BOARD OF DIRECTORS MEETING MINUTES October 18, 2023
A. Organizational Matters
I. L. Daily called the meeting to order: Meeting called to order at 4:08p
II. Attendance: L. Daily (Chair), A. Church (Vice-Chair), A. Niles (Secretary), R. Monteverde, J. Surace
Others Present: J. Welles (Executive Director) E. Talbott (Project Director) Absent: A. Morales, T. Venning,
III. Review & Approval of September 2023 Minutes No comments or changes proposed to minutes.
A. Church made motion to accept as presented. R. Monteverde seconded. All members approved with ayes, none opposed.
IV. Review of September Financial Reports review and approval: Land Bank Initiative Phase I renewal and funding received at end of September. J. Surace made a motion accept as presented. A. Church seconded it. All members approved with hands raised, none opposed.
V. FY 2023 Audit is completed. Due on Sept. 30. No executive summary received to date.
VI. Homeownership Expo on October 25, 2024 at Newburgh Recreational Center.
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 a good pace. Firestopping is the next inspection. Rough electric inspection is complete. Marketing for the homes continues on the website. One buyer has been identified. An info session for prospective buyers was held at the on October 11, with 7 persons attending. NCLB will also participate in a Homeownership Expo with PathStone and Habitat for Humanity on October 25.
2. Land Bank Initiative: LBI Phase I funds for operating costs was renewed for another $200,000 for Year 2. Drawdown on Phase II funds for project costs continues with soft costs disbursed for Legacy Cities building permits and the acquisition of the Holy Deliverance lots (37 Chambers), while working our way through the environmental review process.
3. Acquisitions from the City of Newburgh
A. Lander St. lots: 35-37-39 (from church). 41-43 (from City) – Closing scheduled for October 26. Awaiting executed license agreement approved at September’s City Council meeting for the city-owned lots. Engaged Open Structure, LLC (f.k.a. YSDM) to perform site analysis and massing study.
i) Discussion by Board members on proposed housing types for vacant lots, including condominiums and cooperatives (e.g. co-ops are creatures of downstate NY and condos are a creature of upstate NY.) Largely the same type but legal distinctions reside in between. Definition: co-op you own a right to a share of real estate and in condo you own your unit.
ii) Land Trusts: R. Monteverde commented why not explore this option. Organizational capacity and continuity and succession of operations needs to be part of sustainable organization. Most successful land trusts have been founded by grass roots organization.
iii) Condos: assessed values of individual units are limited by the total assessed value of entire complex or development. B. Restore NY project: 72-76-78 Lander. Awaiting approval of Site Development Agreement to be finalized and executed.
II. Sales/NCLB Development Projects:
1. 143 Washington- update: J. Welles participated in a conference call with E. Dahl of M&T Bank and BJH Principals to discuss viability of Federal Home Loan Bank of NY grant for gap financing. Application unlikely to be funded due to nature of scoring for LMI project in majority LMI census tract. Potential to pass through LBI Phase II funding to BJH for gap financing. Board members asked if there was any admin fee that can be obtained for the use of funds. NYS HCR has given initial blessing for reallocation of funds.
2. 10 Chambers - still awaiting environmental easement to be issue by NYS DEC. 151 Liberty, adjacent lot has not received easement either. 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 December 2023 meeting.
A. Artist in Vacancy– 39 S Miller St: Open Studio weekend was successful and well attended. Private showings by appointment into November.
B. Executive Session called at 5:00p to discuss employment compensation.
C. Return to public meeting at 5:06. A. Church made motion increase salary for Executive Director by 3% each year over the prior 4 years. And motion to increase salary for Project Director by 3% for one year. J. Surace seconded the motion. All approved via roll call, none opposed.
D. Meeting adjourned at 5:11p. Motion made by A. Church, all approved with ayes via roll call.
E. Next Meeting: November 15, 2023 at 4p