Troy Industrial Development Authority

Board Members Vice Chair Hon. Greg Campbell-Cohen Alex Carlton Michael Cusack Dep. Executive Director Stephanie Fitch Randy Coburn Latasha Gardner Hon. Sue Steele Elbert Watson JULY 17, 2026 10:00 a.m. City Hall Planning Dept. Conference Room 433 River Street, Suite 5001 Troy, NY 12180 REGULAR BOARD MEETING I. Public Hearing – Gulfstream Developers, LLC II. Approval of Minutes for June 26, 2026 board meeting. III. Executive Director’s Report IV. New Business • Gulfstream Developers, LLC –Project Authorizing Resolution • Consultant Funding Request - NY Forward Grant Application V. Old Business VI. Financials VII. Adjournment City Hall – 433 River Street, Suite 5001, Troy, New York 12180 Phone: 518.279.7166  PUBLIC HEARING AGENDA TROY INDUSTRIAL DEVELOPMENT AUTHORITY GULFSTREAM DEVELOPERS, LLC JULY 17, 2026 at 10:00 A.M. CITY HALL, 433 RIVER STREET, 5TH FLOOR, TROY, NEW YORK 12180 Report of the public hearing of the Troy Industrial Development Authority (the “Authority”) regarding the Gulfstream Developers, LLC Project – 74 New Turnpike Road held on July 17, 2026 at 10:00 a.m., at the Troy City Hall, located at 433 River Street, 5th Floor, Troy, New York 12180. I. ATTENDANCE Randy Coburn, Deputy Executive Director [list other TIDA representatives in attendance] [________________, Company Representative] Members of the General Public II. CALL TO ORDER: (Time: 10:00 a.m.). __________________opened the hearing and _________________ read the following into the hearing record: This public hearing is being conducted pursuant to 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 (collectively, the “Act”). A Notice of Public Hearing describing the Project was published in Troy Record, a copy of which is attached hereto and is an official part of this transcript. A copy of the Application submitted by Gulfstream Developers, LLC to the Authority, along with a cost-benefit analysis, is available for review and inspection by the general public in attendance at this hearing. III. PROJECT SUMMARY GULFSTREAM DEVELOPERS, 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 approximately 6.43 acres of vacant real property located at 74 New Turnpike Road (the “Land”, being more particularly identified as TMID No. 70.74-1-1) and the existing curbs, utility and infrastructure improvements located therein (the “Existing Improvements”), (ii) the planning, design, engineering, construction, reconstruction, rehabilitation, equipping and improvement of the Land and Existing Improvements to establish 86 individual one-bedroom residential buildings to be rented to persons 55 years or older, along with related improvements and amenities to serve the foregoing, including roadway and parking improvements, onsite and offsite utility and infrastructure improvements, curbing, signage and other site improvements (collectively, the “Improvements”); and (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 4923-5298-4764\.v1 (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. It is contemplated that the Authority will acquire a leasehold interest in the Facility and lease the Facility back to the Company. The Company will operate the Facility during the term of the leases. The Authority contemplates that it will provide financial assistance (the “Financial Assistance”) to the Company in the form of (a) a sales and use tax exemption for purchases and rentals related to the Project; (b) mortgage recording tax exemption(s) related to financings undertaken by the Company to construct the Facility; and (c) a partial real property tax abatement structured through an amended PILOT Agreement. The foregoing Financial Assistance and the Authority’s involvement in the Project are being considered to promote the economic welfare and prosperity of residents of the City of Troy, New York. IV. AGENCY COST-BENEFIT ANALYSIS: Based upon information provided by the Company in its Application, the Project will involve an approximately $17M capital investment by the Company, which will provide for a total of 86 apartment units. The Authority has generated estimates of the amounts of financial assistance to be provided to the Company in the attached Cost Benefit Analysis. IV. SEQRA: Based upon review of the Company’s Site Plan Application and related EAF, the Troy Planning Board has adopted a Negative Declaration for purposes of SEQRA, and the Authority contemplates that it will ratify same with respect to the construction and equipping of the Facility pursuant to SEQRA. VI. PUBLIC COMMENTS VII. ADJOURNMENT As there were no comments, the public hearing was closed at ________ a.m.  