MEETING MINUTES - MAY 2016

MINUTES

BOARD OF DIRECTORS MEETING
MAY 19, 2016

A. ORGANIZATIONAL MATTERS

I.               Call meeting to order

Lisa Daily called the meeting to order at 4:10 pm

II.              Attendance

Board Members Present:

Lisa Daily
Deirdre Glenn
Kevin White     
Andre Niles
David Potack
Karen Mejia

Board Members Absent:

Michael Ciaravino
Joe Surace
Paul Halayko

III.            Minutes-Approve Minutes of April, 2016 Board Meeting

Resolution:     David Potack moves to approve April 2016 meeting minutes.
Second: Andre Niles   Vote: Favor: ALLOpposed:---

IV.            Financial Statements-Review Review Per Property Information and Key Metrics monthly financial report.

Resolution: David Potack moves to approve amended April 2016 Key Metrics.
Second: Karen Mejia    Vote: Favor: ALLOpposed:---

V.             DISCUSSION: Enhancing construction oversight. The board agreed to return to this discussion at the June meeting.

B. PROPERTY RELATED MATTERS

I.               Property Progress Updates: RUPCO

Discussion:  Funding for LIHTC has not yet been announced by NYSHCR, but stabilization work continues.

II.              27 City Terrace- Property proposal for purchase by Carolyn Garcia.

Resolution: Kevin White moves in furtherance of the mission of NCLB, to enter a contract of sale with Carolyn Garcia for the fair market value established by our standard pricing policy.  No adverse environmental impact is expected as a result of the rehabilitation and re-occupancy of this building. 
Second: Deirdre Glenn Vote: Favor: ALLOpposed:---

III.            10 Chambers- Two proposals: Rip Rapp LLC and Northeast Gateway to Freedom.

Resolution: David Potack moves to enter in Executive Session
Second: Karen MejiaVote: Favor: ALLOpposed:---

Discussion Post-Executive session: The Board decided to table the discussion of the sale of 10 Chambers until the best and highest use for that lot can be determined and further investigation of the property be conducted with regard to boundaries and conditions. Members of the board think it best to make sure that the proposed use of the lot be in line with adjacent development and updated zoning.

IV.            HOGAR Properties- HOME Fund Proposal

Resolution:     David Potack moves to adopt the resolution as presented by counsel for the purpose of accepting 500K, 20, 41, 43 Dubois.
Second: Karen Mejia   Vote: Favor: ALLOpposed:---

V.             104 Washington Stabilization Plan Review- Moved to June Meeting

Next Meeting Wednesday June 15, 2016, 4 PM