Troy Industrial Development Authority
Regular MeetingTroy, NY · October 23, 2020
Minutes
October 23, 2020
10:00 AM
Audit and Finance Committee Meeting
This meeting was held via Zoom
Present: Justin Nadeau, Rich Nolan, Susan Farrell, Elbert Watson, Stephanie Fitch, Hon. Jim
Gulli, Latasha Gardner and Josh Chiappone.
Absent: Hon. Anasha Cummings
Also in attendance: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Deanna Dal Pos,
Nathaniel Bette, Charlotte O’Conner, Sharon Martin and Denee Zeigler.
The audit and finance committee meeting was called to order at 10:00 a.m. Mr. Strichman noted
that this meeting is being held via conference call and online due to the Governor’s Executive
Order No. 202.1.
I. Minutes
The board reviewed the Audit & Finance Committee meeting minutes from September
18, 2020.
Hon. Jim Gulli made a motion to approve the September 18 ,2020 Audit &
Finance Committee meeting minutes.
Rich Nolan seconded the motion, motion carried.
II. FINAL Budget Presentation
Mr. Strichman went over the 2021 budget with the board and advised that it has not
changed since the last meeting. He noted that the spreadsheet shows the project
expenditure for the 701 River Street and the payment we will be receiving from them
next year; balancing each other out. He advised that there a several projects that will
be closing in 2021 so the amount of income was estimated at $200,000. Mr.
Strichman also noted the $61,000 expenditure is a previously approved item related
to wayfinding signage. The budget is extrapolated out to 2025. Mr. Watson asked for
an update on the project we approved on River Street that was going to have
commercial space on the first floor and apartments above. Mr. Strichman explained
that they had an issue with a title for a piece of land, but they have been moving
along. Mr. Miller added that they submitted an updated application earlier this year
that included a longer PILOT schedule to satisfy financing requirements. He
explained that all documents have been updated and the last issue is working to get
the city reverter released. Mr. Nolan asked if we know how close we were to meeting
our budgeted amount that we projected last year. Mr. Strichman advised that we
were tracking it but does not have the final in hand; he can have it discussed during
the financial presentation. He explained that we were under with project income and
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had an unexpected expenditure with 701 River Street. Mr. Nolan would like to see it
the comparison to help understanding if we are on track. Mr. Miller agreed that the
project slow down due to COVID was a major reason for decrease in revenue.
Rich Nolan made a motion to approve the 2021 IDA Budget.
Elbert Watson seconded the motion, motion carried.
III. Adjournment
With no additional business to discuss, the audit and finance committee meeting was
adjourned at 10:11 a.m.
Hon. Jim Gulli made a motion to adjourn the IDA Audit & Finance Committee
meeting at 10:11.
Rich Nolan seconded the motion, motion carried.
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Agenda
Board Members
Chair
Josh Chiappone
Justin Nadeau
Susan Farrell
Vice Chair Elbert Watson
Rich Nolan Hon. Anasha Cummings
Hon. Jim Gulli
Executive Director Stephanie Fitch
Steven Strichman Latasha Gardner
AUDIT & FINANCE COMMITTEE MEETING
OCTOBER 23, 2020
10:00 A.M.
LINK TO JOIN ZOOM MEETING
MEETING ID: 979 3336 3087
PASSCODE: 224455
I. Approval of September 18, 2020 Minutes.
II. Budget
III. Adjournment
City Hall – 433 River Street, Suite 5001, Troy, New York 12180
Phone: 518.279.7166
September 18, 2020
10:00 AM
Audit and Finance Committee Meeting
This meeting was held via GoToMeeting
Present: Justin Nadeau, Rich Nolan, Susan Farrell, Elbert Watson, Hon. Anasha Cummings,
Stephanie Fitch, Hon. Jim Gulli, Latasha Gardner and Josh Chiappone.
Absent:
Also in attendance: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Deanna Dal Pos,
Christopher Babcock, Larry Regan, Christian Arakelian, Hannah Cedermark, Sharon Martin, Dylan
Turek and Denee Zeigler.
D
The audit and finance committee meeting was called to order at 11:18 a.m. Mr. Strichman noted
that this meeting is being held via conference call and online due to the Governor’s Executive
Order No. 202.1.
I.
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Budget Presentation
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Mr. Strichman presented the draft budget for the IDA and noted that it will need to be
approved at the October meeting. He explained there is a column reviewing the 2019
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actuals and 2020 end of year estimates. Based on those numbers, the amounts are
projected for 2021-2025. Mr. Strichman noted at the bottom of the sheet is our end of
year cash position. He advised that it will be sent around electronically for review. Mr.
Strichman noted it has been a slow year for projects; only one administrative fee
received to date for Montroy Management’ project at the former St. Augustine’s. He
added they are hoping to receive two more this year; DeFazio’s and 171 Riverwalk.
Mr. Strichman noted there is a section for professional service contracts; city staffing
fee, legal, audit and finance. He explained non-operating expenditures represents the
additional funding given to 701 River Street project and is balanced in future years
through the sale price of the property. Mr. Strichman noted that $200,000 is an
estimated amount entered in each year for project income. He explained there is a
section for fee sharing that occurs between the IDA and LDC.
II. Minutes
The board reviewed the Audit & Finance Committee meeting minutes from January
17, 2020 and March 20, 2020. After discussing, Mr. Strichman noted that we will not
have a quorum of members due to turnover and they will be certified by the acting
secretary as approved.
III. Adjournment
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With no additional business to discuss, the audit and finance committee meeting was
adjourned at 11:26 a.m.
Hon. Jim Gulli made a motion to adjourn the IDA Audit & Finance Committee
meeting at 11:26.
Hon. Anasha Cummings seconded the motion, motion carried.
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