Troy Industrial Development Authority - Regular Meeting

We have a light crowd today or of board members, but we're going to get through it. We have I'm calling to order the Troy Industrial Development Authority Board of Directory meeting July 25th, 2025. Uh we are going to start with uh the approval of some minutes that we have not been able to get through. Um we're only going to be able to do the February and April due to attendances. So, let's start with the Feb February 21st, 2025 meeting. Do we have a motion to approve the minutes or any questions or comments otherwise? Oh, then it's not.

No, I was not intend May. So, now let's Well, I can do May, but I can't do April. Uh, then can we do April? I thought I I think I went through the the people that were present at the last wasn't enough. Yeah, then we can't do May. I don't hear.

Okay. Have a lot at the next meeting. We got rid of all them at the LDC meeting this morning. It felt really good. So, it'll happen uh when it's not vacation time. Okay. On to new business. We have the initial authorized solution for the Troy uh music hub LLC website. to help. Yeah. And uh we have packets of information in front of us. We're going to start by uh getting a I believe presentation right today. Um that is your presentation, but John going is joining us from the strategic call.

Okay. Uh John, would you like to like while we have the packets in front of us, would you like to walk us through it or was there anything you'd like to say or present on? I will uh yeah I would just like to say uh thank you uh for for hearing this and um I actually I don't think I can see the presentation but I I know what you what you have in front of you. Um I will tell you that the project is uh well underway. We're about 40% complete now and we're looking to uh begin programming in the music hall uh in December with final completion of the project uh around the 1st of February in in 26. Uh things are going very well and um we're excited to get this get this going because it's a important project for Troy Wler County and uh will be a great contributor to the economic uh development and life of of the city as we in we plan to bring an additional probably 20,000 people into downtown Troy with a significant economic impact uh for our for our local community. Um the the project itself is kind of is composed of two significant components. One of which is reactivating the vacant bank space uh which has been unused since approximately 2012. uh and we'll turn that into a community event space as well as a uh educational resource for our own and others uh educational programs and uh for community events, fundraisers, other nonprofits and small performances. It will complement the mission and activities of the Troy Savings Bank Music Hall. Um,

the other piece of the project which is significant is that we will bring air conditioning into the music hall itself which will allow for year-round programming. Again, uh allowing us to bring more folks into the community, expanding our presence and uh really bring more more entertainment into the into the uh into the area. So, uh two big benefits we think for for the community. This is an architect. Thank you for uh putting this together and putting this in front of us. We'll leave it to the board for any questions. I'm going to start with one question I have is at one point I saw concepts of the new This is me just trying to get insider info. There's the like a new marquee on the front or like new awning kind of restored. At one point there was one. Is that part of the plan?

That is not part of the design now. Um uh when we had originally proposed that uh to the ZBA um there was some question about that and frankly uh for budgetary reasons uh we've taken that out of the project. It may be added back. We may want to revisit that down the road but that is not part of the project currently. I thought yeah it was it was ambitious. That's why I was curious. Um Stacy is also here from T. I apologize. We have it in person or we have a a virtual.

While we have them here for this initial resolution, do any board member questions or comments to review anything?

Can you explain the uh developer fee? Yeah, the develop part of our financing is through uh the sale of historic tax credits which is a uh you have a um a description of that um in your in the application but it it creates a fairly complex structure uh because as a nonprofit we can't take advantage of tax credits but we can uh make those available to an investor who we have already been in contact with. Well, have they been in we've made an agreement with um and there is a developer fee that is part of that um deal. Um there we've had to create a couple of LLC's in order to pass those credits through to this investor so they can take advantage of those credits, but that accounts for close to $5 million of the uh cost of uh developing the project. So that developer fee is in some ways really just a book entry. Um it it it's not really an exchange of funds.

