Troy Industrial Development Authority - Regular Meeting

okay we're going to call to order the Troy Industrial Development Authority um board meeting it is February 21st 2025 1019 a.m. we're going to start with we have a uh we're going to open the floor for a public hearing for the um for for project 3945 Congress Street with RDC holding RDC Troy holding um the notice public hearing describing the project was published in the Troy Record um a copy in this folder um we are going to start with uh anyone that's present online or in the room that would like to speak if you would like to uh please introduce yourself um and St just your name and uh where you live and the floor is open for whoever attending would like to say anything I don't think anyone online okay uh we've been waiting here for 20 minutes so I'm going to end this one now cuz normally we try to wait for people to come in but we've been here a while no one can speak we will conclude the public hearing portion of the meeting um and we will move into the approval of the minutes from the January 17th meeting which we just make sure the the priv we're all here for that right yes do we have a motion of any questions or comments for the minutes or a motion to [Applause] approve we can push it to the next meeting too if you guys want to see it in front of you unless someone wants to

push to approve it I did read them but yeah I read I read them yesterday I make the most new approve I read them yesterday I'll second okay all in favor I no oppose but we have a few uh absences on to the executive director's Report with Randy I don't really have anything to report other than um the old business which is to talk uh about the resolution for 394 Congress uh and then also just to reiterate that um uh we're going to need to go into executive session uh after we uh get through the agenda uh to go over an issue where we need the advice of councel um and uh then we'll have to come out of executive session um to uh then adjourn the meeting on to new business which we don't have any for this meeting right so skip right to Old business we have a project authorizing resolution for uh the sorry 3945 Congress Street with RDC toy Holdings LLC and we have some folks here that are going to present on it for us and then uh we can open it for disc my name is Joe prero I'm here with uh the applicant RDC trit Holdings which is just in owned by Red bur development um I was here at your December meeting introduced the project been working with Randy over the last couple months as well as pushing other aspects of the project

forward I did have a brief presentation just to remind you about the project almost this last time we can go through it quickly go ahead uh map the project again on Congress Street right across from stage Park ahead uh previous Russell stage dorm been used as that up until the end of last school year so Billy's been sitting use vacant quotation marks uh since June they still have a lot of stuff in the building and maintaining it which they're doing a great job of um little background on Redburn um which may or may not know but our office is right down the street here on River Street we've done uh quite a few projects in the city over the last 10 years and you know this is another one kind of right up our alley ahead uh this project basically takes the upper floors which are all existing dormitories and combines them uh into one bedroom apartments um so full sprinkler system going in the building new roof um the lower level they were using as class and office space so that's more of a traditional construction of Apartments um then there'll be fitness center game room on a small roof deck pictures on the next slides sorry there's the building uh those are the sides of the building one on the left is look Street photo on the right is f alley towards stage Park and just a couple updates for you uh since the last time I was here we received planning board approval January 21st uh that was conditioned upon reing a receiving a small area variance from the zoning board um we did receive that area variance at the February 5th zoning board meeting um we are putting the

final touches on the part two with shipo and we expect that to go down to MPS very soon that'll probably the last hurdle for us here um after the Ida um and then uh hopefully submitting for our building permit here in the next week or so and we will be ready to roll probably by the end of March happy to answer any questions board might have there um the construction loan are you getting construction finances the same as the permanent financing same bank uh yes most likely yes so um we'll probably have an extended construction period and then you know hopefully refi with an agency what's the construction period do you think uh probably be 5 years oh sorry it it'll be a 5ye loan within that period you have to refinance with a per okay and that's a ebank we've done lots of business with when was the application submitted originally yes the beginning of December end of December end of November maybe have to double check the financing that application that's M oh to the bank yes um again similar time frame I think once we got everything kind of all our assumptions and due diligence done so towards the end of last year we recently signed a termet with Key Bank now we're working through the diligence process with them I was just um wondering because I I did see the article in the albony business review where um it it didn't indicate that the Ida assistance was needed it said we may need assist we may go to the Ida uh for assistance but you were already under contract to purchase the building so I I'm trying to the business review article about this project shall be made or the Ida you may go to the Ida only assume I don't give the quotes to the Ida I can only assume that was because maybe we hadn't made the official application yet um but I mean we

definitely would not moving forward this project without your assistance and the application for the Ida said that you could not move forward without the assistance that's correct can you back up man you said the construction loans for 5 years uh it's 5e term can I pull up and check for you check yeah is there is there um 30 months sorry about that okay that's what I feel 5 years AG a long time for construction okay and it's fixed St right okay that back as well it is so plus 235 okay that was in do with Randy I believe that all those long terms well I've looked at this enough yeah this so this uh this agreement it's something that uh I've discussed with

