Troy Local Development Corporation
Regular MeetingTroy, NY · September 11, 2015
Minutes
TROY LOCAL DEVELOPMENT CORPORATION
Board of Director
Meeting Minutes
September 11, 2015
8:30 a.m.
BOARD MEMBERS PRESENT: Kevin O’Bryan, Bill Dunne, Dep. Mayor Pete Ryan, Andy
Ross and Hon. Ken Zalewski
ABSENT:
ALSO IN ATTENDANCE: Justin Miller, Andy Piotrowski, Barrye Cohen, Barb Nelson, Jim
Lewis, Michael Barrett, Kathleen Tesnakis, Steph Pettit, James Pettit, Mary Nicklas,
Sandra Rouse, Jim Lozano and Denee Zeigler
Minutes
The Chairman called the meeting to order at 8:30 a.m.
I. Minutes
The board reviewed the minutes from the July 10, 2015 board meetings.
Bill Dunne made a motion to approve the July 10, 2015 board
meeting minutes.
Andy Ross seconded the motion, motion carried.
II. 50/50 Façade Grant Requests
The Chairman advised that the façade grants have all been reviewed ahead of time.
He asked if the board members had any of questions for the applicants before they
vote and asked that they vote on all of the façade grants as one. Andy Ross clarified
that all taxes and City bills must be current before the grant can be awarded. Bill
Dunne advised a check is done prior to the award letter going out.
Bill Dunne made a motion to approve the Façade grants listed
below:
160 1st Street, Jim Martin and Heather Hamlin
164 1st Street, Jim Martin and Heather Hamlin
2 Northern Drive, Old Daley Inn Catering
46 3rd Street, Daily Grind
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159 1st Street, Sandra Rouse
1 E Industrial Pkwy, Hudson Mohawk Gateway
420 Grand Street, Mary C. Nicklas
Andy Ross seconded the motion, motion carried.
The chairman thanked the applicants and advised they will be sent approval letters
and a check list of items that will be needed throughout the process.
III. BDAP Loan request
E ko logic –
Bill Dunne introduced Kathleen Tesnakis of E ko logic to the board members and
advised that this loan will be similar to the short term loan she received last year.
Ms. Tesnakis spoke about the Grand Central Holiday Show that she participates in
and what this loan will be used towards. She advised the loan will assist her in the
participation fee, working capital and booth improvements. Mr. Ross asked about
the show at Grand Central. Ms. Tesnakis advised it is the biggest show that she
participates in. She advised that her sales last year increased by 20% because of
the show. Ms. Tesnakis advised she anticipates another growth year. This year
they are encouraging the artists to be present for the full show this year which should
further increase the sales. The chairman asked how much is outstanding from the
previous year. Ms. Tesnakis advised she paid the loan off immediately following the
Holiday Show.
Mr. Miller advised that a resolution can be approved at our next meeting. Mr. Dunne
advised that due to application fee deadlines, we will try to expedite the process.
The board agreed. Mr. Miller advised he will draw up paperwork similar to last year
and review the updated loan term sheet that was presented. Ms. Tesnakis advised
she will give an updated Certificate of Good Standing.
Andy Ross made a motion to approve the BDAP loan for E ko logic
in the amount of $10,000.
Hon. Ken Zalewski seconded the motion, motion carried.
Troy Kitchen –
Mr. Dunne advised that at this time, we will not be reviewing the loan request for
Troy Kitchen, but to look for it next month.
IV. Financial Services Consultant
The Chairman advised that following the recent audit of one of the other boards, it
was suggested that we would benefit from a hiring someone to oversee the financials
for both boards. Mr. Dunne spoke to the board about the process they have gone
through looking for a CFO. He advised that Jim Lozano’s firm responded to the
proposal and we are setting up a meeting in the next week to discuss the transition.
Mr. Dunne advised that this will help to lessen the burden of City services. Mr.
Zalewski asked if we had sent an RFP out for these services. Mr. Dunne advised
that the proposal was sent out by the IDA, but the services will also be utilized by this
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board. The Chairman advised that there will be some upcoming discussions about
the details for reimbursement.
Dep. Mayor Pete Ryan made a motion to enter into an agreement
with James Lozano of CFO for Hire for fiscal oversight of the Troy
LDC.
Andy Ross seconded the motion, motion carried.
V. Funding Requests
Troy BID –
Mr. Dunne spoke about the Downtown Troy BID’s request for $25,000 annual
sponsorship to be used for marketing the downtown and promotional materials. He
advised that part of our mission is to lessen the burden of government and the BID is
a quasi-governmental agency. A packet was given to the board outlining the
proposal. The board questioned if the City makes an annual donation. Mr. Dunne
advised yes, in the form of in kind donation of DPW services. The board noted that
the BID is not located in any other part of the City, only the downtown. Mr. Dunne
noted that the funds should be used towards promotional materials, not salaries or
other benefits. He added that the LDC’s logo will be on all printed material. Mr. Ross
asked about their other funding sources. Mr. Dunne advised that they have other
sponsorships and grant funding. Mr. Zalewski questioned the wording on the
request that states annual sponsorship. The Chairman advised that they will come
to us annually, but we are only approving for funding for one year.
Bill Dunne made a motion to authorize a sponsorship in the amount
of $25,000 to the Downtown Troy BID.
Andy Ross seconded the motion, motion carried.
Transport Troy –
Barbara Nelson spoke to the board about the grant request in front of them. Mrs.
Nelson advised that Transport Troy is completely volunteer citizens work group.
Mrs. Nelson noted that they are looking into becoming either a not for profit or
incorporating in the near future. Mrs. Nelson advised that the past three years’ worth
of their accomplishments is listed in the packet. She advised that they have worked
closely with several community groups; Troy Bike Rescue, Capital Roots and TAP.
Mr. Miller advised that we have done work with TAP.
Mrs. Nelson noted that this is the 3rd Annual Collar City Pre-Ramble is coming up
and while getting together paperwork for funding, they realized that there are small
amounts of funding needed for each of the groups they work with. She advised that
they decided to put all of the amounts together in one request. The board asked for
the total amount they are asking for. Ms. Nelson advised $22,750 is needed for the
four different activities.
Mrs. Nelson advised that there is a direct link to bikeable/walkable communities and
economic development. She advised that our community is on the edge of being
that community that people will come to bike, and use alternative transportation to
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live and work. Mrs. Nelson noted that there are a good percentage of residents that
do not own cars. She advised Transport Troy has been working with CDTA, Capital
Roots and the Independent Living Center. Mrs. Nelson noted the biggest
accomplishment of her group has been drafting and getting passed the complete
streets ordinance.
The board members asked about the other stakeholders. Mrs. Nelson noted NE
Health, NYSCA and Stewart’s to name a few. The board noted that the funding
being asked for by the LDC is much more than the funding requested of other
groups. Mrs. Nelson agreed and advised that this is their first attempt at a large
funding request.
