Troy Local Development Corporation

Chair Board Members Jeff Betts Randy Coburn Hon. Tom Casey Vice-Chair Andy Ross Executive Director Seamus Donnelly Board of Directors Meeting City Hall Planning Dept. Conference Room 433 River Street, Suite 5001 Troy, NY 12180 NOVEMBER 15, 2024 9:00 a.m. AGENDA I. Approval of Minutes September 20, 2024 Board Meeting. II. Executive Directors Report III. New Business IV. Old Business 1. Geothermal Project Update 2. King Fuels Remediation Update 3. Community Business Improvement Grant V. Financials and 2025 Draft Budget Presentation VI. Adjournment  Regular Board Meeting Minutes September 20, 2024 9:00 a.m. BOARD MEMBERS PRESENT: Andy Ross, Seamus Donnelly and Hon. Tom Casey ABSENT: Jeff Betts and Randy Coburn ALSO IN ATTENDANCE: Justin Miller, Esq., Matt Jones, Max Freed, Deanna Dal Pos, Tara D Rainstrom and Denee Zeigler The regular board meeting was called to order at 9:14 a.m. I. Minutes R The board did not have a quorum of board members present and will review the minutes at the next meeting. II. T Executive Director’s Report AF Nothing at this time, but reports will resume next meeting. III. New Business No new business to discuss. IV. Old Business Geothermal Update – Mr. Miller updated the board about the geothermal project. He noted that the city council authorized serving as lead agency for SEQRA and lead agency letters have been sent out. The next steps will be to hold a public hearing related to the leases for parkland, area under staircase and a portion of the Atrium. All these items should be wrapped up in late October. Mr. Miller noted we are all working towards January approval for the PSC. King Fuels Site – Mr. Miller noted that phase I was completed and will be surrendering the south portion of the site. They will be moving into the next phase after a light cleanup is done with the help of the city. Community Business Improvement Grants – 670 Pawling Ave - Mrs. Zeiger spoke on behalf of the 670 Pawling Ave project where the applicant is looking to access $3,500 that was not used from her total 1 approval of $50,000. The addition of a grooming station was part of the original scope of work but the timing of when it was going to be completed came into question. After speaking to a business consultant, the applicant was advised to complete the grooming center as part of the project. Board approval is needed to allow a second disbursement to this applicant. Motion to approve an additional disbursement of $3,500 for the project located at 670 Pawling Ave – Seamus Donnelly Second – Hon. Tom Casey Approved 1813 Fifth Ave – Ms. Rainstrom spoke about her original project that is now considered completed. She is extremely grateful for the grant funds which have allowed her to hold new events such as micro weddings. She advised that because of it being an old building an issue came up with the roof which created an issue with the work recently completed. It’s a costly and complicated project that was going to be addressed after this work was completed, however, the weather has shown it needs to be worked on now to prevent further damage to the building. The original grant amount requested was $33,659. She is asking for an additional amount of $16,341 to bring it to the max grant amount of $50,000. Motion to approve an additional $16,341 for additional work needed for 1813 D Fifth Avenue. – Seamus Donnelly Second – Hon. Tom Casey Approved R Staffing – Mr. Miller advised there was an amount of $15,000 that was originally set aside for the executive director position. There is now more program and activity which calls for some additional staffing. He advised the amount will now be divided between four individuals: Executive Director $5,000, Deputy Executive Director T $4,000, Project Manager $3,000 and Acting Secretary $3,000. Mr. Miller noted that there is a separate agreement for each position. AF Motion to approve the staffing agreement and stipend in the amount of $4,000 for Randy Coburn as Deputy Executive Director – Seamus Donnelly Second – Hon. Tom Casey Approved Motion to approve the staffing agreement and stipend in the amount of $3,000 for Andrew Kreshik as Project Manager – Seamus Donnelly Second – Hon. Tom Casey Approved Motion to approve the staffing agreement and stipend in the amount of $3,000 for Denee Zeigler as Acting Secretary – Seamus Donnelly Second – Hon. Tom Casey Approved Motion to approve the staffing agreement and stipend in the amount of $5,000 for Seamus Donnelly as Executive Director – Hon. Tom Casey Second – Andy Ross Abstained – Seamus Donnelly Approved 2 V. Financials Mr. Jones went over the statement of financial position noting that as of August 31, 2024 our total assets stand at $3,827,620. He advised $364,508 in cash with $1,408,482 in liabilities, leaving a fund balance of $2,419,238. No significant changes to the statement of financial position. Mr. Jones went over the statement of activity for the month of August, noting a surplus of $1,148.08. The most significant source of revenue was from the National Grid license fee and the largest expense comes from accounting fees. Mr. Jones went over the budget for 2025. He noted that there will need to be some additional work on a few of the National Grid items, the loan from the CRC and the geothermal project. Mr. Miller noted we can discuss these details before the next meeting to work on getting it finalized for October. Motion to approve the financials as presented – Seamus Donnelly Seconded – Hon. Tom Casey Approved VI. Adjournment D 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. – Seamus Donnelly R Seconded – Hon. Tom Casey Approved T AF 3  Carmella R. Mantello Seamus P. Donnelly Mayor Deputy Mayor Joseph F. Mazzariello Office of General Services Phone: (518) 279-7161 City Hall Fax: (518) 270-4546 Commissioner of General Services Joe.mazzariello@troyny.gov 433 River Street Troy, New York 12180 October 24, 2024 Invoice No. 1 To: Troy Local Development Corporation From: Troy City Hall Subject: Invoice for Clean up at King Fuels Site; National Grid remediation license obligation 12 overtime labor hours 6 employees - $2,801.15 2 regular labor hours 3 employees - $131.92. Total labor rate - $2,933.07 Tire removal fee – 233 tires x $6 each $1,398.00 Tires with rims removal 17 . $7 each $119.00 Total tire removal fee- $1,517.00 Invoice Total - $4,450.07