BOARD OF DIRECTORS MEETING MINUTES May 15, 2024
A. Organizational Matters
I. L. Daily called the meeting to order at 4:04p
II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Niles (Secretary) Carson Carter, Dion Duncan, Sabrina Sargent, Jeffrey Werner. Others Present: J. Welles (Executive Director) E. Talbott (Project Director) John Sidd (Legal Counsel) Absent: R. Monteverde J. Surace, T. Venning,
III. Review & Approval of April 2024 Minutes. No comments or changes proposed to minutes.
A. Church made motion to accept minutes with necessary corrections. C. Carter seconded. All members approved via ayes, none opposed.
IV. Review of April 2024 Financial Reports review and approval: J. Welles reported net operating surplus. D. Duncan made a motion to accept April 2024 Financial Reports as presented. A. Niles seconded it. All members approved with ayes, 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 registered NCLB for this year’s with HV Gives Day. David Potack, former board member, offered $5,000 in matching funds from family foundation. HGV is supported by Community Foundation of Orange County.
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% completion. Anticipate calling for final inspections by the end of May if all goes well. HVAC, mechanical, electric and plumbing work continue at 136 Lander St and 39 S Miller St (@30% completion). Structural stabilization of ground floor unit 39 S Miller is nearly complete then rough framing and rough electric.
2. Land Bank Initiative – update on projects:
A. 44 S Miller St planning for this project continues. 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.
B. 128 Dubois update: NYS HCR SEQR environmental review is complete. The property is now eligible for capital expenditures. Need to create RFP for repairs and schedule bidding process and walkthroughs.
C. 72-76-78 Lander update: subrecipient agreement and Site Development Agreement in progress. City has proposed providing full transfer of property following the completion of improvements per conditions of agreement
D. 140 Chambers update: restarted environmental review. Contacted NYSHPO to continue consultation process. Need to generate rough framing/stabilization plan for 2024. ARC approval obtained previously.
E. 143 Washington update: NCLB committed $300,000 of LBI Phase 2 funds to developer BJH Advisors to cover financing gap. BJH is rebidding scope of work with contractors and began underwriting process with CPC. Applicant may need to return to ARC & PB to renew approvals.
3. Acquisitions update-
A. Restore NY project 72-76-78 Lander St. Phase 2 funds are allocated for environmental testing, abatement, structural stabilization and predevelopment costs. NYS ESD has indicated openness to extend grant term and availability of funds if progress is ongoing.
B. 238 First St- donation from NJ Community Capital- donation of property scheduled for May 28, 2024. This property may be renovated in a second round of Legacy Cities Access funding. Potential homeowner restrictions regarding this property due to previous participation in NYS funded foreclosure prevention program.
II. Sales/NCLB Development Projects:
1. 143 Washington- update: see above property related matters. Expect update on sales timeline in next few months as project moves forward.
2. 104 Washington – A. Church commented that ESD has rejected some applicants, but Mistral was still in the running. Also has a parallel funding opportunity with a local bank.
3. 10 Chambers – L Daily sent letter to Assemblyman J. Jacobs requesting help with contacting DEC for an update on environmental easement. R. Monteverde at past meeting expressed interest in contacting State Senator Rob Rollison.
4. 146 South St. –legal counsel began default proceedings.
C. Other:
I. Malachy Clearly – purchaser applicant commented to the board regarding the homebuyer application and selection process, and offered suggestions on how it may be improved.
II. Joseph Surace provided written notice of his resignation from the Board.
D. Meeting adjourned at 5:02p. Motion made by A. Church, J. Werner seconded it. All approved with hands raised.
E. Next Meeting: June 19, 2024 at 4p