WEBVTT 1 00:00:00.000 --> 00:00:03.269 Hello. 2 00:00:03.269 --> 00:00:09.689 Minutes are we looking at here? We're looking at March 31st 2021. 3 00:00:09.689 --> 00:00:13.978 Oh, okay. I'll check in. 4 00:00:13.978 --> 00:00:16.978 All right, so. 5 00:00:16.978 --> 00:00:20.070 Yes, Cindy LLC. 6 00:00:20.070 --> 00:00:28.289 Okay, so we were waiting for the planning board to do their resolution. So finally we got that. 7 00:00:28.289 --> 00:00:41.250 Past so we are in a position that we can approve the, the secret resolution and then we're also we'll consider a final authorizing resolution for the project. 8 00:00:41.250 --> 00:00:44.700 They've gotten gentlemen. Good morning. How are you? 9 00:00:45.990 --> 00:00:51.060 Which, which this morning. 10 00:00:51.060 --> 00:01:00.689 A higher best building morning yes. For the that is the 600 State Street. Yep. 11 00:01:00.689 --> 00:01:03.719 So, I don't know if you want to do. 12 00:01:05.250 --> 00:01:10.650 Laura or Linda any comments on the, on the seeker. 13 00:01:12.450 --> 00:01:16.079 Good lead agency here. 14 00:01:16.079 --> 00:01:19.799 I think the city pretty straightforward. 15 00:01:20.879 --> 00:01:25.890 Okay all right. Can I get a motion? 16 00:01:25.890 --> 00:01:29.724 Almost 12nd a 2nd, again favor close. 17 00:01:31.224 --> 00:01:39.534 Okay then next we consider a final authorizing resolution relating to the 600 state treats facility, 18 00:01:39.534 --> 00:01:45.055 making certain findings with respect to the provision of financial assistance to market rate housing, 19 00:01:45.055 --> 00:01:48.144 approving financial assistance in the form of sales tax exemptions. 20 00:01:49.469 --> 00:01:57.299 Estimated at 360 86,519 dollars not to exceed for the 425,000. 21 00:01:57.299 --> 00:02:04.469 170 dollars, mortgage, reporting, tax exemptions, estimated 115. 22 00:02:04.469 --> 00:02:10.110 1503 hours not to exceed 127 503 dollars. 23 00:02:10.110 --> 00:02:17.879 And reduction of real property taxes for a period of 12 years estimated at 1,231,000. 24 00:02:17.879 --> 00:02:28.680 797 dollars, which is a deviation from the uniform tax exemption policy and authorizing the form and execution a related documents subject to council. 25 00:02:29.969 --> 00:02:35.069 Okay, but again discussion, I'm going to get a motion. 26 00:02:36.479 --> 00:02:42.750 I'll move it or 2nd get past. Yeah. All in favor. 27 00:02:42.750 --> 00:02:52.830 Okay, next item on the agenda is the job monitoring, but being that, we have Tim Lynn and Joe can both sipping her coffee. 28 00:02:52.830 --> 00:03:00.389 Uh, we will take and get them. I would ask that we can go to new business and get them them government. 29 00:03:00.389 --> 00:03:06.985 Okay, so, uh, again, Tim lane is in the bottom left hand corner. Joe gam is in the upper right hand corner. 30 00:03:07.555 --> 00:03:15.835 They are principles for the both the, and the travelers building LLC. 31 00:03:16.139 --> 00:03:28.349 There looks to redevelop the former commercial travelers building and into market rate departments and also some commercial space on the 1st floor. 32 00:03:28.349 --> 00:03:33.330 Gentlemen, if you want to describe the project and talk to us a little bit about. 33 00:03:33.330 --> 00:03:36.780 What it is, and then now we may have some questions afterwards. 34 00:03:36.780 --> 00:03:41.729 It's your subject, so travelers building is going to consist of. 35 00:03:41.729 --> 00:03:46.530 Uh, 32 apartments, 4 floors on the main. 36 00:03:46.530 --> 00:03:57.865 5 story building facing Tennessee street, uh, 8 departments per floor. Um, the back annex building will be, um, it's 2 stories in the back above the old boardroom. 37 00:03:57.865 --> 00:04:06.685 Um, 8,000 square foot commercial tenant that we are, uh, should be executing the lease very shortly engineering group. That does not exist and. 38 00:04:07.800 --> 00:04:13.770 Uh, currently, and then, uh, along genessee street, there's about 2500 square feet or so. 39 00:04:13.770 --> 00:04:26.728 Of Co, working space that we're going to include in the project, um, amenities for the residential and commercial tenants committee room, fitness center um, outdoor patio. 