TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
MARCH 28, 2013, 9:00 a.m. 
(Rescheduled from March 27, 2013)
IDA Office, Room 234-A (Moved from Old Courthouse) 
350 FRONT STREET, HEMPSTEAD, NY

Agenda:  Consideration of PILOT Agreement and Authorizing Resolution for BRG Management LLC, Executive Director’s Report, 2012 Compliance Review, Consideration of a Resolution to re-appoint a Contracting/Compliance Officer, Consideration and Adoption of Code of Ethics, Consideration and Adoption of Standard Project Procedures, Consideration and Adoption of Property Disposition Policy, Consideration and Adoption of 2012 Operations and Accomplishments, Consideration and Adoption of Mission Statement and Measurement Report for 2012, Consideration and Adoption of Investment Policy and Guidelines, Consideration and Adoption of Effectiveness of Internal Controls, Consideration and Adoption of Purchasing Guidelines, Consideration and Adoption of Self Evaluation Policy, Consideration of a Resolution for staff and members to attend NYSEDC Annual Meeting in Saratoga Springs May 22-24, 2013, Consideration of a Consent to Amend the Indenture of Hebrew Academy of the Five Towns, Discussion of Retail Policy, Termination of Circulo de la Hispanidad, Termination of JDM Long Island LLC, Consideration and Adoption of the Minutes of February 27, 2013, Report of the Treasurer, Consideration and Adoption of Annual Financial Statement, Consideration and Adoption of Audited Financial Statement, Executive Session, Committee Updates

Those in attendance: 	Ted Sasso, Chairman
			Ari Brown, Secretary
Danny Grodotzke, Member
			Rich Bianculli, Member
			Ray Maguire, 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
									
The meeting was called to order at 9:00 a.m.

BRG Management LLC: Ari Brown made a motion to adopt an authorizing resolution and PILOT Agreement for BRG Management, LLC.  This company seeks to acquire Unit 2 of the AG Metropolitain/711 Stewart Avenue Condo Conversion to operate and manage an approximately 116,167 square feet of space at 711 Stewart Avenue in Garden City for occupancy by medical and office tenants.  This motion was seconded by Ted Sasso.  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 that will be affected by the new Retail Policy.  (See discussion of Retail Policy below.)

Retail Policy:  Bill Weir explained to the Board that, because of a portion of a bill passed in the New York State Senate in March, the Agency is mandated to return to it’s former retail policy of 1993-2008, in which IDA benefits generally may not be given to companies in the retail business.  Mr. Weir explained that there were three exceptions to this new law: 1) a retail project in a distressed or contiguous area (as determined by census tracks): 2) a retail project in an area where goods and services are not readily available: and 3) a retail project designated as a tourist destination (as determined by a feasibility study).

(Ray Maguire was recused from the following matter and left the meeting room.)

Hebrew Academy:  The Agency received a letter of request to amend the Indenture for Hebrew Academy of the Five Towns in order to take advantage of fixed interest rates.  Ted Sasso made a motion to allow the Indenture to be modified.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.
(Ray Maguire returned to the meeting room.)

2012 Compliance Review:  Edie Longo updated the Board on the status of the 2012 Compliance Review.

Contracting/Compliance Officer:  Ari Brown made a motion to re- appoint Edie M. Longo as the Agency’s Contracting/Compliance Officer.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.

Code of Ethics: Ted Sasso made a motion to adopt the Code of Ethics, as recommended by the Governance Committee.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Standard Project Procedures:  Ari Brown made a motion to adopt the Standard Project Procedures, as recommended by the Governance Committee.  This motion was seconded by Rich Bianculli.  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 Ari Brown.  All were in favor.  Motion carried.

Operations and Accomplishments Report:  Ted Sasso made a motion to adopt the Operations and Accomplishments Report, as recommended by the Governance Committee.  This motion was seconded by Ray Maguire.  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 Ari Brown.  All were in favor.  Motion carried.

Investment Policy and Guidelines: Ari Brown made a motion to adopt the Investment Policy and Guidelines, as recommended by the Governance Committee.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried.

Effectiveness of Internal Controls:  This document had to modified for 2013 for the Office of the State Comptroller’s Public Authority Reporting System (PARIS).  Ted Sasso made a motion to adopt the Effectiveness of Internal Controls, as recommended by the Audit Committee.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Purchasing Guidelines:  Rich Bianculli made a motion to adopt the Purchasing Guidelines, as recommended by the Governance Committee.  This motion was seconded by Danny Grodotsky.  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 Rich Bianculli.  All were in favor.  Motion carried.

NYSEDC Annual Meeting:  Ted Sasso made a motion to adopt a resolution allowing staff and members to attend the NYSEDC Annual Meeting in Saratoga Springs May 22-24, 2013.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Minutes:  Ted Sasso made a motion to adopt the Minutes of February 27, 2013 as presented to the Board.  This motion was seconded by Danny Grodotzke.  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 21, 2013 – March 20, 2013.

Annual Financial Statement/Report:  Ted Sasso made a motion to adopt the 2012 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 2012 Audited Financial Statement as prepared by Sheehan and Company.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.

Circulo de la Hispanidad Termination:  Bill Weir briefed the Board about the default in the Lease Agreement by Circulo de la Hispanidad, 605 Peninsula Boulevard, Hempstead.  The company has been operating a charter school without consent of the Agency.  They are also in default with their Bond Trustee.  Bill Weir recommended to the Board that the Agency declare the company in default of their Lease Agreement if not cured within 30 days.  Fred Parola was asked by the Board to prepare a letter to the company advising them of this action.  Ted Sasso made a motion to declare Circulo de la Hispanidad in default effective April 28, 2013.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  This item will appear on the April meeting Agenda.  

JDM Long Island LLC Termination: John Ryan updated the Board on the status of the foreclosure of the JDM Long Island, LLC, 175 Fulton Avenue, Hempstead. No action was taken.  A decision to terminate benefits was tabled to the April 24, 2013 meeting.

Committee Updates:  There were no Committee updates. 

With all business concluded, Ray Maguire made a motion to close the meeting at 9:42 a.m..  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

________________________________________
Ari Brown, Secretary 
March 28, 2013