Troy Local Development Corporation
Regular MeetingTroy, NY · August 16, 2024
Minutes
Regular Board Meeting
Minutes
August 16, 2024
9:00 a.m.
BOARD MEMBERS PRESENT: Jeff Betts, Randy Coburn, Seamus Donnelly
ABSENT: Hon. Tom Casey and Andy Ross
ALSO IN ATTENDANCE: Justin Miller, Esq., Matt Jones, Max Freed, Deanna Dal Pos and
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Denee Zeigler
The regular board meeting was called to order at 9:14 a.m.
I. Minutes
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The board reviewed the minutes from the March 27, 2024 regular board meeting.
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Motion to approve the March 27, 2024 regular board meetings minutes –
Seamus Donnelly
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Seconded – Jeff Betts
Approved
II. Executive Director’s Report
Staffing –Previously, the Planning Commissioner was the Executive Director. We are
proposing some changes moving forward and creating some new staff positions.
Seamus Donnelly will become the executive director, Randy Coburn will be deputy
director, Denee Zeigler as acting secretary/economic development specialist and
Andrew Kreshik will be project manager. We will work on fine tuning job descriptions
and responsibilities. Mr. Miller advised we are not ready to talk about stipends, we
can set the appointments with today’s board members. We can talk a look at the
budgets to see what would work best. We would need the full board for a vote such
as this. We can establish all the roles today.
Motion to approve new roles:
• Seamus Donnelly – Executive Director
• Randy Coburn – Deputy Executive Director
• Denee Zeigler – Acting Secretary
• Andrew Kreshik – Project Manager
Made by Randy Coburn.
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Seconded – Jeff Bets
Approved
III. New Business
No new business to discuss.
IV. Old Business
Geothermal Update – Mr. Coburn spoke about the project to date. There are many
steps in process for this project. As an overview it consists of undertaking a feasibility
analysis of setting up a bore field in Riverfront Park, working to creating leases with
the city for establishing a pump station operated by National Grid, creating of an
education center, both located within two city owned parcels, create a thermal loop
which National Grid will use to distribute to off takers. The project area is a defined
part of the downtown area undertaken as a pilot program under directive from the
public service commission to National Grid. It will be the first of its kind in NYS
because it is shared ownership with the city and LDC. The LDC would be the owner
and operator of the bore field. Currently, we are working to get it through the SEQRA
process and determine lead agency. We are proposing city council as lead agency
and will present preliminary action on this during the August 22nd finance council
meeting. Once lead agency is determined, the SEQRA process will be initiated.
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Mr. Miller spoke additionally about the process moving forward and noted once intent
for lead agency is declared, we will notify all interested parties. After 30 days the city
can consider adopting neg declaration for the project. We will also be working to
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create leases with the city for use of their properties. Mr. Miller noted that National
Grid will be working to get approval from the Public Service Commission in January.
If things go perfectly, construction could ideally begin in Spring. Mr. Donnelly asked
about the $4 Million in funding from NYSERDA. Mr. Miller advised it is handled on a
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reimbursement basis each time we reach a milestone. Mr. Betts asked about the
reimbursement process. Mr. Miller advised a 30-day turnaround. Mrs. Zeigler noted it
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is submitted and reimbursed electronically. Mr. Donnelly noted that it has been a
project happening for many years but is glad to see how far it has progressed since
January.
King Fuels Site – Mr. Miller noted that National Grid is making a lot of progress on
the site, getting ready to move from phase one to phase two. He advised to move the
cleanup to phase two; we will need to do some small cleanup of non-contaminated
materials left on the site. Mr. Miller noted that some alternative plans were looked at
to undertake the cleanup and it was determined the best route would be to get a
sense of the labor needed to do the work and have the LDC pay directly. Mr.
Donnelly asked about a timeframe for this. Mr. Miller advised it would be good to
take care of by October 1st for them to move forward with the remediation. Mr.
