TOWN OF HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY
BOARD MEETING, AUGUST 25, 2010.
OLD COURTHOUSE, 350 FRONT STREET, HEMPSTEAD

Agenda: Consideration of a Preliminary Inducement Resolution for Equity One, 10:15 a.m. presentation, Consideration of a Tenant Consent for AG Metropolitan/711 Stewart Avenue, Consideration of an Amendment to the Carbo/Gate Gourmet Tenant Consent /sublease with EGL, Executive Directors Report, Appointment of Agency Committees, Consideration and Adoption of the Minutes of July 29, 2010, Update on the Covanta 4th Boiler FEIS, 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
			Ruth Leistensnider, 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

Absent:			Paul Conte, Vice Chairman
			Al D’Agostino, Secretary
			John E. Ryan, Agency Counsel
			
The meeting was called to order at 10:07 a.m.

Equity One:  Frank Davis (Forchellli, Curto, Deegan, Schwartz, Mineol, Cohn & Terrana, LLP) and Michael Berfield,V.P., Equity One made a brief presentation describing the Equity One project.  The company is seeking IDA benefits for the acquisition of the property at 900 Old Country Road in Westbury, and the construction of a 330,000 square foot shopping center.  The development will include a one-story and a two-story building, both to be used for retail space.  The company has received zoning approvals from the Town and is awaiting site plan approval. The company is seeking a 15 year PILOT Agreement, Sales Tax Exemption, and Mortgage Recording Tax Exemption.  Ted Sasso made a motion to preliminarily induce this project. This motion was seconded by Ari Brown.  All were in favor.  Motion carried. 

Carbo/Gate Gourmet Tenant Consent:  Ari Brown made a motion to adopt an amended Tenant Consent between Carbo Industries and Gate Gourmet.  The consent effectively removes EGL as a sub-lessee of Carbo Industries, and allows Gate Gourmet to lease directly from Carbo Industries.  This motion was seconded by Dan Grodotzke.  All were in favor. Motion carried.

Agency Committees:  Ted Sasso made a motion to approve the appointments to the Agency Committees.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

Executive Director’s Report: The Board was given a copy of the Executive Director’s Report.  Fred Parola advised the Board that there have been no changes since the July Board meeting.  

Minutes:  Jonathan Kohan made a motion to adopt the Minutes of the July 29, 2010.  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.   

Covanta 4th Boiler FEIS:  Ruth Leistensnider updated the Board on the status of the Covanta 4th Boiler expansion project, explaining that despite ongoing negotiations between the Town and Covanta, the project has been placed on hold.  Outstanding issues are noise/visual impacts, and economic benefits.  Ms. Leistensnider recommended (and the IDA staff was in agreement) that the FEIS be completed. She added that the FEIS, when completed, will not be binding and, therefore, a Finding Statement should not be issued until Covanta and the Town reach an agreement on the outstanding issues.  As a result of these recommendations, Ted Sasso made a motion to authorize Nixon Peabody to complete the FEIS.  The adoption of the FEIS will be on the September meeting agenda. This motion was seconded by Dan Grodotzke.  All were in favor. Motion carried.

Report of the Treasurer:  The Board was furnished copies of the Financial Statements and Expenditure List for July 29, 2010 – August 24, 2010, as well as a copy of a Draft Preliminary Budget for 2011.  Jonathan Kohan requested that a spreadsheet be created to compare the 2010 Budget to the proposed 2011 Budget.  Edie Longo reminded the Board that the draft Budget must be approved at the September meeting in order to meet the State deadline and public comment period.

Committee Updates:  Fred Parola reminded the Board and staff that Committee meetings need to be scheduled for the September meeting date.

With all business concluded, Ted Sasso made a motion to close the meeting at 10:38a.m..  This motion was seconded by Ari Brown.  All were in favor.  Motion carried.

 
________________________________________
Jonathan Kohan 
August 25, 2010