Meeting Minutes

May 26, 2010

Present:    Ray Gillen, Brad Lewis, Sharon Jordan, Bob Wall, Gary McCarthy, Patrick Saccocio, Bill Chapman, Neil Golub and Ed Capovani

Absent:    Janet Hutchison and Bob Mantello

Others:     Neil Levine (Authority Counsel) Terresa Bakner (Counsel), Jayme Lahut and audience of 3

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 April 28, 2010 meeting minutes; seconded by Mr. McCarthy and approved.  (Mr. Golub was absent.)  

2.      Treasurer’s Report:  Ms. Jordan reviewed the Income and Operating Expense Report for the period ending April 30, 2010 which was distributed prior to the meeting. Cash on hand totaled $4,493,703.  Following review of the Capital Projects and Pre-development Expense reports,                         Ms. Jordan moved acceptance of the Treasurer’s Report; seconded by Mr. Lewis and approved. (Mr. Golub was absent.)

3.      2010 Parking Improvement Projects:  Resolution 644-10 — Hold a Public Hearing

The project involves two activities — improvements to the Center City parking lot and reopening Maxon Road between Erie Blvd. and Peek Street. Total project cost is $775,000. The Center City lot requires extensive lighting, water runoff, and resurfacing improvements to accommodate major users like YMCA, Paul Mitchell students, and MVP employees. The Maxon Road project involves reopening the segment between Erie Blvd and Peek Street as right-out only and improves traffic circulation with the build out at College Park and Union College housing. Resolution 644-10 authorized holding a public hearing on the project, which Ms. Jordan moved, and Mr. Lewis seconded. Following discussion Resolution 644-10 was unanimously approved.  (Mr. Golub was absent.)

4.      Center City Property Conveyances:  Resolution 643-10 — Amend Center City Parking Lot Lease

Metroplex leases the Center City parking lot from Parking Lot at Center City, LLC (a Robert Lupe holding company) with an option to purchase. The resolution authorized changes in the lease by authorizing property transfers that modestly altered the lot’s dimensions. It also approved an access easement over the Metroplex-owned Alley connecting the lot with pedestrian Jay Street. The property swaps allow for placement of a sidewalk along the back property lines of 401, 409, 411 and 433 State Street, which satisfy City code requirements for egress to a public street (Broadway). Mr. Lewis moved Resolution 643-10; seconded by Mr. Wall.  Following discussion, Resolution 643-10 was unanimously approved. (Mr. Golub was absent.)

5.   Alco Redevelopment Project / SEQRA:  Resolution 649-10 — Adopt SEQRA Findings Statement

Terresa Bakner reviewed the Findings Statement, the final step in the environmental review of the Alco Redevelopment Project, that addressed the potential environmental impacts contained in FGEIS adopted on April 28. Resolution 649-10 formally adopted the Findings Statement, which allows the project to proceed with government approvals, permits, and funding. Mr. Saccocio moved Resolution 649-10; seconded by Mr. Capovani. Discussion followed about project phasing and schedule. Resolution 649-10 was unanimously approved. (Mr. Golub was absent.)

6.      Building 14 / Rotterdam Corporate Park:  Resolution 645-10 — Convey Mortgage Recording Tax and Sales Tax Exemptions

In 2008, Metroplex purchased Building 14 in the Rotterdam Corporate Park and entered into a master lease with FG Rotterdam Holding, LLC, an affiliate of the Galesi Group, to operate and manage the property. FG Rotterdam Holdings is borrowing $3.85 million with a portion of the proceeds used for capital improvements including a new roof for Building 14. Since Metroplex holds title to the building, Resolution 645-10 allows FG Rotterdam Holdings to finance improvements on the building and secure a mortgage recording tax exemption and sales tax exemption from Metroplex. Mr. Saccocio moved Resolution 645-10; seconded by Mr. Wall. After discussion followed about Metroplex’s role and participation, Resolution 645-10 was approved with 8 ayes and Mr. Capovani voting no.