June 26, 2026 10:00 AM Regular Board Meeting Present: Alex Carlton, Hon. Greg Campbell-Cohen, Michael Cusack, Stephanie Fitch, Latasha Gardner, Hon. Sue Steele and Elbert Watson. Absent: Also in attendance: Justin Miller Esq., Matt Jones, Randy Coburn, Deanna Dal Pos, Michael Eastbrook, D Anthony Casale and Denee Zeigler. The regular board meeting was called to order at 10:00 a.m. I. Minutes R The board reviewed the minutes of the April 17, 2026 and May 15, 2026 board meetings. T Hon. Sue Steele made a motion to approve the minutes from April 17, 2026. Latasha Gardner seconded the motion, motion carried. AF Hon. Greg Campbel-Cohen made a motion to approve the minutes from May 15, 2026. Elbert Watson seconded the motion, motion carried. II. Executive Directors Report PILOTs – Mr. Coburn noted he has been working on a way to better organize and manage the PILOT information to increase efficiency. We will discuss billing related to PILOTs later in the meeting in executive session. Storrs Associates – Mr. Coburn advised that we have been working with Victoria Storrs on the Bella Vita project. Tiny Homes Project – Mr. Coburn noted we have been working with Anthony Casale and the proposal III. New Business Gulfstream Developers, LLC – Anthony Casale from the project team gave an overview of their project noting it will be 86 units of cottage size homes between 500-800 square feet for the 55+ year old community. Ms. Gardner asked about the timeline and if anything had changed. Mr. Casale noted planning and zoning approvals were received in December and bank financing was just recently closed. He noted it is a challenging time for developers due to supply cost issues. Mr. Casale advised there will be a pavilion for the residents, new roads, water and sewer connections at the site. Mr. Campbell-Cohen asked about pedestrian infrastructure due to its proximity to Hannaford. Mr. Casale noted that they do not have a direct connection planned, but noted the 1  neighborhood is walkable due to the elementary school being across the street. (See attached Resolution 06/26 #1) Motion to approve the Initial Project Resolution for Gulfstream Developers, LLC. – Michael Cusack Second - Stephanie Fitch Approved IV. Old Business Mr. Coburn advised we have reviewed one of the projects in process with Storrs Associates but suggested we discuss it in executive session after the financials are presented because it deals with real estate matters that could affect costs. V. Financials In the absence of our financial consultants, Mr. Coburn presented the statement of financial position to the board. He advised that as of May 31, 2026 the total assets stand at approximately $1,500,000 with $1,267,000 in cash. There is $163,620 in liabilities, leaving a fund balance of $1,337,000. No significant changes. Mr. Coburn updated the board on PILOT bill collections. Mrs. Zeigler advised that all items on the list have been collected except for the two Vecino projects that D are outstanding. Ms. Gardner asked about the late fee process. Mr. Coburn noted that is one of the areas that will be strengthened after reviewing the billing processes. Mr. Coburn noted for the month of May we have a deficit of $4,252. The most significant source of R revenue is interest and the largest expense is professional services. Motion to approve the May financials as presented – Stephanie Fitch Second – Hon. Greg Campbell-Cohen Approved T AF VI. Executive Session Mr. Coburn asked that we enter executive session to discuss project specifics that could affect the value. Motion to enter executive session at 10:26 a.m. to discuss real estate matters that could affect the price. – Hon. Sue Steele Second – Stephanie Fitch Approved Motion to return to the regular board meeting with no action taken at 11:14 a.m. – Hon. Sue Steele Second – Stephanie Fitch Approved VII. Adjournment With no additional business to discuss, the IDA regular board meeting was adjourned at 11:14 a.m. Motion to adjourn the regular board meeting at 11:14 a.m. – Michael Cusack Second – Stephanie Fitch Approved 2  INITIAL PROJECT RESOLUTION (Gulfstream Developers, LLC Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on June 26, 2026 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 Hon. Greg Campbell-Cohen X Elbert Watson X Michael Cusack X D Stephanie Fitch Latasha Gardner Hon. Sue Steele Alex Carlton X X X X R The following persons were ALSO PRESENT: Justin Miller Esq., Matt Jones, Randy T Coburn, Deanna Dal Pos, Michael Eastbrook, Anthony Casale 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 redevelopment of the former Leonard Hospital Site, which is being led by Gulfstream Developers, LLC (for itself and/or on behalf of an entity to be formed). On motion duly made by Michael Cusack and seconded by