December 13, 2022 Agenda
- Post by Carol Ellis
- December 9, 2022
___JOSEPH SEMIONE, CHAIRMAN
___MIKE FITZGERALD, VICE CHAIRMAN
___TODD RULISON, TREASURER
___JOSEPH GILLIS, SECRETARY
___DAVID D’AMORE, MEMBER
___SUE COLLINS, MEMBER
___DR. GREG TRUCKENMILLER, MEMBER
___JAMES MRAZ, EXECUTIVE DIRECTOR
___KARA LAIS, FITZGERALD, MORRIS, BAKER, FIRTH PC
___SCOTT HENZE, PLANNING DIRECTOR
___TIM BECKETT, FULTON COUNTY CENTER FOR REGIONAL GROWTH
___JACK WILSON, LIAISON, ECONOMIC DEVELOPMENT AND ENVIRONMENT COMMITTEE
MADE BY :
MADE BY :
Years 1-5 of PILOT: 100% of the real property tax exemptions granted shall be repaid to the affected taxing jurisdictions, unless agreed to otherwise, in writing, by the applicable taxing jurisdiction
Years 6-7 of PILOT: 75% of the real property tax exemptions granted shall be repaid to the affected taxing jurisdictions, unless agreed to otherwise, in writing, by the applicable taxing jurisdiction
Years 8-9 of PILOT: 50% of the real property tax exemptions granted shall be repaid to the affected taxing jurisdictions, unless agreed to otherwise, in writing, by the applicable taxing jurisdiction
Year 10 of PILOT: 25% of the real property tax exemptions granted shall be repaid to the affected taxing jurisdictions, unless agreed to otherwise, in writing, by the applicable taxing jurisdiction
Years 11+ of PILOT: 0% of the real property tax exemptions granted shall be repaid to the affected taxing jurisdictions.
Stipulations 2 and 3 above would constitute “Deviations” from the IDA’s UTEP. The UTEP specifically authorizes the IDA to make deviations per the following language in the UTEP:
2. If the Agency is going to deviate from any provision of the UTEP, the Agency shall adopt a resolution that:
a. Identifies the deviation provided.
b. Identifies the reasons for the deviation.
c. Identifies such terms and conditions as the Agency shall deem just and proper.
a. To authorize the Chairman to execute an Amendment to the Purchase and Sale Agreement to decrease the purchase price from $5,800,000 to $3,925,880 with the $1,824,120 reduction serving as a credit to Winstanley Enterprises for the higher cost they will be incurring to abate and demolish the buildings on the 242 acres of land to be sold to Winstanley.
b. To authorize IDA Counsel to send an amended 90-day notice to New York State acknowledging the decrease in the purchase price and the reason for doing so.
c. To authorize the Chairman or Vice Chairman to execute and deliver a deed and other such transfer and title documents that are required to complete the sale of the real property located along County Road 158 and County Highway 107 in the Town of Perth, County of Fulton to WE Acquisitions, LLC or its assign, in accordance with the terms and conditions of a Purchase and Sale Agreement dated November 9, 2021, as amended, subject to the approval of the Agency’s legal counsel as to form and content.
3-month : 2.37% matures: 11/17/22
6-month : 2.89% matures: 2/16/23
9-month : 2.91% matures: 5/18/23
12-month : 3.18% matures: 8/10/23
The report is organized into four (4) components:
2. Employer Surveyor:
Some of the key findings from the Employer Survey were:
3. Fulton County Region Economic Profile:
4. SWOT Analysis:
√ Well educated workforce
√ Good east-west highway transportation
√ Outstanding recreational amenities
√ Active labor force
√ Good worker mobility
√ Efficient airport accessibility
√ Good working environment
√ Available job-training opportunities
√ Stable population
√ Available working aged individuals
√ Fairly diverse racial makeup
√ Plentiful female labor opportunities
√ Minimal language barriers
√ More labor potential per household
√ Good access to health care
√ Good leisure activities options
√ Attractive electric power rates
√ Good access to US markets
√ Somewhat older labor force
√ Moderate affordable living costs
√ Moderate production labor costs
√ Moderate real estate costs
√ Over-dependence on service-oriented industries
√ Mostly localized business focus
√ High turnover among new hires
√ Training required for all new hires
√ Competition for labor
√ Restriction governmental regulations
√ Lack of training opportunity awareness
√ Rising crime rates
√ High production industry wages
√ High service industry wages
√ High retail spending per capita
√ Lack of mass transit opportunities
√ Lack of class “A” office development
Strength-Opportunities Strategies (S-O)
Strengths-Threats Strategies (S-T)
Weaknesses-Threats Strategies (W-T)
INTERNAL FINANCIAL CONTROL SYSTEM:
A. The Fulton County Industrial Development Agency utilizes an internal control system to preserve the assets of the organization.
