TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, DECEMBER 14, 2011
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda:  Executive Directors Report, Consideration and Adoption of the Audit Committee Charter, Consideration and Adoption of the Finance Committee Charter, Consideration of a Consent to have loans cross defaulted and cross collateralized for Palmetto Hospitality of Garden City II (Hyatt Place), Consideration of a Ratifying and Confirming Resolution authorizing a Mortgage Consent for J and C Autoworld, Consideration of a Sales Tax Exemption increase for Equity One, 900 Old Country 
Road, Westbury, Consideration of a Tenant Consent (Verizon) for Equity One, Appointment of IDA Procurement Officer, Discussion on Chait Properties, 60 Front Street, East Rockaway, Consideration of a Tenant Consent (expansion of Newtek Services) for Lighthouse 60, 60 Hempstead Avenue, West Hempstead, Consideration of a Resolution to call a Special December Board Meeting/Luncheon on December 21, 2011 to authorize Budget Line Transfers, and adopt additional policies, Consideration of a Tenant Consent (Nassau Radiology) for AG Metro/711 Stewart Avenue, Consideration of a Consent to amend the Tax Regulatory Agreement for PGV, LLC (Parkside Garden Villas), Consideration of a Resolution to authorize agency staff and members to attend LIBDC meetings in 2012, Consideration of a Resolution to Adopt a 2012 Board Meeting Schedule, Consideration of a Resolution to authorize agency staff and members to attend IDA Section meeting in Albany January 18, 2012, Consideration of a Resolution to renew the agency’s membership with the NYSEDC, Consideration of a consent for Dentaco/LLL Realty to retire bonds and refinance property at 275 South Main Street, Freeport, Discussion of IEAH Business Plan and Budget, Consideration of an Inducement Resolution for Sollecito Realty, Consideration of an Inducement Resolution for Maggie Realty, Consideration of a Resolution to Rescind Transaction Resolutions for Hempstead Lincoln Mercury, Consideration of a Resolution to Rescind Transaction Resolutions for 110 Graham Realty, Consideration of a Resolution to Rescind Transaction Resolutions for Lakeview Auto Sales, Consideration and Adoption of the Minutes of October 26, 2011, Treasurer’s Report, Consideration of a Resolution to renew the Agency’s contract with Gene Turner, Consideration of an amended Resolution to transfer funds from the TD Fund Balance to the Retiree Health Benefit Account (TD), Consideration of a Resolution to renew the agency’s contract with Bluetooth Creative for the 2012 Advertising Campaign, Committee Updates

Those in attendance: 	Theodore P. Sasso, Chairman	
			Paul Conte, Vice Chairman
Albert D’Agostino, Secretary
Ari Brown, Member
Danny Grodotzke, Member
Richard A. Bianculli, Member

Also in attendance:	John E. Ryan, Agency Counsel
Frederick E. Parola, Executive Director/CEO
Lorraine Rhoads, Agency Administrator
                                    Arlyn Eames, Deputy Financial Officer
			Michael Lodato, Deputy Agency Administrator
                        	Gene Turner, Consultant
			Cheryl Petri, Office of the Supervisor

Excused:		Edie M. Longo, Deputy Executive Director/CFO
	 		William F. Weir, Nixon Peabody
Jonathan Kohan, Treasurer

The meeting was called to order at 9:06 a.m.  

Executive Director’s Report: Fred Parola provided the Board with a copy of the Executive Director’s Report and updated them on potential IDA Projects.

Audit Committee Charter:  Ted Sasso made a motion to adopt the Audit Committee Charter as presented by the Audit Committee.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Finance Committee Charter:  Ari Brown made a motion to adopt the Finance Committee Charter as presented by the Finance Committee.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.  

Palmetto Hospitality of Garden City II (Hyatt Place) Loan Consent:  The IDA received 
a letter from Lou Soloway of the law firm of Certilman Balin, requesting the IDA’s consent to the cross defaulting and extension of loans (through Bank of America) for Palmetto Hospitality of Garden City II (Hyatt Place) North Avenue, Garden City.  This request was approved by Agency Counsel.  Danny Grodotzke made a motion to allow the loans to be cross collateralized and cross defaulted.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

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

J and C Autoworld: This project, located at 400 Sunrise Highway, in the Village of Valley Stream, includes the demolition of the existing building and the construction of a one-story, 93,000 square foot new building, including space for sales, a showroom, service, and parking.  Rich Bianculli made a motion to adopt a Ratifying and Confirming Resolution authorizing a Mortgage Consent for J and C Autoworld.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

A D’Agostino returned to the meeting room.