Stephanie Fitch, the following resolution was placed before the members of the Troy Industrial Development Authority: Member Aye Nay Abstain Absent Hon. Greg Campbell-Cohen X Elbert Watson X Michael Cusack X Stephanie Fitch X Latasha Gardner X Hon. Sue Steele X Alex Carlton X Page 1 of 5  Resolution No. 06/26 #1 RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) ACCEPTING THE APPLICATION OF GULFSTREAM DEVELOPERS, 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 York, as amended, and Chapter 759 of the Laws of 1967 of the State of New York, as amended D (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 R WHEREAS, GULFSTREAM DEVELOPERS, 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 T interest in approximately 6.43 acres of vacant real property located at 74 New Turnpike Road AF (the “Land”, being more particularly identified as TMID No. 70.74-1-1) and the existing curbs, utility and infrastructure improvements located therein (the “Existing Improvements”), (ii) the planning, design, engineering, construction, reconstruction, rehabilitation, equipping and improvement of the Land and Existing Improvements to establish 86 individual one-bedroom residential buildings to be rented to persons 55 years or older, along with related improvements and amenities to serve the foregoing, including roadway and parking improvements, onsite and offsite utility and infrastructure improvements, curbing, signage and other site improvements (collectively, the “Improvements”); and (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 Page 2 of 5 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 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) D 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) R 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 T of the Project located within the State; and the Authority hereby finds that, based on the AF 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 (Deputy) 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 Page 3 of 5 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. 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. D R T AF Page 4 of 5  T AF R D  PROJECT AUTHORIZING RESOLUTION (Gulfstream Developers, LLC Project) A regular meeting of the Troy Industrial Development Authority (the “Authority”) was convened on July 17, 2026 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 Hon. Greg Campbell-Cohen Elbert Watson Michael Cusack Stephanie Fitch Latasha Gardner Hon. Sue Steele Alex Carlton 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 redevelopment of the Former Leonard Hospital Site , which is being led by Gulfstream Developers, 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 Hon. Greg Campbell-Cohen Elbert Watson Michael Cusack Stephanie Fitch Latasha Gardner Hon. Sue Steele Alex Carlton Page 1 of 10 4912-3041-8108\.v1  Resolution No. ____ RESOLUTION OF THE TROY INDUSTRIAL DEVELOPMENT AUTHORITY (THE “AUTHORITY”) (i) APPOINTING GULFSTREAM DEVELOPERS, LLC (THE “COMPANY”) AS ITS AGENT TO UNDERTAKE A CERTAIN PROJECT (AS MORE FULLY DESCRIBED BELOW); (ii) AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGENT AGREEMENT, LEASE AGREEMENT, LEASEBACK AGREEMENT, PAYMENT-IN-LIEU-OF-TAX AGREEMENT AND RELATED DOCUMENTS WITH RESPECT TO THE PROJECT; (iii) AUTHORIZING THE PROVISION OF CERTAIN FINANCIAL ASSISTANCE TO THE COMPANY (AS FURTHER DEFINED HEREIN); (iv) ADOPTING FINDINGS WITH RESPECT TO THE STATE ENVIRONMENTAL QUALITY REVIEW ACT (“SEQRA”); AND (v) AUTHORIZING THE EXECUTION OF RELATED DOCUMENTS 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, GULFSTREAM DEVELOPERS, 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 approximately 6.43 acres of vacant real property located at 74 New Turnpike Road (the “Land”, being more particularly identified as TMID No. 70.74-1-1) and the existing curbs, utility and infrastructure improvements located therein (the “Existing Improvements”), (ii) the planning, design, engineering, construction, reconstruction, rehabilitation, equipping and improvement of the Land and Existing Improvements to establish 86 individual one-bedroom residential buildings to be rented to persons 55 years or older, along with related improvements and amenities to serve the foregoing, including roadway and parking improvements, onsite and offsite utility and infrastructure improvements, curbing, signage and other site improvements (collectively, the “Improvements”); and (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 Page 2 of 10  WHEREAS, by resolution adopted June 26, 2026 (the “Initial Project Resolution”), the Authority (i) accepted the Application submitted by the Company, (ii) authorized the scheduling, notice and conduct of a public