TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, MARCH 23, 2011
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda: Acquisition of Atria Senior Living Group (OLSL/FCD Lynbrook LLC) by Ventas, Presentation by Darden on proposed Seasons 52 Restaurant, Roosevelt Field, Garden City, 9:15 a.m., Consideration of an Inducement and Presentation by Heritage Acquisition Company LLC (1000 Stewart LLC and Garden City 505 LLC), 9:30 a.m., 1000 Stewart Avenue, 500 Endo Boulevard Garden City, Termination of R-Roof IV LLC, 699 Dibblee Drive, Westbury, Executive Directors Report, Consideration and Adoption of Mission Statement and Measurement Report 2010/2011, Consideration and Adoption of Self Evaluation Policy, Update on 2010 Compliance Review, Consideration and Adoption of Standard Project Procedures, Operations and Accomplishments for 2010, Assessment of Effectiveness of Internal Controls for 2010, Consideration and Adoption of Purchasing Guidelines, Consideration and Adoption of Property Disposition Policy, Appointment of Compliance Officer, Appointment of Contracting Officer, Consideration of a Resolution for two members to attend the 2011 Adelphi University Gala on April 2, 2011, Consideration of an Amended PILOT for 5th Avenue Chocolatiere, Valley Stream, Consideration of an Amended PILOT for Carbo Industries, Inwood, Consideration of an Amended PILOT for Palmetto Hospitality of Garden City II, Garden City, Consideration of a Ratifying and Confirming Resolution for the LIBDC Dinner April 12, 2011, Discussion relating to PILOT Payments for Sunrise Assisted Living, Consideration of Termination for IEAH, Update on Benefits for JDM Long Island LLC, 175 Fulton Avenue, Hempstead, Update on Avalon Bay Rockville Centre Project,  Consideration and Adoption of the Minutes of February 16, 2011, Treasurer’s Report, Committee Updates.

Those in attendance: 	Ted Sasso, Chairman
			Jonathan Kohan, Treasurer
Al D’Agostino, Secretary
Ari Brown, Member
Danny Grodotzke, 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
                                    Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator
                        	Gene Turner, Consultant

Absent: 		Paul Conte, Vice Chairman
			Lorraine Rhoads, Agency Administrator
			
The meeting was called to order at 9:04 a.m.

Atria Senior Living Group/Ventas:  Rick Atlas of Atria Senior Living Group explained to the Board that the company was to be sold to Ventas, Inc.  Although this is a change of ownership, the property known as OLSL Lynbrook, 125 Ocean Avenue and Tanglewood Road, Lynbrook will remain under the direct management of the Atria Management Group.  Ari Brown made a motion to consent to the change in ownership.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.  

Darden/Seasons 52:  Fred Parola gave the Board a brief description of the restaurant Seasons 52, a proposed IDA project at Roosevelt Field Mall, Garden City.  Allea Newbold of Darden (the parent company) was introduced and she summarized the plans for the new restaurant, including existing and necessary zoning requirements.  Darden owns several nationally recognized restaurants, including Olive Garden, Red Lobster, and Bahama Breeze.  This would be the first Seasons 52 restaurant to open in New York State.  This company will submit an application for consideration at the April meeting.

Heritage Acquisition Company LLC (1000 Stewart LLC and Garden City 505 LLC):  Peter Curry, Esq. of Farrel Fritz explained to the Board that Heritage Acquisition Company was seeking to acquire the properties known as AG Metropolitan Endo, located at 1000 Stewart Avenue and 500 Endo Boulevard, Garden City.  Heritage Acquisition Company requested an assignment of the existing Lease Agreement and the remainder of the existing PILOT Agreement, which expires December 31, 2016, and a 5-year extension conditional upon retention of 300 full time equivalent employees.  The company also requested a mortgage tax exemption on the new mortgage of approximately $8-9 million dollars. Bill Weir explained that Heritage Acquisition Company LLC (Garden City 505 LLC and 1000 Stewart LLC) would be considered one project, and as such would be responsible for meeting all requirements of the IDA with regards to compliance, administrative fees, etc. Ted Sasso made a motion to induce this project.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

R-Roof IV LLC Termination:  The Board was provided a copy of a letter from Red Roof Inns in which the company requested termination of their benefits for R-Roof IV, LLV, 699 Dibblee Drive, Westbury. As per the company’s request, Ted Sasso made a motion to terminate.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Executive Director’s Report: The Board was furnished a copy of the Executive Director’s Report.  Fred Parola advised the Board that the IDA expected to close Equity One and VIF II/ 303 Main Residential in April.
 
Mission Statement and Measurement Report:  Ted Sasso made a motion to adopt the Mission Statement and Measurement Report for 2010-2011.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Self Evaluation Policy:  Ted Sasso made a motion to adopt the Self Evaluation Policy.  This motion was seconded by Dan Grodotsky.  All were in favor.  Motion carried.  

