) the acquisition and installation by the Company in and around the Land, Existing Improvements and Improvements of certain items of equipment and other tangible personal property necessary and incidental in connection with the Company’s development of the Project in and around the Land, Existing Improvements and Improvements (the “Equipment”, and collectively with the Land, the Existing Improvements and the Improvements, the “Facility”), and (iv) the lease of the Facility to the Company; and WHEREAS, by resolution adopted August 10, 2018 (the “Initial Project Resolution”), the Authority (i) accepted the Application submitted by the Company, (ii) authorized the scheduling, notice and conduct of a public hearing with respect to the Project (the “Public Hearing”), and (iii) described the forms of financial assistance being contemplated by the Authority with respect to the Project (the “Financial Assistance”, as more fully described herein); and WHEREAS, pursuant to the Initial Project Resolution, the Authority duly scheduled, noticed and conducted the Public Hearing at 10:00 a.m. on September 21, 2018 whereat all interested persons were afforded a reasonable opportunity to present their views, either orally or in writing on the location and nature of the Facility and the proposed Financial Assistance to be afforded the Company in connection with the Project (a copy of the Minutes of the Public Hearing, proof of publication and delivery of Notice of Public Hearing being attached hereto as Exhibit A); and Page 2 of 9  WHEREAS, pursuant to application by the Company, the Planning Commission of the City of Troy (the “Planning Commission”), as lead agency pursuant to the State Environmental Quality Review Act and regulations adopted pursuant thereto (collectively, “SEQRA”), previously reviewed the Project and adopted a negative declaration (the “Negative Declaration”) with respect to the Project, a copy of which is attached hereto as Exhibit B; and WHEREAS, the Authority and Company have negotiated the terms of an Agent and Financial Assistance and Project Agreement (the “Agent Agreement”), a Lease Agreement (the “Lease Agreement”), related Leaseback Agreement (the “Leaseback Agreement”) and related Payment-in-lieu-of-Tax Agreement (the “PILOT Agreement”), and, subject to the conditions set forth within this resolution, it is contemplated that the Authority will (i) acquire a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement, (ii) appoint the Company agent of the Authority to undertake the Project and lease the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Company for the term of the Leaseback Agreement and PILOT Agreement, and (ii) provide certain forms of Financial Assistance to the Company, including (a) mortgage recording tax exemption(s) relating to one or more financings secured in furtherance of the Project; (b) a sales and use tax exemption for purchases and rentals related to the construction and equipping of the Project; and (c) a partial real property tax abatement structured through the PILOT Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. The Company has presented an application in a form acceptable to the Authority. Based upon the representations made by the Company to the Authority in the Company's application and in related correspondence, the Authority hereby finds and determines that: (A) By virtue of the Act, the Authority has been vested with all powers necessary and convenient to carry out and effectuate the purposes and provisions of the Act and to exercise all powers granted to it under the Act; and (B) The Authority has the authority to take the actions contemplated herein under the Act; and (C) The action to be taken by the Authority will induce the Company to develop the Project, thereby increasing employment opportunities in the City of Troy, New York, and otherwise furthering the purposes of the Authority as set forth in the Act; and (D) The Project will not result in the removal of a civic, commercial, industrial, or manufacturing plant of the Company or any other proposed occupant of the Project from one area of the State of New York (the “State”) to another area of the State or result in the abandonment of one or more plants or facilities of the Company or any other proposed occupant of the Project located within the State; and the Authority hereby finds that, based on the Company’s application, to the extent occupants are relocating from one plant or facility to another, the Project is reasonably necessary to discourage the Project occupants from removing such other plant or facility to a location outside the State and/or is reasonably necessary to preserve the competitive position of the Project occupants in their respective industries; and Page 3 of 9  (E) The Authority has reviewed the Negative Declaration adopted by the Planning Commission and determined the Project involves an “Unlisted Action” as said term is defined under SEQRA. The review is uncoordinated. Based upon the review by the Authority of the Negative Declaration, related Environmental Assessment Form (the “EAF”) and related documents delivered by the Company to the Authority and other representations made by the Company to the Authority in connection with the Project, the Authority hereby ratifies the SEQRA determination made by the Planning Commission and the