So there's no money coming out of the financing or funding for this. Is that what you're saying? The developer fee is on both sides of the equation. It's both income and expense. Um, but the income comes from the sale of the tax credits and that's the 5 million that John was referring to. Who's uh who's who's underwriting the bond? Who's giving you the bond? Who's underwriting the bond? That may not be necessary. No,

it's just a tax credit equity investment where the an investor will come in and have an interest in the real estate for a period of time sufficient for them to acrue the the equity that they put into the project. The historical tax credits will come to that investor for about a seven-year period. Um so that cash that they put up front is returned to them over time. So this structure really places a leaseold inside the not forprofits building for a sufficient period of time for them to deliver the tax credits to the private side. So what they're asking the IDA to do in in the quickest shortest summary is to provide a pilot agreement for that period of time that looks like a not for profofit because it's a not for-p profofit structure that's been historically exempt but when you put in that lease hold with a private investor it technically triggers taxes. So what they're asking for is a stabilization pilot to avoid that unnecessary and unintended consequence of taxes on the music hall. We did something very similar for the American theater. I think you're on the board where there was kind of a standby pilot put together. That project still stalled. It hasn't hasn't moved forward with Proctors yet. The

Right. Right. Okay. Um the United uh I forget the name of it. UPY or the United Preservation Hall, Universal Preservation Hall in Saratoga has a very similar structure. That's how they renovated that building on a historic basis. And the Saratoga IDA did a similar standby pilot for that project. So that's what they're asking us to do. The pilot ultimately that we provide isn't going to look much like what we typically do with an abatement that grows. Yeah. This is just kind of a standby. And the other bit of benefit that the IDA can bring to bear is the sales tax benefit, right? and then the mortgage tax. If they're going to put a a protective mortgage for the equity investment, we can exempt that that small tax as well. So, that's kind of the big picture here. It's it's an anomaly,

but it's a short-term probably a seven-year pilot that we're talking about that just allows them to to let the tax credits flow to their investor. And that'll be a next month thing. We'll bring all those details back once we model it like you typically see. It'll it'll look different, but you'll have all the details. Okay. Who is the investor? Enhance Capital. Are they local? They're based out of Louisiana. They're national, too. They they have many offices around the country.

Do they typically is this the type of is this like one of the main sectors that they do is for music? Like is that you need tax credits? Not. Oh, got it. One other question I had at the beginning of Mr. Ebomb, is that how you pronounce that, sir? Elbomb. Elbomb. Uh, you mentioned that there would be x amount of outside people coming into the region, enhancing our our revenues. But on your application, it says the project likely to attract a significant amount of visitors. and the applications check. No.

Yeah, that that question just for IDA purposes. When you do a retail project and it's IDAS can do retail but only under very limited circumstances. There's three. Is it a tourism destination which means bringing people from outside the region? Is it a unique service? Is it the only music hall or entertainment venue in Troy? And it's not. Uh there's other other things. And then if it's in a highly distressed area and what that means is is it uh in a census track that has unemployment and poverty rates that are low enough or is it uh in a in a% um in this particular case I I think the way that they've answered the questions

is that the majority of the visitors to the music hall are within our economic development region. They don't bring in a significant number from you know outside of New York State. It's really Capital District and and surrounding area. Um it's not a unique service, but when you hit the third one that allows you to do retail, it's in a former Empire zone property that it was zoned at one point as a tax incentive district. So that allows us to say, "Hey, we have one of the three boxes checked." So the reason why they said no on that one is I think based on statistics and visitor trips and zip codes that they're able to pull out of probably Eventbrite or wherever, right? um they don't hit the you know they're not pulling people in from Pennsylvania or Vermont or at least not significantly. It's more like absorbing within the district. So to answer your question that's probably why they said no on that one. But as long as they are in the Empire zone we can move forward and help them out with the project.

Okay. Thank you. Yep. I mean that's an interesting point that like with these improvements, do you like is there like the work that's going to be done in like the former bank space is the expectation that it's going to be like the same crowd of people or if more I mean you'll have more events like it'd be interesting to see like how that changes over time. It will be interesting. Um I think it will serve um a lot more children than we are currently able to serve. Um, but I think to your point, it will primarily be folks from from the region. As long as there's room for the Super 400, uh, it's cool to do some stuff there, too. Lori is awesome.

Yeah. um your work you said you guys are 40% complete but that's the is that including the air conditioning everything or Wow that's crazy that's a lot we got to catch up um interesting who did you uh who did you get your construction loan through

Mnt Bank Anyone else have anything or do we want to put this out so we can schedule a uh public hearing and get to the next uh the meeting for the for everything? So, what would be on the table is the initial excuse me authorizing resolution to approve the application for the Troy Music Hub LLC. Uh and yeah, so do we have a motion for that or any more question? I so move. All in favor? I I.

