Troy Capital Resource Corporation - Regular Meeting

Oh, sure, yeah, I'll get that.

Sure, yeah, I'll get that. Okay.

Perfect.

All right, public meeting of the order. We will start with approval of minutes from July 17th board meeting. I don't remember who was here. I thought everybody was here. Yeah, I think everybody except for Albert. All right. Do we have a motion? Motion. All right. Second? Second. All right. All in favor? Aye. All right. Approved. All right. Moving us on to the executive director's report. Take it away. Good morning, everyone.

Morning. Glasses on. So I'm going to talk about just a couple of management issues and then talk about the Bella Vita project, which I can talk about generally in open session, but there are some discussions about the financials that we'll need to go into executive session to talk about. So generally on management issues, I wanted to... I wanted to point out to everyone and I don't know if this stuff got handed around, but just. The most recent comptroller report came out on performance. And I just wanted to bring that to everyone's attention because. You know these are audits that the state comptroller does. Every year of IDA's. Our turn will come up. And I'm hoping that. Over the next several months. We can make sure that we're. Well prepared for any such audit. And the reason I wanted to highlight some of the. Audits that were done is and provided to you is that it's illustrates the kind of issues that the comptroller is looking at, and they range from, you know, the uniform tax exemption policy to, you know, monitoring projects, performance measures, holding projects accountable to billing issues. So it covers the gamut, and like I said, want to be as prepared as possible for that when it comes up. Which leads me to the next thing I wanted to talk just to update everyone on is that. If you recall from past meetings, I said I was doing some work on developing a database for. For the. For us to manage all of our projects. It's a project that I'm. Not a database expert and really had to develop this database with the help of copilot. and I was successful. Congratulations. I was able to create a database that has almost all of our project information in it and was able to program it so that it can generate bills, calculate and generate bills, and the A longer term objective is to refine it so that we can in a much more. Timely and professional manner, not that we haven't been timely and professional, but you know, use this tool to to to improve the process so that we're we're always getting the bills out in advance of their due dates. And we'll be able to. uh be confident that the the billing is done correctly without having to check each and every calculation and then you know just the the mere fact that you have all the information in the database allows you to do program analytics which we may find to be useful on a going forward basis as we consider perhaps updating our UTEP and start evaluating projects and perhaps benchmarking.

Did you name this database?

Did I name it? It's the Randy Coburn Retirement Memorial. Randy 1.0.

And when we talk about it in the future, we'll know.

I'll think about that, you know, a name for it. Yeah. And so the final thing I wanted to say on management is that I think it really is time that I shift some of my attention to our uniform tax exemption policy. And it's time for us to look at that, take a harder look at that, and consider updates to it. But I would like to solicit some volunteers to participate as a subcommittee on that. Okay, we've got Mike and Greg. Okay. So, any questions? On the Bella Vita project, if you recall, there was, we've had some previous discussions about that project in terms of the financials, most of which, because it is about the financials of the project, we can't talk about in open meeting, and we will go into executive session, but there are some updates I can share. Victoria Storrs to do a much more thorough analysis on this project, given its size and impact. She's provided a preliminary analysis based upon some preliminary information that we had from the project. And she looks at all sort of a lot of the traditional stuff that we look at when we evaluate a project. But she goes two, three steps further in a much more sophisticated manner in terms of looking at the projects, particularly the fiscal benefit cost of the project, where she's able to, using her information sources and an economic model that she has, to be able to look specifically at what the fiscal benefit to cost is. In other words, how much revenue is actually being brought in to the city and the school district compared to what is being abated in the pilot agreement. And the good news is that her analysis is showing that over the term of any potential pilot agreement, that's a positive ratio. You wouldn't want, obviously, a negative ratio. So that's the good news. The sort of iffy news still is what is that pilot schedule going to look like, and at what point during the schedule do we really break even from from that fiscal impact perspective. And that's what still needs to be ironed out. Nonetheless, using Victoria's analysis and our more traditional analysis, we did put an offer forward that was going to be a 20-year pilot. Had prior discussions with Mike, Stephanie and Albert prior to putting that for putting that forth. It was going to have first year two years of full abatement. Fiscal break even would have been at year seven and. You know, again, in terms of comparing to how we normally look at these where we just look at the project cost to the financial assistance, 3.5 ratio, you know, of total project cost of financial assistance, which is, you know, that's in line with past projects that we've done. Nonetheless, the Valente team felt that they wanted something a little more aggressive than that. They pointed to some past projects that we've done. You know, so on. I've said you know the past is the past. This is now. But nonetheless, they're going to come back to us with a counter proposal that that we will. Consider and I will share with everyone. Will share with everyone on the Finance Committee because process wise, that's kind of how I do things is. Go to the committee. get their approval to share it with the project and then come back to the full board for making a final decision. So that's where we're at. Kind of the ball is in their court to come back to us with a counter proposal that we will consider. We'll do that in cooperation with Victoria because Victoria will have some now have more information upon which to do her final analysis, and we'll see where we're at.

