Troy Industrial Development Authority - Regular Meeting

There's a couple of grant applications on the agenda that I, you know, we're starting to sort of push towards them. We've given us a budget. Their applicants are just kind of learning, so I helped them out with that. TWO BUDGETS FOR THE TWO APPLICATIONS THAT ARE ON THE GENERAL ITEMS. THE PRC ONE. THIS PRC ONE, YEAH.

ARE WE LIVE, WILL? WE ARE LIVE. SWEET. OH, SWEET.

ALL RIGHT.

I WILL GET US STARTED THEN. All right, we do not have minutes from last meeting, so we will skip approval of minutes and push it to the next board meeting. Um, executive director's report. Go for it, Randy.

Two, two budgets for the, uh, CRC applicants.

Okay.

So, just a couple, a couple things to report. Um, we had, uh, we got our first, uh, task order in place with Victoria Storrs. TO DO THE ECONOMIC IMPACT ANALYSIS AND THE COST BENEFIT ANALYSIS FOR THE PROJECT. SO THAT TASK ORDER IS IN PLACE. WE'VE GIVEN TO THE VALENTI FOLKS THE WORKBOOK THAT THEY NEED TO FILL OUT SO THAT SHE CAN DO HER ANALYSIS. SO THAT'S IMPORTANT.

You signed an engagement letter?

Yes, we signed a general services contract and then a task order. For each each time we want her to do this project, we do a task order.

OK, so we signed that. OK. So how much is this task?

This task was roughly, I think it was $8,900. That's right. OK. Yeah.

the 75 million dollar project.

Oh, it is? Yeah, they're paying it. Other things I needed to report on for the IDA. There's other projects in various states of progress. The 74 new Turnpike, which is the tiny homes. We're expecting to get an application in from them. I I thought maybe we'd get it for this meeting, but it looks like it'll be in June. That would just be the, you know, step one in the process as you know. There's also the Lansingburg Gateway project that I guess they just had a neighborhood meeting on that. Recently. That one's not ready to submit an application to us yet.

What is it?

Oh, that's the old price chopper. They're looking to do some mixed use there. Rentals and. I guess some storefront, I'm not sure.

I think there's some commercial involved. I think it needs to get itself through a little bit of the planning process before we get fully engaged.

It's got to go through planning. There's some public funding.

Are they taking down that whole structure?

So that one will probably be more like later in the summer, maybe early fall.

Who's the developer?

Attic Labs. Yeah, Attic Labs.

They're from Newberg.

Are you okay with it? I think the hurdle to a warmer

reception of that project would be some type of remediation of the impacts of the last project for the lion factory the impacts that it's had on the surrounding equating that project with what could potentially happen to that project and it's already being blacklisted throughout the community so it's going to be

This would be market, though, right? No.

It's affordable housing. They call it workforce housing. 60% AMI is the average.

Oh, really?

Yeah. Oh, okay. 200 units, three separate buildings, four stories.

Oh.

Anyway, we're not there yet. Attic Labs.

Attic Labs? Okay.

Is there anything else I need to report on IDEA stuff?

I think that's, those are the highlights. Okay.

I don't believe we have any new business or old business, so this is going to be a quick one.

Matt, financial. All right. Our first report, same expense division. As of April 30th, we have total assets of $2,144,265, with $1,485,522 of that in cash. We have total liabilities of $802,551, which left us with a fund balance of $1,341,713. There's no significant changes to the statement of financial positions given the total For the month of April, we ran a surplus of $55,281. Our most significant source of revenue was our administration fees and our large expenses were in our professional services.

Are the accounts receivable? There's one, two, three, four, five accounts here over 60 days.

Yeah, I sent that list over to Danae to reach out to projects and get the process started with collecting it.

Okay, so you don't know if she's heard anything. Okay, all right.

Is there a way we can survey these folks when they pop up on the list and ask them, how do you get to 60 days? Are they having cash flow issues? Are they having calendar issues like they just forget?

I mean, there's definitely something we can do. Denae usually handles all the communication. I know in the past, there's been stuff with like the property manager changed hands or whoever does like the billing, like they use like a different company that changed it.

I mean, I get a pretty quick notice from the city of Detroit if I don't pay my fees, like water, you know.

Within 30 days.