No opposed. But we do have a few absences, but that uh passes. So great. We'll see you guys again soon. Thank you very much. Thank you. Thanks. And they will update this with the minute with the uh Yeah. Do you guys do you have a way to send that packet to me as a PDF? Yeah, just put it in. I can put it on. Yeah. Um great. Thank you.

And we have that concludes new business. We have no old business, but we are going to move right into the financials with Matt. Our [Applause] report is detailed on position as of June 30th. We have total assets of 1,215,467 with 1,131,252 of that in cash. We have total liability of $6,77 to a fund balance of $1,29,3. There's been no significant changes to the table decision. And lastly, we have the activity for the month of June of $237. Our uh only source of income was our monthly interest earnings and our largest expenses were for our audit fees. So, what's up with 625 7th Avenue?

That a late fee that just hasn't caught up yet or is that what it is? Yeah, cuz it's out there for like 90 60 to 90 days. The only outstanding AR is late fees. Okay. For all the pilots collected and distributed. Okay. We have a motion or any other questions or otherwise do we have a motion to approve the monthly financial statement? I have a motion. A second. All in favor? I just um I got a question about the uh the cash balances. Justin, you were looking whatever this What's the New York? Yeah.

Uh what was the Oh, the New York class. Yeah. the the the feedback on that is the when IDAs participate in the program, it's largely contingent on their parent municipalities heading up an account. Um so we've started an initial discussion the controller is brand new for the city and he's digging in. Okay. Uh and probably looking at some of the same things and how to save more on fund balance, which is a good idea. if they're uh going to set up an account and I think they're going to look at that and and look at cash management at the city level that would allow us to have a drop down account where we can park as much as we want and get that four or 5% okay savings amount

yeah for the board members that aren't that were so we uh Albert Stephanie Justin myself started uh just kind of putting that out for how can we get more return on this cash and that organization was been around for 37 for the state of New York uh specifically to to handle uh like government organization cash and you don't have to like you can access those funds at any time they're going to incrrew interest so you don't have to like park half the cash to get for whatever it is now it's they publish all the stuff online but uh we don't have that as an agenda item because it's just it needs to be like we have to get an account set up through Troy which may be which is outside of this department like we can't just like we could move what are we with pioneered money to MT money to I I believe we could move it to another bank but this is something that would be

the way they set it up it's the freedom they have for being able to like just constantly acrew the interest on it is interesting how they do it as a service it's a not for profofit that's set up by municipalities through an intermunicipal agreement that's the way that they're able to do it um we're not a municipality so we can't join that intermunicipal agreement for a poolled savings account basically is what it is. Um, but if Troy does, the city does, we could follow on and be kind of a subsidiary account with that. And that's where a few of my other clients are IDA clients are in that system. It's because

their parent municipality is the village of Portchester is in. So that IDA is in and a few other clients uh are are doing it the same way. So, we started or at least set up a flare saying, "Hey, look at this, you know, and I think the controller is getting his feet, you know, his feet under him right now." And it might be something that he brings to it'll be something that would go through the council as well for Sue's purposes just as as a head ahead on their their financial reports and cash management is something we can do by the end of the year perhaps. I hope so. Okay. All right. Uh, and it's New York

class.org. [Music] I don't remember. Just if you Google New York class, but just it's interesting. Um, yeah, it seems like the type of thing that a lot of smaller like specifically fire districts like really small districts use it too up to like larger ones. So, we'll see if we can get some progress on that. Uh, that's financials. Are we into adjournment? Yeah. Wants to make a motion. So, move second. All in favor?

Okay. and into Okay, I'm going to call to order the Troy Capital Resource Corporation Board Recctors meeting. Oh, thank you again for coming in. Thank you. Um it is July 25th, 2025. We are going to start again by skipping the approval of minutes. Uh we'll get these eventually and we're going to go into new business. the uh grant request for $25,000 from CCIA. Uh which I don't remember what that abbreviation is for. Contemporary circus. I knew that. I knew that part, but what's the IA part? Contemporary Circus and Immersive Arts.

