MINUTES OF THE MEETING OF THE VILLAGE OF PORT CHESTER INDUSTRIAL DEVELOPMENT AGENCY

Transcription

1 MINUTES OF THE MEETING OF THE VILLAGE OF PORT CHESTER INDUSTRIAL DEVELOPMENT AGENCY HELD: April 5, 2017 TIME AND PLACE: 6:30 P.M., Village Hall, Conference Room, 222 Grace Church Street, Port Chester, New York A rescheduled regular meeting of the Village of Port Chester Industrial Development Agency was convened on Wednesday April 5, 2017 at 6:30 p.m. at 222 Grace Church Street, Port Chester, New York PCIDA Roll Call The PCIDA meeting was called to order at 6:30 p.m. by Chairman Frank Ferrara. On the motion of Board member Richard Cuddy, which was seconded by Board member Michael Brescio, the meeting was called to order with the following additional Board members being present: Daniel Brakewood, John Hiensch, and James Taylor Also in attendance were, Administrative Director Christopher Steers, Board Counsel Justin Miller, Treasurer Leonie Douglas, and Acting Board Secretary Constance Phillips. BRAKEWOOD BRESCIO x CUDDY HIENSCH Absent TAYLOR North Main Street Chairman Ferrara said the first order of business was supposed to be a public hearing on the application of Post Road Iron Works however the applicant has asked for the hearing to be tabled to date uncertain. The reason we scheduled it was because of the notice requirements for a Public Hearing and given that this month s meeting is a week earlier than originally scheduled.

2 Mr. Ferrara said that the Board gave him and staff broad direction to negotiate and we started negotiations immediately after our last meeting. Shortly after that the negotiations stalled out. Later a call was received from the applicant saying that they had come to the conclusion that under our UTEP no amount of financial assistance would be sufficient inducement for the project. While we on the Board focused on the small annual tax payment the property makes, it represents to them $7.30 per square foot. Under the UTEP we would freeze that and when negotiating a PILOT would look to recapture added value. They pointed out that they are not significantly expanding the square footage and therefore their going in rate would remain elevated above $7.00. They also pointed out that the Mariner completely finished is $6.55, there is a building across the street that is about $5.40 and there are buildings up and down Main Street that pay between $4.00 and $5.00. The applicant feels that their best move based on the comps that they have is to approach the Assessor and file a tax cert and depending on the outcome of that they may come back to the Board at a later time. A group discussion was held with regard to the matter and during the discussion Chairman Ferrara pointed out that the role of the Chairman is not to be the fiduciary for our applicants but to remain firmly on the side of IDA. Chairman Ferrara said that one of the things that he may have lost sight of is that we have in our non-homestead property tax base a lot of long term incumbent property holders who, while adept at maximizing cash flow from their existing properties, are not really developers and may not be adept at maximizing the values of their properties. Perhaps in the future one of the things to be more cognizant of is while the Chairman s job is not to tell the applicants whether or not an investment makes sense but whether or not we can truly be of material assistance. Board Counsel Justin Miller agreed with Chairman Ferrara s summation and added that the Board sent a proposal to them, waited a couple of weeks for them to respond, and their initial response was that they had more problems with the base value than the added value. Mr. Miller also said it was not what we were expecting, but we can t control that. Chairman s Remarks Chairman Ferrara said that this month s meeting was scheduled to an earlier date in deference to the Jewish Holiday of Passover. RFQ Lane Appraisals In response to the Board s RFQ for a Commercial Real Estate Appraiser, Paul A. Alfieri of Lane Appraisals provided a brief overview and engaged in a question and answer session with the Board. (see quick summary on next page)

3 PAUL A. ALFIERI, III, MAI Senior Appraiser Lane Appraisals, Inc. 178 Myrtle Boulevard Larchmont, New York PROFESSIONAL DESIGNATIONS MAl - Member of the Appraisal Institute - #12165 Certified General Appraiser State of New York # Accredited New York State Department of Transportation, Right of Way Appraiser GENERAL EDUCATION St. Lawrence University Canton, New York B. A PROFESSIONAL APPRAISAL EDUCATION US Bankruptcy Court New York State Supreme Court New York State Court of Claims Since 1984, engaged exclusively in appraising real estate. Assignments include: Single family homes, condominiums, cooperative apartments, two to six family dwellings, rental apartment buildings, cooperative apartment buildings, condominium complexes, Section 8, Section 236 (Mitchell Lama) and HUD apartment projects, nursing care and life care communities, senior living facilities, public buildings, municipal properties, parks, hotels, industrial buildings, gas and service stations, auto dealerships, office buildings, retail and wholesale facilities, regional and neighborhood shopping centers, estates, marinas, country clubs, golf courses, sub-divisions, easements, encroachments, air rights and vacant parcels for purposes of finance, purchase, sale, gift tax, estate tax, divorce, bankruptcy, condemnation, tax certiorari proceedings, internal and estate planning, Right-of Way analysis, gas pipeline expansion, HUD Rent Comparability Study, and New York State Equalization Rate challenges. Primary professional territory comprises Westchester, Putnam, Dutchess, Rockland, Orange, Ulster, Sullivan, Greene, Bronx, Queens, Kings (Brooklyn), Richmond (Staten Island) and New York Sullivan, Greene, Bronx, Queens, Kings (Brooklyn), Richmond (Staten Island) and New York, (Manhattan) Counties in New York, and Fairfield and New Haven Counties in Connecticut. Administrative Director Chris Steers informed the Board that Lane Appraisals has done work for the Village regarding 222 Grace Church Street and 350 North Main Street.

4 Administrative Director Report Administrative Director Christopher Steers that the first item on his report was already talked about (Lane Appraisals). Mr. Steers said that he also met with Renaissance Downtown to discuss the concepts and processes of the Master Developer model for form based zoning in the downtown and discussions about how it worked in New Rochelle. Chairman Ferrara said that he has had discussions with them as well. With regard to the Transportation Study, Mr. Steers said that a full report is expected to be done by RBA by the end of the month. The Board had discussed the possibility of a joint meeting with the BOT to hear the result of the study. After a brief discussion, the Board agreed to a joint meeting for either May 1 st or May 15 th. Mr. Steers said he is also working with Tony Gioffre to arrange a tour of the 200 William Street building. Treasurer s Report Treasurer Leonie Douglas provided the following Treasurer s Financial Report: Invoices The following invoices were also submitted for payment: Christopher Steers $1, Leonie Douglas $ Constance Phillips $ Harris Beach $1, NV5 (2 invoices) $22, On the motion of Board member John Hiensch, which was seconded by Board member James Taylor, the submitted invoices were approved BRAKEWOOD BRESCIO x CUDDY HIENSCH Absent TAYLOR

5 In addition to the submitted invoices of the submitted invoices, Ms. Douglas provided the Board with the Financial Report. See following page for the Financial Report Summary

6

7 On the motion of Board member Michael Brescio, which was seconded by Board member Daniel Brakewood, the Financial Report was approved. BRAKEWOOD BRESCIO CUDDY HIENSCH absent TAYLOR Minutes On the motion of Board Member James Taylor which was seconded by Board member Richard Cuddy, the minutes of the March meeting were approved. BRAKEWOOD BRESCIO CUDDY HIENSCH TAYLOR

8 Adjourn Meeting On the motion of Board member Michael Brescio, which was seconded by Board member John Hiensch, the meeting was adjourned. BRAKEWOOD BRESCIO CUDDY HIENSCH Absent TAYLOR Respectfully submitted, Constance Phillips