WEBVTT 1 "jspaeth@cityofutica.com" (4191794176) 00:00:03.119 --> 00:00:09.329 Okay, go ahead. Then do the 1st Nope, that's it later. 2 "jspaeth@cityofutica.com" (4191794176) 00:00:09.329 --> 00:00:20.370 Later bye as I said, so good enough. Okay. Yeah. Uh, you know. 3 "jspaeth@cityofutica.com" (4191794176) 00:00:20.370 --> 00:00:28.200 What I see, we're training, uh, meeting to order approval minutes September 72022andgeta motion. 4 "jspaeth@cityofutica.com" (4191794176) 00:00:28.200 --> 00:00:31.980 I will do the minutes 2nd all in favor. 5 "jspaeth@cityofutica.com" (4191794176) 00:00:31.980 --> 00:00:35.220 So, moved workspace. 6 "jspaeth@cityofutica.com" (4191794176) 00:00:35.220 --> 00:00:39.150 Okay um, Laura, do you want to. 7 "jspaeth@cityofutica.com" (4191794176) 00:00:39.150 --> 00:00:49.680 Oh, sure. So 1st, you're considering a Super resolution. The city of Utica planning board was lead agency for the seeker review. Um. 8 "jspaeth@cityofutica.com" (4191794176) 00:00:49.680 --> 00:00:53.400 They found it a type 1 action so the agency. 9 "jspaeth@cityofutica.com" (4191794176) 00:00:53.400 --> 00:00:58.560 Which is without the findings, and the determinations that the lead agency made. 10 "jspaeth@cityofutica.com" (4191794176) 00:00:58.560 --> 00:01:03.600 Okay, I'm going to get a declaration. Hey, can I get a motion? 11 "jspaeth@cityofutica.com" (4191794176) 00:01:03.600 --> 00:01:08.700 2nd, all in favor. 12 "jspaeth@cityofutica.com" (4191794176) 00:01:08.700 --> 00:01:14.010 Post anything else with our space. 13 "jspaeth@cityofutica.com" (4191794176) 00:01:14.010 --> 00:01:27.030 Consider final authorizing resolution relating to the Artspace law Artspace, Utica loft LLC facility. 14 "jspaeth@cityofutica.com" (4191794176) 00:01:27.385 --> 00:01:34.465 Authorizing financial assistance, in the form of reduction of real property tax for a period of 32 years valued at 6,000,845 270,000 dollars, 15 "jspaeth@cityofutica.com" (4191794176) 00:01:34.495 --> 00:01:49.105 which is a deviation from the agency's uniform tax exemption policy and approving the form and execution of related documents on the agency standard form. And subject to council review. documents on the agency standard form and subject to council review 16 "jspaeth@cityofutica.com" (4191794176) 00:01:49.440 --> 00:02:00.240 The agency conducted a public hearing on September 21st, 2022, and male deviation notices to the texting jurisdictions on September 27th, 2022. 17 "jspaeth@cityofutica.com" (4191794176) 00:02:00.240 --> 00:02:10.080 Your apartment there Mark sneaking up on it. Yeah. Perfect. My artistry. 1st. Were there any comments? 18 "jspaeth@cityofutica.com" (4191794176) 00:02:13.855 --> 00:02:27.085 You might just be and there was no, there was no comments at the local public hearing. Okay. Can I get a motion? Okay. 19 "jspaeth@cityofutica.com" (4191794176) 00:02:27.775 --> 00:02:39.295 2nd all in favor both 268. uh, I had sent a letter to everyone from, uh, 268 requesting. from uh two hundred and sixty eight requesting 20 "jspaeth@cityofutica.com" (4191794176) 00:02:40.080 --> 00:02:51.450 Pension of their tax exemption going out to December 31st 2022. again reason for is they had some outdoor. 21 "jspaeth@cityofutica.com" (4191794176) 00:02:51.450 --> 00:02:56.340 Uh, exterior improvements that needed to be addressed. 22 "jspaeth@cityofutica.com" (4191794176) 00:02:56.340 --> 00:03:01.860 And, um, again, it's, uh, I think, like, so. 23 "jspaeth@cityofutica.com" (4191794176) 00:03:01.860 --> 00:03:06.570 5 months of of extension. 24 "jspaeth@cityofutica.com" (4191794176) 00:03:07.890 --> 00:03:13.740 Deal with conflict there. Yup. I forget the last 1. 25 "jspaeth@cityofutica.com" (4191794176) 00:03:13.740 --> 00:03:20.700 Yeah, 20 to well, this is 1 of the Kobe deals. I mean, this original exemption. 26 "jspaeth@cityofutica.com" (4191794176) 00:03:20.700 --> 00:03:23.790 Was granted into July 2019? 27 "jspaeth@cityofutica.com" (4191794176) 00:03:23.790 --> 00:03:28.530 And then it was extended, right? 28 "jspaeth@cityofutica.com" (4191794176) 00:03:30.840 --> 00:03:45.540 That Linda's point, why did we need another 5 months? Um, again, just what they have here is just, um, outside work to be done, uh, roofing, exterior, renovations, parking, lots. 29 "jspaeth@cityofutica.com" (4191794176) 00:03:45.540 --> 00:03:54.240 Things they just didn't do early this morning saving. Oh, they were still working area? Yeah, I didn't see anything. 30 "jspaeth@cityofutica.com" (4191794176) 00:03:57.720 --> 00:04:00.750 I have a conflict, so I can't oh, I'll move on. 31 "jspaeth@cityofutica.com" (4191794176) 00:04:02.070 --> 00:04:06.930 Oh, hi. po's doable. 32 "jspaeth@cityofutica.com" (4191794176) 00:04:06.930 --> 00:04:16.830 Stone road associates Berstein road associates are workload conditions. That's looking Dixon. They are working on punch list items. 33 "jspaeth@cityofutica.com" (4191794176) 00:04:16.830 --> 00:04:20.520 For the building. 