Joe I've discussed with um finance committee members uh we went back and forth uh on a couple of different um proposals uh and ended up with uh this proposal which is to be fixed pilot payment uh based Upon A per unit um per unit uh cost uh for the pilot uh 15-year pilot um and as you can see um you know uh with the total payments would be uh almost 72,000 over the next 15 years um you know this is property that's not currently on the tax roles so that's uh that this is this this is good for the city of Troy this is good for the developer um and uh guess um I would just say I urge support for it no more questions don't feel like you don't feel rush but if no more questions do we have a motion to approve so we can get this to the pass this phase and into the next meeting I'll make a motion is there a second second Elbert all in favor I I I any opposed we just have a few absences okay you to the board authorizing resolution passes we will see you yes did they come back no that's yeah that's it what am I saying it feels so weird without the more people here sorry but it feels yeah you had a lot of work with Justin yeah on to concludes all business onto

Financial back of your [Applause] package 1, 34569 with 1,264 600 that in cash liability ,36 which left us with a fund balance of $885,000 until this month and then oh they were late no they paid in January they due oh oh okay all right okay um and then the uh C payable is uh the uh management fee to the city which was also paid in February okay that was like 100 that 12 125,000 okay all right last we have the statement of activity for the month of January we had a CLE of$ 31,8 most significant source of Revenue is the administration fee for 155 River Street projects and the largest expense was the assessment fee for Congress Street development projects thank you m I got a question for you um this this 900,000 ,000 in here what happens with

that I don't heard that question what 900,000 were we talking about just cash and time deposits I mean what do we I mean I'm just asking that account is the account that we put all our CS in and the smaller cash count is what we pay out of so a lot of the money sitting in cash Town deposits there is an interest rate we're gaining a little bit of Interest I think it's 4 point something per per year on that um but it usually just kind of sits there until we need to spend it I guess my question is U can we put it in CDs instead of just having it with a better interest rate in say I mean that's a lot of money just be sitting in an account for you know I don't know what you're getting two 2% what yeah I believe that was something we have discussed from the pass but like splitting it right yeah splitting it up yeah yeah on it um Can we is that something we would request you to research and bring back to the next meeting for approval or do we is that on us just finding just getting an idea of what rates happy to help but I know what the rates would be I me talking like shortterm DDS I don't two or 3 months 6 months something I don't know but that that's a lot of money be sitting in Pioneer we we we had like that is something that we brought up a while ago and didn't do anything about I'd like to see at least if there's a responsible split to do that with is that that 900,000 doeses it is it pretty steadily at that amount or does it a lot of this uh recently it's been at that because we've had a lot of um Administration fees come in it has dipped in the past when we didn't have as many project closings um I guess it depends on future projects that are coming in so what's

what's the money used for I guess that's my just operational oh oh really okay okay so do we have anything major operation coming up or we'll have the we have another uh 125,000 at the end of the year for management fee but that's the only but that's pretty much it yeah yeah you need to I think you need to put some yeah that's a lot of money be sitting in a basically a savings account and we keep bringing it up like this isn't the first time you so you guys brought it up before and yeah Justin had recommended a a certain amount staying there in case we needed it but I don't remember what the percentage was I mean we I mean if you could kind of give us a sense of kind of cash flow then that will help inform a decision as to how much of this to take and put into a better investment yeah I know we brought someone in the past and work out the way we all thought it was going to so I mean but it's been a pretty high it's been at that level for a while I mean we've been getting like 3,000 a month for an interest yeah but we could do better than that I mean that's a lot of money man is that something you RFP for I'm not sure that's good question because we did have the bank come in and just kind of talk to us that's as much as I can really say happened and in my memory and oh we kind of forced their hand too yeah and we should we should answer these questions before the next meeting right like let's figure out do we need if we're going to move something into a CD or any other account do we need an RFP for that or um what the process would be and if it would be

helpful to know Matt if you can just confirm like what our current rate is right now that we're getting on that account um is it just like a high yield savings account something like that it's like somewhere in four here yeah they don't offer CDs so that was a thing you had to go shop around to find right yeah so but I know there's commercial Banks out there that give you know right but then we were limited to you know what institution we could use because of the structure yeah right like they can't use uh a credit union statute prohibits uh putting deposit like Bank of America but yeah any National assciation Bank you can that'd be helpful if you um relay that back to Justin just to get an idea like a in combination with that what the responsible amount that we should hold in there in cash and then what we can reinvest could help offset some a lot of the I mean it already is offsetting a lot more of our Administration fees than it was 3 years ago yeah before we were getting like like 500 a month or something like that I mean I'm was just saying put like 500,000 in in a CD or something that would still lead you for 412 didn't there yeah yeah I think everyone on the board's going to like to see something like that done this year would be great I mean sooner than later but um every yeah every month I'm looking at this I'm like we could be doing better other than that though I don't think there any questions for any other questions for the finances or motion to approve I'll make the motion to approve a second a second all in favor no oppose and we're not technically adjourned we're going to go into executive session are you here no but you Sharon you can stay yeah you're a city employee but

