Troy Local Development Corporation
Regular MeetingTroy, NY · October 11, 2013
Minutes
TROY LOCAL DEVELOPMENT CORPORATION
Board of Director
Meeting Minutes
October 11, 2013
8:30 a.m.
BOARD MEMBERS PRESENT: Wallace Altes, Bill Dunne, Hon. Ken Zalewski,
Andy Ross and Dep. Mayor Pete Ryan
ABSENT:
ALSO IN ATTENDANCE: Justin Miller Esq., Monica Kurzejeski, Joe Mazzariello,
Andy Piotrowski, Ken Crowe, Terry O’Brien, Selena Skiba, Westley Costanzo,
Laban Coblentz, Ed Haddad, Kenneth Stumaker, Mike Fanning, Richard Spenello,
Chris Spenello, and Denee Zeigler
Minutes
Wallace Altes, Chairman, called the meeting to order at 8:30 a.m. He introduced the
applicants to the board members.
I. Approval of the minutes from the September 13, 2013 board meeting.
Ken Zalewski made a motion to approve the minutes.
Bill Dunne seconded the motion, motion
carried.
II. 50/50 Façade Improvement Grant - 62 Vandenburgh Ave.
Monica introduced Kenneth Stumaker to the board members. Mr. Stumaker
explained he is the owner of the Deli & Brew located at 62 Vandenburgh Ave.
He is planning on doing improvements to the outside of his business. The
former Pizza Hut which is located next to him was recently purchased and is
going to be landscaped and remodeled. Mr. Stumaker advised he would like
to take this opportunity to make some improvements to his business also.
Mrs. Kurzejeski explained that some of the work has already begun. The
applicant needed to start working on the improvements while he waited for
the application to be reviewed. The chairman asked how much funding he
was looking for. Mr. Stumaker advised that he was looking for $5,000 in
matching funds. The Chairman asked if there were any other questions from
the board.
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Deputy Mayor Pete Ryan made a motion to authorize the
funding request for 62 Vandenburgh Ave. in the amount of
$5,000.
Bill Dunne seconded the motion, motion
carried.
III. BDAP
Mosaic Associates Architects - Monica Kurzejeski introduced the project to
the board members explaining they are moving into the 4th floor of the Freer
Building in downtown and plan to be open by December 1, 2013. They are
going to be bringing 30 employees with them from their current location in
East Greenbush and are the type of business that we want to bring to Troy.
Mike Fanning, owner, spoke about his company and his beginnings as an
RPI student in Troy. The Chairman asked if there was an anticipated move in
date. Mr. Fanning advised that he would like to start moving in mid
November. The Chairman questioned the type of employees that work at the
company. Mr. Fanning explained that ¾ of them are professionals. Ken
Zalewski questioned the BDAP balance. Monica advised it is currently
$65,000. Andy Ross asked the applicant if they specialize in any discipline.
Mr. Fanning explained that they work mainly with schools; K-12 and higher
education. They recently completed the new Troy Middle School and
HVCC’s science center. The board members agreed that both of these
projects were very well designed buildings.
Mrs. Kurzejeski asked the board if the budgeted amount for BDAP requests
should be increased because this project and the next request would put
them over the $65,000 remaining.
The Shoppe – The board was introduced to Richard and Chris Spenello from
The Shoppe, a well known establishment from Saratoga that has been in
business for 37 years. Mrs. Kurzejeski advised that they will compliment the
other boutiques located downtown. They have a clientele in this area already
and thought the available space downtown would be a perfect space.
Richard Spenello explained that they were asking for $20,000. Mrs.
Kurzejeski noted that both projects are very important requests for the
downtown. The board had a general discussion and agreed to fund both
projects. The Chairman asked if there were any other questions from the
board members and asked for a motion to make an amendment to the budget
to move $5,000 from the general fund to the BDAP funds.
Bill Dunne made the motion to make an amendment to the
budget to add $5,000 from the general fund to the BDAP
budget.
Ken Zalewski seconded the motion, motion carried.
The Chairman asked if there were any questions about the Mosaics
Associates Architecture project.
Ken Zalewski made a motion to approve the initial funding
application for Mosaic Associates Architecture in the amount
of $50,000.
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Andy Ross seconded the motion, motion carried.
The Chairman asked if there were any questions about The Shoppe
application.
Ken Zalewski made a motion to approve the initial funding
application for The Shoppe in the amount of $20,000.
Andy Ross seconded the motion, motion carried.
IV. 50/50 Façade Improvement Grant – 328-330 and 332 Congress Street
Monica introduced Ed Haddad to the board. He is the current owner of both
328-330 and 332 Congress Street. Ed Haddad spoke to the board about his
partner Joel Glickman and their background purchasing properties in Troy.
Mr. Haddad noted he is interested in purchasing properties on Congress
Street and continuing the improvement of that area. Currently they are
getting permits for working on the inside of the building. There is more work
than anticipated so they are seeking assistance for the facades of the
buildings. Mr. Haddad asked for a grant for each property in the amount of
$5,000. Monica Kurzejeski clarified for the board where the properties were
located along Congress Street. She also noted that there are many buildings
on the current foreclosure list. Dep. Mayor Pete Ryan noted that
improvements such as this are very exciting for this corridor. The work done
on the streets has been great for the area. Mr. Haddad agreed stating that
this could be an area that had several different international restaurants;
there is already a Polish and Italian restaurant. He would love to add in a
sushi restaurant as well. He would love to be a part of the revitalization of
this area and are willing to work closely with the City. Bill Dunne questioned
how many units are in 328-330 Congress Street building. Mr. Haddad noted
that there are between 5-6 units. Mr. Dunne asked if there was a way to fix
the 1st floor retail space that was turned into residential as well as moving
some of the cable boxes to the rear of the building. . He suggested speaking
to TAP about changing 1st floor retail spaces to residential without
compromising any details of the building. Mr. Haddad said he will work on
improving and may see about getting additional funding. Mr. Dunne also
noted that there is a historical review panel that can assist you. Mr. Ryan
asked if there was parking associated with the building. Mr. Haddad
explained that there is a parking lot in the rear of the building. Mr. Haddad
noted he is excited about working with the City of Troy. The Chairman asked
the board if there were any other questions about approving the application
for funding of $5,000 for each building. Monica Kurzejeski advised the board
the current balance of funds in the 50/50 Façade budget is $45,000.
Ken Zalewski made a motion to approve $10,000 in funding
for 328-330 and 332 Congress Street. ($5,000 for each
property)
Dep. Mayor Pete Ryan seconded the motion, motion carried.
