TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
FEBRUARY 29, 2012, 9:00 a.m.
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda:  Consideration of Amendments to documents and PILOT Agreement for AG Metropolitan/711 Stewart Avenue LLC, Consideration of a Tenant Consent and Lease Agreement for AG Metropolitan/711 Stewart Avenue LLC, Executive Director’s Report, Compliance Review 2011, Consideration of a Resolution to authorize payment to the LIBDC for Luncheon meeting March 21, 2012.  Consideration of a Resolution to authorize staff and Board to attend the NYSEDC Annual Meeting in Cooperstown, 
May 23-25, 2012, Consideration of a Resolution to terminate the Bonds for Covanta Hempstead, Discussion of IEAH; Business Plan and Budget, and Presentation of Executed Lease Agreement, Inducement Decision on Sollecito Realty, Inducement Decision on Maggie Realty, Update on Chait Properties, Consideration of an Amended Inducement for Dover Gourmet, Consideration and Adoption of the Minutes of January 25, 2012, Report of the Treasurer, Consideration of a Resolution to Authorize Fred Parola as Signatory, Executive Session, Committee Updates

Those in attendance: 	Ted Sasso, Chairman
Ari Brown, Member
			Danny Grodotzke, Member
			Rich Bianculli, 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                        
Gene Turner, Consultant
			Cheryl Petri, Office of the Supervisor

Excused:		Paul Conte, Vice Chairman 
			Jonathan Kohan, Treasurer
Al D’Agostino, Secretary
									
The meeting was called to order at 9:05 a.m.

AG Metropolitan/711 Stewart Avenue LLC:  Eric Rubenstein of the firm Ruskin Moscou Faltischeck and Joe Farkas of Metropolitan Realty Associates addressed the Board and requested amendments to the documents and PILOT Agreement for AG Metropolitan/711 Stewart Avenue LLC, 711 Stewart Avenue, Garden City.  This amendment allows for a subdivision of the land into three separate tax lots, each to be leased by the Agency to three separate condominium entities.  As a result, there will be three new Lease Agreements, Recapture Agreements, and PILOT Agreements for the three new projects.  Ari Brown made a motion to amend the documents as requested by Mr. Farkas and Mr. Rubenstein.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.

AG Metropolitan/711 Stewart Avenue LLC – Tenant Consent: Rich Bianculli made a motion to consent to a new tenant, Endoscopy Center of Long Island, for AG Metropolitan/711 Stewart Avenue LLC, 711 Stewart Avenue, Garden City.  Endoscopy of Long Island will occupy 11,500 square feet of the building, and will have thirty-three employees.  A Lease and Tenant Agency Compliance Agreement have been submitted to the IDA.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.

Executive Directors Report:  The Board was furnished with a copy of the Executive Director’s Report.  Fred Parola updated the Board on the status of several projects, most notably Zwanger Pesiri, which was expected to be on the March meeting agenda for possible inducement for two new locations, one in Levittown and one in Lynbrook.

2011 Compliance Review:  Edie Longo updated the Board on the status of the 2011 Compliance Review, drawing attention to those companies who have not met their compliance requirements.

Zomick’s Food Products:  As a result of the 2011 Compliance Review, it was noted that Zomick’s Food Products had not submitted any of the requested compliance information for 2011.  It was also brought to the Board’s attention by staff that Zomick’s has failed to remit the first half General 2012 PILOT payment.  Upon consideration of these findings, the Board asked Fred Parola to send Zomick’s a letter requesting that they submit the requested compliance information and PILOT payment prior to the March Board meeting or their IDA benefits will be terminated.

LIBDC:  Ted Sasso made a motion to authorize payment for the March 21, 2012 LIBDC Luncheon Meeting. This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.

March Board Meeting Date Change:  Ted Sasso made a motion to change the date of the March Board Meeting from March 28, 2012 at 9:00 a.m. to March 21, 2012 at 10:00 a.m.   This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Covanta Hempstead: Bill Weir advised the Board that the Bonds for Covanta Hempstead (600 Merchants Concourse, Westbury), in the amount of $42,670,000.00, would be redeemed on March 1, 2011 and that there would be no longer any outstanding debt for this property. Covanta Hempstead will remain a Straight Lease project until the expiration of their Lease Agreement.

IEAH:  Fred Parola updated the Board on the status of IEAH at 111 Plainfield Avenue, Elmont.  Mr. Parola advised the Board that the IDA is awaiting the signed Tenant Agency Compliance Agreement with Palm Beach Equine Medical Center.  Mr. Parola informed the Board that the principals of IEAH anticipate that the facility will open in April or May of 2012.  The Board was also presented with a letter from IEAH requesting a Sales Tax Exemption for the purpose of upgrading the facility for the new tenant.  Ted Sasso made a motion to grant a Sales Tax Exemption to IEAH. This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.

Sollecito Realty:  Sollecito Realty made a presentation at the October 26, 2011 Board Meeting on their proposed project at 370 West Merrick Road, Valley Stream.  A decision to induce was tabled at the same meeting.  A decision to induce was also subsequently tabled at the December 14, 2011, December 21, 2011, and January 25, 2012 Board Meetings.  This item was again tabled until the March 21, 2012 meeting, pending the submission of the Village of Valley Stream approvals.

Maggie Realty:  Maggie Realty made a presentation at the October 26, 2011 Board Meeting on their proposed project at 396 West Merrick Road, Valley Stream.  A decision to induce was tabled at the same meeting.  A decision to induce was also subsequently tabled at the December 14, 2011, December 21, 2011, and January 25, 2012 Board Meetings, pending the submission of the Village of Valley Stream approvals.  Maggie Realty received zoning approval from the Village of Valley Stream.  Ari Brown made a motion to preliminarily induce this project subject to site plan approval, a final SEQR determination, Architectural Review Board approval, and building permits.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.

Chait Properties:  Chait Properties, located at 60 Front Street, East Rockaway, filed for Chapter 11 Bankruptcy on November 21, 2011.  John Ryan advised the Board that the claim filed on behalf of the IDA to recoup PILOT monies due is still pending.  

Dover Gourmet:  This item was tabled until the March meeting. 

Minutes:  Dan Grodotzke made a motion to adopt the Minutes of January 25, 2012 as presented to the Board.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished with copies of the Financial Statements and Expenditure List for January 19, 2012 – February 22, 2012.

Fred Parola as signatory:  A Resolution was drawn to authorize Fred Parola as signatory for checks up to $30,000.00.  This item was tabled until the March Board meeting. 

Unfinished Business:  John Ryan informed the Board about two lawsuits pending against the Agency and the Nassau County Assessor’s Office regarding ad valorem taxes.  This item was for discussion only.  No action was necessary.

Committee Updates:  There were no Committee updates. 

With all business concluded, Ari Brown made a motion to close the meeting at 9:38 a.m..  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.

________________________________________
Ted Sasso 
February 22, 2012