BOARD OF DIRECTORS MEETING MINUTES February 15, 2023
A. Organizational Matters
I. Call meeting to order: Meeting called to order at 11:57am
II. Attendance: L. Daily, A. Church (departed 12:24p), R. Monteverde, A. Morales, A. Niles. J. Surace (departed 12:28p)
Others Present: J. Welles (Exec. Dir.) J. Sidd, E. Talbott
Absent: T. Venning
III. Review & Approval of January 2023 Minutes: No comments or changes proposed to minutes. A. Church made motion to approve. A. Morales seconded. All members approved with ayes, none opposed.
IV. Review of January 2023 Financial Report review and approval: J. Welles reported for the month low bank balance. LBI Phase I disbursement ($50,000) was received end of January. LBI Phase II application due March 13 for up to $2M in capital projects with 5% program delivery fee or $95,250. Limited working capital on hand. Closing of 150 Lander pending title search to be completed with city. Closing of 115 Lander has had delays with loan for the buyer. Up to $50,000 in proceeds after paying construction loan. Closing on 143 Washington anticipated in coming months. May or June will be the next time until substantial funds may flow to organization. LBI Phase I provides $200,000 per year in support and is disbursed quarterly in $50,000 installments that mostly cover staff costs. BJH’s 143 Washington project has encountered delays with financing. L. Daily & A. Church commented that fall fundraising event can help offset operational deficit. A. Church made the motion to approve January financial report. A. Morales seconded. All members approved with ayes, none opposed.
V. Review of FY22 Draft Audit – PARIS ABO upload of annual audit due October 1, or 90 days after close of fiscal year (June 30). Current audits are taking 6-8 months to complete and is a concern. J. Sidd advises complying with due date requirements determined by fiscal year. Board members advise releasing an RFP for auditing services. Board requested to review RFP draft a next meeting. Audit results were positive. Audit Committee to meet to discuss Auditor RFP and next year’s audit process. A. Morales made motion to accept draft FY 22 Audit. J. Surace seconded. All members approved with ayes, none opposed.
VI. Land Bank Initiative Phase 2 – Due March 13 up to $2M in capital project funding with 5% program delivery fee. Phase II funds can be used to fill gap created by unsecured NSP funds.
B. Property Related Matters
I. New development/in progress:
1. Legacy City funding- homeownership project-update: NSP funding gap constraints. Program may not be workable due to challenges administering the program due to ongoing audits and reviews of Orange County by HUD
2. 37 Chambers- Church of Holy Deliverance acquisition update: Encroachments from neighboring properties. Need boundary line agreement and affidavit from abutting property owners. Seller doesn’t want to resolve the title issues but doesn’t have a clear a marketable property until title issues are cleared. Would be advantageous to hold off until LBI Phase II funds can cover acquisition costs.
3. 143 Washington- update: new schedule and S/U provided in January 2023. Redesign to rear of building to integrate existing building and new construction. Anticipating closing in near/medium term.
II. Sales/NCLB Development Projects:
1. House to Home: 115 and 150 Lander –updates: Closing for 150 Lander pending title search completion, anticipated in next two weeks. 115 Lander has encountered loan delays.
2. Restore NY Award – next steps subrecipient agreement with city, then acquire buildings. Timeline tbd.
C. Other – Meeting adjourned at 12:35p
D. Executive Session - No Executive Session
E. Next Meeting: