Meeting Minutes

December 22, 2010

Present:             Ray Gillen, Bob Wall, Bob Mantello, Patrick Saccocio, Bill Chapman, Ed Capovani and Gary McCarthy

Absent:              Brad Lewis, Neil Golub, Janet Hutchison and Sharon Jordan

Others:              Neil Levine (Authority Counsel), Jayme Lahut, and Jim Callander

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 November 17, 2010 meeting minutes; seconded by Mr. McCarthy and approved.     

2.      Treasurer’s Report:  Jayme Lahut reviewed the Income and Operating Expense Report for the period ending November 30, 2010, which was distributed prior to the meeting. He noted that operating expenses remained below budget, and cash on hand totaled $2,244,151. Mr. Mantello moved acceptance of the Treasurer’s Report; seconded by Mr. Chapman, and accepted.

3.      YMCA Project: Resolution 682-10 — Determination of No Significant Effect on the   Environment

The project involves the acquisition by the Authority of the YMCA Site at 13 State Street. Metroplex and the YMCA have agreed to a sale price of $2,000,000. The sale enables the YMCA to finance the leasehold improvements required for establishing its 26,000 square foot full service health and exercise facility at Center City. All proceeds from the sale will be invested at the new location at Center City. Metroplex will look to jumpstart revitalization of lower State Street by considering adaptive reuse concepts of the building. The purchase agreement requires reducing occupancy of the residence to zero by the end of 2012.

With respect to SEQRA, the project was classified as Type I action and Metroplex undertook a coordinated review as lead agency. The negative declaration addressed potential adaptive reuses of 13 State Street including commercial offices, retail, classrooms, and/or residential uses. It also identified alternative housing locations. Mr. Capovani moved Resolution 683-10; seconded by Mr. Saccocio. Following discussion about the project and the environmental assessment, Resolution 683-10 was approved.

4.      YMCA Project: Resolution 683-10 — Adopt the General Project Plan  

After Metroplex’s participation in the project was described further, Mr. Mantello moved Resolution 683-10; seconded by Mr. Saccocio and unanimously approved.

5.   Draper School Redevelopment / Disabled American Veteran’s Housing Project:  Resolution 684-10 — Adopt the General Project Plan

The Disabled American Veterans Department of New York plans to purchase the former Draper School at 901 Draper Avenue in Rotterdam and convert the 135,000 square foot school into a 150-unit assisted and independent living facility for disabled veterans. The estimated total project cost is $25 million for acquisition, total interior rehabilitation and necessary fit up.  Metroplex’s participation consists of a $50,000 grant and a partial exemption from real property taxes.  Mr. Saccocio moved Resolution 684-10; seconded by Mr. Wall.  Following brief discussion, Resolution 684-10 was unanimously approved.      

6.   Downtown Parking Project: Resolution 686-10 — Modify Parking Budget

The 2011 parking budget reflects modestly increasing revenues (about 1%) and a decline in expenses from current levels. The Fiscal Audit Committee recommended approval of the 2011 budget.  Mr. McCarthy moved Resolution 686-10; seconded by Mr. Mantello and unanimously approved.

7.   Stratton Air National Guard Support Grant: Resolution 687-10 — Adopt the General Project Plan

Mr. Gillen stated that the community needed to protect the vital 109th Airlift Wing located at the Stratton Air National Guard Base in Glenville in the event the new Congress looks to reduce federal spending.  The $35,000 grant enables the Chamber to lead efforts protecting 1,400 military and civilian jobs and maintain the tremendous economic impact locally. The 109th Airlift Wing specializes in providing logistical support to the remote Polar Regions in Antarctica and Greenland and supports major scientific research conducted by the National Science Foundation. Mr. Capovani moved Resolution 687-10; seconded by Mr. Chapman. After discussion, Resolution 687-10 was unanimously approved.

8.   Foster Building Stabilization Project:  Resolution 688-10 — Award Emergency Repairs Contract

The resolution addresses deterioration of the former Foster Hotel by contracting with Bonacio Construction, Inc. to stabilize each floor of 508 State Street. With asbestos abatement underway, shoring and stabilization is needed to preserve the structure. Mr. Mantello moved Resolution 688-10; seconded by Mr. McCarthy.  Resolution 688-10 was unanimously approved.

9.   510 Union Street, LLC Project (Experience & Creative Design):  Resolution 689-10 — Amend Loan Terms

The borrower requested a reduction in monthly payments with no change to the maturity date of May 2018 resulting in a balloon payment of about $95,000. The original loan totaled $350,000 and payments are current. The amended terms facilitate cash flow. The Fiscal Audit Committee recommended modification to the terms. Mr. Capovani moved Resolution 689-10; seconded by Mr. Chapman. Following discussion, Resolution 689-10 was unanimously approved.

10.  3N2, LLC Project: Resolution 690-10 — Amend Loan Terms

3N2 ceased operations in 2006, but two principals have been making payments on the $125,000 Metroplex loan under terms of personal guaranty agreements. With the consent of the Fiscal Audit Committee, a revised schedule of monthly payments has been agreed upon and extending the term through February 2030. Mr. Saccocio moved Resolution 690-10; seconded by Mr. McCarthy and unanimously approved.

11.  Public Comment:  None

12.  Board Comment — Mr. Gillen provided projects updates.

13.  Adjournment – Mr.  McCarthy moved to adjourn; seconded by Mr. Wall.  The meeting was adjourned at 6: 55 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director