Present: Ray Gillen, Brad Lewis, Sharon Jordan, Bob Wall, Neil Golub, Bob Mantello, Janet Hutchison, Bill Chapman, John Mallozzi and Karen Zalewski-Wildzunas
Absent: Ed Capovani
Others: Jayme Lahut, Jim Callander and an 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 January 16, 2013 meeting minutes; seconded by Ms. Jordan and approved.
2. John-Paul Builders, LLC / Broadway Apartments: Resolution 806-13 Adopt the General Project Plan
The public hearing was held on February 7 and no oral or written comments were received. The $2.9 million mixed-use facility allows for ground floor retail, 18 apartments and parking for 30+ vehicles. Resolution 806-13 authorized the sale of a .56-acre parcel for the market value of $97,500; a $270,000 construction loan and $40,000 per year (up to three years) supplemental grant for unleased ground floor retail space. Mrs. Zalewski-Wildzunas moved Resolution 806-13; seconded by Mr. Lewis and approved after brief discussion.
3. Downtown Schenectady Improvement Corporation: Resolution 807-13 — Adopt the General Project Plan
Resolution 807-13 involved a $160,650 grant in support of DSIC’s cleaning and beautification activities keeping the downtown clean, neat and safe 7-days a week. Working with DISC staff and board, Metroplex’s participation involved a ten percent reduction from last year. Ms. Jordan moved Resolution 807-13; seconded by Mr. Wall. After discussion about the program, Resolution 807-13 was approved (Mrs. Hutchison abstained).
4. 845 Broadway Housing Project: Resolution 808-13 — Adopt the General Project Plan
The proposed $25 million adaptive reuse of a four-story, 95,000 square foot vacant building at 845 Broadway involved conversion to 155 efficiency apartments for low-income and homeless veterans, most of whom reside at the YMCA at 13 State Street. The project has secured $11 million in housing tax credit; a $5.5 million NYS grant; $7 million in historic tax credits; and, substantial developer equity. Resolution 808-13 authorized a $50,000, 1% 20-year loan. Ms. Jordan moved Resolution 808-13; seconded by Mr. Golub. Discussion followed in support of the project by investing $50,000 to obtain a $25 million project. Resolution 808-13 was approved unanimously.
5. 510 Union Street, LLC: Resolution 809-13 — Approve Mortgage Subordination
The owners of 510 Union Street secured refinancing from Berkshire Bank with more favorable terms to replace a Key Bank loan. Resolution 809-13 authorized accepting a second mortgage behind Berkshire Bank. Mrs. Zalewski-Wildzunas moved Resolution 809-13; seconded by Mr. Lewis and approved.
6. National Grid Emergency Commercial District Investment Grant Assistance: Resolution 810-13 — Make Application and Distribute Program Grant Proceeds
National Grid offered assistance to eligible businesses and institutions for non-insurable restitution in the aftermath of Hurricane Irene and Tropical Storm Lee. Metroplex may apply for and disburse grant awards. Resolution 810-13 authorized Metroplex to make application to National Grid and disburse the grants on behalf of the following entities: Capitaland Truck Parts (Rotterdam Junction) for $24,301.50; Beukendaal Masonic Lodge #95, (Scotia) for $25,000; and SCCC for $100,000. Ms. Zalewski-Wildzunas moved Resolution 810-13; seconded by Mr. Wall. After discussion, Resolution 810-13 was approved.
7. Project Reconciliation and Accounting: Resolution 811-13 — Release of Unexpended Project Obligations
Resolution 811-13 listed 17 completed projects where Metroplex did not spend all the funds authorized by the Board. For purposes of the 2012 audit, Resolution 811-13 recaptures $329,597, which may be dedicated to other projects and activities. Ms. Zalewski-Wildzunas moved Resolution 811-13; seconded by Mr. Lewis and approved after brief discussion.
8. Project Reconciliation and Accounting: Resolution 812-13 — Allocate Additional Funds for Unbudgeted Project Expenditures
Resolution 812-13 identified three projects completed in 2012 where expenses exceeded the Board allocation. For purposes of the 2012 audit, Resolution 812-13 allotted an additional $20,760 for the projects. Ms. Zalewski-Wildzunas moved; seconded by Mr. Mantello. Resolution 812-13 was approved.
Public Comment: Jim Salengo, DSIC Executive Director, thanked the Board for their support and reported on DSIC marketing activities. Bob Harvey, Schenectady United Neighborhoods (SUN), noted SUN’s support of Metroplex activities in the City of Schenectady.
Board Comment: Ray Gillen updated the Board on development efforts on lower State Street. Discussion followed about Schenectady’s high commercial office space occupancy rate just published by CBRE compared to other cities in the area.
Adjournment: Mr. Golub made a motion to adjourn, seconded by Mr. Lewis. The meeting was adjourned at 6:30 p.m.
Respectfully submitted,
Jayme Lahut
Executive Director