Donnelly asked about the timeframe for this. Mr. Miller advised phase one has been
going on about a year and phase two should be similar. Phase three will be more
intensive, but overall, it should only be another 24 months.
Community Business Improvement Grants – Mrs. Zeiger provided a spreadsheet
on the status of approved projects. A handful of projects wanted to come back for
different reasons; one to access the remaining $3500 in matching funds, another one
wanted to come back to increase their grant amount due to unforeseen issues and
one with a tax related question. Mr. Donnelly advised that there may be an
opportunity to add additional funds to this programming, which has been successful.
Mrs. Zeigler noted that there were a handful of projects that came in at the very end
of the year that were not reviewed. Mr. Coburn asked about the approval process.
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Mrs. Zeigler noted that there was a committee who reviewed applications and then
presented them to the full board for approvals. Mrs. Zeigler noted applicants will be
contacted for a status update. Next month we can vote on the two projects that are
asking for increases and possibly invite the applicants.
V. Financials
Mr. Jones went over the statement of financial position noting that as of July 31,
2024 our total assets stand at $3,773,021. He advised $310,568 in cash with
$1,354,931 in liabilities, leaving a fund balance of $2,418,090. No significant
changes to the statement of financial position.
Mr. Jones went over the statement of activity for the month of July, noting a surplus
of $75,139. The most significant source of revenue was from the Kings Common
administrative fee and largest expense comes from accounting fees.
Mr. Donnelly asked about the administrative fee section of the financials earlier in the
meeting and it is noted here. Mr. Miller spoke about the line items where the split
administrative fee is located and provided some additional background on the
process of fee sharing with the IDA.
Motion to approve the financials as presented – Seamus Donnelly
VI.
DSeconded – Jeff Betts
Approved
Adjournment
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With no other items to discuss, the regular board meeting was adjourned at 9:56
a.m.
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Motion to adjourn the regular board meeting at 9:56 a.m. – Randy Coburn
Seconded – Jeff Betts
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Approved
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Agenda
Chair Board Members
Jeff Betts Seamus Donnelly
Hon. Tom Casey
Randy Coburn
Vice-Chair
Andy Ross Executive Director
Board of Directors Meeting
City Hall
Planning Dept. Conference Room
433 River Street, Suite 5001
Troy, NY 12180
AUGUST 16, 2024
9:00 a.m.
AGENDA
I. Approval of Minutes from the March 27, 2024 Board Meeting.
II. Executive Director & Staffing
III. New Business
IV. Old Business
1. Geothermal Project Update
2. King Fuels site
3. Community Business Improvement Grant
V. Financials
VI. Adjournment
Regular Board Meeting
Minutes
March 27, 2024
9:00 a.m.
BOARD MEMBERS PRESENT: Dylan Turek, Jeff Betts, Randy Coburn, Seamus Donnelly and
Andy Ross
ABSENT: Hon. Tom Casey
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ALSO IN ATTENDANCE: Justin Miller, Esq., Matt Jones, Chris Stephens, Frank Ferrucci, John
Boyd Justin Domago, Max Freed and Denee Zeigler
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The regular board meeting was called to order at 9:34 a.m.
I. Minutes
The board reviewed was not able to vote on the minutes due to not having enough
board members present from the December 15, 2023 regular board meeting.
II.
III.
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Executive Director’s Report
No items for executive director report.
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New Business
Annual Meeting Resolutions- The board discussed roles that need to be filled for
the annual meeting resolution. Mr. Donnelly asked if we table the decision for
executive director for the next meeting. Mr. Miller advised section 4 and 7 can be
tabled by the next meeting. Yes, we will carry over the appointments that are
currently in place until next month. (See Resolution 03/24 #1)
Motion to approve the annual resolution minus sections 4 and 7. – Seamus
Donnelly
Seconded – Andy Ross
Approved
IV. Old Business
Flextech – Mr. Turek advised this agreement was signed by us as part of the District
Geothermal project. He advised the $1000,000 of funding from National Grid’s
Flextech program was paid directly to CHA to conduct a feasibility study. The report
should be ready in about 4-5 months.