B. System procedures shall be reviewed annually by the independent auditors who will make recommendations to the Board of Directors for suggested changes.
C. In addition, during the year, changes may be recommended by IDA’s management. However, such changes shall not be implemented until reviewed by independent auditors and approved by the IDA Board.
A. The Chief Financial Officer shall open the daily mail and make copies of the checks received and file same.
B. The Chief Financial Officer shall prepare and make a bank deposit as needed.
C. Upon completion of the deposit, the Chief Financial Officer shall enter the deposit in the appropriate Agency’s records.
D. All bank accounts shall be reconciled monthly.
A. All purchases shall be made according to the IDA’s Procurement Policy. The IDA’s Procurement Policy shall be reviewed annually by the IDA Board.
B. All invoices received shall be reviewed by the Chief Financial Officer and verified for accuracy and completeness. The Chief Financial Officer shall then forward them to the Executive Director for review for completeness and accuracy.
C. All invoices received that do not have prior authorization by the IDA Board shall be submitted to the IDA Board at their next regularly-scheduled meeting to get authorization to pay.
D. All invoices received that IDA Board authorization has been given and once reviewed and approved by both the Chief Financial Officer and Executive Director, the Chief Financial Officer shall transfer the necessary funds and prepare a check for payment.
E. All IDA checks shall have two (2) signatures. One shall be by the Chief Financial Officer. The second shall be by an authorized member of the IDA Board. In the absence of the Chief Financial Officer, the second signature can be by another member of the Audit Committee. The Executive Director shall not be an authorized signer.
F. An authorized signer may not sign his/her check for reimbursement of approved travel, unless signed by a second IDA Board member.
A. Budget Reports shall be prepared regularly by the Chief Financial Officer in a format approved by the Board of Directors.
B. Budget Reports includes the following information:
C. All Budget Reports shall be reviewed by the Executive Director prior to presentation to the IDA Board.
D. All investment of IDA funds shall be in accordance with investment policies. Investment activities shall be reported to the Board monthly. All investment decisions must have the Executive Director’s approval after review for compliance with current investment policies.
A. Quarterly Federal and State Tax Returns shall be signed by the IDA Treasurer or any member of the Audit Committee.
A. The Chief Financial Officer shall provide at each IDA Board of Directors’ meeting a copy of the latest Bank Statement to verify the funds actually in the IDA’s bank account. (Added January 9, 2018.)
A. The Chief Financial Officer shall provide, at each IDA Board of Directors’ meeting, Monthly Bank Account Reconciliation Forms for each IDA bank account that a member of the Audit Committee will review and, if found acceptable, sign.
A. The IDA Board shall determine whether to invest funds into Treasury Bills.
B. The CFO shall invest funds into Treasury Bills as directed by the IDA Board.
C. The CFO shall provide monthly reports to the IDA Board regarding the status of all investments in Treasury Bills.
i. matters which will imperil the public safety if disclosed;
ii. any matter which may disclose the identity of a law enforcement agent or informer;
iii. information relating to current or future investigation or prosecution of a criminal offense which would imperil effective law enforcement if disclosed;
iv. discussions regarding proposed, pending or current litigation;
v. collective negotiations pursuant to article fourteen of the civil service law;
vi. the medical, financial, credit or employment history of a particular person or corporation, or matters leading to the appointment, employment, promotion, demotion, discipline, suspension, dismissal or removal of a particular person or corporation;
vii. the preparation, grading or administration of examinations;
viii. the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
MOTION: To go into Executive Session to discuss the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
MADE BY :
MOTION : To go out of Executive Session.
MADE BY :
January 10, 2023
MADE BY :