TUESDAY, April 8, 2025
8:00 A.M - PLANNING DEPARTMENT CONFERENCE ROOM

I. MINUTES FROM MARCH 11, 2025 MEETING:

II. BUDGET REPORT:

III. COMMITTEE REPORTS:

IV. FULTON COUNTY/FULTON COUNTY CENTER FOR REGIONAL GROWTH (FCCRG)/FULTON MONTGOMERY REGIONAL CHAMBER OF COMMERCE (FMRCC) REPORTS:

V. OLD BUSINESS:

A. Nexus Renewables:

B. T-Bills:

• Current T-Bills:

T-BILL # TERM RATE % EXPIRATION DATE
1 12 month 4.15% 11/28/25
2 12 month 5.09% 4/17/25
3 12 month 5.01% 5/15/25
4 6 month 4.11% 8/14/25

• T-Bill #2 will expire on April 17, 2025.
• The expiring T-Bill has a current rate of 5.09% and had a term of 12 months.
• Current T-Bill rates are:

TERM RATE %
3-month
6-month
9-month
12-month

IDA DISCUSSION: Scott Henze presented the status of T-Bill#2 noting that the rates have decreased significantly since the prior year. After further discussing, the Board determined that the 9 month term at a rate of 3.771 was acceptable.

MOTION: To renew T Bill #2 for 9 months at a rate of 3.771.
MADE BY: Joe Gillis
SECONDED: Dan Rounds
DISCUSSION: None
VOTE: Unanimous

C. Website Research Project

• Emery Designs contract has been executed.
• Executive Director attended a kickoff Zoom meeting with Betsy Emory on March 5, 2025 to discuss the execution of the project and to establish milestone dates.
• Emery Designs commenced the audit of IDA, CRG, FMRCC & FMSWS websites on Monday March 10, 2025.
• Expected to complete the audit of websites by May 31, 2025.
• Emery Designs and Executive Director commencing the development of a questionnaire for the Customer Development Interviews (CDI) along with a list of ten (10) potential interviewees per category (Economic Development, Workforce, Housing and Tourism).
• Coordinated list of CDI interviewees with CRG.

IDA DISCUSSION: Scott Henze stated that Betsy Emery has completed the audit of the IDA website and continues to audit the others. He stated that he developed a spreadsheet to populate the names and contacts for 10 persons per category for Betsy to contact to entertain the CDI interview. He stated that she will interview 5 persons per category. He stated that he sent the spreadsheet to Ron Peters at the CRG to assist.

VI. NEW BUSINESS:

A. PARIS:

The following reports were filed under PARIS on March 12, 2025:
Annual Report.
Certified Annual Audit.
Procurement Report.
Investment Report.
The IDA did not receive and questions from the Comptroller’s Office.

IDA DISCUSSION: Scott Henze reviewed the background information as identified within the agenda. He stated that this was the first time that he submitted the information within PARIS

C. Hay Lease of Land at Tryon:
• R & R Farms desires to lease approximately 55 acres of land at Tryon to grow corn in 2025.
• R&R Farms leased the land at Tryon in 2024.
• R & R Farms has offered $30/acre to do so.

IDA DISCUSSION: Scott Henze stated that R&R Farms would like to lease lands at Tryon again for the price noted.

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: Dave D’Amore
SECONDED: Joe Semione
DISCUSSION: None
VOTE: Unanimous

D. Fulton Montgomery Regional Chamber of Commerce:
• The IDA became a member of the Fulton Montgomery Regional Chamber of Commerce in 2024.
• The IDA received an annual membership renewal invoice on April 4, 2025.
• The annual membership renewal fee is the same as it was in 2024 at $299.00
• The cost associated with the annual membership is included within the IDA’s adopted 2025 budget.

MOTION: To authorize the annual membership renewal with the Fulton Montgomery Regional Chamber of Commerce.
MADE BY: Dan Rounds
SECONDED: Dave D’Amore
DISCUSSION: None
VOTE: Unanimous

E. Crossroads Park Marketing:

1. Background:
• In 2024, the IDA chose to execute a Listing Agreement for 1-year with Colleen Ioele-DeCristofaro of Howard Hannah to market 25+/- acres of land within the Crossroads Park for housing.
• The Listing Agreement is due to expire on April 11, 2025.
• At the March 11, 2025 meeting, the consensus of the IDA was to re-list the property with Colleen Ioele-DeCristofaro at Gateway Realty Solutions for a 6-month term.

2. Proposal:
• Colleen Ioele-DeCristofaro of Gateway Realty Solutions has agreed to a 6-month term if the IDA would cover the costs of a new billboard at approximately $500.
• If the IDA agrees to a 1-year term, then there would be no charge for the billboard.
• Commission structure remains the same at 6% (2.5% buyer side/3.5% listing side)
• A 5% commission if sold independently.
• 6-month and 12-month proposals have been received. * See attached

3. Listing Price:
• The original listing price was $595,000.
• The current listing price is $575,000.
• Colleen Ioele-DeCristofaro is recommending that the property be re-listed at a price point around $500,000 - $550,000.

