Troy Industrial Development Authority

Board Members Chair Josh Chiappone Justin Nadeau Susan Farrell Vice Chair Elbert Watson Hon. Anasha Cummings Hon. Jim Gulli Stephanie Fitch Executive Director Latasha Gardner Steven Strichman BOARD OF DIRECTORS MEETING CITY HALL PLANNING DEPT. CONFERENCE ROOM 433 RIVER STREET, SUITE 5001 TROY, NY 12180 JULY 16, 2021 10:00 a.m. I. Approval of Minutes from the June 4, 2021 meeting II. Governance Committee Report – no update III. Executive Director’s Report IV. Old Business V. New Business VI. Financials VII. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  June 4, 2021 10:00 AM Regular Board Meeting This meeting was held via Zoom Present: Justin Nadeau, Susan Farrell, Elbert Watson, Hon. Anasha Cummings, Hon. Jim Gulli and Latasha Gardner. Absent: Stephanie Fitch and Josh Chiappone Also in attendance: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Amy Lavine, Philip Morissey and Denee Zeigler. D 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 R The board reviewed the minutes from May 14, 2021. T Susan Farrell made a motion to approve the May 14, 2021 board meeting minutes. AF Elbert Watson seconded the motion, motion carried. II. Governance Committee Meeting Report Mr. Strichman summarized the Governance Committee meeting that took place May 21st with Susan Farrell, Elbert Watson and Stephanie Fitch. He advised that the committee reviewed the charter and fee policy. They felt the policies and procedures did not require any changes. They did suggest increasing the fee policy from $2,500 to $5,000 to accommodate the timeline from application to closing for PILOTs and mortgage recording tax; sales tax application fees will remain $2,500. The next items to be reviewed will be the Procurement and Measurement Reports. (See attached Resolution 06/20 #1) Jim Gulli made a motion to approve the Application Fee increase to $5,000 for PILOTs and Mortgage Recording Tax only. Latasha Gardner seconded the motion, motion carried. III. Executive Director’s Report 1  Outstanding PILOTs – Mr. Strichman advised that he expects that City Station North and Riverwalk are expected to close soon. He noted some additional activity now that things are beginning to open up again. IV. Financials Ms. Flores presented the statement of financial position to the board. She advised that as of May 31, 2021, the total assets stand at $421,211 with $242,666 in cash. She noted $8,062 in liabilities, leaving a fund balance of $413,149. No real changes to the statement of net position. Ms. Flores presented the statement of activity for May and explained there is a deficit of $5,371; revenue from interest and larges expense from legal fees. Mr. Watson asked about if the budget was for the year or the first five months. Ms. Flores advised it is for the whole year. Mr. Strichman advised that the accounts receivable report was sent out this morning. He advised that they are late fees on Pilots which will be forwarded to the city once received. Mr. Nadeau advised additional receivables were received after our last meeting. Mr. Watson asked about Hendrick Hudson. Mr. Strichman advised they are owned by Bonacio, along with a few others. The payments came in late and they were disputing the charges. D Hon. Jim Gulli made a motion to approve the financials as presented. Elbert Watson seconded the motion, motion carried. V. R New/Old Business No New/Old Business VI. Adjournment T AF With no additional business to discuss, the IDA board meeting was adjourned at 10:18 a.m. Hon. Jim Gulli made a motion to adjourn IDA board meeting at 10:18. Susan Farrell seconded the motion, motion carried. 2  AUTHORIZING RESOLUTION (Ratifying Administrative Fee Policy) A regular meeting of the Troy Industrial Development Authority was convened on June 4, 2021 at 10:00 a.m. at 433 River Street, Troy, New York 12180 The meeting was called to order by the Chairman, with the following members being: PRESENT: Justin Nadeau, Susan Farrell, Elbert Watson, Hon. Anasha Cummings, Hon. Jim Gulli and Latasha Gardner ABSENT: Stephanie Fitch and Josh Chiappone THE FOLLOWING PERSONS WERE ALSO PRESENT: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Amy Lavine, Philip Morissey and Denee Zeigler On motion duly made and seconded, the following resolution was placed before the D members of the Troy Industrial Development Authority: Resolution No. 06/20 #1 R RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY RATIFYING ADMINISTRATIVE FEE POLICY AND PROCEDURES WHEREAS, by Title 11 of Article 8 of the Public Authorities Law of the State of New T York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended AF (hereinafter collectively called the “Act”), the TROY INDUSTRIAL DEVELOPMENT AUTHORITY (hereinafter called “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, pursuant to Chapter 563 of the Laws of 2015, the Authority approved by resolution dated May 20, 2016 the following administrative policies and forms: (i) an updated Application for Financial Assistance (the “Application”); (ii) an updated Project Recapture and Termination Policy; (iii) a Uniform Project Evaluation Policy; and (iv) a standard form of Agent and Financial Assistance and Project Agreement; and WHEREAS, the Authority desires to amend the Administrative Fee Schedule contained within the Application NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. The Authority hereby ratifies the Administrative Fee Schedule contained within the Application, and as set forth within Exhibit A, hereto. Page 1  Section 2. The members, 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 3. These Resolutions shall take effect immediately upon adoption. The question of the adoption of the foregoing Resolution was duly put to a vote on roll call, which resulted as follows: D Justin Nadeau Member Hon. Anasha Cummings Aye X X Nay Abstain Absent Hon. Jim Gulli Latasha Gardner Susan Farrell R X X X Stephanie Fitch Josh Chiappone T X X AF Elbert Watson X The Resolution was thereupon duly adopted. Page 2  EXHIBIT A AUTHORITY ADMINISTRATIVE FEE SCHEDULE Troy Industrial Development Authority (TIDA) 433 River Street, Suite 5001, Troy New York 12180 AUTHORITY ADMINISTRATIVE FEE SCHEDULE Taxable and Tax Exempt Industrial Development Revenue Bonds Application Fee: A non‐refundable fee of $5,000 and a $500 processing fee are payable to the TIDA at the time the application is submitted. The $5,000 fee will be credited towards the total fee at closing. Fee: First $10,000,000: .75% of the principal amount of the bond series. Over $10,000,000: .5% of the bond series D Annual (post‐closing) administrative fee of $1,500 Straight Lease Transactions (including PILOT Agreement) Application Fee: R A non‐refundable fee of $5,000 and a $500 processing fee are payable to the TIDA at the time the application is submitted. The $2500 fee will be T credited towards the total fee at closing. AF Fee: .75% of total Project Cost Annual administrative fee of $500 Sales Tax and/or Mortgage Recording Tax only Transactions (No PILOT Agreement) Application Fee: A non‐refundable fee of $2,500 and a $500 processing fee are payable to the TIDA at the time the application is submitted. The $2500 fee will be credited towards the total fee at closing. Fee: Minimum $4,500 or 10% estimated exemption amount, whichever is greater Annual administrative fee of $500.00 Page 3  T AF R D