Meeting Minutes

November 27, 2013

 

Present:    Ray Gillen, Neil Golub, Bob Wall, Ed Capovani, Bill Chapman, Bob Mantello and Karen Zalewski-Wildzunas, Sharon Jordan, Janet Hutchison

Absent:     John Mallozzi and Brad Lewis

Others:    Jayme Lahut, Jim Callander, David Hogenkamp and Cornelia M. Cahill (Bond Counsel)

Call to Order:    Mr. Gillen called the meeting to order at 8:00 a.m.

1.     Lower State Renewal: Resolution 856-13 — Adopt the General Project Plan

The project allocated $3,000,000 in taxable bond proceeds for redevelopment activities on lower State Street from Erie Boulevard to Washington Avenue. No written or oral comments were received at the November 20th public hearing. The project represented a Type II, or exempt, action pursuant to SEQRA. As specific projects are identified for using the bond proceeds, further Board consideration will be taken. Mr. Golub moved Resolution 856-13; seconded by Ms. Jordan. Following discussion, Resolution 856-13 was approved.

2.     
Downtown Aboveground Infrastructure Project: Resolution 857-13 — Adopt the General Project Plan

The project allocated $1,400,000 in tax-exempt bonds proceeds for aboveground infrastructure repairs in downtown Schenectady. It is expected that Metroplex will cost-share certain activities with the City and the County. No written or oral comments were received at the November 20th public hearing. The project represented a Type II, or exempt, action pursuant to SEQRA. As specific projects are identified for using the bond proceeds, further Board consideration will be undertaken. Mr. Wall moved Resolution 857-13; seconded by Ms. Zalewski-Wildzunas. Following brief discussion, Resolution 857-13 was approved.      

3.    2013 Parking Infrastructure Improvements:  Resolution 858-13 — Amend the General Project Plan

At its August 14 meeting, the Board approved $985,000 for improvements to the parking infrastructure. Resolution 858-13 amended the project by increasing the scope of work and allocating an additional $1,015,000, thereby increasing project funding to $2,000,000.  No written or oral comments were received at the November 20th public hearing. The project represented a Type II, or exempt, action pursuant to SEQRA. As specific projects are identified for using the bond proceeds, further Board action will take place. Ms. Jordan moved Resolution 858-13; seconded by Mr. Mantello. Resolution 858-13 was approved.

4.   County Business Parks / Smart Growth Initiative: Resolution 859-13 — Adopt the General Project Plan

The project allocated $1,518,000 in bonds proceeds for projects focused on business parks in Schenectady County, vacant and/or abandoned properties, and brownfield sites that can be made viable for economic development. No written or oral comments were received at the November 20th public hearing. The project represented a Type II, or exempt, action pursuant to SEQRA. As specific projects are identified for using the bond proceeds, further Board consideration will be undertaken. Mr. Chapman moved Resolution 859-13; seconded by Mr. Mantello. Following discussion, Resolution 859-13 was approved. (Mr. Golub abstained.)

5.   Series 2014A Bond (Tax-Exempt) Resolution: Resolution 860-13 — Tenth Supplemental Bond Resolution

Resolution 860-13 authorized the issuance of up to $5,200,000 in tax-exempt bonds. Tax-exempt bond proceeds may be used for projects already authorized by the Board including, the Lower State Streetscape, Washington Avenue Median, Downtown Aboveground Infrastructure, the County Business Park / Smart Growth projects and interest paid on the GEMx Bond Anticipation Note.  In 2012, the Board approved the Ninth Supplemental Bond Resolution for GEMx, so the $5 million BAN also will be converted to a long-term obligation. The bond will be amortized over a 19-year period.  Bond Counsel, Connie Cahill, explained that the costs of issuance and related expenses will be paid with bond proceeds by selling these bonds at a premium. Resolution 860-13 was moved by Mrs. Zalewski-Wildzunas and seconded by Mr. Chapman. After discussion, Resolution 860-13 was approved.

6.   Series 2014B Bond (Taxable) Resolution: Resolution 861-13 — Eleventh Supplemental Bond Resolution

Resolution 861-13 authorized the issuance of up to $7,653,000 in taxable bonds. Taxable bond proceeds may be used for undertaking activities previously approved by the Board including, the Lower State Street Renewal initiative, acquisition of the YMCA at 13 State Street, and Metroplex parking investments. The bond will be amortized over a 19-year period.  Resolution 861-13 was moved by Mrs. Zalewski-Wildzunas and seconded by Ms. Jordan and approved.

 7.   2014 Bond Issuance: Resolution 862-13 — Authorization for Sale of Bonds

As with all prior Authority bond issuances, Resolution 862-13 authorized the Chair to review and approve a negotiated sale of the bonds, which is consistent with the Authority’s policy on the Sale and Reporting of Bonds and Notes. This type of sale is common with revenue-bond offerings and allows the underwriter to educate investors about Metroplex and secure low, competitive interest rates. Mr. Capovani moved Resolution 862-13; seconded by Ms. Jordan. After brief discussion, Resolution 862-13 was approved.

8.    Glenville Project: Resolution 863-13 — SEQRA

With Metroplex acting as lead agency, its staff conducted a coordinated review of the project pursuant to SEQRA, after determining the project to be characterized as a Type I Action. The project involved site development on a 13-acre parcel in Glenville and the construction of a 151,550 square foot facility by Scotia Industrial Park, Inc. The project is expected to create 180 jobs. Resolution 863-13 determined that the project will have no significant effect on the environment. Mr. Capovani moved Resolution 863-13; seconded by Mrs. Zalewski-Wildzunas. Following discussion, Resolution 863-13 was approved.

9.    Glenville Project: Resolution 864-13 — Adopt the General Project Plan

The 151,550 square foot warehouse and office facility will serve as a regional logistics and repair center for a national company.  The project site, formerly the Burgess Tank Farm, is owned by an affiliated entity of the Galesi Group, which will build and lease the land and building. The project will create 180 jobs in the first three years. The resolution authorizes a sales tax exempt during construction. Resolution 864-13 was moved by Mr. Capovani; seconded by Mrs. Zalewski-Wildzunas. After discussion, Resolution 864-13 was approved unanimously.

10.    Public Comment:  None

11.   Board Comment:  None

12.   Adjournment: Mrs. Zalewski-Wildzunas moved to adjourn, seconded by Mr. Golub. The meeting was adjourned at 8:30 a.m.

Respectfully submitted,

Jayme Lahut
Executive Director