Mr. Ross asked if they have the horsepower to carry out the items listed in the
request. Jim Lewis spoke about the strong base of people they have to working on
the projects listed. Mrs. Nelson advised that the pre-rambles will eventually lead up
to the Collar City Ramble in a few years that will link to the other trails and
community events. Mrs. Nelson spoke about the importance about being able to
step out your door in an urban environment with more people moving back into cities.
Mr. Lewis spoke about the different demographics that they looked at; urban inner
city that does not have access to transportation, young entrepreneur’s that are
looking for a 21st Century City that is connected and has healthy activities available.
He also noted that they are working with an artistic spirit. The creative crosswalks
project was able to get the community involved in a fun way, helping to create a
place that they want to live. Mr. Lewis spoke about other community’s creative use
of open spaces. He advised that we don’t have a lot of open space, but can make
what we have great.
The board members spoke in general about the amount of the request and
suggested that they start at $12,500. The chairman wanted to note that he sits on
the board of one of the other sponsors. He also advised that a lower donation from
us may help with leverage with some the other sponsors. Mrs. Nelson and Mr. Lewis
agreed and thanked the board for the amount they suggested.
Mr. Zalewski asked if they are a currently a nonprofit. Mrs. Nelson advised not right
now, but they are working on it. The chairman advised they should strongly consider
it. Not having that status could limit what other groups are able donate. She added
that they have been holding core leadership organizational meetings throughout the
summer. Mrs. Nelson advised one of her greatest assets has been working with the
National Parks Services. They have received a grant from NPS for the past two
years in the form of time from one of their employees. They have made a lot of
progress with his assistance. Dep. Mayor Pete Ryan noted that this group has been
working closely with the City on the Riverfront Trail Program and was instrumental in
re-resurrecting the grant funding. Mrs. Nelson spoke about the process they have
gone through bringing back the bike trail grant. Mr. Zalewski asked if bike fix-up
stations was part of her program. Mr. Lewis advised that the project he is asking
about was offered through one of the local fraternities.
Dep. Mayor Pete Ryan made a motion to approve a grant to
Transport Troy in the amount of $12,500.
Hon. Ken Zalewski seconded the motion, motion carried.
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Victorian Stroll –
The board members had a general discussion about the request in front of them for
sponsorship of the 2015 Victorian Stroll. They were all familiar with the event and
had no questions.
Andy Ross made a motion to approve sponsorship in the amount of
$5,000 to the Victorian Stroll.
Hon. Ken Zalewski seconded the motion, motion carried.
City of Troy –
Dep. Mayor Pete Ryan spoke about the funding request from The City of Troy to
assist with Police overtime. Mr. Ryan advised that the Troy BID is very active
throughout the summer with multiple events. Events such as Rockin’ on the River
have been taken to a whole new level and they realized that additional police
presence was needed. Mr. Ryan advised that this additional police presence put a
strain on The City budgets so the BID was asked to fund some of the costs.
He advised that The City is asking for $18,000 to help offset the costs. The board
asked if this is factored in when they are creating their budget. Mr. Ryan advised
that he is not sure how the budget is put together, but they have had a discussion
with the BID to limit the number of officers and to help come up with a better way to
manage. Mr. Zalewski noted that we just approved a $25,000 grant to sponsor the
Troy BID and here is another request to fund them. He thought that the taxpayers in
the business district helped to fund and sustain the BID. Mr. Zalewski added that he
feels as if the LDC is becoming a financing arm of the BID. The board agreed and
asked if the BID could come directly to them for the request so they can ask them a
few questions about the funding request and ask budget questions. Mr. Ross asked
if they could hire security instead of using the Police. Mr. Ryan advised that a Police
presence is needed at the events. Mr. Ross asked if it had to be overtime that is
used. Mr. Ryan advised due to contractual reasons and the time of the events it
works out to be overtime.
Hon. Ken Zalewski made a motion to table the funding request from
The City of Troy in the amount of $18,000 to assist with cost of
Police OT during Troy BID events.
Andy Ross seconded the motion, motion tabled.
VI. Former E-lot building
Mr. Dunne advised he has been approached by the City to possibly utilize the site of
the former E-lot building to store road salt. Mr. Ryan advised that there is a deep
bay that a truck can fit into. Mr. Dunne questioned the wear on the concrete floor.
Mr. Ross added that there may be some wear on the building itself. Mr. Ryan
advised that they can have the City Engineer look into it. Mr. Ryan advised they
used to use the Sperry Warehouse, but the walls are starting to show some wear
and it is becoming unstable. Mr. Miler advised if they would have to set up a license
agreement. He suggested adding the Alamo into the agreement because there is
currently no agreement for the City’s use of that site.
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VII. Surveillance Notification signs for King Fuels site
Mr. Dunne advised that the King Fuels site currently has no tenants. Security
cameras have been installed. Andrew Kreshik has asked that signs be installed to
notify people that there are surveillance cameras on site. Mr. Dunne noted that the
cost of furnishing and installing the signs is $775.00.
Hon. Ken Zalewski made a motion to approve $775.00 in funding for
surveillance notification signs at the King Fuels site.
Andy Ross seconded the motion, motion carried.
VIII. Temple University
Mr. Dunne spoke to the board about the success of the Temple University student
project that took place last year. He advised one of the byproducts was a book
detailing the students work. Mr. Dunne noted that several of the ideas will be used in
the CFA applications. He noted that he has a copy for each of the board members
and one will be donated to the Troy Public Library. Mr. Dunne wanted to note that
the students did a great job with this project.
IX. Financials
Andrew Piotrowski went over the financials with the board members. He noted that
there is a big decrease listed on the first page of the balance sheet due to the Portec
mortgage payoff approved in December. Mr. Piotrowski advised that there are no
other large items. He advised that there was not much activity on the operating
statement. He noted the new income item relating to the donation of 2265 Fifth
Avenue. Mr. Dunne explained that the property was donated to us by Wells Fargo
along with $10,000. Mr. Miller advised if that donation is noted on the financials. Mr.
Piotrowski advised yes, under cash deposits. Mr. Dunne noted that an outside
engineer was hired to do a structural analysis of the building and it was determined
that the building is not salvageable. Mr. Dunne advised that the report is currently on
the City Engineer’s desk to move forward on demolition. Mr. Ryan asked for a
breakdown of the $32,500. Mr. Piotrowski advised that $22,500 is for the assessed
value of the property and the $10,000 is the donation. Mr. Ryan asked about back
taxes. Mr. Miller advised that would have been taken care of by the bank.
