Troy Industrial Development Authority - Regular Meeting

Thank you, D. Okay. And do we have Justin or was he on the phone? Uh, can I have a link for this meeting? Probably hop on. We were you'll see some connection issues. So yeah, we had to call him in on the last one. I'll I'm heard from him. Okay.

Hey. Hey Justin. Does this work for you being on the phone or do you want to do you want to try again on Zoom or I'll jump on the Zoom again right now and uh if we can't Yeah, if we can't I'm just going to keep you on mute and if we can't hear you then I'll just unmute you on my phone and then I'll hang up if we can't hear you. Okay, I'll try this. If I hang up I'll play. Okay. It was good for like half the meeting and then he just audio was just awful. Hey guys.

Great. Gotcha. Okay, we're good for now. Okay, we're going to call to order the Troy Industrial Development Authority February 20th, 2026 meeting. We're uh starting at late 10:30 in the morning. We are going to start with Do we have enough people that were at the last meeting for the minutes? I think we had a full board. Yeah. Right. So, yeah, we're good. Um, thank you for that reminder. So, we are going to start with the approval of the minutes for the January 16th uh board meeting. Do we have any comments or markups to make for the record or do we have a motion to approve? Motion a second. All in favor? I.

Thank you. And we just have some absences today. So, we have Albert and Alex missing today for the record. So, we're going to move into new business. Um, we have a supplemental project authorization for 504 Broadway Holdings LLC. Um, if Justin, you could give us a summary, that would be helpful.

It's muted. Can you hear us? Yeah, I'm here. Sorry about that. Okay. Can you start with a summary of the supplemental project authorization for 504 Broadway Holdings?

Yeah, sure. Uh the uh the project's underway and like most projects, they're experiencing cost escalations. Um, and be in connection with that, they've asked the IDA to supplement their sales tax exemption uh to fit their actual budget uh and their cost escalation. So, this resolution uh deals with a new project cost that they've submitted that uh would allow them to secure an additional $100,000 in sales tax exemp for the construction phase. Uh there's no additional public hearing required for this, no seeker triggers or anything like that. It's really just a supplement to match their new budget. And uh the resolution uh would allow the IDA to extend their sales tax savings for that amount.

And I think this came to us, if anyone remembers, this was uh June of 2023, but it has been a little while. Um, okay. Do we have anyone from the developers office or if any present on the call or in person that would like to make any statements on this or Okay. And do we have any comments from the board or questions? Just want to kind of reach back because this is prior to me being on the board. So, this is already a project that had been approved in the past. They broke ground approximately when

I don't know if they've broken ground. I don't I don't know like it's a it's an renovation so I don't like visibly I don't know the answer to that. I and I haven't gotten a report on that. So yeah, I think it closed the end of last end of last year like they bought it from property was purchased from Unity, right? And they got in there had to do some structural architectural stuff. Yeah. The time that their closing was a couple years that was Yeah. Okay. And any other questions from anyone? Is there no there is nobody?

My question would just be when do they maybe you know how long do you think it's going to take?

Uh Justin, do you know did they ask for an extension on their sales tax or just an increase in the amount? uh they have an active agent status through the end 2026 this year. Uh so they don't they're not asking for additional time. They're they're underway. They started construction I think last um and uh they have reasonable time frame to finish the project. That's not being uh questioned or or asked for an extension. It's just cost escalations for their construction. And we're we're simply being asked to match the budget. The IDA's administrative fee actually will get supplemented um in a like amount. The IDA will other 10,000 or something an administrative fee for providing this benefit.

I I do not have the project timeline memorized of when it was supposed to be completed. But um if that's set to expire at the end of this year, which means at that point any construction costs will have been made by that point because that's when this sale tax exemption ends. So I would assume 2027. Well, yeah, they haven't asked for an extension yet. Hopefully we'll be done.

Yeah, I wouldn't it would be rare to see them ask for this and an extension. So they must be on on time just over budget. And if there's any other questions or no other questions, do we have a motion to approve the supplemental project authorization? Uh anyone in the board? Make the motion. Second. Second. All in favor? I.