hearing with respect to the Project (the “Public Hearing”), and (iii) described the forms of financial assistance being contemplated by the Authority with respect to the Project (the “Financial Assistance”, as more fully described herein); and WHEREAS, pursuant to the Initial Project Resolution, the Authority duly scheduled, noticed and conducted the Public Hearing at 10:00 a.m. on July 17, 2026 whereat all interested persons were afforded a reasonable opportunity to present their views, either orally or in writing on the location and nature of the Facility and the proposed Financial Assistance to be afforded the Company in connection with the Project (a copy of the Minutes of the Public Hearing, proof of publication and delivery of Notice of Public Hearing being attached hereto as Exhibit A); and WHEREAS, as a component of the Notice of Public Hearing delivered to the City of Troy (the “City”), the County of Rensselaer (the “County”) and the Lansingburgh Central School District (the “School”, and together with the City and County, the “Affected Tax Jurisdictions”), the Authority delivered a proposed deviation (the “Deviation”) from the Authority’s Uniform Tax Exemption Policy (the “UTEP”) regarding the proposed PILOT Agreement being considered by the Authority; and WHEREAS, the City of Troy Planning Board reviewed the proposed Project pursuant to the State Environmental Quality Review Act, as codified under Article 8 of the Environmental Conservation Law and Regulations adopted pursuant thereto by the Department of Environmental Conservation of the State (collectively, “SEQRA”) and related Environmental Assessment Form (“EAF”) and issued a negative declaration (the “Negative Declaration”), a copy of which, along with the EAF, are attached hereto as Exhibit B; and WHEREAS, the Authority and Company have negotiated the terms of an Agent and Financial Assistance and Project Agreement (the “Agent Agreement”), a Lease Agreement (the “Lease Agreement”), related Leaseback Agreement (the “Leaseback Agreement”) and related Payment-in-lieu-of-Tax Agreement (the “PILOT Agreement”), and, subject to the conditions set forth within this resolution, it is contemplated that the Authority will (i) acquire a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement, (ii) appoint the Company agent of the Authority to undertake the Project and lease the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Company for the term of the Leaseback Agreement and PILOT Agreement, and (iii) provide certain forms of Financial Assistance to the Company, including (a) mortgage recording tax exemption(s) relating to one or more financings secured in furtherance of the Project; (b) a sales and use tax exemption for purchases and rentals related to the construction and equipping of the Project; and (c) a partial real property tax abatement structured through the PILOT Agreement. 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 Page 3 of 10 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, thereby increasing employment opportunities in the City of Troy, New York, 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) Based upon review of the Application, the EAF and the Negative Declaration issued by the City of Troy Planning Board and submitted to the Authority, the Authority hereby: (i) consents to and affirms the status of the City of Troy Planning Board as Lead Agency for review of the Facility, within the meaning of, and for all purposes of complying with SEQRA; (ii) ratifies the proceedings undertaken by the City of Troy Planning Board as Lead Agency under SEQRA with respect to the construction and equipping of the Facility pursuant to SEQRA; and (iii) finds that the Project involves a “Type I Action” (as such quoted term is defined under SEQRA). The review is “coordinated” (as such quoted term is defined under SEQRA). Based upon the review by the Authority of the EAF and related documents delivered by the Company to the Authority and other representations made by the Company to the Authority in connection with the Project, the Authority hereby finds that (i) the Project will result in no major impacts and, therefore, is one which may not cause significant damage to the environment; (ii) the Project will not have a “significant effect on the environment” (as such quoted term is defined under SEQRA); and (iii) no “environmental impact statement” (as such quoted term is defined under SEQRA) need be prepared for this action. This determination constitutes a “negative declaration” (as such quoted terms are defined under SEQRA) for purposes of SEQRA. Page 4 of 10  Section 2. The Authority hereby accepts the Minutes of the Public Hearing and approves the provision of the