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
___KENT KIRCH, 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:  Todd Rulison

C. Governance Committee:

• No report.

D. Finance Committee:

•  No report.

1. Fulton County Report:
2. FCCRG Report: (See attached.)  Kent Kirch

• Nexus still expecting to receive National Grid’s approval of the interconnect in 3^rd quarter of 2023.
• Once interconnect approval is received, Nexus will obtain quotes to construct solar project.

IDA DISCUSSION:

1. Tryon Electric Service:

• Participated in MS Teams meetings with National Grid and Winstanley Enterprises to discuss what options are available to bring more power to Tryon.
• National Grid is currently working on a project to bring approximately 7-8 mw of distribution level power to Tryon. This project should be completed in late 2024 or early 2025

IDA DISCUSSION:

• Punchlist was prepared and submitted to Koval.
• Once punchlist is complete, final payment will be processed.
• One issue has been identified. During the start-up of the generator, power was shut off to get the generator to start which it did.  However, when the generator shut off, the pumps in the wastewater pump station did not restart.  Since the pumps didn’t restart, the tank the pumps are located in filled and triggered a high water alarm.  The alarm was received at the County’s 911 center and County Facility staff responded to the alarm.  When they arrived, saw the tank full and the pumps not operating, that’s when they realized the pumps didn’t restart.  The pumps had to be manually turned back on. We contacted General Control Systems (GCS), the company that supplied the pumps when they were installed several years ago under a completely different project.  GCS believes this matter can be addressed by making a programming change to the pumps so they will restart if the generator starts and then stops.  GCS also recommends installing an Uninterrupted Power Supply (UPS) on the pumps to ensure there is no interruption in power to the pumps in the time between when power may go off and the generator kicks on.
• GCS submitted a proposal to perform that programming change and provide the UPS:

– Total Cost :           $4,864.50
– This cost will be charged to the Contingency Allowance built into the IDA’s contract with Koval.

IDA DISCUSSION:

IDA ACTION:

MOTION:                   To authorize charging this $4,864.50 expense to Koval’s Contingency Allowance.

MADE BY:
SECONDED:
VOTE:

1. 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.
c) On May 9, 2023, the IDA Board authorized extending from May 31, 2023 to October 31, 2023 the deadline for using sales tax exemptions. This approval was granted contingent upon Vireo signing an Agent and Equipment Lease and paying the balance of the Administrative Fee owed the IDA.
d) To date, the Lease has not been executed.

IDA DISCUSSION:

• At the July 11, 2023 meeting, IDA Board members agreed to create a tagline to supplement the IDA’s Mission Statement.
• Tagline: “WE INCENTIVIZE DEVELOPMENT OPPORTUNITIES.”
• Tagline has been added to IDA’s letterhead.
• Tagline will be added to IDA’s website.

IDA DISCUSSION:

1. Original Four (4) T-Bills:

• In August 2022, the IDA Board invested funds into four (4) 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.
• The third 9-month T-Bill was reinvested for 6 months in May 2023.
• The plan was to reinvest the fourth T-Bill for another 12 months.

2. 5^th T-Bill:

• In February 2023, the IDA Board authorized a 5^th T-Bill.
• This T-Bill will expire in August 2023.

3. Current T-Bill Rates:

3-month      :               5.152%
6-month      :               5.172%
9-month      :               5.238%
12-month    :               5.288%

4. Current CD Rates:

5-month      :               5.05%
10-month    :               4.75%
15-month    :               4.0%

IDA DISCUSSION:

IDA ACTION:

MOTION:                   Authorize the CFO to renew the existing 12-month T-Bill for __ months and renew the existing 6-month T-Bill for ___ months.

MADE BY:
SECONDED:
VOTE:

• NYSEDC’s Fall IDA Academy will be held on:

Thursday
November 9, 2023
9:00 a.m. – 4:30 p.m.
3 Willows Event Center
Lyon Falls, New York

IDA DISCUSSION:

• NYSEDC hired Camoin Associates to assess the value of IDA’s in New York State.
• See attached Summary Report.

IDA DISCUSSION:

1. Uniform Tax Exemption Policy (UTEP):

a. At the July 11, 2023 meeting, the IDA Board agreed to add the following Project Types to the UTEP:

1. “Adaptive Reuse Project” shall mean a qualified project that involves adapting or rehabilitating old sites or structures for new purposes that promotes development of existing infrastructure, creates new economic activity and helps eliminate neighborhood blight.
2. “Affordable Housing” shall mean a qualified project whereby the purchase price or rent of the housing is determined by income levels in region and involves subsidies or government assistance.
3. “Qualified Projects” shall include projects eligible for financial assistance (as defined by Section 854IX) of New York General Municipal Law) and shall include such industrial projects (i.e., manufacturing, re-manufacturing, assembly, processing, product research and development, etc.) and non-industrial projects (i.e., warehouse, distribution, qualified retail, commercial, office, housing, hotel, tourist destination, adaptive reuse, etc.).
4. “Senior Housing Project” shall mean a multi-family housing structure where at least 90% of the units are rented to and occupied by persons 60 years of age or older. No benefits will be provided for units not available for rent as senior rental housing.
5. “Tourist Destination Project” shall mean a qualified project that will attract or service a significant number of tourists or is linked to other tourist destination projects. A tourist is a customer of the project who resides outside of Fulton County.

b. The IDA Board agreed to add Brownfield Projects to the UTEP.

“Brownfield Project” shall mean a qualified project which involves the redevelopment of a site listed by the NYS Department of Environmental Conservation on its Environmental Site Remediation Database. 

c. With respect to housing projects, the IDA Board previously agreed to amend the UTEP to state that the Board could provide incentives to housing projects contingent upon the Board making a finding that a proposed housing project:

1. Promotes employment opportunities in the County.
2. Prevents economic deterioration in the County.

d. Proposed List of Projects to have PILOT’s Separate from 485-b Model:

1. Brownfield Projects
2. Adaptive Reuse Projects
3. Tourist Destination Projects

e. Proposed PILOT’s:

Brownfield and Adoptive Reuse Projects:

Tax Year                               Exemption

1-6                                          100%
7                                                80%
8                                                60%
9                                                40%
10                                             20%
11                                               0%

or

Tax Year                               Exemption

1-7                                          100%
8                                                75%
9                                                50%
10                                             25%
11                                             Pilot Ends

Tourist Destination Projects:

Tax Year                               Exemption

1-6                                          100%
7                                                75%
8                                                50%
9                                                25%
10                                               0%

or

Tax Year                               Exemption

1-7                                            75%
8                                                50%
9                                                25%
10                                               0%

IDA DISCUSSION:

IDA ACTION:

MOTION:

MADE BY:
SECONDED:
VOTE:

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
September 12, 2023
8:00 a.m.

MOTION        :

MADE BY      :
SECONDED   :
VOTE               :
TIME              :