Any opposed in just our Albert and Alex absences? And so the resolution for supplemental project authorizing resolution of the Tory Industrial Development Authority relating to the appointment of 504 Broadway Holdings LLC as its agent to undertake a certain project accepting an updated application for financial assistance approving the provision of additional financial assistance of the company and furtherance of a project and approving the execution delivery of certain amendments and documents relative has been approved. Um that's the only IDA uh new business related to ongoing projects, but we do have a special guest today. Uh Victoria stores, thank you for spending the time waiting. Uh and we have a present a brief presentation and then we'll open it up to, you know, some uh comments from the board. Victoria is here on behalf of stores associates to uh this is what we brought up at the last meeting when the packet was sent out with her proposal for um third party two things going here third party um review of pilot applications and the process and in that and then also uh potentially engaging for revision of our UT uniform tax exemption policy. So Victoria the floor is yours.

May I sit rather than that's probably more comfortable. Yes. And thank you for coming in person. That was put as an option and uh we like it when people show up. Oh yeah, I like to see people. I did even before we were all shut down for a few years.

Um so yes, I did send over some PowerPoint slides. Um and I gave D a um an oldfashioned flash drive this morning. And I am going to pass around some of my business cards. And while you're sending these around, I will say my first order of business is going to be going forward to correct everything to say Troy Industrial Development Authority. I apologize for having made an assumption about the name from the letter A. How do I find the screen that I want to start? Yeah,

sorry. Need more coffee. I have found that Zoom changes its processes every once in a while and it did so recently. It's really fun when it go to click and you're like I'll just add this is so Victoria I didn't know if you got a chance to meet because Stephanie you were at the at the uh conference last week. Is that last week? It was just last week. Yeah. Didn't get a chance to meet you. No, we did not. Great. chatting now. A little bit while while the LDC was wrapping up

so I think this is good enough. We can Yes.

move forward. You've you've all had a very busy morning. Um so thank you. I was uh as I said I'm happy to be here in person. Um, I was asked to submit a proposal to provide some third-party consulting services similar to what I do for other IDAs in the region and and related elsewhere in the northeast Massachusetts and Connecticut. As you may know, um I've worked a lot with your council, Justin Miller, and so I very much appreciated his thoughtfulness toward what the IDA might need and um his asking you to invite me to propose. So you have the proposal that was submitted in January and I just want to talk about a couple of things that are in that. um the project analyses as your chair mentioned is when you get a new project or in in the case this morning um an increase in the construction material sales tax.

What I do for my IDA clients is I engage in a formal process where I am reviewing their documents. I'm looking at their application. and I'm looking at their numbers and it's really to analyze and present to the board materials on which you can make a confident judgment that the if not for test is passed and the project genuinely does need financial assistance and you've got a good sense of the decision that you're making is good for the community in these circumstances which is what I would recommend for you is the applicant your developer your private owner is paying a fixed fee upfront But my work is so you're not paying for it. My work is only and ever solely for the IDA. I don't work for a developer in the same community where I'm working for an IDA. So you're passing through the cost just as you do with many of your council fees. I work with a number of IDAs throughout the state. Uh but everyone has a little bit of a different process, a little bit of a different report. And there's pieces of the analysis that you could choose um to do depending on the project. Uh, so that's a bit of a bread and butter, the project analysis. We'll talk about that first. I also offer the advisory services as your chair said. Um, right now your uniform tax exemption policy is a little bit old and your project evaluation policy is one page. as IDAs come under more pressure throughout the state and as people like you, you're trying to um a process and continuous improvement to serve the community, it can be a good time to look at what you're doing and say, "Okay, what can we do better? And what are people doing in the state that we haven't had time to research?" Because you have lives and jobs. This isn't a full-time job by any means. It's a full-time job for me. Um, and that would be if if you wanted to engage Stores Associates for that,

