Troy Industrial Development Authority - Regular Meeting

Okay. Uh call to order the Troy Industrial Development Authority board uh board of directors meeting. It is October 17th, 2025. We're going to start with the approval of the minutes from uh September 26th. Do we have any uh we do not have them printed out in our packet, but otherwise do we have any uh questions or comments we review with the packet that was sent out via email or do we have a motion to approve? Make the motion. Second. All in favor? Hi. Hi. Hi. I wasn't here. So, uh, yeah, right. Can we not Oh, there's other people. Okay. Well, we might have to table that. We were just caught up.

We both did it last time. We're going to have to do at the end of the year again. That was a brain slip. Sorry. Uh, okay. On to uh well, we have no new business. We have no old business. We are just really meeting today to go over the uh financials and budget. So while before we go into that though, are there any other forward questions or comments on anything uh that you can think of before blowing past that you come to the meeting with? Otherwise, we'll jump right into the financials. Anyone see? Okay, report that. our our first fourth statement financial position. As of September 30th, we have total assets of $1,912,59 with $1,183,483 of that in cash. We had total liabilities of $650,127, which left us with a fund balance of $1,261,931. Uh there's no significant changes to the statement of financial position. And lastly, we have the statement of activity for the month of September when we ran a debt of $265. Our most significant source of revenue was our monthly interest earnings and our largest expenses were in our sponsorships for Chowderfest in March of October. Yeah, the receivable thing is pretty good number.

So that's all pilot bills that have gone out. They have we've received a handful. I don't know. I don't know about my So what about the the uh the dinosaur and theic hospitality? have your posting in the ve I don't think we got those back yet we received the two from the LDC that we had but another hospitality questions because it was they had their 2% right sure

and another fee added in there so they were asking that about it before they issued their payment well we we have them on the uh on the page right we have So, we got AJ. Oh, [clears throat] nothing. Never mind. Sea stationation east, south, and west. Oh, wow. That's a lot of it. Dinosaur. Who's a hospitality? Is a Which one's a hospitality? Is that the Hilton? Oh, yeah. And yeah. So, you you've been talking to them, so they Yes. Okay. All right.

What's the 35 for the LBC? Uh that's for uh elot connections. Got it. I'm just trying to learn a little bit here. What's that process like? If they don't have the check in on time, what's day day one look like? phone call or a letter like, "Yeah, you were supposed to have this payment in on this date and you missed it or Yeah, we usually try and reach out to them because we are in contact with them a lot of times. Um, check and see if the if it's on its way, if there's a problem, sometimes they've sent it in and it's gotten absorbed on the other side because they get the mail

and they just see IDA check and they send it through. So, we that happens sometimes. Um, when it gets past a certain point, then we usually start to um engage Justin and they'll if it gets to further then they do like a demand letter to let them know that they have to pay it because we have to pass it on to the schools and the the other taxing jurisdictions within 30 days. So, you know, we get late fees, we charge them for the late fees and pass it on off. We do start packing late fees on. Can you confirm when the late fees are assessed? Is it

so depending on the pilot? Um, some of them I believe it's written in there's a 15-day grace period. So, usually like the first of like the next month is a first believe the first late fee is always 5% of the pilot and then the subsequent late fees after that is 1% of the total balance owed. at least two for 30 days. Um they're not will they be assessed to fee if we didn't receive them? Yeah, I think we had um a couple of them went out late because we were calculating them. We wanted to make sure it was accurate. So there was a slight delay a couple of them.

