COHOES LOCAL DEVELOPMENT CORPORATION CITY HALL OFFICE OF ECONOMIC DEVELOPMENT. January 9, 8:00 am AGENDA

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1 COHOES LOCAL DEVELOPMENT CORPORATION CITY HALL OFFICE OF ECONOMIC DEVELOPMENT January 9, 8:00 am AGENDA 1. Review and approval of the minutes from the December 12, 2018 meeting. 2. Review and approval of the financial statements and loan report - Mike Durocher 3. Nomination of Barbara Hildreth to the Board John Frainier 4. Resolution Approving Barbara Hildreth to the CLDC Board 5. Annual Housekeeping Resolution Debbie Jacques 6. Resolution Approving the Consulting Contract with the CFO and CEO for Updates

2 MINUTES OF THE MEETING OF THE COHOES LOCAL DEVELOPMENT CORPORATION BOARD HELD AT City Hall Cohoes, NY December 8:00 a.m. MEMBERS PRESENT: John Frainier Ralph Pascale Fred Neudoerffer Mike Jacobson Ralph Signoracci MEMBERS NOT PRESENT: N/A ALSO PRESENT: Mike Durocher, CFO Debbie Jacques, CEO Catherine Hedgeman, Esq. John Frainier called the meeting to order at 8:03 a.m. MINUTES John Frainier presented the minutes from the November 14, 2018 meeting. There were no changes or comments on the minutes. Ralph Signoracci made a motion to accept the minutes. John Frainier seconded the motion. Motion passed unanimously. FINANCIALS Mike Durocher presented the financials as of December 10, 2018 and the Loan report as of November 30, He reviewed the balances in the accounts. He reported that the balance in the operating account is $68, but this amount does not reflect the proceeds from the sale of 1 Willow and 185 Main Street which will be an additional $30,530. Mike Durocher stated that the auditor will be in to conduct the CLDC yearly audit on January 17 th and 18 th. Ralph Pascale asked what the $83, CED Grant expense covered. Mike Durocher stated that was the amount given out in Economic Development Grants to date in Mike Durocher gave an update on the loan account. Mike Durocher stated that Babe s closed on the loan for $5,200 and Debbie Jacques stated that she filed the UCC in the county clerk s office in order to secure the loan. There were no further questions or changes to the financials. Mike Jacobson made a motion to accept the financial statements. Fred Neudoerffer seconded the motion. Motion passed unanimously. Resolution Authorizing the Subordination of the Small Business Loan with Alana Matulis and Jesse Matulis Debbie Jacques stated that she has received a request from Alana Matulis and Jesse Matulis to subordinate the CLDC mortgage. The Matulis are refinancing their mortgage with Keybank and in order for the closing to take place the CLDC has to subordinate our lien to the new mortgage. Mike Durocher stated that they are current on the loan and have a balance of $13, Fred Neudoerffer asked if we knew what was the purpose of the refinance, Debbie Jacques stated that she spoke with Alana and she stated the money was going to go for improvements to the building and acquisition of new equipment. After some discussion Mike Jacobson made a motion to approve the resolution. Ralph Signoracci seconded the motion. Motion passed unanimously.