34 "jspaeth@cityofutica.com" (4191794176) 00:04:20.520 --> 00:04:25.260 They were, there were their exemption was a. 35 "jspaeth@cityofutica.com" (4191794176) 00:04:25.260 --> 00:04:28.469 Expired July 22nd, 2022. 36 "jspaeth@cityofutica.com" (4191794176) 00:04:28.469 --> 00:04:32.279 And they are likewise looking for. 37 "jspaeth@cityofutica.com" (4191794176) 00:04:32.279 --> 00:04:42.299 Now, let's see here I'm sorry until December 31st, right? 38 "jspaeth@cityofutica.com" (4191794176) 00:04:44.309 --> 00:04:48.119 When it takes part, um. 39 "jspaeth@cityofutica.com" (4191794176) 00:04:49.349 --> 00:04:54.299 July 22nd, uh, 4,022. 40 "jspaeth@cityofutica.com" (4191794176) 00:04:54.299 --> 00:04:57.929 Justified they just I'm sorry you just. 41 "jspaeth@cityofutica.com" (4191794176) 00:04:57.929 --> 00:05:01.499 Request for the extension. Uh, correct. 42 "jspaeth@cityofutica.com" (4191794176) 00:05:01.499 --> 00:05:06.539 They they figured that they would have been done by now. 43 "jspaeth@cityofutica.com" (4191794176) 00:05:06.539 --> 00:05:10.499 But they had a few change orders at the end and we're looking to to. 44 "jspaeth@cityofutica.com" (4191794176) 00:05:10.499 --> 00:05:14.459 Extend the sales tax, because it. 45 "jspaeth@cityofutica.com" (4191794176) 00:05:14.459 --> 00:05:20.129 Be relatively substantial and backdating those approvals. 46 "jspaeth@cityofutica.com" (4191794176) 00:05:20.129 --> 00:05:24.359 That is that is allowed? Yes. Okay. Okay. 47 "jspaeth@cityofutica.com" (4191794176) 00:05:24.359 --> 00:05:30.209 I am moving very good. Well, favor both. 48 "jspaeth@cityofutica.com" (4191794176) 00:05:30.209 --> 00:05:33.209 To move to 11 made. 49 "jspaeth@cityofutica.com" (4191794176) 00:05:39.449 --> 00:05:42.659 I mean, um, we heard too. 50 "jspaeth@cityofutica.com" (4191794176) 00:05:43.799 --> 00:05:58.464 Consider a final authorizing resolution relating to the 301 main street holdings facility, authorizing financial assistance in the form of exemptions from sales tax valued at 1,023,000 dollars. at forty eight thousand nine hundred and seventy five thousand dollars 51 "jspaeth@cityofutica.com" (4191794176) 00:05:59.519 --> 00:06:10.019 I'm sorry, those are switched around that should be mortgage tax valued at 48,000. okay. Yep. And then the exemptions from sales tax are increasing. Correct? 52 "jspaeth@cityofutica.com" (4191794176) 00:06:13.559 --> 00:06:20.219 Authorizing financial assistance in the form of exemptions from mortgage recording tax exemption. 53 "jspaeth@cityofutica.com" (4191794176) 00:06:20.514 --> 00:06:29.274 Valued at 118,975 dollars exemptions from sales tax, which are the value increased upon the request from 655,000 dollars to 350,000 dollars. 54 "jspaeth@cityofutica.com" (4191794176) 00:06:29.604 --> 00:06:36.354 upon the request from thirty thousand six hundred and twenty five thousand dollars to three hundred and fifty thousand dollars 55 "jspaeth@cityofutica.com" (4191794176) 00:06:37.464 --> 00:06:50.244 In reduction of real property tax for a period of 12 years valued at 40,451,080 dollars, which is a deviation from the agency's uniform tax exemption policy and approving the form and execution of related documents. 56 "jspaeth@cityofutica.com" (4191794176) 00:06:50.244 --> 00:07:04.944 All in the agency standard form and subject to council review the agency. Conducted a public hearing on April, 19, and delivered deviation notices to the taxing jurisdictions on October 25th. deviation notices to the taxing jurisdictions on october twenty five th 57 "jspaeth@cityofutica.com" (4191794176) 00:07:05.159 --> 00:07:08.939 2022 to which there was no comment at the public hearing. 58 "jspaeth@cityofutica.com" (4191794176) 00:07:11.069 --> 00:07:18.179 The children it is, the children's museum building, correct? If you recall they will have, uh. 59 "jspaeth@cityofutica.com" (4191794176) 00:07:18.179 --> 00:07:21.899 Uh, market rate apartments up on the upper floors. 60 "jspaeth@cityofutica.com" (4191794176) 00:07:21.899 --> 00:07:24.989 And then a restaurant down the 1st floor. Yeah. 61 "jspaeth@cityofutica.com" (4191794176) 00:07:26.304 --> 00:07:39.834 So, I just wanted to add to that. You have a request to accept an amendment to their application there was a clerical error on the sales tax calculation. So, there was not a change in the project. They just simply calculated the sales tax wrong. 62 "jspaeth@cityofutica.com" (4191794176) 00:07:40.104 --> 00:07:48.984 So that's why there's a jump from 30,000 to 350,000 dollars, right? Right, right. You talk about, right? So. you talk about right so 63 "jspaeth@cityofutica.com" (4191794176) 00:07:56.009 --> 00:08:10.014 So I'm saying, because the value of the additional financial assistance is more than 100,000 dollars, the agency will need to conduct a 2nd public hearing to approve this jump in the financial assistance. Um. 64 "jspaeth@cityofutica.com" (4191794176) 00:08:10.014 --> 00:08:11.754 assistance um 65 "jspaeth@cityofutica.com" (4191794176) 00:08:12.179 --> 00:08:24.509 They are planning on closing in the next week, but this won't hold up a closing. You just can't issue the additional sales tax exemption until after a public hearing is conducted. So. 66 "jspaeth@cityofutica.com" (4191794176) 00:08:25.589 --> 00:08:28.649 All right, any questions that can I get a motion. 