Present:             Ray Gillen, Brad Lewis, Bob Wall, Neil Golub, Bill Chapman, Bob Mantello, Robert Dieterich and John Mallozzi

Absent:               Sharon Jordan, and Karen Zalewski-Wildzunas

Others:              Jayme Lahut and David Hogenkamp

Call to Order:    Mr. Gillen called the meeting to order at 6:00 p.m.

1.     Approval of Minutes: Mr. Golub moved adoption of the October 14, 2015 meeting minutes; seconded by Mr. Mantello and approved.

2.     Treasurer’s Report: Mr. Wall reviewed the Treasurer’s Report for the period ending October 31, 2015, which was distributed prior to the meeting. Operating and predevelopment expenses were tracking below budget. Cash on hand totaled $5.45 million. Following brief discussion, Mr. Mantello moved to accept the Report; seconded by Mr. Chapman and approved.

3.     Auditing Services Contract: Resolution 996-15 — Retain SaxBST LLP

At its November 12 meeting, the Fiscal Audit Committee recommended retaining SaxBST LLP (formerly Bollam Sheedy Torani & Co.) for a five-year engagement following review of proposals submitted as part of a competitive Request for Proposal process. The engagement covers the annual audits for 2015 through 2019.  Following brief discussion, Mr. Mantello moved Resolution 996-15; seconded by Mr. Chapman and approved.

4.     Purchase 839 Eastern Avenue (Schenectady): Resolution 997-15 — No Significant Effect on the Environment

The project involved the purchase of the property from the federal bankruptcy trustee. Pursuant to SEQRA, the action was classified as an Unlisted Action and Resolution 997-15 made a determination of no significant on the environment. Mr. Lewis moved Resolution 997-15; seconded by Mr. Golub and approved.

5.     Purchase 839 Eastern Avenue: Resolution 998-15 — Adopt the General Project Plan

Resolution 998-15 authorized the purchase of the vacant commercial and multi-family building for $15,000 from the federal bankruptcy trustee assigned to the case. Metroplex intends to sell and redevelop the property as part of revitalization along the Eastern Avenue.  Mr. Lewis moved Resolution 998-15; seconded by Mr. Wall. Following discussion, Resolution 998-15 was approved.

6.     Courtyard by Marriott Project: Resolution 999-15  — Adopt General Project Plan

With no comment received at the November 11 public hearing, Resolution 999-15 authorized exemptions on sales taxes for purchases associated with the project, mortgage recording tax exemption, and a Pilot pursuant to Section 2667(5) of the Metroplex statute. The 124-room Courtyard by Marriott totals 70,487 square feet on a 2.39-acre parcel at the northern end of the site.  Mr. Lewis moved Resolution 999-15; seconded by Mr. Mantello. Resolution 999-15 was approved unanimously.

7.     Capoccia Winery Project: Resolution 1000-15 —  Adopt the General Project Plan

Ongoing renovation of the Foster complex by Sequence Development has opened ground floor space for retail occupancy. Capoccia Wine Company, operates a winery in Niskayuna, will lease 2,500 square feet for a retail wine store and lounge. Metroplex’s participation involved a grant of up to $60,000 to assist with leasehold improvements plus a sales tax exemption. Mr. Chapman moved Resolution 1000-15; seconded by Mr. Golub. After brief discussion, Resolution 1000-15 was approved.

8.     Draper Lofts Project: Resolution 1001-15 — No Significant Effect on the Environment

Metroplex acting as lead agency conducted an environmental review of the project pursuant to SEQRA. The project was classified as an Unlisted Action and Resolution 1001-15 determined there was no significant effect on the environment. Mr. Lewis moved Resolution 1001-15; seconded by Mr. Dietrich and approved.

9.      Draper Lofts Project: Resolution 1002-15 — Adopt the General Project Plan

With no comment received at the November 11 public hearing, Resolution 1002-15 authorized a $50,000 façade grant and exemptions from sales tax, recording tax and a Pilot  Plans call for a $13 million investment for the adaptive reuse of the former Draper School and conversion to 107 market-rate rental apartments. Mr. Lewis moved Resolution 1002-15; seconded by Mr. Mallozzi. After discussion, Resolution 1002-15 was approved.

10.    Public Comment — None

11.    Board Comment: Mr. Gillen provided an update on the Electric City Apartments (Robinson Block), Double Tree Hotel, Foster Building, among other projects and news.

12.    Adjournment: Mr. Lewis moved to adjourn, seconded by Mr. Wall.  The meeting was adjourned at 6:25 p.m.

Respectfully submitted,

Jayme B. Lahut
Executive Director