V. 50/50 Façade Improvement Grant – 121 4th
Monica Kurzejeski introduced Carmine Battuello, the owner of Dublin’s, to the
board. Mrs. Kurzejeski wanted to note that the 4th Street business owners
have become very proactive with keeping up the streets in their night life
district. This is also the area that was focused on for the New York Main
Street grant application that was sent in earlier this year.
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Mr. Battuello spoke to the board members about trying to improve the
appearance of the exterior of the building to try and introduce new clientele to
the bar, possibly a name change. Bill Dunne asked about the hours of the
establishment. Mr. Battuello advised that they are open until 2 a.m. during
the week and open until 3-3:30 on the weekend. They are looking to get new
windows and awnings with this grant. In the future, if the Main Street grant
comes through, they will be looking to do additional improvements. Ken
Zalewski asked who the building owner was. Mr. Battuello stated that Mario
Abate is the owner of the building. Andy Ross asked about the layout of the
inside of the building. Mr. Battuello stated that there is no longer a back
entrance to the building but they have the bar in the front and a space in the
rear of the building for food and dining. The Chairman asked if there were
any other questions about the request for $4,700.
Ken Zalewski made the motion to approve the 50/50 Façade
grant application for $4,700.
Bill Dunne seconded the motion, motion carried.
Mrs. Kurzejeski stated that Eric Poulin was not present. She suggested
tabling his request until the next meeting. She wanted to note that he has
been doing some work on the building and will get in contact with him to
discuss his plans.
VI. Center of Gravity
The Chairman introduced Laban Coblentz to the board to give updates to The
Center of Gravity makerspace. Mr. Coblentz passed around a statement to
the board members that outlined the work done in phase 1 of the project. It
consisted of building improvements which cleaned up a vacant space on both
the outside and inside. Specialized equipment was purchased to assist the
businesses and members.
Page two of the report shows job creation. One of the businesses assisted in
the very beginning, Nexus, has branched off on its own as a for profit. He
also wanted to note that jobs have been created and investments have come
into the area as a result of the space. The first five businesses on the report
did not exist five months ago. They existed in some form, but now they are
all new, viable businesses. They were also able to provide assistance to
Ekologic in a way that a traditional bank loan could not. It provided them with
an opportunity that brought them out of the margins and into a main stream.
This center has created a migration of people to the area looking to set up
their businesses.
Mr. Coblentz spoke about sustainability of the Center of Gravity. He has
slowly stepped away from the day to day operations to make sure the center
can thrive on its own. It has been successful to this point. The next stage is
phase III, that hinges on the approval of the CFA grant which will allow them
to move into the Quackenbush building. In the meantime, Mr. Coblentz want
to continue working on a plan to create a small business network that allows
shared access to services needed to run a business. Mr. Coblentz discussed
the difference between the traditional business incubator and this new model.
Essentially, the different departments of your business can be plug and play.
Andy Ross questioned the hours of operation. Mr. Coblentz explained that
the standard hours of operation are 6:00-10:00 p.m. evenings and 2:00-10:00
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p.m. on weekends. There is another level of membership that grants 24 hr
access. Mr. Coblentz also noted that in the future they would bring in an
Executive Director and some other staff. The would result in additional hours
during the day. Dep. Mayor Pete Ryan spoke about the shared government
services and how difficult it can be. If something could be done where it
would all work, that would be great.
Ken Zalewski asked about a specific project called Excelsior. Mr. Coblentz
explained a program they have set up to help recruit new graduates to train
them for higher level state government positions. The response for this
program has been very positive. The Chairman asked if there were any
other questions from the board. They all thanked Mr. Coblentz for coming.
VII. O’Brien’s Public House, 41-43 Third Street
Bill Dunne introduced Terry O’Brien to the board. Mrs. O’Brien gave a brief
overview of the project. The first floor will be O’Brien’s taproom, the
basement will be restored as The Trojan Taproom and their residence will be
on the second floor. Bill Dunne noted that this is one of several projects
happening in the same vicinity where historic buildings will be saved and
restored. Deputy Mayor Pete Ryan also wanted to praise the projects
happening in that area. The Chairman asked if there were any questions
from the board.
Bill Dunne made a motion to grant final approval for
$75,000 to O’Brien’s Public House.
Deputy Pete Ryan seconded the motion, motion carried.
VIII. Westley Costanzo, 2829 Sixth Avenue
Monica introduced Westley Costanzo to the board to discuss his project and
gave the background of the area. Mr. Costanzo explained that he purchased
the corner building at 2829 Sixth Ave and sub divided it into four small
businesses. The discount store is already open, the sub shop should be
open soon and Troy will also be the home of one of the first solar powered
laundry mats. Mr. Costanzo noted that the sidewalk in front of the buildings is
in very rough shape. He is looking to completely redo them in order to
prevent any injuries. Monica Kurzejeski also mentioned that Community
Gardens has a program for street trees and they have been in contact with
the applicant. Andy Ross asked if the NAPA store was also part of this
building. Mr. Costanzo advised that the building was purchased by someone
else. Bill Dunne commended Mr. Costanzo on his hard work in an area
where not many people set up new businesses. There has been a lot of
activity in the area and hopefully once the Ingalls Ave boat launch will also
spur the activity in the area.
Ken Zalewski made a motion to grant final approval for
$20,000 to RWDC Management for sidewalk improvements.
Dep. Pete Ryan seconded the motion, motion carried.
IX. Financials
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Joe Mazzariello spoke to the board about the balance sheet, Profit & Loss
sheet and a spreadsheet of all tenants of the LDC showing an overview of
their leases. The board had a discussion of who is current, who is
outstanding and who is still there. Bill Dunne noted that Ekologic will be
settling their debts. She is currently in the process of moving. Mr. Dunne
also noted that Materials Recovery is challenging the PILOT payments
currently due. It was suggested that tenants Al Smith, Tito Ortiz and Dan
Doyle be written off since all have been vacant from the property since their
last payment. The Chairman advised it would be a write off of about $3200.
The board decided to pursue Pete Marks. Justin Miller wanted to note that
the LDC inherited the tenants. They have paid some of the rent since we
acquired the building. They have been an asset in carrying some of the costs
of the building.
Andy Ross made a motion to write off Al Smith, Dan Doyle
and Tito Ortiz in the amount of $3,225.00
Bill Dunne seconded the motion, motion carried.