X. Old Business
Mr. Dunne spoke about the current status of the façade grant funding. He noted that
there are currently four separate grant funds; three designated areas and one
general area. Mr. Dunne asked to move funding from the designated areas to
replenish the general grant fund. The Chairman asked if it is segregated on the
financials or if they are all listed together. Mr. Piotrowski advised they are all noted
in the cash to time deposits. Mr. Dunne advised that $75,000 would cover the deficit
and leave some available for recently awarded and future grants. Mr. Zalewski
asked about the current status of the funds in each of the areas. Mr.Dunne advised
Little Italy has $45,000 available, 2nd Avenue has $35,000 available, Pawling Avenue
has $40,000 available. The general fund is in a deficit of $55,000.01. None of the
amounts reflect the grants approved today. The board had a general discussion
about the areas that have responded to the grant and the success of the program.
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Mr. Zalewski noted that we can use this information to help spread the word in some
of the areas that are not utilizing the grant.
Hon. Ken Zalewski made a motion to move $75,000 from the three
designated façade grant areas to the general façade grant fund.
Andy Ross seconded the motion, motion carried.
XI. New Business
444 River Street-
Mr. Miller spoke about the recent purchase of 444 River Street by Vecino Group New
York, LLC. He noted that we had set up an LDA that defined the project and outlined
a specific mix of units. Vecino Group recently applied to the Department of Housing
and Community Renewal for additional funding and has been asked to modify the
mix of units. Mr. Dunne explained that originally they were going to have a total of
75 apartments; 57 of the units market rate and the remaining 18 up to 90% AMI. The
supplementary round of funding will allow them to move through the process quicker.
Mr. Dunne explained that HCR asked that of the 18 subsidized units, 8 of them be at
60% AMI. Mr. Dunne noted that he is not opposed to those numbers and it will help
to move the project along. The Chairman asked why a change in the makeup of the
units requires action from this board. Mr. Miller advised that the LDA and the loan
agreement define the project to be what we previously conceived it to be. The
omnibus agreement in front of them will change the definition of the project, but hold
them to the obligations.
The board had a general discussion on the small parcel of land that is across the
street. Mr. Dunne advised that it was in front of the City Council at one point, but
there was some confusion and it was not voted on. Mr. Miller advised that parcel will
have to go in front of the City Council again at some point.
Hon. Ken Zalewski made a motion to approve the omnibus
resolution for 444 River Street.
Andy Ross seconded the motion, motion carried.
701 River Street –
Mr. Miller gave an update to the board about the property at 701 River Street that the
LDC planned on receiving as a donation last year. Since that time, the property was
donated to another group who has engaged with a developer to put in senior living
style apartments. The City is currently in litigation because the donation of the
property goes against the reverter that was attached to the building. Mr. Miller
advised that the City, the seller and buyer have been in conversation to work out all
of the details and possibly keep the reverter clause for the new buyer. Mr. Miller
advised that an omnibus settlement agreement was put together that they would like
the LDC to be a party to. The settlement agreement has a monetary value that
favors the City and the LDC for $30,000 placeholder to cover costs and fees. The
board had a general discussion about the City’s reverter clause and questioned if
going through this process will be worthwhile. The Chairman asked if there were any
other questions or concerns about the agreement.
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Hon. Ken Zalewski made a motion to approve the omnibus
settlement agreement regarding 701 River Street.
Andy Ross the motion, motion carried.
XII. Adjournment
The meeting was adjourned at 9:41 a.m.
Andy Ross made a motion to adjourn the meeting.
Hon. Ken Zalewski seconded the motion, motion carried.
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AUTHORIZING RESOLUTION
(`e ko logic, Inc. – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on
September 11, 2015, at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. 09/15 #1
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $10,000 LOAN TO `E KO LOGIC,
INC.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, `E KO LOGIC, INC. (the “Company”), has requested assistance from the
Corporation in connection with a certain project (the “Project”) consisting of the use of working
capital to (i) acquire business equipment, product materials, and marketing materials, and (ii)
expand Company workforce and off-site retailing opportunities; and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $10,000.00 Loan (the “Loan”) to assist the Company undertake 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
Kevin O’Bryan [ X ] [ ] [ ] [ ]
William Dunne [ X ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ X ] [ ] [ ] [ ]
Andrew Ross [ X ] [ ] [ ] [ ]
Peter Ryan [ X ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
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OMNIBUS AMENDMENT AGREEMENT
THIS OMNIBUS AMENDMENT AGREEMENT (hereinafter, the
“Agreement”), dated as of the 11th day of September, 2015, by and between the TROY
LOCAL DEVELOPMENT CORPORATION, a not-for-profit local development
corporation duly existing under the laws of the State of New York (the “State”) with
offices at 433 River Street, 5th Floor, Troy, New York 12180 (the “Corporation”) and
VECINO GROUP NEW YORK, LLC, a foreign limited liability company duly formed
and validly existing under the laws of the State of Missouri and authorized to do business
in the State with offices at 305 W. Commercial Street, Springfield, Missouri 65803 (the
“Company”).
WITNESSETH:
WHEREAS, reference is made to that certain Land Disposition Agreement with
Exclusive option and License, dated as of December 21, 2014 and entered into by the
Corporation and the Company (as assignee), as amended by that certain First Amendment
to Land Disposition Agreement with Exclusive option and License, dated as of January
14, 2015 (collectively, the “LDA”), such LDA relating to the acquisition and
development of a certain Primary Property and Secondary Properties (as each are defined
within the LDA); and
WHEREAS, reference is further made to that certain Purchase Money Loan
Agreement, dated as of March 31, 2015 and entered into by the Corporation and the
Company (the “Loan Agreement”), wherein the Corporation and Company memorialized
the terms of a certain Loan made by the Corporation (as lender) to the Company (as
borrower) in connection with the Company’s acquisition of the Primary Property and 88
King Street in the City of Troy, New York; and
WHEREAS, in furtherance of the Company’s redevelopment of the Primary
Property, the Company has requested the Corporation’s approval of certain modifications
to the definition of “Project” and “Facility within the LDA and Loan Agreement to
facilitate the Company’s application for and receipt of financing and low income housing
tax credits through New York State Housing Finance Agency (“HFA”) and Division of
Housing and Community Renewal (“DHCR”); and
WHEREAS, the parties hereto desire to amend the LDA and Loan Agreement for
the exclusive purpose of modifying to the definition of “Project” and “Facility within the
LDA and Loan Agreement.
