Troy Industrial Development Authority

Board Members Chair Alex Carlton Jeff Betts Michael Cusack Vice Chair Stephanie Fitch Hon. Ryan Brosnan Latasha Gardner Hon. Sue Steele Executive Director Elbert Watson Randy Coburn SEPTEMBER 20, 2024 10:00 a.m. BOARD MEETING I. Approval of Minutes from the August 16, 2024 board meeting. II. Executive Director’s Report III. New Business 1. NY-GEO Conference – October 21-23rd IV. Old Business 1. 1818 Fifth Ave – Project Update and Presentation V. Financials and Draft Budget VI. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  August 16, 2024 10:00 AM Regular Board Meeting Present: Jeff Betts, Elbert Watson, Stephanie Fitch, Susan Farrell, Hon. Sue Steele, Hon. Ryan Brosnan and Alex Carlton. Absent: Latasha Gardner and Josh Chiappone Also in attendance: Randy Coburn, Matt Jones, Deanna Dal Pos, Jon Elbaum, Barb Nelson, Corey Aldrich and Denee Zeigler. D The regular board meeting was called to order at 10:04 a.m. I. Minutes R The minutes from the June 21, 2024 regular board meeting were reviewed by the board members. T Motion to approve the June 21, 2024 minutes – Susan Farrell Second – Hon. Ryan Brosnan AF Absent from this vote – Hon. Sue Steele Approved II. Executive Directors Report Main Street TA Grant– this project was undertaken between May – July and focused on building assessments from 115th – 117th streets along 2nd Ave in Lansingburgh. We contracted with Clinton Brown Company Architects who worked with active and willing participants. Funding for construction was applied for during this past CFA process. A copy of the final report will be sent around to the board. 1818 5th Ave – this 71-unit residential project will be coming in front of the board next month. They are in process of revising their application. FOIL Request – A FOIL request was received related to an injury that happened at City Station East. Mr. Miller noted that we will receive information such as this from time to time when there is a personal injury at one of the IDA’s project sites. Funding Request – In order to continue becoming more efficient and effective we are looking into systems that manage information between several departments. There are several processes and applications that would benefits from this. Mrs. Fitch agreed and noted that it would be great to be able to create custom reports on projects. Mr. Watson asked if there was a large amount of past data that would have to be entered. Mr. Coburn advised yes, but going forward it will be useful. He added that a few companies are being 1  looked at to provide the service and will get back to the board with pricing after we solicit additional bids. III. New Business Troy Hub, LLC – Mr. Miller gave an overview of the application received by Troy Hub, LLC, an entity created by the Troy Music Hall Corporation. They have been working on making HVAC upgrades to the building as well as renovating the former bank space known as the annex. The annex space will be used as flex space for performances, community space and recording. There will also be updates made to their parking area. Mr. Miller noted that this project set up is similar to what was approved with Proctor’s American Theater project on River Street. Jon Elbaum spoke to the board about the project and arrangement and noted that we are currently doing some sitework. Mr. Elbaum explained this is the most transformative project since it was built 150 years ago. The seasons will be extended, bring thousands of new visitors to downtown Troy and allow us to continue our mission. We plan on completing the project at the end of 2025 – beginning of 2026. Mr. Watson asked about the funding gap. Mr. Elbaum advised they have $500,000 in capital funds and plan on raising the rest. They also have access to funds in the event the goal is not reached. A presentation was shared with the board members and details of the renovation project were discussed. (See resolution 08/24 #1) D Motion to approve the Initial Project Resolution for Troy Hub, LLC – Hon. Sue Steele Second – Stephanie Fitch Recused – Jeff Betts Approved R Dinosaur BBQ – Mr. Miller updated the board on the slip and fall case that was filed a few months ago. He advised that it is reconciling itself, no action required by the board. T Cookie Factory PILOT – Mr. Miller gave an update to the board about this older PILOT and noted it is ending this year. We have been in talks with the banks to settle all AF outstanding amounts due. It should be resolved in the next few weeks. We have the authority to terminate without working with them but would like to work with them. Mr. Watson asked if they are closed. Mr. Miller noted that they are restructuring. R&M Holdings, LLC (DeFazio’s) – Mr. Miller noted that they are back working again after a short delay for some environmental issues. We had extended their sales tax agreement at our last meeting due to its lapsing and will work on finalizing the paperwork. IV. Old Business Mr. Coburn spoke to the board about the LWRP plan that was discussed at the previous meeting. He advised that at the last meeting a board member wanted to see the draft plan before voting. It has been sent around and reviewed it himself. It is a very generic, non-descriptive plan that will be revised with the $100,000 funding received through the DOS. The funding request being asked