Troy Industrial Development Authority - Regular Meeting

Thanks, D. Great. Okay, we have a lot of people out, so I'm going to have to refresh our memory on the minutes of who we have. Uh, we can't vote another actually. There are no minutes for the IDA right now because of that. Okay. So, we're going to call to order the Industrial Development Authority uh board meeting. It is May 30th uh 2:3 a.m. Uh we have myself, Ryan, Sue, Albert, and Kasha here. We are missing Stephanie, Michael, and Alex. Um we are going to start uh with going past the minutes uh from February and April and we'll table those to the next meeting and we're going to start with executive director duties. I'm not really sure to lead this meeting without someone here for that. So is there Justin? Do we have a way to just punch through this? Just get right. Sure. Randy retired. Uh regrets to him. Uh at this point the the city's searching for a new planning commissioner. That role historically has served as the executive director to the IDA. It's always been a balancing act for the planning commissioner to devote time to the IDA and what do they do in terms of balance. So I think the intent was to talk a little bit about you know what the executive director does at this point. You know it, you know, business doesn't stop. We still have the chair and a vice chair to sign documents and contracts and approve general business items. But um you know the advancement of of uh agenda items and projects that not having an executive director leaves us in a little bit of a a gap until a new person's identified and hired. So, I don't know if today there was any thought or any, you know, talking about what the roles are under the bylaws or uh I just wanted to establish like who was going to keep signing for stuff and um make sure we didn't have anything called the press, right? I didn't look at the

bylaws. I probably should have refreshed myself with them, but is there anything that you could think of? was like, "Do we have to appoint anybody as like a temporary?" In the past, there was uh a deputy commissioner like Dylan, you know, was available to step in as an acting executive director while the search was underway. U right now, we're we're okay keeping the keeping the lights on. Um you know, with with Jeff's assistance and and the vice chair's assistance, you know, if we have to reach out and grab a signature or talk about a business issue. At the moment, we don't have any like new applications in. Yeah, we're not in the midst of negotiating a pilot right now, which is good. Um, if I So, there's like for example, there's a a project in South Troy that someone reached out to me about asking like if they are interested, fill out the forms on the website, but that's going to go to I just said it's going to go and get in front of you, right? D helps them with the the application completion process and they come in kind of half done sometimes and you have to do a little bit back and forth just to make sure that all the information is complete. So she can on board applications. It's just when you get into the public hearing process and you're talking about the pilot, which is the hard part, we have a little bit of a gap. So we might Jeff might have to be good cop and I'll be bad cop or we can trade places, I guess. But we can work through it while we're uh while we're still looking for a new commissioner. So, and Sheamus is available too in terms of the administration. If we need kind of a back stop to engage with the developer and that's it. So, if you know anyone who's interested, send them to D today and Justin for the role. Right. Um, and we'll move on to well, we're going to go to new business, which there is nothing for this meeting. Um, so we're going to close that into old business. Same thing. Um, and we're going to go

straight to the financials of Matt. [Applause] Our first report is the statement of financial position. As of April 30th, we have total assets of $947,783. That is $820,451 at cash. We have total liability of $51,795 which left us with a fund balance of $885,988. There's no significant change to the state financial position April. What's uh what's the restricted cash? Um that was a pilot that we received at the end of April. Didn't didn't permit it to whichever jurisdiction in April, but it has been permitted Okay, [Music] there's also a pilot. I believe they wrong in this. They paid their pilot on time, but they paid it to the city. The city cashed the check when we reached out. Found out the city had the check. City sent it back to us. Right. It ended up in their I think uh it said car or city controller still like our old setup and they had it in their stack of checks and it just got automatically deposited. So they cut us a check and which project was this for? 200 the school one pilot maybe I honestly don't remember maybe it was a red burn project okay so this restricted cash it's going to the city it's got to get broken out between the city and the county the idea is to distribute it so we don't hold those monies or keep them

