Meeting Minutes

July 18, 2012

Present:       Ray Gillen, Brad Lewis, Bob Wall, Sharon Jordan, Bill Chapman, Bob Mantello, Janet Hutchison, John Mallozzi and Karen Zalewski-Wildzunas

Absent:       Neil Golub and Ed Capovani

Others:        Connie Cahill and Melissa Bennett (Bond Counsel), Jayme Lahut, Jim Callander and an 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 June 13, 2012 meeting minutes; seconded by Mrs. Hutchison and approved (Ms. Jordan was absent).

2.      Treasurer’s Report — Mr. Wall reviewed the Treasurer’s Report for the period ending June 30, 2012 which was distributed prior to the meeting. He noted that revenues were up by $148,000 and expenses slightly over budget due to marketing and website cost. Cash on hand was $1,677,342.  Mrs. Zalewski-Wildzunas moved to accept the Treasurer’s Report; seconded by Mr. Lewis and approved.

3.      2012 Bond Refunding: Resolution 774-12 — Eighth Supplemental Bond Resolution

Resolution 774-12 approved the General Project Plan and authorized the refunding of the Series 2001A Bonds and the Series 2004A Bonds prior to maturity of the outstanding principal amount totaling about $14,500,000. Connie Cahill (Bond Counsel) explained the process for refinancing the bonds, which is expected to result in a substantial reduction in annual debt service payments. A public hearing was held on July 11 and no written or oral comments were received. Mrs. Zalewski-Wildzunas moved Resolution 774-12; seconded by Mr. Chapman.  Following discussion, Resolution 774-12 was approved.

4.      2012 Bond Refunding: Resolution 775-12 — Authorization for Sale of Bonds

In accordance with the Authority’s Guidelines for the Sale and Reporting of Bonds, Resolution 775-12 enables the Chairman to evaluate and approve the sale of the Bonds on a public, negotiated basis. Based upon past practice and on the advice of the Authority’s financial advisor, Jeanine Caruso, and underwriter, RBC Capital, a public negotiated sale of bonds was recommended to secure the rates and terms on the bond refunding. Mrs. Zalewski-Wildzunas moved Resolution 775-12; seconded by Mr. Chapman and approved.

5.      Downtown Fix-up Program: Resolution 776-12 — Amend the General Project Plan

Based on the bid results, Resolution 776-12 increased the allotment of funds for project design and implementation from $152,000 to $199,200.  Ms. Jordan moved         Resolution 776-12; seconded by Mr. Mantello. Following discussion about the bid results and the project, Resolution 776-12 was approved.

6.     Downtown Fix-Up Program: Resolution 777-12 — Award Paving Contract

Metroplex publicly bid work for the project and secured three proposals ranging from $144,200 to $196,466. Resolution 777-12 awarded the contract to Hudson River Construction, Inc. of Albany for $144,200. Mr. Wall moved Resolution 777-12; seconded by Mr. Lewis. Discussion followed about additional sidewalk repairs and Resolution 777-12 was approved.

7.     Schenectady County CDBG Fund: Resolution 778-12 — Sub-recipient Agreement with the Schenectady County

Resolution 778-12 authorized entering into a sub-recipient agreement with Schenectady County to administer approximately $300,000 in federal Community Development Block Grants available to the County for economic development purposes. The agreement allows the Metroplex Board to approve projects that create or retain employment opportunities and provide other economic benefits to County residents.  Mrs. Zalewski-Wildzunas moved Resolution778-12; seconded by Ms. Jordan.  Following discussion, Resolution 778-12 was approved.

 8.     DHA Energy, Inc. (Glenville) Expansion Project: Resolution 779-12 — Adopt the General Project Plan

DHA Holdings, Inc., a manufacturer of machine parts for gas turbines, power generators, and oil and gas companies, is expanding operations in the Glenville Business and Technology Park.  The $1.4 million project involves tripling the size of the leased production facility from 12,000 to 36,000 square feet and purchasing machinery and equipment. Metroplex’s participation involved a $100,000 conditional grant for production equipment purchases via the County CDBG fund.  Mrs. Zalewski-Wildzunas moved Resolution 779-12; seconded by Mr. Lewis.  Following discussion, Resolution 779-12 was approved.

