These Minutes have not yet been approved.  They will appear on the October 22, 2014 Agenda.

TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
SEPTEMBER 17, 2014, 9:00 a.m.
Old Courthouse, 350 Front Street, Hempstead

Agenda:  Discussion and Consideration of an Authorizing Resolution for D & F Development/Hewlett Harbor Point (Brooke Point), Presentation and Consideration of an Inducement for 303 Main Street Apartment Investors (303 Main Street, Hempstead), Presentation and Consideration of an Inducement for IX LIM Property Owner, LP (101 James Doolittle Boulevard, Uniondale), Presentation and Consideration of an Inducement for HP Lynbrook, LLC (444 Merrick Road, Lynbrook), Executive Directors Report, Update Circulo de la Hispanidad, Update PILOT Agreements/Tax Bills Dentaco and Magna Care, Consideration and Adoption of the Minutes of August 27, 2014, Report of the Treasurer (Consideration and Adoption of 2015 Draft Budget, Consideration and Adoption of Draft Four Year Financial Plan), Executive Session, Committee Updates

Those in attendance: 	Theodore P. Sasso, Jr., Chairman
			Jonathan Kohan, Treasurer
			Ari Brown, Secretary
			Danny Grodotzke, Member
		Ann DeMichael, Member
		
Also in attendance:	John E. Ryan, Agency Counsel
			Barry Carrigan, Nixon Peabody
Frederick E. Parola, Executive Director/CEO
			Lorraine Rhoads, Agency Administrator
                                   	Arlyn Eames, Deputy Financial Officer
Edie M. Longo, Deputy Executive Director/CFO	
			Michael Lodato, Deputy Agency Administrator                       
			
Excused:		Richard Bianculli, Member
		Ray Maguire, Member
William F. Weir, Nixon Peabody
				
The meeting was called to order at 9:00 a.m. 

303 Main Street Apartment Investors:  303 Main Street Apartment Investors LLC is seeking to acquire a 4-story, 212,000 square foot, 166-unit market rate residential building with 2 story below grade parking garage on 1.763 acres, located at 303 Main Street, Hempstead, NY.  The company is seeking an Amended and Restated Lease Agreement, PILOT Agreement, Recapture Agreement and Environmental Compliance and Indemnification.  Jonathan Kohan made a motion to induce this project.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

IX LIM Property Owner, LP:  IX LIM Property Owner, LP is seeking an Assignment and Assumption of existing PILOT Agreement and Lease Agreement from CBW Uniondale Hotel, 101 James Doolittle Boulevard, Uniondale.  Jonathan Kohan made a motion to induce this project.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

HP Lynbrook, LLC (444 Merrick Road, Lynbrook):  HP Lynbrook, LLC has entered into a contract of sale to purchase and upgrade 444 Merrick Road, Lynbrook, a 5-story 106,403 square foot building on 2.9 acres in the Village of Lynbrook.  The company is seeking an Assignment and Assumption of Lease Agreement, PILOT Agreement, and Mortgage Recording Tax Exemption.  Jonathan Kohan made a motion to induce this project.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

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

Dan Grodotzke made a motion to come out of Executive session.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

John Ryan left the meeting.

D & F Development/Hewlett Harbor Point (Brooke Point):  Dan Deegan, Esq. (Forchelli, Deegan, Curto, Schwartz, Mineo, Terrana) and Peter Florey and Bruce Peterson of the D and F Development Group made themselves available to the Board to answer questions about Hewlett Harbor Point (Brooke Point), an affordable rate housing project consisting of 39 multi-family units located on Gibson Avenue in the Village of Valley Stream.  Ann DeMichael made a motion to authorize this project and adopt a 20 year PILOT Agreement.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Executive Director’s Report:  Fred Parola updated the Board on the status of both active and inactive projects and advised the Board that two projects, Parabit Systems/1 Serv Realty-Bellmore and Flushing Bank, had closed within the past month.

Circulo de la Hispanidad:  This item was tabled to the October meeting.

Dentaco and Magna Care Tax Bills: This item was tabled to the October meeting.

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

Jonathan Kohan made a motion to come out of Executive session.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

Ari Brown arrived at the meeting.

PDC Corporation:  Neil Harrington, CFO of PDC Corporation addressed the Board on the status of the project at 336 Pearsall Avenue in the Village of Cedarhurst.  The company has not met the benchmarks of progress as requested by the Board and they are in arrears with PILOT payments.  Ted Sasso made a motion to terminate the Lease Agreement and PILOT Agreement with PDC Corporation and to seek the recovery of current PILOT payments in arrears and all real taxes from the beginning of property tax abatement.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

North Shore Linen PILOT payments:  This item was tabled to the October meeting.

Minutes:  Danny Grodotzke made a motion to adopt the Minutes of August 27, 2014.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished with copies of the Financial Statements and Expenditure List for August 21, 2014 – September 10, 2014.  

2015 Draft Budget:  Ann DeMichael made a motion to adopt the 2015 Draft Budget, as recommended  by the Audit Committee. This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Draft Four Year Financial Plan:  Jonathan Kohan made a motion to adopt the Draft Four Year Financial Plan, as recommended by the Investment and Finance Committee. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

With all business concluded, Ari Brown made a motion to adjourn the meeting at 10:14 a.m.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

______________________________
Theodore P. Sasso, Chairman*
October 22, 2014
 
*Chairman signing Minutes because Secretary was present for only part of the meeting.