Present: Ray Gillen, Brad Lewis, Bob Wall, Patrick Saccocio, Bill Chapman, Neil Golub, Bob Mantello and Janet Hutchison
Absent: Sharon Jordan, Ed Capovani and Gary McCarthy
Others: Neil Levine (Counsel), Jayme Lahut, Jim Callander, Scott Cietek and audience of 2
Call to Order: Mr. Gillen called the meeting to order at 6:00 p.m.
1. Approval of Minutes: Mr. Golub moved adoption of the May 26, 2010 meeting minutes; seconded by Mr. Lewis and approved.
2. Treasurer’s Report: Jayme Lahut reviewed the Income and Operating Expense Report for the period ending May 31, 2010 which was distributed prior to the meeting. Cash on hand totaled $3,880,471. He noted that earlier in the day Metroplex’s bond underwriter, RBC Capital, pre-sold $6.5 million in bonds at 6% interest. The bond closing is scheduled for June 15. Mr. Gillen pointed out that Schenectady County’s tax revenues for the first quarter outpaced all other counties in the Capital Region except Saratoga County. Mr. Lewis moved acceptance of the Treasurer’s Report; seconded by Mrs. Hutchison. The Treasurer’s Report was accepted.
3. 2010 Parking Improvement Program: Resolution 653-10 — Adopt the General Project Plan
A public hearing was held on June 2, 2010 about the project involving reconstruction of the Center City parking lot and reopening Maxon Road at Erie Blvd. No written or oral comments were received about the project. The work will be competitively and publicly bid and comply with prevailing wage requirements with bid opening slated for July 7. Mr. Wall moved Resolution 653-10; seconded by Mr. Lewis. Following discussion regarding sidewalks and improved lighting for the Center City lot, Resolution 653-10 was unanimously approved.
4. Argo Turboserve Corporation (ATC) Retention Project: Resolution 654-10 — Adopt the General Project Plan
The $4,590,000 project is constructed by and leased from Highbridge 890, LLC facilitating relocation of ATC’s Spectrum Nuclear Division from 112 Erie Blvd to a 22,000 square foot facility at 588 Broadway. ATC now employs 13 full-time employees, expects to add another 16 by 2014 by nearly tripling their space requirements to meet rapid nuclear industry growth. Metroplex participation involved a $150,000 grant for tenant fit-up and testing equipment. Mr. Mantello moved Resolution 654-10; seconded by Mr. Lewis. Following discussion about the nuclear industry and ATC’s business plans, Resolution 654-10 was approved with 7 ayes and one abstention (Mr. Saccocio).
5. Broadway Commerce Park Project: Resolution 655-10 — Amend the General Project Plan
In a related ATC matter, Resolution 655-10 reduced its $285,000 loan to Highbridge 890, LLC to $125,000 and extended the loan term from 10 years to 12 years. The modification was requested by the developer to address higher costs for building design and environmental remediation of the site. Mr. Lewis moved Resolution 655-10; seconded by Mr. Golub. Discussion followed and Resolution 655-10 was approved with 6 ayes, 1 no and 1 abstention (Mr. Saccocio).
6. 797 Broadway Project: Resolution 656-10 — Amend the General Project Plan
The resolution authorizes entering into a Metroplex property tax agreement with an affiliate of the Galesi Group, 797 Broadway Associates, LLC, with respect to the former Schenectady International complex on Broadway. The agreement fills a funding gap to stabilize the hillside in the rear of the property. The County has secured FEMA grant to complete the slope stabilization project with the necessary matching local funds. To date, approximately $10 million has been invested in the project with another $10 million to be invested to renovate the second building. Mr. Golub moved Resolution 656-10; seconded by Mr. Lewis. Following questions and answers about the transactions structure, Resolution 656-10 was unanimously approved.
7. River Stone Manor Project: Resolution 657-10 — Accept Loan Pre-payment
In 2002 Metroplex loaned $494,860 to River Stone Manor for relocating and reestablishing Sgarlata’s banquet and catering business to Route 5 in Glenville. The company requested prepaying $250,000 on the original Metroplex loan as part of a refinancing with First National Bank of Scotia. The company will have paid over $537,000 in principal and interest to Metroplex and prepayment now allows new Metroplex reinvestment in projects county-wide. Mr. Mantello moved Resolution 657-10; seconded by Mr. Lewis. Some members expressed concern about setting precedent on prepaying loans, although others thought the company effectively repaid its Metroplex obligation and succeeded in creating jobs, adding sales tax and boosting the property tax base. Resolution 657-10 was unanimously approved.
8. Public Comment — None
9. Board Comment — Mr. Golub suggested evaluating methods for cleaning up the hillside vegetation and overgrowth on Broadway near Cappiello’s.
10. Adjournment — Mr. Golub moved to adjourn; seconded by Mr. Lewis. The meeting was adjourned at 7:00 p.m.
Jayme B. Lahut