BOARD OF DIRECTORS MEETING MINUTES October 16, 2024
BOARD OF DIRECTORS MEETING
MINUTES
October 16, 2024
A. Organizational Matters
I. L. Daily called the meeting to order at 4:13p
II. Attendance: L. Daily, (Chair) A. Niles (Secretary), C. Carter, R. Monteverde, J. Werner Others Present: J. Welles (Executive Director) E. Talbott (Project Director) J. Sidd (Legal Counsel) Dave Gabel (Auditor, EFPR Group), Kei Hayashi (BJH, Partner), Michael Meola (BJH, Partner) John Powell (BJH’s Architect) Absent: A. Church (Vice-Chair), S. Sargent, A. Schrijver, T. Venning (City Manager)
III. Review & Approval of September 2024 Minutes. J. Werner made motion to approve, C. Carter seconded. All members approved with hand raises, none opposed.
IV. Review & Approval of September 2024 Financial Reports review: J. Welles reported that September ended net positive at $47,000 in bank account. There is $133,000 remaining Land Bank Initiative Phase I funding for fiscal year. LBI Phase 2 has a $1,490,000 balance remaining. With grant disbursements, the month of September ended net income of $117,000.
V. Review Draft Audit FY24L – David Gabel, Director, EFPR Group, presented financial audit result for fiscal period ending June 30, 2024. Field work began 9/23 and draft financial statement issued 10/3. The financial results are an unmodified audit opinion of financial statements. Highest level of assurance that can be given, it’s a clean opinion, no issues. Overall total assets increased $547,000 over the prior fiscal year. Liabilities increased by $1.7 million due to construction loans used to improve properties for sale. No issues were discovered. D. Gabel requested, if BoD approves audit results, an email accepting results, at which point he will issue the final report to board. C. Carter motioned to approve draft audit, as-is. A. Niles seconded it.
VI. Archtober Festival - Lander Street Walking tour: J. Welles reported NCLB co-hosted two events over weekend. On Friday, we coordinated with Fullerton to host CPC’s ACCESS incubator program with guest speakers from CPC. On Sunday October 6th, NCLB and RUPCO led a coordinated tour of Lander Street to view the impact we have had in the neighborhood. Signs and banners were placed along the route at previous and current land bank properties. A pamphlet with map highlighting 95 total units created on the street was given to participants. The tour visited 59 Lander Street, a recently renovated NCLB property, and 136 Lander an in-progress renovation and for sale in our House to Home program. Lastly we visited 121 Lander St., a former land bank-owned property, rehabilitated by our current GC, Carlos Carbonero, Sr.. The tour ended at Highpoint Church, with a welcome and remarks by Melanie Collins of BLK Hudson and LYNC Community, and cupcakes made by Hudson Cheesecake, a locally owned baker with storefront at the Highpoint campus.
VI. BJH 143 Washington St. – M. Meola presented overview of project of rehab of 143 Washington and new construction to create 15 residential units (no commercial), 100% affordable at 50% and 65% AMI (5 units supported through ESSHI, in partnership with the Osborne Association). BJH is a MWBE certified business, and an emerging developer. The project goals, design, social services, project schedule, sources and uses/funding request were discussed. Highly energy efficiency proposed, all electric (no gas), air source heat pumps for heat & domestic hot water, and high R values. Approved by SHPO and NPS Historic Tax Credits (local ARC and Planning Board approvals granted). Four units on each floor except, except ground floor that has 3 units. Walk-up building, ground floor has accessible units. Proposed closing on construction loan in Q1 2025. With a 14-18 months construction timeline and lease up 2026. Osborne with offices in Newburgh, will provide services to residents of ESSHI supported units. Request for $637,998 in Land Bank Initiative Funds. BJH re-bid the project multiple times, construction costs have increased significantly. Recently qualified for NYS Clean Energy Initiative funds. Developer has contributed $200,000 in equity with another $400,000 committed to project. Trying to incorporate solar panels into the project.
VII. Quorum check in for November 20 meeting –
B. Property Related Matters
I. New development/in progress:
1. Legacy Cities:
a) Construction update - Legacy Cities program update. 59/63 Lander St complete.
b) Purchasers update: 59 Lander St – working towards closing and schedule dates.
2. Land Bank Initiative – update on projects:
A. 44 S Miller St – update next month
B. Third Street – update next month
C. 143 Washington St –
3. Acquisitions –
a) Restore NY 72-76-78 Lander- update next month
b) Property disposition list from City of Newburgh - update next month
II. Sales/NCLB Development Projects:
1. 143 Washington St – update next month
2. 104 Washington St –
3. 10 Chambers – update next month
4. 146 South – update next month
5. Lander Street Lots – update next month
6. Proposed Partnership with Greater Newburgh Parks Conservancy – In coordination with Kathy Lawrence and the Environmental Justice Fellow, on October 19, we are planting two large caliper trees, and forty perennials is planting strip at 59 Lander St and 63 Lander St.
C. Other:
I. Executive Session – Made motion to enter Executive Session to discuss the employment history of (2) particular individuals. Proposed 3% salary increases for Jennifer Welles, Executive Director, and Eric Talbott, Project Director. And a $68 per month increase for health insurance subsidy. L. Daily motioned and C. Carter seconded it. All approved, none opposed.
D. Meeting adjourned at 5:25p. R. Monteverde motioned to adjourn, and J. Werner seconded it. All approved with ayes.
E. Next Meeting: November 20, 2024, at 4p