67 "jspaeth@cityofutica.com" (4191794176) 00:08:28.649 --> 00:08:35.519 Can you schedule the 2nd 3rd? No, no, no. Oh, yeah. Oh yeah. 68 "jspaeth@cityofutica.com" (4191794176) 00:08:35.519 --> 00:08:40.229 Oh, some of 3 go street. 69 "jspaeth@cityofutica.com" (4191794176) 00:08:40.229 --> 00:08:47.939 Okay, um, oh, so we go street uh, they. 70 "jspaeth@cityofutica.com" (4191794176) 00:08:47.939 --> 00:08:52.169 The value of the building that they are, uh. 71 "jspaeth@cityofutica.com" (4191794176) 00:08:52.169 --> 00:09:02.309 Building is the bank has deemed it to be worth more and higher appraisal value. So they are looking to increase the. 72 "jspaeth@cityofutica.com" (4191794176) 00:09:03.354 --> 00:09:17.664 Mortgage recording tax exemption, due to the increased mortgage from 80,750 to 2845. so consider on amendment to the final authorizing resolution relating to the 1002 us. We go street slash. the final authorizing resolution relating to the one thousand and two us we go street slash 73 "jspaeth@cityofutica.com" (4191794176) 00:09:18.029 --> 00:09:31.979 United all supply facility, authorizing an increase in mortgage recording tax exemption from 18,750 to 28,545 dollars and approving the form and execution of related documents. 74 "jspaeth@cityofutica.com" (4191794176) 00:09:33.959 --> 00:09:39.239 Okay, so, I think taking a larger larger mortgage and going there. 75 "jspaeth@cityofutica.com" (4191794176) 00:09:39.239 --> 00:09:43.499 Original equity out I believe so yeah. 76 "jspaeth@cityofutica.com" (4191794176) 00:09:43.499 --> 00:09:51.089 Yeah, they're just getting finalizing their, you know, finishing what their, their construction, and just putting a regular mortgage on it. 77 "jspaeth@cityofutica.com" (4191794176) 00:09:51.089 --> 00:09:55.409 Oh, I didn't go mark that I think they called their equity. 78 "jspaeth@cityofutica.com" (4191794176) 00:09:55.409 --> 00:09:59.009 Equity short term financing. 79 "jspaeth@cityofutica.com" (4191794176) 00:09:59.009 --> 00:10:02.909 It's my guess, and if they can grab some out of there. Sure. 80 "jspaeth@cityofutica.com" (4191794176) 00:10:02.909 --> 00:10:06.719 They did submit a letter. 81 "jspaeth@cityofutica.com" (4191794176) 00:10:06.719 --> 00:10:12.599 Outlining, um, I did send it. Okay. Yeah, so. 82 "jspaeth@cityofutica.com" (4191794176) 00:10:12.599 --> 00:10:24.354 The sources of funds for the project cost, originally, the bank financing was going to be 2.5Million equity was 2Million. Now, bank financing is 3.8Million in equity is 716,000 dollars. So just shifting the significant change. Yeah. 83 "jspaeth@cityofutica.com" (4191794176) 00:10:24.354 --> 00:10:29.034 hundred and sixteen thousand dollars so just shifting the significant change yeah 84 "jspaeth@cityofutica.com" (4191794176) 00:10:37.589 --> 00:10:47.309 45 or so guess, is they. 85 "jspaeth@cityofutica.com" (4191794176) 00:10:47.309 --> 00:10:53.639 I know from prior life he appraisals came in late. When was it? The original. 86 "jspaeth@cityofutica.com" (4191794176) 00:10:54.984 --> 00:11:08.004 There's a lot of the costs are in the ground because of the Bromfield. So, in this case, it's probably as is as completed based on the new lease would be more because that'd be fine. That makes sense. 87 "jspaeth@cityofutica.com" (4191794176) 00:11:08.699 --> 00:11:12.239 All right. 88 "jspaeth@cityofutica.com" (4191794176) 00:11:12.239 --> 00:11:16.289 Yeah, I get a motion 2nd. 89 "jspaeth@cityofutica.com" (4191794176) 00:11:16.289 --> 00:11:20.609 All in favor. 90 "jspaeth@cityofutica.com" (4191794176) 00:11:20.609 --> 00:11:34.529 And the transaction is closing this week as well as the 311 main that you just tries to get in here. Before we go to the executive, he was about. 91 "jspaeth@cityofutica.com" (4191794176) 00:11:34.529 --> 00:11:38.879 Talking to us what we've done over there for me. 92 "jspaeth@cityofutica.com" (4191794176) 00:11:38.879 --> 00:11:42.119 June. 93 "jspaeth@cityofutica.com" (4191794176) 00:11:42.119 --> 00:11:46.979 Marin. 94 "jspaeth@cityofutica.com" (4191794176) 00:11:46.979 --> 00:11:52.139 So the gentleman right here. 95 "jspaeth@cityofutica.com" (4191794176) 00:11:53.369 --> 00:11:57.929 Yep. 96 "jspaeth@cityofutica.com" (4191794176) 00:11:57.929 --> 00:12:02.819 Checklist problem, it's a sign in for WI. Fi. 97 "jspaeth@cityofutica.com" (4191794176) 00:12:04.289 --> 00:12:10.049 Here, no, no, it should be on the bottom of your, uh, the agenda. 98 "jspaeth@cityofutica.com" (4191794176) 00:12:10.049 --> 00:12:13.709 Oh, there you go. Oh. 99 "jspaeth@cityofutica.com" (4191794176) 00:12:13.709 --> 00:12:17.219 All right Thank you. Yep. 100 "jspaeth@cityofutica.com" (4191794176) 00:12:17.219 --> 00:12:25.919 John, to see everyone. This is, uh, Bob Kelly. I'm sure that we, everybody knows him. 101 "jspaeth@cityofutica.com" (4191794176) 00:12:25.919 --> 00:12:38.219 Bob came to us a while ago and through people's 1st, and looking to totally rehab the chancellor. Uh. 102 "jspaeth@cityofutica.com" (4191794176) 00:12:38.219 --> 00:12:41.729 Street apartments and her chancellor apartments. 