Troy Industrial Development Authority

Board Members Chair Josh Chiappone Jeff Betts Susan Farrell Vice Chair Elbert Watson Jim Gulli Stephanie Fitch Latasha Gardner Executive Director Sue Steele Steven Strichman BOARD OF DIRECTORS MEETING APRIL 21 OR 28, 2023 10:00 a.m. I. Approval of Minutes from the March 24, 2023 board meeting. II. Executive Director’s Report III. Financials IV. New Business 1. Initial Project Resolution – LLH Ferry, LLC V. Old Business VI. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  March 24, 2023 10:00 AM Regular Board Meeting Present: Susan Farrell, Hon. Sue Steele, Elbert Watson, Latasha Gardner, Josh Chiappone Stephanie Fitch and Jeff Betts. Absent: Hon. Jim Gulli D Also in attendance: Steven Strichman, Cathryn Crummey, Matt Jones, Deanna Dal Pos and Denee Zeigler. I. Minutes R The board reviewed the regular board meeting minutes from November 18, 2023. T Motion to approve the amended minutes from November 18, 2023 – Sue Steele AF Second – Susan Farrell Approved with Stephanie Fitch abstaining. II. Annual Meeting Resolution Mr. Strichman explained that each year the board reviews the policy and procedures, the audit, appointment of officers, review of committees, appointment of staff and approves the PARIS report. The board had some questions about how the employment numbers were collected and tallied from the projects. One of the projects, R&M Holdings d/b/a DeFazio’s and Sons will be clarified with the project owner and the update made to the report. (See attached Resolution 03/23 #1) Motion to approve the Annual Meeting Resolution – Susan Farrell Second – Sue Steele Approved III. Executive Director’s Report NYGEO – This fee is related to our annual membership with NYGEO. Cookie Factory PILOT– This projects PILOT is set to end in 2024, however, they are also currently in default. They are currently working on sale and restructuring at the project site. 1  Future of Small Cities – The Future of Small Cities received a sponsorship from the Troy IDA in the amount of $2,500 for an upcoming event called Urban Renewal Film Series: LOST RONDOUT. This sponsorship will also include assistance during the District Geothermal announcement. 701 River Street – The portion of the property that is nearest the river, President Street, will hopefully be transferred to the city soon. IV. Financials Mr. Jones presented the statement of financial position to the board. He advised that as of February 28, 2023, there is $2,240,180 in assets and $1,799,137 in cash. He advised $1,445,727 in liabilities, leaving a fund balance of $794,454. Mr. Jones advised the statement of activity noting a deficit of $75,379 with no significant sources of revenue other than the annual admin fees from PILOTs. He noted the largest fees for architectural and engineering related to the Sperry Warehouse. Motion to approve the financials as presented – Sue Steele D Second – Stephanie Fitch Approved V. New Business R Riverwalk Design North Central – Four local engineering firms were solicited to look at a section between 101st - 104th where there is currently a gap between the two main T sections of the riverfront trail. The CDBG department will be working in this area for their sidewalk and street program. Four requests were sent out and two came back. Verity Engineering sent back a bid for $6,000 and LaBella for $7,000. Verity Engineering will be AF contacted to do the feasibility study for this section, pending board approval. Josh asked if the design Verity Engineering comes up with will be used by CDBG. Mr. Strichman advised the study will be given to CDBG to come with the design and construction of the project. (See attached Resolution 03/23 #2) Motion to approve Verity Engineering to complete a feasibility study for North Central portion of the Riverwalk Trail - Josh Chiappone Second - Susan Farrell Approved with abstention by Latasha Gardner Brownfield Opportunity Act – This process began a few years ago and will give an additional incentive for people to remediate in that section of the city. An additional 5% will be given to them if they are applying for tax credits. Mr. Strichman shared a map outlining the sites. He advised that the overall area is in green and the catchment site is in purple. He added that we have received funding for the sites through EPA funding leaving a $40,000 funding gap to get this done. CHA has submitted a proposal to us in the amount of $90,000 with $50,000 being covered through the EPA grant. Additional outreach will be required with community groups in South Troy. (See attached Resolution 03/23 #3) Motion to approve funding to CHA in the