NOW THEREFORE, for and in consideration of the premises and the mutual
covenants hereinafter contained, and other good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the parties hereto formally covenant,
agree and bind themselves as follows:
Section 1. The definition of “Project” and “Facility” within the LDA and
Loan Agreement are hereby amended to read as follows:
The Project shall consist of: (A) the acquisition of the Primary Property and
certain Secondary Properties (as defined herein) from the Corporation; (B) the planning,
design, rehabilitation, construction, reconstruction and renovation of the Primary
Improvements and upon the Primary Property and Secondary Properties of a mixed-use
commercial facility that will include (i) 74 units of residential apartments, with (a) 24 of
such units to be leased to households that, in accordance with the Internal Revenue Code
of 1986, as amended (the “Code”) and applicable regulations promulgated by the United
States Department of Housing and Urban Development (“HUD”) and New York State
Housing Finance Agency (“HFA”) and/or Division of Housing and Community Renewal
(“DHCR”), have no more than 90% of area median income (“AMI”) and (b) 6 of such
units to be leased to households that have no more than 60% AMI, (ii) approximately
7,600 square feet of commercial and retail spaces on the first floor along with related
amenities, along with renovations to the building structure, common areas, kitchen areas,
laundry areas, heating systems, plumbing, roofs, elevators, windows, and other onsite and
offsite parking, curbage and infrastructure improvements (collectively, the
“Improvements”); (C) the acquisition and installation in and around the Primary Property,
Secondary Properties and Improvements of certain machinery, equipment and other items
of tangible personal property (the “Equipment”, and collectively with the Primary
Property, Secondary Properties, Improvements and the Equipment, the “Facility”).
Section 2. All other provisions of the LDA and Loan Agreement shall remain
unchanged and in full force and effect.
IN WITNESS WHEREOF, the Corporation and the Company have caused this
Agreement to be executed in their respective names, all as of the date first above written.
TROY LOCAL DEVELOPMENT
CORPORATION
By: _______________________________
William Dunne, Executive Director
VECINO GROUP NEW YORK, LLC
By: _______________________________
Name: Richard Manzardo
Title: Authorized Member
State of New York )
) ss.:
County of Rensselaer )
On the 11th day of September in the year 2015 before me, the undersigned,
personally appeared William Dunne, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signatures on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the
instrument.
Notary Public
State of New York )
) ss.:
County of )
On the 11th day of September in the year 2015 before me, the undersigned,
personally appeared Richard Manzardo, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signatures on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the
instrument.
Notary Public
Agenda
Kevin O’Bryan, Chairman Andrew Ross, Vice Chairman
Ken Zalewski Bill Dunne
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
September 11, 2015
8:30 a.m.
AGENDA
I. Approval of Minutes from July 10, 2015 board meeting.
II. Façade Improvement grant program (Bill)
160 1st Street, Jim & Heather Martin
164 1st Street, Jim & Heather Martin
2 Northern Drive, Old Daley Inn Catering
46 3rd Street ,Daily Grind
159 1st Street, Sandra Rouse
1E Industrial Pkwy, Hudson Mohawk Gateway
420 Grand Street, Mary C Nicklas
III. BDAP Loan Application (Bill)
Ekologic, 1 Fulton Street
Troy Kitchen
IV. Financial Services Consultant (Bill)
V. Troy BID funding request (Bill)
VI. Transport Troy funding request (Bill)
VII. Victorian Stroll funding request (Bill)
VIII. City of Troy funding request (Bill)
IX. Former E-lot building use by City of Troy (Bill)
X. Surveillance Notification Signs for King Fuels site (Bill/Andrew)
XI. Temple University final product (Bill)
XII. Financials
XIII. Old Business
XIV. New Business
XV. Adjournment
TROY LOCAL DEVELOPMENT CORPORATION
Board of Director
Meeting Minutes
July 10, 2015
8:30 a.m.
BOARD MEMBERS PRESENT: Kevin O’Bryan, Bill Dunne, Dep. Mayor Pete Ryan
and Hon. Ken Zalewski
ABSENT: Andy Ross
ALSO IN ATTENDANCE: Joe Mazzariello, Monica Kurzejeski, Sharon Martin, Kelly
Kendall, Ken Crowe, Justin Miller, Andrew Kreshik, Michael Flynn, Alane
Hohenberg, Bernice Bornt Ledeboer, Mark Miller, Jennifer Krausnick, Mr.
Manupella, Steven Bay, Steve Madden and Denee Zeigler
Minutes
D
The Chairman called the meeting to order at 8:32 a.m.
I. Minutes
R
The board reviewed the minutes from the June 12, 2015 board meetings.
T
Hon. Ken Zalewski made a motion to approve the June 12,
AF
2015 board meeting minutes.
Bill Dunne seconded the motion, motion carried.
II. 50/50 Façade Grant Requests
The Chairman advised that the façade grants have all been reviewed ahead
of time. He asked if the board members had any of questions for the
applicants before they vote.
Mr. Zalewski asked Michael Flynn if he was the owner of 2 Washington
Place. Mr. Flynn advised yes he has owned the property for a little more than
a year. Mr. Zalewski noted that we recently approved a grant for one of his
other addresses. Mr. Flynn advised that he wanted to try and get the work
done for all of the properties while he had the equipment.
Mr. Zalewski asked Mark Miller if he was the owner of 41 2nd Street. Mr.
Miller advised yes.
The Chairman asked if there were any other questions for the applicants and
asked that they vote on all of the façade grants as one.
Dep. Mayor Pete Ryan made a motion to approve the Façade
grants listed below:
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Michael Flynn, 2 Washington Place
Alane Hohenberg, 62 2nd Street
Bernice Bornt Ledeboer, 245 2nd Street
Mark, Miller, 41 2nd Street
Mary Manupella, 704 2nd Avenue
Steven Bay, 40 4th Street
DeVito Properties, LLC, 451 Hoosick Street
Jennifer Krausnick, 12 Parkview Court
Hon. Ken Zalewski seconded the motion, motion carried.
Mr. Dunne explained that each applicant will get an approval letter in the mail
along with a checklist of items that will need to be collected.
III. BDAP Loan request
Steven Bay, 40 4th Street –
The board reviewed the loan request form for Steven Bay for 40 4th Street.
Mr. Dunne asked if he was asking for a loan in addition to the grant. Mr. Bay
advised that he is looking for a loan to cover for the balance of the $5,000
façade grant. Mr. Zalewski asked if the $5,000 is his own money. Mr. Bay
advised yes. Mr. Dunne clarified that the façade grant program requires that
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the property owner is required to match the grant amount; the LDC is unable
to provide the match. He advised that they may be able to meet and discuss
the project
R Hon. Ken Zalewski made a motion to table the BDAP loan for
Steven Bay of 40 4th Street.
Hon. Pete Ryan seconded the motion, motion carried.
IV. BDAP Loan Resolutions
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The board members reviewed the BDAP loan resolutions for Neil Pelone
Architecture, PLLC, The Balance Loft and the Illium Café. Mr. Dunne advised
the loans had been previously approved. The resolutions would finalize the
process and allow for a closing date to be set.
Bill Dunne made a motion to approve the BDAP loan
resolution for Neil Pelone Architecture, PLLC in the amount
of $15,000. (See attached Resolution 07/15 #1)
Hon. Ken Zalewski seconded the motion, motion carried.
