TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
DECEMBER 17, 2014, 11:00 a.m.
Old Courthouse, 2nd Floor, 350 Front Street, Hempstead

Agenda: Consideration of an Authorizing Resolution for Open Link, Consideration of a Mortgage Consent for HP Lynbrook (444 Merrick Road, Lynbrook), Consideration of an Inducement for 175 Hempstead (175 Fulton Avenue, Hempstead), Consideration of an Inducement for Gabrielli Inwood, LLC, Consideration of an Authorizing Resolution for Valley Stream Green Acres LLC, Consideration of an Authorizing Resolution for 900 Stewart Avenue, Consideration of a Tenant Consent for Spark 451 at 865 Merrick Avenue, Westbury, Consideration of a Tenant Consent for Chevra Hatzalah (antenna on roof) at 60 Hempstead Avenue, West Hempstead, Consideration of a Consent for Zeus Cottage to refinance their existing mortgage, Executive Directors Report, Consideration and Adoption of 2015 Meeting Schedule, Consideration of the renewal of a contract with Sheehan & Company for Auditing/Accounting Services for calendar year 2014, Consideration of the renewal of the Agency’s contract with Bluetooth Creative for 2015, Consideration of a Resolution to hire Milliman as the Agency’s actuary, Update Circulo de la Hispanidad, Discussion PILOT Agreements/Tax Bills for Dentaco and Magna Care, PILOTs in arrears: 5th Avenue Chocolatiere, Rose Fence, 590-600 Fulton Avenue, Consideration and Adoption of the Minutes of October 22, 2014, Treasurer’s Report, Committee Updates

Those in attendance: 	Ted Sasso, Chairman
			Jonathan Kohan, Treasurer
			Ari Brown, Secretary
			Danny Grodotzke, Member
Richard Bianculli, Member
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 
Edie M. Longo, Deputy Executive Director/CFO
			Lorraine Rhoads, Agency Administrator
                                    	Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator                        
Barry Carrigan, Nixon Peabody
Cheryl Petri, Office of the Supervisor
								
The meeting was called to order at 11:07 a.m. 

Open Link:  Open Link, a commercial software company, was granted to renovate and re-furnish their existing 89,000 square feet of space in RXR Plaza to be more conducive to the company’s needs.  The company is seeking a 10-year PILOT Agreement and an extended Sales Tax Exemption.  Ted Sasso made a motion to adopt an Authorizing Resolution for this project. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

Executive Session:  Jonathan Kohan made a motion to go into Executive Session to discuss a matter of potential litigation.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  Ted Sasso made a motion to come out of Executive Session.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.  No action was taken

HP Lynbrook LLC:  Jonathan Kohan made a motion to adopt a resolution consenting to a new mortgage for HP Lynbrook, 444 Merrick Road, Lynbrook, for an amount not to exceed the lesser of $29,365,000.00 or an amount of to 70% loan-to-value and minimum Debt Service Coverage Ratio of 1.30 x, as determined by Lender.  No Mortgage Recording Tax Exemption will be granted on this new mortgage. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

Gabrielli, Inwood LLC:  John Reali and Paul Avvento made a presentation and answered questions regarding their project, Gabrielli, Inwood LLC.  The company is looking to acquire and expand the facility located at 31 Alameda Street, Inwood, for the warranty and repair work of vehicles for municipal customers.  The company is seeking a 10-year PILOT Agreement, Sales Tax Exemption and Mortgage Recording Tax Exemption.  Richard Bianculli made a motion to preliminarily induce this project, pending approvals by the Nassau County Planning Commission and the assignment of section, blocks and lots by the Nassau County Assessor.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

175 Hempstead/Hempstead Plaza LLC:  Sophia Valiotis, CEO and CFO of Alma Realty, made a presentation to the Board on the proposed project located at 175 Fulton Avenue, Hempstead.  The company submitted a new application under the name Hempstead Plaza LLC for consideration. The project consists of the renovation and re-furnishing of the 7-story, approximately 196,000 square foot building, including a new heating and cooling system, new windows, interior renovations and repairs to the parking lot.  Hempstead Plaza LLC is seeking a 10-year PILOT Agreement, Mortgage Recording Tax Exemption and Sales Tax Exemption.  Ted Sasso made a motion to induce this project. This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.

