Troy Local Development Corporation

Chair Board Members Justin Nadeau Hon. Monica Kurzejeski Hon. Ken Zalewski Vice-Chair Andy Ross Executive Director Board of Directors Meeting Steven Strichman City Hall Planning Dept. Conference Room 433 River Street, Suite 5001 Troy, NY 12180 October 29, 2021 9:00 a.m. AGENDA I. Approval of Minutes from the September 24, 2021 Board Meeting. II. Budget III. Executive Director’s Report IV. King Fuels Site Status V. Old Business VI. New Business VII. Financials VIII. Adjournment  Regular Board Meeting Minutes September 24, 2021 9:00 a.m. BOARD MEMBERS PRESENT: Justin Nadeau, Hon. Monica Kurzejeski Andy Ross and Steve Strichman ABSENT: Hon. Ken Zalewski D ALSO IN ATTENDANCE: Justin Miller, Esq., Mary Ellen Flores, Matt Jones, Deanna Dal Pos, Jena Lora and Denee Zeigler R The regular board meeting was called to order at 9:03 a.m. I. Minutes T The board reviewed the minutes from the August 20, 2021 board meeting. AF Hon. Monica Kurzejeski made a motion to approve the minutes for August 20, 2021 minutes as presented. Andy Ross seconded the motion, motion carried. II. Executive Director Report Sperry Warehouse - Mr. Strichman spoke to the board about the status of the transfer of the Sperry Warehouse to the LDC. Mr. Strichman advised a walkthrough was done with the council members. Mr. Miller asked if there were concerns about the nearby water supply. Mr. Strichman explained that we will take a close look at the site and decide how the site should be laid out. National Grid Grant– Mr. Strichman advised that appraisals were sent out and are due back soon for both the King Fuels and County Waste site. Ms. Kurzejeski asked about the ownership of the street going through the site. The board had a general discussion on the different aspects of the site that will need to be considered as part of the final layout. The board agreed that discussions need to take place ahead of time. Mr. Strichman advised that December 1st or February 1st is the date to get everything out. 1  BSM Banquets - Mr. Strichman noted that we did receive the tax returns for BSM Banquets and they will be reviewed as part of the loan restructuring. He noted that the most recent invoice sent to them was returned as undeliverable. Future of Small Cities – Mr. Strichman advised the board that the $15,000 grant has been paid out. He added that the check from Siemen’s check was received. Ms. Kurzejeski asked what the funds will be used for. Mr. Strichman explained that it will be used for rent and other startup costs. Budget – Mr. Strichman advised that the budget will need to be adopted at the October meeting. A draft will be sent out to the board members to be discussed via email. III. Old Business National Grid License Agreement - Mr. Miller advised that the license agreement has been signed. He advised that an email was received to schedule a call with their counsel. IV. Financials D Ms. Flores went over the statement of financial position noting that as of August 31, 2021 our total assets stand at $2,948,281 with $141,666 in cash. She advised $892,297.46 in liability, leaving a fund balance of $2,055,983. No significant changes. R Ms. Flores went over the statement of activity for the month of August noting a surplus of $3,383 due to rent being received for August and September in one month; no out of the ordinary expenses. Ms. Kurzejeski asked if the loans were T current. Ms. Flores advised yes and added that there are only two open loans left. Ms. Kurzejeski advised we can take off Seymour Fox for the 7th Avenue Park off of AF the books; she has not received any communications from them despite repeated attempts of reaching out to them. Mr. Strichman advised that the National Grid reimbursement check will be processed and we were advised should be received in September/October. Mr. Miller asked about the amount showing for rent in the amount of $347,900. Ms. Flores advised that was a potential amount that we were going to receive for National Grid rent. Ms. Kurzejeski asked about the projected timeline for the sale or agreement to sell for the King Fuels site. Mr. Strichman advised there could be an option to purchase in March, if all goes well. Ms. Kurzejeski noted that they are currently doing the budget and she will have to include this as a potential budget item. Andy Ross made a motion to approve the financials as presented. Steven Strichman seconded the motion, motion carried. V. Adjournment With no other items to discuss, the regular board meeting was adjourned at 9:39 a.m. Steven Strichman made a motion to adjourn the regular board meeting at 9:39 a.m. Hon. Monica Kurzejeski seconded the motion, motion carried. 2 Troy Local Development Corporation 2022 Budget Draft 2020 2021 2022 2023 2024 2025 2026 9/28/2021 Budget Budget Budget Budget Budget Budget Actuals EOY Estimates REVENUE & FINANCIAL SOURCES Operating Revenues 1 12 Charges for Services $ - $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 2 13 Rental & Financing Income $ 82,572 $ 74,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 Grid = $10,765 x 11 months = 3 10 Other Operating Revenues $ 307,525 $ 81,000 - - - - Nonoperating Revenues Investment Earnings - - - - - - State Grants/Subsidies - - - - - - Federal Grants/Subsidies - - - - - - Public Authority Subsidies - - - - - - 4 14 Other Nonoperating Revenues 124,000 183,500 - - - Proceeds from Issuance of Debt - - - - - - Total Revenues $ 514,097 $ 215,000 $ 443,500 $ 260,000 $ 260,000 $ 260,000 EXPENDITURES Operating Expenditures Salaries and Wages Other Employee Benefits 5 Professional Services Contracts $ 119,098 $ 121,000 $ 120,000 $ 120,000 $ 120,000 $ 120,000 Materials & Supplies - - - - - - 6 15 Other Operating Expenditures $ 60,925 $ 5,041 $ 65,241 $ 65,241 $ 65,241 $ 65,241 Nonoperating Expenditures 7 Payment on Principal of Bonds and Financing Arrangements $ 167,000 $ 167,000 $ 167,000 $ 167,000 $ 167,000 $ 167,000 8 Interest and Other Financing Charges $ 56,716 $ 53,113 $ 45,000 $ 29,000 $ 26,000 $ 26,000 Subsidies to Other Public Authorities - - - - - - Capital Asset Overlay - - - - - - Grants and Donations - - - - - - 9 11 Other Non-operating Expenditures 252,861 66,000 - - - - Issuance of Debt - - - - - - Total Expenditures $ 656,600 $ 412,154 $ 397,241 $ 381,241 $ 378,241 $ 378,241 EXCESS (DEFICIENCY) OF REVENUES AND CAPITAL CONTRIBUTIONS OVER EXPENDITURES $ (142,503) $ (197,154) $ 46,259 $ (121,241) $ (118,241) $ (118,241) 1 - IDA sharing @ 50% of fee 2 - County Waste Rental and interest on loans 3 - includes Grid 69,722+CRC $100,000 to LDC & $60K for COVID 4- County Waste PILOTS and 1MS $50K, Franklin Alley owners $20K 5 - bookkeeping, legal, audit, management 6 - Depreciation and King Fuels ACM cleanup 7 - HUD Loan Principal 8 - HUD Loan Interest 9 $19K Fence, deprec and PILOT + $232,531 Covid and FA & fees and spec. assessment, CHAR 10 - CRC Grants - Covid $60K , Franklin Alley $100K and owner contributions 11 - Covid Grants, fence 12 Incite 50% of $127K IDA fee - did not include 1MS $40 million = 1/2 of 40$ = $150K 13 Grid = $10,765 x 11 months = 118413 + BSM $1k/month County Waste Rent $70K 14 County Waste PILOT $28K offset below, sale of Alamo $115K, Norther Drive $13,500 15 Depreciation $5,041 +County Waste and ELOT PILOTs $28,000 + $5200