In the next two to three months we will be looking to completely vacate the
building for Vecino Group which received their final approvals at the last
planning board meeting. Andy Ross questioned if we would be responsible
weatherize the building. Bill Dunne advised they will look to see how much is
remaining from the authorized amount and work on getting the building
winterized.
Andy Ross asked for clarification about the $50,000 Bomber’s loan. Bill
Dunne explained that the $50,000 bridge loan was awarded to Bomber’s
while they waited for the National Grid Main Street reimbursement. Mr.
Dunne advised he spoke to National Grid this week and they are processing
the paperwork and getting ready to cut the check to the LDC. Justin Miller
advised that the loan was given to Bomber’s by the LDC with the first
payment due October 1, 2013. An invoice will be sent to Bomber’s for the
15% interest generated since the beginning of the month.
The Chairman asked if the process has been started to serve the tenants of
the Neitzel building with notice to terminate their leases. Justin Miller advised
that the date has been reset to November 1, 2013. Bill Dunne advised that
letters have been drafted and will be sent out in the next few weeks.
Joe Mazzerillo noted that there was one tenant of the Neitzel Building that is
looking for their security deposit back. The Marvin Neitzel Group is current
and has not had any issues. The board approved to give their deposit back
to them.
Bill Dunne also asked the board if additional funds should be authorized in
the event that the building needs more work to be winterized. The board had
a general discussion about the state of the building and concerns about what
could happen over the winter. The Chairman asked if $25,000 would be
enough or too much. Joe Mazzariello advised that $15,000 is the total
National Grid expenses for the last three months. Mr. Dunne advised his
main concern is the roof set up lasting through the winter. The board agreed
to $10,000.
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Ken Zalewski made a motion to authorize $10,000 for the
winterization of 444 River Street.
Andy Ross seconded the motion, motion carried.
X. Budget
Bill Dunne spoke to the board about the budget that was worked on by
Monica and himself. Joe Mazzariello advised this will be the budget that is
reported to PARIS by November 1, 2013. Bill Dunne explained that some
changes will need to made once the King Fuels site is remediated and
tenants are cleared out. Monica Kurzejeski advised that it is difficult to
project the budget five years ahead. The rental and financing income shows
a drop off as they loose tenants at 444 River Street and at the King Fuel sites
but should pick up once the site is remediated. Ken Zalewski noted that there
seems to be a lot going on in 2015 as far as total revenues. Mrs. Kurzejeski
explained there are notes in the last column to shed some detail on each line
item. The $1.2 Million on the budget sheet represents some of the capital
expenditure money from National Grid that will be used to help with the
Industrial Road and developing the parcel. The $1.3 Million is part of a CFA
grant that the City had applied for use at the King Fuels site.
Bill Dunne spoke about the $500,000 that is under charges for service is a
fee we anticipate to collect from National Grid from an amendment to an
agreement we have with them. Mr. Dunne advised that something has to be
done with the $4.4 Million in funding allocated for the South Troy Industrial
Road project. We are looking to match about $1.1 Million. We will have
enough funds to work on the Burden & Mill Street intersection which will be
updated so that truck traffic will be kept out of the regular traffic. This
requires a new underground bridge structure that is currently over the
Wynantskill Creek. The traffic burden is going to increase once HVCC
student housing is created at the top of the hill. There has been talk about
making the one way traffic up the hill and one way down the other hill. Mrs.
Kurzejeski advised that the site has generated a lot of interest and if we can
clean it up and have it ready, it wouldn’t be long before someone was
interested in purchasing the property. The Chairman asked if there any other
questions on the budget. Mrs. Kurzejeski advised that she will breaking the
budget down further to show more detail in the future.
Andy Ross made a motion to approve the budget.
Ken Zalewski seconded the motion, motion carried.
The Chairman thanked the financial team for their progress and commended
how far they have come. Joe Mazzariello thanked the board for their
recognition.
XI. ABO Compliance Review
The Chairman spoke to the board about the ABO Compliance review that is
now completed. He commended the work done by Bill Dunne and Justin
Miller leading us through the process. Bill Dunne wanted to note that the
review spanned three administrations and the LDC has done a great job
moving the City forward and promoting economic Development in the City.
Joe Mazzariello advised there many things to be fixed. Ken Zalewski also
commented on how far the board has come. We have done so much in such
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a short amount of time. Andy Ross asked if we have a resume for the board.
Monica Kurzejeski advised that Bill is working on it at this time. Mr. Dunne
also wanted to point out the article in the Daily News and the fact that both
newspapers are here to cover the meeting.
XII. 444 River Street, The Neitzel Building
The Chairman asked Bill Dunne about the air conditioner units. Mr. Dunne
advised the board that in June we purchased three 2400 BTU window units
that are still in the building. He was looking for instruction from the board as
to what to do with them. Justin Miller advised we have a property disposition
policy in place. Mr. Miller requested that they move to executive session to
discuss tenant orientated legal matters.
Ken Zalewski made the motion to move to executive session.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
The board returned with no action taken.
XIII. Adjournment
The meeting was adjourned at 10:40 a.m.
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Agenda
Wallace Altes, Chairman Bill Dunne
Andrew Ross, Vice Chairman Ken Zalewski
Deputy Mayor Pete Ryan
TROY LOCAL DEVELOPMENT CORPORATION
Board of Directors Meeting
Planning Department Conference Room
City Hall
433 River Street, Suite 5001
Troy, New York 12180
October 11, 2013
8:30 a.m.
AGENDA
I. Approval of the Minutes from the September 13, 2013 meeting.
New Business
II. 50/50 Façade Improvement Program applications (Monica)
• Xclusive Footwear, 569 Congress Street
• Dublin’s Lounge, 121 4th Street
• He Global LLC, 62 Vandenburgh Ave
• Tokyo Sushi, 332 Congress Street
• Joel Glickman, 328/330 Congress Street
III. Business Development Assistance Program (Monica)
• The Shoppe, 260 Broadway
• Mosaic Architecture, Castleton, NY
Old Business
IV. Update on The Center of Gravity and future plans (Monica)
V. Authorizing Resolution, The Trojan Hotel/O’Brien’s Public House, 41-43 Third Street
(Bill)
VI. Authorizing Resolution, RWDC Property Management, Westley Costanzo, 2829 6th
Avenue (Monica)
VII. Financials (Selena)
VIII. Budget (Bill & Monica)
IX. ABO Discussion (Bill & Wally)
X. 444 River Street
• Delinquent tenants (Selena), status of current tenants (Bill & Monica), re-
purposing of three air conditioners purchased for The Marvin Neitzel
Building (Bill)
XI. Adjournment
TROY LOCAL DEVELOPMENT CORPORATION
Board of Director
Meeting Minutes
September 13, 2013
8:35 a.m.
