PRESENT:

___MIKE FITZGERALD, CHAIRMAN
___SUE COLLINS, VICE CHAIRMAN
___JOSEPH GILLIS, SECRETARY
___TODD RULISON, TREASURER
___JOSEPH SEMIONE, MEMBER
___DAVID D’AMORE, MEMBER
___DR. GREG TRUCKENMILLER, MEMBER
___JAMES MRAZ, EXECUTIVE DIRECTOR
___KARA LAIS, FITZGERALD, MORRIS, BAKER, FIRTH PC
___SCOTT HENZE, PLANNING DIRECTOR
___DR. LESLIE FORD, FULTON COUNTY CENTER FOR REGIONAL GROWTH

MOTION        :
MADE BY      :
SECONDED   :
VOTE              :

MOTION :
MADE BY :
SECONDED :
VOTE               :

A. Nominating Committee

• No report.

B. Audit Committee:

• Monthly Bank Reconciliation Report:  Mike Fitzgerald

C. Governance Committee:

• No report.

D. Finance Committee:

•  No report.

1. Fulton County Report:
2. FCCRG Report: (See attached.)  Dr. Leslie Ford

1. Background:

• Kimmel works in housing and real estate development.
• His company has experience developing new housing.
• Chairman Fitzgerald contacted Mr. Kimmel and asked if he would speak with the IDA Board. Kimmel agreed.

2. Presentation:

IDA DISCUSSION:

• Amendment to extend Option Term to December 31, 2023 has been executed.

IDA DISCUSSION:

1. Tryon Electric Service:

• Efforts are now being made to identify those representatives from National Grid and Winstanley Enterprises who should be participating in the discussion of what options are available to bring more power to Tryon.

IDA DISCUSSION:

1. Status Report:

• The new generator was delivered to Tryon on Thursday, May 4, 2023.

IDA DISCUSSION:

1. Deadline for Using Sales Tax Exemptions:

a) On July 13, 2021, the IDA Board adopted a Resolution regarding the Vireo Health Project that:

1. Appointed Vireo Health as the IDA’s Project Agent.
   2. Established the total project cost to be $55,000,000.
   3. Set July 31, 2022 as the date when the sales tax exemptions expire.

b) On August 9, 2022, the IDA Board extended the deadline for using sales tax exemptions to May 31, 2023.

2. Request from Vireo Health:

a) Vireo is requesting to extend the deadline for taking sales tax exemptions to October 31, 2023.

b) Vireo Health is making these requests because:

1. Delays in completing project due to proposed acquisition by Verano Holdings.
   2. Redesigning and re-permitting the project.
   3. Lead time in acquiring certain equipment, particularly electrical equipment.

IDA DISCUSSION:

IDA ACTION:

MOTION:

MADE BY:
SECONDED:
VOTE:

3. Total Sales Tax Exemptions:

a) On July 13, 2021, the IDA Board approved granting up to $2,251,520 in sales tax exemptions.

b) On August 9, 2022, the IDA Board authorized increasing the total sales tax exemptions available from $2,251,520 to $3,284,534 contingent upon Vireo signing either a standard Lease or an Agent and Equipment Lease.

IDA DISCUSSION:

• R & R Farms desires to lease approximately 55 acres of land at Tryon to grow corn.
• R & R Farms has offered $30/acre to do so.

IDA DISCUSSION:

IDA ACTION:

MOTION:                To authorize the Chairman to sign a Lease with R & R Farms to lease approximately 55 acres at Tryon to grow corn.

MADE BY:
SECONDED:
VOTE:

1. Background:

• IDA owns .251 acre parcel on east side of NYS Route 30A across from Johnstown Industrial Park.
• DJF Motorsports has offered to purchase the parcel.

2. Appraisal:

• IDA is required to have an appraisal done if it desires to sell property.
• Whittaker Appraisal Group submitted a quote for $400 to prepare appraisal.

IDA DISCUSSION:

IDA ACTION

MOTION:                 To authorize Whittaker Appraisal Group to prepare an appraisal on the parcel at a fee of $400.