But when you send it out, so you have a due date. So you have a due date of whenever it's sent out. So then if it's beyond so then the plate fee would still apply. I mean some of them we sent out right before it was due, right? So we're not saying like you have 24 hours. Well, no. I'm saying so if so you sent it out late. So let's say it was supposed to go out let's say October 1st but you sent it out October 10th. So you're giving them let's say to November 10th to pay it or whatever due date you put on that bill and then 15 days from that date is when the late fee

generally most of the pilots have a fixed date where they're due and we make it clear that whether or not we send a bill it's due. They can do math on their end too. Um, and if it's not paid on that due date, most of the pilots in the last 10 15 years say that the 5%'s due immediately. Um, and every month after that, uh, there's an additional 1% that's cumulative until paid. And importantly, the IDA doesn't keep these fees. Uh, the the penalties or the interest. They they have to go out uh to the city, county, and school prata when when you do get the funds.

That's good to know. So, it's similar to like a regular tax bill going out. It says, you know, this, you know, sent as a courtesy. You know, when your bill is due, if it's paid after this date, this is the amount. That's right. Okay. So, those are the ones that are calculated because they obviously aren't going to know what's due, but they did reach out and ask for their bill. So, so just to be clear, what's the what's the story with who's at hospitality

uh with them? So part of their pilot is fixed a majority of it, but then we also had to get 2% of whatever their gross receipts were for the prior year. And then there was some back and forth cuz I think before they just sent an email being like this is what our revenue, but I wanted a actual financial statement being like no. So did they give you any information you wanted? Okay. And that subsequent bill went out. Okay. So Dinosaur, what's their what's their deal? I haven't talked to them. I can reach out to them. Yeah, I think

they always they always I feel like they fall they get the bill then they ask us for the backup how we calculated it. So we sent that to them and then they said they're sending it through process. Okay. So they'll be assessed to fee then right?

Uh depends. Yeah. I mean the like I said the ones that we calculated they were they don't know what they're supposed to pay until we calculate it and given the past calculations we wanted to make sure it was accurate. So it a couple did go out pretty close to their due date and I don't think it would be fair to hold them responsible [clears throat] for their late fee. We did ask them to turn it around as quick as possible though because they knew that it was coming. It's just that they didn't know how much to pay. Hold on. So, I mean, do you have issues with them? Have you had issues with them in the past? Dinosaur and hospital. Yeah, they're always late. No, Dinosaur is always late. They are because of that demand that they put on with the backup. They're just

They're usually late, aren't they? They're one of our late ones all the time. in late fees will probably go late depending on but has it ever gotten into the past the 5% into like the 1% like that you are they paying like even though it's later they pay within a month or they waiting six just curious no it never never gets that far they might have gotten a 1% every now and then but it's usually the 5% that they pay it oh yeah got it I mean because this hoo number is a pretty good size number I mean yeah this is the first year of their jump in the Oh, usually usually it's just a flat 200,000 for the first like half of their pilot the first year with their 2% of their gross revenue. Oh,

okay. And they had two different people through the chain of cutting the check reach out and ask if it was correct and we had to tell them, "Sorry, yes, this is correct." So, I think they were just also a little shocked about the the amount. I just wanted to make sure it was right. I wonder Yeah. [clears throat] I mean, I wonder if the person that's even doing this was around when they signed up for this, actually. Yeah. The person that I emailed the bill to is the person that was on the application. Yeah. BBL. It's pretty amazing. So, what was that like a 10 year? Like, [clears throat] how long did that seems longer? Yeah. Yeah. Because they've been around since at least 15. We were doing normally 20 years. [clears throat] Oh, yeah.

Yeah. Okay. So, they're in reality phase then. Yes, it's hit officially.

Any other questions for Matt before we go into budget so we can approve the statement of financial position? Otherwise, we have a motion. I make the motion. I'll second. All in favor? I I

just have the normal absences. Okay. Into budget. All right. So from the last meeting working with an A, we put in a project closing fees and application fees into the charges for services based on uh two projects um that we'll receive closing fees for into uh applications. and uh for personal services, you know, just standard um increases. And then for the grants, donations, we put in a number just for like miscellaneous sponsorships or grants that we might do. We already had the for counterfest in Arctober, so if the IDA decides to do more of those next year, just wanted a number in there to make sure we're covered. [clears throat] other than that's uh the same numbers from the prior meeting.

