Troy Local Development Corporation

Troy Local Development Corporation Board of Directors Meeting June 7, 2007 10:00 a.m. Minutes Present: Daniel Crawley, Sondra Little, Judith Breselor, James Walsh, Deborah Witkowski, David Mitchell Old Business I. Approval of the minutes from the April 26th, 2007 Board Meeting Jim Walsh made the motion to approve the minutes Sondra Little seconded the motion II. Review of applications for funding assistance 1. 1 Fourth Street – Franklin Inn & Suites Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Sondra Little 2. 630 Second Avenue – Terry Frederick d/b/a/ Trader Ed’s Requested: $125,000 EDAP Loan Denied: vote 4-0 Motion made by: Dan Crawley Seconded by: Jim Walsh Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Jim Walsh 3. 801 River Street – River Street Auto Requested: $10,000 50-50 Grant Denied: vote 4-0  Motion made by: Judy Breselor Seconded by: Jim Walsh 4. 2207 Fifteenth Street – Harvest Moon Lazat Requested: $2,550 50-50 Grant Approved: vote 4-0 Motion made by: Jim Walsh Seconded by: Jude Breselor Requested: $12,232 EDAP Loan Tabled Motion made by: Sondra Little Seconded by: Jim Walsh Board recommends the applicant receive a referral to the Rensselaer County SMART Up entrepreneurial assistance program. 5. 1535 Fifth Avenue – George Sheehan Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Dan Crawley Seconded by: Judy Breselor George Sheehan: Spoke about the history and proposed restoration / reuse of the building for office use. 6. 213-215 River Street – Judge Companies Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Jim Walsh Sarah Copen: Spoke about the proposed restoration and future plans for mixed use building. 217 River Street – Judge Companies Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Jim Walsh Sarah Copen: Spoke about the proposed restoration and future plans for mixed use building. 219 River Street – Judge Companies Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Jim Walsh Sarah Copen: Spoke about the proposed restoration and future plans for mixed use building. 251 River Street – Judge Companies Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Dan Crawley Seconded by: Jim Walsh Sarah Copen: Spoke about the proposed restoration and future plans for mixed use building. 255 River Street – Judge Companies Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Dan Crawley Seconded by: Judy Breselor Sarah Copen: Spoke about the proposed restoration and future plans for the building. 50 Fourth Street – Judge Companies Requested: $10,000 Main Street Grant Denied: vote 4-0 Motion made by: Sondra Little Seconded by: Jim Walsh This property is located in the Main Street revitalization area, therefore Board will recommend that applicant seek funding from Main Street program.  Sarah Copen: Spoke about the proposed restoration and future use as commercial space or a possible restaurant. New Business III. Review of applications for funding assistance 1. 403 River Street – Three Griffins Realty, LLC (Ryan’s Wake) Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Jim Walsh Seconded by: Sondra Little Chris Ryan: Spoke about the proposed restoration of the building 2. 86-88 Congress Street – KB Construction Requested: $10,000 50-50 Grant Approved: vote 4-0 Motion made by: Sondra Little Seconded by: Dan Crawley Requested: $25,000 Main Street Grant Tabled Motion made by: Sondra Little Seconded by: Judy Breselor Board tabled Main Street request until such time as 50/50 work is completed. Kevin Blodgett: Shared his proposal to restore and reoccupy the several buildings located at 137 Fourth Street including the creation of 18 apartments and two first floor retail spaces. 3. 336 Third Street – Leahy Bocketti, LLC Requested: $140,000 EDAP Loan Approved: vote 4-0 Motion made by: Jim Walsh Seconded by: Sondra Little Phillip Bocketti: Spoke about the history of the business and proposed property acquisition.  4. 1 Fourth Street – Franklin Inn & Suites Requested: $50,000 EDAP Grant Approved: vote 4-0 Motion made by: Judy Breselor Seconded by: Dan Crawley Conditioned upon evidence that hotel and retail commitments can be provided by applicant. IV. Other business V. Meeting was adjourned