TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, OCTOBER 26, 2011
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda:  Presentation by Sollecito Realty, Presentation by Maggie Realty, Executive Directors Report, Consideration and Adoption of the Governance Committee Charter, Consideration and Adoption Audit Committee Charter, Consideration and Adoption of the Finance Committee Charter, Consideration of a Consent to have loans cross defaulted and cross collateralized for Palmetto Hospitality of Garden City II (Hyatt Place), Discussion of IEAH Benefits, Consideration and Adoption of the Minutes of September 21, 2011, Treasurer’s Report, and Consideration and Adoption of IDA Budget for 2012, Consideration and Adoption of the Four Year Financial Plan for 2012-2015, Consideration of a Resolution to retain Sheehan and Company for the 2011 Audit, Consideration of a Resolution to transfer funds from the Fund Balance to the Retiree Health Benefit Account.

Those in attendance: 	Ted Sasso, Chairman	
			Paul Conte, Vice Chairman
Al D’Agostino, Secretary
Jonathan Kohan, Treasurer
Ari Brown, Member
Danny Grodotzke, Member
Richard A. Bianculli

Also in attendance:	William F. Weir, Nixon Peabody
			John E. Ryan, Agency Counsel
Frederick E. Parola, Executive Director/CEO
Edie M. Longo, Deputy Executive Director/CFO
Lorraine Rhoads, Agency Administrator
                                    Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator
                        	Gene Turner, Consultant
			Cheryl Petri, Office of the Supervisor
	 
The meeting was called to order at 9:05 a.m.  

Sollecito Realty:  David Leno, of Ruskin, Moscou, Faltischek made a presentation to the Board on the proposed project Sollecito Realty.  This project involves the demolition of a building and reconstruction of a new Honda sales and showroom facility on vacant land, located at 370 West Merrick Road in the Village of Valley Stream.  The lot is approximately 44,420 square feet and the new building to be constructed will be approximately 12,000 square feet on ground level with a 4,500 square foot second floor.  Sollecito Realty is in the process of obtaining all applicable variances and permits from the Village of Valley Stream. This item will appear on the November 16, 2011 Board Meeting Agenda for consideration of a Preliminary Inducement Resolution.

Maggie Realty:  David Leno, of Ruskin, Moscou, Faltischek made a presentation to the Board on the proposed project Maggie Realty.  This project consists of the renovation of an existing building at 396 West Merrick Road in the Village of Valley Stream for a new Acura auto sales and showroom facility.  The lot is approximately 32,508 square feet with an existing 9,014 square foot building.  The renovation will enlarge the first and second floors.  Maggie Realty is in the process of obtaining all applicable variances and permits from the Village of Valley Stream. This item will appear on the November 16, 2011 Board Meeting Agenda for consideration of a Preliminary Inducement Resolution.

Executive Director’s Report: Fred Parola provided the Board with a copy of the Executive Director’s Report and updated them on some new potential IDA Projects.

Governance Committee Charter:  Ari Brown made a motion to adopt Governance Committee Charter as adopted and recommended by the Governance Committee.  This motion was seconded by Rich Bianculli.  All were in favor. Motion carried.

Audit Committee Charter:  This item was tabled until the November 16, 2011 Board Meeting. 

Finance Committee Charter:  This item was tabled until the November 16, 2011 Board Meeting. 

Palmetto Hospitality of Garden City II (Hyatt Place) Loan Consent:  This item was tabled until the November 16, 2011 Board Meeting. 

IEAH:  Richard Schiavo, President, and Michael Iavarone, CEO of IEAH appeared before the Board to answer questions regarding the status of their operation located at 111 Plainfield Avenue in Elmont.  At the August meeting, the Board advised IEAH (via their counsel Mark Frimmel Esq., of Abrams Fensterman) that the following conditions had to be met by the October 26, 2011 Board Meeting: 1) All outstanding PILOT payments must be remitted; and 2) evidence must be presented to the IDA that the building is operational and employment levels are being met, as per the Lease Agreement, or the Board would consider termination of benefits.  IDA staff reported to the Board that IEAH is current on PILOT payments.  Mr. Shiavo and Mr. Iavarone reported that they are in the process of securing a new tenant and hope to have the building occupied within 60-90 days.  As a result of the request by IEAH to continue their benefits, the IDA Board directed that the following new conditions be met: 1) IEAH must present a Budget and a Business Plan by November 15, 2011 to the IDA, to be discussed at the November 16, 2011 Board Meeting; and 2) IEAH must provide a signed Lease Agreement with the new tenant to the IDA by December 20, 2011, to be discussed at the December 21, 2011 Board Meeting; and 3) IEAH must give the IDA a target date when the facility will be fully operational by January 24, 2011, to be discussed at the January 25, 2012 Board Meeting.  Thereafter, for a period of six (6) months, reports must be forwarded to the IDA on employment levels.  No formal action by the Board was taken.  This item will next appear on the November 16, 2011 Board Meeting agenda.

Jonathan Kohan made a motion to go into Executive Session to discuss a matter of potential litigation.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.  

Rich Bianculli made a motion to come out of Executive Session.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  No action was taken.

Minutes:  Ari Brown made a motion to adopt the Minutes of September 21, 2011.  This motion was seconded by Dan Grodotzke.  All were in favor. Motion carried.

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for September 21, 2011 – October 25, 2011.  Jonathan Kohan made a motion to transfer funds from the fund balance to the Retiree Health benefit Account. This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  
  
2012 IDA Budget:  Jonathan Kohan made a motion to adopt the 2012 IDA Budget.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Four Year Financial Plan: Jonathan Kohan made a motion to adopt the Four Year Financial Plan as presented. This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Sheehan and Company:  Ted Sasso made a motion to retain Sheehan and Company for the 2011 Audit of the IDA. This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

Mr. Bianculli had to leave the meeting at 10:30 a.m.

Al D’Agostino made a motion to suspend the IDA Board Meeting in order to conduct the LDC Board meeting, as an applicant and it’s counsel were present for a period of time.  This motion was seconded by Danny Grodotzke. All were in favor.  Motion carried.

Al D’Agostino made a motion to re-open the IDA Board Meeting.  This motion was seconded by Ted Sasso. All were in favor.  Motion carried.

Ted Sasso made a motion to go into Executive Session to discuss a matter of potential litigation.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Ted Sasso made a motion to come out of Executive Session.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.  No formal action by the Board was taken.

Ari Brown left the meeting at 11:00 a.m.

With all business concluded, Ted Sasso made a motion to close the meeting at 11:02 a.m.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

________________________________________
Al D’Agostino, Secretary 
October 26, 2011