Town of Hempstead
INDUSTRIAL DEVELOPMENT AGENCY
December 16, 2015, 11:00 AM
Courtroom, 2nd Floor, 350 Front Street, Hempstead

Agenda:  Consideration of a Consent to refinance an existing loan, BRG Office LLC, Consideration of an Authorizing Resolution for 990 Stewart Owners, LLC, Consideration of an Authorizing Resolution for Beechwood Portofino, LLC, Consideration of a Tenant Consent for Capital One Bank at Green Acres Adjacent, Consideration of Authorizing Resolution for 505 Garden City, Executive Director’s Report, Discussion of International Valley Stream Holdings, Consideration & Adoption of 2016 Board Meeting Schedule, Consideration of a Resolution to continue the Agency’s contract with Bluetooth Creative for 2016, Consideration of a Resolution to continue the Agency’s contract with Sheehan and Company as our auditors, PILOT amendment to correct legal description and adjust PILOT schedule for Open Link Financial LLC and Flushing Bank, Consideration of a Resolution for NYSEDC 2016 Membership renewal, Consideration of a consent for CHSGN sales tax exemption extension of time, Consideration of Salary Increase for the following personnel: Frederick E. Parola, Edie M. Longo, Lorraine Rhoads, Arlyn Eames & Michael Lodato, Update on Circulo de la Hispanidad, Update on Shor Yoshuv, Consideration and Adoption of the Minutes of November 18, 2015, Financial Statements and Expenditure List – November 13, 2015- December 9, 2015.

Those in attendance:		Ted Sasso, Chairman
                                          	Ari Brown, Vice Chairman
Jonathan Kohan, Treasurer   
                             		Dan Grodotzke, Secretary
                                          	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:                          Arlyn Eames, Deputy Financial Officer

The Meeting was called to order at 11:00 AM.   The Chairman declared a quorum was present.  

BRG Office, LLC - Consent to Loan Refinance: A motion was made by Jonathan Kohan to consent to a refinancing of the existing loan for BRG Office, LLC in the amount of $21,000,000.00. This motion was seconded by Ari Brown. All were in favor. Motion carried.
No Mortgage Recording Tax Exemption was granted.

990 Stewart Owners, LLC: A motion was made by Ted Sasso to adopt an Authorizing Resolution for 990 Stewart Owners, LLC for the renovation and upgrade of the 6-story building, parking lot and 4.87 acre property located at 990 Stewart Avenue, Garden City. The project is a joint venture between Onyx Equities and The Davis Companies.  The company was granted a 15-year PILOT Agreement and Sales Tax Exemption.  This motion was seconded by Dan Grodotzke. All were in favor. Motion carried.  This project is schedule to close next week.

Beechwood Portofino:  This item was tabled.

Green Acres Adjacent - Tenant Consent for Capitol One Bank: A motion was made by Ted Sasso to adopt a Tenant Consent for Capital One Bank at Green Acres Adjacent. This motion was seconded by Ari Brown. All were in favor. Motion carried. 

Garden City 505, LLC: A motion was made by Jonathan Kohan to adopt an Authorizing Resolution to extend the PILOT Agreement an additional 8 years for 505 Garden City, LLC, 1000 Stewart Avenue Garden City, to run co-terminus with the Lifetime Brand lease. This motion was seconded by Ray Maguire. All were in favor. Motion carried. 

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

Discussion of International Valley Stream Holdings: A letter from the company’s counsel stated that the project may not move forward as proposed. No action was taken at this time.

IDA Board Meeting Schedule 2016: A motion was made by Ari Brown to adopt the 2016 IDA Board Meeting Schedule. This motion was seconded by Dan Grodotzke. All were in favor. Motion carried. 

Bluetooth Creative 2016: A motion was made by Ari Brown to adopt the 2016 contract with Bluetooth Creative in an amount not to exceed $81,000.00. This motion was seconded by Dan Grodotzke. All were in favor. Motion carried. 

Sheehan and Company: A motion was made by Ray Maguire to adopt the 2016 contract with Sheehan and Company in amount not to exceed $24,250.00. This motion was seconded by Ted Sasso. All were in favor. Motion carried. 

Open Link Financial, LLC and Flushing Bank - PILOT amendments:  The Board was informed that the PILOT Agreements for both of both Open Link Financial and Flushing Bank needed to be amended to correct the legal descriptions and adjust the PILOT schedules.  Both projects are located within the RXR Plaza buildings.  A motion was made by Ted Sasso to make the amendments for both Open Link Financial, LLC and Flushing Bank. The motion was seconded by Ann DeMichael. All were in favor. Motion carried.

NYSEDC 2016 Membership Renewal: A motion was made by Jonathan Kohan to renew the IDA’s Membership with NYSEDC for 2016 in an amount of $1250.00. This motion was seconded by Ray Maguire. All were in favor. Motion carried. 

CHSGN - Sales Tax Exemption extension of time: A motion was made by Jonathan Kohan to extend the Sales Tax Exemption for one year, expiring Dec. 31, 2016. This motion was seconded by Ari Brown. All were in favor. Motion carried. 

Executive session: A motion was made by Ted Sasso to enter into Executive Session to discuss matters of personnel. This motion was seconded by Ray Maguire. All were in favor. Motion carried.  After discussion, a motion was made by Ted Sasso to come out of Executive Session. The motion was seconded by Ari Brown. All were in favor. Motion carried.

Salary Increases:   
A motion was made by Ted Sasso to increase the salary of the Executive Director to $174,719.00 for 2016.  The motion was seconded by Ann DeMichael. All were in favor. Motion carried.

A motion was made by Ted Sasso to increase the salary of the Deputy Executive Director to $137,034.00 for 2016. The motion was seconded by Dan Grodotzke. All were in favor. Motion carried.

A motion was made by Ray Maguire to increase the salary of the Agency Administrator to $99,351.00 for 2016. The motion was seconded by Jonathan Kohan. All were in favor. Motion carried.

A motion was made by Ted Sasso to increase the salary of the Deputy Financial Officer to $70,336.00 for 2016.  The motion was seconded by Ann DeMichael. All were in favor. Motion carried.

A motion was made by Ari Brown to increase the salary of the Deputy Agency Administrator to $68,030.00 for 2016.  The motion was seconded by Ann DeMichael. All were in favor. Motion carried.

Circulo de la Hispanidad:  This item was tabled.
 
Shor Yoshuv:  This item was tabled.

Minutes of the November 18, 2015 Board Meeting: A motion was made by Jonathan Kohan to approve the minutes of the November 18, 2015 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 November 13, 2015 – December 9, 2015.

With all business concluded, Ted Sasso made a motion to adjourn the meeting at 11:40 a.m.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried. 

_______________________________________
Ari Brown, Secretary, January 28, 2015