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

Transcription

1 COHOES LOCAL DEVELOPMENT CORPORATION CITY HALL - OFFICE OF ECONOMIC DEVELOPMENT March 8, 2017@ 8:00 am AGENDA 1. Review and approval of the minutes from the February 8, 2017 meeting. 2. Review and approval of the financial statements and loan report. 3. Resolution to approve the CLDC Audit. 4. First Time Homebuyer Request - Thomas Durrant - Debbie Jacques 5. Resolution to accept the property located at 18 White Street, Cohoes, New York. - Mike Jacobson. 6. Resolution to open account at Pioneer Bank and authorize the Treasurer, CEO and CFO To be authorized signatories on the account- Mike Durocher 7. Discussion regarding the IDA purchase of 180 & 182 Ontario Street, Cohoes - Mike Jacobson

2 MINUTES OF THE MEETING OF THE COHOES LOCAL DEVELOPMENT CORPORATION BOARD HELD AT February 8, 2017 City Hall Cohoes, NY February 8, 8:00 a.m. MEMBERS PRESENT: Ralph Pascale Ralph Signoracci Mike Jacobson John Frainier MEMBERS NOT PRESENT: Fred Neudoerffer ALSO PRESENT: Mike Durocher, CFO Debbie Jacques, CEO John Frainier called the meeting to order at 8:00 a.m. MINUTES Debbie Jacques presented the minutes. There were no changes to the minutes. Ralph Signoracci made a motion to accept the minutes. Mike Jacobson seconded the motion. Motion passed unanimously. FINANCIALS Mike Durocher presented the financials as of February 2, 2017 and the Loan report as of January 31, He reviewed the Balance Sheet, Profit and Loss statement and the Loan Statement. Mike Durocher stated that we are no longer handling the account for Bridges that they have completed their 501 c3 and they are on their own. He further stated that the lawsuit has begun against CR Productions. Mike Durocher said he would talk Brian Kremer about sending out delinquency letters to Trudeau, Turner and Pop's Pizza. He also stated we need to check on the collateral for these loans. Mike Durocher provided the board members with a copy of the Draft Audit. Mike Durocher noted a change to the Notes to Financial Statements page 9 the address for Property Held for Development should be listed as 12 White Street rather than 18 White Street. He further stated that it is recommended that the time sheets for the CLDC employee should be signed off on by the CLDC. Mike Durocher stated that the audit committee will need to meet prior to the next meeting to review the audit. The audit will need to be officially approved at the next meeting. Mike Jacobson made a motion to accept the financial statements. Ralph Signoracci seconded the motion. Motion passed unanimously. PURCHASE OF FILE CABINET Ralph Signoracci stated that he would like the CLDC to purchase a new file cabinet. The files that are being scanned will be returned to City Hall and we will need a cabinet for storage. Ralph Signoracci stated that we will be able to purchase the cabinet under the State contract for $ The cabinet will be placed in his office. Ralph Pascale asked if one cabinet will be sufficient. Ralph Signoracci stated we will start out with N:\Data\CED\2017 CLDC\1\ 1inutcs\Minutcs 2-8- I 8.dl1c

3 one cabinet and if we need an additional cabinet he will come back to the board. Ralph Pascale made a motion to purchase a new file cabinet. Mike Jacobson seconded the motion. Motion passed unanimously. UPDATE ON 18 WHITE STREET Mike Jacobson stated that Brian Kremer has had discussions with the attorney for Planet Development. Planet Development would be willing to sign the property over to the CLDC and walk away from the property. The CLDC has "written off' the mortgage on this property but there still is the issue with the private mortgage with East Ridge (Gallagher). Mr. Jacobson stated that the CLDC will not accept the deed for the property until the private mortgage with East Ridge is Discharged. RIVERS PARK Debbie Jacques stated the Ed Tremblay has reached out to find out if the CLDC is willing to remain on as the managing entity for Riverspark. Ed Tremblay stated that he was in the process of preparing the billing statements to the membership of Riverspark. There was discussion among the board members as to what are the benefits of Riverspark. Ralph Pascale stated that Riverspark supports the Visitor Centers in the surrounding communities and that they have a calendar of events and programs. He further stated that by being a member of Riverspark gives us the benefit of being an Urban Cultural Park and that looks good on grant applications. There was discussion among the board members and that we would like to remain members but that it is time for one of the other members to take on the managing entity roll. Being no further business John Frainier made a motion to adjourn the meeting. Mike Jacobson seconded the motion. Motion passed unanimously. Meeting was adjourned at 8:41 am. Minutes submitted by Debbie Jacques N :\Data\CED\20 I 7 CLDCIM inutcs\f\1 inutcs doc

