WEBVTT 1 00:00:00.000 --> 00:00:04.349 Okay, do you want it? Okay. 2 00:00:04.349 --> 00:00:10.228 Meeting to order, or should approve the minutes November 10th 2021. 3 00:00:11.398 --> 00:00:17.068 I will subject to Marcus changes that he was actually there to make the motions. 4 00:00:17.068 --> 00:00:21.629 Probably was there yeah. 5 00:00:21.629 --> 00:00:27.390 All in favor, close, some old. 6 00:00:27.390 --> 00:00:34.710 Awesome. Okay. Um, so we have, um, secured the seeker. 7 00:00:34.710 --> 00:00:39.929 no issues there i think some comments from your team 8 00:00:39.929 --> 00:00:44.130 Linda, your team has some kind of yes. 9 00:00:44.130 --> 00:00:55.649 Okay, so where we here, we are here for, um, that is to consider a final authorizing resolution relating to almost in apartments. 10 00:00:55.649 --> 00:01:04.319 Offering authorizing financial assistance that is a deviation from our policy and approving the form of related documents. 11 00:01:04.319 --> 00:01:08.519 Yeah, that'd be good account. 12 00:01:08.519 --> 00:01:11.640 All right, I get a motion to approve. 13 00:01:11.640 --> 00:01:16.590 I'll 2nd, all in favor. Add post sold. 14 00:01:17.640 --> 00:01:22.109 I'm sure okay. I'm sure if we're going to strike off of the, uh. 15 00:01:22.109 --> 00:01:28.560 Of the agenda for today, we expect them to be on the next meeting will be January. 5th. 16 00:01:28.560 --> 00:01:43.260 So everybody knows, and I'm, I should have another couple applications at that meeting, but we will try to because of John and just everybody's schedules trying to keep it at the 1st. 17 00:01:43.260 --> 00:01:47.400 Wednesday of the month is we have I tried to do, but we're just. 18 00:01:47.400 --> 00:01:51.989 Stuff happens and you end up doing is technically Jackie cable. 19 00:01:51.989 --> 00:01:56.519 That's right. Okay. Table. Okay. Thank you. 20 00:01:56.519 --> 00:01:59.579 All right new business. 21 00:01:59.579 --> 00:02:07.379 31311mainstreet is the former children's museum it has been purchased by. 22 00:02:07.379 --> 00:02:17.215 Uh, a, by 311, main street LLC for the purpose of re, converting it into apartments. 23 00:02:17.215 --> 00:02:24.264 Annual restaurant with this is Mike, who is representing 311, main street. He is the. 24 00:02:25.319 --> 00:02:32.669 Uh, the finance man, CFO, I will say for all of the mob Valley gardens. 25 00:02:32.669 --> 00:02:36.240 Uh, properties in business dealings. 26 00:02:36.240 --> 00:02:42.000 So, Mike, if you can give us a little breakdown and description of what the project is. Um. 27 00:02:42.000 --> 00:02:48.900 And to what the end result will be, and then answer any questions that the agency members. 28 00:02:48.900 --> 00:02:55.560 Uh, thank you for your time today. Um, 311, main street, roughly 35,000 square feet reasonable space. 29 00:02:55.560 --> 00:03:06.900 I will be converting into and doing 1st floor restaurants. We'll use part of the basement for restaurant storage remaining for 2 through 5 will be built out to law departments. 30 00:03:06.900 --> 00:03:12.840 They are concerned that they didn't be luxury Department's not market rate not low income housing. 31 00:03:12.840 --> 00:03:18.960 The issue with parking down there, being addressed with additional parking, put in under the bridge. 32 00:03:18.960 --> 00:03:23.729 Going from downstreet are beautiful. 33 00:03:23.729 --> 00:03:27.689 Uh, we anticipate starting sometime in. 34 00:03:27.689 --> 00:03:30.719 February or March, 2022. 35 00:03:30.719 --> 00:03:39.659 we're currently working through and shippo we've received a ballpark to approval we anticipate receiving approval 36 00:03:39.659 --> 00:03:43.590 Um, within the next 2 weeks, depending on the holiday timeframes. 37 00:03:43.590 --> 00:03:51.000 We are purchasing in existing restaurant within the city of Utica that currently has 10 full time employees. 38 00:03:51.000 --> 00:03:57.389 New footprint will allow us to grow that restaurant. 23 times the size we anticipate hiring. 39 00:03:57.389 --> 00:04:01.229 30 full time employees when the restaurant is up and running. 40 00:04:01.229 --> 00:04:08.069 Um, uh, in addition to the. 41 00:04:08.069 --> 00:04:18.779 Uh, on the buildings fall about the 200 square feet on the East side of the building that will accommodate some indoor outdoor dining opportunities. 42 00:04:18.779 --> 00:04:21.959 The terrorists for the 2nd, floor apartment. 43 00:04:21.959 --> 00:04:25.410 Uh, yeah. 44 00:04:25.410 --> 00:04:29.098 We retain our associates to do the rendering. 