Equity One Sales Tax Exemption Extension:  Ari Brown made a motion to increase the Sales Tax Exemption for Equity One Inc., for their project located at 900 Old Country Road, Westbury, from $16,000,000.00 to $19,000,000.00.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

Equity One Tenant Consent (Verizon):  Equity One, Inc. requested approval of a new tenant, Verizon, for the property located at 900 Old Country Road, Westbury.  Ted Sasso made a motion to consent to this tenant.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Procurement Officer:  Paul Conte made a motion to appoint Fred Parola as the IDA Procurement Officer.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Chait Properties:  The IDA received notice that Chait Properties, located at 60 Front Street, East Rockaway, had filed for Chapter 11 Bankruptcy on November 21, 2011.  Al D’Agostino made a motion to authorize Agency Counsel to file a claim on behalf of the IDA to recoup PILOT monies due as Chait Properties proceeds through bankruptcy court.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Lighthouse 60 Tenant Consent – Newtek Business Services Expansion:  
AG Metropolitan/711 Stewart Avenue LLC requested approval for the expansion of an existing tenant, Newtek Business Services, Inc., at the property located at 60 Hempstead Avenue, West Hempstead, increasing their occupied square footage to 11,034.  Paul Conte made a motion to consent to the expansion for this tenant.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

Special December Board Meeting:  Ari Brown made a motion to hold a Special December Board Meeting on December 21, 2011 to authorize budget line transfers and adopt additional policies.  The meeting was scheduled for 11:00 a.m., to be followed by a luncheon at 12:30 p.m.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

AG Metropolitan/711 Stewart Avenue Tenant Consent (Nassau Radiologic Group P.C.):  AG Metropolitan/711 Stewart Avenue LLC requested consent of a new tenant, Nassau Radiologic Group P.C., for the property located at 711 Stewart Avenue, Garden City.  Ted Sasso made a motion to consent to the new tenant, subject to finalization of language of the Tenant Agency Compliance Agreement by Agency Counsel.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.  

PGV Tax Regulatory Agreement:  Peter Florey of the D and F Development Group requested a consent on behalf of  Parkside Garden Villas LP, located at 75 Laurel Avenue, Hempstead, to execute the New York State Housing Finance Agency’s Low Income Housing Tax Credit Regulatory Agreement.   Rich Bianculli made a motion to consent to the execution of this document.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

LIBDC Meeting Attendance 2012:  Ted Sasso made a motion to authorize payment to the Long Island Business Development Council for IDA Board members and staff to attend LIBDC meetings in 2012, in an amount not to exceed $65.00 per person, per meeting.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.  

2012 Board Meeting Schedule:  Ted Sasso made a motion to adopt the 2012 Meeting Schedule, as amended.  (Friday, July 27 was changed to Wednesday, July 25.) This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

IDA Section Meeting:  Ted Sasso made a motion to authorize payment to the New York State Economic Development Council and the Marriott Hotel, Albany, NY for Board members and staff attendance and participation at the NYSEDC IDA Section Meeting, January 17-19, 2012, in an amount not to exceed $600.00 per attendee.  This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

NYSEDC Membership 2012:  Paul Conte made a motion to authorize payment to the New York State Economic Development Council for annual membership of both the IDA and the LDC for 2012, in an amount not to exceed $750.00.  This motion was seconded by Ted Sasso.  All were in favor.  Motion carried.  

Dentaco/LLL Bond Retirement and Refinance:  Ted Sasso made a motion to allow Dentaco Corporation to refinance the property at 275 South Main Street, Freeport, and to retire the bonds, remove the Town of Hempstead IDA as title holder and deed the property over to LLL Realty Corporation as the sole owner.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

IEAH:  On November 16, 2011, the Agency received a Business Plan and Budget prepared by Dr. Swerdlin of the Palm Beach Equine Center.  These documents were presented to the Board at this meeting.  Fred Parola advised the Board that he would be reaching out to IEAH to remind them that their executed Lease Agreement with their new tenant was due by December 20, 2011.

Sollecito Realty:  This item was tabled to the December 21, 2011 meeting.

Maggie Realty:  This item was tabled to the December 21, 2011 meeting.

Hempstead Lincoln Mercury:  Ted Sasso made a motion to rescind both the Inducement and Authorizing Resolutions for Hempstead Lincoln Mercury, located at 301 North Franklin Street, Hempstead, effective December 31, 2011, in the event no closing occurs by that date.  This motion was seconded by Paul Conte.  All were in favor.  Motion carried.  

110 Graham Realty:  Ted Sasso made a motion to rescind both the Inducement and Authorizing Resolutions for 110 Graham Realty, located at 110 West Graham Avenue, Hempstead, effective December 31, 2011, in the event no closing occurs by that date.  This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.  

Lakeview Auto Sales:  Al D’Agostino made a motion to rescind both the Inducement and Authorizing Resolutions for Lakeview Auto Sales, located at 650 Sunrise Highway, Rockville Centre, effective December 31, 2011, in the event no closing occurs by that date.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.  

Minutes:  Danny Grodotzke made a motion to adopt the Minutes of October 26, 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 October 25, 2011 – December 7, 2011.  

Gene Turner:  Ted Sasso made a motion to renew the agency’s contract with Gene Turner.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

Retiree Health Benefit Account:  Al D’Agostino made a motion to amend a previously adopted resolution to transfer funds from the TD fund balance to the Retiree Health Benefit Account. This motion was seconded by Rich Bianculli.  All were in favor.  Motion carried.  

Bluetooth Creative:  Paul Conte made a motion to renew the agency’s contract with Bluetooth Creative for the 2012 Advertising Campaign. This motion was seconded by Danny Grodotzke.  All were in favor.  Motion carried.

With all business concluded, Paul Conte made a motion to close the meeting at 9:59 a.m.  This motion was seconded by Al D’Agostino.  All were in favor.  Motion carried.

________________________________________
Al D’Agostino, Secretary 
December 14, 2011