So what's the story about this um municipal um organization that can we can put money the money into? So actually come up with the LBC meeting. So we have to wait until the city of Troy is part of it and then we get a sub account. I know Justin can probably explain it better than I can, but it's I think the hold of it is we're waiting for the city controller to start that process. Oh, so they haven't started it yet. We made a point to emphasize that with Jameus at the last meeting. Okay.

Because this because the LBC would possibly possibly be part of that as well. So, um, and about three meetings ago, uh, we like the the meeting that we have like before that this new person was brought in, like I think it was like that week, uh, we brought it up as like this would be something we've been trying to make it a priority.

Um, I don't know. I can't I've not met that person. I have not spoken to them. All I know is they are involved in what's coming up as the budget approval. And I can imagine we're not going to see anything within a month or two. But what I would like to ask and I will draft a letter copying today and Justin is and Sheamus [clears throat] is I want to know like I want to know this is a priority before the end of the year. We need an answer from them of when they can dedicate the time to this to make the change. And I would think that this isn't something that should take longer than possibly I mean was it too is it too lenient to say like midpoint next year like we've got to have we've got to change this. I think we've been we've been asking as a board for

at this point almost two years of this cycle of reviewing this. So it might be new to the comproller but it's not for us. So I want it to be a a definite like we need them to come meet with us discuss it have some points before I would like that to happen before the end of the year within the first quarter and then have a plan for it for next year if we can do this. I mean a 1% difference in that on that balance is it's a lot of money. Yeah. Yeah. Yeah. It's it's the grant budget or it's not grant but it's the what what do we what we gave to uh Towderfest essentially like it's that or it's the admin fees. It's like it's a lot to cover. So yeah, I I mean I think I figured it looks like it's around 3 and a half% right now. Yeah. Yeah. Okay.

And I wonder what they're like I'm curious what they're up to today. Um if any other questions of the budget, ask those. I'm going to Google that. That's the only thing I Yeah, I'm okay with everything else. That's a good chunk of money sitting around just like you know. Yeah. Any uh if there aren't any further questions, do we have a motion to adopt the 2026 budget? I'll make the motion. I'll second. All in favor? I. Okay. And no opposed. And we just have our absences. Great. Uh on to a German who wants to take it. So move. I'll second. All in favor?

I. Meeting adjourned. Okay. I can't find it, but they they post their rates and like daily. They change them, but they do. And I'm curious what they're last time was around 4% something like that. Yeah.

Um Okay. Into the Troy Capital Resource Corporation Board of Directors meeting October 17th, 2025. We have uh not enough people to approve the minutes. We will move straight uh past new and old business and once again into the financial statements in budget approval for 2026. So that again, this is your meeting. All right, our first report is the statement of financial position. As of September 30th, we had total assets of $295,174 with $80,174 of that in cash. We had liabilities of 15,000 which left us with a fund balance of $280,174. No changes to the statement of financial position for September. And lastly, we have the statement of activity for the month of September. Uh we had a def we ran a deficit of $15,245. Our only revenue source was our bank interest and our largest expense was the uh grant to the Contemporary Circus and Immersive Arts Center. Any questions or comments? We have a motion to approve.

I make the motion. Second. All in favor? I. New York class. That's what it is. Sorry. Okay. And into the budget.

Um I don't believe there were any changes to CRC budget from the last meeting. Uh so big one to note is then the proceeds from issuance of debt. [clears throat] I So we still have the working capital loan from the LTC, excuse me. Uh so I put that in I cut that in half and spread over 2627 just based on whatever the LTC's uh cash budget is at the end of the year. I figure they'll pay something back by the end of 26, but everything else is normal here. The uh expenses, professional services again, just slight increases. Any questions or do we have a motion to approve?

I'll make the motion. All in favor? I turn it away. Alex move. Second. All in favor? Meeting. Yeah. New York class. I always get that wrong. Thanks, guys. Have a good one. Have a great weekend.