of by this board is the $17,647 match. Motion to approve to approve funding in the amount of $17,647 to the City of Troy to be used as a match towards their DOS LWRP grant in the amount of $100,000. – Hon. Ryan Brosnan Second – Elbert Watson Approved 2 V. Financials Mr. Jones presented the statement of financial position to the board. He advised that as of July 31, 2024 the total assets stand at $1,001,540 with $884,189 in cash. There is $38,985 in liabilities, leaving a fund balance of $962,555. No significant changes for the month of July. Mr. Jones presented the statement of activity for May and explained there is a deficit of $26,411. The largest source of revenue was in administrative fees. The largest expenses were architectural fees. Motion to approve the May financials as presented – Elbert Watson Second – Susan Farrell Approved VI. Adjournment With no additional business to discuss, the IDA regular board meeting was adjourned at 10:41 a.m. D Motion to adjourn the regular board meeting at 10:41 a.m. – Stephanie Fitch Second – Hon. Sue Steele Approved R T AF 3  INITIAL PROJECT RESOLUTION (Troy Hub, LLC – Troy Savings Bank Music Hall Redevelopment Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on August 16, 2024 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 Present Absent Jeff Betts Susan Farrell Elbert Watson DHon. Ryan Brosnan Stephanie Fitch Latasha Gardner Josh Chiappone R Hon. Sue Steele Alex Carlton T The following persons were ALSO PRESENT: 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 redevelopment of the Troy Savings Bank Music Hall, which is being led by TSB Music Hall Corporation and development affiliate Troy Hub, LLC (or on behalf of an entity to be formed). 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 Jeff Betts Susan Farrell Elbert Watson Hon. Ryan Brosnan Stephanie Fitch Latasha Gardner Josh Chiappone Hon. Sue Steele Alex Carlton Page 1 of 5  Resolution No. ____ RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) ACCEPTING THE APPLICATION OF TROY HUB, LLC, ON BEHALF OF ITSELF AND/OR AN ENTITY TO BE FORMED (COLLECTIVELY, 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 D 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 R equipping industrial, manufacturing and commercial facilities as authorized by the Act; and WHEREAS, TROY HUB, 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 T (the “Project”) consisting of (i) the acquisition by the Authority of a leasehold interest in AF approximately .75 acres of real property located at 32 Second Street and 42-48 Second Street, Troy, New York 12180 (the “Land”, being more particularly identified as TMID Nos. 101.53-8- 13./1 Music Hall, 101.53-8-13./2 Music Hall Annex and 101.53-13-1 Parking Lot) and the existing building structure and parking improvements located thereon consisting principally of an approximately 66,000 square foot, multi-story historic music hall, annex spaces and related parking lot parcel (the “Existing Improvements”), (ii) the planning, design, engineering, construction, reconstruction, rehabilitation, equipping and improvement of the Land and Existing Improvements to (i) establish a Music Hub Initiative within the Annex spaces to establish flexible space to support performances, instructions, recording spaces and community events, (ii) the construction, installation and equipping of HVAC and production equipment upgrades within the Music Hall, and (iii) the reconstruction and equipping of parking lot improvements to increase parking capacity and enhance green spaces, all to be operated by the Company and managed by TSB MUSIC HALL CORPORATION, along with related upgrades and improvements of commercial spaces, exterior façade, access and egress improvements, mechanical, roof, window, utility and HVAC improvements, and parking, curbage, signage and related 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 Page 2 of 5 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. 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 D 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 R 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 T AF (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. Page 3 of 5  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 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. D 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 R 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. T These Resolutions shall take effect immediately. AF Page 4 of 5  T AF R D NY-GEO 16 West Main St Cambridge, NY 12816 Tel (518) 313-6436 E-Mail nygeoinfo@gmail.com INVOICE 1530 PO NUMBER 8/29/2024 BILL TO MESSAGE Troy Industrial Development Corporation Denée Zeigler 433 River Street Troy, NY 12180 QUANTITY DESCRIPTION UNIT PRICE TOTAL NYC NY-GEO 2024 Attendee Registration - 1 999.00 999.00 Denée Zeigler - NY-GEO Member * NY-GEO Member - NY-GEO Member (200.00) NYC NY-GEO 2024 Attendee Registration - 1 999.00 999.00 Andrew Kreshik - NY-GEO Member * NY-GEO Member - NY-GEO Member (200.00) SUBTOTAL 1,998.00 SALES TAX 0.00 SHIPPING & HANDLING 0.00 TOTAL 1,998.00 PAYMENT/CREDIT/WRITE OFF/DISCOUNTS APPLIED (400.00) TOTAL DUE BY 8/29/2024 1,598.00 Thank you for your business! 31-60 DAYS 61-90 DAYS OVER 90 DAYS PAST TOTAL OPEN CURRENT PAST DUE PAST DUE DUE INVOICE 1,598.00 0.00 0.00 0.00 1,598.00 Submit payment online here Page 2