that would be paid for out of IDA funds. So, Stores Associates LLC, I'm founded in 2021. I've been in economic development consulting for more than 10 years. I'm also the chair of an industrial development agency, the town of Bethlehem, across the river. We don't compete. very happy to be here as partners in building the region. Um, economic development is a broad broad uh field from strategic plans to target industry studies because I have a public finance background and a bond market background. Uh I do a lot more in what we call development finance which is working with IDAs that if not for test is the pilot a good fit what are the effects on the taxing jurisdictions fit with the background that I have in financial markets. I'll also do special districts and value capture. We don't see that much in New York state um but tax increment financing is um a tool that a lot of other states are able to use. I work with um at this point three other IDAs on a regular basis and that I analyze every or almost every project for them. And so I call this a house doctor arrangement. And what that lets me do is be not just someone you call to prepare a report but someone that you can call to talk something through to have a policy looked at. So, a house doctor, an adviser, which does make me a little bit different from some of the other economic development firms who can do a really good report, but aren't necessarily wanting to be that first card in your rolodex. So, moving on to the next slide. Um, I'll talk just speak very briefly to this on the project evaluation. Uh the purpose of this is to apply a

consistent review standard to all of your projects through an objective third-party analysis. And the process is already you have an extensive application. Um for a real project evaluation, if you look very deeply into that, so you've got an additional advisor supporting you in your review and understanding. A project evaluation that goes in-d depth with a third party also gives you the opportunity to have someone look into things that you don't have the time to look into. So for example, does this project is it a building with a green roof? Are there special sustainability? Are there special safety aspects to it? And you've got then a partner who can look into that and say, "Well, one of the reasons it costs more is it's concrete construction, not frame, and that's good to the neighborhood because of safety and fireproofing." So these things can be learned a little bit more easily than when you're looking at what's in your application. And the if not for test applicants for years in New York State were simply asked check a box to say if not for the agency assistance the authority assistance the project wouldn't go forward. Everybody checks the box as time goes by um organizations are saying well it you know is that true and of course there's pressure from the state you're very well aware of and so what I do is I look at proform of cash flows capital structure and really try to get a quantitative answer to the if not for question. So going a tiny bit deeper into that on the next slide. Um the if not for I'm looking at capital structure debt cost the pro for revenues from housing is something that you look at a lot. So, it's rents at the different levels, um, whether it's incomerestricted, mixed income, an attainable market rate, an expense

analysis, and I can benchmark that to say, well, they say they need it, but they have a 90% expense ratio. And that's a red flag that you as the board members need to know that they're looking, they're demonstrating a financial need, but they're not ne necessarily demonstrating sound management. Then you can ask questions and get to a better understanding. Most of my clients will have me look at a, you know, one or two pilots from a policy and then if a project is unusual or it's catalytic, um, you have the option to say, "No, we're really going to work with these folks specifically." I benchmark for the reasonleness of rates of return. What's the internal rate of return? Is it around what you would get u with or without IDA assistance? a question that a lot of IDAs find themselves having to answer um when they're local like you guys, you might have to answer it in the grocery store or in the newspaper that that business is getting a 20% rate of return like well no we did look at that uh the benefit cost ratio um and then I can also do the economic impact of the construction and operations. Some of my clients also have me estimate for housing um the incremental cost of serving, you know, 25 new households or 10 new students in the school district. That's something to talk about. So, this process does satisfy the state's requirement that a benefit cost or costbenefit study be done, but it really is intended not just to check that box, but to give you a tool for your discussion and for your decision. So, go to the next slide. Um, and this can be available to you. In just the five years that I have been

on my own, I used to work at a larger firm in economic development and in 2021 I went solo. Um I've done 27 projects for the city of Yoner's IDA, very similar analyses. Um I'm still working with the Port Chester IDA on a multi-phase redevelopment of an old hospital site is really a brownfield. So it's many pieces coming together in a part of their community where they wanted a catalytic investment where they wanted to change. Um so we've been going back going through that piece by piece for the past few years. Um most IDAs, especially at the county level, um don't need to get individual taxing jurisdiction permission for every single pilot. Rockland County IDA does. And so I've been working with the school district, the North Rockland Central School District, um because they have to go through the same kind of decision-making that an IDA does every time someone wants a pilot. And for them, um, it's been really rewarding and also challenging because unlike you where you have a history, they they're just starting up. And I've done project evaluations across the river in Green Island and um, looking at buildout scenarios and other things in Massachusetts and Connecticut. So that's specifically the project evaluation piece. And what I want to do is go through just a couple slides on the advisory and then open it up for all of the questions that you could have. Uh so the purpose of the policy advisory services is make sure that your board members and your staff are supported by clear and effective policies that when someone has a question, someone is saying, "Well, why did you make this decision?" You can say, "Please read our uniform tax