3 Resolution Authorizing the Assignment of Lease between the City of Cohoes and the CLDC for property located along NYS Route 787 (Whitehall Road), Cohoes, NY Mike Jacobson stated that the City of Cohoes has transferred the property on Whitehall to the CLDC and that the City has a Lease with Tex s Enterprises, LLC for a portion of the land on the north corner of the lot. Mike Jacobson stated that the lease should be transferred to the CLDC since we now own the parcel. Mike Jacobson made a motion to approve the Resolution. John Frainier seconded the motion. Motion passed unanimously. Resolution Approving the First Addendum to the Lease between the CLDC and Tex s Enterprises, LLC for a portion of Real Property Along NYS Route 787 Mike Jacobson stated that the CLDC has received a purchase offer for the property on Whitehall and that the sale will include the lease of the portion of land with Tex s Enterprises, LLC. Mike Jacobson further reported that the purchaser would like a modification to the lease allowing for the sign that is currently on the property to be moved to a mutually agreeable location, at the Developer s expense. The purchaser is requesting that the CLDC and Tex s Enterprises, LLC sign the modification prior to the completion of the sale. Ralph Pascale made a motion to approve the resolution. John Frainier seconded the motion. Motion passed unanimously. Resolution approving the sale of property located on Whitehall Avenue (SBL: ) to Banana Stand LLC for $190,000 Mike Jacobson stated that the CLDC has received a purchase offer for the property on Whitehall Avenue in the amount of $190,000. Mike Jacobson further reported that the property was recently transferred to the CLDC from the City and that there has been some interest in this site but, this is the only firm offer. Mike Jacobson further reported that the purchaser would like to build a car wash and storage facility on the site. Ralph Pascale made a motion to approve the Resolution. Ralph Signoracci seconded the motion. Motion passed unanimously. Small Business Loan Crown Wood Floor & Suppliers, Inc. Debbie Jacques reported that the title search for the property came back showing a New York State Tax Warrant lien on the property. The tax lien in the amount of $27, was filed after Mr. Fligman purchased the property. She further reported Mr. Fligman stated that he had a payment plan with NYS but if we were to close and give him the loan, the judgment would be ahead of our mortgage. After some discussion the board agreed that it would be best to close once we had proof that the judgment was paid off. Debbie Jacques stated that she would reach out to Mr. Fligman and let him know of the board s decision. Request for Economic Development Grant for Subs a Toot Mike Jacobson stated that Tony Pucci from Subs A Toot has filed an application for an Economic Development Grant. Mike Jacobson reported that he has met several times with Mr. Pucci to discuss the application. Mr. Pucci is expanding his menu and he has purchased a new stove but he needs to install a new hood, exhaust fan and suppression system. He has an estimate of $7,000 for the project and he is asking for a grant in the amount of $3,500. Ralph Pascale asked if the CLDC should offer a Small Business Loan rather than the Grant. Mike Jacobson stated that the amount is small and that the applicant has money already vested in the project and that he would rather give the Grant. John Frainier made a motion to approve the Grant application. Ralph Signoracci seconded the motion. Motion passed unanimously. New Business Catherine Hedgeman, attorney for the CLDC, stated that she will be reviewing the CLDC Policies, Procedures and By-Laws in 2019 and making recommendations to the Board. Cate also stated that she will draft an agreement for the CEO and CFO positions for the board to approve. Debbie Jacques reported that Ralph Pascale is at the end of his term on the CLDC board and that the By- Laws state that the board members can serve up to 3 consecutive 2 year terms and then they have to get off the board for one year. The Board thanked Ralph for his service.

4 Mike Jacobson reported that he has received a verbal offer of $100,000 from Shelterterm for the property located at 39 Saratoga Street. This was the property that was donated to the CLDC at the end of 2017 and was under contract with Fastrac but, the contract feel through. Mike further reported that the purchasers would like to relocate their offices to this site and that we should have the formal contract for approval soon. Being no further business Ralph Signorcci made a motion to adjourn the meeting. Fred Neudoerffer seconded the motion. Motion passed unanimously. Meeting was adjourned at 9:02 a.m. Minutes submitted by Debbie Jacques.

5 9:28 AM 01/04/19 Accrual Basis The Cohoes Local Development Corp. Balance Sheet As of December 31, 2018 Dec 31, 18 ASSETS Current Assets Checking/Savings Pioneer- Business loan Pioneer- Comprehensive/Facade Pioneer operating Total Checking/Savings Accounts Receivable Accounts Receivable Total Accounts Receivable Total Current Assets Fixed Assets Property Held For Investment Total Fixed Assets Other Assets Allowance for Uncollectibles Small Business Loan Program Babes Diner Casey Heslin Caskade Cohoes Carpet David/Daniel Jarosz Dennis Holtzman Donald Russell Foundry for Art Design Frazier-2 Gaylord Gebele Girly Girl Sarah Stevens Three Brothers Tavern, Inc Trudeau William LeBlanc Studios Total Small Business Loan Program Total Other Assets TOTAL ASSETS 52, , , , , , , , , , , , , , , , , , , , , , , , , , , LIABILITIES & EQUITY Liabilities Current Liabilities Page 1

6 9:28AM 01/04/19 Accrual Basis The Cohoes Local Development Corp. Balance Sheet As of December 31, 2018 Dec 31, 18 Accounts Payable Accounts Payable Total Accounts Payable Total Current Liabilities Total Liabilities Equity Retained Earnings Net Income Total Equity TOTAL LIABILITIES & EQUITY 1, , , , , , , , Page 2

