June 13, 2012

Present:       Ray Gillen, Brad Lewis, Bob Wall, Sharon Jordan, Ed Capovani, Bill Chapman and Janet Hutchison

Absent:       Bob Mantello, Neil Golub, John Mallozzi, and Karen Zalewski-Wildzunas

Others:        Jayme Lahut, Jim Callander and an audience of 1

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 May 9, 2012 meeting minutes; seconded by Mr. Capovani and approved (Mr. Wall abstained). 

2.      Treasurer’s Report — Mr. Wall reviewed the Treasurer’s Report for the period ending May 31, 2012 which was distributed prior to the meeting. He noted that income is $155,000 above budget and expenses are running below budget.  Cash on hand was $1,579,926.  Mr. Lewis moved to accept the Treasurer’s Report; seconded by Mr. Chapman and approved.

3.      Madison Handbags Relocation Project:  Resolution 767-12 — Adopt the General Project Plan  

Madison Handbags purchased the former Girl Scouts building at 131 State Street, which allows for expanded production and a retail outlet for this fast-growing company. Renovations included preparing production space for sewing, inventory and distribution; and exterior façade improvements including, lighting, awnings and display windows.  Metroplex participation involved a $50,000 grant for interior renovations and façade improvements. Mr. Lewis moved Resolution 767-12; seconded by Mr. Capovani. Following brief discussion, Resolution 767-12 was approved.

4.      Alco Redevelopment Project: Resolution768-12 — Amend the General Project Plan  

Resolution 768-12 extended the partial real property tax exemption for the Alco Redevelopment Project by an additional two years at $40,000 per year. Once the construction phase begins next year, it is anticipated that a longer term IDA Pilot agreement will be formulated. Although the site is much improved with the demolition of blighted buildings, it generates virtually no income to the developer, Maxon Alco Holdings, LLC. Ms. Jordan moved Resolution 768-12; seconded by Mr. Lewis. Resolution 768-12 was approved after brief discussion. 

5.      Downtown Fix-up Program: Resolution 769-12 — Adopt the General Project Plan

Resolution 769-12 allocated $152,000 to replace sidewalks, curbing, and handicap accessible curb cuts along the west side of North Broadway from Liberty Street to Union Street. In addition funds were set aside covering modest repair and replacement of settled pavers, broken sidewalks, damaged bollards and the like in and around the Proctors Block. Mr. Wall moved Resolution 769-12; seconded by Mrs. Hutchison. Discussion followed about the program and on-going work on lower State Street. Resolution 769-12 was unanimously approved.

6.      2012 Bond Refunding: Resolution 770-12 — Hold a Public Hearing

The Fiscal Audit Committee has recommended consolidating and refunding bonds issued in 2001 and 2004. At current interest rates, the refunding affords significant savings by reducing debt service payments and preserving cash for projects. Resolution 770-12 called for the statutorily required public hearing with respect to issuing bonds pursuant to §2655(2) of the enabling act. Mr. Lewis moved Resolution 770-12; seconded by Mr. Capovani.  After discussion, Resolution 770-12 was unanimously approved.

7.      2012 Bond Refunding: Resolution 771-12 — Retain Bond Underwriter

The Fiscal Audit Committee recommended engaging RBC Capital Markets to act as bond underwriter for the 2012 Bond Refunding. In April, an RFP was disseminated to 11 firms soliciting qualifications and fee quotes. Of the six proposals received, RBC Capital Markets offered the second lowest pricing, has a strong record representing Metroplex, and was the only company with a capital District office. Ms. Jordan moved Resolution 771-12; seconded by Mr. Wall and approved.

8.   2012 Bond Refunding: Resolution 772-12 — Retain Bond Counsel

Authority staff recommended retaining Hiscock & Barclay, LLP (Connie Cahill), the same firm that represented Metroplex for its 2008 and 2010 bond issuances at an estimated cost of $22,500 including out-of-pocket expenses. Mrs. Hutchison moved Resolution 772-12; seconded by Mr. Lewis and approved.

9.    2012 Bond Refunding: Resolution 773-12 — Retain Financial Advisor

Fiscal Advisors & Marketing, Inc. (Jeanine Caruso) has represented Metroplex and performed capably as financial advisor for every bond issue. Under the Authority’s Procurement Policy, the firm is eligible to represent Metroplex since it was retained for the 2008 and 2010 bond issuances following a competitive bidding process. Fiscal Advisors retainage is $28,500. Ms. Jordan moved Resolution 773-12; seconded by Mrs. Hutchison.  Following discussion about the roles of the various firms involved in the bond process, Resolution 773-12 was approved.

10.  Public Comment — None

11.  Board Comment — Ray Gillen provided an overview of recent prospects interested in Hillside       Park, Airport Park, and Rotterdam Industrial Park.

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

Respectfully submitted,

Jayme B. Lahut
Executive Director