amount of $40,000 for assistance in completing the Brownfield Recovery Act – Sue Steele 2  Second – Latasha Gardner Approved VI. Adjournment With no additional business to discuss, the IDA regular board meeting was adjourned at 11:12a.m. Motion to adjourn – Josh Chiappone Second – Elbert Watson Approved D R T AF 3  ANNUAL MEETING RESOLUTIONS A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on March 24, 2023 at 10:00 a.m., local time, at 433 River Street, Troy, New York 12180. Resolution No. 03/23 #1 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) ACCEPTING THE AUTHORITY AUDIT FOR FISCAL YEAR 2022, (ii) ADOPTING AND RE-ADOPTING CERTAIN REPORTS, POLICIES, STANDARDS AND PROCEDURES RELATING TO THE PUBLIC AUTHORITIES ACCOUNTABILITY ACT OF 2005, AS AMENDED BY CHAPTER 506 OF THE LAWS OF 2009 OF THE STATE OF NEW YORK, (iii) ELECTING BOARD OFFICERS; (iv) APPOINTING BOARD COMMITTEE POSITIONS; (iv) RE-APPOINTING AUTHORITY STAFF, AND (v) RELATED MATTERS D 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 R 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 T WHEREAS, pursuant to Section 2 of the Public Authorities Law (“PAL”) of the State, the provisions of the Public Authorities Accountability Act of 2005, as amended by Chapter 506 AF of the Laws of 2009 of the State of New York (“PAAA”) the Authority constitutes a “local authority”; and WHEREAS, pursuant to and in accordance with PAAA and the By-laws of the Authority, the Board desires to conduct its annual meeting, whereat the Authority shall (i) review and approve the Annual Audit for Fiscal Year 2022; and (ii) adopt and readopt certain policies, standards and procedures pursuant to and in accordance with PAAA; and WHEREAS, pursuant to and in accordance with the By-laws of the Authority, the Board further desires to (i) elect Board Officers; (ii) establish committee memberships; (iii) re-appoint Authority staff; and (iv) authorize related matters. NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. Pursuant to PAAA and PARA, the Authority has reviewed the Mission Statement and Performance Measures and the Authority hereby determines that no changes are required to the Mission Statement and Performance Measures and that the same is hereby approved. Page 1 of 5  Section 2. Pursuant to PAAA and PARA, the Authority has reviewed the Investment Policy and Disposition of Property Policy and the Authority hereby determines that no changes are required and that both policies are hereby re-adopted and approved. Section 3. The Authority has reviewed, and upon recommendation by the Audit and Finance Committee, does hereby approve and accept the Annual Audit of the Authority for Fiscal Year 2022 as prepared and presented by Wojeski & Company CPAs, PC. Section 4. Annual Officer Election. Upon motion, second and board roll call vote, the following individuals are duly appointed to serve in the respective Officer Positions in accordance with the By-laws of the Authority for the period January 1, 2023 through December 31, 2023: Jeff Betts, Chair Hon. Jim Gulli, Vice Chair Elbert Watson, Treasurer Susan Farrell, Secretary D All Directors of the Authority shall participate in such required annual and continuing training as may be required to remain informed of best practices, regulatory and statutory changes relating to the effective oversight of the management and financial activities of public R authorities and to adhere to the highest standards of responsible governance. Further, each Director shall execute (i) a Certification of No Conflict of Interest (ii) an Acknowledgement of Fiduciary Duties and Responsibilities. Section 5. T Audit and Finance Committee. Pursuant to subdivision 4 of Section AF 2824 of the PAL, and in accordance with the By-laws of the Authority, the following Directors are nominated and confirmed to serve on the Audit and Finance Committee of the Authority for the period January 1, 2023 through December 31, 2023: Committee of the Whole The Audit and Finance Committee shall perform the functions as described in the By- Laws. Section 6. Governance Committee. Pursuant to subdivision 7 of Section 2824 of the PAL, and in accordance with the By-laws of the Authority, the following Directors are nominated and confirmed to serve on the Governance Committee of the Authority for the period January 1, 2023 through December 31, 2023: Elbert Watson, Susan Farrell and Stephanie Fitch The Governance Committee shall perform the functions as described in the By-Laws. Page 2 of 5  Section 7. Appointment of Staff. Pursuant to and in accordance with the By-laws of the Authority, the Directors of the Authority hereby