Meeting Minutes

February 10, 2010

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

Absent: Brad Lewis

Others: Neil Levine (Counsel), Jayme Lahut, Jim Callander and audience of 4

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

1. Approval of Minutes: Mr. Wall moved adoption of the December 9, 2009 meeting minutes; seconded by Mr. Saccocio. The minutes were unanimously approved.

2. Treasurer’s Report: Ms. Jordan reviewed the Income and Operating Expense Report for the period ending December 31, 2009 noting that the sales tax revenues were down about five percent. Cash on hand totaled $4,246,805. Following the review of the Predevelopment Budget and Capital Projects report, and brief discussion about sales tax forecasts for 2010, Ms. Jordan moved acceptance of the Treasurer’s Report, seconded by Mr. Capovani and approved.

3. Alco Redevelopment Project: Resolution 623-10 — Hold Public Hearing for Alco DGEIS

In advance of the meeting, Clough Harbour & Associates distributed the Draft Generic Environmental Impact Statement regarding the redevelopment of the Alco site. The document establishes certain development thresholds which are then analyzed for cumulative impacts relating to traffic; construction noise, air emissions and waste removal; visual impacts; infrastructure requirements; and economic impacts in terms of job creation and expanding tax base. The DGEIS confers prospective development partners with a workable revitalization plan for the site, expedites the City and State permitting processes, and accessing the $4 million Restore NY grant already awarded for site preparation. Terresa Bakner, the Authority’s environmental attorney, added that the DGEIS is consistent with the City’s Comprehensive Plan adopted in 2008. She reviewed the schedule for reviewing the DGEIS, accepting comments through March 11; holding a public hearing on March 1; and reviewing the final document by April 28. Mr. Golub moved Resolution 623-10; seconded by Mrs. Hutchison. Following discussion about site conditions and remediating soil contamination, Resolution 623-10 was unanimously approved.

4. Downtown Schenectady Improvement Corporation (Environmental Enhancement Grant): Resolution 625-10 — Adopt the General Project Plan

Metroplex participation involves a $230,000 grant for on-going staff, operational support and other beautification activities for keeping the downtown clean, neat and safe 7-days a week. DSIC has made real progress in its cleaning program with improved responsiveness. DSIC cleans up weekends and following special events as well as on-going activities, such as, hanging flower baskets, maintaining tree beds and caring for landscaped areas downtown. Ms. Jordan moved Resolution 625-10; seconded by Mr. McCarthy. Discussion followed in support of DSIC’s clean up program. Resolution 625-10 was approved with 9 ayes and Mrs. Hutchison abstained.

5. Upper Union Streetscape II Project: Resolution 626-10 — Accept Assignment of NYS Grant Award

The resolution authorizes an advance of up to $40,000 on behalf of the Upper Union Street BID to pay the City for street work completed last year from Dean Street to the City/Niskayuna line. In turn, the BID will reimburse Metroplex with proceeds of a grant award secured by Senator Farley. The work included construction of an ornamental column and brass plaque and installing about 10 trash receptacles. The grant provides that the work must be completed and contractors paid in order to obtain reimbursement and the BID does not have sufficient cash flow to advance the funds to the City. Ms. Jordan moved Resolution 626-10; seconded by Mr. Mantello. Discussion followed regarding federal TIP funding, and Resolution 626-10 was approved.

6. Accounting Services Contract: Resolution 627-10 — Robert L. Kristel, CPA P.C.

The Fiscal Audit Committee recommended retaining Bob Kristel’s firm for $42,000 for 2010. Mr. Golub moved Resolution 627-10; seconded by Mr. McCarthy. Resolution 627-10 was unanimously approved.

7. 2010 Tax-Exempt and Taxable Bonds: Resolution 628-10 — Retain Bond Underwriter

Metroplex solicited qualifications and fee quotes for assisting the Authority with taking bonds to market by May. RFQ respondents included RBC Capital Markets; Roosevelt & Cross; Jefferies & Company; and Stifel Nicholaus. Based on the lowest price for services, the Fiscal Audit Committee recommended retaining RBC Capital Markets. Stifel Nicholaus was unresponsive to the RFP and was eliminated. Ms. Jordan moved Resolution 628-10; seconded by Mr. Saccocio. Resolution 628-10 was unanimously approved.

8. Project Reconciliation and Accounting: Resolution 630-10 — Release Unexpended Project Obligations

The resolution listed six projects where all work has been completed but Metroplex funds remain unspent. The total amount recaptured is $22,139 which may be dedicated to new projects. Ms. Jordan moved Resolution 630-10; seconded by Mr. Golub, and unanimously approved.

9. Project Reconciliation and Accounting: Resolution 631-10 — Allocate Additional Funds for Unbudgeted Project Expenditures and Take Related Actions

The resolution identified 4 closed, Metroplex-sponsored projects that incurred change orders or increased professional services billings thereby requiring Board ratification of the budget variances. Mr. Mantello moved Resolution 631-10; seconded by Mr. Wall and approved.

Public Comment: Jim Salengo, Executive Director of the Downtown Schenectady Improvement Corporation (DSIC), expressed his thanks for the Board’s support and provided a brief update on the success of the program. Peter Guidarelli, city resident and downtown property owner, also expressed
support for the DSIC clean up program.

Adjournment: Mr. McCarthy moved to adjourn; seconded by Mr. Mantello and approved.

Respectfully submitted,

Jayme B. Lahut
Executive Director