Do we have a sense of timeline?

Well, we were hoping to actually have it on today's agenda, but that didn't happen because I think the Volante team understands what our process is and how we have to time things, make sure we get public hearing notices out in time. So they need to get back to us fairly soon if they want to get on the September agenda. Thank you.

Is that it? all right uh we will thank you randy uh we will move on to new business uh we have a supplemental project authorization for 433 river street uh justin or randy yeah sure uh you may recall january of this year uh the board authorized the application of this building's pilot agreement

As part of that, the IDA also provided a sales tax benefit for, I believe, a five-year period for continued tenant improvement and building stabilization. At the time, the application described largely tenant interior improvements for the building itself. In speaking with the First Columbia team and Kevin Prunty here, along with some other staff, The project that they have in the immediate sense for building improvement also includes the parking lot paving and restriping. And as you may, city folks and board members may be familiar, the outside of the building, the facade itself is always a project and they anticipate undertaking some facade improvements and exterior things along with the parking lot. When we adopted the resolution in January and then closed on the documents, it all kind of described a project that was interior, So in light of and in support of their desire to make things better on the outside, too, there's no regulatory implications. There's no more financial assistance they're going to stay with in budget. We just have a resolution today that modifies the project description to pick up the facade and the parking and some exterior stuff. So when we file sales tax forms with the state of New York, they're consistent. There isn't an audit finding or an issue there. TODAY IS MOSTLY A CLEANUP ITEM, JUST TO ADD THOSE EXTERIOR IMPROVEMENTS TO THE DEFINITION OF PROJECT. WE'LL BE ABLE TO DOCUMENT THAT AND ALLOW THEM TO USE THE SALES TAX BENEFITS ON THE OUTSIDE OF THE BUILDING AS MUCH AS THEY NEED TO. OKAY.

SO IT DOESN'T CHANGE THE NUMBERS AT ALL?

NO, THE BUDGET STAYS THE SAME. THEY HAD THE BUDGET ASSUMPTIONS, I THINK, BUT THE APPLICATION JUST DIDN'T SAY PAVEMENT. IT DIDN'T SAY FACADES, SO NOW WE'RE KIND OF CATCHING UP WITH THAT A LITTLE BIT.

So, will it be retro?

It hasn't started yet. So, after today, the new sales tax forms will be attached to the parking lot or attached to the facade.

I just asked because I noticed it looks like the parking lot is going to be done. I don't know. Okay. And then... Just out of curiosity, what exterior work were you planning? Because you were doing work last year. I'm just curious.

I can speak to that. I'm Joe Pistola with the FCP. We've been rehabbing the facade that we looked at in the last couple of years. There's cracks and it hasn't been repaired. We have leaks coming in from the outside into the building. We have a strong rain. So we've been rehabilitating the facades and all the cracks. Chipping out the crash hydraulic cement there and then. In painting, so it's a. Project this year, we're working on the Southwest side.

Okay.

That is that's an important piece.

Like you just said, yeah, thank you.

Bad rain. Yeah, that's not an easy fix. So I've got a couple of tenants where we have a strong rain. It's leaking and I can't, it's not an easy patch inside. It has to be from the outside. So it's a pretty robust project.

This is, like I said, all included in the project question that we had last year.

