Troy Industrial Development Authority - Regular Meeting

That's the word. Great. Thank you. Okay, we're going to call to order the Tor Industrial Development Authority Board of Directors meeting. It is March 20th, 2026, 10:13 a.m. Uh I am just double checking. We have all members of the board uh present. Um, we are going to start with the approval of the minutes from January 16th and February 20th. If we have any questions from the border amendments, let's start with January. Um, and if not, um, rather than a long silence, if someone wants to put the motion forward to approve them, February. Thank you, Mike. We have a second January. All in favor? I. and for the February meeting.

Motion. Second. All in favor? I and great. Thank you everyone. Um we have with the absence of an executive director, we you know this board meeting doesn't have a executive director's report. So I'm going to put this into new business. Um we're going to start out with one item that I uh had messaged the board about. um regarding uh Randy who is here uh coming on with us in a part-time capacity, not as executive director, but as a uh like not in a full-time role as an executive director, but as an assistant

executive director deputy Yeah. Deputy ex executive director role. Um we will uh have a chance to step into executive session, discuss this. Um but this is something that with the other items um on the agenda today like the stores associates and with um two things in particular on that, the pilot review and with the potential doing of a UTEP, there just needs to be someone with more time um as a representative of the IDA. uh Justin and I felt and um in the absence of having a appointee to that role full-time um we approached Randy with the idea that um what is your capacity even in retirement as he was already in retirement when it was full-time to come back to us for uh work on projects like that. Um we've been in a situation since Randy was out April May of last May where the only things that really came in front of this board were um existing items or uh there was a nonprofit like pro like uh music

call

uh items um or looking at existing pilots and amendments. If we're in a situation where new pilots were to come, like there's not a person um in the office for meetings um with the time for that and we want to bring in someone like Victoria out outside of this, but I'm a volunteer. We need someone full, you know, fully able to engage on the conversation for not a 40-hour week, but we're looking at like a 10-hour uh block for that. So, this would require um resolution, approval, etc. Um, I want to give the floor to uh Randy and Justin who have talked about this in a little more detail to answer any questions while we're open on this. And then um after we get through the next part of new business, we can um next couple items of new business, we can step into executive session to review it further for any uh private discussion or advice of our council uh for this. But I'll let you two. Do you have anything you want to add to this or bring up?

Oh, sure. it it's a good summary and and gratuitously we'll thank Jeff for stepping into the void when there hasn't been an active full-time executive director. He's really taken on a lot of roles beyond a typical one month of uh one one day a month meeting running an agenda. He's he's really stepped in on almost a dayto day to you fill that gap. And the concept of having Randy come back will really fill that void and help as we have some projects in our pipeline coming up. and there's always been that persistent uh housekeeping thing like the UTAP and some other policies that we really want to embrace and and and ramp up on. So having him as a resource um was identified as a need and having someone that actually did it before and understands this board and and certainly your personalities and and and how things run and the history of the organization is a huge benefit. So um with that the the summary is right it's a part-time position. Uh Sheamus was very helpful in in in coaxing and cajoling Randy to even think about it u in putting together a proposal that respects his retirement time. You know, some guard rails on expectations, what we can ask for and what days to make sure that it's regimented so he has a life still. Um the concept is 75 bucks an hour, 10 hours a week. And if you aggregate that, it's around 375 a year uh if we stay within that boundary. And if it goes over, certainly the budget would go up. Uh so the concept is to approve um if you're supportive of it u it basic basically be a services agreement a 1099 arrangement he takes care of his own taxes he's not a direct employee uh the scope of services would uh be delineated to describe what he's done before and what we expect to do now and he'd invoice the the IDA on a monthly basis and we'd have a budget set up for that. So that's the top down and I don't know if Randy wants to reintroduce himself

