Troy Local Development Corporation

Chair Board Members Jeff Betts Chris Nolin Kiani Conley-Wilson Vice-Chair Andy Ross Executive Director Dylan Turek Board of Directors Meeting City Hall Planning Dept. Conference Room 433 River Street, Suite 5001 Troy, NY 12180 AUGUST 18, 2023 9:00 a.m. AGENDA I. Approval of Minutes from the July 21, 2023 Board Meeting. II. Executive Director’s Report III. New Business 1. Overview of Meeting Schedule 2. Executive Director Agreement – Transfer to Dylan Turek IV. Old Business 1. Community Business Investment Grant Program a. Resolution – 2nd Round Applicants b. Draft Grant Agreement V. Financials VI. Adjournment  Regular Board Meeting Minutes July 21, 2023 9:00 a.m. BOARD MEMBERS PRESENT: Dylan Turek, Andy Ross, and Jeff Betts. ABSENT: Chris Nolin and Kiani Conley-Wilson ALSO IN ATTENDANCE: Justin Miller, Esq., Matt Jones and Denee Zeigler D The regular board meeting was called to order at 9:22 a.m. I. Minutes R The minutes from the June 30, 2023 regular board meeting were tabled due to not enough board members being present to vote on them. II. T Executive Director’s Report AF Introductions – This is my first meeting as executive director and I’m looking forward to working with everyone. Community Business Improvement Grant – This month we have our first round of grant applicants to review for approval. We will start to see these on the agenda each month going forward. BSM Banquets – No updates yet from them regarding their loan and sale of their building. A follow up call will be made, and we can discuss as the last board meeting. III. New Business No New Business IV. Old Business Community Business Improvement Grant – Mr. Turek went over the summary of projects reviewed by the selection committee on July 10th. He noted projects were in several areas throughout the city. 106 Jefferson – This project is located in South Troy and is an amazing opportunity to pair with the surrounding historic buildings, such as the Kerry Organ and Gasholder Building. There is potential to create an industrial and commercial business hub. 1  670 Pawling Ave – This project is located in the East Side of Troy. This applicant is a long-term business owner of a dog daycare who is looking to make repairs to her existing business and expand into vacant space connected to her building. It was last used as her husband’s barbershop. The services provided at the daycare have been limited to dog daycare, but once the expansion is complete, they will add dog grooming services. 99 Ferry Street – This project is located Downtown and is a great project that will help with structural improvements of a long vacant building. The project requires a lot of work that has ended up become very costly. This grant along with the IDA PILOT will provide great assistance. It will contain two commercial spaces on the ground floor and apartments above once completed. Mr. Turek noted that this funding will not go towards the residential space. 84 Congress Street – The project is located Downtown in a busy corridor which needs attention – there have been several problems in the surrounding area. The owner of Mi Casa purchased the building earlier this year and is working to open a market focusing on fresh produce, ingredients and prepared international foods. Her project will be providing much needed improvements and access to fresh food to the residents nearby. Above the commercial space will be apartments, but he noted this funding will not go towards the residential space. D Mr. Betts wanted to disclose to the board he has used the services the project located at 670 Pawling Ave provides in the past. Mr. Betts asked about how many projects we will be seeing at each meeting. Mr. R Turek noted that it is hard to say for sure. This round we had about six reviewed with four recommended. As the word gets out, we may receive more. Mr. Miller gave an overview of the process and explained that once approved we can issue an award letter for them to move forward with the project. The next steps would be to set up T the grant agreement outlining the guidelines. When they are ready for a reimbursement, they will come in with receipts and proof of payment that staff will AF review. Mr. Turek explained that all applicants are in one resolution for now based on the recommendations from the committee. Mr. Miller advised we can invite the applicants to the meeting to explain their project or answer questions that come up. Going forward, we will have each project on its own resolution. (See attached Resolution 07/23 #1) Motion to approve the round one Community Business Investment Grant projects located at 106 Jefferson, 670 Pawling Ave, 99 Ferry Street and 84 Congress Street – Andy Ross Seconded – Dylan Turek Approved V. Financials Mr. Jones went over the statement of financial position noting that as of June 30, 2023 our total assets stand at $3,869,626. He advised $114,932 in cash with $1,717,494 in liabilities, leaving a fund balance of $2,152,452. No