Troy Industrial Development Authority - Regular Meeting

Sorry about that. It's so loud. So we we we uh we did a fairly uh simple analysis of the job numbers uh where we just compare uh what the expectation is in terms of uh their retained and created jobs compared to what they report in any particular year. Um so we we did that for 24 23 and then compared the two. um sort of big picture that um for 2024, you know, all 36 of the recipients that were required to submit a report did so. Um they reported 1,391 jobs and that represented 83% of the 1683 jobs that were expected um for 2024. So overall, um, everyone's everyone's at least complying with the reporting requirement. Um, and overall, the job numbers are looking pretty solid. If you look at the more detailed chart, you can look and see each recipient and you'll see that there's some that are way above their job target and some that are way below their job targets. Um but overall um pretty good. Similarly with 2023, all 34 of the recipients um submitted their reports uh in in the 2023 reports.

1,500 11 jobs were reported and that represented 91% of the 1,670 jobs target for those 34 companies. So a little bit of a slip from past year the uh the previous year. Um and then um when you compare I just took the the the 33 recipients that were required to submit reports in both years. Um and in that case um those 33 recipients reported 1,378 jobs compared to 1478 jobs in 2023. So those 33 companies that had to report in both years uh reported a loss of 100 jobs. Um, and the chart that I sent around, you can look at which ones were uh lost jobs and which ones gain jobs. This is it's really um it's nothing more sophisticated than that. It's that this is just looking at the numbers. Uh it's uh there's an expectation that companies meet their job goals. Uh but there's always economic circumstances that are beyond the control of recipients. Um and it's it's ultimately a decision of the board what if anything we do with these. But at the very least uh we're complying with what uh what's expected of us in terms of

getting the reports in and doing some kind of analysis on them. Do do you send them a questionnaire that the uh developers a report goes out that they have to complete every year? It's like did it ask why they didn't meet the uh jungle a is there oh if it comes back and it's um off lot from what they said on their application or from the previous year then I asked them to provide an explanation they have that on hand in case we get audited by the [ __ ] the [ __ ] we had in the past and they they want us to Did did you get the responses or Yeah. What's most of the what's most of them saying about the responses and not meeting the job? Um I mean the one that we had the biggest problem with that they couldn't get a hold of their tenants the commercial tenants to get the staff members. They wouldn't sure. That was really There weren't many that were Was there any that stood out to you that really low? Yeah, I mean looking at the charts, there's um let's see one, two, three, four. There was some seven that are pretty pretty low. Um, you know, uh, City City Station East was only at 11%, Dowy River Triangle, the Dowy Builder 6%, Hendrick Hudson 3%, Martin Luther King 31%. Um, R&M Holdings 60%. Um, yeah, he just opened at the

end. only open the beginning of this year, but he's tired at the end of last year. Oh, yeah. That place is busy. Yeah. Yeah. I don't station I'm going to have to go back and check why because they did fill up those spaces on the bottom. I'm not sure why they were. I know Cookie Factory went out. They didn't go out of business, but they they shut down the bakery on Front Street. I know that's that's probably had an impact. Well, um actually I I they didn't really um they were they we had them for the 23 report. [Applause] uh and they were reporting, you know, more jobs than had been expected. And then the 24 report was the project closed out. So they're they're not really even factored into these numbers. Um so when you know again when I say there was a 100 job losses, it's only that set of companies that had to report in both years. Okay? And when you add it all up for both that set of companies, there was a loss of 100 jobs. And this building was one of the ones that reported a lot less. But um they were within we gave them like a within order to not be um like out of compliance. So they did have a lot of jobs in this building, but they are still within that range. We're we're not going to Was the Hendrick Cart included in Oh, yeah. I mean, the Hendrickson. Yeah. They're