proposed Financial Assistance to the Company, including (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. The Authority approves the form of PILOT Agreement and the proposed Deviation based upon the reasons set forth within the notice letters issued to the Affected Tax Jurisdictions. Section 3. Subject to the Company executing the Leaseback Agreement and/or a related Agent Agreement, along with the delivery to the Authority of a binder, certificate or other evidence of liability insurance policy for the Project satisfactory to the Authority, the Authority hereby authorizes the undertaking of the Project, including the acquisition of a leasehold interest in the Land and Existing Improvements pursuant to the Lease Agreement and related recording documents, the form and substance of which shall be approved as to form and content by counsel to the Authority. Subject to the within conditions, the Authority further authorizes the execution and delivery of the Leaseback Agreement, wherein the Company is authorized to undertake the construction and equipping of the Improvements and hereby appoints the Company as the true and lawful agent of the Authority: (i) to acquire, construct and equip the Improvements and acquire and install the Equipment; (ii) to make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions, as the stated agent for the Authority with the authority to delegate such agency, in whole or in part, to agents, subagents, contractors, and subcontractors of such agents and subagents and to such other parties as the Company chooses; and (iii) in general, to do all things which may be requisite or proper for completing the Project, all with the same powers and the same validity that the Authority could do if acting in its own behalf. The foregoing authorization and appointment by the Authority of the Company as agent to undertake the Project shall expire on December 31, 2024, unless extended by the Executive Director of the Authority upon written application by the Company. Based upon the representation and warranties made by the Company the Application, the Authority hereby authorizes and approves the Company, as its agent, to make purchases of goods and services relating to the Project and that would otherwise be subject to New York State and local sales and use tax in an amount up to $7,500,000.00, which result in New York State and local sales and use tax exemption benefits (“sales and use tax exemption benefits”) not to exceed $600,000.00. The Authority agrees to consider any requests by the Company for increase to the amount of sales and use tax exemption benefits authorized by the Authority upon being provided with appropriate documentation detailing the additional purchases of property or services, and, to the extent required, the Authority authorizes and conducts any supplemental public hearing(s). Pursuant to Section 1963-b of the Act, the Authority may recover or recapture from the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, any sales and use tax exemption benefits taken or purported to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, if it is determined that: (i) the Company, its agents, consultants, subcontractors, or any other party authorized to make Page 5 of 10 purchases for the benefit of the Project, is not entitled to the sales and use tax exemption benefits; (ii) the sales and use tax exemption benefits are in excess of the amounts authorized to be taken by the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project; (iii) the sales and use tax exemption benefits are for property or services not authorized by the Authority as part of the Project; (iv) the Company has made a material false statement on its application for financial assistance; (v) the sales and use tax exemption benefits are taken in cases where the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project; and/or (vi) the Company obtains mortgage recording tax benefits and/or real property tax abatements and fails to comply with a material term or condition to use property or services in the manner approved by the Authority in connection with the Project (collectively, items (i) through (vi) hereby defined as a “Recapture Event”). As a condition precedent of receiving sales and use tax exemption benefits, mortgage recording tax exemption benefits, and real property tax abatement benefits, the Company, its agents, consultants, subcontractors, or any other party authorized to make purchases for the benefit of the Project, must (i) if a Recapture Event determination is made by the Authority, cooperate with the Authority in its efforts to recover or recapture any sales and use tax exemption benefits, mortgage recording tax benefits and/or real property tax abatements abatement benefits, and (ii) promptly pay over any such amounts to the Authority that the Authority demands, if and as so required to be paid over as determined by the Authority. Section 4. 