7.      Office Lease: Resolution 646-10 — Approve Lease for Space at 433 State Street

The resolution authorized entering into  a 5-year lease for 3,195 square feet of office space on the 4th floor of Center City and allocates $50,000 for relocation costs, preparing for IT requirements, furnishings, and leasehold related goods and services. Ms. Jordan moved Resolution 646-10; seconded by Mr. Lewis. Resolution 646-10 was unanimously approved.

8.      Lofts at Union Square Project:  Resolution 647-10 — Adopt the General Project Plan

The 2-phased residential development project constructs 20+ units of market rate rental housing at the corner of Union and Barrett Streets. Phase 1 demolishes existing structures, prepares the site for construction, and builds 8 row houses with enclosed garages at a cost of $1,584,000.  Phase 2 adds a 3-story, 14-unit apartment building with ground floor retail space budgeted at $1,587,500. Metroplex’s participation is a $150,000 grant and $200,000 loan for construction and permanent project financing. Ms. Jordan moved Resolution 647-10; seconded by Mr. Lewis.  Following discussion about the demand for downtown housing, Resolution 647-10 was unanimously approved.

9.      Broadway Commerce Park Phase 3 Project: Resolution 648-10 Amend the General Project Plan

The resolution consented to Metroplex subordination of its mortgage on 588 Broadway to the interests of Pioneer Savings Bank and City IDA Pilot mortgages. This facilitated Highbridge 890, LLC to finance its project by securing a $2,650,000 loan commitment for building a 22,000 square foot flex-space building. Metroplex made a $285,000 in 2009 for site clean up and preparation to develop this high-profile site at the base of Exit 5 of I-890. Mr. Golub moved Resolution 648-10; seconded by Mr. Lewis.  Following discussion, Resolution 648-10 was approved with 8 ayes and Mr. Saccocio abstaining.

10.  Alco Redevelopment Project: Resolution 650-10 — Amend the General Project Plan

The resolution authorized adding $75,000 to the project budget for preparation and adoption of the Generic Environmental Impact Statement for the Alco project. This raised the budget to $495,000 for research and data collection, studies and reports, legal expenses which were needed for completing the EIS. With the completion of SEQRA, local and state approvals can proceed for securing the $4 million Restore NY grant awarded to the City of Schenectady, site plan review by the City, DEC Brownfield Tax Credits and State Historic Preservation for building demolition. Due to the myriad of site issues that Metroplex addressed cooperatively with City and State agencies, the process took much longer than expected and expenses were more than anticipated. Mr. Golub moved Resolution 650-10; seconded by Mr. Lewis. After brief discussion, Resolution 650-10 was unanimously approved.

11.  Alco Restore NY Project: Resolution 651-10 — Adopt General Project Plan

The resolution involved making a $250,000 grant as a match for the $4,000,000 Restore NY grant awarded to the City of Schenectady last year. The Restore funds may be used for demolition, asbestos remediation, removal of soil contaminants, and site preparation necessary to construct office buildings. Mr. Lewis moved Resolution 651-10; seconded by Mr. Wall and unanimously approved.

12. Program Management Services:  Resolution 652-10 — Contract with T. Wilson & Associates

In 2009, Metroplex retained T Wilson & Associates for a three-year term following an RFP procurement for coordinating construction and renovation projects taking place in downtown and Schenectady County. The contract expired on April 30 and negotiated remuneration of $4,500 per from, which is reduced from $6,000 last year. Ms. Jordan moved Resolution 652-10; seconded by Mr. Lewis and unanimously approved.

13. Public Comment:   None

14. Board Comment: Mr. Capovani inquired about the Board meeting minutes being posted on the website.

15. Adjournment:  Ms. Jordan moved to adjourn; seconded by Mr. McCarthy.  The meeting was adjourned at 7:20 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director