they're only at 3% of their they had 80 jobs. That's sort of the target. um they're only reporting two jobs, but being a change that they're making in the uh tenant base, is that that is that included? I think that's a reflection. These numbers are a reflection of that. They should be having their retail employees downstairs. They should be. So like when I saw that number, I thought somebody just put the wrong numbers in. That's what I was talking about where I had to we had several conversations about going into those places and asking them how many employees they have and I was not able to get them to do that and I refused to go do it myself because that's not I'm not the run reporting they are. So I told them that's how it was going to stand on the report and then we'd have to have an explanation in the file why the number was. Okay. But that was and same. So that there might actually be more jobs there, but this is what they report. So, what are I understand we're not like an enforcement or accountability arm for these agreements, but what are the opportunities to make them a little more accountable for what they're reporting? Well, you are my understanding is you are you are the accountability the board is. So, this is like not complaining or indicting uh getting up to speed, me being, you know, the newest member, right? And learning more about the interactions of what this board does with the community

and and that kind of stuff. Like Stephanie probably is more familiar with the with the cadence that we do on school boards. Like we have frequent uh workshops before we have a meeting where there's opportunities to educate, learn, that kind of stuff. I fundamentally when I hear that number and I'm familiar with the building, they report two jobs. That's a problem because they have four separate businesses in that building on the ground floor. I understand they're in flux because they lost that that state tenant, but they also had another issue that happened that we're we're aware of. It doesn't sound like that particular building is, for lack of better terminology, playing by the rules. So, I'm just kind of curious at what point is there an accountability tool that comes into play to say, "Listen, here's the issues that you have. What's your action plan to get within compliance of your original agreement with this board of coming? I mean, I I believe you have that authority to withdraw that pilot if it that's that's sort of the nuclear option." But um you know my my experience in doing this at the state level has always been you you negotiate businesses get the incentives based upon the commitments they make. You monitor those commitments from year to year. If you see that there's an issue with a company not fulfilling their commitment, there's usually a process for addressing that. And it could start out with a simple letter, just putting them on notice. It's just like, yeah, putting them on notice. It's like, hey,

hey, saw your report. This doesn't look good. Give us an explanation. We can accept it or not accept it, you know, and then decide whether or not we want to take further action. We really do because it makes us look bad that we're reporting numbers knowing that they're inaccurate. Yeah. So, should can we Well, Jeff's not here, but get the contact from you and send a letter from the I think Justin we can bring it up with him. Yes, I work with Joseph Miller. So that's who you are. Yeah, I'm here to be I'm the lawyer in the room. Um, so we can certainly put together a request for information, right? We could phrase it that way. I mean, the next step would be calling it a notice of violation or or breach of some sort. Um, but to get for the record additional clarification for this number and then decide whether or not even in our reporting we want to include a footnote to that effect so that it doesn't look like like if we have reason to believe the number that's been reported is not accurate. We should identify the fact that we know that to be the the case. Um, and if an awardee continues to fail to comply with its commitments, then it is the job of this board to take appropriate action to enforce those requirements. Okay. So, what do we have to do to get that done? Um, we have to probably make a motion to amend the Paris report now, right? To put the footnote in. Well, yeah. So, what is the timing of the Paris reporting? How soon would that happen without further? Yeah, you can't add a footnote. It's just like a number field. But I I do have a record of emails that I sent to them asking for additional information. But if we get a letter from the attorney, that'll also go on the file. But there's not I don't think there's much we can do with the report as of right now because they they

had an extra month to get Right. Yeah. I think we're we're we're accepting this report, but we're not necessarily endorsing the results of the people that are in the report. I think that's probably just information for next meeting or discussion, maybe an agenda item for a future meeting to kind of put some It sounds like we we we want to do some kind of outreach to those some subset of these uh recipients to question why are they job? What would they expect? I there is a so far off mark and we know the buildings and we know the retail on you know so we know that they're just not reporting and putting the effort in some of them I'm going to suggest maybe they don't know how to properly report the number like are they full-time equivalents I don't know what the form looks like at that level um it it has an explanation at the top saying what full-time equivalent is 35 hours So, it could be two part-time people or one FTE. Are you dealing with property managers or actual owners? I think some of them have property managers and some of them it's still the project owners but you know for the ones that were low I did reach out to the the applicants you know the right might not be involved as they were at some point but a lot of times it's the property managers because they're usually on site and can go to the tenants and be like hey yeah maybe some of them just need to be re-educated on the importance of the report and that you and be in default when I tell them I show them how much savings you're getting. Yeah, man. A lot of tax. I know. I'm

