Troy Industrial Development Authority - Regular Meeting

great thanks me double check that it's working and that they're sound I don't have a heart attack and know for still waiting for Ryan that would turn anything okay no worries we'll start um going to call to order the Troy Industrial Development Authority uh board meeting it is January 17 2025 it's 10:06 a.m. we are going to start today with the public hearing uh for the hendrik Hudson uh building LLC project 200 Broadway uh conversion and we are going to uh open the floor for this uh we had to do this a month ago but we back at it I don't see any Zoom attendees anyone on a call so if anyone is here uh the floor is yours they would like to speak we'll just hold for a minute seconds I don't know if anyone is here for that last call okay um that's pretty quick but I'm getting the impression no one's here for this so the uh public hearing portion of the uh HRI hudon LLC project is closed and we're going to move on to item number two we have minutes from two meetings we need to approve um December 6 2024 and December 20th let's start with December 6th um if there are any adjustments or questions or comments State them now otherwise do we have a motion to approve the December 6th minutes so move thank you sue second second all in favor hi I oppos and we just have Ryan absent and on to the December 20th same thing any questions comments or adjustments

otherwise uh do we have a motion to approve the December 20th minutes so moved second a second stanie all in favor okay and no oppose and just right abson that's that on to Randy with the executive director's report okay so as part of that report do I do a presentation on the proposed pilot or is that a separate agenda item uh within uh the new business when the motion's called we can go through okay financial assistance just in terms of the executive director's report um I just wanted to uh let the board know that we've gotten some applications four of them for uh sales tax exemption extensions um and was there to approve those exension and those that's for the Casablanca uh Troy uh red tail Troy City station North and King Landing 2 is that something we are voting for this meeting Randy under the documents has the ability as executive director to provide extensions of time ministerially so it's just an update for now all the projects seem to be moving along yeah uh then you know just a quick update update I on the form router thing uh is uh still we're almost to contract so that we can get them on board and get them started will hopefully lead to

some uh improvements in the process and uh so Justin as soon as you and I can make that happen yeah put that back on the top of the list yeah I don't think there is anything else I okay well on to your next item in new business we're going to bring open the hendri Hudson building LLC authorizing resolution but Randy wants to start out with some comments yeah so uh this what was in in the packet was the you know proposed uh cost benefit analysis to the proposed pilot that I'm that's being recommended for approval today you know a couple points I uh want to make uh you know this this particular pilot is a an amendment to an existing pilot as proposed uh where we would um you know be basically just U revising the abatement schedule based upon the uh additional Investments that are going to be made and uh that's you know in putting this pilot together I I listen closely to the folks from bonaco in terms of their objectives I I listen closely to the board uh and um what some of their concerns were and came up with uh an approach which I hope uh everybody finds acceptable you'll see that uh the the cost benefit analysis looks a little different than than it has in the past and and that's uh simply because I

uh wanted to apply a little bit of my uh Economic Development experience from the state uh where we looked at the return on investment in slightly different terms than than it looks it appears uh this board and organization has been looking at it where you know we kind of just look at well what percentage of the project uh represent is representative of our assistance but return on investment can be looked at in a couple of different ways from the from the perspective of the public sector so in this case you know looking at the total project cost which is the basically the the private investment in comparison to what assistance we're providing and look at that you know that private investment to public cost ratio um so I sort of added that into the valuation or or at least um as as part of the kind of what gets disclosed is in these projects and and then there there's two ways to look at that you look at simply total private investment to what financial assistance we're providing that provides a ratio in this case for this segment of the project that's a four to 4:1 ratio uh which is you know basically $4 of a private investment for every dollar of assistance that is being suggested here uh another another measure is to look at total private investment plus the wages of any net new jobs that would be

