Troy Local Development Corporation

Name: Troy Local Development Corporation — Troy, NY
Start: 2017-09-15
End: 2017-09-15
Location: Troy, NY

Regular Meeting

Troy, NY · September 15, 2017

Agenda Minutes

Minutes

TROY LOCAL DEVELOPMENT CORPORATION Board of Director Meeting Minutes September 15, 2017 8:30 a.m. BOARD MEMBERS PRESENT: Kevin O’Bryan, Steve Strichman, Hon. Monica Kurzejeski and Andy Ross ABSENT: Hon. John Donohue ALSO IN ATTENDANCE: Justin Miller, Cheryl Kennedy, Mary Ellen Flores, 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 14, 2017 board meeting. Steve Strichman made a motion to approve the July 14, 2017 board meeting minutes. Hon. Monica Kurzejeski seconded the motion, motion carried. II. IDA and LDC fee sharing agreement Mr. Strichman gave the board an update about the fee sharing program between the IDA and LDC. He added that the project at 444 River Street; which was facilitated by the LDC, started the conversation of a fee sharing program. The chairman noted that we will work over the next few months on putting together a policy outlining the program. Andy Ross added that we should continue the discussions with all parties involved to make sure it is clear to all. III. Atlantic Testing and Provincial Contracting Services Mr. Strichman advised the board the estimated cost of removal and decontamination of the excavator on site would be $15,532; $12,600 for Provincial Contractor Services to decontaminate and move the piece of equipment to the designated area on site and $2,932 for asbestos project monitoring and air sampling by Atlantic Testing. He added that as of today the decontamination is done, but it is still not moved off of the site. The board advised that after September 21st it will become LDC property and will be removed and scrapped. Andy Ross made the motion to approve payment to both Provincial Contractor Services in the amount of $12,600 and to Atlantic Testing in the amount of $2,932. 1 Monica Kurzejeski seconded the motion, motion carried. IV. City of Troy - Small Business Summit Mr. Strichman spoke to the board about the event that took place last year; it was very successful and it has enabled funding to come from other sources. Mrs. Kennedy advised that we received excellent feedback from last year’s event. She advised that they were encouraged to expand the programming as well as the length of time of the event. There will be a keynote speaker again this year, a gaming in Troy panel, two separate tracks for the breakout groups; one for retail and restaurants and the other for general service management. Mrs. Kennedy advised that in the afternoon there will be a primer for Troy small business. She added that from 4 pm – 5 pm they will hold a smaller event upstairs from the main event where they hope to work with One Troy and ESPRY to talk about poverty initiatives and employing from within the community. Mrs. Kennedy advised that they have partnered with the Tech Valley Center of Gravity for use of the space and Ignite U has donated their space for the breakout mixer. She advised that both places have been very engaged in the planning process this year and we have been able to keep costs down. The chairman noted that this event is worthwhile of the LDC’s sponsorship and thinks it has a definite impact on the businesses of the city, but noted that the LDC is at a place where we need to generate more revenue and keep an eye on outgoing funds and grants. Justin Miller asked about how the event is set up and the sponsorship relates to the LDC. Mrs. Kennedy advised that the City of Troy puts the event on and the LDC is used as a pass through for the sponsorship funds; the sponsorship checks are deposited and then invoices are paid only from the checks received. The board had a general discussion about how the event will be set up as related to the LDC. Mr. Lozano advised that a separate account can be set up in our systems to keep the funds separate from other LDC accounts and still track all deposits and withdrawals. Mrs. Kennedy advised that as the event grows, they may have to make changes to the set up. Andy Ross made a motion to approve the sponsorship to the City of Troy’s Small Business Summit in the amount of $2,500. Monica Kurzejeski seconded the motion, motion approved. V. Victorian Stroll Mr. Strichman advised that a request came in from the Rensselaer County Chamber of Commerce to be a sponsor for this year’s Victorian Stroll that wasn’t able to make it on the agenda. He advised that we have sponsored the event for several years. Andy Ross made the motion to approve the sponsorship of the Victorian Stroll in the amount of $5,500. Steven Strichman seconded the motion, motion carried. VI. RFP for Auditing Services Mr. Strichman spoke about the RFP that will be sent out for auditing services. He advised that last year we had to send