Bill Dunne made a motion to approve the BDAP loan
resolution for The Balance Loft, LLC in the amount of
$20,517. (See attached Resolution 07/15 #2)
Hon. Ken Zalewski seconded the motion, motion carried.
Bill Dunne made a motion to approve the BDAP loan
resolution for The Illium Café, LLC in the amount of $20,000.
(See attached Resolution 07/15 #3)
Hon. Ken Zalewski seconded the motion, motion carried.
V. Scolite site
Andrew Kreshik advised the site investigation for the pre-demolition survey
has been completed and finalized. He advised the paperwork is ready to be
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submitted to NYS DOL for the variance for the demolition. A variance will be
needed in order to get an accurate demolition contractor cost. Mr. Dunne
asked what the cost of the variance will be. Mr. Kreshik advised that it is
approximately $3,000; which includes the cost for preparing the variance and
NYS DOL filing fee. Mr. Kreshik advised that completing this survey helps
lessen the burden of the government and creates an opportunity to reclaim
this spot through a Brownfields opportunity grant. He added that the Scolite
site is pending remediation by NYS DEC and they have been waiting to see if
we would be able to take this building down before they move forward with
remediation of this and four other sites in the area.
Mr. Zalewski asked what kind of work will be done with this funding. Mr.
Kreshik advised no construction work. The $2,600 is for the development of
the variance and submittal fee to NYS DOL. He advised that the report will
establish how the building will have to be taken down and will help determine
demolition costs. Mr. Kreshik advised that this building has been a problem
for a long time. It is not condemnable, but is a nuisance and attracts vandals.
Hon. Ken Zalewski made a motion to authorize up to $3,000
for the preparation and submittal of a variance for the
demolition of the building located on the Scolite site.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
VI.
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Former E-lot building
Mr. Dunne advised the board that they have in front of them an asbestos
survey for the building that E-lot was located. Mr. Dunne advised that they
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are asking for up to $4,500 in order to see what type of exposure the building
contains. Mr. Kreshik advised it is unlikely that there is a high exposure in
this building. He added that having this proposal will be good information to
have going forward with the National Grid remediation.
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Bill Dunne made a motion to approve up to $4,500 for an
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asbestos survey of the former E-lot building on the King
Fuels site.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
VII. The Enchanted City
Mr. Dunne introduced Susan Dunckel to the board to speak on behalf of her
festival “The Enchanted City”. Mrs. Dunckel spoke to the board about the
idea behind the steampunk festival held last year on lower River Street. She
explained that she wanted to create an event that would be inviting for
families with children and students.
Mrs. Dunckel advised that one of the things that really caught people’s eye
last year was an invention that her husband had made for the event. The
Center of Gravity and Mohawk-Hudson Industrial Gateway suggested
partnering with the event and holding an Inventor’s Challenge that could
showcase our history as being the birthplace of the American Industrial
Revolution and where we are going as a tech center. She advised that the
Center of Gravity will assist with the Inventor’s Challenge and added that she
would like to add a children’s inventor’s challenge. Mr. Dunne advised that
this is a great way to showcase what is happening in this area with the
creative class. Mr. Dunne noted that the Capital District seems to be a nexus
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of Art and Technology and this would be a great way to support and
encourage both of these ideas.
Mrs. Dunckel advised they are asking for a $10,000 sponsorship. The board
had a general discussion on the budget and what has been raised to date.
Mr. Zalewski voiced concern with the holes in the budget and preferred for us
to make a significant donation, but does not want to fill the gap.
Dep. Mayor Pete Ryan made a motion to approve a
sponsorship to Susan Dunckel d/b/a The Enchanted City in
the amount of $10,000.
Bill Dunne seconded the motion.
Ken Zalewski voted no.
Andy Ross was absent.
Kevin O’Bryan, Bill Dunne and Dep. Mayor Pete Ryan voted
yes, motion carried.
VIII. Engineering Services
Mr. Dunne spoke to the board about the upcoming CFA. He advised that
there are several projects that the City plans on applying for. Monica
Kurzejeski advised that there are several grant opportunities coming up that
they plan on applying for. She advised they are planning on focusing on the
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waterfront and how it will play out in our region. Mrs. Kurzejeski explained
that there are five areas that we are looking at, but the waterfront will be our
main focus. In order to have the projects shovel ready, they are asking for
funding for design and engineering funding. Mrs. Kurzejeski advised the
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funding would be used for finishing up Riverfront Park, Riverfront Park North
Extension, Riverfront Park North Extension II, Green Island Bridge Gateway,
Lansingburgh Waterfront and Ingalls Ave Boat Launch. The board asked if it
has already been decided who will be used. Mrs. Kurzejeski advised that will
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be using Chazan based on previous work done at Riverfront Park. She
added that the total being asked for is $5,500 and includes reimbursable
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services. Mrs. Kurzejeski advised that the deadline is July 31st. Mr. Zalewski
asked if this was the total amount needed. Mrs. Kurzejeski advised yes.
Mr. Ryan asked about the boat launch in Lansingburgh. Mrs. Kurzejeski
advised that there were conversations about possibly bringing some of the
docks up there. Mr. Dunne advised that there is a pedestrian path that would
potentially stretch from the boat launch to 126th Street. Mrs. Kurzejeski
added that there would be natural spill over from the events that happen in
Waterford. Mr. Dunne advised that the Troy LDC has committed funds for
façade grants in that district. Mr. Ryan noted that the river provides different
activities north of the dam. He added that it will be great to have the projects
outlined for when the work it ready to be done.
Mr. Zalewski wanted to clarify that this funding will be used by the Planning
Department. Mrs. Kurzejeski advised yes for community improvements and
economic development.
Bill Dunne made a motion to approve $5,500 in funding to the
City of Troy Planning Department for engineering and design
services related to upcoming grant applications.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
IX. Financials
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Joe Mazzariello presented the financials to the board members. He advised
that the activity has been consistent with last year. He noted the cash deposit
held for $25,000 for Monument Square for a parking study. He advised the
loans are current except for some late fees. The fixed assets section shows a
large investment in the King Fuels site. The pre-paids are all as of June 30th.
Accounts payable shows $25,000 due at the end of June 30th and shows all
accounts current. Mr. Mazzariello advised there is about $195,000 in grants
payable awaiting disbursement. The board had a general discussion on how
the balance sheet is set up.
Mr. Mazzariello noted that the amount listed under deferred revenue is the
balance of the BEDI grant money and the deferred revenue is the Hudson
River Natural products advanced rent payment
Mr. Mazzariello presented the operating statement to the board members. He
advised of the interest earnings, rent on real property and penalty charges on
late payments. He pointed out that there is a negative amount listed for one
of the sites due to E-lot’s agreement after leaving the site. Mr. Zalewski asked
if we would see zero in this section from now on. Mr. Mazzariello advised
Waste Connections is still at that site.
