0 0 ---------------------------------------X YONKERS INDUSTRIAL DEVELOPMENT AGENCY BOARD MEETING CITY HALL December, 0 :0 A.M. 0 Nepperhan Avenue Yonkers, New York 00 ---------------------------------------X P R E S E N T: MAYOR MIKE SPANO - CHAIRMAN WILSON KIMBALL - SECRETARY (absent) MELISSA NACERINO - TREASURER CECILE SINGER - BOARD MEMBER PETER KISCHAK - VICE CHAIRMAN HENRY DJONBALAJ - MEMBER IDA STAFF JAIME McGILL - IDA EXECUTIVE DIRECTOR MARY LYRAS - IDA/YEDC CHIEF FISCAL OFFICER A L S O P R E S E N T: DAVID ROTHMAN, ESQ. - HARRIS BEACH, PLLC SHAWN GRIFFIN, ESQ. - HARRIS BEACH, PLLC KARLY GROSZ, ESQ. - IDA COUNSEL PETER DIEHL - ACCOUNTANT DIAMOND REPORTING () -
0 0 MAYOR SPANO: Good morning, everybody. MS. LYRAS: Mayor Spano? MAYOR SPANO: Here. MS. LYRAS: Peter Kischak? MR. KISCHAK: Here. MS. LYRAS: Cecile Singer? MS. SINGER: Here. MS. LYRAS: Henry Djonbalaj? MR. DJONBALAJ: Here. MS. LYRAS: Melissa Nacerino? MS. NACERINO: Here. MS. LYRAS: Wilson Kimball is absent. We have a quorum. MAYOR SPANO: We have the minutes from the meeting of November 0th, 0 in front of everyone. Are there any questions? There are no questions. Would anybody like to make a motion to accept the minutes? Made by Henry. Seconded by Melissa. All in favor? (Chorus of ayes.) DIAMOND REPORTING () -
0 0 MAYOR SPANO: Any negatives? No negatives. Mary, we have Item, financials. MS. LYRAS: In the month of November we received $,00 in agency fees, closing on Hudson Blue. Our cash on hand as of November 0 was $. million. We have our accountant, Peter Diehl, on hand if anyone has any questions. MAYOR SPANO: Are there any questions about the financials? MS. SINGER: I'll make a motion to accept. MAYOR SPANO: Cecile made a motion. Seconded by Pete. All in favor? (Chorus of ayes.) MAYOR SPANO: Any negatives? The item is passed. MS. SINGER: I want to again say that the notes are very helpful. DIAMOND REPORTING () -
0 0 They are very helpful because I had questions, and as I looked at this, they were answered. MS. LYRAS: Thank you. MAYOR SPANO: Thank you. Jamie. MS. McGILL: The resolution for consideration, Authorizing Resolution for St. Joseph's Riverside Hospital Bond Defeasance. Shawn Griffin, Harris Beach. MR. GRIFFIN: St. Joseph's Hospital had the Yonkers IDA issue a bond many years ago, and they are in the process of refinancing, as a bond issue. If you recall since 00, this agency, the IDA, has not been issued a not for profit since the statute was changed. So, that's how far back this goes. They are in the process of refinancing that debt. It's called the defeasance protected bond. It's DIAMOND REPORTING () -
0 0 slightly different, but it's the same outcome. Your bonds are taken care of and satisfied and new bonds are issued through the Dormitory Authority of the State of New York. That's a good sign. That means the hospital is getting stronger in terms of today's world, and that's a very good sign because DASNY bonds, the Department of Health makes sure always get paid. So, I thought that was a very good transition for the hospital. So, your bonds will ultimately be paid off as they were supposed to be by the proceeds of the new DASNY issued bonds... MS. SINGER: They call it St. Joseph's Riverside? MR. GRIFFIN: I think that's their historic name. MS. SINGER: We have St. John's Riverside. I've seen loan documents DIAMOND REPORTING () -
0 0 and other things and I've never seen Riverside. MS. McGILL: It's a typo on the agenda. MR. GRIFFIN: The proper name is St. Joseph's Hospital. It's just the agenda. We need to get rid of the word Riverside. MAYOR SPANO: The mistake was made and for the record it's St. Joseph's Hospital and not St. Joseph's Riverside. MR. KISCHAK: Shawn, are they associated with like the major hospitals taking over like Montefiore and... MR. GRIFFIN: No. MR. KISCHAK: They are lone standing? MR. GRIFFIN: I believe they are still a stand-alone hospital, yes. MS. SINGER: The state has been helping. In other words, what has DIAMOND REPORTING () -