We're actually rebranding this year. So, we're the big top group now. We just got our DBA. So, Got it. Okay. Would you like to do a quick uh overview presentation for us? We have funded this previous year, the past two years, right? Yeah, I believe so. Yeah, last year you gave us a grant of 15,000.

Um, this year, you know, we have significantly invested in our administrative capacity. The organization has historically kind of focused on planning three to four months out and we're trying to move to a model where we have a long range plan. Um, so this is the phase that we're in is really finding grants and fundraising to sustain our programs in a more long-term fashion, developing those relationships and expanding our footprint. Um, and working more with local and regional performers and artists and, you know, cultivating their interest and support in the circus arts. Um, I think some of you are probably familiar with Circus in the Park that we've ran for the last, this will be the sixth year we're running it. Um, we've significantly scaled back this year in order to focus on our long range planning. The, um, organization has historically lost about 20 to 30,000 a year over budget on the um, circus in the park program. It's a significant um, program. you know, it takes a lot of invest a lot of funding to run that program. Well, um and um we want to be able to um you know, expand our footprints throughout the capital district and continue our programming. Um, so we're just kind of looking to

I'm Did you guys need me to bring anything up from the agenda that was online? There was a packet in there.

I'm definitely like I think this is a great thing to support. I'm the only thing is the change from 15 to 25k. We kind of outlined I think this I want to say this is the end of the year the beginning of the year we outlined kind of our spread for uh com financial commitments on this board for let's say a threeyear 3 years out we're getting we're just diminishing down so I don't have a problem with with any number anyone puts in front of it just we just reality is like we were we had put this in for 15k for this year so the request is um like we assumed that this would be something you guys came in front of us for um so I but just I'm just reminding the board that that doesn't uh so we knowing that um and then knowing the request like you're talking about this being 10k more is part of that just that just because of that event being overbudget each year the main contributing factor but also you know we're trying to do more programming throughout the year so typically we've programmed only in the summer, right? That's our like kind of focus. All our funding was going to one large event in the summer program in Prospect Park. This last year, we ran um spring circus week um at Mount Ida um which was a week of camp and then a community a performance that was open to the community. Um and Mount Ida has, you know, asked us to partner again. They're trying to develop their performing arts program and be a performing arts venue as well. Um so Michael Easterbrook and um Brad Lewis who are involved with that um you know they've asked us to work with them to develop like a local program that would perform regularly at Mount Ida. So instead of historically

we've contracted out um like we bring in performing arts troops from all over. We contract local performers to kind of fill in in roaming, you know, capacities. Um, but we also bring in performance troops. Um, but we want to cultivate more of a local pool of talent, cultivate, you know, those relationships and help performing artists here um, in the circus arts, maybe form their own troops and have more opportunity to um, for mentorship um, and developing their own artistic vision so that they could be a troop that travels or can perform in other places. And so, you know, there's opportunity here to kind of incubate that that talent. So, we're looking to do that. We become more involved in um you know, the community engagement event. Um we've participated in Troy Night Out um at the farmers market. Um you know, that's Troy specific. We've also, you know, been doing more to expand our footprint in Albany um reach more of those constituents. Um and you know, we're just trying to program throughout the year, have a more robust program that's consistent and that we can grow each year because, you know, the organization's been through a number of changes of of leadership. I don't know if you know like kind of the trajectory of the organization a little bit. Um, but we're trying to um, again, I'm working close the board. We're working on planning three years out so that we can have consistent programming and develop more long-term relationships with our funders. Um, a lot of the conversations I have with funders of who are you guys, who are you? Um, you know, and it takes time to to incubate and and grow those relationships. Um, so we're

kind of like in this formative stage where we're rebranding and we're trying to develop a consistent set of programs with more art. We engaged um the art centers um of the capital district to do programming there. So