Valley Stream Green Acres LLC:  Green Acres Mall anticipates making $46.2 million of capital investments in the property.  The total project costs are expected to be approximately $79,000,000.00 over 15 years.  Improvements will include upgrading the parking lots, roofing, security, interior and exterior lighting, elevators and escalators, redesign of mall facades and entrances, upgraded flooring, HVAC replacement, seating and food court furniture.  The project will be considered a Tourist Destination.  Valley Stream Green Acres LLC was granted a 15-year PILOT Agreement, Mortgage Recording Tax Exemption and Sales Tax Exemption.  Ann DeMichael made a motion to adopt an Authorizing Resolution for this project. This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

900 Stewart Owner LLC:  This project involves the renovation of the building located at 900 Stewart Avenue, Garden City.  Improvements will include upgraded common areas, parking lot, landscaping, signage, HVAC and elevator.  900 Stewart Owner LLC was granted a 15-year PILOT Agreement and Sales Tax Exemption.  Ted Sasso made a motion to adopt an Authorizing Resolution for this project. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

865 Merrick Avenue – Tenant Consent for Spark451:  Ted Sasso made a motion to approve the Tenant Consent for Spark451 for 865 Merrick Partners LLC.  The marketing and communication company will occupy approximately 11,667 square feet of space at 865 Merrick Avenue, Westbury.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

Lighthouse 60 (60 Hempstead Avenue, West Hempstead) – Tenant Consent for Chevra Hatzalah:  Ted Sasso made a motion to approve the Tenant Consent for Chevra Hatzalah for a portion of the roof for a telecommunication antenna on the roof.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.

Zeus Cottage:  Jonathan Kohan made a motion to consent to the refinancing of the existing mortgage in an approximate amount of $28,500,000.00.  This motion was seconded by Richard Bianculli.  All were in favor.  Motion carried.

Ari Brown arrived at the meeting.

Executive Directors Report:  The Board was furnished with a copy of the Executive Director’s Report.  Fred Parola updated the Board on projects scheduled to be closed on December 18, 2014.

2015 Meeting Schedule:  Ray Maguire made a motion to adopt the 2015 Meeting Schedule. This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

Sheehan and Company:  Ted Sasso made a motion to renew the Agency’s contract with Sheehan and Company for all accounting services for 2015 and the audit for 2014, in an amount not to exceed $24,250.00.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.
 
Bluetooth Creative:  Ari Brown made a motion to renew the Agency’s contract with Bluetooth Creative for the 2015 advertising and marketing campaign, in an amount not to exceed $75,000.00, as approved by the Advertising Committee.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Milliman:  Ted Sasso made a motion to renew the Agency’s contract with Milliman for actuary services for the calendar year 2014/2015, in an amount not to exceed $6,175.00, to prepare post-employment benefit reports, statements and updates.  This motion was seconded by Ann DeMichael.  All were in favor.  Motion carried.

Circulo de la Hispanidad:  Bill Weir advised the Board that there was no new information to report regarding this project. 

Dentaco and Magna Care - PILOT Agreements/Tax Bills:  This item was tabled.

PILOTs in Arrears:  Arlyn Eames updated the Board that 5th Avenue Chocolatiere and 590-600 Realty were both current on their PILOTs.  Fred Parola advised the Board that he would contact Rose Fence regarding their outstanding first half School 2015/16 PILOT.  No action was taken.

Minutes:  Ted Sasso made a motion to adopt the Minutes of October 22, 2014, as amended pertaining to the date Circulo de la Hispanidad was tabled. 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 October 16, 2014 – December 10, 2014.  The Treasurer stated that all was in good order.

Committee Updates:  There were no committee updates.

With all business concluded, Ann DeMichael made a motion to close the meeting at 12:00 noon.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.

_______________________________________
Ari Brown, Secretary
January 29, 2015