created and and looking at those wages over the whole term of a pilot agreement so if you create a job at an average salaries of $50,000 a year for 10 years that's $500,000 I mean that is you know that's uh the these projects if they bring jobs into the community there there's an expectation that people are living here working here spending some of that money here so that's always been part of a measure when looking at you know sort of again the the private investment uh to public cost and then I also just added uh uh the when you add in total public assistance in this case you look at historic tax credits as well then you can look at um that ratio um from that perspective as well obviously you bring in more Public Assistance the ratio goes down so I wanted to highlight those things and when I put this uh when this first got uh published or not published but posted uh you know I I'd only looked at it in terms of uh this this segment of the project and and as you can see the the ratios are you know 4: one basically return on investment uh but I then you know quickly this morning and hopefully I got these numbers correct um I looked at the whole project over the course of from when it started and if you look at it over the whole 15 years uh both actual benefits and estimated benefits compared to the actual private investment um then the ratio a lot

better it's a it's it's 7:1 versus 4:1 and I I think in in this case since we are just amending an existing pilot um that's that's a valid way to look at this so with that said where do we open we have the uh project authorizing resolution uh as part of the agenda um there's any other discussion could be moved with a second and then board discussion through so before we bring the authorizing resolution to the table there questions or comments from the board if not they don't have the resolution FR of me but the so then I'll bring up that we're looking at the project authorizing resolution um for the Hendrick Hudson building LLC uh that looking to approve it are we uh we have a motion to approve um or should we go a roll call route after uh well you look for a motion move it and then uh and if there's a discussion after it's moved um yeah no some thank you sue do we have a second I'll second thank you Albert uh all in favor Hi I hi hi and any opposed and we just have Ryan n and

that's it so the motion uh or the resolution passes um that's all thank you thanks for coming on to City Staffing feene I can uh get your background uh each year uh and historically the the Ida and the city have an arrangement where um um because the city staff uh through Randy da and other support staff uh provide um support and Staffing services to the Ida the Ida pays a proportion uh of their uh payroll and and benefit costs to the city each year I think it's been sized at 125,000 annually for the past couple of years um as part of you know annual review and and look back in January is uh we process that payment uh to the city uh to help them with their their carrying costs so that's the item um we had I think a good year with administrative fee generation so it's we're still in the black if you will uh for carrying those costs so that's the item I don't know if anybody has any questions um I know the agreement historically is listed each of the staff of the city uh that um provide uh support to the Ida and I think there's a proportion of their FTE and amount amount of time spent in terms of how they're allocated between General planning staff work for the city and the Ida so there's a Nexus in terms of how the payment is sized and do we have to track time at all or no I I I think it's just generally understood and I forget the percentage I think DA's got a percentage

of her her daily um allocated Ida as along with your position and and other folks that support the Ida so I think it's more of an update and uh I don't know if the agreement has been updated if D I don't if you have a sense of it uh actually was due in December so like it we're supposed to pay it by the end of each year and it just got lost in the shuffle I think so okay each year we just redate it and sign it yeah between the mayor and and the chair so we might just want to document that and um I guess for posterity sake if we want to do a just a quick roll call to approve the expend piure it would be a 2024 expense and within 60 days yeah it's looked in December already as a payable so yeah we just hav quick question has the city um ever asked for more money it was 75,000 for a while and then it went to 100,000 for a while and now it's at 125 so it's it's moved so it's an annual agreement yep didn't it increase two years ago it was within the last couple of years it went to 125 yeah I think it might have blipped up to 150 for a while and then was adjusted if I have to look back into but it was the city asking not the Ida offering that's what I'm well it's been a mutual discussion for decades at this point yeah um just as because the Ida relies on City staff and under the Ida statute it specifically allows that and any time that's spent by City staff on Ida things is actually okay with the state retirement system it's a little bit of a Nuance if you spend on LDC things it's technically not retirement qualified uh so we document it on the Ida side is that going is this something that will come up in the CRC meeting as well no it just the Ida has a formal right

