Troy Industrial Development Authority

Board Members Chair Josh Chiappone Justin Nadeau Susan Farrell Elbert Watson Executive Director Hon. Anasha Cummings Steven Strichman Hon. Jim Gulli Stephanie Fitch Latasha Gardner AUDIT & FINANCE COMMITTEE MEETING FEBRUARY 19, 2021 10:00 A.M. LINK TO JOIN ZOOM MEETING MEETING ID: 984 8854 1732 PASSCODE: 268793 I. Approval of October 23, 2020 Minutes. II. Preliminary 2020 Audit Discussion – Wojeski & Co., CPAs III. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  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. T 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 AF The board reviewed the Audit & Finance Committee meeting minutes from September 18, 2020. II. DR Hon. Jim Gulli made a motion to approve the September 18 ,2020 Audit & Finance Committee meeting minutes. Rich Nolan seconded the motion, motion carried. 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 1  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. T AF DR 2