BOARD MEMBERS PRESENT: Wallace Altes, Bill Dunne, Hon. Ken Zalewski, and
Dep. Mayor Pete Ryan
ABSENT: Andy Ross
ALSO IN ATTENDANCE: Justin Miller Esq., Selena Skiba, Monica Kurzejeski, Joe
Mazzariello, Andy Piotrowski, Ryan Sylva, Claudette Thornton, Andrew Kreshik,
Terry O’Brien and Denee Zeigler
Minutes
Wallace Altes, Chairman, called the meeting to order at 8:35 a.m.
I. The board reviewed minutes from the June 14, 2013 and June 28, 2013
meeting.
Ken Zalewski made a motion to approve the minutes.
Deputy Mayor Pete Ryan seconded the motion, motion
carried.
II. Victorian Stroll and Downtown lighting
The Chairman introduced Claudette Thornton and Ryan Silva from the
Chamber of Commerce to the board. Bill Dunne spoke on behalf of
supporting the Victorian Stroll. It’s a great event that brings a lot of visitors to
the City and would be recognition for the LDC. Mr. Dunne passed a letter
around to the board members that outlined the funding request of $5,000.
The board was advised it would include bus advertising, posters and tabletop
cards. Ken Zalewski asked if our logo would be on the advertisement. Ms.
Thorton advised it will be seen all over the Capital Region.
Ken Zalewski made a motion to authorize the funding request
for The Victorian Stroll in the amount of $5,000.
Deputy Mayor Pete Ryan seconded the motion, motion
carried.
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Mr. Dunne also spoke about a future project with the Chamber of Commerce
to update and replace the lighting at Monument Square. The board had a
discussion about updating the lights and possibly keeping them up year round
and allow the colors of the lights to be changed for different events and holidays.
III. O’Brien’s Public House 41-43 3rd Street
Terry O’Brien spoke to the board about her recent purchase of the former
Trojan Hotel at 41-43 3rd Street. Mrs. O’Brien advised the board she is
looking for funding to replace 115 windows, the HVAC and electrical. The
goal is to have the businesses open by November 1st of this year. The first
floor will be O’Brien’s Pub which was formerly located in Lansingburgh and
the basement will be restored to the Trojan Taproom. The upper floors will
be their residence. The Chairman asked about the plan for the rear of the
building. Mrs. O’Brien advised that she is working with Jeff Buell to turn them
into storage units. There is a demand for them with all of the college students
and new apartments in the area. Mrs. O’Brien advised that the structure of
the building would make it difficult to turn into apartments.
Ken Zalewski asked about the number of jobs that will be created. Mrs.
O’Brien estimated about 50-60 jobs initially. Once the taproom is open the
total will be closer to 75. The Chairman questioned the capacity of the
restaurants. Mrs. O’Brien advised previously the ballroom located in the back
portion could hold up to 275 and the front was 75. They will open in phases;
the bar and small waiting room will be open first and then a month later will
open the ballroom. Monica Kurzejeski asked if they already had their
equipment. Mrs. O’Brien advised that they have all of their own equipment
and will be purchasing the rest. Deputy Pete Ryan asked about the condition
of the roof. Mrs. O’Brien explained to the board that the roof did have a small
issue that turned out to be a broken roof drain. The roof was replaced in
2007. Mr. Ryan also asked about parking. Mrs. O’Brien advised that there is
not a lot of parking; however the adjacent bank is closed on Saturday and
Sunday and have made agreements with her to use their parking lots. Mr.
Zalewski clarified the funding amount of $89,500 for stabilization, HVAC,
plumbing and windows. Justin Miller advised it could be set up in a similar to
The Clark House’s loan. Mrs. O’Brien advised that she paid cash for the
building and would be willing to provide a first mortgage. Mr. Miller advised it
could be voted on and closed at the next meeting. The Chairman asked if
there were any other questions from the board.
Ken Zalewski made a motion to approve the request for
funding in the amount of $89,500 to O’Brien’s Public House.
Deputy Pete Ryan seconded the motion, motion carried.
IV. Gramercy Communications
The Chairman recused himself from any discussion on Gramercy
Communications due to a consulting relationship he has had with them in the
past.
Ken Zalewski made a motion for Dep. Pete Ryan to be
temporary Chairman during the discussion.
Bill Dunne seconded the motion, motion carried.
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Bill Dunne spoke to the board about the creation of the TLDC Facebook page
by Ken Zalewski. He advised that because it can be time consuming to keep
up to date, he contacted Gramercy Communications to see if they would be
available to help manage the page. A proposal was give to the board to
review. The board had a general discussion on the proposal and decided to
not move forward until another time. Bill Dunne advised an op-ad was placed
in The Record to highlight the recent achievements of the LDC and promote
some of the current projects. In the future, we will revisit the idea of having a
dedicated person to manage the page.
Wallace Altes returned to the meeting as Chairman.
V. Loan and Grant requests
1. Monica spoke to the board about the application for a $20,000 loan to
improve the sidewalks in front of Westley Costanzo’s business’ at the
corner of Sixth and Middleburgh. The board was advised that originally
he was trying to apply for the sidewalk loan program, but that program is
not available to business owners. It is only for residential. Mrs.
Kurzejeski explained that he has done work to three buildings that make
up that corner. One building has already opened as a discount store and
Mr. Costanzo continues to renovate the two remaining buildings. Mrs.
Kurzejeski shared with the board that he has done all of the work on his
own and has proven to be a real asset to the community by trying to clean
up that whole corner. The Chairman asked if this loan will help with the
continued to improvement of that area. Mrs. Kurzejeski answered yes,
especially with the success of Sliders at the opposite corner. The board
had a discussion about what would be taken as collateral on these BDAP
loans. The Chairman asked about the loan process for the smaller loans
as compared to the larger ones. Justin Miller advised that they should
take a two step approach similar to the loan for O’Brien’s. The Chairman
asked if there were any other questions from the board members.
Ken Zalewski made a motion to approve the request for a
$20,000 loan request for Westley Costanzo.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
2. The Board decided to table the two other 50/50 requests until the next
meeting.
VI. Financials
Joe Mazzariello introduced Andy Piotrowski to the board members. He
will be assisting with the LDC accounts.
