BOARD of DIRECTORS MEETING MINUTES November 20, 2024
BOARD OF DIRECTORS MEETING
MINUTES
November 20, 2024
A. Organizational Matters
I. L. Daily called the meeting to order at 4:13p
II. Attendance: L. Daily, (Chair) A. Church (Vice-Chair), A. Niles (Secretary), C. Carter, R. Monteverde, J. Werner; Others Present: J. Welles (Executive Director) E. Talbott (Project Director) J. Sidd (Legal Counsel) Absent: D. Duncan, S. Sargent, A. Schrijver, T. Venning (City Manager)
III. Review & Approval of October 2024 Minutes. J. Werner made motion to approve, A. Church seconded. All members approved with hand raises, none opposed.
IV. Review & Approval of November 2024 Financial Reports review: J. Welles reported that on November, 13, we closed on sale of 59 Lander St to Ashawna Abbott. The closing for 63 Lander St is scheduled for December 5. Released applications and advertising for next two LCAP properties for sale; 136 Lander St, and 39 S Miller St. The developer’s fee from these sales will pay off line of credit and other operating expenses. There is $133,000 balance remaining in Land Bank Initiative Phase I funding for fiscal year. LBI Phase 2 has a $1,445,000 balance remaining. With grant disbursements the month of October ended with $13,000 in the bank, and net operating income for the month, totaling $62,000. A. Church motioned to approve, and R. Monteverde seconded it. All approved, none opposed.
VI. Bank account update: David Potack, former Board member and Treasurer, has to be removed as signer from bank account at MHVFCU. A. Schrijver is currently serving as Treasurer and will be added. A vote and resolution are needed for the bank to make changes. A. Church motioned and C. Carson seconded it. All ayes, none opposed.
VII. Quorum check in for November 20 meeting – R. Monteverde may not be able to attend.
B. Property Related Matters
I. New development/in progress:
1. Legacy Cities:
a) Construction update - Legacy Cities program update. 59 Lander sold on November 13 and 63 Lander is scheduled to close on December 5. Applications to purchase 39 S Miller St and 136 Lander St are due December 1. The buildings are 90% complete. We held info session at our office on November 7 from 5:30-7pm with Eileen Clifford, Director, PathStone’s Homeownership Program, and four people attended.
b) Purchasers update: 63 Lander St – Closing scheduled for December 5.
2. Land Bank Initiative – update on projects:
A. 128 Dubois – RFP for framing repairs closed on Friday November 15. Jeff Wilkinson, R.A. will provide architectural and construction administration services. We have stamped plans from engineer, but he is not responsive to communication attempts. One bidder submitted a proposal. Lemle & Wolff from NYC. J. Welles worked with them previously in prior role in NYC on renovations of larger multifamily buildings. Lemle is currently co-developing a project with Newburgh Ministries and looking to increase presence in Hudson Valley, as 2 of their firm’s principals, as well as staff, live close to the City of Newburgh. They are based in the Bronx and own and manage a large portfolio of buildings in NYC, in addition to having 2 related construction companies. Total bid estimate was $128,000. A. Church motioned to accept bid, C. Carter seconded it. All approved, none opposed.
B. 44 S Miller St – Engaged Dynamix scaffolding company. Installation schedule to be determined by permitting timeline and other logistical factors.
C. 140 Chambers – RFQ response is due December 1o3. First walk through on November 8. Jeff Wilkinson, R.A. is the architect for project
3. Acquisitions –
a) Property disposition list from City of Newburgh – Vice Chair, A. Church commented that acquisition of 15 properties from the City will require a presentation to City Council and vote. Tentatively the first week of January. Ahead of presentation prepare to clarify the Land Bank’s intent for buildable lots and non-buildable lots included on the list. (# of lots buildable/ unbuildable?) City staff has also had questions for planning & development purposes. There have been discussions about activating lots with programming provided through a partnership with Greater Newburgh Parks Conservancy. A budget modification for Land Bank Phase 2 has been drafted for planning purposes to account for $515,000 acquisition cost. Discussion of adding 61 Campbell St (city-owned) to acquisition list to assemble with Restore NY properties on Campbell and Lander St.
II. Sales/NCLB Development Projects:
1. 143 Washington St – J. Welles reported BJH requested additional funds to fill development gap. Madeline Fletcher, NYS HCR, recommended waiting two weeks or so for new PLP term sheet because the per unit subsidy will be increased. Additionally, it is clear that more due diligence on the part of the applicant is required before finalizing Total Development Costs and underwriting.
2. 104 Washington St – Mistral is returning to all boards, ARC, ZBA and PB for modifications to proposed plans.
3. 10 Chambers – DEC Easement is outstanding. City understands process to request document but is not moving forward at this time
4. 146 South – reverter action: Issue with serving legal papers to purchaser at only known address
5. Lander Street Lots – not discussed
D. Meeting adjourned at 5:02p. C. Carter motioned, A. Church seconded it. All approved with ayes.
E. Next Meeting: December 18 2024, at 4p