TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, APRIL 27, 2011
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda: Consideration of an Inducement for Darden on proposed Seasons 52 Restaurant, Roosevelt Field, Garden City, Presentation and Consideration of a Preliminary Inducement for Angion Biomedica Corp., Presentation and Consideration of an Inducement for 927 Realty LLC, Presentation and Consideration of an Inducement for JS Auto Sales LLC, 9:45 a.m. presentation, Consideration of an Authorizing Resolution for 1000 Stewart LLC/505 Garden City LLC, Consideration of a second Loan Modification for JS Hempstead, Executive Directors Report, Update on 2010 Compliance Review, Consideration of a Resolution to pay Long Island Business News for two ticket for the Real Estate Awards (TOHIDA chosen “IDA of the Year”), Discussion with regard to Tenant Self-insurance by Equity One, Update on Benefits for JDM Long Island LLC, 175 Fulton Avenue, Hempstead, Update on Avalon Bay Rockville Centre Project, Update on IEAH Pilot Payments, Consideration of a Resolution to change the May meeting date to May 18, 2011, Consideration and Adoption of the Minutes of March 23, 2011, Treasurer’s Report, Committee Updates.

Those in attendance: 	Ted Sasso, Chairman
			Paul Conte, Vice 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
Lorraine Rhoads, Agency Administrator
                                    	Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator
                        		Gene Turner, Consultant

The meeting was called to order at 9:10 a.m.

(Al D’Agostino was recused from the following matter and left the meeting room.)  

Darden/Seasons 52 Restaurant:  At the March Board meeting, Darden made a presentation regarding one of their restaurants, “Seasons 52”, a proposed IDA project at Roosevelt Field Mall, Garden City (next to the Grand Lux).  The property is approximately 16,000 square feet, with a 12,690 square foot building to be constructed.  The company is seeking a 10 year PILOT Agreement and a Sales Tax Exemption.  The company had asked for a 5 year renewal option on the PILOT.  However, the Board stated that the IDA would only consider the 10 year PILOT in order to correspond with the company’s 10 year ground lease.  Ted Sasso made a motion to induce this project. This motion was seconded by Paul Conte.  All were in favor.  Motion carried.  

(Al D’Agostino returned to the meeting room.)

Angion Biomedica Corp:  Angion Biomedica, a local biotech firm, is seeking to relocate to 51 Charles Lindberg Boulevard, Uniondale. (Angion is currently a tenant in the AG Metropolitan Building, which is currently in contract to be purchased by 1000 Stewart LLC/505 Garden City LLC.)  The company intends to acquire and renovate the 108,000 square foot building, on 6.5 acres. The building is currently 51% occupied by LabCorp, and Angion intends to allow LabCorp to remain until 2017.  The remainder of vacant space will be used by Angion as a medical lab for pharmaceutical research and drug development.  They are seeking a15 year PILOT Agreement, Sales Tax Exemption, and Mortgage Recording Tax Exemption.  Jonathan Kohan made a motion to preliminarily induce this project with a 10 year PILOT.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.  

(Al D’Agostino was recused from the following two matters and left the meeting room.)  

927 Realty LLC:  927 Realty LLC is seeking to expand and renovate the Hyundai Dealership that already exists on the 75,839 square foot, 1.74 acre property that fronts North Franklin Street in Hempstead, NY.  The project consists of renovating an existing 2-story, 16,500 square foot building as a new service and showroom facility, plus an additional 1,768 square feet for a service reception area, and 624 square feet for a used car sales area.  Additional space on the property will be used for parking, car display and car storage. The company is seeking a15 year PILOT Agreement, Sales Tax Exemption, and Mortgage Recording Tax Exemption.  Paul Conte made a motion to induce this project.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

JS Auto Sales LLC:  This company is seeking to acquire and renovate the property located at 3660 Sunrise Highway, Seaford, New York to operate a car dealership, Nissan of Massapequa.  The property consists of several interconnected buildings with 31,750 square feet at grade level and 17,500 feet at a lower level, on a total of 2.33 acres.  The renovated facility will be used as a Nissan car dealership with both interior and exterior modifications, as well as mechanical, electrical, and plumbing system updates.  JS Auto Sales LLC is seeking a 20 year PILOT Agreement, Sales Tax Exemption, and Mortgage Recording Tax Exemption.  Jonathan Kohan made a motion to induce this project.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

(Al D’Agostino returned to the meeting room.)