MADE BY:
SECONDED:
VOTE:

• The IDA Board, on August 16, 2022, invested funds into Treasury Bills.
• Funds were invested in 3-month, 6-month, 9-month and 12-month T-Bills.
• Interest rates were, at the time:

3-month      :               2.37%    matures:                11/17/22
6-month      :               2.89%    matures:                2/16/23
9-month      :               2.91%    matures:                5/18/23
12-month    :               3.18%    matures:                8/10/23

• The first 3-month T-Bill was reinvested for 12 months in November 2022.
• The second 6-month T-Bill was reinvested for 12 months in February 2023.
• Current interest rates as of May 2, 2023 are:

3-month      :               4.720%
6-month      :               4.680%
9-month      :               4.515%
12-month    :               4.590%

• The plan was to reinvest the third T-Bill for another 12 months.

IDA DISCUSSION:

IDA ACTION:

MOTION:                   Authorize the CFO to renew the existing 9-month T-Bill for 12 months.

MADE BY:
SECONDED:
VOTE:

• The IDA has received the following invoices from Fitzgerald Morris Baker Firth for legal services:

– Benjamin Moore Expansion Project :               $1,996.46
– HDC2Company (Hoffman Carwash) :               $2,179.44
– HDC2 Company (Hoffman Carwash) :               $   20

IDA DISCUSSION:

MOTION:                   To authorize the payment of these three (3) invoices to Fitzgerald Morris Baker Firth:

MADE BY:
SECONDED:
VOTE:

1. Background:

• IDA’s existing Mission Statement was approved in 2012.

2. Existing Mission Statement:

“The IDA’s mission is to create and promote economic growth and prosperity for both residents and entrepreneurs in Fulton County.  The IDA’s role in Fulton County’s Economic Development Program is to develop and maintain an inventory of shovel-ready sites for new and expanding businesses, offer financial incentives, as may be required, to encourage the creation of new and retention of existing jobs and expand the County’s tax base.  In doing so, the IDA strives to make Fulton County a desirable place to live and do business. “

3. ABO Policy Guidance Regarding Mission Statements:

a. A mission statement should capture in a few clear and concise sentences the purpose of the public authority, its goals and its reason for existence. The mission statement should address the intent and purpose for which the public authority was created.  It should express the philosophy and guiding principles of the public authority, and provide staff and the public with an understanding of the values and culture of the organization.  It should describe generally the services the public authority provides, the community it serves, and the reasonable expectations of its stakeholders.  The mission statement should also be specific enough to be able to assess the organization’s performance and to measure its success in achieving its intended public purpose.

b. When drafting a mission statement and evaluating its effectiveness, ask the following questions:

• What is the public purpose for which the authority was created?
• How can we best achieve that purpose?
• How do we assess whether an action or decision before the board is consistent with this mission and the public interest?
• Who are the authority’s stakeholders?
• What are the authority’s goals?
• What are the values of the authority?

IDA DISCUSSION:

1. Brownfields Summit:

• Brownfields Summit was conducted on April 25-26, 2023 at Herkimer County Community College.
• Mike Fitzgerald and Sue Collins attended.

IDA DISCUSSION:

• FCCRG will be hosting a Fulton County Small Business Symposium on:

Tuesday
June 13, 2023
4:30 – 7:00 p.m.
Holiday Inn

• IDA will have a table at this event.
• See attached flyer.
• See IDA handouts.

IDA DISCUSSION:

1. Upon a majority vote of its total membership, taken in an open meeting pursuant to a motion identifying the general area or areas of the subject or subjects to be considered, a public body may conduct an executive session for the below enumerated purposes only, provided, however, that no action by formal vote shall be taken to appropriate public moneys:

i. matters which will imperil the public safety if disclosed;
ii. any matter which may disclose the identity of a law enforcement agent or informer;
iii. information relating to current or future investigation or prosecution of a criminal offense which would imperil effective law enforcement if disclosed;
iv. discussions regarding proposed, pending or current litigation;
v. collective negotiations pursuant to article fourteen of the civil service law;
vi. the medical, financial, credit or employment history of a particular person or corporation, or matters leading to the appointment, employment, promotion, demotion, discipline, suspension, dismissal or removal of a particular person or corporation;
vii. the preparation, grading or administration of examinations;
viii. the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.

MOTION:  To go into Executive Session to discuss the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.

MADE BY      :
SECOND        :
VOTE              :
TIME              :

MOTION        :           To go out of Executive Session.

MADE BY      :
SECOND        :
VOTE               :
TIME              :

Tuesday
June 13, 2023
8:00 a.m.

MOTION        :

MADE BY      :
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