Troy Local Development Corporation
Regular MeetingTroy, NY · January 11, 2013
Minutes
TROY LOCAL DEVELOPMENT CORPORATION
Board of Directors Meeting Minutes
January 11, 2013
8:30 a.m.
BOARD MEMBERS PRESENT: Wallace Altes, Chair, Bill Dunne, Andrew Ross,
Andrew Torres Ph.D., and Ken Zalewski
ABSENT:
ALSO IN ATTENDANCE: Justin Miller, Esq., Monica Kurzejeski, Joe Mazzariello,
Selena Skiba, Denee Zeigler, Tanya Dugal and Ashley Parslow
Minutes
Wallace Altes called the meeting to order at 8:45 a.m. and advised that they would be
meeting as a committee of the whole.
I. Review of minutes from the December 10, 2012 and December 21, 2012
meeting. The board reviewed the minutes and made a motion to approve the
minutes.
Ken Zalewski made the motion to approve the minutes.
Andrew Torres seconded the motion, motion carried.
II. New Business
The Chairman called the meeting to order at 8:45 and explained that they
would be meeting as a committee of the whole.
Wally took a minute to introduce Tanya Dugal and Ashley Parslow to the
Board. He explained that they are with The Authorities Budget Office and are
going to be working on a compliance review of the TLDC records from 2011.
Wally advised the board that Joe Mazzariello and Selena Skiba had a
presentation on the financials and suggested that they move to the audit and
finance committee portion of the meeting.
Ken Zalewski made the motion to move into the Committee
portion of the meeting.
Andrew Ross seconded the motion, motion carried.
Audit and Finance Committee
Joe presented to the board the results of the RFP sent out for an auditor for
the boards. Three quotes were received; Marvin & Company, The Bonadio
Group and Bollam, Sheedy & Tironi & Co. Joe explained all three were good
quotes, but BST’s was his choice out of the three based on their price and the
fact that they have historical knowledge of the Boards.
Ken Zalewski questioned the hourly rate they have listed. Joe advised that
the rates are for additional services that are not listed in the contract and he
does not anticipate using more than a few additional hours.
Bill Dunne asked if the price quoted for the CRC can be negotiated seeing as
that board did not have any activities. Justin Miller advised the IDA board to
take a look at it during Monday’s meeting. Joe Mazzariello will discuss with
BST.
Wally asked if there were any additional questions from the Board. With no
other questions the Board voted.
Andrew Ross made a motion to accept Joe Mazzariello’s
recommendation of Bollam, Sheedy & Tironi & Co. for
auditing services.
Ken Zalewski seconded the motion, motion carried.
Joe Mazzariello went over the Boards financials and advised that no historical
data has been entered into the system yet. They are still in the preliminary
stages of entering in all of the information but hope to have the books closed
by mid February. Wally asked for the final report to be presented to the
board in February.
Joe questioned where the board stood with Bomber’s Bridge Loan and Old
World Provisions. The chairman advised that the board will discuss the
Bomber’s loan later in the meeting. Monica Kurzejeski stated that Old World
may be in next week to submit material to us. Andrew Torres questioned
modifications to their contract. Justin advised that any changes would be
subject to board approval.
Joe asked the status of the LDC’s lease with Materials Recovery in South
Troy. Selena Skiba mentioned that a rent slip was mailed recently. Bill
Dunne mentioned that talks have been going on between the City and
National Grid, but stated that they should be going on between the TLDC and
National Grid. A request has been sent to National Grid to see where they
are at with remediation.
Selena Skiba stated that they are waiting to hear from us regarding the lease.
Justin Miller advised to send them a notice out for February, which will give
them 30 days.
Joe Mazzariello recommended an agreement be put in place between the
LDC & the City regarding staff services and office space.
Selena Skiba questioned Peter Marx’s maintenance agreement for 444 River
Street and if he gets a reduced rent and reimbursements. Monica advised
that she will meet with Selena to clarify the agreement.
Wally suggested that they close the audit and finance committee meeting and
move to the regular board meeting.
Ken Zalewski made the motion to move to the regular board
portion of the meeting.
Bill Dunne seconded the motion, motion carried.
Board Meeting
1. Monica discussed the LDC owned property at 9 First Street. She is
currently talking with Sam Judge Properties about the possibility of setting
up retail and residential units. She advised that it is a beautiful building
that needs some work. It is currently listed on LoopNet. Justin will look
into a grant that is attached to the property ($50,000). He also discussed
if they would want to put out an RFP, using the same process followed
when they purchased the Marvin Neitzel building and entered into a LDA.
