Minutes from March 9, 2009

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 12:10 pm. on Monday, March 9, 2009 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
  • Thomas Gallagher
  • Victoria Marsted
  • Michael McMahon
  • Paul Slowey

The following staff were present:

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

The following guest/media were present:

  • Dan Homik, Lady Jayne Hotels

APPROVAL OF THE MINUTES

On a motion made by Michael McMahon and seconded by Tom Gallagher, to amend the minutes of the February meeting to reflect the following change New Business:  Barden Homes PILOT – The rationale to terminate the Barden Homes straight-lease transaction was the Company’s numerous defaults under the straight-lease transaction documents and not the reduction of the number of employees at the Project site. The Agency instructed counsel to proceed with terminating the straight-lease transaction effective immediately.

CORRESPONDENCE

Correspondence was briefly reviewed as enclosed in board books. 

FOIL Request – Ron Rocco made a request for a letter written by the previous executive director. Unfortunately his letter did not provide us with time specific information to help locate the letter. As of this morning, Mr. Rocco contacted the office to state that he had found the letter he was looking for.

Public Authority Training – New York State requires that each Agency member receive this training.  The state will be hosting a training seminar on March 27th in Syracuse. Please contact the BDC/IDA staff to inform them if you plan to attend.

OLD BUSINESS

Barden Homes Termination – Counsel reported to the Agency that counsel for Barden’s Homes contacted him and asked if the word “default” could be removed from any documents which will become of record in the County Clerk’s Office regarding the straight-lease transaction being terminated.  The members instructed counsel to take no action in response to the request.

NEW BUSINESS

  1. PILOT Request/Presentation – Lady Jayne Hotels

After a presentation by Mr. Homik the following resolution was offered by Thomas Gallagher seconded by Michael McMahon, all where in favor, none opposed.

 

Resolution No. 2009-03-09-01
RESOLUTION TAKING PRELIMINARY OFFICIAL ACTION TOWARD THE ACQUISITION, CONSTRUCTION, INSTALLATION AND LEASING OF A CERTAIN COMMERCIAL PROJECT FOR LADY JAYNE HOTELS CORP. (the "COMPANY") AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PRELIMINARY AGREEMENT WITH THE COMPANY WITH RESPECT TO SUCH TRANSACTION.

The next step will be a public hearing that will take place April 13th prior to the BDC/IDA meeting at noon.

  1. DOT/Multi Modal Projects – response has been made to requests made by the state regarding Multi Modal Projects.
  2. Rivertrail Discussion – The Agency agreed that it is in favor of the concept of the Rivertrail.
  3. Bridge Loan request for the FLE Business Park – Mr. Gillson reported that he has met with John Mason of the Alliance Bank to request a bridge loan for the project. He has sent a letter requesting additional information that the director feels we are unable to comply with.  It was suggested that the director go to other “local” banks as well and give them the opportunity to work with us on this project.
  4. 2008 PILOT summaries are now completed.

REPORTS

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

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

ADJOURN

On a motion made by Mike McMahon and seconded by John Finamore the Agency adjourned its meeting at 1:00 pm.

Respectively submitted

Secretary
Michael McMahon