ratify the appointment of the following individuals to serve as at will employees in the following appointed positions: Steven Strichman, Executive Director and Chief Executive Officer Denee Zeigler, Acting Secretary Dylan Turek, Director of Economic Development Andrew Kreshik, Project Manager The foregoing officers shall enter upon the discharge of their duties as provided in the By-Laws of the Authority. The Board hereby designates the Executive Director as the Authority’s FOIL Officer and Contracting Officer. The Chairman shall serve as the FOIL Appeals Officer of the Authority. Section 8. The Authority hereby authorizes and approves the 2022 Annual Report to be filed with (i) the New York State Authority Budget Office via the Public Authorities Reporting Information System, and (ii) the appropriate local officials. D Section 9. That the budget for fiscal year ending December 31, 2023 and the proposed budgets for fiscal years ending December 31, 2024 through December 31, 2026, attached hereto, are hereby approved and the Authority ratifies the actions of the officers and directors consistent with each such budget and any payments made thereunder prior to the date of this meeting. R Section 10. The officers, employees and agents of the Authority are hereby authorized T 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 checks, certificates, instruments and documents, to pay all AF 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 11. These Resolutions shall take effect immediately. Page 3 of 5  The question of the adoption of the foregoing Resolution was duly put to a vote on roll call, which resulted as follows: Member Aye Nay Abstain Absent Jeff Betts X Susan Farrell X Elbert Watson X Hon. Jim Gulli X Stephanie Fitch X Latasha Gardner X Josh Chiappone X Hon. Sue Steele X VACANT D R T AF Page 4 of 5  T AF R D  PROJECT AUTHORIZING RESOLUTION Riverwalk Design Services A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on March 24, 2023, 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 Jeff Bets X Hon. Jim Gulli X Hon. Sue Steele X Elbert Watson X Sue Farrell D Stephanie Fitch Latasha Gardner Josh Chiappone X X X X Vacancy R The following persons were ALSO PRESENT: Steven Strichman, Cathryn Crummey, T Dylan Turek, Matt Jones, Deanna Dal Pos and Denee Zeigler. AF 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 the City of Troy and various Authority projects located in the City’s Lansingburgh area. On motion duly made by Josh Chiappone and seconded by Susan Farrell, the following resolution was placed before the members of the Troy Industrial Development Authority: Member Aye Nay Abstain Absent Jeff Bets X Hon. Jim Gulli X Hon. Sue Steele X Elbert Watson X Sue Farrell X Stephanie Fitch X Latasha Gardner X Josh Chiappone X Vacancy Page 1 of 5  Resolution No. 03/23 #2 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) AUTHORIZING THE FUNDING OF A CONSULTANT TO ASSIST IN CONCEPTUAL DESIGN OF A RIVERWALK TRAIL SECTION IN NORTH CENTRAL THAT WILL CONNECT PROJECTS IN TROY’S LANSINGBURGH NEIGHBORHOOD THROUGH THE NORTH CENTRAL NEIGHBORHOOD, TO THE DOWNTOWN 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 civic, industrial, manufacturing and commercial facilities within the City of Troy (the “City”) as authorized by the Act; and D WHEREAS, the Authority previously undertook and proposes to undertake several qualifying projects in the Lansingburh Neighborhood, and proposes to undertake projects in the North Central Neighborhood; and R WHEREAS, the Authority desires to facilitate continued upgrades and improvements to the Riverfront area of the City for the benefit of the Authority Projects; and WHEREAS, in furtherance and for the benefit of the Authority Projects, the Authority T desires to assist the City to undertake a CDBG funded street improvement that may have the potential to create a component of the 7.5-mile Riverwalk (the “Project”); and AF WHEREAS, the Authority has issued a request for pricing to four local engineering form for a feasibility study to investigate the ability to create a section of Troy’s future Riverwalk, and has received bids from two firms with the requisite experience. NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. 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 Page 2 of 5  (C) The action to be taken by the Authority will directly support and benefit the Authority Projects 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 (E) The Authority has identified the Project as a “Type II” Action pursuant to the State Environmental Quality Review Act (“SEQRA”), for which no formal review is necessary. D Section 2. The Authority hereby authorizes the expenditure of $6,000 to engage Verity Engineering to undertake the feasibility study of a creating a trail facility along 2nd Avenue between 101st and 103rd streets. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the Authority are hereby authorized, on behalf of the R Authority, to execute, deliver the Consulting Agreement, along with related documents. Section 3. 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 T 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 AF 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 4. These Resolutions shall take effect immediately. Page 3 of 5  EXHIBIT A SUPPORTING MATERIALS D R T AF Page 4 of 5  T AF R D  Resolution No. 03/23 # 3 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) AUTHORIZING THE ENGAGEMENT OF PROFESSIONAL SERVICES TO COMPLETE CERTAIN OUTSTANDING ITEMS NEEDED TO COMPLETE THE SOUTH TROY RIVERFRONT BROWNFIELD OPPORTUNITIES AREA NOMINATION FOR SUBMISSION TO THE NY STATE DEPARTMENT OF STATE 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 civic, industrial, manufacturing and commercial facilities within the City of Troy (the D “City”) as authorized by the Act; and WHEREAS, the Authority has undertaken and proposes to undertake several additional qualifying projects in the City’s Southern industrial areas (the “Authority Projects”); and R WHEREAS, the Authority desires to facilitate continued upgrades and improvements to the Southern industrial area of the City for the benefit of the Authority Projects and overall redevelopment of blighted and underutilized areas of the City, its infrastructure and building improvements; and T AF WHEREAS, acceptance into the Brownfield Opportunities Area (BOA) program administered by the New York State Department of State (DOS) will provide numerous benefits and incentives towards environmental remediation and redevelopment activities of vacant and blighted industrial lands that are suspected of potential environmental contamination and that currently occupy over 200+ acres of developable riverfront land within the BOA boundary; and WHEREAS, the City of Troy previously engaged CHA Consulting Inc. to complete a BOA nomination and a preliminary draft was shared with DOS in 2022 and returned with extensive comments and requests for additional content per updated milestones and nomination requirements implemented earlier in 2022 and for the benefit of its many projects located within the proposed BOA area the Authority desires to assist with and contribute to the timely completion and acceptance of the City of Troy-led nomination effort; and WHEREAS, in furtherance of the foregoing, the Authority desires to engage certain professional services to complete the attached list of outstanding milestones, including mapping, community engagement, zoning and legislative action review, performing a new economic and market analysis, utility assessments, strategic site identification and drafting of the final report for submission to the DOS (the “BOA Nomination Services”), including (i) the engagement of certain professional services to be provided by CHA; and (ii) authorize the expenditure of up to Page 1 of 5 $50,000 in Authority funds toward the BOA Nomination Services, including the Scope of Work provided by CHA and included herein, which shall not exceed the amount of $90,800. NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY AS FOLLOWS: Section 1. 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 directly support and benefit the Authority Projects and otherwise furthering the purposes of the Authority as set forth in the Act; and (D) 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 R 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 T 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 AF preserve the competitive position of the Project occupants in their respective industries; and (E) The Authority has identified the undertaking of the Nomination Services as a “Type II” Action pursuant to the State Environmental Quality Review Act (“SEQRA”), for which no formal review is necessary. Section 2. The Authority hereby authorizes the engagement of CHA to provide certain defined components of the BOA Nomination Services, including Mapping, Community Engagement, Review of Zoning and Legislative Actions, performing an Economic and Market Analysis of the BOA area, Utility Assessment, identification of Strategic Sites, and the drafting of a new Executive Summary and the drafting, finalization and submission of a completed BOA nomination study to the NYS DOS pursuant to a form of contract to be approved by the Executive Director and Counsel to the Authority. 