103 "jspaeth@cityofutica.com" (4191794176) 00:12:41.729 --> 00:12:53.939 And then also, the company is looking to purchase and do a big renovation to the former Wilco building on the corner of mock and broad. 104 "jspaeth@cityofutica.com" (4191794176) 00:12:53.939 --> 00:13:02.819 So with that, but I'm just kind of turn over review chancellor 1st so we call it impact you to get impacted. 105 "jspaeth@cityofutica.com" (4191794176) 00:13:02.819 --> 00:13:08.789 Multiphase endeavor that we're seeking to engage in that, uh. 106 "jspaeth@cityofutica.com" (4191794176) 00:13:08.789 --> 00:13:16.319 She's going to reposition our entire portfolio phase. 1 will be chancellor in the acquisition broad street. 107 "jspaeth@cityofutica.com" (4191794176) 00:13:17.459 --> 00:13:21.449 2, the 2 projects, it's estimated that about 75Million dollars. 108 "jspaeth@cityofutica.com" (4191794176) 00:13:22.829 --> 00:13:27.089 The other phase is, we're going to be tearing down all of our other units. 109 "jspaeth@cityofutica.com" (4191794176) 00:13:27.089 --> 00:13:34.169 Rebuild that so then it goes like Adrian Peters and. 110 "jspaeth@cityofutica.com" (4191794176) 00:13:34.169 --> 00:13:39.869 Can tell the 10 stores project. 111 "jspaeth@cityofutica.com" (4191794176) 00:13:39.869 --> 00:13:47.009 We'll rebuild well, but, uh, our mission is to try to change the living environment for the people that we serve. 112 "jspaeth@cityofutica.com" (4191794176) 00:13:48.959 --> 00:13:54.689 You know, or occupancy rates about 98.6% with large leading this. 113 "jspaeth@cityofutica.com" (4191794176) 00:13:54.689 --> 00:14:03.719 Going to the quality of the people that we are currently, sir, but try to bring up additional units. 114 "jspaeth@cityofutica.com" (4191794176) 00:14:03.719 --> 00:14:07.379 Into the foray for purposes of serving. 115 "jspaeth@cityofutica.com" (4191794176) 00:14:10.349 --> 00:14:14.159 So excited about it. 116 "jspaeth@cityofutica.com" (4191794176) 00:14:14.159 --> 00:14:18.839 So, chancellors at 93. 117 "jspaeth@cityofutica.com" (4191794176) 00:14:18.839 --> 00:14:25.079 Senior disabled project, it's probably a premier project. It's owned by the state of New York. 118 "jspaeth@cityofutica.com" (4191794176) 00:14:26.159 --> 00:14:29.519 What we're going to be acquiring title as part of this endeavor. 119 "jspaeth@cityofutica.com" (4191794176) 00:14:29.519 --> 00:14:34.739 State, um, so it'd be slowly owned by us, uh, as an entity. 120 "jspaeth@cityofutica.com" (4191794176) 00:14:34.739 --> 00:14:43.679 And they were going to run it from top to bottom, change the entire dynamic. So both the common space as well as the living spaces. 121 "jspaeth@cityofutica.com" (4191794176) 00:14:43.679 --> 00:14:51.779 Still remain on 93 and then Broadstreet it's going to be a 74 unit complex. 122 "jspaeth@cityofutica.com" (4191794176) 00:14:51.779 --> 00:14:56.759 24 units are going to come under the Empire State to support a housing initiative. 123 "jspaeth@cityofutica.com" (4191794176) 00:14:56.759 --> 00:15:00.989 So, they will be earmarked for youth and transition. 124 "jspaeth@cityofutica.com" (4191794176) 00:15:00.989 --> 00:15:15.449 We've been transition, serves those populations between 18 and 24. at least from an entry standpoint, they'll never age out of an apartment, but they have to be within the 824 in order to. 125 "jspaeth@cityofutica.com" (4191794176) 00:15:15.449 --> 00:15:21.059 Enter the units, and then the rest of the other 50 units are going to be served by whatever. 126 "jspaeth@cityofutica.com" (4191794176) 00:15:21.059 --> 00:15:32.219 Vulnerable population that we feel as a fit so provides us with flexibility to work with our community partners to assess the need within the community. 127 "jspaeth@cityofutica.com" (4191794176) 00:15:32.219 --> 00:15:35.909 We need those, so this is affordable. 128 "jspaeth@cityofutica.com" (4191794176) 00:15:35.909 --> 00:15:42.719 A housing endeavor, um, you know, it's going to be if you've gone through global. 129 "jspaeth@cityofutica.com" (4191794176) 00:15:42.719 --> 00:15:46.259 Pretty impressive project in last year. 130 "jspaeth@cityofutica.com" (4191794176) 00:15:46.259 --> 00:15:50.369 Were utilizing the same architected the global. 131 "jspaeth@cityofutica.com" (4191794176) 00:15:50.369 --> 00:15:54.359 So, it's going to be a lost style affordable housing initiative. 132 "jspaeth@cityofutica.com" (4191794176) 00:15:55.619 --> 00:16:04.559 I think at the end of the day or project. 