sure you have a reflection on you and all your losses. My experience is is that if you if you show them that you're paying attention, they're going to pay closer attention. If you if it we just sort of do this as a prefuncter task, then that's how it's going to get treated. So on notice I think a a letter a letter requesting information. Yeah. Yeah. Okay. Would even though we know we can guess like even city stations we saw all that retail kind of go away. So, it's pretty evident why their numbers went down on some of the spots, but they still have they had a commitment to a certain amount of employees, but at least for our knowledge then to know for them to say it would be an important first step before you took the next step. Let's put it that way. Yeah. And it's a tricky thing with the job numbers because they, you know, they apply some of these are from 2012. the number from their application which they what they thought they might have for a job number. It's not how it works out, but it's not something that we can go in and it's not a field we can amend on the report and unless their pilot changes drastically like Hendrick Hudson where they downsize all their office space, then we can go in and update their information. But it's it takes like something big to go in and change that original. But to me, that's like that's just like changing the goalpost. Yes. you know, um, and and again, I'm not I'm not sure with these IDAs how relevant those jobs numbers

are at the point at which this board agrees to provide the pilot agreement. I I mean I'm presuming that it has some influence over a decision to say yes or no and to say yes but only this much. Um, you know, at the state level in the many of the programs that I worked on, we went through a learning process over my career where it was it got to the point where we we had to get the law changed and accountability was built into the process much more rigorously. Mhm. So that what you what you say matters. So if you come in for state assistance for based upon a job or investment number that becomes an important factor in you being able to keep the benefits that were based upon those job investment programs. Um, and you know, it got to the point like for some programs it would be like, you know, we we recognized that the world changes and jobs fluctuate. And so it it would be like if somebody got to 75% of the mark, um, we'd pretty much leave them alone. If it was less than that, we we might prorrate the tax credit amount that they were going to get. Mhm. Um so I mean there are there are different mechanisms depending upon different types of programs but I think the the overriding

message is at the very least we as a board are held responsible by the authorities budget office to um monitor this. Um and then it's up to us what we want to do that we have the authority within the pilot agreements to take action. So we'll start with but we have to report what has been reported to us. So we don't we don't know what change to make to those numbers. So this is the best available information that we currently have. At least we're doing something right to try and understand for the future. So will this take place before the next meeting or probably they can work with Tony or Justin. A letter coming from a lawyer is always, you know, tends to wake people up. Thank you. Thank you. All right. Anything else? That's it for That's it for that. So, that was the executive director director's report. Are there any other question for him? I mean, I I could do the job analysis and then you can just finish up with I mean the cash flow analysis. Do that. Okay. So, we have in my time here, we've had this question raised a number of times that we've got seemingly a big big amount of cash sitting in our account. Um, so, and we've been asked, isn't can't we invest that money and get higher yields on it? So I I working with math, we looked at

some data on our cash balances in this account over the past 39 months. uh analyze that data to try to um determine kind of what capacity do we have to take a chunk of that money and put it into higher yield savings without putting us any in harm's way in terms of running out of cash to pay our bills at any particular month. So we went through that process and I wrote up a report. I don't really think we need to go through the details of the report. I might just make some highlights, but you I want to hand them out, give you a chance to look at them and um you know at a future meeting if you uh based on this data you feel like yeah, I think we could take you know x amount and uh invested in CDs or you we could do laded CDs um and uh we'd get a better rate of return than we're getting now. So, um, that was the objective of this. So, I'll just I'll just, uh, hand that around and then I'll just, uh, kind of basically tell you what's in there. Thank you. So the cover memo is just kind of explaining uh what we did um and some s sort of some highlevel results uh you know I would uh and then then there's a chart page um that just shows the account balances over um that 39month period. Uh I just wanted to show something visually that gives