Matt we going we're going to ask just be the board members and mute that uh we are there's a on the table to go to Executive session do we have a motion exective session on advice yeah and the PES is to receive advice of councel good po great and so yeah we need a motion I'll make the motion as all in favor now we can mute it sry e

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e e exective session has been concluded we are uh no action was taken uh now we have adjournment do we have a motion to adjourn the Ida uh board meeting I'll make the motion thank second all in favor I great on to uh I keep going with this recording okay onto the Troy CRC uh board of directors meeting it is February 21st 2025 we are going to push the minutes um in the finan statement of financial decision possibly the next meeting because we have to get Stephanie out of here so we're going to start with executive director's report or straight to new business straight to new business straight to new business so we first have the Troy City count Troy City Council neighborhood Improvement program funding request if uh you would be so kind to update us to that Randy or d d is going to have to update on that uh each year the city council runs a neighborhood Improvement program um they've asked us in the past for an amount to match what the city council puts up and they didn't do it last year but they um I think because there were so many changes last year uh so they're

coming back to ask us for in the letter I think it was 10,000 towards their programs and this was one of the items that we had talked about when we talked about like limiting the budget for the Year this was one it was this right this is 22,700 that's from that's their last year's budget yeah so that's their full amount they didn't ask us for 10,000 last year usually we give 10 and city council does 10 okay so I ask them for some kind of a breakdown of how they use the funds each year because we usually don't see that and they were able to give us the one from last year no City there's no um city council people here to talk about it so but just to clarify the funding request is for 10,000 I I think so the letter should stay in the packet oh we didn't even get sry maybe we should table this until yeah we do they any time constraint I sorry I don't really know much about the program itself there's a city council person here to talk about it yeah I'm fine with tabling if there's if it doesn't appear there's a deadline and I wasn't given that but the taex Value Center gravity one is that forer hosting Sor or is this just the annual sponsorship um they're looking for annual sponsorship I wasn't sure thought we always had a tie it to an event but um said in the [Music] [Applause] past their reoccurring events and we we get put on all our advertisements as a sponsor I think in the past we've

sponsored specifically the hackathon right but also other years we've um um put on as a one of the sponsorship packages normally we have Rebecca uh comes in and does a presentation so I think that one if it's knowing that it's not tied to an event I'm fine with pushing that one to the next meeting the city council one is Sue and Thomas I would be fine with pushing that as well unless it doesn't seem like anyone knows of any immediate need for this before our March meeting so with that I would say let's postpone these okay so no action required um sorry to keep you around Stephanie I thought we I thought I didn't know so you want me to make sure oh so you want me to Rebecca wasn't able to make it because you had another appointment so you want me to make sure that they have somebody them particularly I want to know if this is going to if there's going to be another request for the event this year too I don't think so I think they wanted to go to the sponsorship route okay and that's what they they should send somebody yeah let's have them bring someone in and we'll I assuming let's say Sue will be here for the next meeting so we'll see or Ryan and that's new business no old business um and 70 days s around for statement of financial position yeah okay statement not now we can vote on it first it's the St Finance position as of January 31st total asset of $2,090 $110,900 that in cash we totalized of $534 which left us with a fund a balance of

$399,220 the most significant source of Revenue was our monthly interest in um and the large expense is the funding for the winter Farmers Market project any questions for that or is there a motion to approve make the motion second all in favor hi I no oppos just the appen is okay yeah we will go back to the now who here yep so we have enough people here uh any questions or comments for the minutes otherwise do we have a motion to approve I'll make the motion second all in favor I no oppos and on to adjournment I um D um detect valley center of gravity have we we call looking at their financials once I just want to see if they got any outstanding debt make sure they don't spend this money on paying loan you know repaying a loan or something okay yeah I don't know um do we normally ask for financials when we give them a grant their financials are publicly available because they're a 51c right I 990 we're going to just ask them to come yeah well well yeah I just wanted yeah cuz I remember seeing them before so we've we this has come up before I remember seeing them before okay yeah who's got it you you set but then now step in so we techically I'll second all in favor I