IDA DISCUSSION: Scott Henze reviewed the background information as identified in the agenda. Joe Gillis stated that 6 months goes buy pretty quick and would rather support the 12 month term. Joe Semione stated that he would like to keep the price on the higher side so that there is room for negotiation. Joe Gillis asked whether or not any of the leads have been in contact with the realtor or the IDA as of late? Scott Henze stated that he has not been contacted nor has heard anything. Dave D’Amore stated that he believes that the property will be on the market for a while and that the current climate is not conducive to anyone purchasing property and investing in it without a lot of incentive.

MOTION: To authorize the Chairman to sign a Listing Agreement with Gateway Realty Solutions for a term of 12 months at a listing price of $550,000.
MADE BY: Sue Collins
SECONDED: Dan Rounds
DISCUSSION: None
VOTE: Unanimous

F. CITY OF JOHNSTOWN SENIOR HOUSING INITIATIVE:

a. Background:

• The City of Johnstown owns several parcels of land at the end of Prindle Avenue totaling 4.732+/- acres that include:

PARCEL
174.8-3-30
174.8-3-8
174.8-3-9
162.20-11-51

• The City of Johnstown recently amended the Zoning District for several of these properties from Public Use to Multi Family 1.
• The City of Johnstown Planning Board recently approved a 2-lot minor subdivision of lands of parcel 174.8-3-9 so that the Johnstown Community Center would be on its own lot.
• The City of Johnstown desires to have these properties developed into Senior Housing and is requesting that the IDA consider taking ownership of the properties in order to do so.
• The IDA obtained an appraisal of the properties by Newmark Valuation & Advisory.
• In 2024, the City of Johnstown became the first municipality within Fulton County to be designated as a “Pro Housing” community under the State’s Pro Housing Communities Program.
• 5 Corners Development Corp. located in Saratoga Springs has expressed an interest in developing Senior Housing on the site.
• * Presentation by 5 Corners Development Corp.

IDA DISCUSSION: Scott Henze reviewed the background information as identified in the agenda and introduced Sumeet Gupta of Five Corners Development Corp. to discuss his concept for the development of affordable market rate senior housing (55 Plus).

Sumeet Gupta provided a background of himself stating that he was born and raised in the Capital Region and spent most of his career downstate and eventually moving to London until COVID when he moved back to upstate NY. He stated that the majority of his background has been developing luxury market rate housing however, the COVID pandemic affected construction costs and interest rates and therefore he shifted to focus more on workforce housing and affordable market rate Senior Housing. He stated that Five Corners Development Corp currently has five (5) similar projects ongoing at the moment in Schenectady, Troy, Amsterdam and Saratoga. He stated that he has been working with the Mayor (City of Johnstown) for many months now and is hopeful that he can develop a project here. He stated that he has done some preliminary demographic analysis for the area and it has determined that there is a need for senior housing. He stated that there is limited opportunity for seniors who would like to stay in the area but do not want to continue to maintain their single family home. He stated that this particular location is ideal in that it is located downtown within walking distance to amenities and services that are needed. He stated that the location is adjacent to the City Senior Center and Community Center which is also ideal. Sumeet stated that he will prepare a more detailed analysis of the area median income (AMI) of the area but at the moment the goal would be to develop a facility that would include 60-90 units and would prefer to be closer to the higher end. He stated that the market studies would really dictate the number of units and the goal would be to stay between 60 to 70% ami. He stated that rents would be estimated at around $900-$1200 per month. Sumeet stated that he wants to be clear that this housing is not section 8 housing or voucher based housing. He stated that this housing is driven by individual’s income levels, pensioners and those on social security etc.

Sumeet praised the location stated that you cannot get a better location being located adjacent to the creek with the walking trail already there. He stated that it is a beautiful site.

Sumeet stated that as part of the new NYS DEC Wetland regulations they will be submitting a Jurisdictional Determination to verify if there are any wetlands on the property.

Joe Gillis questioned the property tax structure for the project. Sumeet stated that it’s still early in the process but he would be looking for a PILOT from the IDA. He stated that he still needs to develop what he construction costs would be but at some point that would be the idea. He stated that since this property has been municipally owned, it has not generated any property tax to the community so any incremental dollar would be a benefit to the community.

Dave D’Amore stated that he was curious as to whether or not there has been dialogue with the nonprofit community center to understand how they will operate during construction as well as the eventual finished project. Sumeet stated that they have not yet but they will in the future now that the project has been made public. He stated that the City is also looking to acquire a few properties in the area and that they would be coordinating with the City to discuss their vision for the area as a whole. Mayor Praught indicated that locating senior housing near the community center would be a benefit. There continued a discussion in regards the positive impact that the housing initiative would have on the Community Center and Senior Center.

Sue Collins questioned whether or not everyone who lived at the facility would need to be a senior. Sumeet stated that they would need to be 55 years or older.