Mr. Mazzariello gave a presentation to the board of the current financials as
of August 12th 2013. He advised of the current balances, amounts in
accounts receivable and loan receivables. Mr. Mazzariello wanted to note
that we have not received any loan payments from one of the more recent
loans that we awarded. Mr. Mazzariello wanted to note how important to do
a cash flow analysis to ensure they have the ability to pay. Monica
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Kurzejeski advised that she has spoke to the applicant and Selena about the
issue. Justin Miller advised that we have personal guarantee with her loan.
Mr. Mazzariello also spoke to the board about the tenants at the former King
Fuels site; Freelot and Materials Recovery. Bill Dunne advised that Materials
Recovery made contact with Justin and himself to give notice that they will be
vacating the property and have a discrepancy with the amount owed. Justin
Miller explained the structure of their PILOT payment which states if there is a
tenant upstairs, they would share half of the tax responsibility. If there is no
tenant, the full PILOT amount would go to Freelot. Bill Dunne explained that
the discrepancy is coming in about the way the lease was interpreted by the
tenant. They believe they are paying more than they are responsible for. Mr.
Dunne explained that National Grid will be working on that site for the next
two years and is concerned that there may be potential issues with the
tenants. Justin Miller advised that the PILOT payment will be our
responsibility to pay if the space has no tenants. The Chairman confirmed
that staff will work to with the vacating of the space by Materials Recovery
and pursue enforcement for Freelot. Ken Zalewski questioned the structure
of the PILOT and the fact that there will be no profit generating entity. Justin
Miller explained that the LDC will have to take a look at the agreement to
come up with the next steps. The board had a general discussion about the
issue.
Mr. Mazzariello also advised the board that there are some tenants of the
Neitzel Building that are delinquent. Some of them are no longer in the
building, but we do have security deposits for them. Mr. Mazzariello was
looking for the LDC to authorize use of the security deposits as rent owed.
The Chairman asked if the security deposits will cover the back rent. Mr.
Mazzariello advised it will cover most of what is owed. Bill Dunne advised
that one tenant will not leave the property and will be taking him to court. The
Chairman asked for a motion to direct counsel to proceed with a formal
eviction process for Pete Marks.
Dep. Pete Ryan made a motion to proceed with a formal
eviction process for a tenant at the Neitzel Building.
Ken Zalewski seconded the motion, motion carried.
Joe Mazzariello questioned the pre-paid closing costs from November 2012
for fees to the City. Mr. Mazzariello noted properties on New Turnpike and
Sixth Avenue. Bill Dunne spoke about the properties advising that the LDC
did not purchase those properties. At a future meeting they can discuss the
property at Leonard Hospital. Bill Dunne advised that the Sixth Ave
addresses were on the City Council agenda and then removed.
Ken Zalewski asked about the review of the finances, specifically the
negative $28,000 listed in net income. Mr. Mazzariello stated that there are
expenses going out and not a lot of revenue coming in. The only income at
this time is coming in from the tenants. The Neitzel Building generates a lot
of costs each month. Other costly items are legal fees and utilities. Mr.
Mazzariello suggested that if we continue to purchase properties, we turn
them around quicker. Justin Miller advised that this should turn around within
the next year.
The board had a discussion on interpreting the balance sheet.
4
Joe Mazzariello advised that the budget will have to be adopted at the
October meeting so that it can be in by November 1st.
VII. 9 First Street, LLC
Bill Dunne spoke to the board about amending the LDA for 9 First Street.
Justin Miller advised that Jeff Buell would like to do some addition
stabilization to the building before he closes. Mr. Miller did have a
conversation with Jeff Buell to let him know what the changes would mean,
and did not hear back from him. The board decided to table the request to
amend the LDA at this time.
VIII. Marina Expense Sheet
Dep. Pete Ryan spoke to the board about the Marina project and the request
for a second payment. Ken Zalewski asked about the income that was
generated this season. Mr. Ryan spoke that we had a slow start this year
with a lot of rain in the beginning, but had a few solid months of boaters. It is
important for people to see that we are back in the game. No income has
been generated this year. Gas was sold to the boaters and it was noticeable
that the Marina was improved and open for the public. Events such as
Rockin’ on the River and the Farmers Market indicated that people were glad
to see it up and running. The Chairman asked about what would happen
next year. Mr. Ryan spoke about the fact that FEMA money will be in by then
and an RFP can be sent out to get a dock master and make some much
needed improvements/upgrades to the docks. The Chairman asked if he
sees the LDC continuing to take the lead on this project or if the City. Mr.
Ryan advised the City would be stepping in for the next season.
The Chairman requested that they move to executive session to discuss real
estate matters.
Ken Zalewski made the motion to move to executive session.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
The board returned with no action taken.
IX. Adjournment
The meeting was adjourned at 10:35 a.m.
5
Troy Local Development Corporation
50/50 Façade Improvement Program
Application for Funding Assistance
Applicant:
332 Congress St.
Building Address ______________________________________________________
Applicant Name Joel H. Glickman / Edward S. Haddad
_______________________________________________________
Applicant Address 344 Congress St., Troy, NY 12180
_____________________________________________________
(518) 274-0053
Telephone ____________________ joel_c@joelglickman.com
Email ________________________________
Is the applicant the owner? X
______ Yes ______ No
Joel H. Glickman / Edward S. Haddad
Owner Name ______________________________________________________________
344 Congress St., Troy, NY 12180
Owner Address ____________________________________________________________
Building Information:
X
Type of Construction: ______ Masonry ______ Frame ______ Other
Number of Floors: 3
__________ Basement: X
______ Yes ______ No
Building Square Footage: 2,508
____________ 37 x 130 ft.
Lot Dimensions: ____________
Existing conditions of the building:
Front Façade: X
______ Excellent ______ Good ______ Fair ______ Poor ______ At Risk
Side Wall(s): ______ Excellent X
______ Good ______ Fair ______ Poor ______ At Risk
Rear Wall: ______ Excellent ______ Good X
______ Fair ______ Poor ______ At Risk
Roof: X Excellent ______ Good ______ Fair ______ Poor ______ At Risk
______
Other: ______ Excellent ______ Good ______ Fair ______ Poor ______ At Risk
Occupancy Information:
X No
Building is vacant: ______ Yes ______
# of commercial units in the building: 1
_________
List all existing businesses at this address or any business proposed to occupy the building:
# Of Years at # Of Years at
Business Name Owner Name & Address Current Previous Address
Address
Tokyo Sushi Neyon Ha Jeon, 332 Congress St., Troy, NY 0 unknown
# of residential units in the building: 2
________
Schedule of Work:
Proposed Method of Work: ______
X Contract ______ Self-Help ______ Combination
Date work can begin by: October 15, 2013
Date work must be completed by: October 14, 2014
X No
Do you anticipate a need for architect design services? ______ Yes ______
Do you anticipate a need for contractor design services? ______ Yes X
______ No
$13,400.00
Total Project Cost: ________________ Grant Request: $5,000.00
_______________
Describe any recent improvements you have made to the building, if any:
______________________________________________________________________________
We have owned this building for several years. In alignment with our goal of enhancing our properties to attract the best tenants and enhance the overall
______________________________________________________________________________
appearance of this segment of Congress St., we have rehabilitated the interior of the residential units and have begun a significant upfitting for the
______________________________________________________________________________
commercial space to accommodate our new commercial tenant, Tokyo Sushi. This work includes significant electrical and plumbing ehancements.
