These Minutes have not yet been approved.  They will appear on the next scheduled Meeting Agenda.

TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
OCTOBER 22, 2014, 9:00 a.m.
Old Courthouse, 350 Front Street, Hempstead

Agenda:  Consideration of an Inducement for Open Link, Consideration of an Authorizing Resolution for HP Lynbrook (444 Merrick Road, Lynbrook), Consideration of an Inducement for an Amended and Restated PILOT for 101 Uniondale LP, Consideration of an Authorizing Resolution for 303 Main Street Apartment Investors, Consideration of a Consent to waive the 45-day notice of the new term rate period for Mental Health Association of Nassau County, Executive Directors Report, Consideration and Adoption of Governance Committee Charter, Consideration and Adoption of Audit Committee Charter, Consideration and Adoption of Finance Committee Charter, Appointment of Procurement Officer, Consideration of Ratifying and Confirming Resolution for renewal of Long Island Business News, Consideration of a Resolution authorizing payment to First American Title, Update Circulo de la Hispanidad, Update PILOT Agreements/Tax Bills Dentaco and Magna Care, Rose Fence PILOT Default, Consideration and Adoption of the Minutes of September 17, 2014, Report of the Treasurer (Consideration and Adoption of 2015 Budget, Consideration and Adoption of Four Year Financial Plan), Committee Updates

Those in attendance: 	Theodore P. Sasso, Jr., Chairman
			Jonathan Kohan, Treasurer
			Ray Maguire, Member			
		Ann DeMichael, Member
		
Also in attendance:	John E. Ryan, Agency Counsel
			William F. Weir, 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 
			Cheryl Petri, Office of the Supervisor                      
			
Excused:		Ari Brown, Secretary
			Danny Grodotzke, Member
Richard Bianculli, Member
					
The meeting was called to order at 9:15 a.m. 

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

Ted Sasso made a motion to come out of Executive session.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.  No action was taken.

Mr. John Ryan left the meeting.

101 Uniondale LP:  Lisa Cairo of Jaspin Schelesinger and Eric Poretsky and Scott Alper of The Witkoff group made a presentation to the Board regarding 101 Uniondale LP, 101 James Doolittle Boulevard, Uniondale.  A decision to induce this project was tabled.

Open Link:  Peter Curry of Farrell Fritz made a presentation to the Board for Open Link, a software development company seeking to renovate and re-furnish 89,000 square feet of space located at 1502 RXR Plaza.  The company is seeking a 10-year PILOT Agreement and Sales Tax Exemption.  Ray Maguire made a motion to induce this project.  This motion was seconded by Ann DeMichael.  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 the existing Lease Agreement and PILOT Agreement.  Ted Sasso made a motion adopt an Authorizing Resolution for this project.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

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, etc.  Jonathan Kohan made a motion to adopt an Authorizing Resolution for this project.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Mental Health Association:  At the request of the Mental Health Association of Nassau County, and as recommended to the Board by Mr. Bill Weir, Jonathan Kohan made a motion to waive the 45-day notice of the new term rate period for the 2004 Bond Series.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

Executive Director’s Report:  Fred Parola updated the Board on the status of both active and inactive projects.

Governance Committee Charter:  Ray Maguire made a motion to adopt the Governance Committee Charter, as recommended by the Governance Committee. This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Audit Committee Charter:  Ted Sasso made a motion to adopt the Audit Committee Charter, as recommended by the Audit Committee. This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.  

Finance Committee Charter:  Ted Sasso made a motion to adopt the Finance Committee Charter, as recommended by the Investment and Finance Committee. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

Procurement Officer:  Ray Maguire made a motion to appoint Fred Parola as the Agency’s Procurement Officer. This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Long Island Business News:  Ray Maguire made a motion to adopt a Confirming and Ratifying Resolution for a renewal of a 2-year subscription to the Long Island Business News in an amount not to exceed $199.00. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

First American Title:  Jonathan Kohan made a motion to adopt a Resolution authorizing payment to First American Title Insurance Company, 333 Earl Ovington Boulevard, Uniondale, NY for the recording of the Magna Care termination document in an amount not to exceed $640.00 subject to the filing of the appropriate documentation and preparation of claim form. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  

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

Dentaco and Magna Care Tax Bills:  Dentaco was stricken from the agenda.  Fred Parola updated the Board on Magna Care.

Rose Fence PILOT Default:  Rose Fence is current under its PILOT.

Minutes:  Ted Sasso made a motion to adopt the Minutes of September 17, 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 September 11, 2014 – October 15, 2014.  Jonathan Kohan stated that all was in good order.

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

Four Year Financial Plan:  Jonathan Kohan made a motion to adopt the 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 10:44 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 not present for the meeting.