I've only been on for a short time, right? So historically, has it been this spotty historically over the years where projects fall behind?

We usually have, like, some strikers. They usually pay, like, the second late fee or, like, a follow-up email that we usually send to them.

But normally we haven't seen anything go over 90.

How curious. They're not there yet but. I'm pushing it. Yeah.

There were February 1 bills right. March April.

Two weeks. We'll be hit the stick in two weeks. So we'll get some communication out to them.

Do you send something to them?

Well, around 60 we would be sending a formal communication. We're obligated to hit their lenders too.

Oh, okay.

Any notices like that. And that usually wakes people up pretty quick, the lender. We talked about that last meeting.

Yeah, we talked about that.

I think now with Randy fully saddled in, I think we'll get in front of it and I can help with the wording or and make it a little more official.

What is the time frame, you know, so the strongly worded letter saying you haven't paid, we're going to revoke your pilot.

The 30-day cure period starts. That kind of starts a ticker. And that's what makes the bank nervous. We have a pilot mortgage usually that can get in front of a bank and they'll protect their position. Just like if somebody doesn't pay their taxes, if the IDA wasn't involved, the lender would Typically, we'll pay those to maintain their lien position and then add it to the mortgage. I'm not sure that's quite this far yet. I know 444 River came to us a few years ago and said they wanted to renegotiate their pilot.

So the mortgage is subordinate to the pilot?

Well, we're in front of it, yeah.

Yeah, okay, all right.

We record a mortgage in front of the commercial mortgage, just like a tax lien. In the past, without a pilot mortgage, if they didn't pay, it's just a contract. So the IDA, if it doesn't get paid, or the taxing jurisdictions, if they don't get paid, they're forced to sue. And then you can have like a five-way problem. So we close with a pilot mortgage to amend the tax lien, and we make it a principal amount that's the equivalent of three highest years of the pilot. So in case it goes out protracted like a tax lien, it usually goes to about three years before a foreclosure happens. Anyway, we're in a good position if we have to enforce it, but typically the right notice to the right recipients will rectify it.

Oh, can you explain to everybody what the 800,000 is? Which one was that?

What was that? I believe the biggest one was for this building. The check ended up being shuffled into a bunch of other paperwork for the other stuff that was going on with this building. So he had the check and got it at the end of the month.

Okay. That's more than one pilot than the 800,000. Okay. Okay.

Yeah, and then part of that table is also still there.

Why wouldn't they be aging then? It's a table. Why wouldn't they be aging? Yeah, it should be on the table, yeah.

If you have 162 in an aging list, and then an $800,000 in another liability.

Because the aging list is based off the AR number. Oh. Because we collected those, we still owe it as a liability.

Okay, you just gotta get the, you have to remit out in 30 days. Right. Gotcha, okay.

Okay.

I THINK THAT'S ALL WE GOT FOR THE IDEA TODAY. DO WE HAVE A MOTION TO ADJOURN?

MOTION.

SECOND. ALL RIGHT. ALL IN FAVOR? ALL RIGHT. THANK YOU. ALL RIGHT. TO THE CRC, WHICH... WHAT WAS THAT? OH, WE HAD TO APPROVE THAT. It's only my second one. Sorry.

All right.

Let's go back a little bit. I'm adjourned. All right. Do you have a motion, too? I'll second. All in favor? Aye. Now we're really done. All right. On to the CRC. I don't know that we are really done because we have to approve the financials.

I'm adjourned.

Oh, you're right, so now we have to re-adjourn, right? Yeah, we just re-adjourned.

But you've got to approve the financials. Oh, we just did. We do a do-over here.

Let's do it again, so we'll do it all. I'll make the motion. We'll make it C for Janai. Come on, Albert.

And I'll second. All in favor? Aye.

All right, now CRC. Same story, we don't got the minutes from last month, so we will push those to next meeting. And then we have some new business.

Randy, do you want to talk on these? Okay, so we're going to start with the applications. Okay. All right, so there is an application. We also have Medina to talk about her project, but No one's here for the... She didn't know.

Nobody told her to be here. I would have told her and told her to be here. She didn't know to come.

Albert?

I could tell you what's going on. Yeah.

I mean, Denae did.