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 said approved contract, along with related documents. Additional BOA Nomination Services to be procured and/or paid for from the funds appropriated pursuant to this resolution shall be subject to Authority approval. Page 2 of 5  Section 3. 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 4. These Resolutions shall take effect immediately. D R T AF Page 3 of 5  EXHIBIT A SUPPORTING MATERIALS D R T AF Page 4 of 5  March 22, 2023 Mr. Dylan Turek Economic Development Director City of Troy 433 River Street Troy, New York 12180 RE: Extra Work Authorization for Additional Support Services for the Brownfield Opportunity Area Designation Application for the South Troy Waterfront CHA Project No. 36012 EWA No. 2 Dear Dylan: D CHA Consulting, Inc. (CHA) has prepared this Extra Work Authorization (EWA) to summarize the R additional work that is needed to complete the South Troy Brownfield Opportunity Area (BOA) Nomination and Designation application. On behalf of the City of Troy, CHA submitted the draft designation/nomination report to the Department of State (DOS) in November 2022. In December 2022, T DOS provided comments on the application and provided additional required guidance documents. Based on the DOS comments and new guidance, CHA is providing the following task as outlined below, to update the current BOA report and resubmission back to NYS DOS for their review and potential AF approval of the BOA: Scope of Services Task A - Mapping: CHA will develop the following maps: 1. Community Context Map 2. Land Use Map 3. Zoning Map 4. Parks and Open Space Map 5. Historic or Archeologically Significant Areas Map 6. Transportation Systems Map 7. Infrastructure Map 8. Natural Resources and Environmental Features Map Assumptions: 1. New maps will be created to ensure consistent quality, layout, and legibility of content. 2. Mapping will be developed from readily available public GIS data and information provided by the City of Troy. Mr. Dylan Turek Page 2 March 22, 2023 Task B - Community Engagement In collaboration with City of Troy, CHA will prepare for and attend two community engagement meetings in South Troy. The following will be presented at each meeting: 1. General overview of the BOA process 2. Goals and vision of the South Troy BOA 3. Overview of strategic sites and implementation plan Feedback from and questions posed by community participants will be recorded throughout each engagement meeting. After the meetings, CHA will compile the list of comments and provide responses to the City of Troy to disseminate. CHA will revise nomination report as necessary. Assumptions: 1. City of Troy will be responsible for scheduling each meeting. Including reserving meeting space and advertisement. 2. City of Troy will be responsible for disseminating comment responses with community. 3. Meeting space will be equipped for a digital presentation. Task C - Zoning/Legislative Actions Review CHA will incorporate the discussion of existing zoning into the existing conditions section of the BOA D Nomination report. CHA will also develop a zoning and legislative actions table to compare existing zoning and actions/changes that are needed to realize the proposed implementation strategy. This table will be included in the implementation and final recommendations section and supporting narrative will be crafted included as well. Assumptions: R 1. Includes one meeting to review zoning information and determine any legislative actions T required to achieve implementation strategy. 2. CHA to utilize current zoning information from City of Troy. AF Task D - Economic & Market Analysis An economic and market analysis to be completed by financial firm. Once complete, CHA will review and adjust BOA goals, strategic sites, and proposed recommendations. Assumptions: 1. CHA will engage a financial firm to complete the economic and market analysis. Task E - Utility Assessment Collaborating with the City of Troy, CHA will review available utility information and reach out to select utility providers as needed to assess the current condition and capacity of all utilities within the BOA. This process will require the city to provide utility information with CHA (see list in assumptions). One onsite meeting is anticipated to review any flooding and drainage concerns in the BOA. The quality and capacity of the utilities will be included on the site profile sheets and associated narrative will be incorporated into the existing conditions and implementation sections as needed. Assumptions: 1. The City of Troy will