Authority further finds that (i) the Project will result in no major impacts and, therefore, is one which may not cause significant damage to the environment; (ii) the Project will not have a “significant effect on the environment” as such quoted terms are defined in SEQRA; and (iii) no “environmental impact statement” as such quoted term is defined in SEQRA, need be prepared for this action. This determination constitutes a negative declaration in connection with the Authority’s sponsorship and involvement with the Project for purposes of SEQRA. Section 2. The Authority hereby accepts the Minutes of the Public Hearing and approves the provision of the proposed Financial Assistance to the Company, including (i) a sales and use tax exemption for materials, supplies and rentals acquired or procured in furtherance of the Project by the Company as agent of the Authority; (ii) mortgage recording tax exemption(s) in connection with secured financings undertaken by the Company in furtherance of the Project; and (iii) an abatement or exemption from real property taxes levied against the Land and Facility pursuant to a PILOT Agreement. Section 3. Subject to the Company executing the Leaseback Agreement and/or a related Agent Agreement, along with the delivery to the Authority of a binder, certificate or other evidence of liability insurance policy for the Project satisfactory to the Authority, the Authority hereby authorizes the undertaking of the Project, including the acquisition of a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement and related recording documents, the form and substance of which shall be approved as to form and content by counsel to the Authority. Subject to the within conditions, the Authority further authorizes the execution and delivery of the Leaseback Agreement, wherein the Company is authorized to undertake the construction and equipping of the Improvements and hereby appoints the Company as the true and lawful agent of the Authority: (i) to acquire, construct and equip the Improvements and acquire and install the Equipment; (ii) to make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions, as the stated agent for the Authority with the authority to delegate such agency, in whole or in part, to agents, subagents, contractors, and subcontractors of such agents and subagents and to such other parties as the Company chooses; and (iii) in general, to do all things which may be requisite or proper for completing the Project, all with the same powers and the same validity that the Authority could do if acting in its own behalf. The foregoing authorization and appointment by the Authority of the Company as agent to undertake the Project shall expire on June 30, 2018, unless extended by the Executive Director of the Authority upon written application by the Company. Based upon the representation and warranties made by the Company the Application, the Authority hereby authorizes and approves the Company, as its agent, to make purchases of goods and services relating to the Project and that would otherwise be subject to New York State and local sales and use tax in an amount up to $6,250,000.00, which result in New York State and local sales and use tax exemption benefits (“sales and use tax exemption benefits”) not to exceed $500,000.00. The Authority agrees to consider any requests by the Company for increase to the amount of sales and use tax exemption benefits authorized by the Authority upon being provided Page 4 of 9 with appropriate documentation detailing the additional purchases of property or services, and, to the extent required, the Authority authorizes and conducts any supplemental public hearing(s). Pursuant to Section 1963-b of the Act, the Authority may recover or recapture from the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, any sales and use tax exemption benefits taken or purported to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, if it is determined that: (i) the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, is not entitled to the sales and use tax exemption benefits; (ii) the sales and use tax exemption benefits are in excess of the amounts authorized to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project; (iii) the sales and use tax exemption benefits are for property or services not authorized by the Authority as part of the Project; (iv) the Company has made a material false statement on its application for financial assistance; (v) the sales and use tax exemption benefits are taken in cases where the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project; and/or (vi) the Company obtains mortgage recording tax benefits and/or real property tax abatements and fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project (collectively, items (i) through (vi) hereby defined as a “Recapture Event”). As a condition precedent of receiving sales and use tax exemption benefits, mortgage recording tax exemption benefits, and real property tax abatement benefits, the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, must (i) if a Recapture Event determination is made by the Authority, cooperate with the Authority in its efforts to recover or recapture any sales and use tax exemption benefits, mortgage recording tax benefits and/or real property tax abatements abatement benefits, and (ii) promptly pay over any such amounts to the Authority that the Authority demands, if and as so required to be paid over as determined by the Authority. Section 4. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the Authority are hereby authorized, on behalf of the Authority, to execute, deliver (A) the Agent Agreement, wherein the Authority will appoint the Company as agent to undertake the Project, (B) the Lease Agreement, pursuant to which the Company will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Authority, (C) the Leaseback Agreement, pursuant to which the Authority will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility back to the Company, (D) the PILOT Agreement pursuant to which the Company shall be required to make certain PILOT Payments to the Authority for the benefit of the Affected Taxing Jurisdictions (along with a related PILOT Mortgage Agreement, or in the discretion of the Executive Director, a sufficient guaranty of performance under the Leaseback Agreement and PILOT Agreement), and (E) related documents, including, but not limited to, Sales Tax Exemption Letter(s), Bills(s) of Sale and related instruments; provided the rental payments under the Leaseback Agreement include payments of all costs incurred by the Authority arising out of or related to the Project and indemnification of the Authority by the Company for actions taken by the Company and/or claims arising out of or related to the Project. Page 5 of 9  Section 5. The Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority are hereby further authorized, on behalf of the Authority, and to the extent necessary, to execute and deliver any mortgage, assignment of leases and rents, security agreement, UCC-1 Financing Statements and all documents reasonably contemplated by these resolutions or required by any lender identified by the Company (the “Lender”) up to a maximum principal amount necessary to undertake the Project and/or finance/refinance acquisition and Project costs, equipment and other personal property and related transactional costs, and, where appropriate, the Secretary or Assistant Secretary of the Authority is hereby authorized to affix the seal of the Authority to the Authority Documents and to attest the same, all with such changes, variations, omissions and insertions as the Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority shall approve, the execution thereof by the Chairman, Vice Chairman or the Executive Director/Chief Executive Officer of the Authority to constitute conclusive evidence of such approval; provided, in all events, recourse against the Authority is limited to the Authority’s interest in the Project. Section 6. The officers, employees and agents of the Authority are hereby authorized and directed for and in the name and on behalf of the Authority to do all acts and things required and to execute and deliver all such certificates, instruments and documents, to pay all such fees, charges and expenses and to do all such further acts and things as may be necessary or, in the opinion of the officer, employee or agent acting, desirable and proper to effect the purposes of the foregoing resolutions and to cause compliance by the Authority with all of the terms, covenants and provisions of the documents executed for and on behalf of the Authority. Section 7. These Resolutions shall take effect immediately. Page 6 of 9  EXHIBIT A PUBLIC HEARING MATERIALS Page 8 of 9  EXHIBIT B SEQRA MATERIALS Page 9 of 9  PROJECT AUTHORIZING RESOLUTION (Fourth Street Troy, LLC Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on September 21, 2018 at 10:00 a.m., local time, at 433 River Street, Troy, New York 12180. The meeting was called to order by the Chairman and, upon roll being called, the following members of the Authority were: MEMBER PRESENT ABSENT Kevin O’Bryan X Brian Carroll X Hon. Anasha Cummings X Hon. Mark McGrath X Louis Anthony X Paul Carroll X William Strang X Susan Farrell X Tina Urzan X The following persons were ALSO PRESENT: Steven Strichman, Justin Miller, Esq., MaryEllen Flores, Dylan Turek, Jim Conroy, Bob Decker, Debra Lockrow, Marie Gavazzi, Jona Hoxha, Carl Erickson, Genika Blandshaw, Jack Engster, Benjamin Oevering, Daniel Frament, Kristine Dimas, Michael Fusco, Gary Pavlic, Deanna DalPos, Michael Choppa, Colton Hill, Charles Wiff, Cosmo Marfione, Thomas P. Keaney, Tom Nardacci, Luke Nathan, Jiff Mirel, Seth Rosenblum, Jim Lewis, Elbert Watson, Guha Bala and Denee Zeigler. After the meeting had been duly called to order, the Chairman announced that among the purposes of the meeting was to consider and take action on certain matters pertaining to a proposed project for the benefit of Fourth Street Troy, LLC, for itself or an entity to be formed. On motion duly made by Mark McGrath and seconded by Paul Carroll, the following resolution was placed before the members of the Troy Industrial Development Authority: Member Aye Nay Abstain Absent Kevin O’Bryan X Brian Carroll X Hon. Anasha Cummings X Hon. Mark McGrath X Louis Anthony X Paul Carroll X William Strang X Susan Farrell X Tina Urzan X Page 1 of 9  Resolution No. 09/18 #1 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) AUTHORIZING THE UNDERTAKING OF A CERTAIN PROJECT (AS FURTHER DEFINED HEREIN) FOR THE BENEFIT OF FOURTH STREET TROY, LLC (THE “COMPANY”); (ii) ADOPTING FINDINGS PURSUANT