BOARD OF DIRECTORS MEETING MINUTES June 19, 2024
A. Organizational Matters
I. L. Daily called the meeting to order at 4:10p
II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Niles (Secretary) Carson Carter, Dion Duncan, Jeffrey Werner. Others Present: J. Welles (Executive Director) E. Talbott (Project Director) Absent: S Sargent, J. Sidd (Legal Counsel), T. Venning,
III. Review & Approval of May 2024 Minutes. No comments or changes proposed to minutes.
A. Church made motion to accept minutes as is. C. Carter seconded. All members approved via ayes with hands raised, none opposed.
IV. Review of May 2024 Financial Reports review and approval: J. Welles reported that value of properties is determined by either assessed value or grant funds invested. For month ending May 31, 2024 there is a net operating surplus. The donation of 238 First St valued at $375,000 resulted in the increase in net income. May 2024 Financial Reports were not approved with motion. All members approved with ayes and hand raises, none opposed.
V. Board member disclosures. Board members are required to fill out a conflict of interest, acknowledgement of fiduciary duty, City of Newburgh annual disclosure and complete ABO training.
VI. Hudson Valley Gives, May 15, 2024. J. Welles reported that for HV Gives Day that we received $4,400 of which, $2,400 was provided in matching funds from founding board member David Potack.
B. Property Related Matters
I. New development/in progress:
1. Legacy Cities: A. Construction update - Legacy Cities program update final electric, final plumbing and final sprinkler inspections remain at 59/63 Lander St @ 93%-95% completion. Anticipate calling for final inspections by the week of June 22. Final electric is complete, hot water units are slated to be installed along with gas meters next week. Water line has to be replaced at 59 Lander St. Excavation and street opening permit has been submitted. Rough plumbing work continues at 39 S Miller St, following the completion of structural stabilization of ground floor unit. (55% completion). At 136 Lander St, rough electric and plumbing is complete. HVAC line sets have to be installed.
B. Purchasers update: 59 Lander St – purchaser A. Abbott is in contract and both parties have executed Purchase & Sale agreement. Purchaser is working through process to obtain updated mortgage approval and grants for down payment assistance. 63 Lander St – the purchaser was selected by the board in January 2024. In June, we became aware that she was no longer in a financial position to follow through with the process, on a temporary basis, due to having to go on short term disability. As a result, the building will be offered to the runner up purchaser for 63 Lander St, Malachy Labrie-Cleary. Mr. Labrie-Cleary provided an updated mortgage approval letter on June 18, and reported that his household income increased slightly but is still within income limits. A. Church made the motion to offer 63 Lander St to M.Labrie-Cleary as the runner-up. C. Carter seconded it. All approved via ayes with hands raised, none opposed.
2. Land Bank Initiative – update on projects:
A. 44 S Miller St - QuES&T has proposed accessing building testing areas with aerial lift. RUPCO has been contacted to request permission to access via the neighboring properties. Working with QuE&T environmental consultants to test roof materials and interior walls and generate pre-renovation asbestos containing material survey for next steps, including abatement and removals. Also, enhanced sidewalk shed is proposed over sidewalk of 44 S Miller to provide overhead protection for pedestrians.
B. 143 Washington St – BJH has indicated that the finance closing will be complete by Fall 2024. BJH received updated construction costs via bids from contractors. Developers are using Small Building program (PLP) which recently updated its term sheet. Project is being analysed to ensure it can qualify for an additional $30,000/unit for clean energy upgrades. Applicant may need to return to ARC & PB to renew approvals.
3. Acquisitions –
a) Restore NY 72-76-78 Lander - subrecipient agreement and site development agreement are being developed by the City and hopefully presented to the City Council in July/August
b) 238 First St – acquired May 28, 2024. The property is assessed at $375,000 but may be inaccurate due to accessory building being counted as habitable units. The accessory units are in poor shape due to past fire event. We maintained the DAWGS account and kept the security panels in place on windows and doors due to nuisance activities
II. Sales/NCLB Development Projects:
1. 143 Washington St – BJH has indicated that the finance closing will be complete by Fall 2024. BJH received updated construction costs via bids from contractors. Developers are using Small Building program (PLP) which recently updated its term sheet. Project is being revised so that it can qualify for an additional $30,000 for clean energy upgrades. Applicant may need to return to ARC & PB to renew approvals.
2. 104 Washington St – Project was awarded NYS ESD Momentum Funding ($3.02M) and will be updated to comply with scope and intent of ESD momentum grant. The commercial component of project has increased substantially to comply with grant. Office space and light manufacturing are proposed. The applicant will have to return to the land use boards for revisions and approvals, including Architectural Review Commission. A. Church anticipates that Mistral will have approvals in place by Fall 2024. This property was already transferred to Mistral/104 Washington LLC in Dec 2021.
3. 10 Chambers – L. Daily contacted Assemblyman J. Jacobs to request help. NYSDEC said it wasn’t clear what property this request pertained to. NYSDEC requested a project number. A. Church and J. Welles provided the project number. L. Daily sent Assemblyman J. Jacobs with project number and then followed up with him the past week. No update yet.
4. 146 South – reverter action: Legal representation has not responded to requests for updates. J. Welles will work to resolve the impasse.
C. Other:
I. Update on 45A Lander St. There was a dispute between owner and close family member, and that individual was evicted.
D. Meeting adjourned at 5:05p. Motion made by A. Church, J. Werner seconded it. All approved with hands raised.
E. Next Meeting: July 17, 2024 at 4p