and talk about his long resume but

well thank you and thank you for the opportunity actually to come back do some more public service work I guess I sort of feel like uh when I left before there was some unfinished business the board is operated obviously past year um without an executive director. House isn't on fire, but there there there certainly were things when I was here previously that um we're on our we were talking about were on our plate, things we wanted to get done. Uh has already been said, things related to the policy, the evaluation process, just the expertise to do the pilots. Um, and now with uh some of the uh with with the idea of bringing a a consultant on board to help us with perhaps some analytical tools, then I feel like I can really kind of step into that kind of limited capacity. And uh I've enjoyed the the discussions so far with trying to figure out what would work uh for me personally and multilateral negotiations with my wife. Um and so uh this seems like something that uh that could work and uh I hope I can fulfill the expectations uh within the what would be a limited capacity position and uh you know for however uh long it it's it works for the board and and myself. My hope would be that when when I leave

here the next time, uh we've got an improved uh policy and processes in place so that whoever steps into the role the next time there's there's a pretty good solid infrastructure in place to be able to uh sort of pick up the baton and and and run with it. Um, so that's uh that's where my thinking is at. Uh, in terms of, you know, sort of my expectations, you know, 10 hours a week is not a lot. Um um and my expectation would be that that that to me really represents that's really when I'm you know doing you know work product you know tangible work product uh items you know as in this capacity I I would expect that people will email me call me um uh forever whatever the iss issue may be and you know that's there's no limit on that but it doesn't mean I'm going to respond immediately um to every inquiry that I may get but I I just the the point I'm trying to make is 10 hours a week doesn't mean that uh you can't contact me.

Thanks Randy and Justin. And I just want to add like I think you know I brought up New York class a lot and all this is with Justin's support and Jamie's support in the background like discussing this but New York class the UTEP uh Randy had brought on previously the application process which the planning board's going in one direction for that but getting our buy in for it as the IDA but that application process the software for that and just IDA review. We need a steward of this and that's what I've that's what I foresee the the role as being and that's a lot of things but I can I mean I'm patient. I can those things can not can't happen overnight. They couldn't happen overnight with a 40hour a week job. So like we but we need a person as a point of contact that's available for those meetings and and kind of um at those times when like all the board members are doing what they do outside of this. Um, and I think that the combination of uh bringing in a third party and starting that um outside of the director but with stores because I think this these things happen simultaneously is just my my mindset is how do we leave this board? Everyone's going to leave this board at some point. How do you leave it better than you found it? And like this is a way to do that. Um, and Randy like I and but we need support to do that and I I see Randy as the person to do that with us. Um, so we'll, you know, any questions while floor is open for Randy? We can have that, but we'll keep going through new business and then we'll step into any additional questions on the on it with Justin in session.

R, will you be working here or from home? Primarily, I I'll be working from home, but Okay. Obviously, I need to come in for this meeting once a month at least. Uh I need to meet you plug it in your old office if you have to type out this. Yeah, I'll talk you know uh you know if I need to come to look talk to a developer um I I I'll arrange all that.

Okay, great. Great. Um, we will go to the next order of business, which is a funding request for New York Main Street Grant um for $5,000. We have a a request in front of us for this. I think we did this just about every year if I remember right, but um do we have anyone Justin Jeff or D that can kind of give a overview of the request? It's um D. Yeah. Yeah. Um, I sent around Thanks for asking that question because I didn't really know what to send you guys to.

Yeah, was perfect because I I I wasn't aware of that. I believe it's is it tied into something Steve Strickland had done in the last minute like a block area process. Yeah, I remember getting briefed on with the school board, but I don't I didn't recall the title of it until you sent me this stuff. Yeah. And we just got the um RFP all finalized. They picked somebody but didn't say who it was yet. So I couldn't really turn that around. This is just really to get ahead of it because they came back um

because of the short time frame to get it done and other things. It came back a little higher than what was allowed or covered in the grant. So the grant covered up to 15,000 and they came back with 20. So, we were just looking for five to have as a a backup to cover that in case we couldn't talk to them about changing it or, you know, we hadn't gotten to the point where we could talk to them about lowering it down to the 15, but I was just trying to create a safety net that was already lined up and ready to go for the 5,000. We couldn't get them to change. And in the past, we helped funded the part one, which was the technical assistance grant, where they went through building by building and did a deep dive into see which properties would make good candidates for this grant. So, it was everything was like step by step just for this small two blocks for a miracle. I know Liz was like, um, yeah, but you guys are in the area. It's a target area, so it would help benefit you if get some kind of revitalization happening, anything.