Yeah, I know they were emailing each other and stuff with the application. I don't know if anybody knows about the Earth and Iron Works Museum in South Troy, but... We've been putting a lot of money into that building over the last two and a half years. Susan came up with this project. There's a wall adjacent to the building for the Alamo. So what they're going to do is she signed a contract for an artist to paint this mural on that wall from just to use it because right now it's just bare concrete. And actually, the museum over the last couple of years has been kind of a destination point from these boat tours that come up to Hudson over the last couple of years. So I mean, she's really since she's been an executive director, she's really turned this building around. It was a warehouse when I first got on this board. It's been painted on the inside. The only thing we have left pretty much is when the building was abandoned, the cherry wainscoting was taken out. We're trying to raise money to replace it, and the flooring has to be redone. But other than that, I mean, we put like over the years, probably put like a million and a half into this building. We got a grant from the state of New York in 2017. We started using that money about two years ago to start renovating the building. We just finished putting air conditioning in, so now it can be open year-round and a new heating system. It's across from the jail.

So you drive past the Alamo?

Yeah, it's right on the right. It's Alamo and then it's the next building right on the right. It's right across from the jail.

I can make a couple of comments having been there and having grown up in South Troy for a period of time. It's a great historical preservation of what our city was and where we are now. It's approaching a museum quality type of structure and anything that we add to it will only attract more interest in the history of our city. Visitors, school trips, that kind of stuff. I mean, it's a really cool space. Hats off to everybody that's put the effort into rehabbing it to what it is right now. It's not a small undertaking.

We've got a sizable... from a benefactor two years ago. And pretty much that's how we put the heating system in and the air conditioning in. But the grant from the state of New York helped do a lot of the structural stuff around the building. Painted it, we did the plaster and everything. She's really did a really good job turning this building around. And I never knew anything about this building until I got on the board. but it's really become like a destination for visitors to the city of Troy. History of its industrial past.

Artists have it. That's the same guy that did the lobby is building in another side.

I think yeah, I think it is, yeah.

So you know from. Looking at the application which I just saw for the first time yesterday. It wasn't clear how much they were asking for. So, you know, I did put together on their behalf, based on what was in the application, you know, a budget, and it looks like it's a $40,000 project. There was mention of City Council committed 10,000 to the project. Wasn't clear whether that.

I met with them a couple weeks ago and it didn't come up so so it's not.

This is the first I'm hearing right so it's still that's still an anticipated amount. There was mention of a grant application to an organization called fair game. I'm not sure what that is. But that seems to be still awaiting a response. And then so that the difference, assuming those funding sources came in, would be $25,000. And again, I don't know what from their application, what their requests is.

I think she's 10,000. Was 10,000. I mean, anything would help so.

Is there any urgency to resolve this at this meeting? Could we get the clarification and then come back?

Well, she wanted the guy to start, as opposed to wait until next month.

I guess so, yeah, just so that we are clear on what we're actually doing.

Someone else says they signed the contract in January.

Well, she didn't know about this source of funding, so I actually was talking to her. And she just got the application to Denae a couple weeks ago.

So the question, what's the amount?

What's the ask?

Yeah. $10,000. That's the ask.

I think that's a great idea.

Yeah.

Do you want to make the motion? Oh, I'll make the motion, yeah. Second. Are you going to abstain?

A lot of activity is going to happen down there very soon in a good way. I think we'll support that.

This is going to look good once that wall is completed.

I think fuels is wrapping up. Sperry will be down in under two years.

A lot of activity going on. I mean, I see people walking their dogs down there all the time. So yeah, yeah. Big change. Yeah, yeah, yeah.

Alright, so that motion carried. We are on to Detroit Dance Factory. Yep, so everyone knows Detroit Dance Factory came in previously.

That was actually, I think that came in before I came back on board, but I think There was concern about a for profit for these funds. Maybe more authoritatively about this, but she worked with Albany Center Galleries to submit the application on behalf of Troy Dance Studio. And then we've been working with Nadine to put together a sources and uses budget, which you all have. And with that said, I'll let Nadine come up and give you a presentation.

Yeah, sure. Are there any questions you specifically want to touch on or just my purpose for asking further questions?

Talk about the project.