133 "jspaeth@cityofutica.com" (4191794176) 00:16:05.154 --> 00:16:15.984 Um, for chancellor, considering considering inducement resolution, relating to the impact Utica Dash, Chancellor, broad 117, bleaker street facility, 134 "jspaeth@cityofutica.com" (4191794176) 00:16:15.984 --> 00:16:28.794 providing preliminary approval for financial assistance in the form of exemptions from sales tax value data 875,000 dollars and reduction of real property tax for a period of 33 years valued at 5,784,640 dollars, which financial assistance is a deviation from. 135 "jspaeth@cityofutica.com" (4191794176) 00:16:28.794 --> 00:16:34.554 million seven hundred and eighty four thousand six hundred and forty dollars which financial assistance is a deviation from 136 "jspaeth@cityofutica.com" (4191794176) 00:16:34.559 --> 00:16:40.379 The agency's uniform tax exemption policy, and authorizing the agency to conduct a public hearing. 137 "jspaeth@cityofutica.com" (4191794176) 00:16:41.489 --> 00:16:44.609 Okay, anybody have any questions or. 138 "jspaeth@cityofutica.com" (4191794176) 00:16:44.609 --> 00:16:52.139 What is the pilot? I have 1 question on the application financing funding. There was a 94% tax credit. 139 "jspaeth@cityofutica.com" (4191794176) 00:16:52.139 --> 00:16:55.169 What else what we, uh. 140 "jspaeth@cityofutica.com" (4191794176) 00:16:55.169 --> 00:17:04.494 There are several sources of funds that are utilized. Oh, that's the formula. That is non sources low income housing tax here for a reason. 141 "jspaeth@cityofutica.com" (4191794176) 00:17:06.114 --> 00:17:17.514 Well, now, that credit is going to provide these 15 given federal tax exemption so they, they, uh, 142 "jspaeth@cityofutica.com" (4191794176) 00:17:17.514 --> 00:17:24.864 advance the money and then they receive 15 years tax credits. It's a, um. 143 "jspaeth@cityofutica.com" (4191794176) 00:17:25.169 --> 00:17:29.339 Standard way in which affordable housing projects. 144 "jspaeth@cityofutica.com" (4191794176) 00:17:29.339 --> 00:17:35.189 Funded we get the tax rate, maybe against the 1 who sold this project. 145 "jspaeth@cityofutica.com" (4191794176) 00:17:35.189 --> 00:17:40.049 Probably 10 to 12Million dollars in advance through those amounts of tax credit. 146 "jspaeth@cityofutica.com" (4191794176) 00:17:40.049 --> 00:17:44.459 The rest of the money, as we pointed through silos at the state of New York has. 147 "jspaeth@cityofutica.com" (4191794176) 00:17:44.459 --> 00:17:57.479 For purposes of affordable housing, it's already been approved by standard. You have to go through the process. This has already been approved by the States. So we're gonna be closing in March of 2023. 148 "jspaeth@cityofutica.com" (4191794176) 00:17:57.479 --> 00:18:01.229 For both of them 1 project. 149 "jspaeth@cityofutica.com" (4191794176) 00:18:01.229 --> 00:18:04.349 So, they will be. 150 "jspaeth@cityofutica.com" (4191794176) 00:18:04.349 --> 00:18:07.709 Instruction to take place. 151 "jspaeth@cityofutica.com" (4191794176) 00:18:10.019 --> 00:18:23.999 Um, this, uh, we have 2 different. I got 2 different projects here. Chancellor is an existing facility. Um, so, uh, in talking with Bob, the, uh, the, uh. 152 "jspaeth@cityofutica.com" (4191794176) 00:18:23.999 --> 00:18:31.019 Request is 1% of usually we are at 7% of effective, gross income. 153 "jspaeth@cityofutica.com" (4191794176) 00:18:31.614 --> 00:18:41.904 This would be a 1% of effective, gross income. They already with most projects. They don't pay taxes at all. And this project has a cooperation agreement. 154 "jspaeth@cityofutica.com" (4191794176) 00:18:41.904 --> 00:18:54.174 I believe you call it with the city where they have been paying taxes for a number of years. So that is the request that they're making and my suggestion, if I will. will 155 "jspaeth@cityofutica.com" (4191794176) 00:18:54.449 --> 00:18:57.539 For this board to approve. 156 "jspaeth@cityofutica.com" (4191794176) 00:18:57.924 --> 00:19:08.244 Or, to consider broad street is a brand new from the standpoint of new construction to begin with. 157 "jspaeth@cityofutica.com" (4191794176) 00:19:09.084 --> 00:19:14.214 This will be a typical 7% of effective, gross income as we have with all all the other. other 158 "jspaeth@cityofutica.com" (4191794176) 00:19:15.029 --> 00:19:18.269 Pardon me? Affordable income. 159 "jspaeth@cityofutica.com" (4191794176) 00:19:18.269 --> 00:19:22.949 Uh, type of of houses housing, I should say. 160 "jspaeth@cityofutica.com" (4191794176) 00:19:24.479 --> 00:19:29.399 Double chancellors, I get a motion motion. 2nd. 161 "jspaeth@cityofutica.com" (4191794176) 00:19:29.399 --> 00:19:33.029 Sorry, hold favor both. 162 "jspaeth@cityofutica.com" (4191794176) 00:19:33.029 --> 00:19:39.359 Awesome yeah, no sorry. I'm sorry. 163 "jspaeth@cityofutica.com" (4191794176) 00:19:39.359 --> 00:19:44.129 Alright, boast pencil what's, um. 164 "jspaeth@cityofutica.com" (4191794176) 00:19:44.129 --> 00:19:47.909 Considerations for the deviation, um. 165 "jspaeth@cityofutica.com" (4191794176) 00:19:47.909 --> 00:19:58.889 Need for housing need for housing. The Utica housing study the housing study. It's an area that distressed their best area. 166 "jspaeth@cityofutica.com" (4191794176) 00:19:58.889 --> 00:20:04.739 Just new taxes, you know, increase taxes from what would be on the building in general. 