Present: Ray Gillen, Brad Lewis, Bob Wall, Gary McCarthy, Neil Golub, Bob Mantello, Patrick Saccocio, Janet Hutchison and Ed Capovani
Absent: Sharon Jordan and Bill Chapman
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. Lewis moved adoption of the January 19, 2011 meeting minutes; seconded by Mrs. Hutchison and approved.
2. Treasurer’s Report: Jayme Lahut reviewed the Income and Operating Expense Report for the period ending January 31, 2011, which was distributed prior to the meeting. He noted that there was little activity to report for January and cash on hand stood at $2,723,616. Mr. Lewis moved acceptance of the Treasurer’s Report; seconded by Mr. Wall, and approved.
3. Villa Italia Bakery Project: Resolution 695-11 — Subordinate Mortgage
Villa Italia requested that Metroplex subordinate its first position mortgage to a new loan with Trustco Bank. The original 2005 project was largely funded by the Mallozzi family with small loan and grant assistance from Metroplex and the City. Villa Italia’s financial condition is very strong and the project has been an enormous success in downtown Schenectady. Villa Italia employs 45 people. The Trustco loan pays off an existing line of credit and facilitates increased production, new products and more jobs. The Metroplex loan balance is about $285,000. Mr. McCarthy moved Resolution 695-11; seconded by Mr. Saccocio. After brief discussion, Resolution 695-11 was unanimously approved.
4. Duanesburg Waste Water Treatment Plant Study: Resolution 696-11 — Adopt the General Project Plan
The Town of Duanesburg wants to evaluate the costs-benefits of improving and extending the Delanson wastewater treatment system to service the hamlet of Duanesburg. The absence of municipal sanitary services is perceived as an obstacle to business expansion and economic development in the hamlet. Metroplex would make a $20,000 grant in support of the study to offset the $40,000 cost of the study. The project is a Type II action under SEQRA. Mr. Wall moved Resolution 696-11; seconded by Mr. Capovani. Following discussion, Resolution 696-11 was approved.
5. Project Reconciliation and Accounting: Resolution 697-11 — Release Unexpended Project Obligations
The resolution listed seven projects where either all work has been completed and Metroplex funds remain unspent or the project has not and will not be completed in the future. The total amount recaptured is $138,533, which may be dedicated to new projects. Jayme Lahut reviewed each project. Mr. Lewis moved Resolution 697-11; seconded by Mr. Capovani and approved.
6. Project Reconciliation and Accounting: Resolution 698-11 — Allocate Additional Project Funds
Jayme Lahut reviewed the three projects identified in Resolution 698-11 that were completed in 2010 and incurred expenses that exceeded Board authorization. The resolution allocates an additional $18,028 for these projects. Mr. Lewis recommended modifying the resolution to clarifying the uses of the extra funds. By consent, the resolution was modified as follows:
RESOLVED, the following projects are hereby classified as completed and require an additional Authority allocation of funds to supplement the project budgets for necessary legal, accounting, construction oversight and other project-related expenses in the amounts shown:
Mr. Golub moved Resolution 698-11 as modified; seconded by Mr. Lewis and approved.
7. Project Update: Jayme Lahut showed photos of progress on the Alco demolition and Foster Building fix up.
8. ABO Board Evaluation: The Authority Budget Office has promulgated an evaluation form that must be completed by all Board members. The results will be aggregated and attached to the Authority’s annual report submission to the ABO by March 3l.
9. Public Comment: None
10. Board Comment: There was discussion about the next phase of the Upper Union Streetscape project. A question was asked about the former Trustco Bank building located on Eire Boulevard. Mr. Gillen made it clear that Metroplex had no involvement in this project.
11. Adjournment — Mr. McCarthy moved to adjourn; seconded by Mr. Wall. The meeting adjourned at 6:45 p.m.
Jayme B. Lahut