The board agreed that the process was successful.
2. Bill Roehr discussed the “We live NY” grant application. He explained
that the grant uses NEXUS, a database, as a way for young
entrepreneurs to network and encourage their ideas. He was looking for
a match of $3,000 from the LDC. Bill Dunne explained that Mr. Coblentz
wanted to create an environment where people could share their ideas
and connect with others. Monica added that the mentoring program
would meet many of the needs of a young entrepreneur.
Andrew Torres asked if there would be additional steps that would need
to be taken if they were awarded the grant. Bill Roehr advised that they
were only asking for the matching funds but we may also be able to assist
them in a physical site. Ken Zalewski talked about the players involved
in the program and was very excited about it. He suggested a co-working
site. Monica suggested the old McDonald’s / OTB site by the parking
garage on Fourth and Fulton.
Ken Zalewski made the motion to provide a $3,000 in funds
for a match.
Andrew Torres seconded the motion, motion carried.
III. Old Business
1. Bomber’s Bridge Loan
The chairman suggested that they move to executive session to
discuss financial history and real estate issues regarding Bomber’s.
Andrew Ross made the motion to move to executive session.
Bill Dunne seconded the motion, motion carried.
The Board returned from executive session and agreed to have staff
reach out to the parties involved and to extend the agreement.
Andrew Ross made to motion to extend the loan until
December 31, 2013.
Andrew Torres seconded the motion, motion carried.
Andrew Torres questioned the mission statement of the TLDC and whether or
not they are intending to provide long term or short term loans. Wally
explained that the board should offer a short term issues that come up, not
have long term debt. Justin Miller suggested that at the next meeting the
board discusses their loan policy and guidelines as well as revisions that may
be needed to the bylaws. Wally suggested that the Board and Governance
Committee meet in February, no need to have the Audit and Finance
Committee meet unless something comes up.
IV. Adjournment
Monica updated the board that she has been in contact with the
brewery/taproom regarding coming to the area. Bill Dunne also updated the
board the The Cookie Factory is working to change locations to the old
Levonian Building.
The next meeting will be on Friday February 8, 2013 at 8:30 a.m. in the
planning department conference room.
Ken Zalewski made the motion to adjourn the meeting.
Bill Dunne seconded the motion, motion carried.
Agenda
Wallace Altes, Chairman Bill Dunne
Andrew Ross, Vice Chairman Ken Zalewski
Andrew Torres, Ph.D.
TROY LOCAL DEVELOPMENT CORPORATION
Board of Directors Meeting
Planning Department Conference Room
City Hall
433 River Street, Suite 5001
Troy, New York 12180
January 11, 2013
8:30 a.m.
AGENDA
I. Approval of the Minutes from the December 10, 2012 and December 21,
2012 meeting.
II. New Business
1. We Live NY Grant Application
2. 9 First Street
III. Old Business
1. Bomber’s Bridge Loan
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TROY LOCAL DEVELOPMENT CORPORATION
Board of Directors Meeting Minutes
December 10, 2012
9:00 a.m.
BOARD MEMBERS PRESENT: Wallace Altes, Chair, Bill Dunne, Andrew Ross,
Andrew Torres Ph.D., and Ken Zalewski
ABSENT:
ALSO IN ATTENDANCE: Justin Miller, Esq., Monica Kurzejeski, Joe Mazzariello,
Selena Skiba, Denee Zeigler
Minutes
Wallace Altes called the meeting to order at 9:00 a.m. and advised that they were
meeting as a committee of the whole.
I. Approval of minutes from the November 19, 2012 meeting.
Andrew Torres made the motion to approve.
Andrew Ross seconded the motion to approve, motion
carried.
II. New Business
1. Annual Board Perfomance Review and ABO Compliance.
Justin Miller Esq. spoke to the board about end of the year reports, surveys
and audits that are due. The chairman asked that the board complete the
performance review sheets as soon as possible so they may be tallied by the
Governance Committee and forwarded to the ABO.
Justin also informed the board members of the upcoming Compliance Review
by the ABO. A copy of the Compliance Review Process was distributed to
the board members.
2. Leonard Hospital, Bomber’s and The Neitzel Building
A general discussion took place about Bomber’s bridge loan deadline of
December 31, 2012. The board decided to add Bomber’s to the next agenda
in order to discuss their options further.
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Justin Miller made a motion to move to executive session to discuss the
proposed acquisition, sale or lease of real property or the proposed
acquisition of securities, or sale or exchange of securities held by such public
body.