167 "jspaeth@cityofutica.com" (4191794176) 00:20:04.739 --> 00:20:11.969 The backing you get into the other projects you talk about, how How's the transition. 168 "jspaeth@cityofutica.com" (4191794176) 00:20:12.474 --> 00:20:21.324 And we're already moving existing tenants. Where do you place them while you're going through your demo and reconstruction, which didn't fly on the wall of our board meeting? 169 "jspaeth@cityofutica.com" (4191794176) 00:20:25.584 --> 00:20:28.764 So, Chancellor, what we've done is, we've, um. 170 "jspaeth@cityofutica.com" (4191794176) 00:20:29.219 --> 00:20:35.309 We, as units have become Bake in the workplace last 6 months we've taken over here. 171 "jspaeth@cityofutica.com" (4191794176) 00:20:35.309 --> 00:20:41.549 So, we've created, well, you know, between space and chancellor, so we're gonna do internal relocation. 172 "jspaeth@cityofutica.com" (4191794176) 00:20:41.549 --> 00:20:44.579 We're going to renovate those 12 minutes. 1st. 173 "jspaeth@cityofutica.com" (4191794176) 00:20:44.579 --> 00:20:49.769 And then with people who've been really running, just 212 units of. 174 "jspaeth@cityofutica.com" (4191794176) 00:20:49.769 --> 00:20:57.809 What's the next 18 months as it pertains to for example phase 2, which is 350 units at the. 175 "jspaeth@cityofutica.com" (4191794176) 00:20:57.809 --> 00:21:01.139 Adrian terrors. Andy Peterson. Fx. Nice. Nice. 176 "jspaeth@cityofutica.com" (4191794176) 00:21:01.139 --> 00:21:07.019 We can accomplish we'll have to strategically take down buildings. 177 "jspaeth@cityofutica.com" (4191794176) 00:21:07.019 --> 00:21:12.119 Because we'll never be able there's probably 1500. 178 "jspaeth@cityofutica.com" (4191794176) 00:21:12.119 --> 00:21:17.579 That complex enough extra relocation space. 179 "jspaeth@cityofutica.com" (4191794176) 00:21:17.579 --> 00:21:22.439 But it's part of these projects, the relocation costs are an argument. So. 180 "jspaeth@cityofutica.com" (4191794176) 00:21:22.439 --> 00:21:30.689 For example, a chance, or we have to go in with we have to hire outside, they go in, they box everything. They move everything. 181 "jspaeth@cityofutica.com" (4191794176) 00:21:30.689 --> 00:21:34.799 Let's see, you know, set it up and then. 182 "jspaeth@cityofutica.com" (4191794176) 00:21:34.799 --> 00:21:43.049 All residents must be given the right to go back to them. So, even though they're going to go to a new unit. 183 "jspaeth@cityofutica.com" (4191794176) 00:21:43.049 --> 00:21:49.739 If they want it from the western side of the building, we have to relocate them back. 184 "jspaeth@cityofutica.com" (4191794176) 00:21:49.739 --> 00:21:56.219 So, um, we're going to have, you know, 1 of the things we talked about is and, and, uh. 185 "jspaeth@cityofutica.com" (4191794176) 00:21:56.219 --> 00:22:03.809 Phase 2 is maybe use some of the newly constructed units of broad street. 186 "jspaeth@cityofutica.com" (4191794176) 00:22:03.809 --> 00:22:09.209 So that we can have, people would always use to, at least temporarily. 187 "jspaeth@cityofutica.com" (4191794176) 00:22:09.209 --> 00:22:14.639 And then back to point out. 188 "jspaeth@cityofutica.com" (4191794176) 00:22:15.749 --> 00:22:18.869 You must have experienced when the oldest son shutdown. 189 "jspaeth@cityofutica.com" (4191794176) 00:22:18.869 --> 00:22:23.909 You know, the stress to put on the other, and that can support more housing complexes in the area. 190 "jspaeth@cityofutica.com" (4191794176) 00:22:23.909 --> 00:22:28.049 No, it's, it's a huge issue. It's a great question and something that. 191 "jspaeth@cityofutica.com" (4191794176) 00:22:28.049 --> 00:22:33.389 Retaining the services are probably the most prominent relocation cycle is that. 192 "jspaeth@cityofutica.com" (4191794176) 00:22:33.389 --> 00:22:38.189 I was at that point throughout the country. 193 "jspaeth@cityofutica.com" (4191794176) 00:22:38.189 --> 00:22:43.079 And what's unique about them is they do every single time to develop. 194 "jspaeth@cityofutica.com" (4191794176) 00:22:43.079 --> 00:22:51.389 Not a, a, a box relocation plan for everybody, but it's your individually to the needs. 195 "jspaeth@cityofutica.com" (4191794176) 00:22:51.389 --> 00:23:01.199 Of the person, so if somebody feels for whatever reason, and medically they can't stay a chance or for during the construction and external. 196 "jspaeth@cityofutica.com" (4191794176) 00:23:01.199 --> 00:23:05.789 So, it's an individualized location plan for everybody. The resident. 197 "jspaeth@cityofutica.com" (4191794176) 00:23:05.789 --> 00:23:11.369 And they'll continue as we move on to phase 2. 198 "jspaeth@cityofutica.com" (4191794176) 00:23:11.369 --> 00:23:24.779 You tear down and rebuild. Are there going to be the same number of units in the same size units? Well, we're certainly, we're certainly not going to. I mean, 1 of the things that you go up to 810 or 7 year old style. 