share pertinent information regarding utilities including the following: a. Water Supply Mr. Dylan Turek Page 3 March 22, 2023 i. Information regarding water supply infrastructure including source, treatment, pumping, storage, transmission and distribution for potable water and fire flows, as well as available capacity with the BOA area. ii. Prior studies of the water system in this area, if available, and coordination with other engineering firms that may be currently evaluating the water system. iii. Existing hydraulic models, if available. iv. Information from the city regarding future water needs. b. Sanitary Sewer i. Information the sanitary sewer infrastructure, including sewer mains, pump stations, and the Water Pollution Control Facility (WPCF), as well as infiltration and inflow within the BOA area. ii. Prior studies of the sewer system, if available, and coordination with other engineering firms that may be currently evaluating the city of Troy’s sewer system. iii. Existing hydraulic model of the sewer collection system, if available. iv. Evaluation of existing sanitary sewer infrastructure including collection, pumping, transmission, treatment, and headworks, as well as available capacity. c. Stormwater Management D i. Information regarding on-going stormwater management projects and drainage/flooding concerns in the BOA Task F - Strategic Sites R Drawing upon the community engagement process, economic and market analysis, and existing conditions within the BOA, CHA, in collaboration with the City of Troy, will reassess the strategic sites and adjust as necessary based on any new/additional information. CHA will develop a comprehensive T narrative that details how the strategic sites were identified. AF Assumptions: 1. Includes one meeting with the City of Troy to review any new/additional information. Task G - Executive Summary CHA will develop an executive summary that meets the DOS requirements. Task H - Draft Report Development CHA will integrate the above referenced tasks into the existing narrative into one comprehensive BOA Nomination Report. CHA will conduct a thorough review of the entire BOA Nomination Report to ensure consistency in narrative writing, overall formatting, and graphics. Assumptions: 1. Two rounds of comments/revisions with City of Troy. 2. Includes resubmission to DOS with one round of revisions.  Mr. Dylan Turek Page 4 March 22, 2023 Schedule: Need to include milestone dates for items maybe something like this A – Mapping complete by June 1, 2023 B – Community Engagement complete by June 30, 2023 C – Zoning/Legislative Actions Review complete by June 1, 2023 D – Economic & Market Analysis complete by June 30, 2023 E – Utility Assessment complete by June 30, 2023 F – Strategic Sites complete by July 15, 2023 G – Executive Summary complete by July 15, 2023 H – Draft Report Development complete by August 15, 2023 Submission to NYS DOS anticipated September 1, 2023 Fees: Task Fee D A – Mapping B – Community Engagement C – Zoning/Legislative Actions Review D – Economic & Market Analysis $6,700 $10,900 $5,500 $22,900 R E – Utility Assessment F – Strategic Sites G – Executive Summary H – Draft Report Development $19,000 $4,700 $3,100 $18,000 Subtotal T Anticipated task costs that could be shared with the $90,800 $50,200 AF EPA Assessment Grant Remaining City Total $40,600 We appreciate the opportunity to continue working with City on this important project. If you have any questions regarding the additional worked described above, or if you would like to discuss the additional cost, please do not hesitate to contact me at (518) 453-2899 or kcowan@chacompanies.com. Sincerely, Nicholas Schwartz, RLA, LEED AP Keith E. Cowan, PG Planning and Landscape Architecture Vice President Group Manager Team Leader – Northeast Region V:\Proposals_Quals\Advanced Energy\Proposal_23\Environmental and Sustainability\X81532_City of Troy_EWA BOA Designation\36012_EWA-2_Final_BOA Nomination.doc  T AF R D  INITIAL PROJECT RESOLUTION (LLH Ferry, LLC Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on April 21, 2023 at 10:00 a.m., local time, at 433 River Street, 5th Floor, 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 Aye Nay Abstain Absent Josh Betts Susan Farrell Elbert Watson Hon. Jim Gulli Stephanie Fitch Latasha Gardner Josh Chiappone Hon. Sue Steele The following persons were ALSO PRESENT: 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 LLH Ferry, LLC. On motion duly made by _________ and seconded by __________, the following resolution was placed before the members of the Troy Industrial Development Authority: Member Aye Nay Abstain Absent