Meeting Minutes

April 14, 2010

Present:    Ray Gillen, Brad Lewis, Sharon Jordan, Neil Golub, Gary McCarthy, Bob Mantello, Patrick Saccocio, Bill Chapman, Janet Hutchison and Ed Capovani

Absent:    Bob Wall

Others:     Neil Levine (Counsel), Jayme Lahut, Jim Callander and audience of 2

Call to Order:  
Mr. Gillen called the meeting to order at 6:00 p.m.

1.      Approval of Minutes:  Mr. McCarthy moved adoption of the March 10, 2010 meeting minutes; seconded by Mr. Lewis and approved. (Mr. Golub was absent) 

2.      Treasurer’s Report:  Ms. Jordan reviewed the Income and Operating Expense Report for the period ending March 31, 2010 which was distributed prior to the meeting. Cash on hand totaled $4,388,650. Following review of the Capital Projects and Pre-development Expense reports, Mrs. Hutchison moved acceptance of the Treasurer’s Report; seconded by Mr. McCarthy and approved. (Mr. Golub was absent)

3.      2009 Audit:  Resolution 635-10 — Adopt Audit for the Fiscal Year Ending December 31, 2009

On March 30, the Fiscal Audit Committee met with the Authority’s auditors, Bollam, Sheedy, Torani. The auditors called the audit clean with no findings. They characterized the Authority’s financial position as strong and stable with no changes to the financials as presented previously by Robert Kristel. The audit was completed on time. Upon acceptance of the audit, the document will be posted on the Authority’s website and submitted to the County Legislature, the State Comptroller’s Office, and Authority Budget Office. Ms. Jordan moved Resolution 634-10; seconded by Mr. McCarthy. Discussion followed about the Authority’s loan portfolio and its Loan Administration Policy. Resolution 635-10 was unanimously approved.  

4.      Downtown YMCA Project: Resolution 636-10 — Make Application to DASNY

The resolution authorized Metroplex to prepare and submit an application to the Dormitory Authority in support of the YMCA’s $7 million project at Center City. The $1,000,000 state grant derives from a budget appropriation from former Assemblyman Tonko.  Ms. Jordan moved Resolution 636-10; seconded by Mr. Lewis.  Following brief discussion, Resolution 636-10 was unanimously approved.

5.   Union Graduate College Project:  Resolution 637-10 — Make Application to DASNY

The resolution authorizes Metroplex to submit an application to the Dormitory Authority in support of Union Graduate College’s new facility at the corner of Nott Terrace and Liberty Street which was opened in September 2009.  The $350,000 grant derives from a budget appropriation from former Assemblyman Tonko.  Mr. Lewis moved Resolution 637-10; seconded by Mr. Mantello and unanimously approved.

6.  Downtown Parking Project:  Resolution 638-10 — Extend Parking Management Contract

In June 2005, the Board approved a five-year contract with Laz Parking to manage and operate the downtown parking system, which expires May 30, 2010. The agreement includes a provision allowing for a one-year extension if both parties agree in writing at least 30 days prior to the expiration. Laz has requested that the contract be extended until May 30, 2011. Ms. Jordan moved Resolution 638-10; seconded by Ms. Hutchison. Discussion followed about Laz’s remuneration under the contract with Mr. McCarthy suggesting that future resolutions include Laz’s remuneration. Resolution 638-10 was unanimously approved.

7.  GEMx Battery Plant Update — Mr. Gillen made a brief presentation on the GEMx project bringing 350 new manufacturing jobs to Schenectady.

8.  Public Comment:  None

9.  Board Comment:  Mr. Gillen summarized SEFCU’s relocation of its insurance and commercial banking departments to Clinton Square. The project yields 60 new jobs to downtown.

Adjournment:   Mr. McCarthy moved to adjourn; seconded by Mr. Golub.  The meeting was adjourned at 6:30 p.m.

Respectfully submitted,
Jayme B. Lahut