Mr. Dunne wanted to note that there are four pools of money for the façade
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grant program. We will work on breaking the grants down into their
appropriate target areas and reallocate funds into the general grant account
as needed.
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Mr. Zalewski questioned why the sale of 444 River Street was broken out and
listed in the income expense section. The board advised that it is a one shot
payment and should be considered below the line. Mr. Miller advised there is
a loan receivable on that as well.
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Hon. Ken Zalewski accepted the financials as presented.
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Dep. Mayor Pete Ryan seconded the motion, motion carried.
X. Old Business
To-Do Development - Mr. Miller advised the board that we have been
granted an order of foreclosure and have been assigned a receiver to deal
with the property. Expect an auction of the building in the next month. Mr.
Dunne advised that the main goal is to get all of the creditors paid.
XI. Adjournment
The Chairman asked if there was any other business to discuss. With no
other items, the meeting was adjourned at 9:29 a.m.
Hon. Ken Zalewski made a motion to adjourn the meeting.
Dep. Mayor Pete Ryan seconded the motion, motion carried.
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AUTHORIZING RESOLUTION
(Neil Pelone Architecture, PLLC – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on July 10,
2015, at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. 07/15 #1
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $15,000.00 LOAN TO NEIL
PELONE ARCHITECTURE, PLLC 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-
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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
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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
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WHEREAS, NEIL PELONE ARCHITECTURE, PLLC (the “Company”), has
requested assistance from the Corporation in connection with a certain project (the “Project”)
consisting of the use of working capital to acquire materials, equipment and services necessary to
complete a tenant fit-up for a new office location located at 16 Second Street, 1st Floor, Troy,
New York; and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $15,000.00 Loan (the “Loan”) to assist the Company to undertake
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
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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
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on behalf of the Corporation.
Section 4. These Resolutions shall take effect immediately.
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The question of the adoption of the foregoing Resolution was duly put to a vote on roll
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call, which resulted as follows:
Yea Nea Absent Abstain
Kevin O’Bryan [ X ] [ ] [ ] [ ]
William Dunne [ X ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ X ] [ ] [ ] [ ]
Andrew Ross [ ] [ ] [ X ] [ ]
Peter Ryan [ X ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
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AUTHORIZING RESOLUTION
(The Balance Loft LLC – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on July 10,
2015, at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. 07/15 #2
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $20,517 LOAN TO THE
BALANCE LOFT 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-
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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
R
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
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WHEREAS, THE BALANCE LOFT LLC (the “Company”), has requested assistance
from the Corporation in connection with a certain project (the “Project”) consisting of the use of
working capital to acquire materials, equipment and services necessary to complete a tenant fit-
up for a new hot yoga and TRX fitness studio located at 11 State Street, Troy, New York; and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $20,517.00 Loan (the “Loan”) to assist the Company to undertake
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
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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.
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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:
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Yea Nea Absent Abstain
Kevin O’Bryan [ x ] [ ] [ ] [ ]
William Dunne [ x ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ x ] [ ] [ ] [ ]
Andrew Ross [ ] [ ] [ x ] [ ]
Peter Ryan [ x ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
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AUTHORIZING RESOLUTION
(The Illium Cafe – Loan Agreement)
A regular meeting of the Troy Local Development Corporation was convened on July 10,
2015, at 8:30 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. 07/15 #3
RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION
AUTHORIZING (i) THE ISSUANCE OF A $20,000.00 LOAN TO THE
ILLIUM CAFE 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-
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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
R
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
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WHEREAS, THE ILLIUM CAFE (the “Company”), has requested assistance from the
Corporation in connection with a certain project (the “Project”) consisting of the use of working
capital to acquire materials, equipment and services necessary to expand its current restaurant
and kitchen into the vacant adjacent space located at 7 Broadway, Troy, New York; and
WHEREAS, in furtherance of the Project, the Company has requested financing from the
Corporation in the form of a $20,000.00 Loan (the “Loan”) to assist the Company to undertake
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
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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.
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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:
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AF
Yea Nea Absent Abstain
Kevin O’Bryan [ x ] [ ] [ ] [ ]
William Dunne [ x ] [ ] [ ] [ ]
Hon. Kenneth Zalewski [ x ] [ ] [ ] [ ]
Andrew Ross [ ] [ ] [ x ] [ ]
Peter Ryan [ x ] [ ] [ ] [ ]
The Resolution was thereupon duly adopted.
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Scope of Work
Building Address: I~D _
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111' IV.1Ai-I I ~~.j"Yl'-'V
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Contact Information:!"'"
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Phone:J It'
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(0..,,- Email: b..py~.h~II.v·I.Ar;;; J.
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1. Describe Proposed Work:
(Please estimate amounts where applicable)
Upgrade New New Repair Removal Estimate
Existing Replacement Installation Existing
Roofing
Masonry
Windows I Doors / . I I' I t./ D.o o
Storefront
Detailing I Restoration 1 I ~OO.'IV
Painting I Siding IrDDO .J)rJ
HandicapAccessibility
Other: 1....,/( or ~ .5" so. d~
Total: /1.fLjo,OO
2. Attachments
• Photographs of building - all sides & roof. if applicable. Detailed photos of problem
Areasare recommended
• Estimates/Quotes of proposed work
• An estimated project schedule
• Evidence of insurance
I, the applicant, herebyagreeto performthe work in accordance with the permit guidelines established by
Bureauof CodeEnforcement in the City of Troy.
For properties located in the City of Troy's local HistoricDistrict,I herebyagree to performthe work in
accordance with the historical technical specifications for maintenances and repairwork.
q-l-/ (
AppUeant's Signature Date
Overview:
Troy Kitchen is a gourmet food court, located in Downtown Troy. The concept pairs food
vendors, music, wine, and craft beer to create a unique dining and entertainment experience.
Guests of Troy Kitchen will be able to select from 4 permanent food vendors, a coffee bar, and a
variety of craft beers and wines.
The space will be not only a food destination, but also a sought out entertainment space in the
Capital Region. The daytime target demographic includes the growing Downtown Troy
workforce, as well as the various college students nearby. The afterhours and weekend crowd
will extend to all reaches of people in the Capital Region that often find themselves in Troy's
beautiful downtown for nightlife and a lively social atmosphere.
Troy Kitchen will greatly benefit the modern day food entrepreneur, by reducing the barrier of
entry into the industry, offering lower cost rent, and providing full access to an onsite
commercial cooking facility. Food based businesses that may not have the capital to open an
independent brick and mortar location will have the opportunity at Troy Kitchen to both produce
and sell their product at a prominent central location in Downtown Troy. Each vendor in Troy
Kitchen will employ a minimum of 3 people bringing the total number of minimum jobs created
within Troy Kitchen to 18.