So, do we have any questions from the board or do we have a motion to approve the funding request for $5,000 for the New York Main Street Grant? Make a motion. All in favor?

I oppose. Okay. And there is um I'm bringing this to the board table. It was not on the agenda. I do not want to bring an actionable item from this, but we have attendees here. They've addressed this to the board. This is something that we I'm going to give them an opportunity to come to the floor with, but there I do not want an actionable item at this meeting because there was not enough advanced notice for it. But I appreciate Redburn being here to uh present this to us in uh in more information and we can gear this up um and start the process in the for for the next agenda. Um, this is for Catholic Central 625 and 6047th Avenue. It's a current IDA project. You have a print out in front of you. Um, the I I'll let them talk about the plan more. Um, you get a summary via email, but um I will uh give the floor to the to Redburn just to kind of present the initial information about this project. We will uh then see them again and go through the right process for that and get it on it. But uh you would like to go.

All right. Good morning to the board. Uh my name is Joe Fernancherero with Redburn Development 6257th AB LLC. Elizabeth Kong Jojo's with me. She's the president of Redburn. Um request today before you is related to Kathkai project but also very unrelated. It's a separate project all on itself. Um so we are proposing separately um 12 town home project on the football field. Um that's along seventh a um the pilot that you originally gave us for Kath Kai and the gym that currently encompasses the football field. So the request today is just to release the field from that pilot. No changes at all to the school or the gym project that's done and full and going well. Um we just want to put the parcel that is the football field back on the tax roll so we can do a separate project. Um that is the request reason for the last minute notice. Uh we I think brought this up to Justin regularly maybe a week or two ago. At first we weren't even sure if this needed board and there might have been language in the pilot that allowed for a release. Um but it does need board approval. So we're happy to come and talk about it. Um we were told earlier this week that we could potentially close on this uh before your next meeting. we reached out and said, you know, can we get on before that doesn't, you know, sound like we we can get approval today on this. Um, so that closing would get pushed back, but that is sort of the reason why we came so urgently.

Um, anything?

Yeah, the only thing I just wanted to add is that this is a project that we've been working on for a long time. Um, something we're really excited about. Um, these town homes would be for first-time home buyers, uh, which I think is a great thing for the neighborhood. Um, we've had extensive meetings with the neighbors. Um, we've been to zoning and planning multiple times making changes as requested and we're just really excited um, to get done. So, we understand that we were asking for a lot bringing this to the board on short notice and for that we apologize for sure. Um, but when we got this, the okay that we'd be potentially cleared to close that we could actually start the process. uh didn't realize we needed to release the parcel from the pilot hoping for a special exception.

Um you guys leased the gym. This is unrelated, but I'm just curious. The commercial space, congrats. That was up for a while. I know soccer organization is there. A little training center for soccer. Yeah. Put turf down. So that's good. Awesome. Um any questions from the board while we have them here? Yeah. So how big are the homes? uh square footage wise. Uh so the three three bed, two bath, I think 1,600 f feet. And how much are they going to cost? The sale price will be around 265 between 250 and 265. That's, you know, part of the whole program is, you know, we're able to keep those costs down. Yeah. Able to keep the price down because of the program we're participating in.

Very hard to build a new home for that. Yeah. Uh that's what uh TAP TAP is trying to pull off in Troy as well. Similar price point, similar concept to condos for that. Um okay. Um we any other questions from the board? Okay. Well, um believe me, this is all something we're interested in under consideration, but we just have to um put this out there, give the neighborhood a chance to come in, and we'll move this to the next meeting. But thanks for coming in, guys. Thank you everybody. I think it's April 17th. Okay.

Ideally try to stick the landing around there if we can. I understand your pressure. Yeah. Yeah. Okay. Um let's go. That covers all our new business. Um, I'm going to put a motion forward to go into executive session for to give the board an opportunity for any advice of council that we have related to the two items on the board uh up today, which are stores associates and uh Randy coming in as a 1099 as the deputy executive director. So, if the guests of the meeting wouldn't mind stepping out and if we could pause it today, but I'll put the Well, sorry, before you do that, I'm going to put the motion forward to do that. Do we have a second? All in favor? Thank you.

