Meeting Minutes

January 16, 2013

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

Absent:           Ed Capovani, Janet Hutchison and John Mallozzi

Others:           Jayme Lahut, Jim Callander and Connie Cahill (Counsel) and audience of 1

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

1.       Approval of Minutes:  Mrs. Zalewski-Wildzunas moved adoption of the November 14, 2012 meeting minutes; seconded by Ms. Jordan and approved (Mr. Lewis was absent).

2.     Treasurer’s Report: Mr. Wall reviewed the Treasurer’s Report for the period ending December 31, 2012 which was distributed prior to the meeting. He reported that 2012 income exceeded budget by $224,000 and operating expenses were on budget. Cash on hand was $1.4 million. Mr. Golub moved to accept the Treasurer’s Report; seconded by Mrs. Zalewski-Wildzunas and approved (Mr. Lewis was absent).

3.      John-Paul Builders, LLC / Broadway Apartments:  Resolution 798-13 — Hold a Public Hearing

Located at the corner of Broadway and Hamilton Street, the applicant proposed a $2.9 million, 3-story, 24,400 square foot mixed-use facility containing 18 apartments, ground floor retail space and parking for 30+ vehicles. Resolution 798-13 called for a public hearing as Metroplex’s participation involves selling a .56 acre parcel within the Clinton South parking lot to the developer for the appraised value of $97,500; a $270,000 construction loan and $40,000 per year (up to three years) supplemental grant for unleased ground floor retail space. First National Bank of Kinderhook is the lead lender for the project. Ms. Jordan moved Resolution 798-13; seconded by Mrs. Zalewski-Wildzunas. After discussion, Resolution 798-13 was approved.

4.       108 Union Street Façade Project: Resolution 799-13 — Adopt the General Project Plan

The project involved a $40,000 façade grant to assist the owner with meeting Schenectady Historic District Commission requirements for 108 Union Street. The existing masonry façade requires repainting and repointing, which will be completed by the spring. Mr. Lewis moved Resolution 799-13; seconded by Mr. Wall. Resolution 799-13 was approved.

5.      2013 Bond Anticipation Note (BANs):  Resolution 800-13A — Ninth Supplemental Bond Resolution

Authority Bond Counsel, Connie Cahill, explained the process and mechanics for the issuance of bond anticipation notes. Resolution 800-13A authorized the issuance of up to $5,000,000 in BANs relating to the GEMx Advanced Battery project. The GEMx project has been completed with GE investing $170 million and creating 450 new jobs in Schenectady. Ms. Jordan moved Resolution 800-13A; seconded by Mr. Lewis. Following discussion, Resolution 800-13A was approved.

6.       2013 Bond Anticipation Note:  Resolution 800-13B — Authorize Sale of Bonds and Notes

The resolution authorized the Chairman to review and approve a publicly negotiated sale of the BANs, which is consistent with the Authority’s formal policy on the Sale and Reporting of Bonds and Notes. Mr. Lewis moved Resolution 800-13B; seconded by Ms. Jordan and approved.

7.     2013 Bond Anticipation Note:  Resolution 801-13 — Retain Bond Underwriter

Resolution 801-13 authorized retaining RBC Capital Markets to act as bond underwriter for the Authority’s issuance of BANs at a cost of approximately $11,200. Ms. Jordan moved Resolution 801-13; seconded by Mr. Lewis and approved.

 8.     Rotterdam Corporate Park / Building 14:  Resolution 802-13

In 2008, Metroplex purchased Building 14 at the Rotterdam Corporate Park for $1 million, which was recouped in full via a 3-year pre-paid master lease with FG Rotterdam Holdings, LLC, an affiliated entity of the Galesi Group. Recently FG Rotterdam Holdings extended the master lease through 2017. Resolution 802-13 authorized extending the provision for acquiring the facility until March 1, 2014.  Mr. Golub moved Resolution 802-13; seconded by Mr. Lewis and approved.

 9.     Auditing Services Contract:  Resolution 803-13 — Bollam, Sheedy, Torani & Co., CPAs

Resolution 803-13 authorized entering into a three-year contract with BST & Co. LLP for preparing the annual audits for 2012, 2013 and 2014 following review of six proposals submitted as part of a competitive RFP process.  The Fiscal Audit Committee recommended accepting BST’s proposal.  Mr. Golub moved Resolution 803-13; seconded by Mrs. Zalewski-Wildzunas and approved after discussion.

10.    Accounting Services Contract:  Resolution 804-13 — Robert L. Kristel, CPA P.C.

Resolution 804-13 authorized a $48,000 annual contract with Robert L. Kristel for on-call accounting services, preparing quarterly review statements and year-end financials, bond reporting and assisting with the annual audit. There was no change in compensation from prior years. Ms. Jordan moved Resolution 804-13; seconded by Mrs. Zalewski-Wildzunas and unanimously approved

11.    Parking Maintenance Contract: Resolution 805-13 Pachucki Trucking Co., Inc.

Resolution 805-13 authorized a modest increase of $12,000 for the third year of a 3-year contract with Rich Pachucki Trucking for maintaining, cleaning and clearing Metroplex parking facilities from snow and debris. Mr. Wall moved Resolution 805-13; seconded by Mr. Lewis and approved.

Public Comment — None

Board Comment — There was discussion of the new housing at 845 Broadway and an update on the Erie Boulevard project.

Adjournment:  Mr. Golub made a motion to adjourn, seconded by Mrs. Zalewski-Wildzunas.  The meeting was adjourned at 6:55 p.m.

Respectfully submitted,

Jayme Lahut
Executive Director