Sullivan County Funding Corporation
One Cablevision Center
Ferndale, New York 12734
(845) 295-2603 – telephone
(845) 295-2604 – fax
SPECIAL MEETING MINUTES
Tuesday, June 10, 2014
1. CALL TO ORDER
Chairman Steingart called to order the special meeting of the Sullivan County Funding Corporation at approximately 9:47 A.M., held in the Legislative Committee Room at the Sullivan County Government Center, Monticello, New York.
II. ROLL CALL
Members Present- Members Absent-
Ira Steingart Sandy Shaddock
Staff Present- Staff Absent-
Jennifer C.S. Brylinski, Exec. Dir. None
Jen Flad, VP
Allan Scott, IDA CEO, ALSCO Management Inc.
Walter Garigliano, Garigliano Law Offices
Tara Lewis, Garigliano Law Offices
Scott Samuelson, SC Legislature
Gene Benson, SC Legislature
Dan Hust, SC Democrat
Marc Baez, SC Partnership for Economic Development
Not all attendees were present for the entire meeting.
III. APPROVAL OF MINUTES
Chairman Steingart asked for a motion to approve the minutes of the April 8, 2014 special meeting. Ms. Loughlin made a motion to approve the minutes. Mr. Barbuti seconded the motion, the Board voted, and the minutes were unanimously approved.
IV. BILLS AND COMMUNICATIONS
Mr. Rieber made a motion to approve the revised schedule of payments. The motion was seconded by Mr. Sykes, the Board voted and the revised schedule of payments was unanimously approved.
V. NEW BUSINESS
Attorney Garigliano began a discussion of the Apollo project. He noted that the persistent problem of water at the site is due to the fact that the site is lower in elevation than any of the surrounding area. It is not due to subsurface soil conditions or landfill runoff, as previously thought. Water running downhill to the site collects there and cannot evaporate because it is trapped under the parking lot and building. The proposed solution is to install a four foot diameter drainage pipe, running from the area nearest the building to the stream that crosses under Rose Valley Road and feeds into the Cimarron City ponds, which are lower than the Apollo Plaza site.
He requested the Board’s permission to approach the County, to seek an amendment to the existing agreement between the County and the SCFC, amending the easement to allow for the installation of the drainage improvements. The improvements will be made by the developer, and neither the SCFC nor the County will bear any costs.
Ms. Roig inquired whether there are any environmental issues related to the parking lot runoff. Attorney Garigliano replied that there are, and the developer will need to obtain a DEC permit to undertake the proposed improvements, and install any required structures and features typical of parking lot construction.
He noted that, if the developer never closes title, title the entire site will revert to the County, which can cancel the easement at that time. Ms. Loughlin made a motion to grant permission for Chairman Steingart and Attorney Garigliano to approach the County Legislature to make the request. Mr. Siegel seconded the motion. Mr. Rieber recused himself from the discussion because he has an ongoing business relationship with the developer. The Board voted and the motion was approved with Mr. Rieber abstaining for the reason described above.
Ms. Brylinski began an update of the Sullivan County Community College Dormitory Corporation (SCCCDC) bonding project. She informed the Board that the TEFRA (Tax Equity and Fiscal Responsibility Act) public hearing will be held on June 19th at 2:15 pm. Attorney Garigliano continued that, if the project moves ahead on schedule, there will likely be a special meeting of the SCFC on June 24th to vote on authorizing the bond issue and approving the form of documents. If approved, it would be a $10.5 million bond issue, to refinance the existing bonds on the Lazarus Levine Dormitory. These bonds were issued by the IDA prior to the prohibition of civic facility bonding by IDAs. SCCCDC wishes to refinance because the bonds were issued at a much higher rate than is available today. SCCCDC also wishes to purchase the EcoGreen Dormitories from the Ruby Group. If the two parties are able to come to acceptable terms, the bond issue would also finance SCCCDC’s purchase of the EcoGreen Dormitories. If the parties cannot come to acceptable terms, the amount of bonding would be reduced to approximately $8.5 million. He noted that there is another transaction happening at the same time, to refinance the energy efficiency improvements on the campus, but that this transaction does not involve the SCFC.
Ms. Brylinski began a discussion of the StickyFingers Millennium Revolving Loan Fund (MRLF) application. She noted that the MRLF Review Committee reviewed and approved the application. She stated that Ms. Shaddock, who is not able to attend today’s meeting, requested that the Board have a discussion of loan procedures and policies in the near future. Ms. Brylinski added that such a discussion could be very helpful, especially for new members. She then introduced the applicant, Leah Maidenbaum. Mr. Sykes made a motion to approve the application. Mr. Barbuti seconded the motion, the Board voted and the motion was unanimously approved. Ms. Maidenbaum thanked the Board and stated that she hopes to be open in the coming weeks.
Chairman Steingart questioned the Board and those present if there were any questions or comments. There being none, on a motion by Mr. Sykes, seconded by Mr. Siegel, the Board voted and the meeting was adjourned at approximately 10:02 A.M.
VP, Business Development