______________________________________________________________________________
In addition, we had a brand new roof put on the building approximately one year ago.
______________________________________________________________________________
It is our goal to continually make improvements on this property to better serve our tenants and improve the character of Congress St., a corridor in Troy
_____
which we have a great interest. We presently own 5 properties on Congress St., all within the segment between 13th and 15th Streets.
Provide a brief summary of all proposed activities:
The goal_________________________________________________________________________
_____ is join other property owners on this block of Congress St. in creating a corridor which will attract both desirable residential and commercial tenants
______________________________________________________________________________
to the neighborhood. In leveraging all of the work done on this block in terms of sidewalk renewal, street reconstruction, and period lighting, our hope is to
______________________________________________________________________________
participate in the restoration of this entire neighborhood beginning with two neighboring properties we own: 328/330 Congress St. and 332 Congress St.
______________________________________________________________________________
Specifically, 332 is a 3 story brick building consisting of two residential units and one commercial storefront. It is located along a well-traveled stretch
______________________________________________________________________________
of Congress St / Route 2 near the intersection of Congress Street and 15th Street.
______________________________________________________________________________
______________________________________________________________________________
Our proposal is to thoroughly scrape and paint this building, repair or replace corners of the cornice, and point up any deteriorating brickwork and repair any
______________________________________________________________________________
voids in the woodwork. We are happy to discuss color choice with the City in order to determine the most attractive options to beautify this neighborhood.
_________
Additional Information:
Are you or any other owner of the property a City of Troy employee? _____Yes X
______No
X No
Have you ever received grant money for this project? ______ Yes ______
If yes, please describe:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
____
October 1, 2013
Signature______________________________Date_______________________
The Troy Development Corporation certifies that it will comply with all Federal statutes and regulations that
prohibit discrimination on the basis of race, color, national origin, religion, sex, handicap, age, or any other
nondiscrimination statute(s), which may apply to the applicant.
Revised 06/20/13
Upstate Construction, Inc. 23 Westover Rd.
Troy, NY 12180
(518) 272-2214
Customer Joel Glickman
Phone (518) 274-0053
Project Address #332 Congress Street Troy NY
Project Exterior Restoration
#332 Congress
#1 Hand scrape and wire brush all areas to be painted
#2 Power wash both front and side of building
#3 Spot point all open voids in brick work front and side
#4 Repair both corners of cornice replace if deteriorated beyond repair
#5 Apply primers to all areas to be painted
#6 Caulk all voids in wood work
#7 Apply two coats finish paint two tone paint scheme
Cost for the above stated work $13,400.00
Due to the extreme price volatility regarding building-related products, the price quoted in this proposal is
valid only for orders placed in the next thirty days. If there is an increase in the price paid by the contractor
for building products, the amount of this proposal shall be similarly increased to reflect the increase costs to
obtain the materials
TERMS:
The company agrees to furnish labor and materials to complete the work order above for the amount
specified herein, and in accordance with and subject to the guarantee and terms and conditions printed
below and which are hereby made a part of this agreement
Workers composition and public Liability Insurance are carried on all work by the company.
Workmanship and materials furnished by the company only are fully guaranteed against defects for Two
years from date of completion
Payment 1/3 Down upon start of project 1/3 at an agreeable ½ point final upon completion
Project Cost / above
Customers Acceptance:
Owner
--------------------------------------------------------------
BY:
---------------------------------------------------------------
George E Morin Upstate Construction Inc.
Troy Local Development Corporation
50/50 Façade Improvement Program
Application for Funding Assistance
Applicant:
328/330 Congress St.
Building Address ______________________________________________________
Applicant Name Joel H. Glickman / Edward S. Haddad
_______________________________________________________
Applicant Address 344 Congress St., Troy, NY 12180
_____________________________________________________
(518) 274-0053
Telephone ____________________ joel_c@joelglickman.com
Email ________________________________
Is the applicant the owner? X
______ Yes ______ No
Joel H. Glickman / Edward S. Haddad
Owner Name ______________________________________________________________
344 Congress St., Troy, NY 12180
Owner Address ____________________________________________________________
Building Information:
X
Type of Construction: ______ Masonry ______ Frame ______ Other
Number of Floors: 3
__________ Basement: X
______ Yes ______ No
Building Square Footage: 6,721
____________ Lot Dimensions: 50 x 130 ft.
____________
Existing conditions of the building:
Front Façade: X
______ Excellent ______ Good ______ Fair ______ Poor ______ At Risk
Side Wall(s): ______ Excellent X
______ Good ______ Fair ______ Poor ______ At Risk
Rear Wall: ______ Excellent X
______ Good ______ Fair ______ Poor ______ At Risk
Roof: ______ Excellent X
______ Good ______ Fair ______ Poor ______ At Risk
Other: ______ Excellent ______ Good ______ Fair ______ Poor ______ At Risk
Occupancy Information:
X No
Building is vacant: ______ Yes ______
# of commercial units in the building: 0
_________
List all existing businesses at this address or any business proposed to occupy the building:
# Of Years at # Of Years at
Business Name Owner Name & Address Current Previous Address
Address
# of residential units in the building: 6
________
Schedule of Work:
Proposed Method of Work: ______
X Contract ______ Self-Help ______ Combination
Date work can begin by: October 15, 2013
Date work must be completed by: October 14, 2014
X No
Do you anticipate a need for architect design services? ______ Yes ______
Do you anticipate a need for contractor design services? ______ Yes X
______ No
$15,350.00
Total Project Cost: ________________ Grant Request: $5,000.00
_______________
Describe any recent improvements you have made to the building, if any:
______________________________________________________________________________
The building was purchased on April 29th, 2013 from the Sorriento family, who owned the building for almost 40 years. Since the purchase date, we have
______________________________________________________________________________
made some cosmetic improvements to a few of the units, which have vastly improved their appearance and livability. These improvements including fresh
______________________________________________________________________________
paint, new tile flooring, and carpeting. It is our goal to continually make improvements on this property to better serve our tenants and improve the character
______________________________________________________________________________
of Congress St., a corridor in Troy which we have a great interest. We presently own 5 properties on Congress St. , all within the segment between 13th and
______________________________________________________________________________
15th Streets.