0 0 happened it's in a critical area. It performs vital services for a critical population. So, the State of New York doesn't want any hospital to really go belly up. So, they have been pumping some money in, and they also have a very valuable piece of land in Harrison when they took over St. Vincent's. So, you know, through all of that... But it's very difficult for independent... MAYOR SPANO: Thank you. Any other questions? Does anyone want to make a motion? MR. KISCHAK: I'll make a motion. MAYOR SPANO: Pete made a motion. Seconded by Melissa. All in favor? (Chorus of ayes.) MAYOR SPANO: Any negatives? The item is passed. Item. MS. McGILL: Item is DIAMOND REPORTING () -
0 0 authorizing resolution for Yonkers Raceway Assignment and Assumption. MR. GRIFFIN: In November I stood before you and we talked about assignment and assumption of known benefits for the raceway as part of the acquisition by MGM. There were some questions with respect to that resolution. We worked through those with administration, and we are presenting to you today basically a revised or substitute resolution. There were questions we had still about the structure. We had those answered to our satisfaction. So, today's resolution would substitute and replace the November resolution. Again, no additional benefits; the same transactions as before. We just wanted a little more detailed background. MAYOR SPANO: Okay. Any questions? DIAMOND REPORTING () -
0 0 MS. SINGER: Motion. MAYOR SPANO: Cecile made a motion. Seconded by Melissa. All in favor? (Chorus of ayes.) MAYOR SPANO: Any negatives? The item is passed. MS. McGILL: The third and final resolution is a resolution to authorize issuance of RFQ for advisory services on City of Yonkers opportunity zones. MR. GRIFFIN: You'll see on the front page of that resolution those are census tracks for the City of Yonkers for the middle of the Hudson you could see where the waterfront line is. The point I'm making is the yellow parcels were qualified tracks. They had the right census data. Each state had a right to designate up to percent of the census track. Yonkers put in for DIAMOND REPORTING () -
0 0 0 these three census tracks. Those are areas where you get the special, new benefit, and in order to try to promote that, we are looking for consultants to work with the city and the agencies to A)... Really there's three things; one is to be a megaphone. You know, yell out as loud as they can because everywhere in the country there's these opportunity zones where people look to Yonkers; ) facilitate, bring together both investors and developers in Yonkers. We know the developers. They'll know the investors; and ) at some point there may be a need for a fund to be formed but that may be a licensed activity. So, we are going to put out an RFQ and get a consultant to come back and talk to you about the consulting. Also, YEDC will decide where the best spot is to put that contract, but we want to go out and DIAMOND REPORTING () - 0
0 0 get some information and come back to you for a consult on that. MS. SINGER: And what consultants are we looking at? MR. GRIFFIN: Well, the first two and that's why I talk about it that way, the megaphone, you know, yell out there and tell people in Yonkers. That could be almost anybody. The second one where you are starting to facilitate and understand business and understand terms, you know, this type of technique, this opportunity funding, it's probably going to be a little more towards somebody who has a banking background. The third one where you're actually running a fund and doing investment management and identifying the projects, that's an activity. We are not intending to go that far. We are going to start with probably the DIAMOND REPORTING () -