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Geothermal Update – The implementation grant has come through from NYSERDA
and they will be ready to announce soon. A kickoff meeting will happen in April, our
legal counsel will be working on the MOU and then SEQRA approval will be sent out.
here is an EPA grant that is due in a few days related to the governments IRA
program. It focuses on green energy.
One Monument Sq – The administration is currently working on a plan for what they
would like to see there. The LDC is here as a willing partner.
South Troy – The cleanup at the King Fuel site continues. We have been in
discussion about relocating the salt pile. Discussions about future developments
continue as we wrap up the BOA. They were waiting for the economic report which
will be done soon and then the BOA can be submitted by the end of the summer.
County Waste lease negotiations will need to resume. Mr. Miller noted that they are
in their first option period of 5yrs. Mr. Turek advised that we are doing a phase I and
II of the portions of the County Waste site that are not currently being used. This is
being covered with the EPA grant.
Lansingburgh – There is a lot planned for this section of the city in the upcoming
year. We have an opportunity to work with the revitalization block by block.
V. Financials
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Mr. Jones went over the statement of financial position noting that as of February 29,
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2024 our total assets stand at $3,208,994. He advised $317,541 in cash with
$1,472,228 in liabilities, leaving a fund balance of $2,236,766. No significant
changes to the statement of financial position.
Mr. Jones went over the statement of activity for the month of February, noting a
surplus of $20,916. The most significant source of revenue was from the monthly
national grid fee and the largest expense comes from accounting fees.
VI.
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Motion to approve the financials as presented – Andy Ross
Seconded – Seamus Donnelly
Approved
Adjournment
With no other items to discuss, the regular board meeting was adjourned at 9:58
a.m.
Motion to adjourn the regular board meeting at 9:58 a.m. – Seamus
Donnelly
Seconded – Andy Ross
Approved
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ANNUAL MEETING RESOLUTIONS
A regular meeting of the Troy Local Development Corporation was convened on March
27, 2024 at 9:00 a.m.
The following resolution was duly offered and seconded, to wit:
Resolution No. 03/24 #1
ANNUAL MEETING RESOLUTIONS OF THE TROY LOCAL
DEVELOPMENT CORPORATION (i) ACCEPTING THE CORPORATION
AUDIT FOR FISCAL YEAR 2023, (ii) ADOPTING AND RE-ADOPTING
CERTAIN REPORTS, POLICIES, STANDARDS AND PROCEDURES
RELATING TO THE PUBLIC AUTHORITIES ACCOUNTABILITY ACT OF
2005, AS AMENDED BY CHAPTER 506 OF THE LAWS OF 2009 OF THE
STATE OF NEW YORK, (iii) ELECTING BOARD OFFICERS; (iv)
APPOINTING BOARD COMMITTEE POSITIONS; (iv) RE-APPOINTING
CORPORATION STAFF, AND (v) RELATED MATTERS
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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
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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
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WHEREAS, pursuant to the Certificate and Section 2 of the Public Authorities Law
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(“PAL”) of the State, the provisions of the Public Authorities Accountability Act of 2005, as
amended by Chapter 506 of the Laws of 2009 of the State of New York (“PAAA”) the
Corporation constitutes a “local authority”; and
WHEREAS, pursuant to and in accordance with PAAA and the By-laws of the
Corporation, the Board desires to conduct its annual meeting, whereat the Corporation shall (i)
review and approve the Annual Audit for Fiscal Year 2023; and (ii) adopt and readopt certain
policies, standards and procedures pursuant to and in accordance with PAAA; and
WHEREAS, pursuant to and in accordance with the By-laws of the Corporation, the
Board further desires to (i) elect Board Officers; (ii) establish committee memberships; (iii) re-
appoint Corporation staff; and (iv) authorize related matters.
