BOARD OF DIRECTORS MEETING MINUTES October 19, 2022
A. Organizational Matters
I. Call meeting to order – Meeting called to order at 11.30am by L. Daily
II. Attendance – L. Daily, J. Surace, Angelica, D. Potack, R. Monteverde (left meeting 12:44pm), A. Niles,T. Venning (arrived at 11:50am). Absent: A. Church, I. Hall
III. Review & Approval of August Minutes – D. Potack made a motion to approved as written, A. Niles seconded it. All approved via roll call, none opposed
IV. Review of August/Sept Financial Report review and approval – No meeting in September. J. Surance made a motion to approve August Financial Report. A. Morales seconded it. A. Morales mad a motion to approve September Financial Report. D. Potack seconded. All approved via show of hands.
V. HCR land bank funding update – Executive Director, J. Welles reported that NCLB was approved for $200,000 in first round of funding for operating costs. First $50,000 disbursement received. Anticipating release of RFPs from NYS HCR for project base funding, stabilization and other construction costs in next few months. The operating funds will be disbursed on a quarterly basis.
VI. Fundraising Committee report – Postponed fall fundraising activity to plan and prepare for Fundraiser in spring. Annual goal of $50 to $100k. D. Potack recommended leveraging relationship with hospital, Mount Saint Mary’s College and other business institutions etc. to increase fundraising revenue. Annual gifts from major donors need more lead time. L. Daily commented that this is an opportunity to set up infrastructure with help from consultants. D. Potack commented that the fundraising could support NCLB operations and that we can set goals to raise 25% of annual operating revenue, given the core operating costs are salaries for personnel. R. Monteverde asked for clarification about how Board members engage in fundraising to spread the word about the important work NCLB is involved with. Are we asking for sponsorships. D. Potack replied that the ask can be tailored to fit the donor, and that it is still taking shape. R. Monteverde expressed concern that NCLB fundraising efforts may target donors other Newburgh not-for-profits depend on for support. D. Potack commented that the consultants can help NCLB target a wider audience outside of Newburgh.
VII. RFP for Legal Services-Exec. Director, J. Welles reported on results of RFP. The BoD narrowed down the field to Hancock Estabrook and Goldstein Hall. She and L. Daily were directed by the BoD to ask follow up questions and make the final selection. Based on the responses to the follow up questions, Hancock Estabrook was selected based on breadth and depth of experience and NYLBA expertise.
VIII. Staffing updates: Akino Morgan, Administrative Manager, joined last week of September. E. Talbott promoted to Project Director. J. Welles proposed increase in NCLB contribution to employee insurance plan. Also, proposing employee dental policy offered through NYCON. Renewal is due in December.
B. Property Related Matters
I. New development/in progress:
1. Legacy City funding- homeownership project-update- J. Welles reported original project included 6 properties but 2 were dropped due to excessively high construction cost. Final slate includes 59 Lander (3 units), 63 Lander (3 units), 136 Lander (3 units), 39 S Miller (2 units) HCR is providing subsidy/grant funds and CPC is providing market rate construction loan and financing. Our codeveloper is Carlos Arturo Contracting who performed rehabs at 115 Lander and 150 Lander. Sales prices are estimated to be $298,000 for 2 units and $350,000 for 3 units. Homes will be affordable to 100% AMI and rental units will affordable to households earning 80% AMI.
2. Restore NY -72, 76, 78 Lander update - J. Welles reported we submitted application with the City of Newburgh for maximum funding request of $2M grant on October 11. The project includes a request for funding from HCR PLP but it is most likely we would need to partner with a developer to bring equity into the project. End user/owner to be determined.
3. 37 Chambers- Church of Holy Deliverance acquisition update- J. Welles reported that 3 buildable lots were created through subdivision on Lander St. Church has received approval to sale asset through NYS OAG. Balance of sales price due, $,6,500 was deposited for initial down payment in escrow 2 years ago. Prior discussions included approaching the city for the 2 abutting lots to assemble a total of 5 lots. Condo/co-op/townhouse homeownership opportunities are proposed
4. 143 Washington- update and decision – J. Welles reported that she received communication from the developer, BJH Advisors, about the project. Original plan included rehab of existing building and construction of new attached building. Due to high construction costs and rejection of Orange County HOME funding, they have proposed to purchase building at current appraised value and rehab existing building into market rate apartments. They eventually plan to develop the vacant parcel. L. Daily commented that the Board needs to take time to weigh the pros and the cons of the revised project before taking any additional action. II. Sales/NCLB Development Projects:
5. House to Home: J. Welles reported that viable applications for 115 Lander were received but no viable applications for 150 Lander were received. due Oct 12. R. Monteverde made a motion to move into Executive Session for the purpose of reviewing personal financial information of an applicant.
6. D. Potack made a motion to approve sale of 115 Lander to Tena Melvin and Joe Williams based on the applicant scoring criteria for evaluating applicants. R. Monteverde seconded it. All approved via roll call, none opposed
7. 34 and 38 Lander- MLS listings-update. J. Welles reported that closing is scheduled 10/20/22 for both properties. Anticipated combined net proceeds are about $200,000.
C. Other – D. Potack will not be at next meeting.BoD suggested to survey members about meeting
time preference – 8-9:30, 9:30-11, 11-12:30. D. Potack and J. Surace suggested overhead projector for mapping & speaker/microphone for meetings, 10 year update on NCLB target area, code violations, police and fire calls. Meeting Adjourned at 12:37pm
D. Executive Session: none
E. Next Meeting: November 16, 2022 at 11:30am