significant changes to the statement of financial position. Mr. Jones went over the statement of activity for the month of June, noting a surplus of $8,302. The most significant source of revenue was for the monthly National Grid license fee and the largest expense comes from monthly accounting fees. Motion to approve the financials as presented – Andy Ross 2  Seconded – Dylan Turek Approved VI. Adjournment With no other items to discuss, the regular board meeting was adjourned at 9:40 a.m. Motion to adjourn the regular board meeting at 9:40 a.m. – Dylan Turek Seconded – Andy Ross Approved D R T AF 3  AUTHORIZING RESOLUTION (Community Business Investment Grant - Funding Round 1) A regular meeting of the Troy Local Development Corporation was convened on July 21, 2023, at 9:00 a.m. The following resolution was duly offered and seconded, to wit: Resolution No. 07/23 #1 RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION AUTHORIZING THE AWARD OF SMALL BUSINESS GRANTS TO THE APPLICANTS RECOMMENDED BY THE APPOINTED SELECTION COMMITTEE. 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) D 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 R 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 T WHEREAS, the City of Troy (the “City”), having received funding from the Federal AF Government as part of the American Rescue Plan Act (“ARPA”), allocated one million dollars ($1,000,000) to the Corporation for the distribution and administration of small business grants to support community businesses that make capital investments into eligible projects that improve the surrounding community (the “Project”); and, WHEREAS, as a supporting organization of the City of Troy, the Corporation has entered into an agreement with the City to provide those services that are essential for the furtherance of the Project; and WHEREAS, the Project Selection Committee, having reviewed and scored all completed applications as required per the agreement between the City and Corporation, has provided a recommendation for funding specific applicants as identified in the included Award Recommendation Letter, each of whom the Corporation desires approve for the scope of work and funding amounts specified in their applications and not to exceed the lesser of fifty percent (50%) the total project cost or a total reimbursement of $50,000 in furtherance of the goals of the Program as described in the Agreement and is aligned with the stated mission of the Corporation; and WHEREAS, it is contemplated that the Corporation will authorize the Executive Director and Corporation Counsel to issue funding contracts by and between the four (4) recommended applicants and the Corporation for a total disbursement not to exceed two hundred thousand dollars ($200,000) or fifty thousand dollars each award, to be dispersed as reimbursement for eligible capital costs incurred by the grant awardee per the terms and conditions included in the final award contract (“the Contract”); and NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY LOCAL DEVELOPMENT CORPORATION AS FOLLOWS: Section 1. The Corporation finds and determines that: (A) The Corporation has been vested with all powers necessary and convenient to carry out and effectuate the purposes and provisions of the N-PCL and to exercise all powers granted to it under the Act; and (B) The Corporation has the authority to take the actions contemplated herein under the Act; and Section 2. The Corporation hereby authorizes the expenditure of up to $200,000 in D furtherance of Project and the engagement the Awardees for the disbursement of small business grants following receipt of the same from the City and upon final completion and inspection of the scope of work defined in 4 funding Contracts between the awardees and the Corporation. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the R Corporation are hereby authorized, on behalf of the Authority, to execute and deliver the Funding Agreement with the applicants specified in the attached as Exhibit A, along with other related documents. Section 3. T The officers, employees and agents of the Corporation are hereby AF 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 certificates, instruments and documents, to request, receive, and pay all such awards, 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 Authority. 2  Section 4. These Resolutions shall take effect immediately. Yea Nay Absent Abstain Jeff Betts [ X ] [ ] [ ] [ ] Hon. Christopher Nolin [ ] [ ] [ X ] [ ] Hon. Kiani Conley-Wilson [ ] [ ] [ X ] [ ] Andrew Ross [ X ] [ ] [ ] [ ] Dylan Turek [ X ] [ ] [ ] [ ] The Resolution was thereupon duly adopted. D R T AF 3  EXHIBIT A D R T AF 4  T AF R 5 D  EXHIBIT B D R T AF 6  EXHIBIT C D R T AF 8  T AF R D  AUTHORIZING RESOLUTION (Community Business Investment Grant - Funding Round 2) A regular meeting of the Troy Local Development Corporation was convened on August 18, 2023, at 9:00 a.m. The following resolution was duly offered and seconded, to wit: Resolution No. 08/23 # RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION AUTHORIZING THE AWARD OF SMALL BUSINESS GRANTS TO THE APPLICANTS RECOMMENDED BY THE APPOINTED SELECTION COMMITTEE. 