45 00:04:29.303 --> 00:04:30.204 In the drawings, 46 00:04:43.853 --> 00:04:49.673 we're currently working through financing once we get the part to the tax credit investor. 47 00:04:50.158 --> 00:04:56.129 That will be coming on the Roberts. 48 00:04:56.129 --> 00:05:02.009 For the record I need to disclose there. My brother John is a 7. 49 00:05:02.009 --> 00:05:05.548 point shareholder 50 00:05:07.199 --> 00:05:10.408 Any questions. 51 00:05:12.209 --> 00:05:18.569 I just had a question on the application somewhere it said, 3, biggest suppliers and 3 biggest customers. 52 00:05:18.569 --> 00:05:23.428 I, I didn't bring it. I didn't bring the application with me in my bed. 53 00:05:25.889 --> 00:05:28.949 So those would be our existing suppliers for. 54 00:05:28.949 --> 00:05:33.538 Garden corporation yeah, the customers that. 55 00:05:41.459 --> 00:05:48.478 And writing things down Florida and that, you are saying, yeah. 56 00:05:49.619 --> 00:05:53.819 Your customers for, uh, we own the unit status. 57 00:05:55.048 --> 00:06:01.379 So, they are customers that advertise with us. Okay. Uh, all 3 of those are advertising customers. 58 00:06:01.379 --> 00:06:05.399 Okay, yeah. 59 00:06:07.644 --> 00:06:22.584 No, and I tried to be quiet. That's pretty long. That's why I'm here. 60 00:06:25.228 --> 00:06:30.869 During the wireless circulation yeah. Yeah. 61 00:06:30.869 --> 00:06:34.649 No, John's. 62 00:06:34.649 --> 00:06:39.298 So, today we're voting to a news correct? Correct correct yeah. 63 00:06:40.769 --> 00:06:45.928 So do you want to read then? Yeah. 64 00:06:45.928 --> 00:06:50.519 Contemporary inducement resolution relating to the 311, main street. 65 00:06:50.519 --> 00:06:56.548 llc facility providing preliminary approval for financial assistance in the form of sales tax exemptions 66 00:07:20.488 --> 00:07:23.548 1 more recording back. Yep. 67 00:07:23.548 --> 00:07:27.959 Larger than. 68 00:07:31.259 --> 00:07:34.889 40Million dollars yeah. So. 69 00:07:34.889 --> 00:07:38.548 Thanks. 70 00:07:40.348 --> 00:07:46.139 Uh, yes, it's 3 quarters of a percent. 71 00:07:48.389 --> 00:07:57.569 No, no, they, they changed how long ago did they change the quarter cause like the quarter goes to the MTA or something? Yeah Yeah. 72 00:07:57.569 --> 00:08:01.649 So, it throws that number off from just a 1%, right? 73 00:08:01.649 --> 00:08:11.848 Yep, which financial assistance is a deviation from the agency's uniform tax exemption policy and authorizing the and Kentucky conduct a public hearing. 74 00:08:13.108 --> 00:08:18.598 I get a motion, um, on favor. I post. 75 00:08:18.598 --> 00:08:32.938 Okay, I have nothing else on the agenda. I just wanted to mention that I will be sending out by next week, the annual reports to all of our businesses. So then sometime in. 76 00:08:32.938 --> 00:08:40.469 February 18th is the due date on those, so probably at the March meeting after calculation, then I'll. 77 00:08:40.469 --> 00:08:43.708 Produce the same type of employment report. 78 00:08:43.708 --> 00:08:56.994 Where everybody stands with their employment as we did last year and if they are less than we have kind of set a standard that if there are less than 85% of what they originally intended on creating, then we would. 79 00:08:58.798 --> 00:09:13.134 You know, get some accountability from them, a letter explaining what, you know, why the shortage and again, for the prior year, lot of shortage obviously do the CO vid this year 2021. it's probably going to be cobit, but also just. 80 00:09:16.318 --> 00:09:23.099 A tough time finding employees so we find that through a lot of companies that we're dealing with just. 81 00:09:23.099 --> 00:09:33.028 Not able to find, uh, people that really want to go back to work and so, um, yeah, well, exactly. Um. 82 00:09:33.028 --> 00:09:38.038 The January conference. 83 00:09:38.038 --> 00:09:50.399 Is coming up toward the end in Albany so again, if anybody wants to go and just let me know, I want to see the 20 through the 30. 84 00:09:50.399 --> 00:10:04.109 I can, I'll confirm that in an email to everybody just so you can clear. I'm speaking of that just a heads up that New York state did pay us for the wages for the, which is something that has been. 85 00:10:04.109 --> 00:10:14.188 Their wishlist, or probably 30 years and when they finally got control of the Senate as well did pass, however, there is. 86 00:10:14.188 --> 00:10:18.149 Mass confusion around the state about implementing yet. 87 00:10:18.149 --> 00:10:26.068 No regulations that they're promulgated yet. So, at this point, just a heads up and we put, I think a. 88 00:10:26.068 --> 00:10:34.769 Just a notice to that for the only wages has passed. There's no regulations yet. We don't know what the foundation is going to be. 89 00:10:34.769 --> 00:10:38.458 But, um, we're watching it, so. 90 00:10:38.458 --> 00:10:47.578 Sorry, That'll raise your hand. Yeah, there are some preliminary, uh. 91 00:10:47.578 --> 00:10:53.938 And it might raise it in certain projects. It could raise it beyond the level of benefits. 