BOARD OF DIRECTORS MEETING MINUTES April 20, 2022
BOARD OF DIRECTORS MEETING MINUTES
April 20, 2022
A. Organizational Matters
I. Call meeting to order – Meeting called to order at 11:43 a.m. by L. Daily
II. Attendance –A. Church, L. Daily, A. Ivor Hall, A. Niles, R. Monteverde, D. Potack, A. Niles. Absent: A. Morales, , J. Surace. Others: A. Filosa, E. Talbott, J. Welles, D. Chafizadeh.
III. Review & Approval of March 2022 Minutes – D. Potack made a motion to approve the minutes. A. Church seconded it. All approved via roll call, none opposed.
IV. Review & Approval of Financial Reports: March 2022- D. Potack made a Motion to approve Financial Reports, A. Church seconded it. All approved via roll call, none opposed. Review of Financial Reports – D. Potack and A. Church approve the financial report. All are in favor. A Discussion was had around balancing future financial commitments with anticipated grants, construction financing and sale revenue.
V. Strategic Planning –A draft of the Strategic plan was distributed to the Board. Susan Weinrich presented the Four Goals of the Strategic plan: Property Use and Development; Strategic Partnerships and Community Relations; Enhance Organizational Capacity; Organizational Sustainability and Infrastructure
VI. Committee reports –L. Daily reports that the newly formed Fundraising committee met April 8th. L. Daily, J. Welles, D. Potack and A. Church were in attendance. They set an annual goal of raising $100,000. A. Church will reach out to local fundraising experts who have said they can help form a plan and goals; J. Welles will check with attorneys on legal limitations to our fundraising. The next meeting will be April 22, 2022.
VII. NY Land Bank Funding update - $50 million was allocated to NY Land Banks. HCR (Housing Community and Renewal) will oversee the program. The NY Land Bank Association is working on a strategy to help inform the implementation of the program based on the last 10 years of experience with the Community Revitalization Initiative funding from the Attorney General’s office.
B. Property Related Matters
I. New development/in progress:
1. House to Home update:
i. 27 and 43 Johnston: update by Executive Director J. Welles: In contract on both buildings, received Certificate of Occupancy on both buildings. D. Potack asked about sale price. J. Welles stated 27 Johnston St will be $260k in June closing and $295k closing June 2022. Both buildings will be owner occupied by first time Black home buyers from the City of Newburgh.
ii.150 Lander, 115 Lander – update: Executive Director J. Welles stated that they are 75% complete; completion anticipated June or July 2022. There will be an information session for prospective buyers on April 28 at our office.
iii. Legacy Cities funding for House to Home update –Executive Director J. Welles reported that the HDFC documents were submitted to the State; We are currently working with Carlos Arturo Contracting Inc. to set up a joint venture (co-developer) agreement. The construction estimates are extremely high. The State subsidy is higher than it was in the original term sheet, but we still need to reduce costs. D. Potack asks if the NCLB should table these developments for four (4) months if we do not have the money. Executive Director J. Welles states that the land bank needs to finalize the financing with the State and the construction lender, CPC, who will issue a joint commitment letter, and will only move ahead once that is in place.
II. Sales of NCLB Development Projects:
1. 143 Washington Street – Executive Director J. Welles stated that 143 Washington Street received ARC approval and A. Church stated they received
2. all approvals from the Planning Board and others.
3. 128 Dubois /34 Lander/38 Lander– update- J. Welles released and RFA due May 13th and had one open house on April 6th and are having one on April 21st from 5:30 p.m. to 7:00 p.m. along with 34 and 38 Lander Street. The RFA for 128 Dubois’ deadline is May 13th. D. Potack asks the selling price of both Lander buildings. Executive Director J. Welles states that 34 Lander is being offered for $125k and 38 Lander is going for $95k- both as-is. She states NCLB received one offer of $100k below offer for 34 Lander Street. She states that 36 Lander Street sold for $180k last year, but we don’t want to squeeze the market and she thinks they are reasonable prices given the conditions of the properties and the market.
C. Other
Executive Director states that NCLB was approved for a Line of Credit from Mid Hudson Valley Credit Union for $100,000 and will be meeting branch manager to open an account. L. Daily states she can be a signator. D. Potack states he can be a signator. A. Church asks if the NCLB is looking to migrate bank accounts and J. Welles states that she may close the Chase Account since their services to the land bank have declined and the fees have gone up considerably. D. Potack asks what is the criteria for banking. A. Church states that the Bank should be aware that the NCLB accounts varies hugely anywhere from $500,000 to $20,000. J. Welles states that the main operating account at TD Bank offers collateralization above $200,000 as a special municipal account, but we can maintain other bank accounts for below that amount.
D. Executive Session: None
E. Meeting Adjourned A. Church makes a motion to adjourn the meeting and D. Potack seconds the motion. The meeting adjourned at 12:30 p.m. Next Board Meeting: May 18, 2022, 11:30 a.m. to be held in person at 15 Chambers St.