BOARD OF DIRECTORS MEETING MINUTES November 15, 2023

A. Organizational Matters 

I. L. Daily called the meeting to order at 4:35p

II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Niles (Secretary), R. Monteverde,

 Others Present: J. Welles (Executive Director) E. Talbott (Project Director) Absent: J. Surace, A. Morales, T. Venning.

III. Review & Approval of October 2023 Minutes No comments or changes proposed to minutes.                    

A. Church made motion to accept as presented. A. Niles seconded. All members approved by hand raise, none opposed.

IV. Review of October Financial Reports review and approval: Early November received $25,000 grant from Dyson Foundation for 2 years ($25,000 per year) for Newburgh Legacy Cities program. A. Church made a motion to accept as presented.  L Daily seconded it. All members approved with ayes, none opposed.

V. FY 2023 Audit is completed. Executive summary received but auditor didn’t schedule a time to review results with the board (to be set up for 2024). Highlights include the corporations net position decreased by $679,000. Corp disposed of 5 properties at $1.2 million. A Niles made a motion to approve the audit. A. Church seconded it. All 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, at more than 50% completion.  J. Welles reported that construction continues moving ahead at a good pace.  Rough framing and rough electric inspection are complete. Rough plumbing inspection will occur when gas lines and meter are installed. Firestopping and insulation inspections are next. Two applicants have been identified that are mortgage ready. The application deadline for these properties is December 31, 2023. A mass mailer has been sent to targeted mail routes to further promote this homeownership opportunity in the surrounding neighborhood. Members preliminarily reviewed applicants and will be making decisions in the new year.

2.     Land Bank Initiative: Staff released an RFP for Environmental Services on 11/04 seeking qualified environmental consultants to provide Phase I ESAs and Asbestos surveys and limited lead-based paint screenings for several properties, including vacant lots 35-37-39-41-43 Lander and existing buildings at 72-76 and 78 Lander . Applicant responses are due by 12/04, and the award notification will take place following review and selection at the January board meeting.

3.     Acquisitions from the City of Newburgh

A.  Lander St. lots:  35-37-39 (from church). 41-43 (from City) – Closed on purchase of 35-37 and 39; License Agreement executed with the City of Newburgh for 41-43 Lander.  Staff engaged Open Structure, LLC (f.k.a. YSDM) to perform site analysis and massing study.

B.     Restore NY project: 72-76-78 Lander. Awaiting approval of Site Development Agreement with City of Newburgh to be finalized and executed.

 II. Sales/NCLB Development Projects: 

1.     143 Washington- update: J. Welles had conversation with M. Meola to discuss possibility of passing through fund from LBI Phase II to fill funding gap. According to M. Meola the ask would be greater than $400k due to increasing costs associated with construction lending rates.

2.     10 Chambers - still awaiting environmental easement to be issued by NYS DEC for this property (as part of the remediation done at 151 Liberty). Board members floated the idea of contacting U.S. Representative Jonathan Jacobson for constituent services.

3.     104 Washington- Mistral applied for NYS ESD Midhudson Momentum Fund grant to cover financing gap. Update anticipated by January 2024 meeting. 

A.     Executive Session – no session

 B.     Meeting adjourned at 5:11p. Motion made by A. Church, all approved with ayes via roll call.

C.     Next Meeting:  January 17, 2024 at 4p