February 11, 2020 Agenda
- Post by Carol Ellis
- February 7, 2020
___DAVE D’AMORE, CHAIRMAN
___JOE SEMIONE, VICE CHAIRMAN
___TODD RULISON, TREASURER
___JANE KELLEY, SECRETARY
___TIM MUNN, MEMBER
___JOE GILLIS, MEMBER
___MIKE FITZGERALD, MEMBER
___JAMES MRAZ, EXECUTIVE DIRECTOR
___KARA LAIS, FITZGERALD, MORRIS, BAKER, FIRTH PC
___SCOTT HENZE, PLANNING DIRECTOR
___RON PETERS, FULTON COUNTY CENTER FOR REGIONAL GROWTH
___KEN ADAMCZYK, ECONOMIC DEVELOPMENT SPECIALIST,
FULTON COUNTY CENTER FOR REGIONAL GROWTH
___JOHN BLACKMON, LIAISON, ECONOMIC DEVELOPMENT AND ENVIRONMENT COMMITTEE
___MIKE ANICH, LEADER-HERALD
MADE BY :
MADE BY :
1) CRE Capital LLC : 70%
2) New Age Renewable Energy : 30%
2. Status Report:
3. Sales Tax Exemptions:
4. Lease Agreement:
MOTION: To approve an early termination of the IDA’s lease with JR, subject to JR paying the required fees and to authorize the Chairman to execute all early lease termination documents.
2. Site Selectors’ Input:
– Site Selectors use a variety of data sources to collect information on an area/region/community.
– EDO websites must be data rich.
– EDO website should have a list of major employers in region: how many, what industries, unionized, etc.
– Wages and benefits.
– Detailed information on workforce: skills, age, occupations, education, etc.
– Workforce training:
o Identify all workforce training programs available to train workers: FMCC, HFM-BOCES, P-TECH
– Local colleges and universities
– Testimonials from employers and employees.
– Buildings and sites: Information must be up to date.
– 1 page on targeted industries with unique and compelling information in 100 words or less.
– Contact information.
– Must be able to print or download information.
3. Status Report:
4. Activity Report of IDA Website:
2. Review Revised Site Plan:
|Maximum Building Size|
C. Tryon Development Area:
2. Revised Layout:
– Regional Business Training and Incubator Center did not get created.
– Site Plan revised.
– Tryon Development Area revised.
– Tryon website eliminated.
– Other changes.
a. Room One Planning and Design:
b. Curtis Printing:
1) What is the one policy you would most recommend to a State or Community?
2) What Industry Sectors are showing the most expansion activity right now?
3) What are the most common deal-killers?
4) Other comments on deal-killers:
5) What would be the one policy recommendation you would advocate to state/local community?
6) Other policy recommendations:
7) What do you want to see on economic development organization’s websites?
MOTION: To authorize the Chairman to execute the Public Work Enforcement Fund Notice.
a. An alternative now exists to allow not-for-profit entities to access to tax-exempt revenue bond financing.
b. This involves the formation of a Capital Resource Corporation (CRC) under New York State’s Not-For-Profit Corporation Law.
c. A CRC would generally exist for the same public purposes as the IDA but have the power to issue tax-exempt bonds for the benefit of not-for-profit borrowers.
d. The IRS has ruled that CRC’s can issue tax exempt financing for not-for-profit entities.
a. Three (3) steps would need to be taken to form a Fulton County Capital Resource Corporation:
2) Board of Supervisors’ Resolution. The IDA would present the proposed Certificate of Incorporation, along with the resolution approving such proposed Certificate of Incorporation, to the Board of Supervisors and request that the Board of Supervisors approve the proposed Certificate of Incorporation and the formation of a CRC. The Board would have to approve this request.