199 "jspaeth@cityofutica.com" (4191794176) 00:23:24.779 --> 00:23:35.849 Institutional looking at units, so the aesthetics are going to change and those are those have been, uh, Adrian terrorists, concrete walls on all 4 sides. 200 "jspaeth@cityofutica.com" (4191794176) 00:23:35.849 --> 00:23:50.459 So, yeah, we had a fire 1 in 2013 was 1800 degrees in the unit. They contained the fire, but he melted everything on travel but. 201 "jspaeth@cityofutica.com" (4191794176) 00:23:50.459 --> 00:23:54.689 And answer your question, you know, we have 25 acres yet. 202 "jspaeth@cityofutica.com" (4191794176) 00:23:54.689 --> 00:24:01.499 To, um, we want to maintain the character of the neighborhood. 203 "jspaeth@cityofutica.com" (4191794176) 00:24:01.499 --> 00:24:07.289 So, we're going only going to go up to store, so we're not we could. 204 "jspaeth@cityofutica.com" (4191794176) 00:24:07.289 --> 00:24:12.329 Go up and have more congregates a monolithic style buildings and go up 3 or 4 stories. 205 "jspaeth@cityofutica.com" (4191794176) 00:24:12.329 --> 00:24:21.569 That's not a fit for them. So in answer your question that we have 350 units, and that's what we intend to maintain that phase 2. 206 "jspaeth@cityofutica.com" (4191794176) 00:24:21.569 --> 00:24:25.559 But when I didn't ask. 207 "jspaeth@cityofutica.com" (4191794176) 00:24:25.559 --> 00:24:37.859 Clearly enough is, I don't know how many like, 1 bedroom units you have a 2 bedroom or more I think configurations. Yeah. Yeah. Um, we have found that the waiting list is most prevalent for 1 to 200. 208 "jspaeth@cityofutica.com" (4191794176) 00:24:37.859 --> 00:24:46.979 That we had a lot of 4 and 5 and 6 bedroom units and in fact, we've converted most of them back to 2 and 3 bedrooms. 209 "jspaeth@cityofutica.com" (4191794176) 00:24:46.979 --> 00:24:52.649 So, we don't have the demands in terms of the large families this we did. 210 "jspaeth@cityofutica.com" (4191794176) 00:24:52.649 --> 00:24:58.919 10 years ago, when the Somali population came in, they needed a large side. 211 "jspaeth@cityofutica.com" (4191794176) 00:24:58.919 --> 00:25:04.499 We just don't have the demand, so most of them are going to be between 1 and 3 bedroom. 212 "jspaeth@cityofutica.com" (4191794176) 00:25:04.499 --> 00:25:10.409 Correct me if I'm wrong in the housing study, it it talked about. 213 "jspaeth@cityofutica.com" (4191794176) 00:25:10.409 --> 00:25:15.689 You know, the need and many the, uh, lower moderate income. 214 "jspaeth@cityofutica.com" (4191794176) 00:25:15.689 --> 00:25:20.039 Folks 567, family members and then. 215 "jspaeth@cityofutica.com" (4191794176) 00:25:20.039 --> 00:25:26.729 In some of these units, um, you know, who, who serves those. 216 "jspaeth@cityofutica.com" (4191794176) 00:25:26.729 --> 00:25:38.519 Well, we have seen we have seen just for an example, symbolic population really move out into the private sector and I don't think they've done so very well to be very candid with you, but under bleaker street, because under. 217 "jspaeth@cityofutica.com" (4191794176) 00:25:38.519 --> 00:25:44.759 Nicole and liquor and Hubble. Okay. And, uh, it's it's it's not a pretty simple. 218 "jspaeth@cityofutica.com" (4191794176) 00:25:44.759 --> 00:25:49.409 But they chose to move into the private sector. 219 "jspaeth@cityofutica.com" (4191794176) 00:25:49.409 --> 00:25:57.029 So, as I sit here today, Chad, I don't know who's serving those needs. I'm sure. 220 "jspaeth@cityofutica.com" (4191794176) 00:25:57.029 --> 00:26:01.379 Excuse my expression, but some, they're living in squalor. 221 "jspaeth@cityofutica.com" (4191794176) 00:26:01.379 --> 00:26:09.749 In some collaborative building, uh, we have a homeless outreach program that's financed through grant by the city. 222 "jspaeth@cityofutica.com" (4191794176) 00:26:09.749 --> 00:26:16.319 We probably have 10 to 12 people on a daily basis log in, or 2 of them serving. 223 "jspaeth@cityofutica.com" (4191794176) 00:26:16.319 --> 00:26:26.789 We're running out of their cars leaving arc. The need is tremendous. It's not just obviously within this communities nationwide, but. 224 "jspaeth@cityofutica.com" (4191794176) 00:26:26.789 --> 00:26:30.899 We just don't see the large families. 225 "jspaeth@cityofutica.com" (4191794176) 00:26:30.899 --> 00:26:44.009 And just for the record, can I ask for clarification what the pilot calculation is for the bug? I don't think it is the 7% of effective. Gross. Okay. Yep. 226 "jspaeth@cityofutica.com" (4191794176) 00:26:45.659 --> 00:26:52.859 Okay, well, good luck. Thank you. Thank you. Yep. Thank you. Nice to see everybody. I'll talk to you. I appreciate it. 227 "jspaeth@cityofutica.com" (4191794176) 00:26:52.859 --> 00:26:57.659 It's not on the agenda, but we. 228 "jspaeth@cityofutica.com" (4191794176) 00:26:57.659 --> 00:27:06.839 And also adopt secret resolutions for both of these projects. Jeff, provided the planning board service lead agency for both. 229 "jspaeth@cityofutica.com" (4191794176) 00:27:06.839 --> 00:27:10.409 Reviews, so, um. 230 "jspaeth@cityofutica.com" (4191794176) 00:27:12.539 --> 00:27:16.139 Except on chancellor park. 231 "jspaeth@cityofutica.com" (4191794176) 00:27:16.139 --> 00:27:20.309 Um, okay, okay. All in favor. 