Ken Zalewski made a motion to move to executive session.
Bill Dunne seconded the motion, motion carried.
Wallace Altes made a motion to leave executive session.
Andrew Torres seconded the motion, motion carried.
3. Economic Development Program
Monica Kurzejeski talked about possible funding for future economic
development plans. She is working with Joe Mazzariello to determine if funds
could be added in for the next year. She wants to establish clear objectives
for the program.
III. Old Business
1. Parking Committee
Monica Kurzejeski spoke to the board about an upcoming Chamber of
Commerce meeting that will take place next week regarding parking issues.
The meeting will be held at City Hall.
IV. Adjournment
The board decided to hold a special meeting to discuss the LDA for Vecino
Group (444 River Street) before the end of the year. The board agreed on
Friday December 21, 2012 at 9:00 a.m. in the conference room.
The Chairman proposed to the board that the meeting day be changed in the
upcoming year in order to allow more time to discuss the agenda items. A
discussion took place by the board and it was decided to change the meeting
dates from Monday to Friday. The first meeting will be on Friday January 11,
2013 at 9:00 a.m. in the planning department conference room.
Ken Zalewski made the motion to adjourn the meeting.
Andrew Ross seconded the motion, motion carried.
January 2013 3
TROY LOCAL DEVELOPMENT CORPORATION
Board of Directors Meeting Minutes
December 21, 2012
9:00 a.m.
BOARD MEMBERS PRESENT: Wallace Altes, Chair, Bill Dunne, Andrew Ross,
Andrew Torres Ph.D., and Ken Zalewski
ABSENT:
ALSO IN ATTENDANCE: Justin Miller, Esq., Monica Kurzejeski, Denee Zeigler
Minutes
Wallace Altes called the meeting to order at 9:00 a.m.
I. Review of minutes from the December 10, 2012 meeting. The board
reviewed the minutes and moved to table the approval until some corrections
could be made.
Andrew Torres made the motion to table.
Andrew Ross seconded the motion to table, motion tabled.
II. LDA for Vecino Group
Justin Miller spoke about the LDA with Vecino Group. The LDA states that
Vecino Group will have primary rights to develop their project at 444 River
Street along with an additional parcel at 88 King Street. Vecino Group will
have an exclusive option to acquire the secondary parcels that surrounded
the property.
The Chairman questioned if there were any structures on the secondary
parcels. Bill Dunne shared a parcel map of the area with the board members
and indicated that two parcels do have structures on them. Justin also
explained that Vecino Group will have about one year to get hard financing in
place before they come to us to purchase. A deposit will be given of $20,000
to be held until that time. Andrew Ross questioned if it was non-refundable.
Justin explained that only if the sixth months go by or they have financing in
place.
Monica has discussed with the current tenants of 444 River Street
the possibility of the building changing ownership within the next six months.
She also walked through the building with a structural engineer and was
given the okay that the building is sound.
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The Chairman questioned the timeline. Justin and Monica advised the
building should be ready to rent within the next 1 ½ - 2 years.
Ken Zalewski questioned if there would be any traffic disruptions while the
building is being worked on. Andrew Ross advised that once they own the
building and begin work, they would be dealing with the City at that point with
permits.
Members of the board said they were excited about this project and they
were glad it was moving along. They also agreed that they were glad to see
some interest from a developer from outside the City.
The Chairman thanked Monica Kurzejeski for her hard work on the project.
The board reviewed the attached resolution authorizing the execution and
delivery of a land disposition agreement with the 444 River Lofts, LLC and the
acquisition of certain parcels of land from the City of Troy, New York.
Andrew Ross made a motion to approve the resolution.
Ken Zalewski seconded the motion, motion carried.
III. Old Business
The board discussed the status of several properties.
Monica Kurzejeski spoke about meeting with interested developers to discuss
9 First Street.
The Mooradian’s building on River Street is currently on the market.
The Marshall Ray building is in the process of asbestos removal and being
winterized. Bill Dunne mentioned that the parcel of land behind the Marshall
Ray building that has also been discussed because it is connected to the
proposed Ingall’s Ave boat launch site.
The Trojan Hotel and Broadway News were also discussed briefly.
Bill Dunne mentioned he will reach out to Boilerworks.
IV. Adjournment
The next meeting will be on Friday January 11, 2013 at 8:30 a.m. in the
planning department conference room.
Ken Zalewski made the motion to adjourn the meeting.
Andrew Torres seconded the motion, motion carried.
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