Okay, yeah. So I'm Nadine Medina. I own and operate Trident Factory, and this will be my 15th year in operation. When we started Trident Factory, we had kids and adults. And we used to have our annual show at the Music Hall, which was really cool. But obviously, you had to go in the Music Hall, charge $20, $25 ticket. COVID happened, and all of that, of course, shut down. So when we were able to reopen, I wanted to do an outdoor show, just in case we had another shutdown in 2021. So the outdoor show actually is now in its sixth year, because there was no putting the lid on it once it started. what became what started as a dance, essentially recital for kids and adults in the music hall is now a little festival that I hold on the river. I don't know if anyone's been able to attend that in here, but we put a stage right on the river where the fountains are, of course, turn the fountains off. I have live musical acts performed throughout the show. We have vendors and we have local food and drink. We have some organizations that show up and I do sell tickets for $15 instead of the 2025 for the music hall, but we have The tickets are only for the Riser area and the, like, where the fountains are. We put tables there for VIP. But then we have tons of free seating in the grass area as well. And those are really great. We have a lot of students who do have, like, low-income families. I also walk around and give, like, flyers and postcards to the women who live at the Y. They come every year. If anyone knew Cheryl, she used to come every year. Roger used to come every year, so the folks from the line that square apartments too, they're waiting for me to give them flyers, and they come on down and they enjoy the show. So it's really become a wonderful community event, open to everybody. I don't bill it as family-friendly because we have field dances, and I just let everyone make that choice for themselves, but it is, otherwise I would say it's a family-friendly event. And I just... hit the cost of it every year. Year one was really fantastic and it gave me $1,000 just to go towards this new idea. Last year gave me some money to cover the cost of the t-shirts that I get for the students as well. But this year, as you probably know, they've got funds going to their other important projects. So they're not able this year to help me out. It does cost me between $10,000 and $12,000 a year. It just really depends. The first two years are more expensive because I was getting all the supplies I was hiring a lot more musical acts than I really needed to, so I just wanted everyone to perform. I've cut all of that down, but everyone's costs are also going up. I do require that all of my musical acts, my makers, my vendors, my food people, are all local. Not necessarily in Troy, but they're all within, I think it's like a 50 mile radius. So this is not an event that I draw people from all over the, I like to keep it local and showcase what we have here locally. So with that being said, I was asking for someone to help me cover the cost of this community event. I did present to you the budget. That's pretty consistent every year. Some of the costs have gone up over the years. The reason for the first year, I think the event cost me $12,000-ish. But that's because I had to get string lights. I had to get all of the infrastructure for the event, which we now have. The cost has gone down by a couple thousand dollars every year. I mean, things that aren't on there are like, I've got to buy a bunch of batteries for the stuff that, you know, like gas tape for the stage, like little things like that. So there might be another, I don't know, $500 to $1,000 that's not on this that I'm going to be spending. But that's pretty solid at this point. So all my numbers came in. In fact, I just paid for my posters yesterday. Those came in at like $250, the posters and postcards. And I actually brought one for you.

You want it?

And I just paid for the shirts yesterday. Those came in at about $2,300. So, Walt Kuzieski, who's Monica Kuzieski's husband, has a shirt for me.

So, he's really good. And, yeah, those numbers are final.

June 7th? June 7th. Yeah, June 7th. Yep. Want one? Sure. Okay. I mean, I'd love for you to come. I live through Denver, so. Yeah, yeah, yeah. It's a really fun event. It's just a really good event. Every year, last year we had perfect weather for it. The year before, it rained out, which was a huge bummer. Yes, yes. How many people took it?

Oh, yes, great question. My first year, it was like 450 tickets, which was amazing.

But everyone was itching to come out in 2021 or something. The second year, I think it was like 300 tickets. And then the third and fourth year went way down to like 200 and 250 tickets. Of course, I got a little bit nervous, and then the fourth year we had, yeah, the fourth year we had a rain out, so I was just like, oh no, I don't know if this event's going to work anymore. Did it one more year, did it last year, which was our fifth year. I sold, again, about 400-some-odd tickets, which was awesome. And then usually about, like, the vendors estimate that approximately 1,000 people come to the event. Obviously, we don't sell that many tickets because it's I mean, you can see the event from anywhere in the park. It's really a matter of if you want to sit and you want to support the show. Otherwise, you can go. And I tell everyone the grass area is free. There's probably 150 people who visit the grass area. And it's a little bit warm. So this year, tickets have been on sale for a week. And I'm probably up to, like, 75 tickets right now. So that's where you can buy tickets. GoOutFast.com. Yeah.