TO THE STATE ENVIRONMENTAL QUALITY REVIEW ACT (“SEQRA”) WITH RESPECT TO THE PROJECT; AND (iv) AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS AND AGREEMENTS RELATING TO THE PROJECT WHEREAS, by Title 11 of Article 8 of the Public Authorities Law of the State of New York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended (hereinafter collectively called the “Act”), the TROY INDUSTRIAL DEVELOPMENT AUTHORITY (hereinafter called the “Authority”) was created with the authority and power to own, lease and sell property for the purpose of, among other things, acquiring, constructing and equipping industrial, manufacturing and commercial facilities as authorized by the Act; and WHEREAS, FOURTH STREET TROY, LLC, for itself and/or on behalf of an entity to be formed ( collectively, the “Company”), has requested the Authority’s assistance with a certain project (the “Project”) consisting of (i) the acquisition by the Authority of a leasehold interest in two parcels of land located at 144-146 Fourth Street and 134-142 Fourth Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID Nos. 101.61-7-22 and 101.61-7-2) and the existing building structures and improvements located thereon consisting principally of a vacant former bank branch building and related parking and site improvements (the “Existing Improvements”), (ii) the demolition of portions of the Existing Improvements and the planning, design, engineering, construction, of an approximately 194,000 square foot, five story mixed use commercial and residential facility containing approximately 2,000 to 3,000 square feet of commercial space and approximately 80 market rate rental apartment units, all to be leased by the Company to residential and commercial tenants, including exterior access and egress improvements, curbage, parking and related exterior improvements (collectively, the “Improvements”), (iii) the acquisition and installation by the Company in and around the Land, Existing Improvements and Improvements of certain items of equipment and other tangible personal property necessary and incidental in connection with the Company’s development of the Project in and around the Land, Existing Improvements and Improvements (the “Equipment”, and collectively with the Land, the Existing Improvements and the Improvements, the “Facility”), and (iv) the lease of the Facility to the Company; and WHEREAS, by resolution adopted June 15, 2018 (the “Initial Project Resolution”), the Authority (i) accepted the Application submitted by the Company, (ii) authorized the scheduling, notice and conduct of a public hearing with respect to the Project (the “Public Hearing”), and (iii) described the forms of financial assistance being contemplated by the Authority with respect to the Project (the “Financial Assistance”, as more fully described herein); and WHEREAS, pursuant to the Initial Project Resolution, the Authority duly scheduled, noticed and conducted the Public Hearing at 10:00 a.m. on September 21, 2018 whereat all interested persons were afforded a reasonable opportunity to present their views, either orally or in writing on the location and nature of the Facility and the proposed Financial Assistance to be Page 2 of 9 afforded the Company in connection with the Project (a copy of the Minutes of the Public Hearing, proof of publication and delivery of Notice of Public Hearing being attached hereto as Exhibit A); and WHEREAS, pursuant to application by the Company, the Planning Commission of the City of Troy (the “Planning Commission”), as lead agency pursuant to the State Environmental Quality Review Act and regulations adopted pursuant thereto (collectively, “SEQRA”), previously reviewed the Project and adopted a negative declaration (the “Negative Declaration”) with respect to the Project, a copy of which is attached hereto as Exhibit B; and WHEREAS, the Authority and Company have negotiated the terms of an Agent and Financial Assistance and Project Agreement (the “Agent Agreement”), a Lease Agreement (the “Lease Agreement”), related Leaseback Agreement (the “Leaseback Agreement”) and related Payment-in-lieu-of-Tax Agreement (the “PILOT Agreement”), and, subject to the conditions set forth within this resolution, it is contemplated that the Authority will (i) acquire a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement, (ii) appoint the Company agent of the Authority to undertake the Project and lease the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Company for the term of the Leaseback Agreement and PILOT Agreement, and (ii) provide certain forms of Financial Assistance to the Company, including (a) mortgage recording tax exemption(s) relating to one or more financings secured in furtherance of the Project; (b) a sales and use tax exemption for purchases and rentals related to the construction and equipping of the Project; and (c) a partial real property tax abatement structured through the PILOT Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. The Company has presented an application in a form acceptable to the Authority. Based upon the representations made by the Company to the Authority in the Company's application and in related correspondence, the Authority hereby finds and determines that: (A) By virtue of the Act, the Authority has been vested with all powers necessary and convenient to carry