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

Agenda:  Consideration of an Inducement for Hempstead Lincoln Mercury Motors Corp., Consideration of an Inducement for Treeline 900 Stewart LLC, Consideration of a PILOT and an Authorizing Resolution for N and D Restaurants (Seasons 52), Consideration of a Consent for AG Metropolitan/711 Stewart Avenue Refinancing, Consideration of an Authorizing Resolution for Garden City 505 LLC, Executive Directors Report, Consideration of a Resolution to Adopt Agency Committees, Discussion of Chait Properties Loan Default, Consideration of a Resolution to change the August Meeting Date, Discussion PILOT Agreements, Consideration of Termination of Benefits for IEAH Equine Hospital, Consideration and Adoption of the Minutes of June 22, 2011, Treasurer’s Report, Committee Updates

Those in attendance: 	Paul Conte, Vice Chairman
			Jonathan Kohan, Treasurer
Ari Brown, Member
Danny Grodotzke, Member
Richard A. Bianculli

Also in attendance:	William F. Weir, Nixon Peabody
			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	

Absent: 		Ted Sasso, Chairman			
Al D’Agostino, Secretary

The meeting was called to order at 9:05 a.m.  

N and D Restaurants (Seasons 52):  N and D Restaurants plans to construct and equip a new 12,690 square foot restaurant, called “Seasons 52”, on approximately 1600 square feet of property at the Roosevelt Field Mall, Garden City (next to the Grand Lux Cafe).  Benefits will include a 10 year PILOT Agreement (which corresponds to the company’s 10 year ground lease), and a Sales Tax Exemption. A draft PILOT and a Cost Benefit Analysis were presented to the Board.  Dan Grodotzke made a motion to adopt an Authorizing Resolution for this project.  This motion was seconded by Ari Brown.  All were in favor. Motion carried.

AG Metropolitan/711 Stewart Avenue:  The IDA received a request from Eric Menkes (Duval & Stachenfeld LLP) on behalf of AG Metropolitan 711 Stewart Avenue LLC, 
for a consent to refinance their loan through Mesa West Real Estate Income Fund II.  Jonathan Kohan made a motion to consent to the refinancing.  This motion was seconded by Rich Bianculli.  All were in favor. Motion carried.

Hempstead Lincoln Mercury Motors Corp.:  Eric Rubenstein of Ruskin, Moscou, Faltischeck and John Billard of Hempstead Ford Lincoln Mercury each made a brief presentation to the Board on the proposed project located at 301 North Franklin Street, Hempstead.  This project is located in both the Village of Hempstead and the Village of Garden City.  The project involves expansion of 18,461 square feet, and a 20,539 square feet renovation for a car dealership.  (Total square footage is approximately 39,000 square feet.)  The project includes a new truck service area, an expanded automobile service area, and a new expanded showroom/sales area, all to meet manufacturer’s standards.  Ari Brown made a motion to induce this project.  This motion was seconded by Danny Grodotzke.  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 has had several meetings in the past month with prospective applicants.

IEAH Equine Hospital PILOT:  The Board requested that Fred Parola invite IEAH to appear at the next Board meeting to answer questions regarding compliance with their Lease Agreement with the Agency; specifically the status of the building, and the recent delinquencies in PILOT payments.  No action was taken by the Board.

Zomick’s Food Products PILOT:  Fred Parola advised the Board that Zomicks is currently in arrears on the 2nd half School PILOT 2010-2011.  Coincidentally, Bill Weir advised the Board that the IDA was in receipt of a letter asking that the Lease Agreement and Benefits be terminated for Zomick’s Food Products.  No action was taken by the Board at this time.

Treeline 900 Stewart LLC:  At 9:30 a.m., Jason Kurland of Certilman Balin and Michael Schor of Treeline made a brief presentation regarding Treeline 900 Stewart  LLC.  The project includes the acquisition, renovation, upgrade and refurbishment of a six floor building located at 900 Stewart Avenue in the Village of Garden City.  JP Morgan Chase will remain as a tenant on floors 3-6.  Renovation will include interior demolition of the ground floor through the second floor, tenant improvements, construction of new space within the atrium, an exterior staircase, reconfiguration of the lobbies and security, HVAC and garage upgrades, and refurbishing of bathrooms, common corridors, and elevators.  Jonathan Kohan made a motion to induce this project, conditioned upon the company’s receipt of the floor-area rationvariance required for the construction of the additional space within the atrium.  This motion was seconded by Ari Brown.  All were in favor. Motion carried.

Garden City 505 LLC:  Garden City 505 is seeking to acquire two properties, formerly known as AG Metropolitan Endo, located at 1000 Stewart Avenue and 500 Endo Boulevard.  The company is requesting assignment of the existing remainder of the AG Metropolitan Endo PILOT, which expires in 2016. In addition, Garden City 505 requested a 5 year extension of the PILOT through 2021, with a possible additional 5 year extension on said PILOT.  The extension of the PILOT beyond 2021 will be predicated upon the continued job compliance commitments agreed to by the applicant and as set forth  in the application submitted to the IDA.    Ari Brown made a motion to induce this project and assign the remainder of the existing PILOT to the new entity.  This motion was seconded by Danny Grodotzke.  All were in favor. Motion carried.

Agency Committees:  Jonathan Kohan made a motion to adopt the Agency Committees as presented.  This motion was seconded by Paul Conte.  All were in favor. Motion carried.

Chait Properties Loan Default:  The Board was provided copies of a notice of mortgage default letter regarding Chait Properties, located at 60 Front Street in East Rockaway.  Bill Weir advised the Board that the IDA is waiting for a letter from the banks involved directing the Agency to terminate the lease.  No action was taken by the Board.

August Meeting Date Change:  Jonathan Kohan made a motion to change the August Meeting Date from August 24, 2011 to August 17, 2011 at 9:00 a.m. in the Old Courthouse, 350 Front Street, Hempstead.  This motion was seconded by Ari Brown.  All were in favor. Motion carried.

Minutes:  Jonathan Kohan made a motion adopt the Minutes of June 22, 2011.  This motion was seconded by Rich Bianculli.  All were in favor. Motion carried.

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for June 22, 2011 – July 26, 2011.

Committee Updates:  There were no Committee updates.

With all business concluded, Ari Brown made a motion to close the meeting at 9:50 a.m..  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.

________________________________________
Jonathan Kohan, Treasurer 
July 27, 2011