Minutes from April 12, 2010

Minutes of the Meeting of the Cortland County IDA

Chairman Michael McMahon called a meeting of the Cortland County Industrial Development Agency to order at 12:05 p.m. on Monday, April 12, 2010 at 37 Church Street, Conference Room, Cortland, NY.

 

ROLL CALL AND CALL TO ORDER

The following members were present:

  • Johanna Ames
  • William Breidinger
  • Stephen Compagni
  • Michael McMahon
  • John Reagan
  • John Shirley
  • Edward Telling   

The following staff were present:

  • Garry VanGorder, Executive Director
  • Karen Niday, Empire Zone Coordinator
  • Sandy Griep, Office Manager
  • John Sidd, Counsel

The following guest/media were present:

  • Eric Mulvahill, WXHC
  • Jamar Thrasher, Cortland Standard

Welcome new board members Johanna Ames and William Breidinger.

APPROVAL OF THE MINUTES

On a motion made by Michael McMahon and seconded by Stephen Compagni the minutes of the March meeting were approved as presented.

Special IDA Meeting Minutes of April 5, 2010 – A motion was made by Michael McMahon and seconded by John Shirley the minutes of the Special IDA meeting were approved as presented.

CORRESPONDENCE

NYS Cost Recovery Assessment Fee – Garry reported to the members that we did pay the fee to NYS. Although IDA’s across NYS have joined the NYS Business Council in a lawsuit to stop this unlawful gross revenue tax. We may get the money refunded if the courts agree with the lawsuit.

Pyrotek – Ad’s have been placed in the Cortland Standard for jobs at their new facility here in Cortland.

OLD BUSINESS

NEW BUSINESS

A. IDA Committee Appointments: 

Finance Committee – John Reagan, Johanna Ames and Stephen Compagni
Audit Committee – John Reagan, Ed Telling and Bill Breidinger
Governance Committee – John Shirley, Mike McMahon and Ed Telling

All committees are required by the Public Authority.   A motion was made by Michael McMahon to approve the appointments as presented, seconded by Stephen Compagni, all were in favor. Motion carried.

A. Appointment of CFO and CEO

Public Authority and the IDA Bylaws requires that a CFO and a CEO be appointed each year.  On a motion made by Michael McMahon to re-appoint Garry VanGorder, as CEO and Karen Niday as CFO. Seconded by Stephen Compagni.  All were in favor, the motion approved.

A. Appointment of Authorized Signatories

On a motion made by John Shirley and seconded by Stephen Compagni to include John Reagan and Michael McMahon as signers along with the CFO and CEO.  All were in favor, motion approved.

Governance 

Chairman McMahon reported to all those present that NYS has set mandates that are required of each and every member of the IDA.  Members were each given an “Acknowledgement of Fiduciary Duties and Responsibilities” form to read and sign.

Members reviewed the IDA’s mission statement and performance results for 2009. After their review, members acknowledged that the mission has not changed and that the IDA’s performance goals continue to support its mission.

Public Authority also requires that each member receive proper training. Staff is looking into getting Harris Beach to come here for a full day of training.

REPORTS

  1. Financial Reports were reviewed as enclosed in the board books.
  2. Investment Report - Public Authority requires that we approve and record our investment report/policy and any discussions.  A motion was made by Michael McMahon to approve the Investment Report, seconded by John Reagan, all were in favor, motion accepted.
  3. Executive Directors Report – tabled to the BDC Meeting.
  4. FLE Business Park – Karen Niday reported that three local banks responded to proposal for a line a credit for the FLE Business Park to compare costs and rates.

Staff recommends the Alliance Bank based on comparable costs and our history with them. After much discussion staff was directed to discuss re-negotiating the term not to exceed 1.5% over prime. A motion to accept staff recommendation of Alliance Bank to the Line of Credit was made by Stephen Compagni and seconded by Michael McMahon, all were in favor, none opposed.

Grants – William Breidinger asked if we have looked into the Main Street Grant program for help with in infrastructure for the park.  Karen Niday will also look into the program to see if the park qualifies.

  1. 2009 Audit – A motion was made by John Reagan to accept the Audit as presented by Richard McNeilly, CPA. There were no concerns. The motion was seconded by Michael McMahon.  All were in favor, none opposed.

ADJOURN

On a motion made by Michael McMahon and seconded by John Shirley the Agency adjourned its meeting at 12:44 p.m.

Respectively submitted

Secretary
John Shirley