yeah um then I guess if we need to we're just approving it for the 2024 expenses so we have a motion to approve the $125,000 uh City stopping fee for 2024 second all in favor Justin can I ask you a question about this deal this this 49,000 444 administrative fee we get that at the closing y oh okay yeah those are collected at the at the closing and this one seems like it would be March April okay I'm guessing I think part of the conversations we've had with them and the Chicken and the Egg problem is them getting a firm financing commitment with the pilot somewhat understood right um so if they're going to advance to their lender in the next few weeks I'd imagine we're within a month or two of of getting to a closing it's usually 60-ish days out of commitment to get into a closing they already own it so this the real estate stuff is not going to be a compated the next item is everyone should have two forms if you don't have them uh get them before you leave and try to fill them out just back to name today unless you are vly opposed to any of the uh fiduciary duties and responsibilities if you want to discuss it and uh the anonymous uh evaluation for performance and if you need it if you don't have these uh they're here we're going to lock the door before everyone leaves if you don't feel us that uh anyway on to Old business which we have none of uh and into uh financials financial statements all right so our first report is the statement financial position as

of December 31st we had total assets of 1,1 15, 389 with $933,000 that cash we have total liabilities of $10,718 $5 4,628 as previously discussed the liability is mainly because of the annual stat Fe 125,000 and our last report is the St of activity uh for the month of December we had a deficit of $188,400 63 our most significant source of Revenue in our application fees and our largest expense again was the annual admin fee to see what is 21st century media [Applause] record yeah do you know do you know what the interest rate is on this um this this bank account we had it readjusted I want to say end of 23 early 24 I don't know the exact percentage of off the top of my head but I can get back to you on [Applause] okay I mean cuz that number is getting bigger I just yeah no I can definitely say we're getting more interest than what we were oh yeah year ago yeah yeah they were holding us at yeah like point something something yeah yeah oh by the way we're offering 4% like eight months to tell it yeah yeah and there was a discussion at one point about chopping that around cuz we can definitely get like the rate that they have wasn't like the highest competitive but it was the whole that's a lot of money be sitting in an account you know just and that was the thing we

were supposed to spend it down because I I wanted to lock it up right yeah well you can ladder CDs or or do some some savings strategies but generally with that much much fund balance we're starting to pay for that administrative fee we just approved right it's starting to instead of relying on administrative fee income generally the savings is starting to carry some of the the ongoing cost which is good I'm just seeing an interest rate starting to creep up you know on this CD side so I just yeah the bond Market's weird right now we have a motion to approve the financial statements I make a motion second second Stephanie [Applause] fav on to adjournment who'd like to take it so move thank you s got a second second all in favor I I okay on to CRC [Applause] one down pass it around table oh okayy don't go away on the executive oh should jug I don't I'm not going to let me see three make sure if we have enough people just another agenda yeah we do

okay good yeah good um okay so we're going to call to order the uh Troy capital resource Corporation board of directors meeting it's January 17th 2025 10 7 a.m. we are going to start with the approval of the minutes from the November 1st uh board meeting uh Alex you were not here so everyone except Alex if you have uh comments or changes or anything like that uh up otherwise do we have a motion to approve the minutes we move do we have a second second all in favor I I no opposed and we just have ran and absent and Alex has tostain great on to the executive director's report technically with the a yeah I just don't know what to report yeah if there's nothing she might have something that anything that I don't have anything other than I don't have a good story to tell so oh okay well you could do that yeah this is new bus I mean this is I guess could be new old or executive director report but tap has sent a note saying thank you for our generosity uh makes us POS it makes it possible for us to empower Marin Community strengthen the physical and social fabric of their neighborhoods through our services uh our 75 $100 uh donation made a significant difference and the value of goods and services received associated with your gift is $60 per person they brought us a packet of information or something I believe that we can there's enough of them to pass out I will leave it's like a yearbook of yeah take them on your way out that way um if you if you would like one and they're over there they're slippery apparently

um on to new business we have a funding request from the Troy Waterfront farmers market that uh turn around in the minutes and you should see in your packet they are asking [Music] for 75 $3,500 and are you oh just you're here thank you uh we have no one here from the market then I think he said he was going to be here right I told them not to come too early because I thought the other meeting was going to run a little long so I was wrong be here in minute oh okay we can there's not really much for us else to go over we can skip to financials and come give them a second to come back but I think everyone's familiar with that has been on the board for a while with the process they uh do a good presentation every year um but uh I'll leave that for him if he gets here so let's Circle back to that give him a few more minutes and there is's no old business so let's move on to uh the financial [Applause] statement all right our statement financial position as of December 31st we had total assets of $28,750 with 111,000 $316 of that in cash we had total liabilities of $583 which leaves us with a fund balance of $22,800 there's no significant changes to the statement of financial position for the month of [Applause] December and lastly we have the statement of activity for the month of

December we had a surplus of $2,199 all our most significant source of Revenue with ad fees and our largest expense is our monthly accounting fees any questions or comments or do we have a uh motion to approve the statement of financial position uh where was where's the admin fee coming from that was a uh fee we received from RPI oh okay yeah there's a either two or three bond series outstanding and they pay certain amount per bond series each year $1,500 and there's three series outstanding okay helps we have to report to the state the amount of bonds things like that so it helps pay for the accounting isue I'll make a motion to approve thank you Albert we have a second I'll second thank Stephanie all in favor no POS just right um I mean I'm going to break into it with going back to the market request I'm just going to highlight the request for funds um the second paragraph and there request the Troy Farmers Market is requesting $3,500 from the CRC for funding towards the mural project if anyone isn't familiar with that they've been um beautifying the space um they did this also in the lansingberg store I don't know if they did this uh any other years in the atrium this is the first year they're doing it in the atrium um this money would allow them to hire an additional 10 artists and to rent a lift um they uh and it's essentially just that $3,500 um for this project um if we don't vote on it now Winner's going to be over sooner and it'll be outside so I don't know if this is this will be an

ongoing not really an ongoing thing um do we have a motion to approve or any questions or comments or do we want to push it out until they can come here and present any any thoughts on that I'd rather hear a little bit more about it like how long are they committed to being in the atrium if it's just a onee thing then what's the point yeah I don't think we can assume more than a year just for safety sake just assume no more than a year or two who knows but they've been in there for how long I mean they've been in the atrium for a while couple years yeah but I mean but we no like there uh the glass could break in the ceiling like just you don't know like there's just there you know like like what main you know what I mean like they could nice job a truck could drive through it I don't know like I I would assume it's an an It would be this year like I I don't think it would be something that lasts longer if it does great but I mean but it's already January yeah that's time gets done yeah that's why it's they've got four three more months would they go outside in May right yeah yeah I think it's May yeah I think they're looking for the additional funing because their response was so great that they had so many people out wanting to do work that they were trying to add more and just build up space but yeah we really don't know how long they're going to be there and the way things around here I feel like they'll be more than a year but I mean historically when they've come to us for other request it hasn't been something like is this temporary I don't think and I think we're all Price Shopper yeah that was one year yeah we're all friends of the market I think we'd love to support but we did also discuss you know tightening our budget this year so I'm understandable if no one wants to uh motion this forward but um but the the

Price Chopper was just to clean up that clean that up wasn't it wasn't to beautify it in any way I mean but if we're not motioning this forward do we need to vote on it either way or no well maybe give them a few more minutes I mean I I don't want to I mean I don't know his number you're advocating for this do you have his phone number I have it written down somewhere but I don't have it on my phone oh yeah I don't typically attend the Indoor Farmers Market does anyone here do that every now I mean is there anything in there I just might sound a little off but it's not meant to is there anything in there that's driving business away where it's rough Atri kind of embarrassing looking I haven't been in there since but amount of people that come through here for here since a long time ago since de oh no in rough shape yeah I mean CVS closed several months I mean it's just empty yeah yeah so it's the floor is yours okay hi how are you I'll walk right in hey how's it going just let a Mur outst in there this morning so uh Steve R manager of the Troy Waterford Farmers Market what we're trying to do right now is enliven our market with the mural project uh we did this once before with the Heth of some city funding in the in the price choer during Co and it was a great success we raised quite a bit of extra money and uh had 36 artists there so this time we've uh decided given the change of ownership in the atrium that the surrounding buildings that they're very willing to entertain this so we're sort of beautifying The Atrium right now and I've got we put money in of ourselves

