BOARD OF DIRECTORS MEETING MINUTES August 16, 2023
A. Organizational Matters
I. Call meeting to order: Meeting called to order at 4:06p
II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Morales, A. Niles (Secretary), R. Monteverde, J. SuraceOthers Present: J. Welles (Executive Director) J. Sidd (Hancock Estabrook), E. Talbott (Project Director) Absent: A. Morales, , T. Venning
III. Review & Approval of June 2023 Minutes No comments or changes proposed to minutes.
A. Church made motion to accept as presented. A. Niles seconded. All members approved with ayes, none opposed.
IV. Review of June & July 2023 Financial Reports review and approval: J. Welles reported that
June 2023, the last month of the fiscal year, ended with net income of $63,554 but in the red over the year due to Release of Property Value at sale construction renovation expenses are recorded as an expense or loss. The June Financial Statement provides cumulative annual expenses and revenues for the year. Year-end assets are valued at $811,047. A. Church made the motion to approve June and July financial reports. J. Surace seconded it. All members approved with ayes, none opposed.
B. Property Related Matters
I. New development/in progress:
1. Legacy Cities update: 59 Lander & 63 Lander are under construction. Demolition is complete and rough framing is at 80% of completion. Both buildings required 90-100% joist replacement, and structural tiebacks necessary to stabilize integrity of structure. Initial inquires and interest received from potential buyers and the public about the homeownership program. City of Newburgh. Legacy Cities homeownership sign-up link will launch in early September. City of Newburgh has down payment assistance for first time homebuyers, $5,000. (verify). Eileen Clifford, PathStone, can guide purchasers to down payment assistance and grants.
2. 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. Capital activities can’t commence until the site specific environmental review is complete. Non-capital activities, including pre-development actions, require a simpler programmatic review. First activities planned will be emergency repairs at 44 S Miller, acquisition of Lander St lots, and non-capital activities for Legacy Cities and Restore NY properties. LBI Phase I funds will be renewed in Summer 2023 for $200,000 for 1 year, 3 year total term.
3. Acquisitions from the City of Newburgh
A. Lander St. lots: 35-37-39 (from church). 41-43 (from City) - The Sanchez’s signed the boundary line agreement but the TP-584 needs to be signed by both owners. Vice-Chair Church stated there are maintenance issues associated with the lots but that Holy Deliverance claimed that NCLB owned land . There is only a contract for sale at this point. Next week, Planning & Development is meeting with Corporation Counsel to discuss how real estate transfers are going to be handled and how tax foreclosed properties will be disposed.
B. Restore NY project: 72-76-78 Lander (Resolution authorizing Site Development Agreement with City) – City is proposing license agreement and site development agreement (SDA) that lays out the terms and conditions of the agreement including number of units, and levels of affordability. Pre-development work can proceed including environmental testing, engineering and stabilization.
C. Resolution to acquire properties was approved. J. Surace made the motion to approve. A. Niles seconded it. All members approved via roll call. R. Monteverde recused herself from the vote on the resolution. Project is looking for financing to fill $400,000 gap.
II. Sales/NCLB Development Projects:
1. 143 Washington- update; BJH returned to ARC for change in design to building, including changing the position of a front entrance door.
2. 10 Chambers- awaiting environmental easement to be issue by NYS DEC
3. 143 Washington- Phillipe applied for NYS ESD Momentum grant funding.
C. Other - Meeting adjourned at 4:48pm. Motion made by L. Daily, all approved
D. Executive Session
E. Next Meeting: September 20, 2023 at 4pm