4 9:47 AM 03/03/17 Accrual Basis The Cohoes Local Development Corp. Balance Sheet As of March 3, 2017 Mar 3, 17 ASSETS Current Assets Checking/Savings Facade/comprehensive account Key Bank-operating account Small business loan account 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 Cohoes Carpet CR Productions David/Daniel Jarosz Dennis Holtzman Donald Russell Focusmaster Foundry for Art Design Frazier-2 Gaylord Ge be le Girly Girl K & J Holdings, LLC Mendoza Russo-18 White St Sarah Stevens Three Brothers Tavern, Inc Trudeau William LeBlanc Studios Total Small Business Loan Program Total Other Assets TOTAL ASSETS 96, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Page 1

5 9:47 AM 03/03/17 Accrual Basis The Cohoes Local Development Corp. Balance Sheet As of March 3, 2017 Mar 3, 17 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable Other Current Liabilities Deferred Revenue Payroll Liabilities Total Other Current Liabilities Total Current Liabilities Total Liabilities Equity Retained Earnings Net Income Total Equity TOTAL LIABILITIES & EQUITY , , , , , , , , , Page 2

6 9:47 AM 03/03/17 Accrual Basis The Cohoes Local Development Corp. Profit & Loss Jan - Dec 17 Ordinary Income/Expense Income Art sales/donations Bank Account Interest Interest on Loans Mastadon Run Income Miscellaneous Income Total Income Expense Dues and Subscriptions Filing Fees- Loans Network Support Payroll Expenses Postage and Delivery Professional Fees Accounting Accounting-HUD Executive Director Legal Fees Legal Fees- HUD Professional Fees-Audit Total Professional Fees Social Security Expense Total Expense Net Ordinary Income Net Income 3, , , , , , , , , , , , , Page 1

7 CLDC LOAN REPORT BUSINESS LOANS AS OF 2/28/2017 BORROWER LOAN Original PRINCIPAL PAID LAST MONTH~ PYM TS AC CUM MONTHLY DATE Loan BALANCE T HRU PYMT DEL. REMAINING INTEREST PAYMENT JOYCE GEBELE- RESTORE OCCUPATIONAL THERAPY 11/1/2011 $ 58, $ 29, February 2124/ $ JAMES TRUDEAU-APPLIED LABEL 4/15/2013 $ 30, , / / $ $ CR PRODUCTIONS-JIM CHARLES/TONY RIVERA $ 90, s 43, / $ FOCUSMASTER-MARTIN KEARNEY-32 ONTARIO ST 3/13/2008 $ 25, s 3, February 216/ s LORI/DAVE FRAIZER-PIG PIT 11/1/2008 $ 57, , February 2114/ $ GIRL Y GIRL- JULIE DEFRUSCIO 1/16/2009 $ 20, s 4, February 2/6/ $ COHOES CARPET- MARK COLLAZA 3/1/2009 $ 30, s 6, February 2114/ $ LAWRENCE GAYLORD-137 REMSEN ST 6/30/2009 $ 50, $ 12, February 2127/ $ THE FOUNDRY-LYNN ALLARD/ JESSE MATULIS 1/10/2010 $ 25, s 19, February 2114/ s POPS PIZZA-DAVID/DANIEL JAROSZ 4/20/2010 $ 35, , February 2/28/ $ K & J HOLDINGS- KEVIN HOTALING 5131/2011 $ 25, , December 12/14/ $ $ PLANET DEVELOPMENT- PHIL RUSS0=18 WHITE ST 1124/2012 s 50, , / /8/ $ $ WILLIAM LEBLANC PHOTOGRAPHY 1/18/2012 $ 16, , January 2114/ s $ DENNIS HOLTZMAN ANTIQUES 8/16/2012 $ 25, s 15, February 216/ s ARNOLD MENDOZA- MENDOZA AUTO BODY SHOP 10/31/2012 $ 25, , February 2/27/ $ JOHN TURNER- BLACK CAT ALE HOUSE 8/ $ 15, s 10, August 10/11/ $ s CASEY HESLIN-ELATIONS SALON 7/3/2014 $ 40, s 30, February 2/6/ $ DONALD RUSSELL- SPINDLES 8nt2014 $ 15, $ 11, February 2128/ $ SARAH STEVENS- ZEPHYR PRESERVATION STUDIO 12111/2014 $ 25, $ 20, February 2/6/ $ PHIL PHILLIPS- BABES DINER $ 50, $ 45, February 2/24/ $ TOTAL $ 707, $ 406, $ 1, $ 6,398.22

8 11 :1 6 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount on-line 01/13/2017 NYS Employment Taxes Key Bank-operating account /31/2016 Payroll Liabilities TOTAL /11/2017 Michael J. Durocher Small business loan account Accounting-HUD TOTAL /26/2017 Michael J. Durocher Small business loan account Accounting-HUD TOTAL /02/2017 Goldberger & Kremer Small business loan account Legal Fees- HUD TOTAL /03/2017 American Express Key Bank-operating account Network Support TOTAL /09/2017 Michael J. Durocher Small business loan account Accounting-HUD TOTAL /23/2017 MichaelJ. Durocher Small business loan account Accounting-HUD TOTAL /05/2017 Hannah Milkins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Page 1

