Meeting Minutes

October 30, 2008

The monthly meeting of the City of Hornell Industrial Development Agency was held on October 30, 2008, at 5:00 PM, at 40 Main Street, Hornell, NY.

PRESENT

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

ABSENT

Joseph Foreman, Secretary

ALSO

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

Chairman Nasca opened the meeting at 5:00 PM. Chairman Nasca presented the minutes of the October 2, 2008 meeting in absence of Secretary Joseph Foreman. A motion was made by George Prete, seconded by Dave Parmley to approve the minutes as presented. Carried All.

Treasurer Shawn Hogan presented the financial report for the month of September 2008. A motion was made by George Prete, seconded by Dave Parmley to approve the financial report as presented. Carried All. Mr. Griffin commented on the long term liability stating that the Trikeena nBuilding for $1,025,000 was added to the building account. Mr. Nasca requested the presence of our CPA, Jim Rahmlow to attend meetings at least quarterly.

AUDIT COMMITTEE

The Audit Committee Chairman, George Prete, stated that the Audit Committee met and approved bills in the amount of $453,992.31. A motion to approve actions of the Audit Committee was made by Shawn Hogan, seconded by George Prete. Carried All.

PERSONNEL COMMITTEE

The Personal Committee Chairman Shawn Hogan had no report. 

GOVERNANCE COMMITTEE

The Governance Committee Chairman, Samuel Nasca, stated that Governor Patterson was trying to get funds for budgetary issues and for the automobile industry. He encouraged all members of the board to educate themselves on all matters and said after the first of the year he would recommend that Board members attend at least three educational classes during the year and present to the Board a synopsis of their training. A motion to accept Chairman Nasca’s report was made on motion from Dave Parmley seconded by George Prete. Carried All.

EXECUTIVE DIRECTORS REPORT

Trikeenan – Griffin stated that the Agency was approached by Trikeenan to sign a mortgage modification agreement on their building. Trikeenan is refinancing with the banks and NYS Business Development Corporation. We have to sign off with Trikeenan on the mortgage modification agreements. The original agreement with Trikeenan was that they had the option to purchase the building anytime within five years for $1,000,000. Our feeling was that at the end of five years a portion of the mortgage would have been paid down and we could have recovered approximately two thousand dollars that we had invested in the project. To date, there have been no principle payments so our mortgage still stands at $1,025,000. A motion was made by George Prete, seconded by Dave Parmley to authorize the Executive Director to renegotiate with Trikeenan and the Banks to help protect our investment. The motion was put before the Board and Roll call was as follows:

Nasca – Aye
Prete – Aye
Hogan – Aye
Parmley – Aye
Foreman - Absent

The motion was therefore passed.

Executive Director Griffin said he was contacted by the company building a pipeline in Canisteo. They would like The IDA to allow them to store materials in the South Yard. Griffin said he would like to negotiate 2 acres of land by the ZY Tower. A Resolution to authorize the Executive Director to negotiate a lease with the pipeline company to store their equipment for a period of 90 days in the South Yards was made by George Prete, seconded by Dave Parmley. The motion was put before the Board and Roll call was as follows:

Nasca – Aye
Prete – Aye
Hogan – Aye
Parmley – Aye
Foreman - Absent

The motion was therefore duly passed.

A motion to enter into Executive Session was made by George Prete, seconded by Dave Parmley under the Public Officers Law, article 7, Open Meeting Law 105, paragraph D. Carried All.

The regular meeting reconvened at 5:45 PM. There being no further business, the meeting was adjourned at 5:50 PM upon motion from Shawn Hogan, seconded by George Prete. Carried All.

Respectively Submitted,
Joseph Foreman, Secretary