Yes. Yeah. Then we'll go through the

Okay, calling back into session the uh board of directors meeting. Um we are uh in still in uh I guess our new business. We have a motion that we're going to put forward um a proposal to put forward to bring on the services of Randy Coburn um in the position of deputy executive director as a 1099 um uh employee of the Troy IDA board um of the Troy IDA at a rate of $75 an hour capped at 10 hours a week. Um and we are budgeting this for approx like a year. Uh so you know that's that's our cap for it. Um do we have a motion to approve?

I'll second. All in favor? I any opposed? Nope. And we had uh Alex had to step out. So we have one absence from vice chair Alex Carlton. Um, next is uh the formation of an executive uh subcommittee for purposes of reviewing the um agenda items and any items in front of the board. Let's say a week uh or two date to be determined ahead of the actual meetings as scheduled. Uh at the moment we have um myself which might be temporary uh Mike and Stephanie Fitch as the three members of this subcommittee. Uh do we have a motion to approve the formation of that committee? So move.

Okay. All in favor? I. No opposed. And we just have Alex absent. Okay. That concludes uh new business, old business. We'll be revisiting um stores associates next month. And we're going to move into the financials with Matt. Thank you for your patience everyone who's waiting out there. Appreciate it.

Our first report is the state of the financial position. Uh for the month of February, we had total assets of $2,350,492 with $1,392,53 of that in cash. We had total liabilities of1,78,716 which left us with a fund balance of $1,281,776. Uh most significant change is state of financial position related. And lastly, we have activity for the month of February. ran a surplus of $9,950. Our most significant source of revenue was our annual admin fees for the pilots and our largest expenses were in our professional services.

Question on the aging report. Can you define what all these $500 those are the annual admin fees. So every new project after a certain date we $500 annual fee to administer the pilot. Thank you. So have any of these come in? Yeah. Uh as of uh yesterday only nine projects still owe money and late fees have been as first Colombia come in. That was the big one when we closed the amendment that check came through. I think it was just a matter of timing for deposit on that one. Yeah, Catholic high.

Uh, I believe that one came in. That one just came in. That's the one that they were able to pay through QuickBooks for some reason. Yeah. Any other questions for Matt while we have them? If not, do we have a motion to approve? Motion. A second. All in favor? I I. Any opposed? Nope. Just Alex absent. We have a motion to adjourn. So move. Second. All in favor? I Okay, let's go right into

color copy. That screw me up for a second. Sorry, Randy approved. Sorry, you were walking in. We were rushing through. So, welcome. Thank you. Um, yeah, I was just trying to get through cuz we're running behind, but I I was going to wait for you and I was like, "No, we're just going." Yeah. Sorry. I I realized you you were sitting there and you were probably like, "What?" Um, we're going to have to run a credit check. Yeah. Yeah. You want me to stop? I will uh start if we're there's continuity here, right, S? I don't need to wait for another signing weekend.

No, no, we're good. Take care. Okay. I'm going to call to order the Troy Capital Resource Corporation Board of Directors meeting. It is 11:27 p.m. on uh March 20th, 2026. We have um one absent board member, otherwise uh our vice chair, Alex Carlton. Otherwise, we are all present. Um we're going to start read this right. Uh we are going to start with a public hearing for the uh city of Troy Capital Resource Corporation um uh RPI series 2026 bond issuance. I can help with an a bridged version of all this verbage if you'd like.

Yeah, I would I'm looking for

Sure. In terms of context, the uh RPI submitted an application to the CRC for uh a bond issuance of up to $66 million. Quickly summarize, the hearing that we're conducting today is uh required under the Internal Revenue Code to qualify the bonds as taxexempt. Uh the hearing was uh placed on notice through the cities and the CRC's website and uh briefly described the bonds that they're asking the CRC to help facilitate involve the refinance of bonds that were issued in 2015 that actually refinance bonds that were issued in 1999 and 2006. Um, if you're familiar and if you're local, you understand a lot of the larger capital projects that RPI conducted in the late 90s and the early as including EMPAC and other larger assets that they they uh put in over time using tax exempt bonds issued in the first instance by the Troy IDA and the and the CRC over time. They have an opportunity now to refinance um uh around $46 million of those prior issued bonds. Um, and those are described in detail within the public hearing notice what those bond series related to. In addition to that $46 million of refinance bonds, they're asking the CRC to issue $20 million in new bonds, new money that will relate to campuswide uh renovations, improvements, things like roofs and rinks and and uh dormitories and other administrative buildings that uh need capital improvements. Um,

baseball fields on that.