Compliance 2010 Update:  Edie Longo asked the Board to look at the 2010 Compliance Review, which called attention to companies with employment shortfalls.  The Board was also provided a list of companies who have pending litigation, as well as several letters of explanation from the companies regarding these matters.

Standard Project Procedures:  Ted Sasso made a motion to adopt the Standard Project Procedures.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Operations and Accomplishments for 2010:  Ari Brown made a motion to accept the Operations and Accomplishment report for 2010.  This motion was seconded by Dan Grodotsky.  All were in favor.  Motion carried.  

Internal Controls for 2010:  Al D’Agostino made a motion to adopt the Internal Controls.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Purchasing Guidelines:  Ted Sasso made a motion to adopt the Purchasing Guidelines.  This motion was seconded by Dan Grodotsky.  All were in favor.  Motion carried.  

Property Disposition Policy:  Ted Sasso made a motion to adopt the Property Disposition Policy.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried. 

Compliance Officer:  Ted Sasso made a motion to appoint Edie Longo as Compliance Officer for the IDA.  This motion was seconded by Dan Grodotsky.  All were in favor.  Motion carried.  

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

Adelphi University Gala: Dan Grodotsky made a motion to adopt a resolution allowing two members to attend the Adelphi University Gala on April 2, 2011.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

5th Avenue Chocolatiere PILOT Amendment: After a review of the PILOT for 5th Avenue Chocolatiere, 396 Rockaway Avenue, Valley Stream, it was determined that the current PILOT was found to be higher than the current taxes.  Ted Sasso made a motion to adopt the Amended PILOT for 5th Avenue Chocolatiere.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Carbo Industries PILOT Amendment: After a review of the PILOT for Carbo Industries, 30 Inip Drive, Inip, it was determined that the current PILOT was found to be higher than the current taxes. Ted Sasso made a motion to adopt the Amended PILOT for Carbo Industries.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  Additionally, Ted Sasso’s motion approved a consent for Carbo Industries to refinance their mortgage.

Palmetto Hospitality of Garden City II PILOT Amendment: After a review of the PILOT for Palmetto Hospitality of Garden City II, 5 North Avenue, Garden City, it was determined that the current PILOT was found to be higher than the current taxes. Ted Sasso made a motion to adopt the Amended PILOT for Palmetto Hospitality of Garden City II.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

LIBDC Dinner: Jonathan Kohan made a motion to pay for members and staff to attend the LIBDC Annual Dinner on April 12, 2011, an event sponsored by the Town of Hempstead IDA. This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

IEAH: Fred Parola advised the Board that he contacted the owners of IEAH and that they have promised their PILOT payments would be sent this week.  This item was tabled until the April 2011 meeting.

JDM Long Island LLC:  Bill Weir informed the Board that foreclosure papers will be filed soon for JDM Long Island LLC, located at 175 Fulton Avenue, Hempstead.  Mr. Weir will update the Board as to the status of the foreclosure at the April 2011 meeting.

Avalon Bay Rockville Centre:  At the February 16, 2011 Board meeting, the Board voted to rescind all benefits given to the Avalon Bay project, located at 80-100 Banks Street, Rockville Centre, if they did not supply documentation on employment at the project site, and purchasing for the project, as requested by the IDA.  This information was due March 1, 2011, or the project would be terminated due to non-compliance.  The IDA did not receive the requested documentation.  Al D’Agostino made a motion to terminate this project.  Ted Sasso made a motion to table this item until the April 2011 meeting.  This motion was seconded by Jonathan Kohan. All were in favor.  Motion carried.

Minutes:  Ari Brown made a motion to adopt the Minutes of February 16, 2011.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for February 16, 2011 – March 22, 2011.  

2010 Audited Financial Statements:  Ted Sasso made a motion to adopt the 2010 Audited Financial Statements as prepared by Sheehan and Company, Inc., and as adopted by the Audit Committee.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

2010 Annual Financial Report/PARIS Report:  Jonathan Kohan made a motion to adopt the 2010 Annual Financial Report and PARIS Report, as prepared by IDA staff, and audited by Sheehan and Company, Inc.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.  

2011 Amended Budget:  Jonathan Kohan made a motion to adopt the 2011 Amended Budget.  The Budget was amended to include Administrative Expenses.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Investment Policy:  Jonathan Kohan made a motion to adopt the Investment Policy.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.  

Committee Updates:  The Audit Committee met prior to the Board Meeting.  Fred Parola reported that all was in good order.

Executive Session:  Jonathan Kohan made a motion to go into Executive Session to discuss matters of litigation.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.  

Jonathan Kohan made a motion to come out of Executive Session.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.  No action was taken.

With all business concluded, Ted Sasso made a motion to close the meeting at 10:12 a.m.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

________________________________________
Al D’Agostino, Secretary 
March 23, 2011