_____
Provide a brief summary of all proposed activities:
The goal_________________________________________________________________________
_____ is join other property owners on this block of Congress St. in creating a corridor which will attract both desirable residential and commercial tenants
______________________________________________________________________________
to the neighborhood. In leveraging all of the work done on this block in terms of sidewalk renewal, street reconstruction, and period lighting, our hope is to
______________________________________________________________________________
participate in the restoration of this entire neighborhood beginning with two neighboring properties we own: 328/330 Congress St. and 332 Congress St.
______________________________________________________________________________
Specifically, 328/330 consists of two 3-unit residential brick buildings joined together on one deed. It is located along a well-traveled stretch of Congress St /
______________________________________________________________________________
Route 2 near the intersection of Congress Street and 15th Street.
______________________________________________________________________________
______________________________________________________________________________
Our proposal is to thoroughly scrape and paint these buildings, repair three deteriorating window sills, and repair a gateway between the adjoining building.
______________________________________________________________________________
Any deterioriating brickwork and will be repointed and masonry at the base of the building will be repaired. Any voids in woodwork will be filled and repaired.
_________
We are happy to discuss color choice with the City in order to determine the most attractive options to beautify the neighborhood.
Additional Information:
Are you or any other owner of the property a City of Troy employee? _____Yes X
______No
X No
Have you ever received grant money for this project? ______ Yes ______
If yes, please describe:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
____
October 1, 2013
Signature______________________________Date_______________________
The Troy Development Corporation certifies that it will comply with all Federal statutes and regulations that
prohibit discrimination on the basis of race, color, national origin, religion, sex, handicap, age, or any other
nondiscrimination statute(s), which may apply to the applicant.
Revised 06/20/13
Upstate Construction, Inc. 23 Westover Rd.
Troy, NY 12180
(518) 272-2214
Customer Joel Glickman
Phone (518) 274-0053
Project Address #328 #330 Congress Street Troy NY
Project Exterior Restoration
#328 & #330 Congress
#1 Purchase all permits City of Troy
#2 Hand scrape and wire brush all areas to be painted
#3 Power wash buildings removing dirt allowing primer to adhere
#4 Spot point all open voids in brick work
#5 Repair three window sills square off also repair water table and brick work below (base of building)
#6 Repair gate between #332 and #330
#7 Apply primers to all bare materials to be painted
#8 caulks all voids in woodwork and dissimilar materials
#9 Apply two coats finish two tone paint scheme and colors (owners Decision)
Cost for the above stated work $15,350.00
Due to the extreme price volatility regarding building-related products, the price quoted in this proposal is
valid only for orders placed in the next thirty days. If there is an increase in the price paid by the contractor
for building products, the amount of this proposal shall be similarly increased to reflect the increase costs to
obtain the materials
TERMS:
The company agrees to furnish labor and materials to complete the work order above for the amount
specified herein, and in accordance with and subject to the guarantee and terms and conditions printed
below and which are hereby made a part of this agreement
Workers composition and public Liability Insurance are carried on all work by the company.
Workmanship and materials furnished by the company only are fully guaranteed against defects for Two
years from date of completion
Payment 1/3 Down upon start of project 1/3 at an agreeable ½ point final upon completion
Project Cost / above
Customers Acceptance:
Owner
--------------------------------------------------------------
BY:
---------------------------------------------------------------
George E Morin Upstate Construction Inc.
AUTHORIZING RESOLUTION
(To-Do Development, LLC and O’Briens Public House Inc. – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on October
11, 2013 at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. ______________
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $75,000 WORKING CAPITAL
LOAN TO TO-DO DEVELOPMENT, LLC WITH RESPECT TO A CERTAIN
PROJECT (AS DEFINED HEREIN) AND (ii) THE EXECUTION AND
DELIVERY OF A LOAN AGREEMENT AND RELATED DOCUMENTS.
WHEREAS, the Troy Local Development Corporation (the “Corporation”) is a duly-
established, not-for-profit local development corporation of the State pursuant to Section 1411(h)
of the Not-for-Profit Corporation Law (“N-PCL”) and a Certificate of Reincorporation filed on
April 5, 2010 (the “Certificate”) established for the charitable and public purposes of relieving
and reducing unemployment, promoting and providing for additional and maximum
employment, bettering and maintaining job opportunities, instructing or training individuals to
improve or develop their capabilities for such jobs, by encouraging the development of, or
retention of, an industry in the community or area, and lessening the burdens of government and
acting in the public interest; and
WHEREAS, TO-DO DEVELOPMENT, LLC (the “Company”), has requested
assistance from the Corporation with a certain project (the “Project”) consisting of the
redevelopment of a building located at 41-43 3rd Street, Troy, New York (the “Existing
Improvements”) to provide (i) as a restaurant and pub to be leased to and operated by O’Briens
Public House Inc.; and (ii) residential apartment and storage space (the “Improvements”, and
collectively with the Existing Improvements, the “Facility”); and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $75,000.00 Working Capital Loan (the “Loan”) to assist the
Company with the Project; and
WHEREAS, the Corporation desires to authorize the issuance of the Loan, the terms of
which have been presented at this meeting, and approve the execution and delivery of a Loan
Agreement (“Agreement”), along with related documents, to memorialize the terms and
conditions by which the Loan shall be extended by the Corporation, including the repayment
thereof and security therefore.
NOW, THEREFORE, BE IT RESOLVED BY THE DIRECTORS OF THE TROY
LOCAL DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. The Corporation hereby authorizes the provision of the Loan to the
Company in furtherance of the Project. The Chairman, Vice Chairman and/or the Chief
Executive Officer of the Corporation are hereby authorized, on behalf of the Corporation, to
execute and deliver a Loan Agreement, along with related documents (collectively, the “Loan
Documents”), in such form as prepared and approved by counsel to the Corporation and as
approved by the Chairman, Vice Chairman and/or the Chief Executive Officer.
