TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
MARCH 21, 2012, 10:00 a.m.
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda:  Presentation and Consideration of an Inducement for PDC Corporation, Presentation and Consideration of an Inducement for Zwanger Pesiri – Levittown, Presentation and Consideration of an Inducement for Zwanger Pesiri – Lynbrook, Presentation and Consideration of an Inducement for 225 Merrick Road LLC/Peak Performance, Executive Director’s Report, Compliance Review 2011 and Discussion of Zomick’s, Consideration and Adoption of Mission Statement/Performance Measurement Report, Consideration and Adoption of Self Evaluation Policy, Consideration and Adoption of Operations and Accomplishments Report, Consideration and Adoption of Assessment of the Effectiveness of Internal Controls, Consideration and Adoption of Investment and Policy Guidelines, Consideration and Adoption of Purchasing Guidelines, Consideration and Adoption of Property Disposition Policy, Appointment of Contracting Officer, Discussion of Circulo de la Hispanidad, Consideration of a Lease Consent for LPF Realty/5th Street LLC for Fash-N-Home Furniture Distributors, Discussion of IEAH, Inducement Decision on Sollecito Realty, Update on Chait Properties, Discussion of JDM, Consideration of an Amended Inducement for Dover Gourmet, Consideration and Adoption of the Minutes of February 29, 2012, Report of the Treasurer, Consideration of a Resolution to Authorize Fred Parola as Signatory, Consideration and Adoption of Annual Financial Statement/Report, Consideration and Adoption of Audited Financial Statement, Executive Session, Committee Updates

Those in attendance: 	Ted Sasso, Chairman
			Paul Conte, Vice Chairman
Jonathan Kohan, Treasurer
Al D’Agostino, Secretary
Ari Brown, Member
			Rich Bianculli, Member
			Danny Grodotzke, Member – arrived 10:45 a.m.

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
			
Excused:		Cheryl Petri, Office of the Supervisor
									
The meeting was called to order at 10:00 a.m.

PDC Corporation: This insurance underwriting and claims processing company seeks relocate from New York City to Cedarhurst.  The company is acquiring two parcels of land located at 336 and 324-328 Pearsall Avenue in the Village of Cedarhurst.  The project includes an expansion and renovation of an existing 14,966 building on one parcel and demolition of the 1,177 square foot building on the other parcel to provide parking for the business. PDC Corporation is seeking Sales Tax Exemption, Mortgage Recording Tax Exemption and a PILOT Agreement.  Jonathan Kohan made a motion to induce this project.  This motion was seconded by Paul Conte.  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 pending project proposals.

Zwanger Pesiri – Levittown: Peter Curry, of the firm Farrel Fritz, along with Steven Mendelsohn and Catherine Masci of Zwanger Pesiri, made a presentation to the Board on their proposed project to open a new location for their radiology and diagnostic services company.  Zwanger Pesiri plans to construct an 8,000 square foot facility, on approximately 2.5 acres of land located at 3525 Hempstead Turnpike, Levittown.  Site plan approval and building permits are pending.  The company is seeking Sales Tax Exemption, Mortgage Recording Tax Exemption and a PILOT Agreement.  Rich Bianculli made a motion to induce this project.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.

Zwanger Pesiri – Lynbrook:  Peter Curry, of the firm Farrel Fritz, along with Steven Mendelsohn and Catherine Masci of Zwanger Pesiri, made a presentation to the Board on their proposed project to open a new location for their radiology and diagnostic services company.  Zwanger Pesiri plans to construct an 8,000 square foot facility on approximately .96 acres of land located at 443-449 Sunrise Highway in the Village of Lynbrook.  The company is seeking Sales Tax Exemption, Mortgage Recording Tax Exemption and a PILOT Agreement.  Fred Parola advised Mr. Curry, Mr. Mendelsohn, and Ms. Masci to contact the Village of Lynbrook directly regarding their plans prior to the development of a PILOT Agreement.  Ari Brown made a motion to induce this project.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

225 Merrick Road LLC/Peak Performance:  Joseph Sullivan, of Southern Nassau Physical Therapy and Peak Performance Fitness, made a presentation to the Board on the proposed project to be located at 225 Merrick Road in the Village of Lynbrook.  The project involves the renovation and equipping of an existing 11,800 square foot building for a physical therapy treatment and fitness facility.  The company is seeking Sales Tax Exemption, Mortgage Recording Tax Exemption and a PILOT Agreement. Fred Parola advised Mr. Sullivan to contact the Village of Lynbrook directly regarding their plans prior to the development of a PILOT Agreement.  Ari Brown made a motion to induce this project.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.

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 has 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, Ted Sasso made a motion to terminate all IDA benefits for Zomick’s Food Products.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.

Mission Statement/Performance Measurement Report:  Ted Sasso made a motion to adopt the Mission Statement/Performance Measurement Report, as recommended by the Governance Committee.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

Self Evaluation Policy:  Ted Sasso made a motion to adopt the Self Evaluation Policy, as recommended by the Governance Committee.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried. 

Operations and Accomplishments Report:  Rich Bianculli made a motion to adopt the Operations and Accomplishments Report, as recommended by the Governance Committee.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

Effectiveness of Internal Controls:  Rich Bianculli made a motion to adopt the Effectiveness of Internal Controls, as recommended by the Governance Committee.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Investment and Policy Guidelines: Ted Sasso made a motion to adopt the Investment and Policy Guidelines, as recommended by the Governance Committee.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

Purchasing Guidelines:  Paul Conte made a motion to adopt the Purchasing Guidelines, as recommended by the Governance Committee.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Property Disposition Policy:  Ted Sasso made a motion to adopt the Property Disposition Policy, as recommended by the Governance Committee.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

Appointment of Contracting Officer:  Ted Sasso made a motion to appoint Edie M. Longo as the Agency’s Contracting Officer.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

Circulo de la Hispanidad:  Bill Weir briefed the Board about a potential default in the Lease Agreement with Circulo de la Hispanidad.  Nixon Peabody is reviewing the specifics and will follow up with the Executive Director with their findings.

LPF Realty/5th Street LLC - Fash-N-Home Furniture Distributors:  This item was tabled until the April meeting.

IEAH:  This item was tabled until the April meeting.

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, and February 29, 2012 Board Meetings.  This item was again tabled until the April meeting, pending the submission of the Village of Valley Stream approvals.

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 proceeding.  Mr. Chait has agreed in court to continue to make PILOT payments.

JDM Long Island LLC: John Ryan updated the Board on the status of the foreclosure of the JDM properties.

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

Minutes:  Ted Sasso made a motion to adopt the Minutes of February 29, 2012 as presented to the Board.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished with copies of the Financial Statements and Expenditure List for February 23, 2012 – March 21, 2012.

Fred Parola as Signatory:  Ted Sasso made a motion to authorize Fred Parola as signatory for checks up to $30,000.00.  This motion was seconded by Jonathan Kohan.
All were in favor.  Motion carried.

Annual Financial Statement/Report:  Ted Sasso made a motion to adopt the 2011 Annual Financial Statement Report as prepared by IDA staff.  This document contains all of the information reported to the New York State Office of the State Comptroller via the Public Authority Reporting System.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Audited Financial Statement:  Ted Sasso made a motion to adopt the 2011 Draft Audited Financial Statement as prepared by Sheehan and Company.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.

Committee Updates:  There were no Committee updates. 

With all business concluded, Ted Sasso made a motion to close the meeting at 11:27a.m..  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

________________________________________
Al D’Agostino, Secretary 
March 21, 2012