How do you get word out?

Oh, yeah. So I've got posters. I literally took them off yesterday. We put them around town in stores and they will distribute them at like their apartment complexes or cafes. They go to an Albany or whatever. I've got postcards as well. We have an Instagram page. I have a newsletter list. In the past, like when it first started and everybody wanted to showcase, you know, we're reopening from COVID. I was getting likes. video interviews and articles, and everyone wanted to come to me and ask me about it. But right now, Word is... I mean, I have a few hundred students. I have a couple hundred students at the studio. So just exponentially, they share on their Instagrams, and they text their friends. And like I said, we put posters all over town, postcards all over town. So those are primarily my sources, plus my newsletter. I've got... I want to say 1,900 people in the new center left. I mean, I would think that would turn into bigger numbers, but not everyone's into this. So, yeah, but that's what we do. Thank you. Yeah. Do you have any other questions? I'm happy to answer. Currently this year, my studio is all adults because, I mean, COVID really wrecked our kids' program for a little while, but we do have all adults, and we are also giving space to 518 Break, which is a local break dance program. company and they do a couple pieces in there too. They did that last year too, which was really good. So we get some stuff in there. Do you have brochures scheduled?

Class schedules.

Oh, on tradancefactory.com.

I don't have brochures.

I know I stopped doing paper print at some point. Tradancefactory.com. Yeah, and I actually literally, I want to say at 1.30 in the morning, got my summer classes online. So, yeah, it's a big push this time of year with producing the festival, getting summer classes online, and all that.

Where's your studio?

It's on River Street. It's on the back end. So if you're literally in the parking lot next to the park, and you turn around and you look at the buildings, I've got a mural. Oh, okay. Yeah, yeah. So I'm right there. I actually, unrelated to this, I am relocating probably to the Atrium building this year, the old single hall. If anyone knows David Bryce, he's my current landlord. So, moving to a new landlord. Yeah, no problem. I know, I didn't, like, all I'm going to say, I've been with him for 15 years. So, right now it's very convenient because we literally, like, the dancers, they check into the studio.

They walk outside.

They walk outside, yeah. All my supplies and equipment we just carry across the street. It's actually very, very convenient. We do borrow a lot of supplies from both the... my brain the farmers market steve and the band as well because they have like tables and they give us our adirondack chairs i set up a call it a riverfront lounge so if you go down to like there's like a little area right on the river that's kind of down in the concrete i put my coffee vendor there and my baker vendor there and i put adirondack chairs and tables and little neon lights and it's really cute to survive um and that's just there for literally anybody walking through the park that day we put lawn games out that's just there for anybody in the park that day so I try to make it fun. I'm one person, so I do my best, but yeah. Not that they don't have help. I'm not trying to. I have a great team, but that's the vibe.

Any more questions? When I was working with you to put together this budget, I just ran across the number of FROM PREVIOUS EMAILS OF WHAT YOU'RE REQUESTING? YEAH. I MEAN, SO I PUT THIS IN THE BUDGET, ABOUT WHAT YOU'RE REQUESTING.

I MEAN, $3,000 JUST COVERS WAY ONE TIME. THEY'RE INCREDIBLY EXPENSIVE. BUT YOU'VE PROBABLY HEARD THIS BEFORE, GETTING A STAGE IS LIKE AN EXHORBITANT COST FOR EVENTS. OBVIOUSLY, IF YOUR POCKETS WOULD ALLOW FOR A LITTLE BIT MORE FUNDING, THAT WOULD PUT ME IN A REALLY GOOD SPOT TO ENTER THE SUMMER WITHOUT being in debt from a show. I've never made money off a show. I think maybe last year I made $100 or $200 off a show. But that's like, I'm not paying myself for it. I'm not paying staff for it. I'm not paying volunteers for it. So that's making money that's, assuming everyone's doing this for free, which is fine. But obviously if you, $3,000 is what I asked for because I always wanted to have the stage covered.