it's a lot more stuff than what we pushed this for last year. So there's definitely more I mean, you know, we're not going to do this year. We're not doing the circus in the park that you've always seen with the tent. There's a number of things that have changed with that. Um, the tent was being stored at CD Perry um and at no cost and that relationship reached its limit. Um, so so the people with the tent has, you know, that own the tent had to move that. So, you know, there's these changing relationships and we're trying to see where we fit in within. So, what do we look like as an organization that, you know, we We use um TAP has donated their offices as office space and address um but we don't have a dedicated space. So we you know we have to partner with these other organizations and develop these these relationships. Um so that's just kind of where we are in this transitional phase of strategic planning developing these long more long range outlook um and applying for grants at a national level that would allow us to prevent you know the performing arts are not an inexpensive endeavor. So, you know, bringing a performing arts troop um minimum is, you know, the artist like $10,000 $15,000. A full production artist fees, they're asking for $33,000. So, it takes a lot of fundraising, a lot of capacity building. We have to build up um our support and expand our our board capacity as well to to fundraise in a more significant way to you know build these programs and sustain them over the long term.

You're probably speaking Alex's language is trappies hardest for you. Oh, yeah. Well, if we stay within budget, there might be an opportunity to do a tenative year-over-year like a pledge for next year. We do have I think RPI may have a refinancing need in the next six months before year end which would kind of refill the the coffers a little bit and allow us to be a little bit more aggressive next year. But yeah, just a thinking ahead. Yeah, I think if there's if you're looking for like a three-year outlay and last year were 15, you're looking for 25 this year. Like one thing, I'm again I'm not saying we won't vote for 25 or anything, but just as an example, if we were putting

20 this year, then next year we could raise it, you know, to like we could backload it essentially if that's something and that might help you account for that. I can't obviously nothing can be promised for that. A long-term pledge to lay it out over multiple years helps out with planning. So if we were to devel you know if that was the proposal or the offer to us to support us as we grow in terms of like our administrative capacity has to grow.

Yeah I think our I think our expectation is to see you guys here for something and yeah so just to put out to the board like that's that the request is 25. Do we how do we feel about adding that much or do we want to split the difference or go back to the 15 that we kind of all assumed that we'd be looking at for this? Is that within budget this year? I know we did one earlier this year. Do we have any commitments against our budget already or we did this one this year already? Uh not this one, but I think was it the Powers Park music? So, we just need to look at the big picture and see what you got for capacity. If it was 15, did we do how much did we do for Powers Park? Anybody five

five? Okay. So, in terms of our budgeted amount of of grant, you know, there's 10 left. And if you want to use that up with this approval and then think about sustaining that, you know, for a few years pending a receipt of uh some more revenues in the in the next 12 months. That's something to think about. Yeah. Just staying within your bounds so you have operating revenue. The challenge being this board has to kind of keep two or three years of of its total budget. Oh, I was thinking that we had 10k left in our budget for the year. I thought we had more than that, but I guess not. Yeah. Uh I do you have the uh the financial report in terms of what we have budgeted for I think we just did another one for um that tech gravity.

Yes, we did that. Yeah. Within the last couple of weeks. Yeah. Then the NIP program and uh the power spark concert. Those are our three that we've done so far. So that's was the farmers market last year. I don't remember. I wish I could. was a farmers market last year. Yes. Okay. And so was the Charles which was a one time. Okay. That was a large amount. Oh, wait. The farmers market might have been earlier this year. The artwork that I'm pretty sure the artwork was. H.

So, it sounds like we don't have enough information ready in front of us other than we knowing we have 10K left in our like that there's not that there's no cash after that. That's just what we wanted to be conservative with. So, we could put that out there for this just to be safe and then revisit that for the next meeting or what's your timeline to think about? Yeah. What's your timeline like if we I don't want to have to have you guys wait, but is there a way you guys come back next month? I mean,

if that's the decision of the board, I mean, ideally, you know, obviously we like a decision sooner, but if you need to more time and you want us to come back um in August, would you want a new ask that is like over the course of three years or I'm not sure a lower amount? You know, I thought we add a be budgeted at an amount that grants. I thought we put uh like what was it 50 or 60k annual? Matt, did you note any of that on the financials like how much was applied for the grant? This wasn't like a formal like Matt track it thing. Kind of a previous meeting. We were talking about

what we were spending for like 2024 2023 and what we should be looking at with our remaining funds for like without anything new coming in necessarily. So do you off top of your head you like is there a way to pull what we Yeah. I mean I just don't feel unfortunately I don't feel prepared for that right now for anything other than knowing that we have 10 available. So, we can wait, get that information in front of everyone, have the board review. We can prove more funding if necessary. But like the minimum, like the most we might be able, even if you come back, the most we might be able to do is like what we're kind of on track to spend, which is 10 um for everything.