9 11 :1 6 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount Payroll Liabilities Payroll Liabilities Social Security Expense Social Security Expense Payroll Expenses 5.05 Payroll Liabilities Payroll Liabilities Payroll Liabilities TOTAL Capital Region Chamber Key Bank-operating account Dues and Subscriptions TOTAL Purtell & Associates Key Bank-operating account /31/2016 Professional Fees Professional Fees TOTAL Hannah Mil kins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Payroll Liabilities Payroll Liabilities Social Security Expense Social Security Expense Payroll Liabilities Payroll Liabilities Payroll Expenses 5.06 Payroll Liabilities Payroll Liabilities Payroll Liabilities TOTAL Page 2

10 11:16 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount /11/2017 Cohoes Bridges Key Bank-operating account -1, Accrued Expenses 1, TOTAL 1, /11/2017 US Postmaster Key Bank-operating account 0.00 TOTAL /11/2017 Time Warner Key Bank-operating account /31/2016 Network Support TOTAL /11/2017 Law Office of Catherine M. H... Key Bank-operating account -1, ,2,8 12/31/2016 Legal Fees 1, TOTAL 1, /11/2017 Chazen Engineering, Land S... Key Bank-operating account -1, canal... 12/14/2016 Grant Expenses- IDA 1, TOTAL 1, /11/2017 Harmony Mills Web Com. Key Bank-operating account /31/2016 Network Support TOTAL /11/2017 Michael J. Durocher Key Bank-operating account Accounting TOTAL /19/2017 Hannah Milkins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Payroll Liabilities Payroll Liabilities Page 3

11 11 :16 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount Social Security Expense Payroll Liabilities Payroll Liabilities Social Security Expense Payroll Expenses 5.05 Payroll Liabilities Payroll Liabilities Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /2017 Deborah Jacques Key Bank-operating account -1, Executive Director 1, TOTAL 1, /19/2017 Internal Revenue Service Key Bank-operating account -2, /31/2016 Payroll Liabilities 2, TOTAL 2, /19/2017 Law Office of Catherine M. H... Key Bank-operating account -1, /31/2016 Legal Fees / Legal Fees TOTAL 1, /19/2017 DeBrino Caulking Associates Key Bank-operating account -4, LL /31/2016 Grant Expenses- IDA 4, TOTAL 4, /26/2017 American Express Key Bank-operating account Network Support TOTAL /26/2017 Chazen Engineering, Land S... Key Bank-operating account -2, Page 4

12 11:1 6 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount Accrued Expenses 2, TOTAL 2, /26/2017 Hannah Mil kins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Payroll Liabilities Payroll Liabilities Social Security Expense Social Security Expense Payroll Expenses 5.05 Payroll Liabilities Payroll Liabilities Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /26/201 7 Michael J. Durocher Key Bank-operating account Accounting TOTAL /25/2017 Time Warner Key Bank-operating account Network Support TOTAL /02/2017 Hannah Milkins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Payroll Liabilities Payroll Liabilities Social Security Expense Page 5

13 11 :16 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Amount Social Security Expense Payroll Liabilities Payroll Liabilities Payroll Expenses 5.06 Payroll Liabilities Payroll Liabilities Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /02/2017 Cusack & Company Key Bank-operating account -3, Professional Fees-Audit 3, TOTAL 3, /09/2017 Hannah Milkins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.64 Payroll Liabilities Payroll Liabilities Social Security Expense Social Security Expense Payroll Expenses 5.05 Payroll Liabilities Payroll Liabilities Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /09/2017 Michael J. Durocher Key Bank-operating account Accounting TOTAL /09/201 7 US Postmaster Key Bank-operating account Page 6

14 11 :16 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Nurn Date Name Account Original Amount Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /23/2017 American Express Key Bank-operating account Network Support TOTAL /23/2017 Michael J. Durocher Key Bank-operating account Accounting TOTAL /02/2017 H"annah Milkins {2} Key Bank-operating account Payroll Expenses Payroll Liabilities Payroll Expenses 0.65 Payroll Liabilities Payroll Liabilities Social Security Expense Social Security Expense Payroll Expenses 1.57 Payroll Liabilities Payroll Liabilities Payroll Expenses 2.04 Payroll Liabilities Payroll Liabilities TOTAL /02/2017 Albany County Clerk Key Bank-operating account Filing Fees- Loans TOTAL /02/2017 Albany County Clerk Key Bank-operating account Page 8

15 11 :16 AM The Cohoes Local Development Corp. 03/03/17 Check Detail Num Date Name Account Original Am ount Filing Fees- Loans TOTAL /02/2017 Law Office of Catherine M. H... Key Bank-operating account -1, Legal Fees 1, TOTAL 1, /02/2017 Time Warner Key Bank-operating account Network Support TOTAL Page 9

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