Meeting Minutes - January 2018

MINUTES 

BOARD OF DIRECTORS MEETING
January 29, 2018

A.     Organizational Matters

I.               L. Daily called meeting to order 4:10 PM

II.              Attendance—Lisa Daily, David Potack, Deirdre Glenn, Michael Ciaravino, Kevin White.  Others Present: David Rothman, Madeline Fletcher, Burke Blackman, Amy Blair

III.            Minutes—approve December 2017 board meeting minutes—D. Potack made a motion to approve the December 2017 Meeting Minutes, Kevin White seconds. All approve.

IV.            Policy Review—Burke Blackman presents recommended policy amendments following review of regulations and best practices of other NYS land banks for Internal Controls, Code of Ethics, Disposition and Acquisition of Real Property.  P. Halayko made a motion to adopt the recommended policies. D. Potack seconded. All approved

V.              Financial Report—Six Month Review—Based upon review of new accounting firm, a mid-fiscal year review was presented

VI.            Strategic Plan –REVISED—Staff reviewed previously adopted plan for formatting and clean up, but made some language changes that they propose the board adopt in their plan.  D. Potack makes a motion to approve the Strategic Plan, D. Glenn seconds. All approve.

VII.           Annual Plan- Review – staff presented the annual review that will be presented to the City Council in February.  D. Potack also recommends that a ½ year review also be completed annually in June.

VIII.         Legal rate discussion—tabled for later meeting because of schedule.

IX.            NY LBA NYS budget request update—M. Fletcher presented a short update of the efforts of the NY Land Bank Association to obtain a budget line item in the NYS budget. Requested $60 million.  Association has managed the effort with its own officers and members, but in future may seek assistance of lobbyist.

B.     Property Related Matters

I.               Property Update

a.     Property Tracking Review—tabled for short meeting schedule

b.     55 Farrington –B. Blackman presented a brief update that staff are still showing the property and doing outreach to community for this property.

c.     Environmental, Engineering & Clean Out Update—Phase I’s are complete and the subsequent testing is nearing completion

d.     RUPCO project update

II.              96 Broadway Update—Philippe Pierre presented the most recent update that the project was going to be self funded through its partners but that CPC would provide a permanent 30 year loan at 4.35%.  They are also working on securing the Creative Neighborhood financing through Rhinebeck Bank with a restaurant operator for the commercial space.  Kevin White made a motion to extend the reverter date to January 31 provided that the purchaser provides executed documents with proof of financing acceptable to Executive Director.  P. Halayko seconds the motion. All approve.

III.            Update on solicitation of inquiries from non-profit developers for LIHTC/HTC round 2. M. Fletcher reported that she advertised locally, regionally and nationally for letters of interest in a scattered site LIHTC/HTC and that RUPCO was only submission.

IV.            Salvaged materials sale—NCLB salvaged brownstone stairs and we have someone who approached us without NCLB having advertised.  Board would recommend advertising the stairs on the website for a couple of weeks and to require a bill of sale and certificate of insurance if their contractor will be the movers of the materials.

Meeting adjourned at 5:30 PM

Next meeting March 19, 2018