you an idea of you know how how much volatility there is in the account. Um and then kind of what's the you know what was kind of the lowest point that it ever reached. Um so that was one chart. Another chart just shows you revenues and expenses over that time period. And then the all the raw data that was the basis of um the analysis is on the third page of this report. Um if you go to the third page and look up in the upper right hand corner uh you can see that the average balance in the account was um 741,000 in 2022. that it grown to an average of 914,000 in 2024 and it's projected to drop to an average of 761,000 for uh the remainder of this year. um to try to do this analysis. You know that it's it's important is again what's kind of like the the volatility what's kind of like the the point at which we never go below. Um and then what what is our do we have months where we have a big um seemingly have a big uh expense that so we have to always make sure we have at least that much in the account and um you know so we calculated the averages and um the average over the 39 months was over 825,000

the um the most we only had one month January 24 where we paid out $151,000 and only two other months in that 39-month period where we paid out over $100,000. So just based on that analysis, it suggests there's some there's some opportunity there to say, hey, we can take a chunk of this money and better invest it, get a higher rate of return than we're getting now and uh without without putting us at any risk of uh from a cash flow perspective. So that was the purpose of this report. Um I think you should just look it over if you have questions, think about it and then you know maybe at the next meeting um we come to some conclusion as to and decision point as to whether or not we want um Matt basically investing the money for us. Um can you tell us what interest rates are looking at looking like? Any idea? Current bank account is earning 3.82% and that's like 60day CD days or 90 days. Okay. I figured like probably ladder that amount of it really every year. Oh, so that's what the Okay, have that amount in the account at that time. I don't see any big

expenses any Yeah. And what's the primary source of revenue? Is it fees from these applications or Oh, yeah. I for I even forgot to mention that. Um uh we we uh m filtered out um the pilot payments, you know, because pilot payments just come in and go right back out. So that this analysis doesn't even count that. So it's it's really just um what is it? the admin fees, uh, application fees and interest the revenue numbers in there. I just kind of our budget and divide it by 12. Okay. Depending on if we bring in projects, when we do bring in projects and we close, we usually get a chunk of change. Yeah. When we had the rep from Pioneer come, remember that? Yeah. cuz they at that point we were getting like nothing half a percent or something. It was like something really ridiculous and it was a pretty good size balance too. And um I think he changed it to what whatever it's at right now, right? Yeah. It made a difference. Oh yeah. See the interest rate numbers are way up. Well, for CDs, aren't they still around? Yeah. I'll just, you know, short-term CDs or something, you know, like half a million. Put like half a million in a CD or something. He still got 300,000, 200,000, whatever out there. I mean, I don't know if you got any anything coming in to him at all. I don't do Do you have any projects coming in or you expect to come in? We're closing on a couple. Oh, so that means revenue revenue come in. Yep. Okay.

Okay. But there's no new projects uh or applications for new pilot agreements. And usually when they close like how much did they get? Oh, really? Of the project. Oh, okay. Yeah. I was just thinking like half a million. So just put half. They'll be cutting it close though. Well, then if it Well, right now it's I looked at it this morning. What was it? Like as of yet? Yeah. You still got 400,000. Can we um have David come back again and talk to us about what the options are? Should they talk to you? They don't. Yeah. So, we'd have to talk look at a commercial like Bank of America or Key Bank. Yeah. That might have changed. No, that didn't change. I don't think so. I think that they don't do it. Yeah, they used to do it when I was there. They used to do it and they this new admin uh leadership team came in and they just cut it cuz they did do well. Okay. Right. What's it in now? It's a Is it a money market? Oh, yeah. Okay. Cuz I saw last month was like $5,000 in interest. Yeah. Before we getting like $1,200 less than that, I think. Yeah. Yeah. Yeah. Yeah. So to be continued or yeah I mean you

know again it's you can make a decision today or or just to if you can get us like rates on like local banks like Key Bank and Bank of America these commercial banks see what and um I don't think you want to go out more than six months right on a CD we might better it's probably like a 3 to six wanted to extend like a to cash into a longer term one. Yeah, look at that too. But yeah, get if you can get a higher rate, you know, there's there's again this analysis shows that at least because I did it for the LDC as well, we don't have as much wiggle room there. There's a little more wiggle room here to take a chunk of it, ladder it, and and just get the best rate you can. And then the lading, as you know, always kind of keeps us at a point where if we needed to um, you know, sort of cash it in immediately, we could do so. I mean, it's making enough money to cover the uh accounting fees, you know. So, I mean, yeah, if you can just get a a chart on like local banks, commercial banks and 36 60 90 and six month CD rates and see what they're, you know, what they're at. So, we can we can just report back on that for next month. Yeah. Yeah. Right. Perfect. Uh the only other thing I have to report is that um I'm leaving. I'm uh retiring once again. Third time's a charm. Wow. Just got you.