I think the baseball field's on there, too. That's right. Uh so the the public hearing notice describes uh generally uh what the old money and the new money elements are uh and the uh the hearings being held um to allow the public to come in and comment on on what we're thinking about today. Uh there's assurances here and language regarding the the uh issuance of the bonds by the CRC as being exclusive obligations of RPI, not us, not the city, not the state. uh the bonds will be issued in the name of the CRC really as a facilitation to make sure that they're just taxexempt. And what that means is when the bonds are purchased and they make bond payments with interest to a bank or a holder of the bonds, that bank or holder doesn't have to pay federal income tax or state income tax on the interest they earn. So they're able to lend at a lower rate. Um so that's the quick recap. Um, and you can open the floor to any public comment or if the board has any questions or comments on on the substance. It's really an opportunity now to to hear comments. Uh, and if there are none, you can close it and move through the rest of your uh rest of your agenda.

Um, RPI I'm just going to add that um RPI has been very helpful explaining any questions that I've had. Um, very diligent in answering any questions that Justin sent out. I just I wish every application we got in the IDA and CRC went that uh had that much support and uh let's say resources behind it, but this is a lot of money. I get no idea why. Um so, but thank you to RPI for like really making sure everything was was in a row and answered quickly for everything. I just have one request. Um can we get a preliminary budget on the 20 million? What they're going to do with it? Yeah, we have a list and I don't know if we

it's the second uh Oh, no, not not this one. Sorry. It might have been the resolution adopted last month. I mean, like what do they what's going to be spent on what? How's it 20 million going to be spent, right? Yeah. There's a breakout um that they provided recently as last week application last month. Yeah, it was really okay. I see that. Okay. Yeah. And it articulated a budget to each capital pro project or repair or improvement that they're doing. So that is broken out. We do have that. Okay. Can I Yeah, I'd like to see that. Sure. Okay. That's where I got the I was I was reading this this morning. I was like, what are they spending the money on? Yeah. Yeah. How are they spending the money?

I'm just going to make the statement that the public the floor is open to the public. if there was anyone present and we have no letters sent in support or against the project emails otherwise. So there's nothing for me to read out for that and we don't have anyone on the call but um otherwise if the board has any other questions you can what's it for the CRC to do this to give them the nonprofit? I mean they're getting a benefit for financials but what is I'm not the CRC charges an administrative fee when it facilitates the bond issuance and in this case the we had a negotiated fee of approximately $190,000 to facilitate this round

over time in the last 15 years there's been a series of RPI bonds and um that's really what's kept this particular you know the many hats that this board wears the CRC has its own budget and and fund balance and it's largely been supported by Yes, that's right. Historically, that's how we're able to give the grants, right? Historically, these would be like this before the formation of the CRC in 201 12 uh n I think 2009 um this was under the purview of the LDC IDA or the IDA. So then you are left with a pool. I thank you for always being there for

the um so the there's the concern with that in the separation between the IDA and the CRC is that you have the nonprofit money coming in from an institution for these bonds and then you have IDA with for-profit organizations. So it's a clean split otherwise you can imagine that that like how are you how are you segmenting that pool that could very easily through changes in board members administration the money could go different places. So that's why there's the wall between them between the boards. Come and do a similar program with you and you'll get the United will fund. If the hospital wasn't under the Trinity Healthcare System, they might be borrowing locally.

