Meeting Minutes

November 13, 2013

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

Absent:    Sharon Jordan, John Mallozzi and Janet Hutchison

Others:    Jayme Lahut, Jim Callander, David Hogenkamp and audience of 3

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 October 11, 2013 meeting minutes, seconded by Mr. Wall and approved.

2.   Treasurer’s Report: Mr. Wall reviewed the Treasurer’s Report for the period ending October 31, 2013, which was distributed prior to the meeting. He noted that sales tax receipts were on mark with one year ago, operating expenses were under budget, and predevelopment expenses were tracking above budget. Cash on hand was $2.07 million. Following discussion, Mrs. Zalewski-Wildzunas moved to accept the Treasurer’s Report, seconded by Mr. Mantello and approved (Mr. Chapman was absent).

3.    Purchase 238-248 State Street (former Robinson Furniture): Resolution 850-13 — SEQRA

The project involved purchasing the Robinson Furniture parcels from the City of Schenectady for one dollar and additional funding for closing costs, insurance, and other project-related expenses. Resolution 850-13 designated the project as an Unlisted Action pursuant to SEQRA with no significant effect on the environment. Mrs. Zalewski-Wildzunas moved Resolution 850-13; seconded by Mr. Golub and approved (Mr. Chapman was absent).

4.    Purchase 238-248 State Street (former Robinson Furniture)Resolution 851-13 — Adopt the General Project Plan

By purchasing the three parcels constituting .55-acres plus other adjacent properties, Metroplex is positioned to create a development-ready site on lower State Street. As with prior property acquisitions, Metroplex intends to divest itself of the properties for redevelopment which boosts tax base, promotes downtown revitalization, and creates jobs. Resolution 851- 13 authorized purchasing the parcels from the City for one dollar with a condition that upon the resale of the property for redevelopment, the City gets one-half of the proceeds adjusted for certain site preparation expenses. Mr. Wall moved Resolution 851-13; seconded by Mr. Capovani. Following discussion, Resolution 851-13 was approved (Mr. Chapman was absent).

5.  Purchase 254 State Street (Olender Mattress Building): Resolution 852-13 — SEQRA

Resolution 852-13 designated the project as an Unlisted Action pursuant to SEQRA with no significant effect on the environment. The project involved purchasing the former Olender Furniture property from the estate of Donald Olender. Mr. Lewis moved Resolution 852-13; seconded by Mr. Capovani and approved.

6.    Purchase 254 State Street (Olender Mattress Building): Resolution 853-13 — Adopt the General Project Plan

The resolution authorized the purchase of the Olender Building for $85,000 and sets aside funds for closing costs, insurance, securing the property and other project-related expenses.  The vacant building has fallen into disrepair. Metroplex undertook due diligence including environmental assessments, showing the presence of asbestos and minimal soil contamination. Metroplex intends to divest itself of the property for redevelopment Mr. Lewis moved Resolution 851-13; seconded by Mrs. Zalewski-Wildzunas. Following discussion, Resolution 851-13 was approved.

7.   2014 Bond Projects: Resolution 854-13 — Hold a Public Hearing

The Fiscal Audit Committee has evaluated the issuance of tax-exempt and/or taxable bonds in support of several projects. The bond issue would take place in January 2014. Resolution 854-13 authorized Metroplex holding a public hearing for four components of the bond issue. When the bond proceeds become available, the individual projects will be brought to the Board for consideration, including undertaking the necessary state-mandated environmental reviews. Mr. Lewis moved Resolution 854-13; seconded by Mr. Golub. Discussion followed and Resolution 854-13 was approved unanimously.

8.   Retain Bond Underwriter: Resolution 855-13 — Retain RBC Capital Markets, Inc.

Resolution 855-13 retained RBC Capital Markets, a division of RBC Financial Group, to act as bond underwriter for the Authority’s issuance of tax exempt and/or taxable bonds. This recommendation is consistent with Metroplex’s Procurement Policy and its Guidelines for the Sale and Reporting of Bonds and Notes. RBC was retained by Metroplex in 2012 for the GEMx Bond Anticipation Note following a competitive request for proposals process.  RBC’s remuneration is unchanged from last year’s BAN issue approved by the Board. Mrs. Zalewski-Wildzunas moved Resolution 855-13; seconded by Mr. Lewis. Brief discussion followed and Resolution 855-13 was approved.

9.   Public Comment: Elmer Bertsch, resident of Niskayuna, encouraged the Authority to support the work of the Superintendent of the Schenectady City School District and their activities in providing a quality education to Schenectady residents.

10.   Board Comment:  Mr. Gillen acknowledged board member Ed Capovani as he and his brother received the Entrepreneur of the Year award at the Chamber of Schenectady County’s 25th annual Business Awards.  Mr. Gillen also acknowledged the presence of David Kramer, Glenville Local Development Corporation.

11.   Adjournment: Mrs. Zalewski-Wildzunas moved to adjourn, seconded by Mr. Lewis. The meeting was adjourned at 6:45 p.m.

Respectfully submitted,

Jayme Lahut
Executive Director