April 30, 2015

   A regular meeting of the City of Hornell Industrial Development Agency was held on Thursday, April 30, 2015, at 5:00 PM.

PRESENT: Samuel Nasca, Chair
               George Prete, Vice Chair
               Shawn Hogan, Treasurer, CFO
               David Parmley, Asst. Treasurer

ABSENT: Joseph Foreman, Secretary

ALSO: James Griffin, CEO, Executive Director
          Margie Frungillo, Administrative Assistant
          John Dagon, Agency Attorney
          Elisa Fernbach, Sr. Auditor, Drescher & Malecki
          Matthew Montalbo, Auditor, Dresher & Malecki
          Jason Jordan, Evening Tribune Reporter
          William Dugan, WLEA Reporter

Chairman Nasca called the meeting to order at 5:00 PM. In absence of the Secretary, Chairman Nasca presented the minutes of the 1/23/2015 meeting. A motion was made by Dave Parmley, seconded by George Prete to approve the minutes of the 1/23/15 meeting. Carried All.

Treasurer Shawn Hogan presented the audited financial statements for December- March as reviewed by our accountants Mengel, Metzger, & Barr. A motion was made by Dave Parmley, seconded by George Prete to approve the financial reports as presented. Carried All.

COMMITTEE REPORTS

Audit Committee – Chairman of the Audit committee, George Prete, reported that the Audit Committee had met on 2/25/15 and approved bills in the amount of $54,824.74 from the operating account, and $13,864.42 from the Escrow Acct, they met on 3/27/15 and approved bills in the amount of $39,059.78 from the operating account, and met on 4/30/15 and approved bills in the amount of $136,247.40 from the operating account, and $36,400.00 from the Escrow Account. A motion was made by Dave Parmley, seconded by Shawn Hogan, to approve the actions of the Audit Committee. Carried All.

Personnel Committee – No report

Governance Committee – Chairman Nasca reported that the Agency will be supplying the meeting agendas, previous minutes and the financial statements electronically in the future for the board to review prior to the meeting. A motion was made by Dave Parmley, seconded by George Prete to approve the actions of the Governance Committee. Carried All.

CEO'S REPORT

Alstom – Griffin stated that the Agency had reduced Alstom's rent by $1 ½ million 3 years ago and the reduction runs out on 6/1/15. He requested the board extend the reduction for another 6 months at a cost to the agency of $175,000 to give the board time to negotiate a new lease agreement. A motion to extend the reduction in rent for 6 months was presented by Shawn Hogan, seconded by Dave Parmley. The motion was put to a vote on roll call, which resulted as follows:

Samuel Nasca – Aye George Prete – Aye

David Parmley – Aye Shawn Hogan – Aye

Joseph Foreman – Absent

The Resolution was duly adopted.

Executive Director Griffin stated that the property located at 18 N. Main Street required extensive roof repair. Griffin further stated that the flat roof on the building an area of approximately 40'x50' would need to be torn up, rebuilt and replaced with rubber roofing. Griffin requested an emergency repair of the roof and has received an estimate of $6,300.00 from Maple City builders. A motion to accept the estimate for $6,300.00 was presented by George Prete, seconded by Dave Parmley. The motion was put to a roll call, which resulted as follows:

Samuel Nasca – Aye George Prete – Aye

David Parmley – Aye Shawn Hogan – Aye

Joseph Foreman – Absent

The Resolution was duly adopted.

Griffin presented a Corporate Banking Resolution (attached) regarding Maple City Bank, FSB. The Agency consents to deposit a $250,000 certificate in Maple City Savings Bank, the Bank agrees to cover the amount over the FDIC Insurance limit.

A motion was made by Prete, seconded by Hogan to accept the Resolution as presented. The Resolution was duly put to a vote on roll call, which resulted as follows:

Samuel Nasca Yea George Prete Yea

Shawn Hogan Yea Joseph Foreman Absent

Dave Parmley Yea

The Resolution was thereupon duly adopted.

Three Month Audit- Griffin stated that Dresher & Malecki had performed a three month audit from 1/1/15 to 3/31/15. Griffin further stated that with Wanda White retiring it is procedure to have an exit audit in order to start the new administration with a clean slate. The Audit will be presented at the next meeting.

Griffin reported that the annexation of the Airport into the City is being completed. The City has taken the lead on the SEQR of the property and the amount of property being annexed is less the originally proposed.

Alstom- Griffin reported that he has submitted a proposal to the State for special funding for the $85 million project to create a Center of Excellence for High Speed Transit. The center will provide state of the art advanced manufacturing training and transit engineering specialties and will attract additional companies to the area. The center will provide space for existing and start-up MWB, WBE and Veteran companies.

Griffin further stated that the state has announced special funding available to the Southern Tier Region for energy efficient companies, the total available is $20,000,000. Griffin stated that EPX would qualify under this new program. EPX picks up energy from rails and store it.

There being no old or new business, the meeting was adjourned at 5:30 PM upon motion from George Prete, seconded by Dave Parmley. Carried All.

Respectfully submitted,

Joseph Foreman, Secretary