Operations Summary:
Troy Kitchen will be owned and managed by Troy Kitchen LLC. As an operator, Troy Kitchen
LLC will rent 5 spaces to individual food and coffee vendors. Troy Kitchen LLC will operate a full
beer and wine bar within the space. Each vendor will have full access to an on-site shared
commercial kitchen, allowing them to prepare food to be sold at their vending stations. Vendors
will pay a flat monthly fee.
Hours of Operation:
Vendors will be allowed access the space before and after the hours of operation for food
preparation.
Monday 12:00pm – 11:00pm
Tuesday 12:00pm – 11:00pm
Wednesday 12:00pm – 11:00pm
Thursday 12:00pm – 11:00pm
Friday 12:00pm – 11:00pm
Saturday 12:00pm – 11:00pm
Sunday 12:00pm – 11:00pm
Troy Kitchen Pro Forma
Vendor Rental Income
Vendors Size SF Lease Per month Annual
Troy Lobster 72 1 year $675 $8,100
Berben & Wolf (Vegan) 72 1 year $675 $8,100
Jon Ramen 72 1 year $675 $8,100
Le Crepe 72 1 year $675 $8,100
Stacks Espresso 60 1 year $475 $5,700
Total: 348 $3,175 $38,100
Beer & Wine Income
Monthly $91,667
Annually $1,100,000
Troy Kitchen Lease
Triple Net (NNN)
Monthly Rent Annual Rent Lease in Years Annual Esc.
$3,500 $42,000 7 2%
Construction Loan Debt 100%
Construction Cost: $50,000
Amount Financed Loan Amount Rate Total Interest Payback in years Monthly Annually
100% $50,000 4.50% $2,377.37 2 $2,182.39 $26,188.69
Troy Kitchen Annual Operating Expenses
Building Taxes $18,000.00
Insurance $13,000.00
Bar Payroll $103,022.40
Trash $8,784.00
Utilities $30,000.00
Maintenance $6,000.00
Accounting & Legal $10,000.00
Lease $42,000.00
Construction Debt $26,188.69 $26,188.69
Alcohol product $330,000.00
Total $586,995.09
Troy Kitchen Projected Total Cash Flow
Monthly $45,925.41
Annual $551,104.91
Startup Cost
Construction Cost Breakdown
Exterior
Paint (50 Gallons) $1,200
Spray Paint $25
Canopy sheet metal cover $280
Painted Sign by local artist $400
Kitchen
4 Gas stoves $5,348
4 comp sink $1,540
Plumbing re attachment $105
Walk in cooler repair $5,700
kitchen hood inspection $135
Vendor Stations
Vendor booth frames $1,860
Vendor booth sheet rock $480
4 hand wash sinks + plumbing $995
Vendor electricity & lighting $2,600
Bar
Frame $277
Face & Bartop $2,100
Sink $260
Glass $1,545
Seating area
Tables $4,580
Benches $2,000
Bar stools $1,400
Floor polyurethane $600
Epoxy $1,470
Lighting
Interior Led Strips $1,600
Exterior bulbs $100
Sound system
Speakers & base $2,700
Associated fees
legal $5,400
Insurance $300
Misc $3,000
Marketing $2,000
Total: $50,000
Construction Repayment Schedule
Construction Loan Data
Principal $50,000
Loan Term (Years) 2
Interest Rate 4.50%
Payments per year 12
Payment $2,182.391
Month (2 Years) Payment Interest Principal Principal Balance
0 $50,000
1 $2,182.391 $187.50 $1,994.89 $48,005.11
2 $2,182.391 $180.02 $2,002.37 $46,002.74
3 $2,182.391 $172.51 $2,009.88 $43,992.86
4 $2,182.391 $164.97 $2,017.42 $41,975.44
5 $2,182.391 $157.41 $2,024.98 $39,950.46
6 $2,182.391 $149.81 $2,032.58 $37,917.88
7 $2,182.391 $142.19 $2,040.20 $35,877.68
8 $2,182.391 $134.54 $2,047.85 $33,829.83
9 $2,182.391 $126.86 $2,055.53 $31,774.30
10 $2,182.391 $119.15 $2,063.24 $29,711.07
11 $2,182.391 $111.42 $2,070.97 $27,640.09
12 $2,182.391 $103.65 $2,078.74 $25,561.35
13 $2,182.391 $95.86 $2,086.54 $23,474.82
14 $2,182.391 $88.03 $2,094.36 $21,380.46
15 $2,182.391 $80.18 $2,102.21 $19,278.24
16 $2,182.391 $72.29 $2,110.10 $17,168.15
17 $2,182.391 $64.38 $2,118.01 $15,050.14
18 $2,182.391 $56.44 $2,125.95 $12,924.18
19 $2,182.391 $48.47 $2,133.92 $10,790.26
20 $2,182.391 $40.46 $2,141.93 $8,648.33
21 $2,182.391 $32.43 $2,149.96 $6,498.37
22 $2,182.391 $24.37 $2,158.02 $4,340.35
23 $2,182.391 $16.28 $2,166.11 $2,174.24
24 $2,182.391 $8.15 $2,174.24 $0.00
Erin Pihlaja
Executive Director
Downtown Troy BID
251 River St.
Troy, NY 12180
Erin.Pihlaja@TroyBID.org
518.279.7997
August 31, 2015
Troy Local Development Corporation
Board of Directors
433 River St.
Suite 5001
Troy, NY 12180
To the esteemed Board of Directors of the TLDC:
Please find attached a proposal for Troy Local Development Corporation’s sponsorship of 2016
Downtown Troy Business Improvement District programming. We believe that the mission of the TLDC
and the Downtown Troy Bid align often and that the outlined programming specifically addresses
components of the TLDC’s mission in the city of Troy.
The Downtown Troy BID is a 501(c)3 dedicated to improving the quality of life in downtown Troy and its
neighboring districts. We hope to expand our programming and services in 2016 while refining our
existing programming to better meet the needs of residents, students, employees, business and
property owners, and visitors to the city of Troy. The funding sought in this proposal with go directly
towards accomplishing those goals.
If you have any questions whatsoever regarding this proposal or the initiatives of the Downtown Troy
BID, please do not hesitate to contact me at the above listings.
Thank you in advance for your time and your consideration,
Erin Pihlaja
Executive Director
2016 Annual Sponsorship of the
Downtown Troy Business Improvement District for the
Troy Local Development Corporation
Downtown Troy BID mission: The Downtown Troy BID is a 501(c)3 located in downtown Troy that
strives to accomplish its organizational mission: “The BID cultivates and advocates the economic growth
of Downtown Troy by creating an inviting, dynamic, and sustainable community that celebrates the
City’s history while building towards its future. The BID is dedicated to improving the quality of life
within the District to further enhance and make our community a vibrant, attractive destination for
visitors, businesses, residents, property owners, the daily workforce, and students.”
