BOARD OF DIRECTORS MEETING MINUTES June 21, 2023
A. Organizational Matters
I. Call meeting to order: Meeting called to order at 11:40am
II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Morales, A. Niles (Secretary), J. Surace
Others Present: J. Welles (Executive Director) J. Sidd (Hancock Estabrook), D. Kohl (City of Newburgh Planning & Development) E. Talbott (Project Director)
Absent: R. Monteverde, T. Venning
III. Review & Approval of March 2023 Minutes (no quorum meeting April or May 2023) 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 April & May 2023 Financial Reports review and approval: J. Welles reported that June
2023 was the last month of the fiscal year. Year-end assets are valued at $752,470, significantly lower than the previous fiscal year. A. Church asked if properties were valued by assessments, appraisals, or capital expenditures. J. Welles commented that a combination of valuation methods is used. Appraisals aren’t available for all properties, and assessed values are often used in place. Substantial renovations costs are not offset by below-market property sales, further reducing the values of assets at sale. Last fiscal year of property sales totaled $1,200,000. April was the last month of Land Bank Initiative Phase I funds, ($200,000 per year) anticipating renewal for 3 years total. A. Niles made the motion to approve March, April, May financial reports. A. Church seconded. All members approved with ayes, none opposed.
V. Review of EFRP Auditor’s proposal received May 1, 2023. Board Members comments included that the firm works with a diverse assortment of not-for-profits and NYS Land Banks, including Kingston City Land Bank. The cost of the proposal is lower than the fee charged by past auditors. The new auditor will be engaged for services starting July 1, 2023. A. Church made a motion to accept the proposal. J. Surace seconded. All members approved with ayes, none opposed.
VI. Fundraising report –J. Welles thanked L. Daily for setting up matching gift fundraiser during Hudson Valley Gives charitable event for NCLB. We did raise a small amount of funds, but it was more than previous years. J. Welles reported that she had a conversation with Dyson Foundation about a project grant that would support an administrative staff person and operating costs associated with the position.
VII. Land Bank Initiative Phase II update: NCLB was approved by NYS HCR for $1,800,000 in capital and non-capital funds, including $90,000 for program delivery. Next steps include programmatic and site- specific environmental reviews. Funds will help fill gap in Legacy Cities project, acquire Lander Street lots from Holy Deliverance Church (35-37-39 Lander St), complete predevelopment work for 72-76-78 Lander St (Restore NY), complete framing repairs and stabilization at 128 Dubois and stabilize and abate 44 S Miller St. In addition, funding has been allocated to Habitat for Humanity of Greater Newburgh to cover costs for lead and asbestos abatement at 223-225-227 Third Street properties that Habitat for Humanity recently acquired.
B. Property Related Matters
I. New development/in progress:
1. Legacy Cities update: Resolution authorizing Joint Venture Site Development Agreement, nominee agreement and entering into the loans. J. Surace asked a question about Paragraph (2) Section (c) about who was duly authorized to extend credit. J. Sidd commented that the Board of Directors (L. Daily & J. Welles) was doing their oversight job by approving duly authorized representatives for the HDFC and related activities. There is an opportunity to conduct a ribbon cutting for project. L. Daily suggested a dated in late July. CPC loan closing tentatively scheduled for Monday June 26.
2. Update on property transfer policies from David Kohl, City of Newburgh Economic Development Specialist, Planning & Development Department. Due to the recent Supreme Court decision in the Tyler v. Hennepin case, the City will not transfer additional properties until new foreclosure law guidance is issued from legal staff about how to proceed with properties foreclosed prior to July 1, 2023. Moratorium issued by the NYS legislature to The City could potentially transfer properties acquired via reverter actions or Article 19. On June 23, 2023 the New York State legislature signed a bill that would pause on in-rem foreclosure proceedings until June 30, 2024.
3. 37 Chambers- Church of Holy Deliverance acquisition update: Boundary line agreement signed but NYS TP-584 form still needs to be signed by Mr. & Mrs. Sanchez.
4. 143 Washington- update: BJH completed Part II of the of Historic Tax Credit application to the U.S. Nation Park Service. Applicant will need to return to Architectural Review Commission for approval of building design modifications. Applied for Orange County HOME funding and anticipating decision this summer, along with additional updates on project financing and timeline.
II. Sales/NCLB Development Projects:
1. House to Home: Last property sale occurred on April 24, 2023.
C. Other – Meeting adjourned at 12:27p
D. Executive Session - No Executive Session
E. Next Meeting: August 16, 2023 at 3:00pm