40 00:04:26.728 --> 00:04:30.418 Onsite parking for both the commercial tenants. 41 00:04:30.418 --> 00:04:39.653 And the residential tenants, we have a lot to the North, which will be residential a lot to the South will be specific for that commercial tenant. 42 00:04:40.074 --> 00:04:46.432 And then we have the auxillary lot, um, cross blue sheild lane, which will be overflow parking. 43 00:04:48.988 --> 00:04:57.238 Um, can you provide us with some time frames? 44 00:04:57.238 --> 00:05:04.048 And, um, you know, anticipated funding time timeframe, et cetera. 45 00:05:04.048 --> 00:05:15.178 Yeah, sure thing. So, uh, currently we are waiting on our part 2 approval from ship on national park service. Um, our anticipated. 46 00:05:15.178 --> 00:05:22.528 Timeline and I'll let Tim talk a little bit about that, but I would say late June, early July to get a shovel in the ground. 47 00:05:22.528 --> 00:05:28.319 Tim is working on our financing with our historic tax credit investor and our bank. 48 00:05:28.319 --> 00:05:33.269 Which we should be working towards a closing once part 2 is approved. 49 00:05:34.348 --> 00:05:43.254 And so, for, as far as the project funding, a lot of these things, come together, based on the national park service approval. So, hopefully that will come in the next 3 or 4 weeks. 50 00:05:43.254 --> 00:05:51.713 And then we'll march towards closing is providing construction financing with Tompkins participating amount of 6 and a half 1Million. 51 00:05:52.283 --> 00:05:59.423 We're getting about 2.6Million dollars from they start fast credit investor and there's a 1,000,003 of owner equity in the project. 52 00:06:01.108 --> 00:06:08.009 So, with those combined sources, that's how we're going to. That's those are the sources for getting the construction done. 53 00:06:10.978 --> 00:06:16.738 Can you tell us a little bit about the commercial tenant? The engineering group. 54 00:06:19.259 --> 00:06:30.358 Um, yes, so I, I guess I can't probably disclose the name quite yet, but, um, generally speaking, they're going to start with around 20 employees on site. 55 00:06:30.358 --> 00:06:44.129 They do a lot of work in the Mohawk Valley region. Um, but they're commuting from most of those folks are commuting from Syracuse. Um, so roughly 20 employees to start their 5 year growth plan. You know um. 56 00:06:44.129 --> 00:06:49.019 I think they're going to be around 30 to 35 people in the office is what they're hoping for. 57 00:06:51.389 --> 00:06:56.908 Okay, yeah. 58 00:06:56.908 --> 00:07:05.369 And then just so, everybody knows the pilot for this project is will be similar to the. 59 00:07:05.369 --> 00:07:09.629 Uh, within the derivation of the 45 8. 60 00:07:09.629 --> 00:07:15.418 Which is they will pay base taxes so that the. 61 00:07:15.418 --> 00:07:20.759 The assess the value of the building currently, they will be taxed on that for 8 years. 62 00:07:20.759 --> 00:07:33.084 And then in the 9th, 10th, 11th, and then 12 hours, it will be incrementally increased by 20, 40, 60, and 80% of the difference between that base assessment. And what the final assessment. Okay. Okay. 63 00:07:33.084 --> 00:07:39.803 So that's similar to what we have provided for their other project. If you guys. 64 00:07:41.428 --> 00:07:44.639 And then also for the oil. 65 00:07:44.639 --> 00:07:47.968 Kind of this mixed use where they. 66 00:07:47.968 --> 00:08:01.889 They can use that mixed, use the residential and then a piece of extra cultural, 45, a tackles that specifically versus the 45 V. which is just for commercial. 67 00:08:01.889 --> 00:08:05.428 Uh, in the worst, the actual. 68 00:08:06.598 --> 00:08:09.778 More just inducing this. 69 00:08:12.028 --> 00:08:22.108 No question that I get a motion to induce a traveler project aspect of it. 70 00:08:22.108 --> 00:08:34.678 All in favor both so good luck guys, thank you. All. If you have any questions, as we go forward as, you know, you never hesitate to call me even on the weekends. 71 00:08:34.678 --> 00:08:37.769 Thank you. 72 00:08:37.769 --> 00:08:46.198 Take care guys have great day. You too. Thanks. Um. 73 00:08:46.198 --> 00:08:49.408 Cynthia, no, no. 74 00:08:49.408 --> 00:08:55.019 King king no, I'm not sure at this moment. 75 00:08:55.019 --> 00:09:00.479 I wonder if I'd want to I wonder if I want it live. 76 00:09:00.479 --> 00:09:09.509 That close to where I work right now it's engineers here aren't you can work starting to dry up for the engineers are out here. 77 00:09:09.509 --> 00:09:16.589 A lot of new construction designing anymore, they're all kind of build off right? 78 00:09:17.879 --> 00:09:21.269 Yeah, they see something that down, so yeah. 79 00:09:21.269 --> 00:09:29.969 So, for me, okay, so I'm going on to the job monitoring. 80 00:09:29.969 --> 00:09:34.889 Um, I, I didn't bring any copies with me. I sent it all everything out to, you. 81 00:09:34.889 --> 00:09:40.469 Um, so anybody in there, we should be really good. 82 00:09:41.668 --> 00:09:56.663 Reasonable explanation. Yeah. Each of them had. Yeah, I mean, most of them are the colon. Yeah, there are a number that are under perhaps by us by a significant amount, but only because of the project really hasn't started. Yeah. 83 00:09:56.724 --> 00:09:59.063 So you've got like, 900 you've got. 84 00:10:01.014 --> 00:10:14.214 The Slocombe Dixon, so some projects are just not there, others such as part of and there was never intended to be a lot of job creation on the residential piece, but more on the 1st floor. 85 00:10:14.783 --> 00:10:26.033 So you don't see that. They're still working on the construction of the building and then interior because of a Shippo. And there was a lot of flash there work in particular on the 1st floor. 86 00:10:26.308 --> 00:10:39.119 Uh, and very detailed, they wanted replicated, so they ship. Okay. So they called in a number of companies for that. And so they're working on it diligently as, you know, as much as they can. 87 00:10:39.119 --> 00:10:53.933 So there, so again, some of the, the commercial end of projects is not there either. 268 has 1 that was building. The restaurant hasn't been open. The kitchen is an open waiting for some money. 88 00:10:56.038 --> 00:11:02.578 Uh, there's upper floors that still have not been completed. Right? So, there's, uh, those aspects of it. 89 00:11:02.578 --> 00:11:08.129 So, what we're, what we need to do is to look at these. 90 00:11:08.129 --> 00:11:15.869 And if we are okay with the excuses or the, the reasons or the, the lack of jobs. 91 00:11:15.869 --> 00:11:23.219 Uh, if you notice on the on the sheet, uh, I'm using 85% as as a minimum. 92 00:11:23.219 --> 00:11:31.708 Uh, of what, you know, what they need to be able to those numbers to hit. So, if they said they were going to have 100, if they're at 85. 93 00:11:31.708 --> 00:11:35.158 That and better than they're right there. Okay. 94 00:11:35.158 --> 00:11:45.568 You know, by this group, we put them on a tight release now. So it's kind of yeah, I think we're, I mean, right some of the, um. 95 00:11:46.254 --> 00:12:00.384 Some of them again, the construction will start and then we can expect that the jobs will be there such as well. Hey, they have the commercial space they ask for an extension, so they could complete that area. Then they'll go out for leasing and stuff like that. 96 00:12:00.714 --> 00:12:01.974 On the residential side of it. 97 00:12:02.399 --> 00:12:08.729 Um, I have not gotten an update lately. I still want to do a little tour of that facility. 98 00:12:08.729 --> 00:12:16.469 Um, but, uh, as far as I know, I, it seems like they're, they're doing pretty well with it. Yeah the month. 99 00:12:16.469 --> 00:12:22.139 Which 1, global, I haven't been buy. 100 00:12:22.139 --> 00:12:25.528 Slowly enough to take a good look. Just right. 101 00:12:25.528 --> 00:12:39.474 Well, if you stop speeding. Yeah. Yeah. That's my how about 40 anything? Be quite honest. I have not been by. I haven't been buying. 