Meeting Minutes

October 20, 2010

Present:             Ray Gillen, Brad Lewis, Bob Wall, Patrick Saccocio, Bill Chapman, Bob Mantello, Ed Capovani, Janet Hutchison and Gary McCarthy

Absent:            Sharon Jordan and Gary McCarthy

Others:            Terresa Bakner (Authority Counsel), Jayme Lahut, Jim Callander and 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 August 11, 2010 meeting minutes; seconded by Mr. Wall and approved.    

2.      Treasurer’s Report:  Jayme Lahut reviewed the Income and Operating Expense Report for the period ending September 30, 2010, which was distributed prior to the meeting. He noted that the sales tax revenue remains slightly below budget but higher than last year. The recently deposited sales tax receipts for the third quarter also exceeded the same period from one year ago, so sales tax income appears to be on the rise again. Operating Expenses were below budget. Cash on hand totaled $3,242,119. Mr. Chapman moved acceptance of the Treasurer’s Report; seconded by Mr. Lewis. After brief discussion, the Treasurer’s Report was accepted.

3.      K-Mart Plaza Engineering Relocation Project (Glenville):  Resolution 669-10 — SEQRA Lead Agency Designation

The resolution kicks off the state-mandated environmental review process by seeking lead agency designation with respect to the demolition of the former K-Mart and Albany Public Market on Saratoga Road in Glenville, construction of a 134,000 square foot building by a national retailer with an attached 29,550 square foot building, two or more pad sites for future development. The project requires a coordinated SEQRA review that may include traffic issues, economic impacts and cumulative and growth inducing impacts. Mr. Capovani moved Resolution 669-10; seconded by Mr. Mantello. Mr. Gillen emphasized the project removes blight, adds tax base and is a high priority economic development project for the Town. Following discussion, Resolution 669-10 was unanimously approved.

4.   M/E Engineering Relocation Project:  Resolution 670-10 — Adopt the General Project Plan

M/E Engineering, P.C. is relocating to downtown Schenectady by leasing 11,800 square feet on the fourth floor of Center City bringing 30 high paying jobs with an additional 20 more by 2015. Metroplex participation involves a $100,000 grant for relocation expenses including moving costs, rent/or parking expenses and tenant improvements to be paid out over three years. The project is considered a Type II Action under SEQRA. Mr. Golub moved Resolution 670-10; seconded by Mr. Lewis. Discussion followed about the transformation of Center City. Resolution 670-10 was unanimously approved.

5.   Northeast Parent and Child Project:  Resolution 671-10 — Adopt the General Project Plan

Northeast Parent and Child Society, located at 530 Franklin Street, is renovating the entire first floor of its agency headquarters to house its new Career Development Center, which will assist at-risk youth with gaining needed skills, finding and maintaining well-paying jobs. Schenectady County secured a $750,000 grant from the Governor’s Office of Small Cities to help finance the project. Metroplex participation involves a mortgage recording tax exemption resulting in a project savings of about $9,375. Mr. Wall moved Resolution 671-10; seconded by Mr. Saccocio.  Following brief discussion, Resolution 671-10 was unanimously approved.         

6.   Argo Turboserve Corporation Retention Project:  Resolution 672-10 — Amend the General Project Plan

Argo Turboserve Corporation seeks to amend its application by reducing its equipment purchases to $500,000 and substantially increasing its inventory to adjust to the high growth mode within its nuclear division. Market conditions are driving ATC to deploy its capital toward purchasing more inventory, which has doubled in the past year, leaving less capital for equipment purchases. Seven new jobs have been created since its move to 588 Broadway in August with another 5 positions to be filled. The company expects to purchase its equipment over three years. Mr. Golub moved Resolution 672-10; seconded by Mr. Lewis, and approved (Mr. Saccocio abstained).

7.  Jay Street Lighting Project (Phase 2): Resolution 673-10 — Adopt the General Project Plan

Metroplex completed Phase I of the lighting project in 2009, which included installation of LED light bulbs in 20 streetlights, uplighting to highlight the architectural distinctiveness of Jay Street buildings and brightening the alleyways with lighted trellises. Phase 2 involves erecting two LED lighted business directory signs on pedestrian Jay Street supporting the retailers and service businesses on Jay Street. The budget is $90,000 for sign fabrication, light fixtures, electrical installation, repairing pavers and project oversight.  Mr. Lewis moved Resolution 673-10; seconded by Mr. Golub. Resolution 673-10 was unanimously approved.

8.  Operating Policies and Procedures:  Resolution 674-10 — Amend Cash Management and Investment Policy (Designation of Depositaries)

Resolution 674-10 re-adopts the Authority’s practices and policies in connection with general cash management and investment. A modest change in the Investment Policy adds NBT Bank as an authorized depository of Metroplex funds and eliminates Solomon Smith Barney (now known as Morgan Stanley Smith Barney) and M&T Bank.  NBT recently opened a branch in downtown Schenectady. Mr. Mantello moved Resolution 674-10; seconded by Mr. Capovani and approved.

9.  Public Comment:  None

10. Board Comment:  The next meeting is scheduled for November 17th.

11. Adjournment: Mr. Golub moved to adjourn; seconded by Mr. Wall.  The meeting was adjourned at 6:30 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director