For the improvements to the parking lot, is it going to be the same group of people who are parking there? That's just restriping what exists?

OK, great, thank you.

Any additional questions for the board? All right, do we have a motion?

I move.

Second? Second. All right, all in favor? Aye. Opposed? Thank you. All right. Do we have any old business?

. . . . . . . . .

All right, so our 1st court is the same kind of position as it provides a reverse with total assets of 1,027,049 dollars. With 1,240,135 dollars cash, we have full liabilities of 8,674 dollars, which is left with a 1 balance of 1,018,075 dollars. There's no significant changes to the month of July. AND LASTLY, WE HAVE THE STATE OF ACTIVITY. FOR THE MONTH OF JULY, WE GRANTED DEFICITS OF $9,039. OUR RESOURCE OF RESIDUALS ARE MONTHLY, INTERNING AT ALL OUR DISPENSES AND OUR PROFESSIONAL SERVICES. THANK YOU, MA'AM. ANY QUESTIONS FROM THE BOARD? um are we is in our house if you were 91 days over are they making a plan there okay thank you cool all right do we have a motion to approve the financials all right

Second.

All in favor? Aye. Passes. Thank you. Do you want to make a motion to go into executive session? So moved. Second. All in favor? Aye. Perfect.

Will you be rejoining? Will there be much to be on this after?

We have CRC. I don't think we have much on the CRC.

Valetti location right there. All right.

There's enough complaints about them barreling through South Troy anyway. Do we have a motion to adjourn the IDEA? So moved. Second. Second. All right. All in favor? Aye. Perfect. All right. Let me grab the PRC. Do we have PRC?

I don't see it.

Where did I put it?

On the blue chair. Is that them?

I'll pull it up on my laptop. That's what I remember.

I think it's under here.

OR BECAUSE OF THE...

THE CRC, OR THE RPI CLIMATE, YEAH. LITERALLY TWO PAGES, YEAH. THE TOP AGENDA AND FINANCIAL RESOURCES.

ALL RIGHT, SO OPEN UP THE CRC. WE NEED TO APPROVE MINUTES FROM THE JUNE 26TH MEETING. DO WE HAVE A MOTION? I'LL MAKE A MOTION.

ALL RIGHT, DO WE HAVE A SECOND? SECOND.

ALL RIGHT, ALL IN FAVOR? AYE. AYE. AYE. Randy, do you have any new business?

I don't think we do have any new business, do we?

Nope. Old business based on previous projects.

It is. I have to take no pride in authorship here. There's a couple of past projects that we funded that wanted to give an update on. And I'm just going to read this great prose that Danae put together. So the Charles Now project, it's at the point of production and installation. The website associated with the project is undergoing its final edits, and the plaque markers are in production. So that's all good news. Kathy Sheehan has been working alongside them for this portion of the project. They will be installing freestanding stanchions and plaques about a foot from the curb in the city right away. They have information on them along with a QR code, taking them to the website hosted by Hart-Klewitt and working with HRC and the city engineer to give them the final specs. So that's a great update. The mural at the ironwork, By the way, I visited the ironworks several weeks ago. It was a great experience. But Susan said the mural will be done this month and will share photos, PowerPoint with the board once complete. They will be hosting a lawn party to celebrate the completion and will also share that information.

I think they have an unveiling coming up. Yeah, on September 10th, at 4 o'clock, they're going to unveil the mural, if anyone's interested.

All right, moving, was that all for full distance?

That's all.

All right. All right. As of July 31st, we had total assets of $431,779, with $216,779 of that in cash. We had $0 in liabilities, which left us with a fund balance of $431,779. Lastly, we have the share of activity. THE MONTH OF JULY, WE RENTED UP TO $9,887. OUR ONLY SOURCE OF REVENUE WAS OUR MONTHLY INTEREST EARNINGS, AND OUR LARGEST EXPENSE WAS THE GRANTED YWTA. ANY QUESTIONS? ALL RIGHT. MOTION TO APPROVE. SO MOVED TO

Second.

Second. All right. All in favor? Aye. Perfect. All right. And that is it for CRC. Do we have a motion to adjourn? Motion. Second. All right. All in favor? Aye. That works.