What do you guys think? Yeah, I think we need more information. Yeah, we're just unfortunately we I feel like I'm not the I'm not prepared. Not necessarily the board. I'm not prepared with with this and I'm just asking for a little more time on that unfortunately. Um if that's okay with you guys. We can get you something. We just don't know exactly how much. But I wouldn't change necessarily the request or do any work on that. Oh, don't change the Okay. Yeah. Keep it right where you need more information from us. I don't to help make a decision or no. Um I don't think we need do you want it over the course of doing No, this is more information for us like on our internally we need we need to do some

number crunching. Yeah, I understand. And we'll um if you know depending on the attendance next time someone might have some questions. Uh so if you want to I don't want to have to ask you to Yeah. If you if just because there we're missing three people that would be you know possibly here in that meeting because this is also a rescheduled meeting from last week. So if it's in a month I mean do you want to see a trajectory of what you know three year I mean what does it look like the next two years out if that's you know are you carrying a negative balance right now? No we're not. What are you carrying for a balance right now? Our balance is 27,000. Right. Do you have any programming coming up soon that you need money for?

Yes. I mean, we are doing a we're supporting um there's a traveling circus troop that's coming through on the Hudson River and Erie Canal. Um and so they have asked us to support them um with outreach and and um running the event. Um and then there's also we're doing the Prospect Park event in early September. Um, so we were hoping to get the funding before those events to kind of cushion us and be able to plan for these Mount Ida events. They asked us to do some programming um, this fall. We talked to a local performer, Sean Fagan, um, who runs circus theatrics um, and he is going he wanted to put together a series of auditions and a performance um, to for the public um, that would take place in November

in so I think you know the funding would help us continue usually we scale back like it's almost like in you know we have this big circus in the event and then it's almost dormant through fall and winter and then it's like oh we have the event in the spring. Um, so we're trying to, you know, sustain ourselves and that's why we're asking for the city support in at this time to help us get to a point where we can we have the organizational capacity to, you know, again fund raise and offer programming throughout the year.

And D, all our usual suspects have come through for last year, right? I'm not I'm not missing anything. neighborhood improvement. Farmers Market did the mural program. We had the the Tech Valley event and uh the Powers Park. So, I mean, I I don't have a problem. There's two things going on here. We have You're asking for more than what we have budgeted

and we need to do a better job at at tracking that and just having that for each meeting like where each one is at. But we I wouldn't have a problem putting the 10 we have left towards this. I just that's all we can do right now if we were to do that. And but we still need to like do better at tracking this. Uh it's just because it sometimes you go months without updates in this. That's why it's just flown under. I guess I'm confused at what you're what are you talking about tracking and why do we have 10,000? We specifically talked about having we have a budget with a certain amount of grant every year. Yeah. We got to keep an eye on that, right? Yeah. Yeah. So, okay, as we talked, it shrinks the available pool as we have rolling commitments.

Then we actually talked about scaling those commitments back because we just don't have it because last year we spent over like what we normally would. Yeah. Without closing on a new RPI bond issuance or a new not for-p profofit bond was like maybe they restructured that. Our our cash is, you know, is only a finite amount is Yeah. doesn't uh grow on trees. be nice if it did. So, what we're doing is just looking at our annual budget and just seeing where things fit and the way that things generally happen on a rolling basis in a calendar year, we get periodic requests and just keeping an eye on what you've allocated over time is is kind of where we're trying to adjust that

really at a point where if you want it now, it's going to be less. I think I think I think that's where I think year Yeah. Yeah, right. It might not be more next month, but um so but if we waited till next month, could it be that we talk about a multiple year commitment because that would really help in our planning

being able to project out a bit and that's like what we were able to do at the Troy Savings Bank Foundation. They gave us the offer to apply for a certain amount of money this year or apply for um a two-year reoccurring grant at 5,000. So, um, we went for the longer range and that meant putting off our programming, right? Because the funding would come through in the fall and winter.