out a last minute request and now need to send out a request for a longer term contract. VII. Executive Directors Report 2 The Enchanted City - Mr. Strichman noted that one of the events we sponsor, The Enchanted City, is tomorrow. The board had a general discussion about the event and encouraged everyone to check it out. 444 River Street – Mr. Strichman advised that we had the closing and the project is moving forward. County Waste - Mr. Strichman advised that the City recently did a solar project where panels were put on municipal buildings. He advised that Monolith solar will be doing the same thing with the County Waste building; one of our PILOT properties. Mr. Strichman noted that there may be two loans coming in front of the board; the Ilium Café expansion and DeFazio’s in Little Italy. Delinquent Loans - The chairman asked about one of the loans on the delinquency report. Rare Form Brewing - Mr. Strichman advised that he will be reaching out to Kevin to discuss. The Balance Loft - The board asked about the Balance Loft loan that we have a judgement against. The board asked if we can write that one off yet. The chairman advised that this loan should be charged off because we haven’t received any payments for the past year. Mr. Lozano advised that we can take the amount outstanding out of the reserves and if we recover any funds, they will go back through income. Troy Kitchen – Mr. Strichman advised that their payments have been consistently coming in. Mrs. Flores advised we have not received the September payment as of today. Hudson River Product Recycling – Mr. Strichman advised that we have not received rent payments for August and September. Mr. Miller advised that we have a settlement agreement that said he had to be out by the end of June or pay $3,000 a month. The chairman advised that we may see a project coming in front of the board regarding a cloth business that has done work in New York City and is looking to move back to the area. VIII. Financials Ms. Flores that accounts receivable is up to $300,000, which is Vecino’s loan for 444 River Street and advised it will show up next month as a receivable. The board asked about the loan loss reserve we have established and asked how this loan payoff will affect it. The chairman advised we can discuss next month when the payment shows as received in our accounts and if there are any write offs that need to occur. Mr. Lozano advised that the amount in reserves is still pretty high considering the loans we have out. Ms. Flores advised that the Small Business Summit funds are under the line item bank deposits held. She advised that will be moved into a different class. Mrs. Flores also advised that $174,000 was paid for the Section 108 HUD loan. The board had a general discussion about the continued loan payments and the current funds. Andy Ross asked about the unearned revenue line item that has been the 3 same each month. Mrs. Flores advised that the unearned revenue is Hudson River Recycling’s yearly rent that would come in and each month $250 would come off. She advised that August has accrued, but not paid yet. The chairman asked about the line item titled grants payable. Mrs. Flores advised yes that line item represents the façade grants and a small grant for composting. Mr. Strichman advised that they were all given until the end of September to complete the projects. The board had a general discussion about the details of the façade program. Ms. Flores discussed the profit & loss sheet. She advised that there is a loss for the month in the amount of $25,000, which is made up of 2 PILOTs paid and $9,000 in accounting fees. The chairman asked why the tax LDC is paying taxes for properties that they own now that we are tax exempt. Mr. Miller explained that if we own property and use it for our own offices, it would be tax exempt. He added that once there is a lease on the property it cannot be tax exempt. Mr. Miller spoke about the lease agreement with the last tenant at the King Fuels site and noted that it was set up to take in account the ups and downs of the site. The board had a general discussion about the PILOTs they currently have and the possibility of eliminating one. The chairman advised we will discuss more at the next meeting. Mr. Miller advised that we are now able to apply for refunds for the taxes we have paid for the past five years. Mr. Lozano advised that the requests have been sent in. Andy Ross made a motion to approve the financials as presented. Hon. Monica Kurzejeski seconded the motion, motion carried. IX. Old Business - No old business to discuss. X. New Business – No new business to discuss. XI. Adjournment With no additional business to discuss, the meeting was adjourned at 9:30 a.m. Andy Ross made a motion to adjourn the meeting. Hon. Monica Kurzejeski seconded the motion, motion carried. 4