9.      Benchemark Printing Expansion Project: Resolution 782-12 — SEQRA

The project involves the purchase of two adjoining parcels totaling about 1.8 acres of land as well as a 7,500 square foot building near Benchemark’s current printing facility on Maxon Road Extension. The new facility will be renovated to accommodate offices and warehouse space for American Hospital Patient Guide, Inc., a Benchemark affiliated entity. Following the environmental review conducted by Metroplex, Resolution 782-12 found the project to be an Unlisted Action under SEQRA without any significant effect on the environment. Ms. Jordan moved Resolution 782-12; seconded by Mr. Wall and approved.

10.    Benchemark Printing Expansion Project: Resolution 781-12 — Adopt the General Project Plan

Resolution 781-12 involved making a grant of up to $150,000 for the building acquisition, renovation and expansion for the Benchemark affiliate, American Hospital Patient Guide, Inc. Benchemark, a full service commercial printer, currently employing 73 people, while AHPGU employs 20 people involved with publishing more than 250 patient guides to hospitals across the U.S.  The project creates 12 additional full-time staff over the next three years. Mrs. Zalewski-Wildzunas moved Resolution 781-12; seconded by Mr. Mallozzi.  Following discussion, Resolution 781-12 was approved.

11.    Hodorowski Homes Apartment Project: Resolution 782-12 — Commence Real Property Disposition Process

 Resolution 782-12 started the state-mandated real property disposition process allowing for a 90-day notice period that fulfills requirements of the Authority’s Real Property Disposition Policy with respect to the sale of a .9-acre portion of Metroplex-owned property at the northeast corner of Broadway and Hamilton Street to Hodorowski Homes. The parcel appraised for $97,500, which the Hodorowski entity has agreed to pay. The developer plans to construct a 3-story 25,500 square foot mixed-use facility containing 16 apartments and ground floor retail space. Mrs. Zalewski-Wildzunas moved Resolution 782-12; seconded by Mr. Lewis.  Following discussion about Hodorowski’s fine reputation for quality building throughout the Capital District, Resolution 782-12 was approved.

12.    Center City Redevelopment Project: Resolution 783-12 — Amend the General Project Plan

Resolution 783-12 authorized a partial exemption from real property taxes in accordance with Section 2667 of the enabling Act.  Prior to its redevelopment, a PILOT with the previous owners of the Center City complex yielded $10,000 annually over 25 years. The current Center City PILOT generates payments of $150,000 per annum, which will increase to $300,000 for the next five years under the new PILOT.  Ms. Jordan moved Resolution 783-12; seconded by Mrs. Zalewski-Wildzunas. Following discussion, Resolution 783-12 was approved.

13.    Child Program and Family Resource Center Project: Resolution 784-12 — Amend Loan Terms

Resolution 784-12 authorized subordinating the Metroplex loan mortgage to NBT Bank and allowed Parsons Child & Family Services to assume the Metroplex loan obligation. Metroplex provided a loan to Child Program and Family Resource Center for construction of a 22,000 square foot child center at 125 Bigelow Avenue in Schenectady. The Metroplex loan balance is $228,500 and payments are up to date. Recently Parsons agreed to manage the facility, repaid an HSBC loan in full, and secured new financing with NBT Bank, thereby requiring Metroplex subordination. Mrs. Zalewski-Wildzunas moved Resolution 784-12; seconded by Mr. Lewis.  Following discussion about the transaction, Resolution 784-12 was approved.

14.    308 Union Street Façade Project: Resolution 785-12 — Amend the General Project Plan

In May, the Board authorized a $60,000 grant to Zachen Properties, LLC with respect to the purchase and adaptive reuse of the former Acme press building at 308 Union Street as a restaurant. Resolution 785-12 authorized an additional $45,000 project loan at 3 percent interest over a ten-year term for upgrades to the North Broadway side of the facility, including new entrance, awnings and using natural stone and brick materials to make the building more attractive. Mrs. Zalewski-Wildzunas moved Resolution 785-12; seconded by Ms. Jordan and approved.

15.    Public Comment — Robert Harvey, President, Schenectady United Neighborhoods, expressed interest in ways that the SUN group could work with Metroplex in the City’s neighborhoods.

16.    Board Comment — General discussion followed regarding parking, cleanup of the South Broadway parking lot, the Armory auction, CFA funding cycle and the recent Museum expansion announcement.

  17.  Adjournment — Mrs. Zalewski-Wildzunas moved to adjourn; seconded by Mr. Lewis.  The meeting adjourned at 7:05 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director