Honestly, I'm not a So, having in my time on this board, I'm not aware of that being a thing, but I actually like that concept because we are sitting here talking about recurring things and we could also just outreach to the other people that, you know, the three other organizations that have been here in the last three years that I've been on it that and do the same thing. like if you're out late for next year, plan to be this much or more because we've set a budget that isn't escalating with that. Um, so I personally I'd prefer to wait. I just don't want you to walk away without anything, but that's homework that I can make sure I spend my time on.

Well, I mean, I think it's good to have the verbal commitment. At least I can go back to the board and say that, you know, our our um application was wellreceived and we're just looking at the scope of what's possible and developing a more longterm plan with us, which we're all in favor of to to be able to do that. So, um, we'd appreciate the city's support in in being able to

So, like my thought process is when you when you get into those multi-year agreements, then P park wants a multi-year agreement and then Farmers Market wants multi-year and on and on it goes. And then pretty soon, you're locked into a specific population of folks that we give grant money to and nobody else can get in. You're not committing. It's like it's just a you're not giving part of me that's your expectation, right? Like you want to hear you're going to get x amount of dollars. Like we would be able to say in our budget like we don't know if we're getting this money or we are. We would say it's, you know, 75% guarantee or 50% so that when we're planning our programs, we can

Yeah, I understand what you're saying, but what is your perception of a multi-year agreement that you're going to get $15,000 every year over three years? I mean, if that's what you committed to, then I mean, if we had to say we would reapply, I mean, I think that's, you know, I mean, I don't know. I think last year when we came, we said you can apply again next year. Um, so if it's just that we have to report and apply again, I think it's up to you guys what you're comfortable with and um, you know, or if it's like you have a policy where it's like, oh, you can't apply again for two years after those three years, you expect us to, you know,

the level of independence. But I just think we need to be um, what's coming in versus what's going out. So, we don't know what's coming in. So, you know, I agree. I think that's starting point revenue. Yeah. Yeah. I like I don't know if RPI's refund. I don't know. But, you know, they've they've done some preliminary outreach. They're looking at one right now, but Oh, really? Maybe that could occur by the end of this year, but it's all market driven. The Fed and you know, who knows? Everyone's kind of We have one with Russell Sage. Uh not anything current in the books, but they're restructuring with Albany Pharmacy might bring something about. Okay.

So I don't know if that's their next step is kind of looking at their debt portfolio and maybe there's an opportunity. So in our budget we submitted 4439 for grants donation. That was the budget. Yes. And what are we at at the spend? Matt, do you have that on the financials by any chance? Uh, June 30th, 500. I don't know if we check in July. This is July. Wait, what?

I don't know. I only have numbers through June. So, I don't know if we Oh, we did July. Park. Yeah, we did. Yeah. Yeah. Yeah. And that was five. Five. So the most we're looking at is 26 out of 44. Yeah. So still say like the I think we need we need to look at more carefully. Okay. I would move that we if we have to have a motion that we uh revisit this next month.

Okay. Yeah. Um, we can't come back with anything other than this application for this one thing right now. We have to we have more to discuss if we can do a multi-year thing. Anything else? That's going to be part of our discussion. But our request is yes, this was received. Well, yes, we have funding for you guys. We were expect expecting less than this uh in the request just looking at last year's request for the circus and uh we'll ask you guys to come back with the application and we'll uh review this ourselves too. Um yeah, so there's no item to vote on for this one this meeting. Uh so that's new business and we'll see you guys again soon. There's no old business for this. And we have the statement of financial position from Matt. Let's review that. First state position as of June 30th. We had total assets of greater $13,447 with $98,447 in cash. We total liabilities of $17,67 which left us with a fund balance of $295,839. There's no significant changes to the statement of financial position. Lastly, we have the statement activity for the month of June. We ran a deficit of $17,317.39. Our most significant source of revenue is our monthly interest and our largest expenses were in our grants. any questions other than what we just talked about for reviewing everything for next month. Uh is it

Yeah. And we'll just do that via email or if I have any I'll try to Matt today on that and get it for the next meeting to review. Uh do we have a motion to approve the financial statements for this one? So moved. Second. All in favor? I I. No opposing and just our normal absences. And now on to adjournment. So move