It's mostly for personal reasons, but it it's almost 100% personal reasons. My wife, for whatever reason, still haven't figured this out, but she likes to hang out with me. A bad thing. What's the date? Uh May 9th. Okay. Oh, really? [Music] So, we're not going to see you again? This is your last uh Wow. invite you to these meetings. They are public. Well, good luck to you. Yeah. Thank you. Luck. Good luck. And it's been fun. So, so was it a a year? Was it a year and a half or a little over a year? Okay. Well, I appreciate what you did putting things. Yeah, sometimes it's not easy coming. Yeah. Yeah. I mean I think and I think whoever comes in has their own way of doing things but a little structure down. Yeah. Okay. In fact you found that mistake without the attack. That's that's big. Yeah. Yeah. an impact. Let's right new business. Yes. Uh annual meeting resolution section 8 to review the Paris report. Is there a motion to accept it? So moved. Second. Second. Any further discussion on the Paris report? Hearing none. All those in favor? I. Any

opposed? Motion passes. New business, old business. Nothing to report. Is anyone going to add anything in there? Financials. Do we have to report? Then we're doing the financials. Our first report finance decision as of March 31st total of 1,21,428 with $951,264 that in cash. We have total liabilities of $37,991 which left us with a fund balance of $893,436. Uh there's no significant change financial position. And lastly, we have the state of activity. Uh for the month of March, we ran a deficit of $4,326. Our most significant source of revenue was our interest earnings and our largest expenses within our professional services. And the receivable that was out there is something we need to concern with. Uh, no. Those are all pilots. Um, as of today, I believe there's only one outstanding. Um, one of them accidentally paid to the city and not so that Okay. Oh, yeah. And they're going to have the check today. Yeah. Any other questions? All right, we've heard the report. Motion to accept. Do that. Really? And uh movement. [Music] You're the next one. Oh, you said motion

to adjurnn. I'm sorry. Yeah. So, we're going to the CRC next. Sorry. I'm sorry. No, you're okay. We're not going to forget about you. Motion to adjurnn. Move. Second. Seconded. All those in favor? I. Any opposed? We are adjourned. Moving right into the CRC. It is 10:42 a.m. Uh, we're going to open the CRC now. Uh, we're running into the same approval of minutes from February. I say we probably still don't have that. Someone new is here. Uh, but March, we do have a quorum. So, is there a motion to accept the minutes for March? Motion. I'll second. Seconded. All those in favor? Any opposed? Passes. Move to the executive director report. Executive director's report. I have nothing to report. Nothing to report. All right. New business. Tech Valley Center of Gravity. Sponsorship request. Hi, I'm Rebecca Valley Center of Gravity. Um, are you familiar with us? Yes. Yes. So if you ever want a tour, so over the last couple years, you guys have been providing us with additional assistance and funding um as a general sponsor just to really help with everything that we have going on. We're a maker space. We are an incubator space. We have basically all the equipment you can think of

probably 15,000 square foot space and um we're not proficient to run. So, I'm here um requesting that you guys sponsor us or grant us $5,000 again this year just to help us [Music] continue to be up and going. Um you can [Applause] see for those of you the second team just for benefits of helping to be a sponsor. um that you automatically get from the sponsorship. I don't know if you want me to go through those or not. Do you want me to mention any of them or have you already seen that? No. Okay. [Music] Um, we started it out in 2013 and vacant lot in Troy and then we received help from the community and the city and were able to be in the building that we are in now. It was specifically updated for us uh in this building and passion building. So, I don't know if you have any questions about what we do or um yeah, if you have questions for me, let me know. We have for children, for adults, a workshop. And so, is this just going into your general operating? So it basically goes to fund

