BOARD OF DIRECTORS MEETING MINUTES March 15, 2023
A. Organizational Matters
I. Call meeting to order: Meeting called to order at 11:35am
II. Attendance: L. Daily, A. Church, R. Monteverde, A. Morales
Others Present: J. Welles (Executive Director ) J. Sidd (Hancock Estabrook), E. Talbott (Project Director)
Absent: A. Niles. J. Surace, T. Venning
III. Review & Approval of February 2023 Minutes: No comments or changes proposed to minutes.
A. Church made motion to approve. R. Monteverde seconded. All members approved with ayes, none opposed.
IV. Review of February 2023 Financial Report review and approval: J. Welles reported combined
income of $305,000 for the month. Including Phase I disbursement ($50,000) and the sale of 150 Lander St ($255,000) on Feb. 23 January. LBI Phase II application submitted on March 13 for up to $2M in capital projects with 5% program delivery fee or $95,250. Expect to hear from NYS HCR in mid-April, following the meeting of their Review Committee, on the size of the award and more details.115 Lander has new found a new lender, Ulster Savings Bank. The property needed a new appraisal for the loan that took place on March 8. A. Morales made the motion to approve February financial report. A. Church seconded. All members approved with ayes, none opposed.
V. Review of FY2023 Budget of $2,219,200. More capital projects but lower costs for staff salaries, due
to smaller workforce. Legacy Cities project and LBI Phase II grant of up to $1.9 Million will begin next fiscal year. City is assembling tax foreclosure list. NYS legislatature is considering legislation changes to in-rem foreclosure process to avoid potential of takings actions. Three-way sales are a tool used to avoid foreclosure and recoup some equity. City’s current policy is to sell directly, not at auction. J. Sidd commented that he would advise municipalities to avoid the superbid clause when disposing of foreclosed properties. City may move to place foreclosed properties in LB portfolio if changes materialize. R. Monteverde asked LBI Phase II ($2M) guaranteed. J. Welles replied, it is not guaranteed but some level of funding is expected. A. Church made a motion to approve the proposed budget. A. Morales seconded. All members approved with ayes, none opposed.
VI. Audit Committee. A. Morales reported that the committee met. A. Niles led the review of the draft
Audit, and did not observe any outstanding items. The committee has recommended
approval based on satisfactory review and a limited time frame to deliberate further. J. Welles
reported that the committee also discussed releasing an RFP for a new auditor, staring July 1, or next fiscal year. RFP has been drafted can be ready to be released in April or May. The draft has been shared with the audit committee.
VII. Land Bank Phase II funds are proposed to fill gap in Legacy Cities project, acquire Lander Street lots
(Holy Deliverance) and complet predevelopment work for 72-76-78 Lander St (Restore NY), complete repairs at 128 Dubois and stabilize and abate 44 S Miller St., in addition to funding lead and asbestos abatement for (3) Third Street properties that Habitat for Humanity recently acquired.
B. Property Related Matters
I. New development/in progress:
1. Legacy City funding- homeownership project-update: Orange County received guidance from HUD that use of NSP funding for Legacy Cities was eligible according to their legal review team. CPC will host weekly closing calls for the loan will beginning Thursday afternoon until deal is complete, which is anticipated for mid-May.
2. 37 Chambers- Church of Holy Deliverance acquisition update: Need boundary line agreement and affidavit from abutting property owners. In process.
3. 143 Washington- update: BJH applied to the NYS ESD Momentum Fund for gap financing.
II. Sales/NCLB Development Projects:
1. House to Home: 115 and 150 Lander –updates: 150 Lander closed on Feb. 23. J. & T. Williams are working with PathStone and RDAC. Several grants have been approved to cover down payment. After challenges were encountered with original lender, buyers changed to Ulster Savings with better terms.
C. Other – Meeting adjourned at 12:26p
D. Executive Session - No Executive SessionE. Next Meeting: April 19, 2023 at 11:30am