so if they're restricted so they can't get distributed out and this cash uh cash and time deposit Is it in a time deposit or is it in a money market? That's in a money market. That's just the name of the account. Oh, okay. Okay. And what's the receivable? Uh, so that was pilot still open at the end of April. We received most of that. Do you know who it is? Uh off the top of my head, the only one that I know that is still open is King Comached out to them. So I think again similar situation with the city of Detroit. They thought they paid their pilot, but it ended up being another bill that they paid. Yeah, they paid a separate city bill and they I think they thought that started they really shouldn't be paying pilot payments. It's still taxable, I would think, or maybe just barely exist. I think this might be their first one. So I think that was part of the confusion. They thought they already paid a bill. So when they got our pilot bills, they were like, "Oh, we paid this." But I said, "No, that's a different bill." Right. Wait. So I'm trying I'm trying to figure out So the city was collecting the the money in error and depositing the money and not realizing that they weren't supposed to deposit the money. So they had to reverse one deposit and we had to go collect another one. Oh, their treasurer did not or control deputy controller didn't know that they just get stacks of checks and they didn't read it closely enough. It said Troy Industrial Development Authority and they just thought it said city of Troy or something. I I explained the problem because I said we have 30 days to turn it around and get it to each taxing jurisdiction. And because you deposited it in January, we found out about it in March. is late and it you know so the IDA is now responsible for late fees

because the city cashed the check or the city paying the late fee we didn't build okay that case is a bit of a billing error so I don't think it should be imposed can we send a memo out to every open pilot paying person as a reminder or something do you do follow up like a good idea wait sorry say that Yeah, just send like a memo to every active pilot, even if people have been diligent and good about the process and just like a hey, by the way, I could do that. I did that before and I said please put to my attention just so it would not get routed like a Yeah. Yeah. I know you pro like I'm they're told that I think it might be on the bill. I don't know. We could add it to the bill like please include attention to just my name just so that it ends up on this side. Yeah. rare occurrence like anything that's happened maybe like once or twice in the last five years or something. Yeah. So this King's Common too, this is the one that's going up right now, right? Okay. are we um this is I don't know if this would fall under a a new business thing or financials but we've had conversations obviously uh last three directors have been busy with their own like there's a lot of stuff going on but now that we're in this a little calmer period and it's while they're searching for a director is there any opportunity to revisit the idea of having different banks come in and propose different structures. I think that's something we got to do. That's a lot of money because this has really been something the board has wanted, but when someone comes in for executive director position, it's there's a lot on their plate to pick up on and this might be something that as a board we can advance without like is there is that something that we can do without a director at the moment?

Uh yeah. Yeah, for sure. I mean, you're working with DA and if you want to, you know, spend a little bandwidth and kind of work through the process, that would make sense. Just some some oversight. So, yeah, I'm finding Are you talking about changing banks completely or just for the CDs and stuff like that? Well, cuz Matt, I think anything's on the table. Yeah. Depends on what the best rates are for it. if we can like there might be a system in place like I know that Trusco has worked with like government like like smaller town and government organizations and right now the head of the branch in Troy this is just an example is on the bid and um mentioned to me that there are like there are bank systems where there might be a two-part account where you can still like you don't have to save some cash for payments and bills like you can still acrew some like a decent amount of interest on two different accounts, one for more of your, you know, put out what your annual fees are going to be and you know, there might be a cap. Point being just keeping half of it in cash for safety. I'd rather see all of it acrewing some interest or and look at what different rates might be if we can get to that with this much cash in there and if we can get what was a pioneer back in here to if they can propose anything and then also maybe get like what I don't know I can talk to N about that after but just what the process is for getting different bids on this like what we have to abide by for that. I think Sue last meeting she was going to call around and find out rates. I mean, I was up at um Citizens um I was talking to them. They had a short-term thing for like 4% or something like that, but I was just looking at thinking about short-term CDs like, you know, 90 days. Yeah. 6 months, something like that, you know, in case you needed the money. I mean, the only thing time we really need the money is