0 0 first two categories but let's see what comes back with our cue response and there's no expenditure being discussed at this point. So, we would designate somebody to work with us and kind of be the one that really focuses on this activity. MAYOR SPANO: And we have an opportunity here? MR. GRIFFIN: Yes. MAYOR SPANO: Any other questions? Henry made a motion. Seconded by Pete. All in favor. (Chorus of ayes.) MAYOR SPANO: Any negatives? The item is passed. Any legal updates? MS. GROSZ: None. MAYOR SPANO: Any other business? Can we make a motion to adjourn? Melissa and seconded by Pete. All in favor? DIAMOND REPORTING () -
0 0 (Chorus of ayes.) MAYOR SPANO: We are adjourned. (Whereupon, the meeting concluded at : A.M.) DIAMOND REPORTING () -
0 0 STATE OF NEW YORK C E R T I F I C A T E COUNTY OF PUTNAM ) ) : SS.: I, MADELINE IOVINO, a Notary Public for and within the State of New York, do hereby certify: That the above is a correct transcription of my stenographic notes. I further certify that I am not related to any of the parties to this action by blood or by marriage and that I am in no way interested in the outcome of this matter. IN WITNESS WHEREOF, I have hereunto set my hand this nd day of January 0. MADELINE IOVINO DIAMOND REPORTING () -
$ $,00 [] - : 00 [] - : [] - : [] - : [] - :, :, 0: 00 [] - : 0 [] - :, :, : [] - : nd [] - : [] - :, 0:. [] - :0 0 [] - :0 0th [] - : 0 [] - : :0 [] - : : [] - : A A.M [] - :, : about [] - :, :, :, 0:, : above [] - :0 absent [] - :, : accept [] - :, : accountant [] - : ACCOUNTANT [] - : acquisition [] - : action [] - : activity [] - 0:, :, : actually [] - : additional [] - :0 adjourn [] - : adjourned [] - : administration [] - : advisory [] - : again [] - :, :0 agencies [] - 0: agency [] - :, : AGENCY [] - : agenda [] - :, : ago [] - : all [] - :, :, :, :, :, : All [] - :0 almost [] - :0 alone [] - : also [] - :, 0: always [] - : am [] - :, : answered [] - :, : any [] - :, :, :, :, :, :, :, :, :, :, :, :, :, :, : anybody [] - :0, : anyone [] - :, : are [0] - :0, :, :, :, :, :, :, :, :, :, :, :, 0:, 0:, 0:0, :, :, :, :, : are there [] - :, : area [] - : areas [] - 0: as [] - :, :, :, :, :, :, 0:0 Assignment [] - : assignment [] - : associated [] - : Assumption [] - : assumption [] - : at [] - :, 0:, :, :, : Authority [] - : authorize [] - : Authorizing [] - : authorizing [] - : Avenue [] - : ayes [] - :, :, :, :, :, : B back [] - :, 0:, :, : background [] - :, : banking [] - : basically [] - : be [] - :, :, 0:, 0:, 0:, :0, :, : Beach [] - : BEACH [] - :0, : because [] - :, :, 0:0 been [] - :, :, : before [] - :, : being [] - : believe [] - : belly [] - : benefit [] - 0: benefits [] - :, : best [] - 0: blood [] - : Blue [] - : BOARD [] - :, : bond [] - :, :, : Bond [] - : bonds [] - :, :, :, :, : both [] - 0: bring [] - 0: business [] - :, : but [] - :, 0:, 0:, : But [] - : by [] - :, :, :, :0, :, :, :, :, : C C [] - : call [] - :0 called [] - : can [] - 0:0, : care [] - : cash [] - : categories [] - : CECILE [] - : Cecile [] - :, : cecile [] - : census [] - :, :, :, 0: certify [] - :, : CHAIRMAN [] - :, : changed [] - : CHIEF [] - : Chorus [] - :, : chorus [] - :, :, :, : City [] - :, : CITY [] - : city [] - 0: closing [] - : come [] - 0:, : comes [] - : concluded [] - : consideration [] - : consult [] - : consultant [] - 0: consultants [] - 0:, : consulting [] - 0: contract [] - 0: correct [] - :0 could [] - :, :0 COUNSEL [] - : country [] - 0: COUNTY [] - : critical [] - :, : cue [] - : D DASNY [] - :, : data [] - : david [] - :0 day [] - : debt [] - : December [] - : decide [] - 0: Defeasance [] - : defeasance [] - : Department [] - : designate [] - :, : detailed [] - : developers [] - 0:, 0: DEVELOPMENT [] - : Diehl [] - : DIEHL [] - : different [] - : difficult [] - : DIRECTOR [] - : discussed [] - : Djonbalaj [] - :0 DJONBALAJ [] - :, : do [] - : documents [] - : does [] - : doesn't [] - : doing [] - : Dormitory [] - : E E [] - :0, :, : each [] - : ESQ [] - :0, :, : everybody [] - : everyone [] - : everywhere [] - 0: EXECUTIVE [] - : expenditure [] - : F F [] - : facilitate [] - 0:, : far [] - :, : favor [] - :, :0, DIAMOND REPORTING () -
