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 AUGUST 20, 2021 10:00 a.m. I. Approval of Minutes from the July 16, 2021 meeting II. Governance Committee Report III. Executive Director’s Report IV. Old Business V. New Business HR&A Consultant for DRI assistance Option to Purchase Land VI. Financials VII. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  July 16, 2021 10:00 AM Regular Board Meeting This meeting was held via Zoom Present: Justin Nadeau, Susan Farrell, Elbert Watson, Stephanie Fitch, and Latasha Gardner. Absent: Josh Chiappone, Hon. Anasha Cummings and Hon. Jim Gulli Also in attendance: Steven Strichman, Justin Miller Esq., Mary Ellen Flores, Deanna Dal Pos and Denee Zeigler. I. D Minutes The board reviewed the minutes from June 4, 2021. R Susan Farrell made a motion to approve the June 4, 2021 board meeting minutes. Stephanie Fitch seconded the motion, motion carried. II. T Governance Committee Meeting Report AF Mr. Strichman advised that they did not meet this month, but will have an update for the next meeting. III. Executive Director’s Report Terminated PILOTs – Mr. Strichman advised that both the Flanigan Building and Uncle Sam Garage have extinguished their PILOTs. Both were done at the developer’s request. He advised they are now fully taxable. Fitzgerald OZ, LLC – Mr. Strichman advised this project had experienced a slow down during COVID shutdowns and has reached out for an extension of their Sales Tax Exemption benefit. He noted that there is not vote required and he will work on the request. IV. Old Business Kings Landing II – Mr. Strichman advised that we reviewed their project and it is currently going through the planning commission process; they are reconfiguring their project. 1  Riverwalk – Mr. Strichman advised this project has been delayed due to some issues with the reverter release with the City, but it is moving forward. Mr. Watson asked about his financing and cash flow issues. Mr. Strichman advised it is the property across from Tara Kitchen on River Street. V. Financials Ms. Flores presented the statement of financial position to the board. She advised that as of June 30, 2021, the total assets stand at $419,281 with $245,194 in cash. She noted $11,249.81 in liabilities, leaving a fund balance of $408,031.23. The most significant change is in the bond payable for the preservation bond. Ms. Flores presented the statement of activity for June and explained there is a deficit of $5,118; with the largest expense from legal fees. Mr. Nadeau asked about an update to the accounts receivable report. Mr. Strichman noted that it is only one at this point and he will be reaching out to them to discuss. He noted they are done, open and almost fully leased out. Mr. Watson asked about the $1,900. Ms. Flores advised that is a late fee for 444 River Lofts and she noted that they did reach out for previous billings. Stephanie Fitch made a motion to approve the financials as presented. VI. D Elbert Watson seconded the motion, motion carried. Executive Session R Mr. Nadeau advised the board will go into executive session to discuss real estate negotiations. T Susan Farrell made a motion to go into executive session to discuss real estate negotiations. AF Susan Fitch seconded the motion, motion carried. Susan Farrell made a motion to adjourn executive session with no action taken. Stephanie Fitch seconded the motion, motion carried. VII. Adjournment With no additional business to discuss, the IDA board meeting was adjourned at 10:42 a.m. Stephanie Fitch made a motion to adjourn IDA board meeting at 10:42. Elbert Watson seconded the motion, motion carried. 2 Chair Executive Director Justin Nadeau Steven Strichman Minutes of July 21, 2021 Meeting 2:00 p.m. Attendance: Governance Committee: Susan Farrell, Elbert Watson, Stephanie Fitch by phone Staff: Steven Strichman, ED The meeting was called to order at 2:09 p.m. The members accepted the minutes from the June 9, 2021 meeting, The members continued discussion and review of the IDA’s current procurement policy. It was decided to increase the approval thresholds for materials, supplies, equipment, non-professional services, and professional services from $500 to $1000. Service purchases from $5,001- $9,999 will require three vendor quotes (a reduction from an upper limit of $19,999). Purchases over $10,000 will require an RFP or RFQ. After discussion of the renewal of services such as insurance, legal and bookkeeping, the committee will examine the procurement policy of another New York IDA before making any changes to that portion of the policy. The committee continued the review of the Mission Statement and performance measures. It was determined that the performance measures were appropriate, and should be tracked over the course of each year. The Committee will meet again on August 4 at 2:00 p.m., and Stephanie Fitch will act as the Chair. The meeting ended at 2:54 433 River Street, Suite 5001 Troy, NY 12180 518.279.7166 Page 5 of 6