Josh Betts Susan Farrell Elbert Watson Hon. Jim Gulli Stephanie Fitch Latasha Gardner Josh Chiappone Hon. Sue Steele Page 1 of 5  Resolution No. ____ RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) ACCEPTING THE APPLICATION OF LLH FERRY, LLC (THE “COMPANY”) IN CONNECTION WITH A CERTAIN PROJECT (AS MORE FULLY DEFINED BELOW); (ii) AUTHORIZING THE SCHEDULING, NOTICE AND CONDUCT OF A PUBLIC HEARING WITH RESPECT TO THE PROJECT; AND (iii) DESCRIBING THE FORMS OF FINANCIAL ASSISTANCE BEING CONTEMPLATED BY THE AUTHORITY WITH RESPECT 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, LLH FERRY, 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 0.05 acre parcel of land located at 99 Ferry Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID No. 101.61-7-16) and the existing improvements located thereon consisting of approximately 7,008 sf of multi-story building spaces (the “Existing Improvements”), (ii) the renovation of the Existing Improvements and the planning, design, engineering, construction and operation of a mixed use commercial and residential facility containing approximately 2,336 sf of commercial space and 8 market rate rental apartment units, all to be leased by the Company to commercial and residential tenants, including building improvements, modifications, upgrades, and related site and 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, pursuant to the Act, the Authority desires to adopt a resolution describing the Project and the Financial Assistance (as hereinafter defined) that the Authority is contemplating with respect to the Project; and WHEREAS, it is contemplated that the Authority will (i) accept the Application submitted by the Company; (ii) approve the scheduling, notice and conduct of a Public Hearing with respect to the Project; and (iii) approve the negotiation, but not the execution or delivery, of certain documents in furtherance of the Project, as more fully described below. Page 2 of 5  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, 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 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 Section 2. The proposed Financial Assistance being contemplated by the Authority includes (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 to be negotiated. Section 3. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the Authority are hereby authorized, on behalf of the Authority, to schedule, notice and conduct a public hearing in compliance with the Act and negotiate (but not execute or deliver) the terms of (A) an Agent and Financial Assistance and Project Agreement (the “Agent Agreement”), (B) a Lease Agreement, pursuant to which the Company leases the Project to the Authority (or, a Deed of conveyance to the Authority whereby the Authority will acquire fee title to the Land and Project), (C) a related Leaseback Agreement, pursuant to which the Authority leases its interest in the Project back to the Company, (D) a PILOT Agreement, pursuant to which the Company agrees to make certain payments in-lieu-of real property taxes, and (E) related documents thereto; provided (i) 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 Page 3 of 5 indemnification of the Authority by the Company for actions taken by the Company and/or claims arising out of or related to the Project and (ii) the terms of the PILOT Agreement are consistent with the Authority’s Uniform Tax Exemption Policy or the procedures for deviation have been complied with. Section 4. 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 5. These Resolutions shall take effect immediately. Page 4 of 5  SECRETARY'S CERTIFICATION STATE OF NEW YORK ) COUNTY OF RENSSELAER ) I, ______________________, the undersigned, ____________________ of the Troy Industrial Development Authority (the “Authority”), do hereby certify that I have compared the foregoing extract of the minutes of the meeting of the members of the Authority, including the Resolution contained therein, held on April 21, 2023, with the original thereof on file in my office, and that the same is a true and correct copy of said original and of such Resolution set forth therein and of the whole of said original so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that (A) all members of the Authority had due notice of said meeting; (B) said meeting was in all respects duly held; (C) pursuant to Article 7 of the Public Officers Law (the “Open Meetings Law”), said meeting was open to the general public, and due notice of the time and place of said meeting was duly given in accordance with such Open Meetings Law; and (D) there was a quorum of the members of the Authority present throughout said meeting. I FURTHER CERTIFY that, as of the date hereof, the attached Resolution is in full force and effect and has not been amended, repealed or rescinded. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Authority this ____ day of __________, 2023. ______________________________ (SEAL) Page 5 of 5 99 FERRY 6.53 ST Ye (Eric) Li, President of LLH FERRY LLC  OUR GOAL • Rehabilitation of the building • Preserve aesthetics of Central Troy Historic District • Add 8 rental units to Downtown Troy • Add 2 commercial units to Downtown Troy • Increase building’s value and enhance the values of surrounding buildings • Sales tax exemption and PILOT program 4/21/2023 99 Ferry St 2  PROJECT OVERVIEW UNIQUE VALUE This project will be more than merely just a - Bring new life to this over a century old rehabilitation of an abandoned and neglected building building. But an integration of restoration of - Addition of 8 residential units and 2 historic building, use of renewable energy and commercial units to Downtown Troy. energy efficient, and contemporary living. - Increase the building’s value - Increase the value of surrounding buildings AUTHENTIC - Contribute to lively and dynamic Downtown Troy community Designed with the help and input of architecture experts and historic consultant in the field 4/21/2023 99 Ferry St 3  EXISTING CONDITION 4/21/2023 99 Ferry St 4 PROBLEM EXTERIOR COSTS - Restore building’s structural integrity - Increase significantly - Fix loose bricks and replace them if - More areas of the building needs work needed as we conduct more inspections - Restore historic looks of the building - Increase of material and labor cost INTERIOR USABILITY - Mechanics Tenants want their spaces to be stylish, but - Windows & Roof also energy efficient - Floors & Walls - Plumbing FINANCIALS - With the cost estimate to be at least $1.4 million, we have the means to complete this project. But it does not make financial sense in terms of rate of return as shown in 5-year projection. 4/21/2023 99 Ferry St 5  PROPOSED 4/21/2023 99 Ferry St 6  SOLUTION REHABILIATION We will rehabilitate both interior and exterior of the building. Restore the building not only to its historic look but functional for both residential and commercial tenants. TARGET AUDIENCE Our target market is local Downtown Troy residents. COST AND FINANCIAL - Use measures to control overall cost and make sure it is within the proposed construction budget. - Assistance from Troy IDA GREEN ENERGY & ENERGY EFFICIENCY - Installation of solar panels on the roof - Use heat pump 4/21/2023 99 Ferry St 7  PROJECT FINANCE Fund source amount Loan Kuma Ani Wolf $250,000 Loan Community Bank $800,000 Loan Kuma Ani Troy $100,000 Invest LLH Ferry $350,000 loan Capital Architecture $150,000 Total $1,650,000 4/21/2023 99 Ferry St 8  99 Ferry St, Troy NY 12180 Profit & Loss Statement Revenue Annual Rent Montly Year 1 Year 2 Year 3 Year 4 Year 5 8 Residential Units $1,250/unit $10,000.00 $120,000.00 $122,400.00 $124,848.00 $127,344.96 $129,891.86 Commercial Unit(NNN) $4,000.00 $4,000.00 $48,000.00 $48,000.00 $48,960.00 $49,939.20 $50,937.98 Total Income $14,000.00 $168,000.00 $170,400.00 $173,808.00 $177,284.16 $180,829.84 Expense Water/Sewer/Gas $666.67 $8,000.00 $8,000.00 $8,000.00 $8,000.00 $8,000.00 Electricity $100.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 Trash Collection $400.00 $4,800.00 $4,800.00 $4,800.00 $4,800.00 $4,800.00 Insurance $380.00 $4,560.00 $4,000.00 $4,000.00 $4,000.00 $4,000.00 Property Management Fees $3,500.00 $42,000.00 $42,840.00 $43,696.80 $44,570.74 $45,462.15 Property Taxes $2,000.00 $24,000.00 $24,000.00 $24,000.00 $24,000.00 $24,000.00 Mortgage Payment $7,598.00 $91,176.00 $91,176.00 $91,176.00 $91,176.00 $91,176.00 Vacancy Factor $500.00 $6,000.00 $6,000.00 $6,000.00 $6,000.00 $6,000.00 Repairment $833.33 $10,000.00 $10,000.00 $10,000.00 $10,000.00 $10,000.00 Flood Insurance $833.33 $10,000.00 $10,000.00 $10,000.00 $10,000.00 $10,000.00 Snow Removal $125.00 $1,500.00 $1,500.00 $1,500.00 $1,500.00 $1,500.00 Total Expenses $16,936.33 $203,236.00 $203,516.00 $204,372.80 $205,246.74 $206,138.15 Profit -$2,936.33 -$35,236.00 -$33,116.00 -$30,564.80 -$27,962.58 -$25,308.31 4/21/2023 99 Ferry St 9  SUMMARY With Troy IDA assistance, we can rehabilitate this over a century building that has been sitting vacant for decade a new life. Turn it in to a contemporary and energy efficient historic building, and an asset to the community and to the Downtown Troy. 4/21/2023 99 Ferry St 10  THANK YOU Ye (Eric) Li 917-232-7794 ERIC.YELI@GMAIL.COM 4/21/2023 99 Ferry St 11