TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING
AUGUST 28, 2013, 9:00 a.m. 
Old Courthouse, 350 Front Street, Hempstead

Agenda:  Consideration of a consent to Amend the Bonds including the Supplemental Indenture and Installment Sale Agreement for Circulo de la Hispanidad, Consideration of a consent for an additional $10,000,000.00 mortgage for 590-600 Fulton Avenue, Consideration of a consent for a new mortgage for 333 Pearsall, Consideration of a tenant consent for Sanford Brown (existing tenant taking additional 6,500 sq. ft. of space) Unit 2, 711 Stewart Avenue, Garden City, Executive Directors Report, Discussion of PILOT for CHSGN, (Courtyard by Marriott Hotel) Presentation 9:15 a.m. (June 23, 2013 board decision for no deviation, 10 year PILOT only), Discussion of CBW Uniondale Hotel, JDM Update/Termination, Consideration and Adoption of the Minutes of June 24, 2013, Report of the Treasurer, Committee Updates

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

The meeting was called to order at 9:02 a.m.

Circulo de la Hispanidad:  Jonathan Kohan made a motion to consent to amend the bonds for Circulo de la Hispanidad, including the supplemental Indenture and Installment Sale Agreement.  The company is restructuring the bonds in order to take advantage of a lower interest rate.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried. 

590-600 Fulton Avenue – New Mortgage:  The Agency received a letter from Frank Davis (Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana, LLP) requesting consent to a refinancing in the amount of  $10,000,000.00 for 590-600 Realty Corp., for the project located at 590 Fulton Avenue, Hempstead.  The company did not request a Mortgage Recording Tax Exemption on the new mortgage.  Ted Sasso made a motion consent to the refinancing.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

333 Pearsall LLC– New Mortgage: The Agency received a letter from B. David Schreiber, Esq. requesting consent to a refinancing, in the form of a construction loan, in the amount of  $1,000,000.00 for 333 Pearsall Avenue LLC, for the project located at 333 Pearsall Avenue, Cedarhurst.  The company also requested a Mortgage Recording Tax Exemption on the new mortgage.  Jonathan Kohan made a motion to consent to the refinancing and grant the exemption.  This motion was seconded by Ray Maguire.  All were in favor.  Motion carried. 

BGR Office LLC/Unit2 711 Stewart Avenue - Tenant Consent for Sanford Brown:  The Agency received a letter from Christine A. McGuinness (Schiff Hardin LLP) requesting approval for a tenant, Sanford Brown, for the BRG Office LLC building, located at 711 Stewart Avenue, Westbury.  The tenant currently occupies approximately 1900 square feet of space and will acquire an additional 6,451 square feet for their professional education facility.  Ted Sasso made a motion to approve the Tenant Consent. This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Executive Director’s Report:  The Board was furnished a copy of the Executive Directors Report.  Edie Longo discussed the pending legislation in Albany that would allow retail properties to receive IDA benefits for a limited time period if located within an area impacted by Superstorm Sandy. 

CBW Uniondale Hotel LLC:  Peter Curry, Esq. and Patrick Collins, Esq., Farrell Fritz LLC, addressed the Board on behalf of their client, CBW Uniondale Hotel LLC, regarding notification of its mortgage default as received by the Agency.  Mr. Curry and Mr. Collins explained that the company was in negotiations with the lender regarding the default.  This item was for discussion purposes only.  No action was taken.  This item will appear again on the September meeting agenda for an update.

Minutes:  Ari Brown made a motion to adopt the Minutes of July 24, 2013 as presented to the Board.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.  

Report of the Treasurer:  The Board was furnished with copies of the Financial Statements and Expenditure List for July 18, 2013 – August 20, 2013.  The Treasurer recommended to the Board that the Draft Budget for 2014 be approved at the September meeting.

Executive Session:  Jonathan Kohan made a motion to go into Executive Session at 9:30 a.m. to discuss a matter of potential litigation.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried. At 9:38 a.m., Ray Maguire made a motion to come out of Executive Session.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  No action was taken regarding the matter.

JDM Update/Termination:  After a discussion between the Board and Agency counsel regarding the continued non-compliance of JDM Long Island LLC, Ted Sasso made a motion to furnish a Deed in Lieu of Foreclosure in exchange for a full Release to the Agency and a Termination of all existing IDA benefits.  This motion was seconded by Jonathan Kohan.  All were in favor.  Motion carried.

CHSGN (Courtyard by Marriott Hotel) PILOT:  Michael Grey previously filed a written request to the Agency regarding the PILOT for the property located at 865 Merrick Avenue, Westbury.  CHSGN plans to retain part of the property as an office building and to construct a Courtyard by Marriott Hotel with a parking deck.  Jonathan Kohan made a motion to continue the existing 865 Merrick Partners LLC PILOT Agreement for the remaining 3 years, and to approve a 10 year PILOT Agreement for CHSGN, with respect to the new construction.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

Committee Updates:  Committees will meet in September.

With all business concluded, Ari Brown made a motion to close the meeting at 9:46 a.m..  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

________________________________________
Ari Brown, Secretary 
August 28, 2013