Meeting Minutes

August 11, 2010

Present:    Ray Gillen, Brad Lewis, Bob Wall, Sharon Jordan, Patrick Saccocio, Bill Chapman, Bob Mantello and Neil Golub

Absent:    Ed Capovani, Janet Hutchison 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:  Ms. Jordan moved adoption of the July 14, 2010 meeting minutes; seconded by Mr. Wall and approved.

2.      Treasurer’s Report:  Ms. Jordan reviewed the Income and Operating Expense Report for the period ending July 31, 2010 which was distributed prior to the meeting. She noted that the sales tax income is modestly below budget. Operating expenses are under budget. Cash on hand totaled $4.38 million. Mr. Lewis moved acceptance of the Treasurer’s Report; seconded by Mr. Saccocio. The Treasurer’s Report was accepted.

3.      GEMx Technologies, LLC / GE Battery Plant Project: Resolution 662-10 — Adopt the General Project Plan

The $150+ million project involves interior and exterior renovations of Building 66 at GE’s Main Campus to manufacture sodium-metal halide batteries for telecommunications providers (cell towers) and railroad locomotives. This project represents the first new manufacturing product line brought to Schenectady in more than a generation and will create 350 new jobs. The public hearing was held on August 6 with no comments. Metroplex participation involves a $5million grant for building improvements and equipment matched by a $15 million ESDC grant. The project is underway.  Mr. Lewis moved Resolution 662-10; seconded by Mr. Golub.  Following discussion about product development and the technology, Resolution 662-10 was unanimously approved.

4.   Capitol Plaza Renovation Project: Resolution 663-10 SEQRA / Negative Declaration

The $4.5 million project involves demolition of the Capitol Plaza at Curry Road and Altamont Avenue, and construction of a 9,000 square foot commercial and retail facility for a Recovery Room Sports Grill and a bank facility. The project cleans up an eyesore at one of the busiest intersections in the County. Resolution 663-10 characterizes the project as an Unlisted Action, acknowledges the environmental review undertaken by the Rotterdam Planning Commission, and states there is not any significant environmental impact. Mr. Saccocio moved Resolution 663-10; seconded by Mr. Lewis.  Following discussion, Resolution 663-10 was unanimously approved.

5.   Capitol Plaza Renovation Project: Resolution 664-10 — Adopt the General Project Plan

Columbia Development is acquiring the 1.35-acre site for constructing a Recovery Room Sports Grill and a bank branch with parking for 95 cars. The site will be graded and elevations altered to accommodate vehicular ingress/egress, pedestrian amenities, green space, and an attached patio.  Project demolition and construction will start in August with completion expected by year end.  Metroplex participation involves an $85,000 grant for building demolition and site preparation matched by a $60,000 grant from the Rotterdam IDA, $4 million Berkshire Bank loan and developer equity. Mr. Saccocio moved Resolution 664-10; seconded by Mr. Lewis. Resolution 664-10 was unanimously approved.

6.      Broadway Commerce Park Phase 3 Project: Rescind Resolution 655-10 

In June, the Board approved forgiving a portion of the original $285,000 loan and converting to a $160,000 facade grant in support of the Argo Turboserve Corporation project on Broadway near I-890. The resolution rescinds the prior Board action allowing for the transaction to be modified for accounting and legal purposes without altering the result originally authorized. The developer, Highbridge Broadway 890, LLC, proposed providing a $160,000 partial payment on the Metroplex loan; Metroplex, in turn, makes a $160,000 façade grant addressing the costs associated with the added façade elements and soil remediation that are not recoverable from the Argo lease. The loan terms are further modified by reducing the interest rate and extending the term.  Mr. Golub moved Resolution 665-10; seconded by Ms. Jordan. After brief discussion, Resolution 655-10 was approved with 6 ayes, 1 no (Mr. Chapman) and 1 abstention (Mr. Saccocio).

7.      Broadway Commerce Park Phase 3 Project: Resolution 666-10 — Amend the General Project Plan and Modify Loan Terms

The resolution authorizes making a $125,000 loan to Highbridge Broadway 890, LLC in support of the Argo Turboserve Corporation project. The terms allow for payment of $50,000 in principal after year 5, year 10 and $25,000 after year 12 with no interest. Ms. Jordan moved Resolution 666-10; seconded by Mr. Wall.  Resolution 666-10 was approved with 6 ayes, 1 no (Mr. Chapman) and 1 abstention (Mr. Saccocio).

8.      Broadway Commerce Park Phase 3 Project: Resolution 667-10 — Amend the General Project Plan and Make a Grant

Resolution 667-10 authorizes making a $160,000 facade grant in support of the Argo Turboserve Corporation project as authorized by the Board in June. Ms. Jordan moved Resolution 667-10; seconded by Mr. Lewis. Resolution 667-10 was approved with 6 ayes, 1 no (Mr. Chapman) and 1 abstention (Mr. Saccocio).

9.      Lofts at Union Square Project: Resolution 668-10 — Amend the General Project Plan

The amendment concerns updating the application and designating Town Homes of Union Square, LLC as the project developer, which will now be owned and managed by Jeffrey Myers, owner and operator of Sheltertherm Builders, LLC.  The change in applicant reflects the fact that Jeff Myers is presently the sole member of the LLC holding ownership to the site located at 525 Union Street and 1007 Barrett Street in downtown Schenectady. Mr. Lewis moved Resolution 668-10; seconded by Mr. Saccocio.  After discussion, Resolution 668-10 was approved.

10.  Public Comment —  None

11.  Board Comment — It was agreed to convene the October 13 Board Meeting at 5:00 p.m. due to the DSIC Annual Meeting scheduled for that evening.

12.  Adjournment — Mr. Golub moved to adjourn; seconded by  Mr. Lewis.  The meeting was adjourned at 6:30 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director