But they're a national organization uh and they borrow differently. So they haven't they don't have the need to use a local bond issuer. Um theoretically Sage um as a college uh we had the arts center as with a tiny bottom institutional projects and uh locate gen um gen uh geographically in the city of Troy and if it's a 501c3 so it's colleges hospitals you know institutions like that so museums sometimes will use a CRC

if they were issuing debt in the traditional sense they might look to the CRC but what they did in this board helped out with to a certain degree was to give them a pilot because they're using historic tax credits instead of traditional debt. Yeah. In a sense like even something like the YW.CA would qualify. Yep. But they're that approach is more typical to go towards IDA. So I'm just going to I see you writing notes down for minutes. But yeah, that's the our only Thank you for asking questions, Diana, because the only attendee for the public hearing is Diana Delpose, and she is uh Can you just state your name, location, and who you're representing, just for the record? Diana Delas, I'm a resident of downtown Troy, so I'm But I'm also NI Platform commercial real estate. Do a lot downtown. So,

perfect. Yeah, just for that. Great. So, we're going to close out the public hearing portion of the meeting and go into approval of minutes uh from September 26, October 17th, February 20th. Uh we have a lot of them. Uh so, let's do the due diligence on who is here. We have we have enough for the September 26th. I'm going to abstain from that one. Yep. It's myself, Sue, Michael, and uh Natasha. Do you have any questions or comments or do you motion to approve? Second. All in favor? I.

And we have the three Greg, uh, Stephanie, and Albertions and Alex absent. On the October 17th, we have myself, Albert, Michael, and Natasha. Do we have a approval for um questions? Motion second. All in favor? And we have Sue and Stephanie and Alex Ax and Sue and Stephanie refusing. Greg, you weren't here. Uh, and now we have February 20th. That's the last one. Thank you. Second. All in favor? And we just have Alex absent. Great.

So, I wasn't here for that. Oh, and Albert. Oh, that feels so good. Uh now September though I couldn't see that. Sorry. Way back from September. Who was that? I wasn't here. I was in here. Who second it? Oh. Oh. Who second? Was it you? Okay. Um Did I Who's here? I was here and I think I did. Yeah. Okay. I'll show I mean I don't really this isn't I don't really care it's an a thing I feel good for her so that's why like for all the work she does

so okay we again we can open the uh the floor to the board members who have any questions about this bond issuance I'm going to uh read this out as we have a following resolution for the bond resolution authorizing the issuance execution sale and delivery of the city of Troy Capital Resource Corporation's taxexempt revenue bonds for resol Clear Poly Techchnic Institute project series 2026 in one or more series of taxable and/or exempt tax bonds in an aggregate principal amount not to exceed 66 million and the execution and delivery of related documents in front of you. Floor's open for the board for any further questions for for this otherwise um

yeah I'd just like to see a copy of this budget attached to the resolution. Okay, we can attach that. Otherwise, if once you get a chance to look to look through and got your thoughts, if you have a motion to approve it, second. All in favor? I no opposed. We just have Alex.

Okay. We don't have anything for the annual meeting resolution. Um we'll be seeing that at the next meeting. Um you have no old business but we do have not first statement of financial position. Uh we had total assets of $285,720 with $70,720 that in cash. We no liabilities which left us with a fund balance of $285,720 changes to state of financial position. And lastly, we have the statement of activity in the month of February. We ran a surplus of $2,16.

We didn't get that. It's there. We just don't have Oh, yeah. just pass them out. Uh our most source of revenue for the application fees bond and other services.

I'm sorry they weren't. It was an update. So just the working capital of the 215. So when are we going to see that? I believe we budgeted been a long journey half of it for this year towards the end of 26 and the other half after that once the LDC can uh better cash. We have a another debt service that we're paying off this year. So the RPI bonds give it more time 50% at some point in the future.

Yeah. Okay. There's bre there's more breathing room while there's while we've saw the funds go down now. So I I hope it still is this year. Any other questions for Matt or do we have a motion to approve? I'll make a motion. I'll second. All in favor? No oppos before I bring up the journment. Thank you to the council members since everyone sorry for this meeting running late and your patience, but particularly to the council members who had a marathon last night. So, thank you for staying late and getting through it. You should have just stayed here. Yeah, that's what I I know a gallon of coffee this morning.

I appreciate everyone's time. I want to be cognizant of it. This is two meetings in a row. Hopefully, next one we cannot eat into everyone's early morning. Um, do we have a motion to adjurnn? So, move second. All in favor? All right.