Meeting Minutes

April 15, 2015

Present:        Ray Gillen, Bob Wall, Sharon Jordan, Bill Chapman, Karen Zalewski-Wildzunas, and Bob Mantello

Absent:          Brad Lewis, Neil Golub and John Mallozzi

Others:        Jayme Lahut, Jim Callander, David Hogenkamp, Connie Cahill (Bond Counsel) and an audience of 3

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

1.     Approval of Minutes: Ms. Jordan moved adoption of the March 11, 2015 meeting minutes; seconded by Mr. Mantello and approved.

2.     Treasurer’s Report: Mr. Wall reviewed the Treasurer’s Report for the period ending March 31, 2015, which was distributed prior to the meeting. He noted that revenues showed a projection since the quarterly sales tax revenue had not yet been received. Operating and Predevelopment expenses were below budget. Cash on hand totaled $7.55 million. Following brief discussion, Ms. Jordan moved to accept the Treasurer’s Report; seconded by Mrs. Zalewski-Wildzunas and approved.

3.      2014 Audit: Resolution 958-15 — Adopt FY-2014 Audit

The Fiscal Audit Committee met with the auditors on April 2, reviewed the FY-2014 audit and various supplemental schedules and recommended Board adoption. The Authority’s auditors, SaxBST, characterized the audit as unqualified and clean. Mrs. Zalewski-Wildzunas moved Resolution 955-15; seconded by Mr. Chapman. After brief discussion, Resolution 958-15 was approved.

4.     2015 Bond Refunding: Resolution 959-15 — Twelfth Supplemental Bond Resolution

Resolution 959-15 authorized the refunding of the Series 2005A Bonds, Series 2005B Bonds and the Series 2006A Bonds prior to maturity of the outstanding principal amount totaling approximately $22,000,000.  Due to historically low interest rates the refunding is expected to bolster the Authority’s cash position and reduce debt service payments by about $155,000 per year. The refinancing will also include transaction costs, such as, legal fees, debt service reserves, and related financing fees. The statutorily-mandated public hearing was held on April 1 and no written or oral comments were received. Resolution 959-15 was moved by Mrs. Zalewski-Wildzunas and seconded by Mr. Wall and approved.

5.     2015 Bond Refunding: Resolution 960-15 — Authorization for Sale of Bonds

Resolution 960-15 authorized the sale of the Series 2015 Bonds in a public negotiated sale through Metroplex’s underwriter, RBC Capital Markets, LLC. This is consistent with past practice and provisions contained in the Authority’s Guidelines for the Sale and Reporting of Bonds and Notes. The resolution also appoints Fiscal Advisors as financial advisor and Hiscock & Barclay as bond counsel, respectively.  Ms. Jordan moved Resolution 960-15; seconded by Mrs. Zalewski-Wildzunas and approved following discussion.

6.     242 Broadway Mixed-use Project: Resolution 961-15 —SEQRA Negative Declaration

The project involved construction of a 4-story 70,300 square foot mixed-use building with the ground floor dedicated for offices and three floors containing 39 apartments with adjoining parking on a now vacant lot adjacent to Villa Italia.  Resolution 961-15 designated the project as an Unlisted Action pursuant to SEQRA with no significant effect on the environment. Mrs. Zalewski-Wildzunas moved Resolution 961-15; seconded by Ms. Jordan and approved.

7.     242 Broadway Mixed-use Project: Resolution 962-15 — Adopt the General Project Plan

City Edge, LLC, an affiliate of Hodorowski Homes, acquired the vacant .6-acre lot, known locally as the Gordon lot, at 242 Broadway. The $8.1 million mixed-use project also included Metroplex financial assistance — a $225,000 grant for eligible construction expenses and partial exemption from taxes — as well as selling a 2,448 square foot parcel formerly known as Lands of Campbell for $4,008.  Mrs. Zalewski-Wildzunas moved Resolution 962-15; seconded by Ms. Jordan. Mr. Gillen noted that a bio-technology firm would lease first-floor commercial space and accepted an ownership position in the project.  Resolution 962-15 was approved unanimously.

8.     Robinson Block Redevelopment: Resolution 963-15 — SEQRA Negative Declaration

The Board previously authorized having Metroplex undertake a coordinated environmental review pursuant to SEQRA by seeking consent of other involved agencies to act as lead agency. The project would contain 104-units of market-rate housing with ground floor retail. Resolution 963-15 characterized the project as a Type I action, addressed parking, historic and visual impacts, and confirmed that the project will not have any significant impacts on the environment.  Mr. Chapman moved Resolution 963-15; seconded by Mrs. Zalewski-Wildzunas and approved.

9.     Robinson Block Redevelopment Project: Resolution 964-15 — Accept Grant Funding

Resolution 964-15 authorized submission of an application and acceptance of an award for a $1,200,000 Empire State Development grant to Metroplex in support of the project. The project aligned with the Region’s strategy for revitalizing urban centers and will help address the cost of substandard soil conditions on the site. Ms. Jordan moved Resolution 964-15; seconded by Mrs. Zalewski-Wildzunas. After discussion, Resolution 964-15 was approved.

10.   Franklin Liberty Lot Repairs: Resolution 965-15 — Amend FY-2015 Parking Budget

Resolution 965-15 added $50,000 to the parking budget to make repairs to Franklin-Liberty lot after it was used as a staging area following the recent Jay Street fire. There was damage to granite curbing, light pole bases, fencing and asphalt. The lot has reopened. Ms. Jordan moved Resolution 965-15; seconded by Mr. Wall. Discussion followed about community support of affected businesses from the DSIC, Chamber and Neil and Jane Golub. Resolution 965-15 was approved.

Public Comment — None

Board Comment: Mr. Gillen updated the Board on the recent opening of Puzzles Café, Mohawk Harbor, and Land Bank activities.

Adjournment: Mrs. Zalewski-Wildzunas moved to adjourn, seconded by Ms. Jordan. The meeting was adjourned at 6:30 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director