five five artists and we've raised another thousand doll from local companies and the people who shop at the market to get another four artists in place so we thought let's see if this is something you guys might want to the money out and continue beautification effort Hest to all local they're not your main stay high price mural artist that charge 10 to $15,000 a mural although we have a couple of them working for 500 bucks so what we're up to I show you pictures go on our Instagram you'll see a lot of them you so the ones that have already been done you have up on Instagram yeah okay you'll see there's a couple I posted one yesterday on Market site of someone who's uh painting a it's pretty cool actually it's a big basket and got little tiny people passing product into the basket is it somewhere else other than Instagram I don't have Instagram am I the only one uh it's out there I think it's on Facebook as well it's on Facebook as well we're going to put we're going to put it on our website as well and we have a featured it on our website so there's a there's a giant carrot that's uh that's coming down from the ceiling on one of the columns that's really pretty cool pained by a archit a guy who works for a local Architecture Firm so um we also have uh got some people coming in on Saturday and Sunday from Troy High School the Troy High Club school art Club is coming in and there's about 20 art art students coming in and with their art teacher and painting a massive mural right in the center of the market as you walk in and we also will have probably School 16 and school two coming in you mentioned that the the $3,500 is for to go towards a lift in 10 artists but is there a specific reason $3,500 was chosen no just figured that that would give us you know we would be able to get another five artists hopefully

you know that would help us raise another some money from out there in the customers when they match the city that was just that's the number I pulled out the air the the lift is costing at 780 790 maybe 800 bucks um they didn't they didn't donate it like they did last year but they uh they uh are giving us a discount on that and we'll actually get that lift for four weeks so that's a company out of water Le okay do you sign an annual lease with the U yeah we do it yeah and so the plan is that we will um you know we obviously we're sort of in discussions with the city about the future of the market see how that works um and but we're working very closely with the current owners um in terms of preserving that space in the common area of the atrium and around the corner into what was the Department of Labor and looking at getting uh um we're talking about a fiveyear lease with them right now to to get that space under safeguard for the Market's future given we don't know how long it will take to build whatever we build if we build we'll see how that goes look at Randy you you look at me You' be surprised if I'm still here just saying Steve you're not going to leave us now are you because we got a build dis buity I'm like you kidding me need a Coburn market for but uh no so the the idea is that the the the murals will stay the the current owner is you know was committed to keeping them in place unless we make some alterations so but it's uh I mean the murals we did in price chopp are still there no one's been and seen them since we left you know in that build still there but yeah so that's kind of what we're up to right now I think it's been very well received by uh the the the customers they like to see something happening there look a little better than it did before and the uh we've had a lot of the we got three

muralists actually painting during the market on Saturday so lot of interaction with the customers local scene so it's pretty good and the timeline for the indoor market is uh what is like November November through April through April right and April and you know we're trying to wrap this up sort of with the bulk of the painting being in uh January and February so we hired a local artist with our own funding to be the coordinator she's turning out to we're partnering with the art center in their Community closet which they have a closet under the stairs full of paint with varing colors descriptions and poity and whatever we get at the end of it goes back into it we got some stuff from Brian s Sage painting and hoping to get Hatchet to to come into us again so pass to know as well it's kind of that well back to it is there a motion to approve the $3,500 or an alternative um as someone can suggest a lower amount or halfway through so half the amount or is anybody comfortable one way or the other putting something forward I I like the idea of it because now that You' presented it'll be an attraction that might bring more people than would normally be there and I think that's a positive for downtown because definitely the market makes Saturday mornings a lot a lot more lively yeah that's the goal is really to uh you know if people come in and watch it look at it they may come to the market just to see the murals and we might we're thinking about doing some sort of like open houses you know in the evening to with the office and the impact it has on the

local businesses too it's huge it's huge yeah definitely I'll make a motion to approve it I'll second all in favor I Brian absent motion passes so you got your $3500 excellent you toate your check on the way out I don't think it works that way I got [Laughter] um all right thank and thank you for making it right I'll see you later um that's that's everything because we covered the financial statements so do we have a motion to adjourn motion do we have a second second all in favor