at the end of the year to pay the city of Troy. So, um, but I mean I'm putting a little bandwidth on this of my like just while we're it's calmer right now without someone is that an audit and finance committee meeting or is that a governance? Uh, it' be audit and finance if they want to tackle it, you know, work in a subcommittee banks get proposals. Okay. We don't need a um we don't need anything on the table for a vote for approving that search right now. No. So that will pull a date to have a committee meeting if that's So we'll try to have we'll pull I think that's Albert and myself on that meeting and uh Stephanie Yeah. Yeah. So we'll try to you know we'll start email and try to look for something and see if we can get people in for the next meeting. Talk about that. I'd like to see that happen finally. So that's a lot of money man. Um, so it doesn't directly affect your financial report, but it may come into play at some point. So, I want to bring it up now. Thank you. Yeah, once the board makes an approval, at some point they'll direct the CFO to, you know, open up a new account and answer funds or whatever needs to be done to restructure the savings. Um, is that it for financial? Any other questions for Matt while we got them? Or if not, do we have a motion to approve this month's financial statement? Didn't go through the activity. Jeez, thank you. Sorry, I interrupted for the whole thing and did that uh last report save activity for your month of April. We had a deficit of $7,447.74. Our uh our only source of revenue was our interest earnings and our largest expenses was in our accounting fees for the annual audit. I see a nice jump at the June meeting. We've closed three pilots in the last 30

or so days. Oh, really? Yeah. Yeah. So, the 504 Broad Sine Architecture that closed that been an open approval for years. They had issues with uh with Ship Oak and their and their architecture and so forth, but they got through that and closed with uh Pioneer Bank. Um Redburn closed on We just talked about the Sage Building. They're under construction with that. And uh Oh, really? Yeah. Okay. Then last week we finally closed with uh 1818 fifth uh the Rosen Bloom uh development grouper taking down the bank and and putting up a Yeah, I saw that small apartments uh going in there. So that close. So between the three of them is roughly 300,000 in fees that the IDA earned. So the next the June trip report will see that income in so as long as you deposit that check. I mean, there's a lot of activity on both those sites, but I haven't seen anything for the Finny one, but that's going to be a busy a lot of busy work in Troy. Um, okay, back to my jump the gun questions there. Otherwise, we have a motion to uh approve the statement of financial activity. I make the motion. I'll second. All in favor? I uh that passes. We just have again uh Stephanie, Michael, and Alex absent. On to German. Anyone? So move. Sue. Second. All in favor? I into We've got a guest visitor here today. A familiar face for the CRC meeting. Who is that guy? Just kid. We're going to call to order the Troy Capital Resource Corporation Board of Directors meeting May 30th, 2025 to 18 a.m. We're going to start with actually again um we are going to

table the minutes from both February and April uh to the next meeting when we have enough people present. We are going to go into executive director's duties unless there's anything more unique to add for the CRC. It's just a carryover from what we just heard from last meeting. Um, in now into new business, we have the Friends of 112 Street grant request of $5,000 and we have uh just Jim Billy here to uh tell us about the grant request. So, I guess yeah, got a long time. The floor is yours. So the reality is these concerts are doing something that we don't get much out of society anymore. It's bringing neighbors together to talk to neighbors because people don't talk to their neighbors anymore. They don't look down the street or communicate with people. But when we get them in the park and they listen to music, they all loosen up a little bit. They get to meet people around their blocks. They get to meet people from central Troy, South Troy. And it's a great driver to keep people knowing the people around them and keeping our community up. and it helps our businesses. So, I'm hoping that you know, you've been with us for years, you know what it's like, and we're hoping that you'll continue to support us in our drive to keep our community whole. Are you going to sing this year? If you want me to, I will. Do you have a lineup yet? You usually call line up at this meeting. I I set the uh the logistics and I can send I can um on Facebook. You can go to powersport contracts if I bring Facebook up in here. Things in there like that line up. Yeah, there it is. Right. Just go to power park. It's right. It's in there.