Agenda

Kevin O’Bryan, Chairman Andrew Ross, Vice Chairman Steven Strichman, Executive Director Dep. Mayor Monica Kurzejeski John Donohue TROY LOCAL DEVELOPMENT CORPORATION Board of Directors Meeting Planning Department Conference Room City Hall 433 River Street, Suite 5001 Troy, New York 12180 September 15, 2017 8:30 a.m. AGENDA I. Approval of Minutes from July 14, 2017 board meeting. II. IDA and LDC Fee Sharing Agreement III. Former King Fuel site invoices - Provincial Contractor Services, LLC and Atlantic Testing IV. Small Business Summit - Funding request V. Auditor RFP VI. Executive Director Report VII. Financials VIII. Old Business IX. New Business X. Adjournment TROY LOCAL DEVELOPMENT CORPORATION Board of Director Meeting Minutes July 14, 2017 8:30 a.m. BOARD MEMBERS PRESENT: Kevin O’Bryan, Steve Strichman, Hon. Monica Kurzejeski and Andy Ross ABSENT: Hon. John Donohue ALSO IN ATTENDANCE: Robert Ryan, Esq., Cheryl Kennedy, Jeffrey McCauley, Kehmally Karl, Mary Ellen Flores, Deanna DalPos and Denee Zeigler Minutes D The Chairman called the meeting to order at 8:30 a.m. I. Minutes R The board reviewed the minutes from the June 16, 2017 board meeting. T Steve Strichman made a motion to approve the June 16, 2017 board meeting minutes. AF Hon. Monica Kurzejeski seconded the motion, motion carried. II. BDAP Application, The Dutch Udder Mr. Strichman spoke about the loan application for The Dutch Udder, a craft ice cream business recently opened on River Street that started initially as a pop up business. He advised that they are asking for a loan for a piece of equipment that will help them to keep up with the demand. Mr. Strichman noted that the equipment is $25,000 and the loan is being asked for $20,000. The board had a general discussion on the loan process. The chairman asked if there were any questions for the applicants. Hon. Monica Kurzejeski made a motion to approve the BDAP loan for The Dutch Udder, LLC in the amount of $20,000. Andy Ross seconded the motion, motion carried. III. Executive Director’s Report 444 River Lofts - Mr. Strichman advised the board they anticipate a closing towards the end of July. King Fuels site – Mr. Strichman advised that we have a signed agreement and contamination can be started soon. He advised that Casale should be off site by the 1 end of July. The board had a general discussion about questions regarding the site from city council members. The board agreed that questions should be continued to be answered quickly and efficiently. Fee Sharing – The chairman advised that we will continue to work on the details of a fee sharing program between the LDC and IDA. He advised that we will come back to this during the next meeting. IV. Financials Ms. Flores discussed the balance sheet with the board members and advised that there are no significant changes. The chairman noted that the Vecino loan in the amount of $300,000.00 will be closing soon for 444 River Lofts, as previously mentioned. Mr. Strichman also noted that the HUD Section 108 loan will be due on August 1st. Ms. Flores advised that the amount due in August is $175,000.00 and will go towards the principle. She advised that an interest only payment was sent in February. Ms. Flores discussed the profit & loss sheet. She advised that there is a loss for the month in the amount of $14,000 with the majority of that being for professional services. D The chairman asked about the account labeled Assets restricted. Ms. Flores advised that it could be anything that we are holding for someone else and she will look into. Ms. Kurzejeski asked if it could be related to real property we own. R The board asked the collection activity of the Balance Loft’s loan. Mr. Ryan noted that that loan is currently being worked on by a litigator and they are pursuing the personal guarantee. The board asked when this can be written off. Ms. Flores T advised that we can write off after we know whether or not we will be collecting. She will discuss with Mr. Lozano to get an idea of when this can be written off. Mr. Ross AF advised that he would like to discuss the amount of legal fees vs. what we would collect. The board agreed that a discussion needs to take place with the attorneys regarding cost benefit ratio. Hon. Monica Kurzejeski made a motion to approve the financials as presented. Andy Ross seconded the motion, motion carried. V. Old Business - No business to discuss. VI. New Business – The board questioned the way executive session was presented in the minutes. It was determined that only discussion took place during executive session; nothing was voted on. Mr. Ryan agreed that discussion need not be documented, but any action that takes place is done once executive session is adjourned does require documentation. VII. 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