April 23, 2009

The monthly meeting of the City of Hornell Industrial Development Agency was held on April 23, 2009, at 5:00 PM, at 40 Main Street, Hornell, NY.

PRESENT

Samuel Nasca, Chairman
Shawn Hogan, Treasurer
Dave Parmley, Asst. Treasurer
George Prete, Vice Chairman

ABSENT

Joseph Foreman, Secretary

ALSO

James Griffin, CEO
Wanda White, CFO, Administrative Assistant
Bob Clark, Reporter, Evening Tribune
John Dagon, Attorney
James Rahmlow, CPA

 

Chairman Nasca opened the meeting at 5:00 PM.  In absence of Secretary Joseph Foreman, Sam Nasca presented the minutes of the 03/26/09meeting.  A motion was made by Dave Parmley, seconded by Shawn Hogan to approve the minutes as presented.  Carried All.

Treasurer Shawn Hogan reviewed the financial report and Budget vs. Actual report for the month of March 2009.  A motion was made by Dave Parmley, seconded by George Prete to approve the financial report as presented.  Carried All.

Chairman Nasca asked Jim Rahmlow to give a report to the Board regarding an overview of activities performed by his accounting firm Mengel Metzger Barr on a monthly basis as an additional level of procedures and controls.  Jim reported Nancy Sullivan from MMB meets with Wanda once a month and MMB does bank reconciliations, bookkeeping reports; reconcile all reports, receivables and payables.  Depreciation is recorded and Jim stated that when the Auditors come in at the end of the year, this would show a truer monthly financial picture with fewer adjustments.  From MMB’s perspective, both the IDA and the IDC books and records are flowing very well and reports given the Board each month are very indicative of the results of the Agency’s condition.  Regarding the State Comptrollers Audit, Chairman Nasca asked if reconciliations of Bank statements were cleared up accordingly.  Jim Rahmlow replied that bank reconciliations were the first thing done each month by MMB.  Mayor Hogan said that even though the State Audit made that finding in the Audit, there was a footnote stating that since the Audit, procedures had changed.

AUDIT COMMITTEE

Audit Committee Chairman George Prete stated that the Audit Committee met in April and approved bills in the amount of $67,924.77.  A motion to approve actions of the Audit Committee was made by Shawn Hogan, seconded by Dave Parmley.  Carried All. 

PERSONNEL COMMITTEE

The Personnel Committee Chairman Shawn Hogan had no report.

GOVERNANCE COMMITTEE

Chairman Samuel Nasca reported that the revision of the Empire Zone was passed in Albany.  He stated there were many significant changes.  One change was the elimination of the certification by local authorities.  Griffin and Hogan expressed concern about New York State not having anything to offer start-up businesses.   

Nasca also reported on the IDA reform act and requested the Board send a letter opposing the legislation.  A motion was made by Dave Parmley, seconded by George Prete to approve the letter and send to the Senate & Assembly.  Carried All.

Chairman Nasca appointed, in conjunction with the State Comptroller’s Audit, a sub-committee consisting of George Prete - Chairman, Dave Parmley, and Joe Foreman to study the cost/benefit of the lease of the Navajo to Sterling Airways.  He stated he would like the committee to review the past year figures for operating the airplane and what the projections for the next year would be.  Nasca requested the committee to make a recommendation as to whether the Agency should continue its ownership and lease to Sterling.  This would include current value of airplane and book value.  Nasca asked the Committee to report its recommendations by the July 2009 meeting.  Griffin stated that the staff had the information and would work with the committee.

CEO’S REPORT

South Yard Switch – Griffin informed the board that he had talked with  Norfolk Southern and WNYP, regarding the switch.  They said they would draw up engineering plans and costs and would get back to the Agency.  Hopefully this would happen in the summer of 2009.  Griffin said he would keep the Board informed.

Xylon – Griffin reminded the Board of the monies in reserve the Agency had to match renovations to the Xylon building according to our purchase agreement.  Xylon personnel informed Griffin that they fully intend to renovate that building extensively this summer and would inform the Board of their plans.

GatesRock well Building– CEO Griffin stated that the tenants – Erie Line Antiques- were doing a great job keeping the building full of different vendors.  Our initial lease with them runs out in June and Virginia Martin talked to Griffin about repairs the building needed.  He stated that the Board needs to extend the lease until the work is done, get some estimates on work to be done, and then get back to the Board for approval.  A Resolution to extend the lease until December 2009 was made by Shawn Hogan, seconded by George Prete.  The Resolution was put to a vote on roll call, which resulted as:

Sam Nasca – Yea
George Prete – Yea
Shawn Hogan – Yea
Dave Parmley – Yea
Joseph Foreman – Absent

The Resolution was there upon duly passed.

Griffin informed the Board that the Annual NYSEDC meeting would be held in Cooperstown May 20,21,22 and suggested that all Board members attend, as current legislation would be presented on IDA’s and Empire Zones.

There being no further business, the meeting was adjourned at 5:45 PM upon motion from Hogan, seconded by Parmley.  Carried All.

 

Respectively submitted,
Joseph Foreman, Secretary