Excerpt from the Troy Local Development Corporation’s mission: The objective of the Tory Local
Development Corporation is to construct, acquire, rehabilitate and improve buildings or sites and to
assist financially with the construction, acquisition, rehabilitation and improvement of buildings or sites,
for use by others, that are located in the City of Troy.
From meeting with existing businesses and discussing how we can best support the retention of jobs,
and facilitate growth and expansion, to attracting new investors who have the need to create new jobs
and the desire to contribute to our commercial tax base, to reclaiming and redeveloping the most
underutilized and under appreciated locations along our waterfront, the TLDC’s an active economic
development agent of the City of Troy.
The Downtown Troy BID, a 501(c)3 agency that works actively in Troy to better the quality of
life in the city of Troy, seeks annual sponsorship for the TLDC totaling $25,000.
The award would be used to fund the following programming:
Title sponsor of the redevelopment of the Downtown Troy BID website to
create a better tool for community outreach in Troy.
As the downtown district continues to grow, the needs of the community grow with it. The BID, in its
fourth year of funding, maintains a staff of four regular employees and struggles to keep up with
community outreach. Our website (downtowntroy.org) is the main search result for “downtown Troy”
and the second for “Troy, NY.” We are a gateway for many people looking into Troy and the current site
fails to meet many of those initial inquiries, and the concerns of people living, working, and studying
within the district.
Yearly we receive over 250,000 page views and about half of our unique visitors are ages 18-34. The BID
would like to use the momentum and traffic from the website to help better comment visitors to other
Tory agencies within the city, including the City of Troy and the TLDC. Currently our site is not mobile-
responsive, nor does it encourage student or resident engagement. Funding would be used to overhaul
the existing website to make it easier to access both from a mobile device and from a desktop, and to
build up the available content to include more forms for the reporting of quality of life issues (light
outages, garbage/code/graffiti issues), to offer information and possible virtual tours of rental space, to
include tourism attractions and self-guided tours, and to incorporate links to other non-profits and
agencies in Troy. Also included would be revenue-building options within the website for sponsors of
BID programs, which would hopefully grow our staff and programming to meet and expand our
mission’s objectives for future years. Much of this overhaul would be used to expand the presence of
already existing and proven programs such as our For Rent event, and Business Development pages.
The TLDC would help fund the rebuild of the site and would be a title sponsor with logos and links within
multiple pages over the course of one year, and then on the home page as a sponsor of the rebuild
indefinitely. The TLDC could also have a section inside the site under business development and
retention to outline TLDC programs, initiatives and link back through to TLDC materials.
Presenting and title sponsor of the (TLDC) Revitalize Troy award at
the BID Annual Dinner and Sammy Awards.
The (TLDC) Revitalize Troy Award is given to someone who has taken on a challenging project in Troy
and completed it to high standards and in a way that will have a positive impact on Troy.
(One suggested nominee is David Bryce and the Tech Valley Center of Gravity of the Quackenbush
project)
Representatives would present this title award to winner at the event, be included in all printed and
promotional materials at event, would receive a commemorative Sammy Award, and would receive a
TLDC-sponsored table and 8 tickets included to event.
Sponsorship would also include a special TLDC Sammy Awards ticket. Fifty tickets will be set aside at half
price for small businesses and non-profit or community organizations to make it easier to attend this
networking and celebratory event.
Sponsorship of the following Business Development and Retention Committee
events:
Mysteries and Mayhem tour (Oct. 30 Troy Night Out) which partners with the Hudson-Mohawk
Industrial Gateway and is an effort to promote tourism of Troy’s fabled and historically values
properties. The tour would be documented with photographs and limited historic content on the new
BID website with links to the Gateway to book in-person tours for the future. TLDC logo on all printed
and promotional materials.
Presenting sponsor of the For Rent event with an addition of a residential component and an after event
symposium to offer prospective tenants funding options and other business tools.
Presenting sponsor of our new Discover Troy event (will be in its 2nd incarnation). This was a huge hit
and we could see this growing into a great program for the city. This is a great recruitment tool for
companies who wish to offer their employee base a walkable, varied downtown such as Troy. TLDC
Involvement could be used as a launch for development in other Troy areas as well. TLDC to have
exhibition space to discuss past and upcoming projects and how they impacted Troy, and would be
included on all printed and promotional materials.
Title Sponsor of newly printed and updated Troy brochures and maps for 2016-
2017
The Downtown Troy BID acts as the Central Business Improvement District’s unofficial visitor’s center.
We get requests for hundreds of maps and brochures from area hotels, schools, transit centers, and
visitors yearly. Funding would go to print new maps to promote walkability and update and print a new
brochure to highlight Troy as a destination city. These materials attract visitors and potential new
residents, students, and businesses to Troy on a daily basis. TLDC’s logo would be on both printed
materials and digital versions on web as a title sponsor.
Presenting Sponsor of all 2016 Signature Downtown BID Special Events
Yearly Presenting events sponsor (Troy Night Out, Restaurant Week, Chowderfest potential to
2015/2016, Rockin’ on the River, Pig Out, River Fest). Estimated visitors brought to Troy
annually: 100,000
For each event:
Measured Media
Presentation Rights “Presenting Sponsor, The Downtown Troy BID & the TLDC Present …”
Featured in print media including but not limited to The Times Union, Metroland, Troy
Record
Featured on local radio stations as Presenting Sponsor.
Including but not limited to Albany Broadcasting, Clear Channel, & WAMC.
Featured on web partners sites as Presenting sponsor
In-House Media
Featured ID & Logo in Monthly ‘Downtown Happenings’ e-newsletter.
Sent to over 7,200 readers per month
Featured ID & Logo linked from all event pages on Downtowntroy.org.
Year round user views of nearly 250,000
Featured ID & Logo linked on all official social media pages such as Facebook, Instagram,
Twitter Reach up to 20,000 individuals
Featured ID & logo on official event video uploaded to social media sites, YouTube and
shared with media outlets.
Featured ID & Logo on official event posters displayed around the Capital Region
Featured ID & Logo linked on the official event page of the EventStroll app.
1,500 downloads to date
On-Site Signage and Live Mentions
Featured ID & logo on official event programs
Featured ID & logo on the official T-shirt
Featured ID & Logo on (1) 10 x 3’ banner on event stage
Featured ID & Logo on (5) 4’ x 2’ banners throughout the event site
(8) sponsor mentions by emcee during each event
(1) 10 x 10 exhibit space on-site ($500 value)
VIP tent for Employees, Friends, Family in Events Stage Sight Line
Featured ID & Logo on event posters distributed throughout Capital District
Featured ID & Logo on event videos (average of 10,000 social media views per week)
48"w x 36"h
4"x4" posts
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