Are the ticket sales that you have budgeted here for, is that typical to the revenue that you've received in the past from that?

Yeah, I assumed that that was around like 250 tickets, 300 tickets. So kind of between the 200 mark and the 450 mark, depending on the year, like last year, it was the same day as Pride Fest in Albany, which was, did you go to? Yeah. So we sold a ton of tickets. I think people were just like looking for something. They were really excited, yeah, and we had an awesome event. Like, everyone who showed up was, like, hooting and hollering and clapping. It was a really great crowd. So I think that might have had something to do with it, whereas this year we are now offset by a week. So I don't know if it's going to go back to that year four number or if we really gained that momentum back last year, which I hope we did. And I really try to get some solid artists on the roster as well that, you know, can help just bring in more people. So that was a guesstimate.

So the outstanding expenses that you have right now, is that $2,166? Yeah, it's around there.

It'll probably be more because I haven't, like I said, put in the, I haven't added anything to like restock supplies that are out. So for example, what's not on there is, I think last year, now you got me thinking what I didn't put on here. Last year, so for the tables, I sell tables down at the bottom of like the amphitheater. So you can either get like, $15 ticket and sit in the risers or you can get a $150 ticket and get a table for $5 and you get like corn seltzers and bottled water and snacks and stickers and it's just kind of like also if you just want to help me out a little bit more you can get that. But I do go to Restaurant Depot and I spend a lot of money getting all of their snacks and all the stuff for them. I want to say that might have been around $600 last year. I'm trying to remember what it was. So that's not on there. And then food for the vendors, which sometimes Cafe Euphoria will donate that to us. Sometimes we buy pizzas. It just depends on if I get on my game ahead of time and I ask for someone to donate the food. But if I don't, that's a few hundred dollars more. So there's probably another $1,500, like I said, between food, drink, and then literally buy batteries for our walkie-talkies, because all my stuff has walkie-talkies and stuff like that, so. Okay.

Any other questions? We have a motion.

You want to change the amount? Yeah. Was that your amount, or is your amount?

Well, Randy mentioned amending the amount. That's why I asked the question about the ticket sales and the outstanding balance.

I was just putting the placeholder in there.

So, Randy has $3,000 on here, so is your ask closer to $4,000? That's the question.

Negotiating.

This is a kind of negotiation I am in. Yeah. All right.

Do we have a motion for $4,000? Motion. Thank you.

I would also love to just give you all tickets to come to the event. I'd be more than happy to do that. So, Randy, if you want to send me email addresses of people, or I can just send you, put you on the list for however many tickets you want, I would love to have you there.

And also, if you could do a quick little 30 seconds.

Thanks, CRC.

Oh, yeah, yeah, yeah. Performing. Oh, right now?

Yeah.

Wow.

It stands for your kibble.

Well, I mean, she didn't have a PowerPoint, so...

I know, we need something. I know, I know. And you know what? If you are curious, too, like what our dancers do and how we do it... I did put the Instagram page on there, the Full Out Fast Instagram that has some nice video. My boyfriend is a cinematographer.

Can I give you a bullet of a CRC to add to this?

No, because I know. So I actually emailed her earlier this week and I said, what do you think the chances are of getting approved? Because I've got to get these posters to print. I want to get them on here. And she said with the meeting on the 15th, there wasn't any way to coordinate knowing that ahead of time. So I have an MC that day, Intel Haysfield, and he reads off all the announcements that I give him at different times during the show. So I would add whatever language you would want to that, as well as update the ticket page to just say special thanks to you and all that. So anything else that you need that isn't like this. The other thing that's not printed yet, though, are the event signs themselves. So I do wayfinding. Wayfinding is not a big event. I do like, welcome to, and then food, drink, and I do signs around that. Those aren't printed yet. All of that can be added to the actual day of signage. So as long as I have the language that you want on there, I can add it to, like I said, the day of signage. I can have the DJ announce it and add it to the ticket page itself.

We didn't actually vote on the motion, so all approved.

All in favor?

All in favor.

Aye. Thank you. Thank you. Appreciate that. Yeah, thank you. So, let me know, though, about the case in mind and what are related to what we do. Thank you. Okay. I don't know. I'll think about it. Okay.