:, :, :, : fees [] - : final [] - :0 financials [] - :, : first [] - :, : FISCAL [] - : focuses [] - : for [] - :, :0, :0, :, :, :, :, :, :, :, :, :, :, 0:, 0:, :, : formed [] - 0: from [] - : front [] - :, : fund [] - 0:, : funding [] - : further [] - : G get [] - :, :, 0:, 0:, : getting [] - : go [] - :, 0:, : goes [] - : going [] - 0:0, :, : good [] - :, :, :, : Griffin [] - : GRIFFIN [0] - :, :, :, :, :, :, :, :, :, : GROSZ [] - :, :0 H had [] - :, :, :, :, :, : HALL [] - : hand [] - :, :, : happened [] - : HARRIS [] - :0, : Harris [] - : Harrison [] - : has [] - :, :, :, :, : have [] - :, :, :, :, :, :, :, :0, : Health [] - : helpful [] - :, : helping [] - : HENRY [] - : Henry [] - :0, :, : here [] - :, :, :, :, :, : hereby [] - : hereunto [] - : historic [] - : hospital [] - :, :, :, : Hospital [] - :0, :, :, : hospitals [] - : how [] - : Hudson [] - :, : i [] - :, : I [] - :, :, :, :, :, :, :, :, :, :, : I'll [] - : i'll [] - : I'm [] - :0 I've [] - :, : IDA [] - :, :, :, :, : IDA/YEDC [] - : identifying [] - : if [] - :, : IN [] - : in [] - :, :, :, :, :0, :, :, :, :, :, :, :, :, :, :, :, 0:, 0:, 0:, :, :, :, : independent [] - : INDUSTRIAL [] - : information [] - : intending [] - : interested [] - : investment [] - : investors [] - 0:, 0: IOVINO [] - :, : is [] - :, :, :, :, :, :, :, :0, :, :0, 0:, 0:, :, :0 issuance [] - : issue [] - :, : issued [] - :, :, : it [] - :0, :, : it's [] - :, :, :, :, :, :, :, :, : item [] - :, :, :, :, : Item [] - :, : I J JAIME [] - : Jamie [] - : January [] - : John's [] - : Joseph's [] - :0, :, :, :, :, : just [] - :, : K KARLY [] - : KIMBALL [] - : Kimball [] - : kind [] - : KISCHAK [] - :, :, :, :, : Kischak [] - : know [] - :0, 0:, 0:, 0:, :, : known [] - : L L [] - : land [] - : legal [] - : let's [] - : licensed [] - 0: like [] - :0, :, : line [] - : little [] - :, : loan [] - : lone [] - : look [] - 0: looked [] - : looking [] - 0:, : loud [] - 0:0 LYRAS [] - :, :, :, :, :0, :, :, :, : M made [] - :, :, :, :, :, : MADELINE [] - :, : major [] - : make [] - :, :, :, :, : makes [] - : making [] - :0 management [] - : many [] - : marriage [] - : Mary [] - : MARY [] - : matter [] - : may [] - 0:, 0: MAYOR [] - :, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :0, :, :, :, : Mayor [] - : McGILL [] - :, :, :, :, : means [] - : meeting [] - :, : MEETING [] - : megaphone [] - 0:, : MELISSA [] - : Melissa [] - :, :, :0, :, : MEMBER [] - :, : MGM [] - : middle [] - : MIKE [] - : million [] - :0 minutes [] - :, : mistake [] - :0 money [] - : Montefiore [] - : month [] - : more [] - :, : morning [] - : motion [0] - :, :, :, :, :, :0, :, :, :, : MR [] - :, :, :, :, :, :, :, :, :, :, :, :, :, : MS [] - :, :, :, :, :0, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :, :0 my [] - :, : N N [] - :0, : Nacerino [] - : NACERINO [] - :, : name [] - :, : need [] - :, 0: negatives [] - :, :, :, :, :, : Nepperhan [] - : never [] - : NEW [] - : New [] - :, :, :, : new [] - :, :, 0: DIAMOND REPORTING () -
no [] - :0, :, :, :0, :, : none [] - :0 not [] - :, :0, :, :, : Notary [] - : notes [] - :, : November [] - :, :, :, :, : O O [] - : of [] - :, :, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, : OF [] - :, : off [] - : OFFICER [] - : okay [] - : on [] - :, :, :, :, :, :, :, : one [] - 0:, :, :0, : opportunity [] - :, 0:, :, : or [] - :, : order [] - 0: other [] - :, :, :, :, : our [] - :, :, :, : out [] - 0:0, 0:0, 0:, : outcome [] - :, : over [] - :, : P P [] - :0, : page [] - : paid [] - :, : parcels [] - : part [] - : parties [] - : passed [] - :, :, :, : people [] - 0:, : percent [] - : performs [] - : Pete [] - :, :, :, : PETER [] - :, : Peter [] - :, : piece [] - : PLLC [] - :0, : point [] - :0, 0:, : population [] - : presenting [] - : probably [] - :, : proceeds [] - : process [] - :, : profit [] - :0 projects [] - : promote [] - 0: proper [] - : protected [] - : Public [] - : pumping [] - : put [] - :, 0:0, 0: PUTNAM [] - : Q qualified [] - : questions [0] - :, :0, :, :, :, :, :, :, :, : quorum [] - : R R [] - :0, :, : Raceway [] - : raceway [] - : really [] - :, 0:, : recall [] - : received [] - : record [] - : refinancing [] - :, : related [] - : replace [] - : resolution [] - :, :, :0, :, :, :0, :0, : Resolution [] - : respect [] - :0 response [] - : revised [] - : RFQ [] - :, 0: rid [] - : right [] - :, : Riverside [] - :0, :, :, :, :, : ROTHMAN [] - :0 running [] - : S S [] - :0, : same [] - :, : satisfaction [] - : satisfied [] - : say [] - : second [] - : seconded [] - :0, :, :, : Seconded [] - :, : SECRETARY [] - : see [] - :, :, : seen [] - :, : services [] - :, : set [] - : SHAWN [] - : shawn [] - : Shawn [] - : sign [] - :, : since [] - :, :0 Singer [] - : SINGER [] - :, :, :, :, :0, :, :, :, : slightly [] - : so [] - :, :, :, :, :, :0, :, 0:0, : some [] - :, :, 0:, : somebody [] - :, : SPANO [] - :, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :0, :, :, :, : Spano [] - : special [] - 0: spot [] - 0: SS [] - : St [] - :0, :, :0, :, :, :, :, :0 STAFF [] - : stand [] - : stand-alone [] - : standing [] - :0 start [] - : starting [] - : state [] - :, : STATE [] - : State [] - :, :, : statute [] - :0 stenographic [] - : still [] - :, : stood [] - : stronger [] - : structure [] - : substitute [] - :, : supposed [] - : sure [] - : T T [] - :0, :, : taken [] - : taking [] - : talk [] - 0:, : talked [] - : technique [] - : tell [] - : terms [] - :0, : thank [] - :, :, : That [] - :0 that [] - :, :, :, :, :, :0, :, 0:, 0:, 0:, :, :, :0, :, :, :, : that's [] - :, :, :0, :, :, : the [] - :, :, :, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :, :, :, :, :, :, :, :0, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :, :0, :, :, 0:, 0:, 0:, 0:, 0:, 0:, 0:, 0:, :, :, :, :0, :, :, :, :, :, :, :0, :, : their [] - : there [] - :, :, :, 0:, : there's [] - 0:, 0:, : these [] - 0:, 0: they [] - :, :, :, :, :, :0, :, :, :, :, :, :, :, 0:0 they'll [] - 0: things [] - :, 0: think [] - : third [] - :, :0 this [0] - :, :, :, :, :, :, :, :, : those [] - :, :, DIAMOND REPORTING () -
:, 0: thought [] - : three [] - 0:, 0: through [] - :, :0, : to [] - :, :, :, :, :, :, :, :0, :, :, :0, :, :, 0:, 0:, 0:, 0:, 0:, 0:, 0:0, 0:, 0:, 0:, 0:, :, :, :, :, :, :, :, : today [] - : today's [] - :0, : together [] - 0: took [] - : towards [] - : track [] - : tracks [] - :, :, 0: transactions [] - : transcription [] - : transition [] - : TREASURER [] - : try [] - 0: two [] - :, : type [] - : typo [] - : :0, :, :, :, :, 0:, 0:, 0:0, 0:, :, :, :, :, :0, :, : well [] - : were [] - :, :, :, :, : what [] - :, :, : when [] - : where [] - :, 0:, 0:, 0:, :, :0 WHEREOF [] - : whereupon [] - : who [] - : why [] - : will [] - :, 0: Wilson [] - : WILSON [] - : with [] - :, :, :, 0:, :, :, : within [] - : WITNESS [] - : word [] - : words [] - : work [] - 0:, : worked [] - : world [] - :0 would [] - :0, :, : [] - : U X ultimately [] - : understand [] - :, : up [] - :, : updates [] - : us [] - : V valuable [] - : very [] - :, :, :, :, :, : VICE [] - : vincent's [] - :0 vital [] - : W want [] - :, :, :, 0: wanted [] - : was [] - :0, :, :, :0 waterfront [] - : way [] - :, : we [] - :, :, :, :, :, :, :, :, X [] - :, : Y years [] - : YEDC [] - 0: yell [] - 0:0, : yellow [] - : yes [] - :, : YONKERS [] - : Yonkers [] - :, :, :, :, :, :, 0:, 0:, :0 YORK [] - : York [] - :, :, :, : you [] - :, :, :, :0, :, :, :, :, 0:, 0:, 0:, :, :, :, : you'll [] - : you're [] - :0 your [] - :, : Z zones [] - :, 0: DIAMOND REPORTING () -