exemption policy." We're being consistent with the policy. Um and so the first idea that you know we were talk I was thinking about um from the information that I was giving and and Jeff and D made themselves available for a little bit yesterday in modernizing your UTAP um which is a little bit old. One of the tools that I've seen community use and help them establish is a scoring rubric. You've got your quantitative goals for the if not four test. You care about the taxing jurisdictions, but you can care about sustainability. You can care about development in a critical location. And that can be put into your policy what you value. And that gives you a tool to say, "Yeah, you're really plain vanilla, but you're great." And maybe the really great one gets um a more generous pilot because they're incurring additional expenses. Uh the other idea is to have that basic pilots for straight simple and straightforward. I say that I know they never are. Um you try to guide most of the applicants that would be coming in into a known structure and format and reserve the negotiations and the consideration of something else for projects that are really special. Uh so it's not just the the policy but to look at your evaluation process. Are there you know things that take too long, things you want to spend more time at? Um try to get the lay out the steps in really a flowchart. And that's not a heavy lift, but not everybody does it. Your application format is uh based on what was a standard of some some several years ago, not readily digital. So, a shorter application can

be easier for you to read. Um, and then ongoing advisory service. When I'm when I'm a house doctor, I like I like to have those conversations. So, that's um the kinds of policy advisory services that are in the proposal. And then go to the last slide is just to let you know some of the things that I've been doing in this. Um I hosted I don't know how many of you have been not just to the EDC conference in Albany but to the IDAmmies that they have throughout the state um where they it can be half a day or a whole day um and they really pay more attention to what training members training board members and staff. And so I designed and hosted a session on getting to board approval for one of those about a year ago. And I actually had a couple of my clients come and talk about their decision-making process and what helps the board feel comfortable. Uh I just finished a performance metrics and benchmarking study for one of my clients. It's about 50 pages. I looked at the projects that they had done that they had approved. um they're trying to be consistent and the implementation of an online database database that can generate reports for the members is uh underway and always as a consultant you don't ever want your study to sit so it's I'm really grateful to be involved in the implementation of the recommendations there too uh so I work as an adviser for you know all of my clients in this way and I have actually created or partic participated in the creation of a couple of uniform tax exemption policies. I am working on revising it for the town of Bethlehem IDA. We're not as busy as you guys are, so we're taking our time, but it's um it's a little bit of an

organic what I'm learning from clients, what I'm bringing to them, and then what I like you and be able to do in my highly paid job as a board member. But that that's all that I want to say right up front and I will be more than happy to answer questions. There's a blank slide uh that follows.

I um I'll I'll start with just a statement of like heavy support for this because the like I think all of our goals because we serve on terms for this should be to leave these boards better than we found them. And that speaks no ill of anyone previous. It's just that's an continuous improvement and the consistency is very helpful. The board resources that we're talking about in the advisory role are very helpful. Yet educating a board and I mean in a perfect world an IDA would have every IDA in the state would have a Victoria on their full-time payroll. We don't live in that world. So we have to go outside for that. And there are people that do this. Victoria is one of them. I think it's um in the absence, it's not just in the absence of an executive director. This is to help with frankly a diminishing talent pool that exists. And finding someone that can work finding someone for a position of an executive director doesn't mean they're going to have every skill set you need to identify everything that she covered. I don't think that's it's not a reasonable thing. So it come So some people are going to come in and they're going to be more negotiators. Some people are going to be more what the president is and like Randy for example made his own spreadsheet and review for how to analyze these. All of that's great but we need someone I think we need a we need something like this to help go from the next person to the next person because that position does serve at the at pleasure of the mayor and having a background a consistency to follow that. We go out of house for counsel with Justin. I think this is something that's reasonable to go out out of house for as well if it were a full-time position in the city that just went through like today. It would be like we wouldn't it wouldn't be an out of house thing but again this this isn't the way these are set up. So, this is something that I saw for the first time in action in Green Island and I was like, "Wow, this is