like everything anywhere from programming operating it's so it's not targeting one particular project. No no it's understood to help where it is needed and when it is needed everything the organization which is what you've done for the last two years. The thing with a specific program, yeah, is that a lot of times grants out there, we can find grants to do that, but we can't necessarily find the underscented funds that then help with where it's needed. Yeah. When it's needed. Do you know what I mean? is because sometimes with grants, which is kind of how you're looking at this, is um you have to submit your financials. Is the tech value that are very profitable every year? Well, we're not as a nonprofit generally not supposed to be, you know. Well, okay. When I was in grad school, and I think things are changing because I graduated in 2011 from Fington, but at grad school, it was always the zero was what you were supposed to be at the end of every year for nonprofit. That's what they teach you in college. That's what they taught you in grad school. Really? If you're on the banking side, that would be like totally wrong. Well, hold on. Um that doesn't mean that you can't have um funds that continue to bring in money every year. Um like and then right now we would like to start building that that I guess you might want to call it. But we are not in the red if that's what you're asking. Yes, that is. Yeah, we're not we're not in a deficit. Okay. Do you have outstanding debt or uh I mean no I would be like pay off somewhere. Do you have a line of credit

or anything like that? I have a line of credit. Oh, you do? Okay. I can give you my financials if you'd like to see. You might even have a copy of them here today. Yeah. Do do you think it's online? I can bring them up. Do you have to last meeting? Not handy. Okay. It probably it would not be online like this. Um I am on the board over there. Yeah. Um I can say that they what she said is accurate that they don't have a overabundance of money but they are in the positive and there is a line of credit and there's there's a old um maybe an SPL loan but we just had a meeting as to like how to pay to pay those things down and stay on track and stay in the red year over year um to make sure that everything keeps running as it But I I don't have the financials. They're in a good you know there's not an overabundance but they are okay that's no you guys haven't asked that in the past. I I would have been happy to bring it had I never really apologize about that. Is there anybody else that does what you do in the capital district or not really. So there's colleges that obviously do that but then once you graduate they'll use that use it and some of the colleges and I think you maybe should do that um if you make something in that space it's kind of also owned by the college right yeah but no one is doing it like we're doing it okay um and so no Yeah, there's people that are trying to replicate it, I think, in other areas, but there's something different about

this one. I don't know if it was because of one or the the group of people they have there, but it's um pretty unique and we had a lot of um people visiting from like really specialized fields and they come there and they share their knowledge and information. Pretty unique. Yeah. other ones haven't lasted this long either. So, it's kind of like a hub. It really is a hog like their logo. It's um pretty important in the whole region really. We have members from all walks of life, anywhere from somebody just coming in to make something and have fun to we have someone who um is working with a prototyping center and they're working [Music] on creating um like ceramic almost like a brick but in ceramics as a facade and to be the first in the US to do that. Um, so we've had, you know, all kinds of people come through to do different things. Um, let's see. Impact, you can see innovations done through us. They make a almost like a vegan leather. Um, and they have really taken off. They're now in Westchester, but they started out. Okay. So, maybe in the future, it would be good to know how many of these jobs because everything we do based on our mission statement is really about job creation. I mean, I'm happy to give you any of that stuff. This has never been asked for the last two years. Um, I just came in saying, "We're looking for this amount of money. this is the type of

book that reading and that you guys find in it. So, I'm happy to give you anything that you need. And if you're only looking to target job creation, um, if there's opportunity, and maybe this is because I'm listening to the numbers from the IA, um, if there's opportunity for for greater funds, we are there are we do have a program that we are trying to start up that would specifically relate to job creation. So I don't know if there are if there's a greater fun between the IDA maybe and the CC to do that come back to you and ask you about that one instead. That's I guess it's really up to you know what you need. I'll come back and give it to you. Yeah. So if the next steps I would imagine the motion is either going to be to accept as is or we could table it for next meeting to get more information. We've already tabled it twice. I know. Yeah. Just I mean I like the fact that it's unique to Troy. I mean something that's unique to Troy and we've supported it in the past and you know I'll offer it does help my business, right? like we saved some money on some capital equipment as members of the the tech valley of gravity, right, that let us actually hire some more people. So like there's some indirect job creation there, right? That's good to know. Um yeah, I mean we have some we have a business we have some businesses that work out of it and by doing so, you know, if you were to have to pay for a space in Troy, it would be a lot more money than just having a membership in a small space that you can work out of