All right. So, that was that. Old business. Do you want to go over the guidelines? We met at the subcommittee, some of us, last week, week before. Yeah. So,

You know, we had talked at the previous meeting about putting together some draft guidelines to sort of help us in the, well, actually all phases of the process from the applicant's perspective as well as our perspective in terms of how we review these projects. So we had some draft guidelines that were reviewed by handful of you. So based on the feedback that we got, we created this draft, which was really kind of just cleaning up some of the language. The big changes that we made were, you know, tying the purpose to the comprehensive plan in terms of applicants' proposals. We set up a more formal review period for the board so that it would be quarterly. So we would make this widely known that the board reviews applications on a quarterly basis. If you want your application in and reviewed for any particular review period by the board, you need to get the application into us 30 days in advance. Frankly, Danae was doing a lot of last minute stuff. And even after she'd sent out the agendas, two applications that were being considered came in like the afternoon. um so we just kind of want to try to formalize the process a little bit you know recognizing that this is like some big huge program you know there's a certain amount of informality that that we can have most recent one um but uh that's that's the objective get these guidelines in place Try to try to push applicants into giving us more formal. Sources and uses. And I like the template. Consistent yeah, I'm trying to make it as simple as possible, but you know applicants will usually need a little help.

So can everyone else? until next month to really look at it? Yeah. Probably not.

We got the template last week, so this is after the meeting.

So give us a month to review it. I mean, there's no urgency.

Yeah, there's no urgency. Up to this point, I had just been taking comments on editorializing on this, but now I'd like to formally editorialize this. UM, YOU KNOW, ON THE APPENDIX. WHAT I DID WAS LOOK AT SOME OF THE MOST RECENT PROJECTS AS, YOU KNOW, THE PURPOSE BEING TO ILLUSTRATE THE POTENTIAL APPLICATIONS. THIS IS THE KIND OF THING WE DO. UM, BUT I DID NOTICE IN THIS THAT I PUT DOWN THE CHARLES NAIL PROJECT, NOT NAIL PROJECT, UM, WHICH IS A GREAT PROJECT, AND, YOU KNOW, WE ALL, THIS BOARD, Agreed with it, but it sort of struck me as a bit of an anomaly because here we have guidelines. It's saying grants of up to 10,000 and this one that we're highlighting is almost 30,000. So I'm kind of wondering whether or not we shouldn't really highlight that in our appendix. I don't know what other people's thoughts are on that.

But if we. Are going to end up approving. The application. And we put a cap on it. I think it's a 10,000. And it doesn't matter what we did in the past, right? So the cap now moving forward so that we can spread it out.

Yeah, it's just it's more that you're highlighting your deviation from the guideline.

Anyways, I'm just throwing it out there and this was and that was a more historically relevant.

I'm not passing judgment on the project. I'm just pointing out that.

Are you saying that if an applicant wants application, should we remove that for their application?

No, I'm saying we shouldn't highlight it in the appendix because we've got a guideline that says 10,000, and then we say, here, here's the projects that we do, and this was 29,000. So it's more just an optics thing.

Okay.

So this appendix is going to be part of the application? It doesn't have to be.

I think the big one that I didn't see on here is the one collar city bridge with the murals on the base of the bridge. I mean that was a Yeah, that was, that wasn't that long ago, was it?

It was? It was COVID-y times. Really? Yeah.

It's all very fuzzy, though.

That was a lot of money.

Yeah, I think that was $40,000 or something like that, yeah. A lot of lifts and equipment that they had to rent.

So that's something just to think about.

You did say in here, though, that's the cap, but There could be exception.

Yeah, there's there's I mean the guidelines so. He give give some thought to that, but the other the other thing that sort of struck me is that the neighborhood improvement program. It's like it's got its own. Application and review process. So do. Should we be thinking about just budgeting for that as opposed to making that part of an application process?

Just kind of an automatic, you know. Referral every year to help them with their budget. They're doing the vetting, right?

Yeah, that's through the Council.

It's got their own.

It's got it's there's an application form.

There's a committee that reviews them, right? It makes sense in the IDA budgets to fund for staff directly every year. IT'S JUST A BUDGETED ITEM WITHOUT HAVING TO GO THROUGH IT EVERY YEAR, SO. I SUSPECT WE'VE ALREADY APPROVED THIS YEAR'S NIP. YES.