92 00:10:53.938 --> 00:10:57.778 So, right had looked at, um. 93 00:10:57.778 --> 00:11:05.308 you know firms the pilots and whatnot maybe you know again changing the policy 94 00:11:05.308 --> 00:11:10.918 To accommodate what the increased cost will be to to come through the for funding right? 95 00:11:11.244 --> 00:11:21.053 There are some benefit there. There are some exceptions for hcr type of projects ones that use historic tax credits. 96 00:11:21.293 --> 00:11:26.423 So there are some, you know, live a little bit of wiggle room like so and. 97 00:11:27.208 --> 00:11:34.828 Mike was, as we were, was, as I was talking to rob, that is like, they Mike was right on to the. 98 00:11:34.828 --> 00:11:42.688 Uh, you know, computer looking these up and trying to find out where, you know, again, some wiggle room that they can. 99 00:11:42.688 --> 00:11:49.649 Carve out some pieces, we've added tax taxable and non taxable. 100 00:11:49.649 --> 00:12:02.724 Equipment some, some as manufacturing equipment is inherently tax exempt, so we don't want those numbers to be reflected in what the the total benefit would be for the sales tax exemption. 101 00:12:02.724 --> 00:12:05.423 If it is tax exempt to begin with. So. 102 00:12:05.729 --> 00:12:13.198 So, with we, I do have a notice in the application, the newer applications on the prevailing wage. 103 00:12:13.198 --> 00:12:17.129 So we want to give everybody. 104 00:12:17.129 --> 00:12:26.339 A fair opportunity to try to do with their legal team or accountants, and try to again carved their way through the do the regs on that. So. 105 00:12:26.339 --> 00:12:29.609 Yeah, they're just giving back to any regulations. 106 00:12:29.609 --> 00:12:32.609 I see that. So, yeah. 107 00:12:32.609 --> 00:12:38.399 so that is all that i have if anybody has any other questions 108 00:12:38.399 --> 00:12:41.999 Uh, for for Mike in particular or. 109 00:12:43.379 --> 00:12:50.219 He said the, uh, there's several. 110 00:12:51.144 --> 00:13:05.964 I will have another couple applications 1 is for we had looked at United Auto supply in the past, but then due to some kind of reorganizing of what their plan was. 111 00:13:05.964 --> 00:13:06.953 So, if you recall. 112 00:13:07.229 --> 00:13:14.548 There is there is an existing building there. They were looking at taking the auto. 113 00:13:14.548 --> 00:13:19.288 Auto parts place, moving it into the outside building of 2001. 6. 114 00:13:19.553 --> 00:13:32.364 And then increasing the space for inside the building, as it turns out, they've they have has taken some more space in the building, but is going to be occupying the out building. 115 00:13:32.693 --> 00:13:41.484 So a different a little bit of different construction costs outfitting costs. So, I review the application and and, uh. 116 00:13:42.058 --> 00:13:49.349 Waiting on a phone call and some job numbers and stuff are there and then also Johnson park. 117 00:13:49.349 --> 00:13:54.629 I had mentioned it in the past, they're doing some homeless housing and community center. 118 00:13:54.629 --> 00:14:02.129 Over in the their Square area there so I'll be turning that over to. 119 00:14:02.129 --> 00:14:11.489 Well, I already have I, I sent you the Johnson park in the United office of why we'll be coming to them shortly. So before we need. 120 00:14:11.489 --> 00:14:15.958 311 Mm hmm. What's the status on secret? I see. There's no. 121 00:14:15.958 --> 00:14:19.198 They didn't file your papers. 122 00:14:19.198 --> 00:14:23.399 Uh. 123 00:14:24.989 --> 00:14:30.928 You are going through Shippo? Yeah. Okay. Planning board approval. 124 00:14:30.928 --> 00:14:40.619 Tomorrow correct yeah, it's going to be on the agenda for tomorrow. Okay. Yep. Okay. So we'll need what you do a short term environmental. 125 00:14:40.619 --> 00:14:47.068 Okay, we need to copy that and then the next meeting, we will do the secret. 126 00:14:47.068 --> 00:14:50.548 Okay. 127 00:14:50.548 --> 00:14:55.528 Nothing else motion to adjourn. 128 00:14:55.528 --> 00:15:03.239 Finished so quick meeting. 129 00:15:03.239 --> 00:15:08.711 Yes, you want to create more.