102 00:12:42.413 --> 00:12:56.754 Yeah, well I haven't yeah, probably 3 or 4 weeks so I know that we've been, meaning to send out a letter to them, because we, we still have not received some of the information that we need to really kind of kick off the sales deck piece. 103 00:12:57.114 --> 00:12:59.153 The 1 over capital. 104 00:13:00.028 --> 00:13:06.538 Correct we don't we don't have that. Yeah, that's not here. Yet. I have reviewed an application for them, but. 105 00:13:06.538 --> 00:13:09.719 Uh, but they have not gotten back to. 106 00:13:09.719 --> 00:13:15.298 So, at this point, and I'll offer to have. 107 00:13:15.298 --> 00:13:20.578 Laura chime in or Linda I believe. 108 00:13:20.578 --> 00:13:31.313 If it's on there, um, to look to see what we want to do with these businesses, are we, okay that, you know, we know that Coby was there. 109 00:13:31.494 --> 00:13:35.783 So then we know that, you know, we kind of anticipate that there's going to be some that are. 110 00:13:36.119 --> 00:13:43.859 Low on unemployment, uh, versus those that are just, you know, the construction of the commercial things and not there yet. 111 00:13:45.359 --> 00:13:49.499 So, Laura, the concern there for Linda. 112 00:13:50.094 --> 00:14:03.354 Yeah, I was just going to say this is totally within the discretion of the board. Certainly it's reasonable that it would cost an impact not only construction starts, but employment rate. 113 00:14:03.894 --> 00:14:09.144 The only thing I would caution you is whatever you do ought to be applied consistently. 114 00:14:10.793 --> 00:14:24.774 You don't want to say 1 is coded and what is it when, you know, so, you know, I think it's certainly reasonable to extend some of these requirements because of what's happened in the last year. 115 00:14:25.078 --> 00:14:33.239 When they do, we put a timeframe, like, extended a year or. 116 00:14:33.239 --> 00:14:38.219 Percentage or what would what should be comfortable. 117 00:14:38.219 --> 00:14:43.469 I would, I would just continue to look at it. I don't think I'd put a timeframe on it. 118 00:14:43.469 --> 00:14:56.999 Just as just right now, we're not taking action because if something comes up that you want to take action, you want to be stuck to a timeframe that you've identified. Just as of this date that. 119 00:14:56.999 --> 00:15:05.369 You're not going to take a recapture action. Okay. 120 00:15:05.369 --> 00:15:09.028 We probably shitting on anybody that we're going to extend that for. 121 00:15:09.384 --> 00:15:21.894 Correct and I'll be monitoring these as projects go along. So, for example of gold mill fills that space then I'll be questioning them. How many employees do you have make a note of it? 122 00:15:22.014 --> 00:15:34.793 So, at least we know that midstream released mid year that they did get the number supposed to only require a report, say quarterly, just for an update. So. 123 00:15:35.783 --> 00:15:41.663 Oh, I know what they're doing. Yeah, I think we can at least half years. 124 00:15:42.144 --> 00:15:53.874 I, I wouldn't have the minutes reflect that you'll be looking at that right now you're not going to take action, but you'll be looking at each 1 of these on a case by case basis, going forward. 125 00:15:54.208 --> 00:15:58.589 And take action as appropriate. Okay. 126 00:15:58.589 --> 00:16:03.749 1, I will bring up and Linda, and I discussed it yesterday. 127 00:16:03.749 --> 00:16:09.389 Is he asking so, uh, they have. 128 00:16:09.389 --> 00:16:12.778 They had a tenants Intermodal. 129 00:16:12.778 --> 00:16:16.469 They got too big for the building. 130 00:16:16.469 --> 00:16:21.089 And bought a piece of property across the way across and. 131 00:16:21.089 --> 00:16:30.629 Okay, and are building a garage, so those jobs, and they went with the county for a pilot on that bill. So it's no longer with the city. 132 00:16:30.629 --> 00:16:34.198 But or at least that that product that. 133 00:16:34.198 --> 00:16:46.349 New project is with the county, the existing job information for will probably always fall short until they get perhaps another tenant in there. 