Minutes from May 12, 2008

Minutes of the Meeting of the Cortland County IDA

Chairman Paul Slowey called a meeting of the Cortland County Industrial Development Agency to order at 12:07 pm. on Monday, May 12, 2008 at the BDC/IDA office, 37 Church Street, Cortland, New York 13045.

ROLL CALL AND CALL TO ORDER

The following members were present:

  • John Finamore
  • Victoria Marsted
  • John Reagan
  • Tom Gallagher
    •     
  • Mike McMahon
  • Paul Slowey

The following member was absent:

  • Frank Suits, Jr.

The following staff were present:

  • Tom Gillson, Executive Director
  • Karen Niday, Empire Zone Coordinator
  • Sandy Griep, Office Manager
  • John P. Sidd, Counsel

The following guest/media were present:

  • Christine Laubenstein – Cortland Standard 
  • Garry VanGorder  – Chamber of Commerce
  • Eric Mulvahill - WXHC

APPROVAL OF THE MINUTES

On a motion made by Paul Slowey and seconded by Mike McMahon, the minutes of the April meeting were approved.  With the change in the Governance Section of the minutes showing Frank Suits as Vice President should read Vice Chairman.  All were in favor, none opposed.

NEW BUSINESS

None

OLD BUSINESS

A motion was made by Paul Slowey and seconded by Tom Gallagher to adopt the following resolution:

Clock Tower Project

RESOLUTION FINALIZING THE PRELIMINARY INDUCEMENT RESOLUTION FOR A CERTAIN COMMERCIAL PROJECT FOR JOHN D. SCANLON OR A BUSINESS ENTITY TO BE FORMED AND WHOLLY OWNED BY MR. SCANLON (COLLECTIVELY, THE "COMPANY").

There being no discussion, a roll call vote was made:

Roll Call Vote:
Paul Slowey - Yes
John Finamore - No
Victoria Marsted - Yes
John Reagan - No
Frank Suits, Jr. - Absent
Tom Gallagher - Yes
Mike McMahon - No

Motion did not carry. 

The Agency temporarily adjourned the meeting at 12:15 pm for the purpose of seeking the advice of counsel.

Meeting Reconvened at 12:25 pm

A motion was made by Tom Gallagher and seconded Paul Slowey to re-submit for reconsideration the following resolution:

Clock Tower Project

RESOLUTION FINALIZING THE PRELIMINARY INDUCEMENT RESOLUTION FOR A CERTAIN COMMERCIAL PROJECT FOR JOHN D. SCANLON OR A BUSINESS ENTITY TO BE FORMED AND WHOLLY OWNED BY MR. SCANLON (COLLECTIVELY, THE "COMPANY").

There being no discussion a roll call vote was made:

Roll Call Vote:
Paul Slowey - Yes
John Finamore - No
Victoria Marsted - Yes
John Reagan - Yes
Frank Suits, Jr. - Absent
Tom Gallagher - Yes
Mike McMahon - No

Motion carried.

A motion was made by Paul Slowey to approve the following resolution, the motion was seconded by Tom Gallagher

RESOLUTION AUTHORIZING EXECUTION OF DOCUMENTS IN CONNECTION WITH A LEASE/LEASEBACK TRANSACTION FOR A COMMERCIAL PROJECT FOR JOHN D. SCANLON OR A BUSINESS ENTITY TO BE FORMED AND WHOLLY OWNED BY MR. SCANLON (COLLECTIVELY, THE "COMPANY").

There being no discussion a roll call vote was made:

Roll Call Vote:
Paul Slowey - Yes
John Finamore - No
Victoria Marsted - Yes
John Reagan - Yes
Frank Suits, Jr. - Absent
Tom Gallagher - Yes
Mike McMahon - No

Motion carried.

NEW BUSINESS

A. Mortgage Consent – Walden Place Refinancing

The Agency received correspondence from the law firm of Pircher, Nichols & Meeks as counsel to WSL WALDEN INVESTORS IV, L.L.C, successor in interest to Cortland Associates LLC (the “Company”), explaining that the Company was in the process of refinancing its loan obligations which are secured by a mortgage on its Bennie Road facility in which the Agency has an interest pursuant to the terms of a straight-lease transaction and requesting that the Agency consent and execute such documents as may be required to properly mortgage the Agency’s interest therein.  The Company requests no financial assistance from the Agency and any mortgage tax which may otherwise be due on said mortgage shall be paid.

A motion was made by Paul Slowey and seconded by Mike McMahon to approve mortgaging the Agency’s interest in the Company’s Bennie Road facility as requested and to authorize the execution of all documents which may be necessary and as are approved by counsel to effect the purpose of this Resolution. 

Motion carried, John Finamore abstained.

REPORTS

Financial Reports - were reviewed as enclosed in the board books.

Executive Directors Report – were reviewed as enclosed in the board books.

CORRESPONDENCE

Correspondence was briefly reviewed as enclosed in board books.  

GOVERNANCE

ADJOURN

On a motion made by Mike McMahon, seconded by Paul Slowey the Agency adjourned its meeting at 12:27 pm.

On a motion made by Paul Slowey and seconded by Mike McMahon the Agency meeting was called back to order following the meeting of the Cortland County Business Development Corporation and a motion was made by Paul Slowey and seconded by Mike McMahon to have counsel request, on behalf of the Agency, the consent of the NYS DOT to proceed with the Multi-Modal IV Program, Contract DO27462, for the expansion of the rail spur in the Town of Cortlandville despite the direct and indirect financial benefit to a member of the Agency, all as provided for in Contract DO27462.  All were in favor, none opposed, the motion carried.

Respectively submitted

Secretary
Michael McMahon