interesting." Like, I would I would love to know more about this. And there's to speak to the board on the reminding your questions, there are two things we're looking at. There's nothing on the table today for approval of this. Um, so we can come back with more questions later if you want to prepare more or if you want to know something with Victoria offline. I'm sure she can make herself available, but the floor's yours forward if you have any questions while we're here. Um, and sorry if it feels rushed. That again, I um I thank you for your time, but I'm I'm sorry that we're approaching the hour and I don't want this to feel rushed. So, I'd rather not put anything on the table today for decisions um until we have the other board members here and everyone can can ask some questions offline if they need to as well. Do the other IDAs that you consult with use the same scoring criteria as what we would be using?

No. Okay. It's not apples to apples. No. There there are certain concepts like I I keep saying sustainability, green, u public safety, um it's what that community wants. Um especially if they've just redone zoning, right? But based on what you've read so far about the current policies, how long do you estimate it would take you to make a recommendation for, you know, policy changes or I think it's a couple of months process.

Um, you you don't have to reinvent the wheel. One of the most important things that would be very specific to Troy would be the qualitative. What is it that you really want to communicate to your developers that's important to you?

If if we were to um if we wanted to, for example, like I posed this question to you yesterday. If we wanted to, for example, at this meeting approve uh I don't have a formal motion in front of us, but bring Victoria on for the pilot review. I mean, one point you made was like this what you mentioned is like the standard pilot could be that's weeks. that might be something we we circulate and uh it's that's more boiler plate process, but then when we expand it into like stretch goals, I don't I don't know what you'd call it. Like that might be that might take more time and we can we can make it as long of a process as we want. But my the thing I was looking for was in any of these examples, did it take longer than 6 months? And the answer was no. So that maybe not good. Um, but granted the board could make it last take that long if we really wanted to. If we would just kept changing it or amending it, but it seems to be a reasonable thing to happen within, let's say, a quarter, you know, by the end of second quarter, I I would hope would be my target. But before we made those changes, we would still be able to have the services of the the review of the pilots as they come.

Yes. Separate. I think that's a lot of work that Yeah, we could engage on we could put this over. We could we could opt to engage on Victoria services for pilot review for example today and table the section of the advisory until or um like there's again there's no formal motion in front for this so we can make it what we like right now with also with Justin's advice on that but um

I can flush that out a little bit and support um what I recommend to clients like you where you're going to have a few different things that I could be doing over time is a general services contract. And so all of that is just done up front and you don't have to think about it. So for example, this morning in my email box, the task order has just come in from the city of Yoners for additional work. We didn't have to get the lawyers involved and redo the contract and most of that there's a set fee. I'm going to do this for X dollars. That's also in the contract. It changes over time with notice and then separate. So that's the easiest way to handle the ongoing project evaluations and get those as quickly as you have one come in. You don't have to wait and see, oh well, we got to talk to Victoria and it's going to take six weeks. My contracts always have a section, not everyone uses it very much where it's like additional services. And that's where I would put advisory so that when you thought about that some more um we could flush that out and if you wished you could activate that.

So it sounds like we would be looking at like a master services agreement for like a year for example um with like a not to exceed x amount just to get started to cover whatever may come down the pike that we're not sure what those things are. And then as we find other things we other items and then it would be a new task order. Yes. To clarify the scope. Mhm.

What would um engagement with services on the pilot portion be? because we talked about how that comes from uh the pilot application essentially like it's coming out of we're not that's again dividing that like would what would what would that agreement is that a separate agreement besides a general services one or is it

no the the general services I would structure as an umbrella agreement that could in encompass any of the work that you wanted to do um so in the proposal that it's a pretty clear scope for um the project evaluation services uh based on what I'm doing regularly. Um my pages are a little bit out of order here. So there's a basic scope that would be in an attachment to the contract and you could say okay we have ABC LLC is coming in and they want to do 500 use units of mixed income housing. We think it could be a good project. Please look at this. and they would pay the fee. You don't pay it, they do. And no one has ever boked at that.