1000 Stewart LLC/505 Garden City LLC:  This item was tabled until the May Board meeting.

(Al D’Agostino was recused from the following matter and left the meeting room.)  

JS Hempstead Loan Modification:  
Ted Sasso made a motion to consent to a second loan modification for JS Hempstead.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

(Al D’Agostino returned to the meeting room.)

Executive Director’s Report: The Board was furnished a copy of the Executive Director’s Report.  Fred Parola advised the Board that the IDA has received a number of calls in the past month, and has mailed several applications to prospective project contacts.
 
Compliance 2010 Update:  Fred Parola advised the Board that there have been no new updates to the 2010 Compliance Review.  At the March meeting, Board members were asked to review letters regarding employment shortfalls and pending litigation.

Long Island Business News Real Estate Awards:  Paul Conte made a motion to pay for two tickets for the Chairman to attend the awards dinner.  The Town of Hempstead IDA was again named “IDA of the Year” by the Long Island Business News.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Equity One Tenant Self-insurance: Bill Weir briefed the Board on Equity One’s request to allow their tenants to self-insure.  IDA counsel will consider the concept of self-insurance for tenants and report back to the Board at the May meeting.

JDM Long Island LLC:  Bill Weir informed the Board that Nixon Peabody and the IDA were still not in receipt of foreclosure papers 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 May 2011 meeting.

Avalon Bay Rockville Centre:  This item was to be discussed during Executive Session.
Ted Sasso invited Art Gipson, of Plumbers Local Union 200, to speak on the Avalon Bay/Rockville Centre project.  Mr. Gipson asked the Board to continue to review the project with regards to Avalon Bay meeting its local labor requirements.

IEAH:  Fred Parola advised the Board that IEAH is in full compliance with regards to all invoiced PILOT payments.

May Meeting Date Change:  Ted Sasso made a motion to change the date of the May Board meeting to May 18, 2011.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.  

Minutes:  Ted Sasso made a motion to adopt the Minutes of March 23, 2011.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for March 23, 2011 – April 26, 2011.  Consideration of Bank Resolutions were tabled until the May Board meeting.  Jonathan Kohan reported that the all was in good order.  

Post-Retirement Health Insurance Account:  Jonathan Kohan made a motion to transfer $150,000.00 to the Retirees Health Insurance Account.  This motion was seconded by Dan Grodotzke.  All were in favor.  Motion carried.  

Committee Updates:  The Governance Committee met prior to the Board Meeting.  
John Ryan reported that several procedures and resolutions were adopted, and will be presented to the full Board for adoption at the May meeting.  The Governance Committee is still working on the Uniform Tax Exemption Policy.  There were no other committee updates.

Ai Brown left the meeting at 9:50 a.m.

Executive Session:  Ted Sasso made a motion to go into Executive Session to discuss a matter of potential litigation.  This motion was seconded by Paul Conte.  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.

Avalon Bay Environmental Easement:  Ted Sasso made a motion to authorize the Agency to execute the New York State Department of Environmental Conservation Environmental Easement.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Avalon Bay Rockville Centre Project:  No action was taken with regard to Avalon Bay. John Ryan stated that the IDA staff and Counsel will continue to monitor and review the project, and that the IDA was still awaiting some updated documents regarding labor at the site.  

With all business concluded, Al D’Agostino made a motion to close the meeting at 10:27 a.m.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

________________________________________
Al D’Agostino, Secretary 
April 27, 2011