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PRESENT:

___TODD RULISON, CHAIRMAN
___JOSEPH SEMIONE, VICE CHAIRMAN
___WILLIAM SULLIVAN, TREASURER
___JOE GILLIS, SECRETARY
___DIANA PUTNAM, MEMBER
___DAVE D’AMORE, MEMBER
___TIM MUNN, MEMBER
___KARA LAIS, IDA COUNSEL
___JAMES MRAZ, IDA EXECUTIVE DIRECTOR
___WILLIAM WALDRON, LIAISON
___RON PETERS, FULTON COUNTY CENTER FOR REGIONAL GROWTH
___MIKE ANICH, LEADER-HERALD

MOTION :
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MOTION :
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A. Nominating Committee

• No Report

B. Audit Committee:

• No report.

C. Governance Committee:

• No report.

D. Finance Committee:

•  No report.

•  Fulton County’s Demolition Team commenced work on June 20, 2016 demolishing the cluster of six (6) buildings on the right side of the entrance to Tryon.

• Tryon sign, landscaping and solar system is complete.

• Fulton County has ordered 2’ x 6’ banners to hang on first six (6) light poles along CR117 entering Tryon and four (4) additional poles.
• Banners will be of sign and be hung vertically.

• Request for Proposal:
  • At June 7, 2016 meeting, IDA authorized distributing a Request for Proposals (RFP)  to commercial real estate brokers.
  • Review RFP.

IDA DISCUSSION:

1. Background:

• IDA currently owns the property at 160 Enterprise Drive in the Johnstown Industrial Park.
• IDA leases the property to the CIC. The CIC subleases it to Yusen.
• IDA’s lease with the CIC expires on June 30, 2016.
• IDA’s lease with the CIC has an early lease termination provision to allow the CIC to take title to the property.
• CIC has advised the IDA that it will not be pursuing an early lease termination.

2. Foreclosure Proceeding:

• NBT has commenced a Foreclosure Proceeding against the property due to the CIC being delinquent on payments due NBT from a mortgage the CIC has on the property.
• Court has appointed a receiver to oversee operation, management and control of all aspects of 160 Enterprise Drive property.
• Receiver is Bill Keniry, Esq. from the law firm of Tabner, Ryan & Keniry in Albany, NY.

3. Update:

• Still no word from Mr. Keniry.
• Kara Lais has been advised that NBT still intends to complete the foreclosure process

IDA DISCUSSION:

A. Johnstown Renewables:

1. Background:

• The IDA Board previously approved selling Johnstown Renewable a 5.374+/- acre parcel of land in the Johnstown Industrial Park for their project.
• Johnstown Renewables desires to now close on the sale of this lot.

2. Resolution:

• Kara Lais has prepared a resolution that formally authorizes the sale of the 5.374+/- acre parcel to Johnstown Renewables.
• The resolution was emailed to IDA Board members on June 24, 2016.

IDA DISCUSSION:
IDA ACTION:

MOTION: To approve the Resolution approving a Deed of Conveyance from the Agency to Johnstown Renewables, LLC and authorizing execution and delivery of same.

MADE BY:
SECONDED:
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3. Lot Sale:

• Total Lot Sale: $107,500
• This amount will be paid at closing.
• Upon receipt of this payment, the IDA will distribute it per the IDA’s Agreement with City of Johnstown as follows:
  • IDA’s 7% Marketing Fee : $ 7,525.00
  • 50% of balance to City of Johnstown : $ 49,987.50
  • 50% of balance to City of Johnstown Account : $ 49,987.50
    – Total : $107,500.00

IDA DISCUSSION:
IDA ACTION:

MOTION: To authorize a payment of $49,987.50 be made to the City of Johnstown and to authorize depositing $49,987.50 in the City of Johnstown account.

MADE BY:
SECONDED:
VOTE:

Tuesday
July 12, 2016
8:00 a.m.

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