Section 2. The Secretary or Assistant Secretary of the Corporation are hereby
authorized, where appropriate, to affix the seal of the Corporation to the Loan Documents and to
attest the same, all with such changes, variations, omissions and insertions as the Chairman, Vice
Chairman and/or Chief Executive Officer of the Corporation shall approve, and the execution
thereof by the Chairman, Vice Chairman and/or Chief Executive Officer of the Corporation to
constitute conclusive evidence of such approval.
Section 3. The officers, employees and agents of the Corporation are hereby
authorized and directed for and in the name and on behalf of the Corporation to do all acts and
things required and to execute and deliver all such checks, 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
Corporation with all of the terms, covenants and provisions of the documents executed for and
on behalf of the Corporation.
Section 4. These Resolutions shall take effect immediately.
The question of the adoption of the foregoing Resolution was duly put to a vote on roll
call, which resulted as follows:
Yea Nea Absent Abstain
Wallace Altes [ ] [ ] [ ] [ ]
William Dunne [ ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ ] [ ] [ ] [ ]
Andrew Ross [ ] [ ] [ ] [ ]
Peter Ryan [ ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
A-1
STATE OF NEW YORK )
COUNTY OF RENSSELAER ) ss.:
I, the undersigned Secretary of the Troy Local Development Corporation, DO HEREBY
CERTIFY:
That I have compared the annexed extract of minutes of the meeting of the Troy Local
Development Corporation (the " Corporation "), including the resolution contained therein, held
on October 11, 2013 with the original thereof on file in my office, and that the same is a true and
correct copy of the proceedings of the Corporation and of such resolution set forth therein and of
the whole of said original insofar as the same related to the subject matters therein referred to.
I FURTHER CERTIFY, that all members of said Corporation had due notice of said
meeting, that the meeting was in all respects duly held and that, pursuant to Article 7 of the
Public Officers Law (Open Meetings Law), said meeting was open to the general public, and that
public notice of the time and place of said meeting was duly given in accordance with such
Article 7.
I FURTHER CERTIFY, that there was a quorum of the members of the Corporation
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 modified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said
Corporation this ____ day of ___________, 2013.
Secretary
[SEAL]
A-1
AUTHORIZING RESOLUTION
(RWDC Property Management, LLC – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on October
11, 2013 at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. ______________
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $20,000 WORKING CAPITAL
LOAN TO RWDC PROPERTY MANAGEMENT, LLC WITH RESPECT TO
A CERTAIN PROJECT (AS DEFINED HEREIN) AND (ii) THE EXECUTION
AND DELIVERY OF A LOAN AGREEMENT AND RELATED
DOCUMENTS.
WHEREAS, the Troy Local Development Corporation (the “Corporation”) is a duly-
established, not-for-profit local development corporation of the State pursuant to Section 1411(h)
of the Not-for-Profit Corporation Law (“N-PCL”) and a Certificate of Reincorporation filed on
April 5, 2010 (the “Certificate”) established for the charitable and public purposes of relieving
and reducing unemployment, promoting and providing for additional and maximum
employment, bettering and maintaining job opportunities, instructing or training individuals to
improve or develop their capabilities for such jobs, by encouraging the development of, or
retention of, an industry in the community or area, and lessening the burdens of government and
acting in the public interest; and
WHEREAS, RWDC PROPERTY MANAGEMENT, LLC (the “Company”), has
requested assistance from the Corporation with a certain project (the “Project”) consisting of the
construction and installation of certain exterior property improvements on or adjacent to a
building located at 2829 6th Avenue, Troy, New York, including sideways and curbage; and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $20,000.00 Working Capital Loan (the “Loan”) to assist the
Company with the Project; and
WHEREAS, the Corporation desires to authorize the issuance of the Loan, the terms of
which have been presented at this meeting, and approve the execution and delivery of a Loan
Agreement (“Agreement”), along with related documents, to memorialize the terms and
conditions by which the Loan shall be extended by the Corporation, including the repayment
thereof and security therefore.
NOW, THEREFORE, BE IT RESOLVED BY THE DIRECTORS OF THE TROY
LOCAL DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. The Corporation hereby authorizes the provision of the Loan to the
Company in furtherance of the Project. The Chairman, Vice Chairman and/or the Chief
Executive Officer of the Corporation are hereby authorized, on behalf of the Corporation, to
execute and deliver a Loan Agreement, along with related documents (collectively, the “Loan
Documents”), in such form as prepared and approved by counsel to the Corporation and as
approved by the Chairman, Vice Chairman and/or the Chief Executive Officer.
Section 2. The Secretary or Assistant Secretary of the Corporation are hereby
authorized, where appropriate, to affix the seal of the Corporation to the Loan Documents and to
attest the same, all with such changes, variations, omissions and insertions as the Chairman, Vice
Chairman and/or Chief Executive Officer of the Corporation shall approve, and the execution
thereof by the Chairman, Vice Chairman and/or Chief Executive Officer of the Corporation to
constitute conclusive evidence of such approval.
Section 3. The officers, employees and agents of the Corporation are hereby
authorized and directed for and in the name and on behalf of the Corporation to do all acts and
things required and to execute and deliver all such checks, 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
Corporation with all of the terms, covenants and provisions of the documents executed for and
on behalf of the Corporation.
Section 4. These Resolutions shall take effect immediately.
The question of the adoption of the foregoing Resolution was duly put to a vote on roll
call, which resulted as follows:
Yea Nea Absent Abstain
Wallace Altes [ ] [ ] [ ] [ ]
William Dunne [ ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ ] [ ] [ ] [ ]
Andrew Ross [ ] [ ] [ ] [ ]
Peter Ryan [ ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
A-1
STATE OF NEW YORK )
COUNTY OF RENSSELAER ) ss.:
I, the undersigned Secretary of the Troy Local Development Corporation, DO HEREBY
CERTIFY:
That I have compared the annexed extract of minutes of the meeting of the Troy Local
Development Corporation (the " Corporation "), including the resolution contained therein, held
on October 11, 2013 with the original thereof on file in my office, and that the same is a true and
correct copy of the proceedings of the Corporation and of such resolution set forth therein and of
the whole of said original insofar as the same related to the subject matters therein referred to.
I FURTHER CERTIFY, that all members of said Corporation had due notice of said
meeting, that the meeting was in all respects duly held and that, pursuant to Article 7 of the
Public Officers Law (Open Meetings Law), said meeting was open to the general public, and that
public notice of the time and place of said meeting was duly given in accordance with such
Article 7.
I FURTHER CERTIFY, that there was a quorum of the members of the Corporation
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 modified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said
Corporation this ____ day of ___________, 2013.
Secretary
[SEAL]
A-1
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