TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, MAY 18, 2011
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda: Presentation and Consideration of an Inducement for Nassau County Housing Development Corp., Consideration of an Authorizing Resolution for 1000 Stewart Avenue/Garden City 505 LLC, Consideration of a PILOT and an Authorizing Resolution for Angion Biomedica, Executive Directors Report, Update on 2010 Compliance Review, Update and Discussion on Equity One tenant self-insurance, Consideration of a Resolution to re-adopt the Agency’s By-Laws, Consideration of a Resolution to re-adopt the Agency’s Code of Conduct/Whistleblower Protection Policy, Consideration of a Resolution to re-adopt the Agency’s Travel Policy, Consideration of an amended inter-Agency Agreement between the IDA and LDC, Update on Benefits for JDM Long Island LLC, Discussion of Recapture Agreements, Consideration and Adoption of the Minutes of April 27, 2011, Treasurer’s Report, Committee Updates.

Those in attendance: 	Ted Sasso, Chairman
			Paul Conte, Vice Chairman
Ari Brown, Member

Also in attendance:	William F. Weir, Nixon Peabody
Frederick E. Parola, Executive Director/CEO
Lorraine Rhoads, Agency Administrator
                                    Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator
                        	Gene Turner, Consultant

Absent: 		Jonathan Kohan, Treasurer
			Al D’Agostino, Secretary
			Danny Grodotzke, Member
			Edie M. Longo, Deputy Executive Director/CFO
			John E. Ryan, Agency Counsel
						
The meeting was called to order at 9:05 a.m.  It was noted there was no quorum present.

Nassau County Housing Development Fund Corporation/Village Lofts LLC:  Dan Blythewood and Justine Linnehan of La Cite Development LLC made a presentation o the Board on the proposed residential affordable housing complex to be constructed by Village Lofts Inc. on the corner of Front and Attorney Streets in Hempstead.  The complex will consist of a 4-story, 31,272 square foot building with 29 one and two bedroom units on approximately 1 acre.  Twenty percent of the units will be set aside as affordable housing units.  The site has already been partially demolished and all variances and permits are in place.  Board members recommended that NCHDFC and Village Lofts Inc. speak to Mayor Wayne Hall of the Incorporated Village of Hempstead regarding their plans.  A vote to induce this project was tabled because a quorum was not present.

1000 Stewart Avenue/Garden City 505 LLC:  This item was tabled because a quorum was not present.

Angion Biomedica:  This item was tabled because a quorum was not present.

Executive Director’s Report: The Board was furnished a copy of the Executive Director’s Report.

Compliance 2010 Update:  Fred Parola advised the Board that there have been no updates to the 2010 Compliance Review.  Edie Longo is continuing to follow up on any outstanding compliance information from a few projects.

Equity One:  Bill Weir updated the Board with regard to the request by Equity One to allow their tenants to self-insure.  Through a series of negotiations between Equity One and IDA Counsel, it was agreed that tenants with a minimum net worth of $145 million dollars would be allowed to self-insure, as long as Equity One provides proof of each tenants net worth to the IDA on a regular basis. 

By Laws:  This item was tabled because a quorum was not present.

Code of Conduct/Whistleblower Protection Policy:  This item was tabled because a quorum was not present.

Travel Policy:  This item was tabled because a quorum was not present.

Inter-Agency Agreement between the IDA and LDC:  This item was tabled because a quorum was not present.

JDM Long Island LLC:  Bill Weir advised the Board that a court has appointed a Receiver to collect rents and monitor the building.  The IDA is still waiting to receive foreclosure papers.

Minutes:  This item was tabled because a quorum was not present.

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for April 27, 2011 – May 17, 2011.

Committee Updates:  There were no Committee updates.

With all business concluded, Ted Sasso made a motion to close the meeting at 9:20 a.m..  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

________________________________________
Ted Sasso, Chairman 
May 18, 2011