Um, so full disclosure of this, we've not reached out to anyone else, Justin or I for DA. Um, but I mean this I we we don't have any current applications in front of us. So I don't feel like we have to make decision today. But like I would be in favor of um of moving forward with this, but do we need to see like what? Yeah, I guess I should know this, but I don't know what the next step is to put that forward, or do we want to wait until the next meeting to have something more formal in front of us to decide on for that?

I'm happy to send um a sample general services contract that might give you something if you're not feeling the pressure because of course as a consultant, I want you to say yes to associates, but I also know that you need to be comfortable. I can send to you um a sample general services agreement. I think that could answer some of the structural questions. Okay, then let's do that. Um, yeah. Um, any other questions while we have Victoria services? Great. Thank you. You're very welcome.

Pardon? I'm just scribbling that down so I don't forget um to send this over. It was a real pleasure meeting you. It's nice to be in Troy. I very much appreciated, Justin, your tip about the parking. Um, great. Thanks, Victoria. Appreciate it. Hope to see you all again. Thank you.

Absolutely. Um, okay. That concludes our new business for the meeting. We're going to go into strict past old business and into the uh financial map. All right. Our first report is the statement financial position. As of January 31st, we had total assets of $1,738,937 with $1,568,247 of that in cash. We had total liabilities of $467,79, which left us with a fund balance of $1,271,858. Uh the only significant change to position is related to the first round of pilot billings that went out. And lastly, we have the statement of activity. Uh for the month of January, we ran a deficit of $5,239. Our most significant source of revenue was our monthly interest earnings. And then our largest expenses was in our professional services. Any questions for Matt from the board?

Matt, could you I don't know if it's a big deal. Can you add the column a column of the prior year comparison because especially at the beginning of the year it's so hard to for that statement of activity and budget. Yeah, I can do that that like that I think. Yeah. Just to know like if on pace properly. Yeah, definitely. Anyone else? Do we have a motion to approve? Make a motion. Second. All in favor? I opposed. Okay. And do we have a motion to adjurnn? So move. Second.

All in favor? I journed. Okay. Let's go right into the CRC. Do we? No, we don't. Open. I don't suppose you have print out for that one? Uh, it's over there. Sorry. Don't think um bottom

I think the bottom of that one. Yeah, I just want to make sure I printed. So, I'll start financial.

Okay, hang tight everyone. We got one item on this and we're going to start. Uh, I'll call to order those being passed out. The Troy, New York Capital Resource Corporation Board of Directors Meeting, February 20th, 2026, 11:07 a.m. We're going to start with the approval of minutes from the September 26 and October 17th and not over. We didn't have them in January board meetings from those present that uh were here. We have everyone that was here at that meeting. And this one, do we have a motion to approve the minutes? Um, or do we have any or first, do we have any questions or comments? If not, do we have a motion to approve those?

Not here for items.

Yeah, we had present was Jeff, Alex, Albert, Michael, Tasha. So, we have three out of No, I don't know if that works today. No, I read that wrong. And for the other one, we had No, we need Alex back. Okay, next one. On to new business. We have an RPI bond issuance application and initial resolution. Uh this is something that has been in the works uh back and forth between Justin and RPI and uh and Mike and uh from RPI for a little while. Uh kind of Justin, would you give us a summary of this uh before we go uh into questions from the board?

Yeah, sure. Um the CRC board uh was established organization of the IDA uh in 2008 when IDA lost the ability to help civic facility projects like RPI and not for profofits. Uh so that is a bit of background of you know why the CRC exists. Uh over the years, RPI has uh utilized the CRC as a local uh development tool to refinance their debt and also finance new capital projects. And and that's what's before us today. They've submitted uh an application to refinance uh bonds that were issued in 2015. Uh and also to help finance uh new capital projects that are largely facilities upgrades, maintenance, and repairs and replacements, not new buildings necessarily, but uh ongoing campus uh improvements and modifications. Uh so today's just the first bite at the apple, the Kevin O'Brien uh euphemism. uh we're accepting their application and over the course of the next month uh we'll have a public hearing that's required uh to issue taxes on bonds and uh at the March meeting uh we'll consider an approval uh to issue up to I think 66 million uh in tax exempt bonds uh for the benefit of the institute. So, uh, that's the quick summary. If if board has any questions or if the representatives of the institute, uh, want to chime in, uh, now's the time.

