MEETING MINUTES - JUNE 2016

MINUTES

BOARD OF DIRECTORS MEETING
JUNE 15, 2016

A. ORGANIZATIONAL MATTERS

I.               Call meeting to order

Lisa Daily called the meeting to order at 4:08 pm

II.              Attendance

Board Members Present:

Lisa Daily
Deirdre Glenn
Kevin White     
Karen Mejia
Michael Ciaravino
Joe Surace
Paul Halayko

 Board Members Absent:

Andre Niles
David Potack

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

Resolution:     Kevin White moves to approve amended May 2016 meeting minutes.
Second: Joe Surace   Vote: Favor: ALLOpposed:---

Discussion: The Draft May 2016 meeting minutes list board member Michael Caiaravino as absent, but he was present. The amended minutes will reflect this.

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

Resolution: Joe Surace moves to approve June 2016 Key Metrics as presented.
Second: Kevin White    Vote: Favor: ALLOpposed:---

B. PROPERTY RELATED MATTERS

I.               Property Progress Updates:

Discussion: The NCLB will transfer 37 S Miller to owner occupant who has already begun work on the building. Also the work on the 15 parcels as part of the RUPCO project are well underway and NCLB lead work will be wrapping up in July, remaining work by RUPCO done by September. 104 Washington: scope of work is under development to preserve what is left of structure. Hopefully an engineer/architect supported concept will be assembled in the next month or so to start work in august.

96 Broadway: Plans for remediating the tank located on site are underway and funds from CCNY are in progress to ensure the solution to issue.  Once that is done, transfer can take place and work can commence.  Bank requires the remediation as a condition for financing.

II.              143 Washinton St- Transfer to sole proprietor LLC v. Individual (Aaron Lown)

Resolution: Paul Halayko moves to ratify prior resolution with a change to allow sale to an LLC in which Aaron Lown is the majority shareholder.
Second: Kevin WhiteVote: Favor: ALLOpposed:---

Discussion: This was a big project that involved the removal of a collapsed structure, interior stabilization an d a new interior. Owner occupancy for 10 years, Aaron Lown the purchaser is an industrial designer and would like to put commercial space/storefront on Federal Street side of property (allowed by current zoning). Just need to ratify prior resolution, deed restriction will be the same.

III.            17, 20,41,43,46,48,39 Dubois Contract.

Resolution: tabled for July Mtg.

Discussion: Last Summer NCLB did an MOU with John Waters and Jack Heaney to purchase the properties on Dubois Street. Last month the NCLB board passed a resolution to work with the County and Home Funds… and then transfer 21,41,43 Dubois over to Fulcrum, and have the Home funds transfer as well. The NCLB has invested very little into these properties and will sell them for $163,000. Which is comparable to our square footage pricing. Jack Heaney and John Waters just formed an entity Dubois Street Associates. The board would like to table resolution in order to have more time to review proposal/application. A decision needs to be made soon because the Home Funds need to be expended by November.

Second: Karen Mejia   Vote: Favor: ALLOpposed:---

IV.            10 Chambers:

Discussion: A survey of the property has been ordered and further environmental investigation will follow. The property was the site of a filling station up until the 1950’s. There will be more information at the next meeting.

 Next Meeting Wednesday July 20, 2016, 4 PM