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, the City of Troy (the “City”), having received funding from the Federal Government as part of the American Rescue Plan Act (“ARPA”), allocated one million dollars ($1,000,000) to the Corporation for the distribution and administration of small business grants to support community businesses that make capital investments into eligible projects that improve the surrounding community (the “Project”); and, WHEREAS, as a supporting organization of the City of Troy, the Corporation has entered into an agreement with the City to provide those services that are essential for the furtherance of the Project; and WHEREAS, the Project Selection Committee, having reviewed and scored all completed applications as required per the agreement between the City and Corporation, has provided a recommendation for funding specific applicants as identified in the included Award Recommendation Letter, each of whom the Corporation desires approve for the scope of work and funding amounts specified in their applications and not to exceed the lesser of fifty percent (50%) the total project cost or a total reimbursement of $50,000 in furtherance of the goals of the Program as described in the Agreement and is aligned with the stated mission of the Corporation; and WHEREAS, it is contemplated that the Corporation will authorize the Executive Director and Corporation Counsel to issue funding contracts by and between the two (2) recommended applicants and the Corporation for a total disbursement not to exceed one hundred thousand dollars ($100,000) or fifty thousand dollars each award, to be dispersed as reimbursement for eligible capital costs incurred by the grant awardee per the terms and conditions included in the final award contract (“the Contract”); and NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE TROY LOCAL DEVELOPMENT CORPORATION AS FOLLOWS: Section 1. The Corporation finds and determines that: (A) The Corporation has been vested with all powers necessary and convenient to carry out and effectuate the purposes and provisions of the N-PCL and to exercise all powers granted to it under the Act; and (B) The Corporation has the authority to take the actions contemplated herein under the Act; and Section 2. The Corporation hereby authorizes the expenditure of up to $100,000 in furtherance of Project and the engagement the Awardees for the disbursement of small business grants following receipt of the same from the City and upon final completion and inspection of the scope of work defined in 4 funding Contracts between the awardees and the Corporation. The Chairman, Vice Chairman, and/or Executive Director/Chief Executive Officer of the Corporation are hereby authorized, on behalf of the Authority, to execute and deliver the Funding Agreement with the applicants specified in the attached as Exhibit A, along with other related documents. 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 certificates, instruments and documents, to request, receive, and pay all such awards, 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 Authority. 2  Section 4. These Resolutions shall take effect immediately. Yea Nay Absent Abstain Jeff Betts [ ] [ ] [ ] [ ] Hon. Christopher Nolin [ ] [ ] [ ] [ ] Hon. Kiani Conley-Wilson [ ] [ ] [ ] [ ] Andrew Ross [ ] [ ] [ ] [ ] Dylan Turek [ ] [ ] [ ] [ ] The Resolution was thereupon duly adopted. 3 EXHIBIT A 4 5 EXHIBIT B 6 STATE OF NEW YORK ) COUNTY OF RENSSELAER ) ss.: I, the undersigned Secretary of the Troy Local Development Corporation, DO HEREBY CERTIFY: That I have compared the annexed extract of minutes of the meeting of the Troy Local Development Corporation (the " Corporation "), including the resolution contained therein, held on August 18, 2023 with the original thereof on file in my office, and that the same is a true and correct copy of the proceedings of the Corporation and of such resolution set forth therein and of the whole of said original insofar as the same related to the subject matters therein referred to. I FURTHER CERTIFY, that all members of said Corporation had due notice of said meeting, that the meeting was in all respects duly held and that, pursuant to Article 7 of the Public Officers Law (Open Meetings Law), said meeting was open to the general public, and that public notice of the time and place of said meeting was duly given in accordance with such Article 7. I FURTHER CERTIFY, that there was a quorum of the members of the Corporation present throughout said meeting. I FURTHER CERTIFY, that as of the date hereof, the attached resolution is in full force and effect and has not been amended, repealed or modified. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Corporation this 18th day of August, 2023. Secretary [SEAL] 7