YEAH.

YEAH. BUT, YOU KNOW, ON A GOING FORWARD BASIS. WE ADOPT OUR BUDGET BY THE END OF OCTOBER EVERY YEAR, SO MAYBE THAT JUST GETS THROWN IN AS A LINE ITEM AND IT'S INFERRED.

OKAY.

THAT WOULD MAKE SENSE. SAVE SUA. A presentation every year. Yeah.

Do we need to make resolutions for that now or?

I think we would build it into the budget in September, October.

Cool. All right.

But I might take it off the list here. It's something that's an example.

Yeah. Yeah, yeah. All right. I'll move us on to financials, Matt, if you don't mind.

As of April 30th, we have total assets of $285,087, with $70,087 of that in cash. A total liabilities of $10,000, which left us with a fund balance of $275,087. There's no significant changes to the statement of financial position from April. And lastly, we have the statement of activity. For the month of April, we ran a deficit of $10,319. Our only source of revenue was our interest earnings and our large expenses was the grant to the Tech Valley Center of Gravity.

Thank you. Any questions on finance?

When does the money for the bond hit?

That hit May 6th.

Oh, it did?

It closed. We're not seeing it yet.

Oh, okay. All right.

The stay, I think, was $187,000. As an update, we closed RPI on May 6th. That went smoothly. They'll be back probably in a couple years. I imagine they're just restructuring a lot of their older debt. I think every few years we'll kind of see them pop up again.

Okay. Have discussions just stopped with regards to moving some of the other money? Discussions with the city controller.

Oh, and to the, shoot, what are they called?

Oh, the investment fund? Yeah. Yeah, I was mad about that. Yeah, I think you'd probably be the nudge now.

Yeah. Can you just update everyone as to what the issue was?

Yeah, as the board was aware, as the, Justin, correct me if I'm wrong, but City of Troy has to be a part of the program first before the IDA is allowed to invest. That's right. And do it, and at the time that, STARTED TALKING ABOUT THE CITY OF TROY NOT HAVING A CONTROLLER. AND THEN WHEN HE CAME IN, RIGHT IN THE BUDGET SEASON, TRYING TO GET HIS FEET WET. AND NOW I THINK WE'RE AT A POINT, I DON'T WANT TO BEAT THE CITY OF TROY, BUT PROBABLY A LITTLE BIT MORE TO LOOK FORWARD GOING FORWARD.

AND THAT WOULD INVOLVE, HE'D PROBABLY NEED TO GO TO, I DON'T KNOW IF HE NEEDS TO GO TO THE COUNCIL TO ADJUST HIS accounts but it does when when a municipality joins the New York class collective and it's really an inter-municipal agreement for pooled investments the city would sign an inter-municipal agreement to join that pool imagine it's got to hit the council for that approval and then that will allow him to take I think pioneers their main bank the city that utilizes for fund balance they would have to do a a budget transfer into a new organization so that's it's not just him saying i fling it over here i think he probably needs to get some legislation to support it so that's going to sting i'll talk to the corp council about it too it's going to sting pioneer that's a big not to lose overnight well it depends he doesn't have to move everything he could just allocate if he's got I don't know what the number is, but if it's $30 million in fund balance, he could just say a million goes over here and let that do what it does in a different vehicle. That would allow us to draft behind the city just for having an account open. I don't think the decision is to move an entire banking relationship.

I was just talking about this.

The IDA in particular would be able to start generating some meaningful interest income as opposed to wherever the Fed's sitting and what our savings account does or tying it up in CDs, which if you're laddering, you know, the IDA doesn't do a lot of aggressive moves of its fund balance, but something could come up and you'd have to maybe cash out a CD with a penalty, that kind of thing. But New York class laws, you go in day-to-day, in and out, without any kind of penalty and with that higher interest rate.

Yeah, it's a higher rate than what's the market rate that we're getting right now.

Right in the money market, yeah. Do we have a motion to approve the financials?

I'll make the motion. Second.

All in favor? Aye. All right. And that is the end of the agenda. So do we have a motion to adjourn? Second. All in favor?

Aye.

All right. And we're closed. That's all we got today. Thank you, everybody.

Thanks, everybody, for the museum.