I have no idea. I'll probably get flagged for this also. Ginger Jesus is one of them. Yeah, that's the last show. Ginger Jesus. First show is refrigerators. I thought you would I apologize. would have I send this to that you pop it up me like give me your your but is it on your Facebook page? I don't know. No, I No, it's a picture on my phone. I'm just going to send it to you. You want to send him messages? Uh, no. It just You can just read it off. Yeah. All right. Here we go. Enter it into the record. Yeah. Let me get out of this thing. I'm so July 12th, you have the refrigerators. July 19th, we have Tame the Rooster, which is a country band. August 2nd, we have Neon Avenue, which is a Grateful Dead tribute band. On August 9, we have Legacy R&B tribute, a band I don't know much about, but I think that's a friend of Bill Ke, the councilman in District One, and band we had there dropped out, so they moved that band in. Rodney Duke. Rodney. Yeah. Local Troy resident. He's your local. Yeah. Yeah. Longtime Troy resident. Oh, so you know. Okay. See, I I've never heard him, but I can't wait to hear him. um Run for Cover, which is a Rush tribute band on August 16th. And then August 23rd, we close the show with two bands, uh 118 and Ginger Jesus. We'll have a car show and we'll have our veterans night where we do all our funding goes to the veterans groups in our area. Great. Do we have any more questions for our uh guests speaking on this Friends of 112 Street project or do we have a the application of the floor for approval of $5,000 uh for a grant request for this PRA concert series? Do we if there's no

questions and we have a motion to approve this grant request? So move in Russia. All in favor? I I That passes. You've got your funding and Awesome. Thank you. Thanks for coming in. Appreciate it. We appreciate you coming in to tell us about it. Can I ask you to do me a favor, please? Take the time to come on up to the show. See what happens there. You'd be really uh It's really a cool thing. If you let the rain hold off. Yeah. You can get a dry summer. We got lucky last year. Only lost one show, I think. And uh this year I think that get looked on a little. They say it's going to be hotter than ever. So great. We had enough rain. Maybe it drained out the bucket. I don't know. When did they come up and see us? When did they build the stage? That was a few years ago. Like about four years ago. Yeah. Oh, okay. I was just over there. I just saw the stage. I just Oh, yeah. I originally was raising funding for that and the city at the time came in. Madden came in and said, "Hey, look." And Chris Nolan came in and they said, "Look, we'll help you do this." and they they stepped up and helped to build a build a pavilion up there that we needed because we were trying to we were going to do one way or another with the city or without and they stepped up. So, I was very honored that they did that. Does anybody know if there's any bats actually living in that bat tower in the park? It was. I don't think there is a bat tower. I thought that was a bird thing. No, that's a bat tower. Bat tower. I've always wondered that. Like, no, I never I have never in 12 years I've never seen one. This guy's sleeping underneath it, but I really good know. Um, that concludes new business. Uh, we don't have any old business for this meeting. So, we'll go back into the financial news now. So, I'll leave you on that note and say thank you everybody. Really appreciate your your investment in us. Thank you. Our first

position as of April 30th, we had total assets of $318,33 with $13,33 that in cash. Uh we had no liabilities which left us with a fund balance of $318,33. There's no significant changes to the statement financial position. And lastly, we have the statement of activities. For the month of April, we had a deficit of $3,73711. Our only source of revenue is our interest earnings and our largest expenses was in the accounting fees for the audit. Any questions for Matt or do we have a motion to approve? I'll make the motion. No second. All in favor? I. No opposing. Just our normal absentees. And that concludes financials. Motion to adjurnn. Motion. Second. All in favor? I. Meeting adjourns. That was a quick one. Yeah.