right there. We have co-working space. So if someone's a member, they can just work, they can come in, bring in their computer and work right right there. Um, so we got people doing that. We have artists who come in, they create, they sell their items. Um, you know, we have a PR company that's working out of there. So it's really, like I said, we got a man who makes his he does woodworking. So, he gets his products there and then he sells them. I've got a man who used to have a um a seashell museum and now he doesn't have the museum, but he does a pop book uh the first Saturday of every month where he uh puts all his seashells out and shows them off and that's really unique and interesting. So, But you know if there is opportunity between the CRC and the IDA or maybe this is something separate than just No, actually this is the CRC and I was thinking the IDA but you're passionate about this organization. It's been around a long time. We just wanted to have somebody be here because we just kept getting it and it we needed to hear a little bit more about it. Yeah, I was I had struck to it twice in a row the last meeting and there was some kind of I misunderstood and then the meeting before that I was in Philadelphia and doctor's appointment so I couldn't make so that long. So, I just want you have a long-term lease with your So, we had we had a a long-term lease and then we just renewed for I think it was for 5 years and then after that uh we kind of we're working on whether there'll be an option to renew from

there, but that's in the works and it's a little bit right now. So, I get back to you on that. I make a motion to I'll second. Uh motion to pay the 5,000. Yeah. Yeah. So motion second. All those in favor? I. Any opposed? You got it. Thank you. Congratulations. And just for regarding the idea, do you guys if we had a proposal that would create job creation, is that something that you guys help fund? Not not the IDA like that though. No. When the CRC So I never got this one out, but we really like that with um something later that had job creation side of it. Is there potential for additional funds for something like that? I don't think that's a question we can answer right now. Well, I guess what I'm asking is can I apply for more than one time? Oh, in the same year. We we've been pulling back on a lot of the requests. Okay. Because it all depends on the revenue that's coming in. Yeah. And if it's got if it gets stagnant, then we'll just run out of money. I completely understand. Okay. I just know how it all how it all specifically. We should have the financials. But I was thinking about on the idea side if you guys ever totally different. Totally. Yeah. Oh, I know. I used to work in economic development. So I didn't have the IDA. Thank you. Thank you guys. Thank you. I appreciate it. Anytime you want to come for a tour, please do. Okay. Thank you so much. All right. Thank you. All right. Moving on to old business. Does anyone have anything for old business? Financials.

First report is the statement financial transition. As of March 31st, we had total assets of $322,500 with $47,500 of that in cash. We had total liabilities of $460, which left us with a fund balance of $322,40. Uh there's no significant change to the statement of financial position. And lastly, we have the statement of activity. Uh for the month of March, we ran a deficit of $322.85. Um our significant our only source of uh income was our interest earnings and our largest expense was the monthly account fees. Um I got a question. Did that receivable um like 200,000 the loan rece is a it's a loan receivable, right? Yeah. With the uh Is that Oh, okay. It's Are we getting Are we getting paid for? How'd that work? How'd that work? The repayment was tied or something involving King Fuels. Yeah. With selling that property, which hasn't happened yet. Oh, okay. Is there any anything happening like is it is it going to be sold anytime soon or they're they're they're wrapping up the last part of remediation there that should happen sometime next year and then it'll be on the market for sale or Yeah, you can buy Oh, okay. That's my thing. Do you have anybody in mind to buy it? That's I guess that's my question. Yeah. I mean that's a shovel ready property though because you're deal shovel ready when we're done. Yes, it will be and fully remediated. Just don't touch that shovel right now. And our current um pretty much the revenue for the CRC is pretty much the bond thing with RPI,

right? That's a primary source of revenue. Yeah. Okay. I'll make the motion to approve the financial. All those in favor? Any opposed? Passes and German. I make that motion. Motion. Second. Seconded. All those in favor? I. Any opposed? We're journ. Thank