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 DECEMBER 20, 2024 9:00 a.m. AGENDA I. Approval of Minutes September 20, 2024 and November 15, 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 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  Regular Board Meeting Minutes November 15, 2024 9:00 a.m. BOARD MEMBERS PRESENT: Randy Coburn, Seamus Donnelly and Jeff Betts ABSENT: Andy Ross and Hon. Tom Casey ALSO IN ATTENDANCE: Justin Miller, Esq., Matt Jones, Deanna Dal Pos and Denee Zeigler D The regular board meeting was called to order at 9:13 a.m. I. Minutes R The board did not have a quorum of board members present and will review the September 20, 2024 minutes at the next meeting. II. T Executive Director’s Report AF Geothermal – There was a question that had come up regarding the use of the space under the staircase at 274 River Street and previous DOS funding. Mr. Coburn advised that the issue will be resolved once we have the lease language. Mr. Miller added that with the shift of location to monument square, we are pushing back the due date. He advised we are also waiting on some of the final designs from CHA. There will be no need to resend all the SEQRA documents to interested parties. The change is not considered material. Mr. Miller outlined the leases that will be needed with the city. The change of location from the Atrium to Monument Square will end up being a better fit in the end. King Fuels Site – The clean up is going well and it is good to be able to have city crews assist with debris clean up. Mr. Kreshik talked about the next steps of the remediation at the site. He explained this is where they will be removing the contamination and replacing those areas with a mixed material. Mr. Betts asked if there was anything of note that occurred during phase I. Mr. Kreshik advised that there were a lot of footings and concrete that they removed from the site. The site will be in good shape for new development once remediated. Mr. Betts added that this is the largest cleanup of this kind in Troy. III. New Business No new business to discuss. IV. Old Business 1  Geothermal – already discussed as part of the executive directors’ report King Fuels Site – Mr. Kreshik explained there is an invoice from the city related to cleanup of debris which was dumped on the site. Mr. Donnelly explained that the invoice is for $4,450.07 labor/cost of disposal for tires. Motion to approve the expenditure of $4,450.07 to the City of Troy DPW for debris removal – Seamus Donnelly Second – Jeff Betts Approved Community Business Improvement Grants – Mrs. Zeigler gave an update to the board on current and completed projects. There is approximately $190,000 available that can be used towards applicants that missed the final round of application reviews. Mr. Coburn asked if there is a timeframe for the uncommitted funds to be spent. Mr. Donnelly advised yes; they must be spent by the end of 2026. Mr. Donnelly noted the success of this grant program. Ms. Dal Pos asked if it was possible to use this program to target properties that need repairs. Mr. Betts advised he spread the word on this program, and it really comes down to the property owner to apply. V. Financials D Mr. Jones went over the statement of financial position noting that as of October 31, 2024 our total assets stand at $3,960,496. He advised $474,503 in cash with $1,419,791 in liabilities, leaving a fund balance of $2,540,405. No significant R changes to the statement of financial position. Mr. Jones went over the statement of activity for the month of October, noting a surplus of $38,788. The most significant source of revenue was from admin fees and T the largest expense comes from professional services. AF Mr. Jones went over the budget for 2025. Updates were made to reflect the National Grid income, rental income and the one outstanding loan. Mr. Jones noted upcoming changes with the HUD Loan ending in 2026. He also noted that the loan from the CRC is still open. The board noted they will discuss repayment in future meetings. The board was not ready to adopt the budget without the full board being able to review it. Motion to approve the financials and table the budget until next meeting – Seamus Donnelly Seconded – Jeff Betts Approved VI. Adjournment With no other items to discuss, the regular board meeting was adjourned at 9:53 a.m. Motion to adjourn the regular board meeting at 9:53 a.m. – Randy Coburn Seconded – Jeff Betts Approved 2  Troy Local Development Corporation 2025 Budget Draft 2023 2024 2025 2026 Presented 11/1/2024 Actuals Budget Budget Budget EOY Estimate DRAFT DRAFT REVENUE & FINANCIAL SOURCES Operating Revenues 1 Charges for Services $ - $ 177,362 $ 50,000 $ - 2 Rental & Financing Income $ 290,558 $ 256,375 $ 231,828 $ 207,492 Other Operating Revenues - - - - Nonoperating Revenues Investment Earnings 265 3,702 3,600 3,600 3 State Grants/Subsidies - 480,000 500,000 3,020,000 4 Federal Grants/Subsidies 135,830 376,870 437,300 - Public Authority Subsidies - - - - 5 Other Nonoperating Revenues 35,402 75,664 61,763 59,000 Proceeds from Issuance of Debt - - - - Total Revenues $ 462,055 $ 1,369,973 $ 1,284,491 $ 3,290,092 EXPENDITURES Operating Expenditures Salaries and Wages Other Employee Benefits 6 Professional Services Contracts $ 110,254 $ 100,022 $ 97,040 $ 97,040 Materials & Supplies - - - - 7 Other Operating Expenditures $ 97,480 $ 93,241 $ 100,458 $ 100,458 Nonoperating Expenditures 8 Payment on Principal of Bonds and Financing Arrangements $ 167,000 $ 167,000 $ 167,000 $ 161,000 9 Interest and Other Financing Charges $ 31,272 $ 26,000 $ 18,000 $ 8,600 Subsidies to Other Public Authorities - - - - Capital Asset Overlay - - - - 10 Grants and Donations 129,362 856,870 937,300 3,020,000 11 Other Non-operating Expenditures 9,389 - 215,000 - Issuance of Debt - - - - Total Expenditures $ 544,756 $ 1,243,132 $ 1,534,798 $ 3,387,098 CONTRIBUTIONS OVER EXPENDITURES $ (82,702) $ 126,841 $ (250,307) $ (97,006) 1 Admin Fee from ARPA 2 Grid = $9,921 x 11 months = 118413 + BSM $1k/month County Waste Rent $70K 3 Geothermal 4 ARPA 5 PILOT reimbursement from County Waste 6 bookkeeping, legal, audit, management 7 Depreciation, PILOT payments, insurance 8 HUD Loan Principal 9 HUD Loan Interest 10 ARPA and Geothermal 11 Repayment of CRC Loan