3) Filing of the Certificate of Incorporation. Once approved by the Board of Supervisors, the IDA would file the Certificate of Incorporation and the CRC would begin its existence.
a. The purpose of the CRC would be to promote community and economic development and creation of jobs in the non-profit and for-profit sectors.
b. The CRC would be subject to the provisions of the Public Authorities Accountability Act of 2005 and 2009.
c. The CRC would be authorized to issue bonds.
d. The CRC’s operations would be limited to Fulton County.
e. The CRC would be managed by a Board of Directors. The Board of Directors would be appointed by and serve at the pleasure of the Board of Supervisors. The CRC’s Board of Directors would consist of the members of the IDA. The members of the Board of Directors shall not be entitled to compensation.
f. The County shall receive an annual financial report from the CRC. The CRC shall be subject to audit by the County, the Authority Budget Office and the Office of the State Comptroller.
g. The CRC would be a “public body” for purposes of the Open Meetings Law.
h. The CRC must hold a public hearing with respect to proposed projects with the same notice as required under Section 859-a of the General Municipal Law.
i. Any amendment of the Certificate of Incorporation or by-laws of the CRC would be subject to approval by the Chairman of the Board of Supervisors.
5. Counties and Municipalities that currently have CRC’s:
a. Counties: (26)
Albany County Capital Resource Corporation
Allegany County Capital Resource Corporation
Canton Capital Resource Corporation
Cattaraugus County Capital Resource Corporation
Chautauqua County Capital Resource Corporation
Chemung County Capital Resource Corporation
Clinton County Capital Resource Corporation
Columbia County Capital Resource Corporation
Cortland County Development Corporation
Essex County Capital Resource Corporation
Jefferson County Civic Facility Development Corporation
Livingston County Capital Resource Corporation
Madison County Capital Resource Corporation
Montgomery County Capital Resource Corporation
Oswego County Civic Facilities Corporation
Otsego County Capital Resource Corporation
Rensselaer County Capital Resource Corporation
Saratoga County Capital Resource Corporation
Schenectady County Capital Resource Corporation
Schoharie County Capital Resource Corporation
St. Lawrence County Industrial Development Agency Civic Development Corp.
Ulster County Capital Resource Corporation
Warren and Washington (Counties of) Civic Development Corporation
Wayne County Civic Facility Development Corporation
Yates County Capital Resource Corporation
b. Municipalities: (6)
Albany (City of) Capital Resource Corporation
Build NYC Resource Corporation
Montgomery (Town of) Capital Resource Corporation
Peekskill Facilities Development Corporation
Troy (City of) Capital Resource Corporation
Waterford (Town of) Capital Resource Corporation
Q. What risks would there be to the IDA if a CRC was created and then deemed by New York State to no longer be eligible to issue tax exempt financing?
A. No risk to the IDA. There is a risk that NYS Law could be changed to eliminate the CRC’s power to issue bonds. Any such change would be prospective.
Q. Would there need to be an Executive Director type position for a CRC similar to an IDA?
A. Yes. The structure of the CRC would parallel the structure of the IDA.
Q. Can some other entity other than a CRC issue tax exempt financing?
A. No local entity in Fulton County. The State Dormitory Authority has power to issue bonds for NFP corporations.
Q. Is there any chance that the NYS Legislature will re-establish the authority of an IDA to issue tax-exempt financing?
A. Possible but no such action has taken place in 10+ years.
Q. What would happen if a CRC was created and then the State abolished them?
A. The financing issued by the CRC would be valid. Any abolishment would be prospective and not retrospective.
Q. What can the CRC spend its funding on?
A. The CRC has the same authority as an IDA for spending funds.
Q. How would the CRC generate revenues?
A. By establishing a fee schedule similar to what an IDA does. The CRC would generate an administrative fee from the issuance of its bonds.
Q. Would the CRC be a public entity?
A. Yes. The CRC would be subject to all the requirements of the Public Authorities Accountability Act just like IDA’s are.
Q. What would be the annual costs for operating a CRC?
A. There would be two (2) typical cost centers:
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 :
*March 3, 2020 * Note new date!
MADE BY :