out and effectuate the purposes and provisions of the Act and to exercise all powers granted to it under the Act; and (B) The Authority has the authority to take the actions contemplated herein under the Act; and (C) The action to be taken by the Authority will induce the Company to develop the Project, thereby increasing employment opportunities in the City of Troy, New York, and otherwise furthering the purposes of the Authority as set forth in the Act; and (D) The Project will not result in the removal of a civic, commercial, industrial, or manufacturing plant of the Company or any other proposed occupant of the Project from one area of the State of New York (the “State”) to another area of the State or result in the abandonment of one or more plants or facilities of the Company or any other proposed occupant of the Project located within the State; and the Authority hereby finds that, based on the Company’s application, to the extent occupants are relocating from one plant or facility to Page 3 of 9 another, the Project is reasonably necessary to discourage the Project occupants from removing such other plant or facility to a location outside the State and/or is reasonably necessary to preserve the competitive position of the Project occupants in their respective industries; and (E) The Authority has reviewed the Negative Declaration adopted by the Planning Commission and determined the Project involves an “Unlisted Action” as said term is defined under SEQRA. The review is uncoordinated. Based upon the review by the Authority of the Negative Declaration, related Environmental Assessment Form (the “EAF”) and related documents delivered by the Company to the Authority and other representations made by the Company to the Authority in connection with the Project, the Authority hereby ratifies the SEQRA determination made by the Planning Commission and the Authority further finds that (i) the Project will result in no major impacts and, therefore, is one which may not cause significant damage to the environment; (ii) the Project will not have a “significant effect on the environment” as such quoted terms are defined in SEQRA; and (iii) no “environmental impact statement” as such quoted term is defined in SEQRA, need be prepared for this action. This determination constitutes a negative declaration in connection with the Authority’s sponsorship and involvement with the Project for purposes of SEQRA. Section 2. The Authority hereby accepts the Minutes of the Public Hearing and approves the provision of the proposed Financial Assistance to the Company, including (i) a sales and use tax exemption for materials, supplies and rentals acquired or procured in furtherance of the Project by the Company as agent of the Authority; (ii) mortgage recording tax exemption(s) in connection with secured financings undertaken by the Company in furtherance of the Project; and (iii) an abatement or exemption from real property taxes levied against the Land and Facility pursuant to a PILOT Agreement. Section 3. Subject to the Company executing the Leaseback Agreement and/or a related Agent Agreement, along with the delivery to the Authority of a binder, certificate or other evidence of liability insurance policy for the Project satisfactory to the Authority, the Authority hereby authorizes the undertaking of the Project, including the acquisition of a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement and related recording documents, the form and substance of which shall be approved as to form and content by counsel to the Authority. Subject to the within conditions, the Authority further authorizes the execution and delivery of the Leaseback Agreement, wherein the Company is authorized to undertake the construction and equipping of the Improvements and hereby appoints the Company as the true and lawful agent of the Authority: (i) to acquire, construct and equip the Improvements and acquire and install the Equipment; (ii) to make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions, as the stated agent for the Authority with the authority to delegate such agency, in whole or in part, to agents, subagents, contractors, and subcontractors of such agents and subagents and to such other parties as the Company chooses; and (iii) in general, to do all things which may be requisite or proper for completing the Project, all with the same powers and the same validity that the Authority could do if acting in its own behalf. The foregoing authorization and appointment by the Authority of the Company as agent to undertake the Project shall expire on June 30, 2018, unless extended by the Executive Director of the Authority upon written application by the Company. Based upon the representation and warranties made by the Company the Application, the Authority hereby authorizes and approves the Company, as its agent, to make purchases of goods and services relating to the Project and that would otherwise be subject to New York State and Page 4 of 9 local sales and use tax in an amount up to $11,209,362.00, which result in New York State and local sales and use tax exemption benefits (“sales and use tax exemption benefits”) not to exceed $896,749.00. The Authority agrees to consider any requests by the Company for increase to the amount of sales and use tax exemption benefits authorized by the