NOW, THEREFORE, BE IT RESOLVED BY THE DIRECTORS OF THE TROY
LOCAL DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. Pursuant to PAAA and PARA, the Corporation has reviewed the Mission
Statement and Performance Measures and the Corporation hereby determines that no changes are
required to the Mission Statement and Performance Measures and that the same is hereby
approved.
Section 2. Pursuant to PAAA and PARA, the Corporation has reviewed the
Investment Policy and Disposition of Property Policy and the Corporation hereby determines that
no changes are required and that both policies are hereby re-adopted and approved.
Section 3. The Corporation has reviewed, and upon recommendation by the Audit
and Finance Committee, does hereby approve and accept the Annual Audit of the Corporation
for Fiscal Year 2023 as prepared and presented by Wojeski & Co. CPAS, P.C.
Section 4. Annual Officer Election. Upon motion, second and board roll call vote,
the following individuals are duly appointed to serve in the respective Officer Positions in
accordance with the By-laws of the Corporation for the period January 1, 2024 through
December 31, 2024:
TBD, Chair
TBD, Vice Chair
TBD, Treasurer
TBD, Secretary
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All Directors of the Corporation shall participate in such required annual and continuing
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training as may be required to remain informed of best practices, regulatory and statutory
changes relating to the effective oversight of the management and financial activities of public
authorities and to adhere to the highest standards of responsible governance. Further, each
Director shall execute (i) a Certification of No Conflict of Interest (ii) an Acknowledgement of
Fiduciary Duties and Responsibilities.
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Section 5. Audit and Finance Committee. Pursuant to subdivision 4 of Section
2824 of the PAL, and in accordance with the By-laws of the Corporation, the following Directors
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are nominated and confirmed to serve on the Audit and Finance Committee of the Corporation
for the period January 1, 2024 through December 31, 2024:
Committee of the whole.
The Audit and Finance Committee shall perform the functions as described in the By-
Laws.
Section 6. Governance Committee. Pursuant to subdivision 7 of Section 2824 of
the PAL, and in accordance with the By-laws of the Corporation, the following Directors are
nominated and confirmed to serve on the Governance Committee of the Corporation for the
period January 1, 2024 through December 31, 2024:
Committee of the whole.
The Governance Committee shall perform the functions as described in the By-Laws.
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Section 7. Appointment of Staff. Pursuant to and in accordance with the By-laws of
the Corporation, the Directors of the Corporation hereby ratify the appointment of the following
individuals to serve as at will employees in the following appointed positions:
TBD, Executive Director and Chief Executive Officer
TBD, Acting Secretary
TBD, Project Manager
TBD, Economic Development Director
The foregoing officers shall enter upon the discharge of their duties as provided in the
By-Laws of the Corporation. The Corporation further authorizes the extension of the Consulting
Services Agreement with the Corporation’s Executive Director. The Board hereby designates
the Executive Director as the Corporation’s FOIL Officer and Contracting Officer. The
Chairman shall serve as the FOIL Appeals Officer of the Corporation.
[Note: RC Abstain]
Section 8. The Corporation hereby authorizes and approves the 2023 Annual Report
to be filed with (i) the New York State Authority Budget Office via the Public Authorities
Reporting Information System, and (ii) the appropriate local officials.
Section 9.
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That the budget for fiscal year ending December 31, 2024 and the
proposed budgets for fiscal years ending December 31, 2025 through December 31, 2027,
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attached hereto, are hereby approved and the Corporation ratifies the actions of the officers and
directors consistent with each such budget and any payments made thereunder prior to the date
of this meeting.
Section 10. 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
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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
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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 11. 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
Jeff Betts [ X ] [ ] [ ] [ ]
Andrew Ross [ X ] [ ] [ ] [ ]
Seamus Donnelly [ X ] [ ] [ ] [ ]
Randy Coburn [ X ] [ ] [ ] [ ]
Tom Casey [ ] [ ] [ X ] [ ]
The Resolution was thereupon duly adopted.
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