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 (A) the Agent Agreement, wherein the Authority will appoint the Company as agent to undertake the Project, (B) the Lease Agreement, pursuant to which the Company will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility to the Authority, (C) the Leaseback Agreement, pursuant to which the Authority will lease its interest in the Land, Existing Improvements, Improvements and Equipment constituting the Facility back to the Company, (D) the PILOT Agreement pursuant to which the Company shall be required to make certain PILOT Payments to the Authority for the benefit of the Affected Taxing Jurisdictions (along with a related PILOT Mortgage Agreement, or in the discretion of the Executive Director, a sufficient guaranty of performance under the Leaseback Agreement and PILOT Agreement), and (E) related documents, including, but not limited to, Sales Tax Exemption Letter(s), Bills(s) of Sale and related instruments; provided 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. Section 5. The Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority are hereby further authorized, on behalf of the Authority, and to the extent necessary, to execute and deliver any mortgage, assignment of leases and rents, security agreement, UCC-1 Financing Statements and all documents reasonably contemplated by these resolutions or required by any lender identified by the Company (the “Lender”) up to a Page 6 of 10 maximum principal amount necessary to undertake the Project and/or finance/refinance acquisition and Project costs, equipment and other personal property and related transactional costs, and, where appropriate, the Secretary or Assistant Secretary of the Authority is hereby authorized to affix the seal of the Authority to the Authority Documents and to attest the same, all with such changes, variations, omissions and insertions as the Chairman, Vice Chairman and/or the Executive Director/Chief Executive Officer of the Authority shall approve, the execution thereof by the Chairman, Vice Chairman or the Executive Director/Chief Executive Officer of the Authority to constitute conclusive evidence of such approval; provided, in all events, recourse against the Authority is limited to the Authority’s interest in the Project. Section 6. 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 7. These Resolutions shall take effect immediately. Page 7 of 10  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 July 17, 2026, 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 __________, 2026. ______________________________ (SEAL) Page 8 of 10  EXHIBIT A PUBLIC HEARING MATERIALS Page 9 of 10  EXHIBIT B SEQRA MATERIALS Page 10 of 10  Carmella Mantello Peter Kehoe Mayor Chairman Seamus Donnelly Planning Commissioner Deputy Mayor Planning and Economic Development 433 River St., Ste. 5001 Troy, New York 12180 City of Troy Planning Board Resolution SEQRA Determination related to: PLPC 2024 0053 – 74 New Turnpike (70.74-1-1) [SF / N-II] PDD review – SEQRA (Type I) WHEREAS, Pursuant to Article 8 (State Environmental Quality Review Act – SEQRA) of the Environmental Conservation Law and 6 NYCRR Part 617, the Troy City Planning Board as the Lead Agency, has previously made the determination that the project, which consists of a Planned Development District for the construction of a new road network and neighborhood of 86 single family, rentable cottages on the former site of the recently demolished Leonard Hospital, is a Type I action, and has hereby evaluated the proposed actions and makes the following determinations: 1. That the actions do not include the potential for at least one significant adverse environmental impact that cannot be mitigated. 2. That sufficient information has been submitted with the Environmental Assessment Form (EAF), and supporting documentation, to determine that an Environmental Impact Statement (EIS) is not required for the proposed actions. 3. That the project, the EAF, and supporting documentation have been evaluated per 617.7 (c) (1), (2), and (3) of SEQRA. 4. That no adverse impacts or concerns have been identified by any interested or involved agencies. NOW, THEREFORE, BE IT RESOLVED by the Planning Board of the City of Troy, New York that there are no significant impacts that will occur as a result of this proposal and hereby issues a Negative Declaration. May 21, 2025 Eric Ferraro, Planner Date On Behalf of the Executive Secretary City of Troy Planning Board