7 9:27 AM 01/04/19 Accrual Basis The Cohoes Local Development Corp. Profit & Loss January through December 2018 Jan - Dec 18 Ordinary Income/Expense Income Admin Fees Art sales/donations Concerts/Beautification Contributed Land Grants Commercial Grants Total Grants Hometown Hero Banners Interest on Loans Late Charges on loans Interest on Loans - Other Total Interest on Loans Music Hall Income Total Income Expense Bank Service Charges Concerts Contributions Dues and Subscriptions Facade Program Farmers Market Expenses Banners/Bags Total Farmers Market Expenses Filing Fees- Loans Grant Expense CED grant Expense Comprehensive/Facade Grants Total Grant Expense Heritage Weekend Cohoes Artist Showcase Total Heritage Weekend Hometown Banners Expenses Insurance Liability Insurance Worker's Compensation 70, , , , , , , , , , , , , , , , , , , , , Page 1

8 9:27 AM 01/04/19 Accrual Basis The Cohoes Local Development Corp. Profit & Loss January through December 2018 Jan Dec 18 Total Insurance Miscellaneous Network Support Office Supplies Oper Cost for Prop Held Postage and Delivery Professional Fees Accounting Accounting-HUD Executive Director Legal Fees Legal Fees- HUD Professional Fees-Audit Total Professional Fees Program Expense Total Expense Net Ordinary Income Net Income 4, , , , , , , , , , , , , Page 2

9 CLDC LOAN REPORT BUSINESS LOANS AS OF 12/31/2018 BORROWER LOAN Original PRINCIPAL PAID LAST MONTH PYMTS ACCUM MONTHLY DATE Loan BALANCE PYMT DEL REMAINING INTEREST PAYMENT THRU JOYCE GEBELE- RESTORE OCCUPATIONAL THERAPY 11/1/2011 $ 58, $ 18, December 12/17/ $ JAMES TRUDEAU-APPLIED LABEL 4/15/2013 $ 30, $ 16, April 12/31/ $ $ LORI/DAVE FRAIZER-PIG PIT 11/1/2008 $ 57, $ 13, December 12/17/ $ GIRL Y GIRL- JULIE DEFRUSCIO 1/16/2009 $ 20, $ November 12/31/ $ 3.35 $ COHOES CARPET- MARK COLLAZA 3/1/2009 $ 30, $ December 12/7/ $ LAWRENCE GAYLORD-137 REMSEN ST 6/30/2009 $ 50, $ 2, December 12/31/ $ THE FOUNDRY-LYNN ALLARD/ JESSE MATULIS 1/10/2010 $ 25, $ 13, December 11/30/ $ POPS PIZZA-DAVID/DANIEL JAROSZ 4/20/2010 $ 43, $ 32, October 10/31/ $ $ WILLIAM LEBLANC PHOTOGRAPHY 1/18/2012 $ 16, $ 5, October 11/8/ $ $ DENNIS HOLTZMAN ANTIQUES 8/16/2012 $ 25, $ 11, December 12/7/ $ JOHN TURNER- BLACK CAT ALE HOUSE 8/1/2013 $ 15, $ 7, December 11/1/ $ CASEY HESLIN-ELATIONS SALON 7/3/2014 $ 40, $ 23, December 12/7/ $ DONALD RUSSELL- SPINDLES 8f7/2014 $ 15, $ 9, September 9/28/ $ $ SARAH STEVENS- ZEPHYR PRESERVATION STUDIO 12/11/2014 $ 25, $ 15, December 12/7/2018 $ PHIL PHILLIPS- BABES DINER 12/2/2015 $ 50, $ 47, December 12/31/ $ CASKADE KITCHEN & BAR 8/1/2018 $ 10, $ 9, November 11/8/ $ $ BABES DINER- CONSTRUCTION LOAN 12/3/2018 $ 5, $ 5, Payments start in January 2019 $ TOTAL $ 516, $ 232, $ $ 4,761.40

September 8:00 am

September 8:00 am COHOES LOCAL DEVELOPMENT CORPORATION CITY HALL- OFFICE OF ECONOMIC DEVELOPMENT September 13 @ 8:00 am AGENDA 1. Review and approval of the minutes from the August 9,2017 meeting. 2. Review and approval