Great. Yeah, floor is yours, Mike.

Oh, excellent. Thanks, everyone. Uh, thank you, Justin. Uh, nice to meet you all, albe it virtually. The the school break for kids and the weather have made this a little tricky for me. But, uh, Sean Spath is also in the room with you all. He's a a member of the RPI finance team. Uh he helps out with all things cash, debt, uh investment management. So I've been with RPI since 2019. Um and current assistant vice president for investment operations and the treasurer. Some of you may have worked with Sue Proskin in the past uh uh when she uh came forward with prior debt issuances. But as Justin mentioned, uh this 66 up to 66 million is what our board internally has approved. That's 46 million for the refinancing of the series 2015 tax exempt issuance and then up to 20 for new money. Um, and that new money is going to be a combination of reimbursements for expenses that we've actually paid since October of 2025 and some critical near-term uh, as Justin said, land improvement, building improvements. So, nothing nothing new big going up, but us just taking care of our 200 plus year old uh, institution. Any questions from the board?

Uh, one I had one question myself if I can check. I'm sorry. I'm Sean, by the way, from RPI. Um, I I know I've gone back and forth with Dan and Justin and I actually had one question for Justin. Um, and I just caught this now, Justin. I just noticed that the exhibit A on the resolution is uh the list of potential projects is from that first draft I had said to you. Um, whereas the second draft had just a little more detail in there. I can imagine that's an issue, but I wanted to just bring it up now before this this move forward just because this is not necessarily finalized yet. But, uh, that was one thing I caught just looking at this now. So, um,

yeah, we we can swap in the updated exhibit of capital projects. That's not a problem. Okay. Thank you. I just wanted to to verify. Um, yeah, thank you. Y, thanks, Sean. Yeah, just to that point, for for everyone's benefit, I think we are still finalizing that project list. We have a couple different projects. It becomes a question of what what will be included in the deal and what will be handled outside of the deal. But that we are and you guys will be here for the public hearing for that portion as well, I imagine. So yes sir. Great. Okay. We want to push this forward into the public hearing phase and approve the application as it stands. Sorry. Go ahead. So move. Oh, so thanks. Second.

Second. All in favor?

I. We just have our two absences. to the resolution of the city of Troy Capital Resource Corporation authorizing take taking official action toward the issuance of up to $66 million principal amount of tax exempt revenue refunding bonds for the purpose of financing a certain project for the benefit of run technic institute determining the compliance with the state environmental quality review act with respect to such projecting the forms of financial assistance being contemplated by the issuer with respect to such project and authorizing a public hearing with respect to such financing undertaking such project is passed Okay, thanks gentlemen for attending today. We appreciate you uh showing up in person and remotely Mike and good luck with the kids and on to that concludes our new business. We have no more old business and yeah, we'll see you guys next month. Don't feel like you have to stick around if you don't want to. Um do can we go into the financials with Matt Much smaller sheet? All right, our first report is the statement of financial position. As of January 31st, we had total assets of 283,556 uh with $68,556 that in cash with no liabilities, which left us with a fund balance of $283,556. There's no significant change to the statement of the financial position for the month of January. And lastly, we have the statement of activity. For the month of January, we ran a deficit of $315. Our only source of revenue was our monthly interest earnings, and the largest expenses was the accounting fees. I know we always ask this, but when are

we going to get that 215? I think we budgeted it for at probably at the end of this at the end of this year at the earliest. Um, at least at least half of that would be return to the CRC and then the other half in 27. But okay, I think that kind of depends on the LDC's cash flow at that point. But we're planning earliest at the end of this year. Okay. For half of it. Got it. Okay. Any other questions from that CRC budget or do we have a motion to approve the financials? Motion. A second. All in favor? Any oppose? Nope. And just our two absences. And do we have a motion to adjurnn?

Second. All in favor? My meeting journed.