134 00:16:46.349 --> 00:16:56.818 Because the jobs moved across the street, the saving grace is that the jobs are still in the city, which is a good thing. It's like, well, we went to Weisberg, we moved out in the area. 135 00:16:56.818 --> 00:17:02.129 Yeah, so I don't know how we, if we want to. 136 00:17:02.129 --> 00:17:14.788 Say anything about that, or if there's any action needed again, the jobs are still safe and secure. They're adding more more employees, but it says it's a different project and the different, uh. 137 00:17:14.788 --> 00:17:20.009 So, and again, unless they put another tenant to the building to take off that space. 138 00:17:20.009 --> 00:17:23.939 We probably won't see their job numbers come up to where they. 139 00:17:23.939 --> 00:17:28.169 Should have a lot of time. 140 00:17:28.169 --> 00:17:34.288 Yeah, I'm sure that they are, you know, they don't I'm sure they don't want just empty space in the building. Right? 141 00:17:37.288 --> 00:17:41.068 Okay, is there a, is a motion needed. 142 00:17:41.068 --> 00:17:45.239 To accept the fact that we will just continue to monitor. 143 00:17:45.239 --> 00:17:50.128 And that we're at this point, we're not going to take any. 144 00:17:50.128 --> 00:17:58.558 Recapture action yeah, I would yeah, I would I. 145 00:17:58.558 --> 00:18:08.189 I would do that at this time. So you review things, you've reviewed the information the companies provided. 146 00:18:08.189 --> 00:18:16.108 You're not going to take action at this time you will be reviewing it on a case by case basis, going forward. 147 00:18:20.278 --> 00:18:26.909 The motion 2nd. 148 00:18:26.909 --> 00:18:32.038 Anything else Jack. 149 00:18:32.038 --> 00:18:36.479 No, I just to let, you know, and again, I open it up to the, to the group. 150 00:18:36.479 --> 00:18:40.138 Um, the, uh. 151 00:18:41.278 --> 00:18:50.098 Mid year conference that is usually had held in Super has been moved from, may which we have been. 152 00:18:50.098 --> 00:18:54.298 Probably next week, it would a usual timeframe. 153 00:18:54.298 --> 00:18:57.538 Uh, to September 2018, 2009. 154 00:18:57.538 --> 00:19:01.709 So, again, I can put it up to the board if there's anyone that wants to attend. 155 00:19:01.709 --> 00:19:05.128 You know, I'll make those arrangements and to get get that all. 156 00:19:05.128 --> 00:19:14.818 There's people from around the around the state here, there are attorneys that are accountants. There are engineer people. There are a lot of. 157 00:19:14.818 --> 00:19:27.148 Kind of your counterparts along with economic developers, there's case studies that they go through so you kind of learn how projects are developed and put together in other areas. 158 00:19:27.148 --> 00:19:34.528 So, it's a, it's a good time and some good knowledge to be shared. So, you know, I always encourage everyone to. 159 00:19:34.528 --> 00:19:47.308 You have to take that trip on projects on horizon at this time. I'm not really I just, you know, it's just perhaps a small. We just passed 1 today. 160 00:19:47.308 --> 00:19:52.828 But some of the other projects that I have talked about, kind of fallen by the wayside, just. 161 00:19:52.828 --> 00:19:56.338 Either off the table completely, or just still. 162 00:19:56.338 --> 00:19:59.818 Uh, you know, we were looking at a hotel street for a little bit. 163 00:19:59.818 --> 00:20:04.588 But I haven't heard anything back from that group. So right now I'm just kind of. 164 00:20:04.588 --> 00:20:08.999 And monitoring and stuff like that. 165 00:20:10.828 --> 00:20:14.159 You got anything else? No, sir. No. 166 00:20:14.159 --> 00:20:17.848 Our 2nd, favorite post. 167 00:20:17.848 --> 00:20:22.019 So, hold thanks, Linda. Thank you. Laura. Okay. Guys. 168 00:20:22.019 --> 00:20:25.888 Thank you all I do appreciate it. You have a great day. 169 00:20:25.888 --> 00:20:33.868 Take care you have a great day. Yeah, there was some stuff on the Romano has left the meeting.