Authority upon being provided with appropriate documentation detailing the additional purchases of property or services, and, to the extent required, the Authority authorizes and conducts any supplemental public hearing(s). Pursuant to Section 1963-b of the Act, the Authority may recover or recapture from the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, any sales and use tax exemption benefits taken or purported to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, if it is determined that: (i) the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, is not entitled to the sales and use tax exemption benefits; (ii) the sales and use tax exemption benefits are in excess of the amounts authorized to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project; (iii) the sales and use tax exemption benefits are for property or services not authorized by the Authority as part of the Project; (iv) the Company has made a material false statement on its application for financial assistance; (v) the sales and use tax exemption benefits are taken in cases where the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project; and/or (vi) the Company obtains mortgage recording tax benefits and/or real property tax abatements and fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project (collectively, items (i) through (vi) hereby defined as a “Recapture Event”). As a condition precedent of receiving sales and use tax exemption benefits, mortgage recording tax exemption benefits, and real property tax abatement benefits, the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, must (i) if a Recapture Event determination is made by the Authority, cooperate with the Authority in its efforts to recover or recapture any sales and use tax exemption benefits, mortgage recording tax benefits and/or real property tax abatements abatement benefits, and (ii) promptly pay over any such amounts to the Authority that the Authority demands, if and as so required to be paid over as determined by the Authority. Section 4. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the Authority are hereby authorized, on behalf of the Authority, to execute, deliver (A) the Agent Agreement, wherein the Authority will appoint the Company as agent to undertake the Project, (B) the Lease Agreement, pursuant to which the Company will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Authority, (C) the Leaseback Agreement, pursuant to which the Authority will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility back to the Company, (D) the PILOT Agreement pursuant to which the Company shall be required to make certain PILOT Payments to the Authority for the benefit of the Affected Taxing Jurisdictions (along with a related PILOT Mortgage Agreement, or in the discretion of the Executive Director, a sufficient guaranty of performance under the Leaseback Agreement and PILOT Agreement), and (E) related documents, including, but not limited to, Sales Tax Page 5 of 9 Exemption Letter(s), Bills(s) of Sale and related instruments; provided the rental payments under the Leaseback Agreement include payments of all costs incurred by the Authority arising out of or related to the Project and indemnification of the Authority by the Company for actions taken by the Company and/or claims arising out of or related to the Project. Section 5. The Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority are hereby further authorized, on behalf of the Authority, and to the extent necessary, to execute and deliver any mortgage, assignment of leases and rents, security agreement, UCC-1 Financing Statements and all documents reasonably contemplated by these resolutions or required by any lender identified by the Company (the “Lender”) up to a maximum principal amount necessary to undertake the Project and/or finance/refinance acquisition and Project costs, equipment and other personal property and related transactional costs, and, where appropriate, the Secretary or Assistant Secretary of the Authority is hereby authorized to affix the seal of the Authority to the Authority Documents and to attest the same, all with such changes, variations, omissions and insertions as the Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority shall approve, the execution thereof by the Chairman, Vice Chairman or the Executive Director/Chief Executive Officer of the Authority to constitute conclusive evidence of such approval; provided, in all events, recourse against the Authority is limited to the Authority’s interest in the Project. Section 6. The officers, employees and agents of the Authority are hereby authorized and directed for and in the name and on behalf of the Authority to do all acts and things required and to execute and deliver all such certificates, instruments and documents, to pay all such fees, charges and expenses and to do all such further acts and things as may be necessary or, in the opinion of the officer, employee or agent acting, desirable and proper to effect the purposes of the foregoing resolutions and to cause compliance by the Authority with all of the terms, covenants and provisions of the documents executed for and on behalf of the Authority. Section 7. These Resolutions shall take effect immediately. Page 6 of 9  EXHIBIT A PUBLIC HEARING MATERIALS Page 8 of 9  EXHIBIT B SEQRA MATERIALS Page 9 of 9