TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, JUNE 2, 2011
8:30 A.M. - IDA CONFERENCE ROOM
350 FRONT STREET, HEMPSTEAD

Agenda: Consideration of an Inducement for Village Lofts LLC/Nassau County Housing Development Corp., Consideration of a Consent to Refinance and a 5 Year Extension of PILOT for AG Metropolitan Endo LLC, Consideration of a PILOT and an Authorizing Resolution for Angion Biomedica, Executive Directors Report, 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, Discussion of Recapture Agreements, Consideration and Adoption of the Minutes of April 27, 2011 and May 18, 2011, Treasurer’s Report, Committee Updates.

Those in attendance: 	Ted Sasso, Chairman
			Jonathan Kohan, Treasurer
Ari Brown, Member
			Danny Grodotzke, Member

Also in attendance:	William F. Weir, Nixon Peabody (via teleconference)	
			John E. Ryan, Agency Counsel
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, Liaison to Town of Hempstead

Absent: 		Paul Conte, Vice Chairman
			Al D’Agostino, Secretary 
									
The meeting was called to order at 8:34 a.m.

Village Lofts LLC/ Nassau County Housing Development Fund Corporation:  Dan Bythewood and Justine Linnehan of La Cite Development LLC made a presentation to the Board at the May 18, 2011 meeting on the proposed residential affordable housing complex to be constructed by Village Lofts Inc. on the corner of Front and Attorney Streets in the Village of 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.  They are seeking a PILOT Agreement and Sales Tax Exemption.  Jonathan Kohan made a motion to induce this project. This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

AG Metropolitan Endo LLC:  AG Metropolitan Endo LLC, located at 1000 Stewart Avenue, Garden City, requested the IDA’s consent to refinance their mortgage.  The company also asked for the extension of their existing PILOT for the additional 5 years, as outlined in the PILOT Agreement. Jonathan Kohan made a motion to consent to the mortgage refinance and PILOT extension.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.

Angion Biomedica:  Angion Biomedica, a local biotech firm, is seeking IDA benefits for 
the acquisition and renovation of the 108,000 square foot building, on 6.5 acres, located at 51 Charles Lindberg Boulevard, Uniondale. (Angion Biomedica will be re-locating from the AG Metropolitan Building.)  They are seeking a PILOT, Sales Tax Exemption, and Mortgage Recording Tax Exemption. Jonathan Kohan made a motion to adopt an authorizing resolution, and a 10-year PILOT for this project.  This motion was seconded by Ted Sasso.  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 a number of inquiries generated by advertising on Bloomberg radio had been directed to the IDA.

By Laws:  Jonathan Kohan made a motion to re-adopt the Agency’s By Laws as presented by the Governance Committee. This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Code of Conduct/Whistleblower Protection Policy:  Ted Sasso made a motion to re-adopt the Agency’s Code of Conduct/Whistleblower Protection Policy as presented by the Governance Committee. This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Travel Policy:  Ari Brown made a motion to re-adopt the Agency’s Travel Policy as presented by the Governance Committee. This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Inter-Agency Agreement between the IDA and LDC:  Jonathan Kohan made a motion to adopt the amended Inter-Agency Agreement between the IDA and LDC. This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Minutes:  Ted Sasso made a motion to adopt the Minutes of April 27, 2011. This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  Ari Brown made a motion to adopt the Minutes of May 18, 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 April 27, 2011 – June 1, 2011.

Committee Updates:  There were no Committee updates.

With all business concluded, Ted Sasso made a motion to close the meeting at 8:57 a.m..  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

________________________________________
Ted Sasso, Chairman 
June 2, 2011