Dave D’Amore stated that he thinks that it is a great project and would be nice to have the property developed into something more useful and that it has been underutilized. Sumeet stated that the property is beautiful with the stream and the walking trail. He stated that they would retain the walking trail so that it provides some additional connectivity to downtown.

Sumeet stated that part of the parcel incudes a bridge over the creek at the end of Prindle Ave. He stated that that bridge will be replaced as part of the project.

Scott Henze questioned whether or not there was a restriction on the number of vehicles that the residents would have. Sumeet stated that based upon partner data based upon senior housing across upstate NY, there typically is a 1 to1 ratio where there is one resident per unit.

Dave D’Amore question the types of amenities that would be incorporated into the project? Sumeet stated that although it’s early in the stages there is typically common areas, a gym, library, laundry, computer room etc. He stated that since this would include NY Homes and Community Renewal funding, the requirements of that are rather substantial. He stated with that being said, if you were to tour a market rate facility and compare it to a HCR facility, you would not know that there was a difference.

Sue Collins questioned the number of bedrooms and whether or not there would be an elevator etc. Sumeet stated that given the 1 to 1 ratio mentioned earlier, this facility would have one bedroom and maybe a few studio style units. He stated that it would include elevators. Sumeet stated that the facility would be 3 or 4 stories.

Scott Henze questioned the type of application process that would take place. Sumeet stated that it is a lottery based system. He stated that a person would submit an application that included all of their income information whereby those applications would be reviewed and then placed into a lottery system. He stated that it is not based upon first come first served.

Scott Henze asked Mayor Praught if she had any further comments. Mayor Praught stated that she really hopes that the project will move forward and that the piece of property has been somewhat hidden but that it is a gem of a property for housing that will support the local businesses etc.

Scott Henze asked Sumeet whether or not Five Corners Development Corp. has worked on any other housing initiative in Fulton County? Sumeet stated that they are working on another project that is not public yet but that this project would be the first. He stated that he is actively looking for more opportunities in Fulton County and that it is the same market as other areas but it is located within his backyard. He stated that more importantly, when you have willing parties such as Mayor Praught and the City and hopefully the IDA to work with it makes a project much efficient and easier to navigate.

Dave D’Amore questioned whether or not the market study would look at the impacts on adjacent properties along Main Street. Sumeet stated that it is not a forecast on other properties but specific to the project. A discussion ensued how the project may increase the private property investment into other properties. It was noted that many of the other housing units in the adjacent area are absentee landlords who do not invest into their property and how this project could improve that given the competition for available units etc.
Ashley Capobianco asked how the rents will be kept stable if there are maintenance items that need to be invested in and other amenities. Sumeet stated that part of the HCR process is that there is a 15 year regulatory period whereby the rents are effectively capped based upon the AMI. He stated that there are regulations that also limit any increase after the 15 years. He stated that the facility will also be required to be maintained to a certain standard etc.

C. Executive Session:

VII. OTHER BUSINESS:

A. Mohawk Valley Brownfields Developer Summit Reminder:
• April 23-24, 2024
• 9:00 am-4:00pm
• Herkimer College
• Register using a PUBLIC code

IDA DISCUSSION: Scott Henze reminded IDA members about the Mohawk Valley Brownfields Developer Summit.

B. Board Training:

• During the IDA’s Annual Meeting held on January 14, 2025, the Board asked that the Executive Director review the IDA’s Policies (older) and recommend any changes.
• During the IDA’s March 11, 2025 meeting, changes were discussed and made to Policy 14 Uniform Tax Exemption Policy (UTEP).
• Policy 01 Compensation & Reimbursement was adopted on September 30, 2008.
• This Policy states:
IDA Policy 01 – Compensation & Reimbursement Policy

Pursuant to and in accordance with Section 856 of the General Municipal Law (GML) of the State of New York, the members of the Board of the Fulton County Industrial Development Agency (the “Agency”) shall serve, without salary, at the pleasure of the Fulton County Board of Supervisors. Agency Board members may be reimbursed for reasonable expenses incurred in the performance of Agency duties with the prior approval of the Board.

Employees and agents of the Agency shall serve at the pleasure of the Board at such compensation levels as shall be approved by the Board from time to time. Employees and agents may be reimbursed for reasonable expenses incurred in the performance of Agency duties with the prior approval of the Board.

Board members shall not be compensated for rendering any service to the Agency in any capacity other than as a Board member unless such other compensation is reasonable and allowable under provision of Section 856 of the Act.

• Section 856 of GML only includes language specific to board members being appointed by the governing body of the municipality (Board of Supervisors).
• It is recommended that all reference to Section 856 of General Municipal Law be removed from this policy to avoid confusion.

MOTION: To remove reference to Section 856 of General Municipal Law within IDA Policy 01: Compensation & Reimbursement.

MADE BY: Joe Semione
SECONDED: Dan Rounds
DISCUSSION: None
VOTE: Unanimous

VIII. NEXT MEETING:

IX. CLOSE MEETING: