August 24, 2017

A regular meeting of the City of Hornell Industrial Development Agency was held on Thursday, August 24, 2017, at 12:00 PM.

PRESENT: Samuel Nasca, Chair
Shawn Hogan, Treasurer, CFO
Joseph Foreman, Secretary
Dave Parmley, Assistant Treasurer/ Assistant Secretary

ABSENT: George Prete, Vice Chair

ALSO: James Griffin, CEO, Executive Director
Margaret Frungillo, Administrative Assistant
John Dagon, Attorney
Bill Dugan, WLEA
Jason Jordan, Evening Tribune

Chairman Nasca called the meeting to order at 12:03 PM. Chairman Nasca reported that there was a quorum for the meeting as required by the by-laws.

Secretary Foreman presented the minutes of the July 13, 2017 meeting. A motion was made by Shawn Hogan, seconded by Dave Parmley to approve the minutes of the 7/13/17 meeting. Carried All.

Treasurer Shawn Hogan presented the financial statements for July that had been e-mailed to the Board prior to the meeting. A motion was made by Dave Parmley, seconded by Joseph Foreman to approve the financial report as presented. Carried All.

COMMITTEE REPORTS

Audit Committee –Audit Committee member, Dave Parmley, reported that the Audit Committee had met on 8/17/17 and approved bills in the amount of $162,429.49 for July. A motion was made by Shawn Hogan, seconded by Joseph Foreman to approve the actions of the Audit Committee. Carried All.

Personnel Committee - No report

Governance Committee – No report

EXECUTIVE DIRECTOR'S REPORT

Riedman Project - Executive Director Griffin stated the 90 day notice period, pursuant to and in compliance with Section 2897(6)(d) of the PAL, required by the state has been achieved. Griffin presented an Authorizing Resolution acknowledging the expiration of the 90 Day notice period and authorizing the Agency to execute and deliver a purchase and sale contract, an addendum to the purchase and sale contract, a quitclaim deed, a lease agreement, a leaseback agreement, a tax agreement, an option agreement, and related documents with respect to the Riedman Hornell LLC Project. A motion was made Shawn Hogan by, seconded by Dave Parmley to approve the resolution as presented. The motion was put to vote on roll call, which resulted as follows:

Samuel Nasca – Aye
Joseph Foreman – Aye
Shawn Hogan – Aye
David Parmley – Aye
George Prete – Absent

The Resolution was duly adopted.

Jet Smart – Executive Director Griffin reported that James Howe is interested in paying off the promissory note that was executed for the purchase of the IDA Navajo airplane. Mr. Howe has been notified that the amount still owed on the note is $127,106.50.

Insurance – Griffin stated that there is an increase in the amount being paid for insurance due to the Sunset building and 18 N. Main Street both being unoccupied.

Griffin further stated that he is looking into insuring 18 N. Main Street for the market value and not replacement value.

Treasurer Shawn Hogan reported that Park Grove Realty is still interested in 18 N. Main and are in the process of submitting applications for state funding for the project through The Historic Preservation grants and the Restore NY grants. The Park Grove Realty plans will be a $5 million project and create 21 apartments.

Executive Director Griffin stated that under these circumstances it is probably best to leave the insurance as it is.

Alstom- Executive Director Griffin stated he had meet earlier in the day with the new Managing Director of Alstom, Michael MacDonald, and he was very encouraged with the fact that Mr. MacDonald is aware of some of the issues in Hornell and plans on addressing the problems that Alstom has been having reimbursing suppliers.

A motion was made by Dave Parmley, seconded by Shawn Hogan to enter into Executive Session under Public Officers Law, Article 7, Open Meeting LAW, Section 105, paragraph D. Carried All.

The meeting reconvened at 12:44 PM. There being no further business the meeting was adjourned at 12:45 PM upon motion by Shawn Hogan, seconded by Joseph Foreman. Carried All.

Respectfully submitted,

Joseph Foreman, Secretary