232 "jspaeth@cityofutica.com" (4191794176) 00:27:20.309 --> 00:27:23.549 So, uh. 233 "jspaeth@cityofutica.com" (4191794176) 00:27:23.549 --> 00:27:31.499 Motion to accept the 2nd, all in favor. 234 "jspaeth@cityofutica.com" (4191794176) 00:27:31.499 --> 00:27:38.639 Oh, so moved executive session Jack? Yes. Yeah. Most of you go into executive session. 235 "jspaeth@cityofutica.com" (4191794176) 00:27:38.639 --> 00:27:42.599 Hold on 3rd. 236 "jspaeth@cityofutica.com" (4191794176) 00:27:42.599 --> 00:27:47.399 Favor purpose, uh, discussed, uh, pending contract. 237 "jspaeth@cityofutica.com" (4191794176) 00:27:47.399 --> 00:27:53.099 Yeah, let me check or. 238 "jspaeth@cityofutica.com" (4191794176) 00:27:54.899 --> 00:28:01.619 Take off. 239 "jspaeth@cityofutica.com" (4191794176) 00:28:01.619 --> 00:28:06.329 And. 240 "jspaeth@cityofutica.com" (4191794176) 00:28:06.329 --> 00:28:09.779 This make a statement, I think, let's go for. 241 "jspaeth@cityofutica.com" (4191794176) 00:28:09.779 --> 00:28:17.939 Uh, 1 by 1. okay. Which 1 you want to start with new century? This century club. 242 "jspaeth@cityofutica.com" (4191794176) 00:28:18.564 --> 00:28:29.634 Yeah, so at this point they were supposed to be done some time in 2016 with a new century club. We've reduced powers development, hours development we've reached out to them. We've asked them for information. 243 "jspaeth@cityofutica.com" (4191794176) 00:28:29.634 --> 00:28:34.764 We've asked them to catch their fees up. their fees up 244 "jspaeth@cityofutica.com" (4191794176) 00:28:35.099 --> 00:28:46.679 They've ignored our request, we extended the time of our request to the end of October. They have ignored that, but at this point, I'd like to have a motion to, um. 245 "jspaeth@cityofutica.com" (4191794176) 00:28:46.679 --> 00:28:49.679 Terminate the pile of payment. 246 "jspaeth@cityofutica.com" (4191794176) 00:28:49.679 --> 00:28:56.549 And are the agreement with them, and it should default on the non payment of fees. 247 "jspaeth@cityofutica.com" (4191794176) 00:28:56.549 --> 00:29:03.299 And to recap 3 capture all previous. 248 "jspaeth@cityofutica.com" (4191794176) 00:29:03.299 --> 00:29:08.069 Benefits that we've supplied to them. You get a motion. 249 "jspaeth@cityofutica.com" (4191794176) 00:29:08.069 --> 00:29:13.409 2nd, mark on favor. Bye boast. 250 "jspaeth@cityofutica.com" (4191794176) 00:29:13.409 --> 00:29:17.489 It's all moved, which one's backs? 920. 251 "jspaeth@cityofutica.com" (4191794176) 00:29:17.489 --> 00:29:23.339 Security 120 is security building at this point. Bowers is in the default of their payment. 252 "jspaeth@cityofutica.com" (4191794176) 00:29:23.339 --> 00:29:30.179 And I would ask for a motion to issue a default letter to care the payment. 253 "jspaeth@cityofutica.com" (4191794176) 00:29:30.179 --> 00:29:34.109 I get a motion 2nd. 254 "jspaeth@cityofutica.com" (4191794176) 00:29:34.109 --> 00:29:38.969 Favor post. 255 "jspaeth@cityofutica.com" (4191794176) 00:29:38.969 --> 00:29:42.449 w818800. 256 "jspaeth@cityofutica.com" (4191794176) 00:29:42.449 --> 00:29:48.809 There's 2 issues with 1900 that we are aware of the 1st, is the. 257 "jspaeth@cityofutica.com" (4191794176) 00:29:48.809 --> 00:29:53.189 Payment that is due, although I don't believe that's passed to at this point. 258 "jspaeth@cityofutica.com" (4191794176) 00:29:53.189 --> 00:30:00.089 And the 2nd, is, there's some mechanics lean that was put on the property and the amount of roughly 18,000 dollars. 259 "jspaeth@cityofutica.com" (4191794176) 00:30:00.089 --> 00:30:03.209 That has to be cured. 260 "jspaeth@cityofutica.com" (4191794176) 00:30:03.209 --> 00:30:06.599 At this point, we did not believe it, it was cured. 261 "jspaeth@cityofutica.com" (4191794176) 00:30:06.599 --> 00:30:11.729 So, I'd like a motion to termination. 262 "jspaeth@cityofutica.com" (4191794176) 00:30:11.729 --> 00:30:16.109 In the fall and terminate the pilot. 263 "jspaeth@cityofutica.com" (4191794176) 00:30:16.109 --> 00:30:20.579 Awesome after we determine from the time. 264 "jspaeth@cityofutica.com" (4191794176) 00:30:20.579 --> 00:30:25.079 Yep. Um, Mark 4th, John. 265 "jspaeth@cityofutica.com" (4191794176) 00:30:25.079 --> 00:30:28.529 Hello favor post so I moved. 266 "jspaeth@cityofutica.com" (4191794176) 00:30:28.529 --> 00:30:35.369 Only 253 and where are we with? 2? No, we did. We did 257. Yep. 267 "jspaeth@cityofutica.com" (4191794176) 00:30:35.369 --> 00:30:38.909 Okay, that's it. Okay. Okay. 268 "jspaeth@cityofutica.com" (4191794176) 00:30:40.349 --> 00:30:44.549 Motion to adjourn the 2nd. 269 "jspaeth@cityofutica.com" (4191794176) 00:30:45.779 --> 00:30:49.559 I'm sorry yeah, no favor post. 270 "jspaeth@cityofutica.com" (4191794176) 00:30:49.559 --> 00:30:54.359 We have 2 seconds we'll do our other meeting. Yup. 271 "jspaeth@cityofutica.com" (4191794176) 00:30:54.359 --> 00:31:00.120 Call the meeting to order the Pacific enrollment Corp.