Town of Hempstead
INDUSTRIAL DEVELOPMENT AGENCY
August 27, 2014, 2014 11:00 AM
Courtroom, 2nd Floor, 350 Front Street, Hempstead

Agenda:  Consideration of a Ratifying and Confirming Authorizing Resolution for Flushing Financial, Consideration of an Inducement for Valley Stream, Green Acres, LLC, Consideration of a Preliminary Inducement for Green Acres Adjacent, LLC, Consideration of an Inducement for 900 Stewart Owner, LLC, Executive Director’s Report, Consideration of a Resolution authorizing attendance at the LIBDC Annual Meeting in Montauk September 17-19,2014, Consideration of a Resolution Authorizing Payment for the LIBDC Annual Meeting Sponsorship, Consideration of a Resolution authorizing payment to Gurney’s Inn, , Update on Circulo de la Hispanidad, Update on Pilot Agreements/Tax Bills Dentaco and Magna Care, Pilot Bills in default – Zeus Cottage, North Shore Linen, PDC, Consideration and Adoption of the Minutes of July 23, 2014, Financial Statements and Expenditure List – July 17, 2014- August 20, 2014, 2014,  Review and Discussion of the 2015 Preliminary Draft Budget.

Those in attendance: 	      Ted Sasso, Chairman
                                          Jonathan Kohan, Treasurer   
                                          Ari Brown, Secretary                
                                          Dan Grodotzke, Member
                                          Ray Maguire, Member
                                          Ann DeMichael, Member

                                                                     
                                                                     
Also in attendance:         Frederick E. Parola, Executive Director/CEO
                                        Edie M. Longo, Deputy Executive Director/CFO             
                                        Lorraine Rhoads, IDA Agency Administrator
                                        Michael Lodato, Deputy Agency Administrator    
                                        William F. Weir, Nixon Peabody, Transaction Counsel    
                                         John E. Ryan, Agency Counsel

Excused:                          Richard Bianculli, Member               
                                        Arlyn Eames, Deputy Financial Officer

                                                                                                       
The Meeting was called to order at 11:00 AM.        

Consideration of a Ratifying and Confirming Authorizing Resolution for Flushing Financial/Flushing Bank: A motion was made by Ted Sasso to adopt a Ratifying and Confirming Authorizing Resolution for Flushing Financial Corp/Flushing Bank. This motion was seconded by Ray Maguire. All were in favor. Motion carried.

Consideration of an Inducement for Valley Stream Green Acres, LLC: A presentation was made by Dan Baker, ESQ. outlining the project. Green Acres Mall anticipates making $46.2 million of capital investments at the property.  The total project costs of over 15 years are expected to be about $79,000,000.00.  Subject to a market study this project will be designated as a Tourist Destination. A motion was made by Jonathan Kohan to adopt an Inducement Resolution for Valley Stream Green Acres, LLC. This motion was seconded by Ray Maguire. All were in favor. Motion carried.

Consideration of a Preliminary Inducement for Green Acres Adjacent, LLC: A presentation was made by Dan Baker, ESQ. outlining the project. The proposed project is a two level shopping center including restaurant out-parcels.  The project will address a blighted property, currently home to an outdated and under-performing movie theater and parking lot, into a viable shopping center. Subject to a market study this project will be designated as a Tourist Destination.  A motion was made by Ari Brown to adopt a Resolution Preliminary Inducing Green Acres Adjacent, LLC. This motion was seconded by Ann DeMichael. All were in favor. Motion carried.

Consideration of an Inducement for 900 Stewart Owner, LLC: A presentation was made by Eric Rubenstein, ESQ. outlining the project. 900 Stewart Owner, LLC seeks to renovate the current buildings for multi-tenanted occupancy. With the assistance from the IDA, the project will be overhauled, including common areas, the main atrium lobby, common corridors, lavatories, cafeteria, as well as improvements to the parking lot, landscaping and building signage. In addition, there will be upgrades to the HVAC system and building elevator. A motion was made by Jonathan Kohan to adopt an Inducement Resolution for 900 Stewart Owner, LLC. This motion was seconded by Ann DeMichael. All were in favor. Motion carried.

Executive Director’s Report:  The Board was furnished with a copy of the Executive Director’s Report, and Mr. Parola briefed the Board about potential applications.

Consideration of a Resolution authorizing attendance at the LIBDC Annual Meeting in Montauk September 17-19, 2014: A motion was made by Ted Sasso to adopt a Resolution Authorizing the IDA Board and Staff to attend the 2014 LIBDC Annual Meeting in Montauk. This motion was seconded by Ari Brown. All were in favor. Motion carried.

Consideration of a Resolution authorizing payment for the LIBDC Annual Meeting Sponsorship: A motion was made by Ted Sasso to adopt a Resolution Authorizing payment for the 2014 LIBDC Annual Meeting Sponsorship. This motion was seconded by Dan Grodotzke. All were in favor. Motion carried.

Consideration of a Resolution authorizing payment to Gurney’s Inn: A motion was made by Ted Sasso to adopt a Resolution Authorizing payment to Gurney’s Inn. This motion was seconded by Dan Grodotzke. All were in favor. Motion carried.

Discussion and Updates on:

Circulo de la Hispanidad – Bill Weir updated the board on Circulo de la Hispanidad. This item will appear on the next meeting. There have been no changes. 

Dentaco and Magna Care
Both items will appear on next month’s agenda for discussion.

Zeus Cottage & North Shore Linen Default
Zeus Cottage is no longer in default. North Shore Linen will appear on next month’s agenda for discussion.

Minutes of the July 23, 2014 Board Meeting: A motion was made by Ray Maguire to approve the minutes of the July 23, 2014 meeting. This motion was seconded by Dan Grodotzke. All were in favor. Motion carried.

Financial Statements & Expenditure Report: The board was furnished with a copy of the Financial Statements and Expenditure List for July 24, 2014  – August 20, 2013.

Review and Discussion of the 2015 Preliminary Draft Budget:
The board was furnished with a copy of the 2015 Preliminary Draft Budget for review and was advised to contact the staff with any questions.

With all business concluded, Ted Sasso made a motion to adjourn the meeting at 11:50 a.m.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried. 

_______________________________________
Ari Brown, Secretary, September 17, 2013