TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
JUNE 27, 2012, 9:00 a.m.
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda:  Presentation and Consideration of an Inducement for Zeus Cottage LLC, Valley Stream, Presentation and Consideration of an Inducement for HSRE-EB East Meadow, Presentation and Consideration of an Inducement for HSRE-EB North Woodmere, Presentation and Consideration of an Inducement for HSRE-EB Lynbrook, Consideration of a Tenant Consent for Starbucks at Equity One, Westbury, Consideration of a Sales Tax exemption Increase for Equity One, Westbury, Consideration of a Tenant Consent for All Pro Medical at Lighthouse 444, Lynbrook, Executive Director’s Report, Discussion of Circulo de la Hispanidad and Peninsula Counseling, Consideration of Re-Adoption of Agency’s 2012 Mission Statement, Inducement Decision on Sollecito Realty, , Consideration of an Amended Inducement for Dover Gourmet, Consideration and Adoption of the Minutes of May30, 2012, Report of the Treasurer, Executive Session, Committee Updates, Unfinished Business

Those in attendance: 	Ted Sasso, Chairman
Jonathan Kohan, Treasurer 
Ari Brown, Member
			Richard Bianculli, Member
			Danny Grodotzke, Member 

Also in attendance:	John E. Ryan, Agency Counsel 
Frederick E. Parola, Executive Director/CEO
                                    Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator                        
Gene Turner, Consultant

Excused:		Paul Conte, Vice Chairman
Al D’Agostino, Secretary 
Edie M. Longo, Deputy Executive Director/CFO
Lorraine Rhoads, Agency Administrator
William F. Weir, Nixon Peabody
									
The meeting was called to order at 9:00 a.m.

Zeus Cottage LLC: Eric Rubenstein of Ruskin, Moscou, Faltischeck, along with Monte Stubbs and Ed Rotter of Zeus Capital, made a presentation to the Board on their intention to convert an existing, non-performing, 90-unit condominium building into market rate housing.  The building, located at 125 South Cottage Street in the Village of Valley Stream, is unfinished, vacant, and in foreclosure.  Zeus Cottage LLC will be finishing and completely renovating the interior of the building.  The company is seeking a Sales Tax Exemption, a Mortgage Recording Tax Exemption and a PILOT Agreement.  Ari Brown made a motion to induce this project.  This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

HSRE-EB East Meadow:  Peter Curry of Farrell Fritz and Steven Krieger of Engel Burman made a presentation to the Board on the acquisition of the 104,160 square foot, 121-unit assisted living facility located at 40 Merrick Avenue in East Meadow.  The building is currently owned by CSH East Meadow and will be purchased by the Engel Burman company.  Engel Burman is seeking an assignment and assumption of the existing Lease Agreement and PILOT Agreement, which is set to expire December 31, 2013, as well as an additional 10 -year PILOT Agreement, and a Mortgage Recording Tax Exemption.  Richard Bianculli made a motion to induce this project.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

HSRE-EB North Woodmere:  Peter Curry of Farrell Fritz and Steven Krieger of Engel Burman made a presentation to the Board on the acquisition of the 103,386 square foot, 129-unit assisted living facility located at 477 Hungry Harbor Road in Woodmere.  The building is currently owned by CSH Hungry Harbor and will be purchased by the Engel Burman company.  Engel Burman is seeking an assignment and assumption of the existing Lease Agreement and PILOT Agreement, which is set to expire December 31, 2013, as well as an additional 10 -year PILOT Agreement and a Mortgage Recording Tax Exemption.  Ted Sasso made a motion to induce this project.  This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

HSRE-EB Lynbrook:  Peter Curry of Farrell Fritz and Steven Krieger of Engel Burman made a presentation to the Board on the acquisition of the 90,388 square foot, 122-unit assisted living facility located at 8 Freer Street in the Village of Lynbrook.  The building is currently owned by CSH Lynbrook and will be purchased by the Engel Burman company.  Engel Burman is seeking an assignment and assumption of the existing Lease Agreement and PILOT Agreement, which is set to expire December 31, 2018, as well as an additional 10 -year PILOT Agreement and a Mortgage Recording Tax Exemption.  Ari Brown made a motion to induce this project.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Equity One – Starbucks Tenant Consent:  Equity One requested approval of a new tenant, Starbucks, for the property located at 900 Old Country Road in Westbury.  Starbucks will occupy approximately 1,749 square feet of space. Ari Brown made a motion to approve the tenant consent.  This motion was seconded by.  All were in favor.  Motion carried.

Equity One – Sales Tax Exemption Increase:  Equity One requested an increase of the previously approved Sales Tax Exemption of $19,000,000 to $22,000,000 to cover additional construction costs.  Ted Sasso made a motion to approve this increase. This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

Lighthouse 444 – All Pro Medical Inc. Tenant Consent:  Lighthouse 444 requested approval of a new tenant, All Pro Medical, for the property located at 444 Merrick Road in Lynbrook.  All Pro Medical Inc. will occupy a portion of the third floor of the building. Ted Sasso made a motion to approve the tenant consent.  This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

Executive Directors Report:  The Board was furnished with a copy of the Executive Director’s Report.  Fred Parola updated the Board on the status of several projects. 

Circulo de la Hispanidad:  This item was not discussed.  No action was required.

Peninsula Counseling:  This item was not discussed.  No action was required.

2012 Mission Statement:  The Board was furnished with an amended 2012 Mission Statement prior to the meeting.  Jonathan Kohan made a motion to re-adopt the Agency’s 2012 Mission Statement as presented.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Sollecito Realty:  Sollecito Realty made a presentation at the October 26, 2011 Board Meeting on their proposed project at 370 West Merrick Road, Valley Stream.  A decision to induce was tabled at the same meeting.  A decision to induce was also subsequently tabled at the December 14, 2011, December 21, 2011, and January 25, 2012, February 29, 2012, March 21, 2012, April 25, 2012, and May 30, 2012 Board Meetings.  This item was again tabled until the July meeting, pending the submission of the Village of Valley Stream approvals.

Dover Gourmet: This item was tabled until the July meeting. 

Minutes:  Ted Sasso made a motion to adopt the Minutes of May 30, 2012 as presented to the Board.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished with copies of the Financial Statements and Expenditure List for May 24, 2012 – June 20, 2012.

Committee Updates:  There were no Committee updates. 

Unfinished Business:  Fred Parola advised the Board that both JDM Long Island (175 Fulton Avenue, Hempstead) and Rose Fence Inc. (215 Buffalo Avenue, Freeport) were late on their PILOT payments for both Village and School 2011/12.  (These items will appear on the July 25, 2012 meeting agenda.) No action was required.

With all business concluded, Ted Sasso made a motion to close the meeting at 10:06 a.m.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.
 
________________________________________
Ted Sasso, Chairman
June 27, 2012