COUNTY OF SULLIVAN INDUSTRIAL DEVELOPMENT AGENCY
One Cablevision Center
Ferndale, New York 12734
(845) 295-2603 – telephone
(845) 295-2604 – fax
SPECIAL MEETING MINUTES
Thursday, December 27, 2012
I. CALL TO ORDER
Chairman Steingart called to order the special meeting of the County of Sullivan Industrial Development Agency at approximately 10:00 A.M., which was held in the Legislative Committee Room at the Sullivan County Government Center, Monticello, New York.
II. ROLL CALL
Members Present- Members Absent-
Ira Steingart Edward Sykes
Charles Barbuti Harold Gold
Sandy Shaddock Suzanne Loughlin
Steve White Sean Rieber
Staff Present- Staff Absent-
None Jennifer C.S. Brylinski, Exec. Dir. Elizabeth A. Hunt, Exec. Assistant
Allan C. Scott, ALSCO Management, Inc. /Consultant /IDA CEO
Walter F. Garigliano, Esq., Agency Legal Counsel
Marvin Newburg, Esq.
Steve Vegliante, Esq.
Please Note: Other attendees may have been present, but are not noted under “Others Present”
III. APPROVAL OF MINUTES
IV. BILLS AND COMMUNICATIONS
V. EXECUTIVE DIRECTORS’ REPORTS
VI. OLD BUSINESS
VII. NEW BUSINESS
Mr. Newburg addressed the Board regarding the former IDA project RSS Realty Associates, LLC/S&S Waverly LLC (“RSS/S&S”). The 2009 PILOT payment for this project is still outstanding. Mr. Newburg informed the Board that his client has been having financial difficulty since the inception of the project due to trouble with financing, delay with the construction of the buildings and problems renting the building space which is only approximately 9% full. His client was unable to pay the 2009 PILOT so the IDA terminated the project returned title. The IDA then put a PILOT Mortgage on the premises. Mr. Newburg informed the Board that his client would like to pay the outstanding PILOT Mortgage amount but asked if the penalty and interest could be waived. His reason for that request was that the PILOT was based on the project being fully developed; that since the IDA terminated the project RSS/S&S initiated and has since won a tax certiorari which reduced the value of the premises from approximately 4.3 million to 1.1 million; and since the IDA terminated the project, his client has paid all the taxes on the property. There was a brief discussion regarding the actual amount of the 2009 PILOT payment, the penalty and interest, and that statute regarding payment of the penalty and interest. Mr. Garigliano advised that since Ms. Hunt was not present at the meeting it would be prudent to wait and get the actual figures from her before they make a decision. The Board agreed.
Mr. Vegliante and Mr. Kelly spoke to the Board regarding the new proposed EPT II Concord project. They also passed out to the Board a printed power point presentation. There was a discussion regarding the project which included among other things, how the project plans to move forward, the creation of approximately 1,100 jobs associated with the project, the status of the environmental review, the structure of the project, the anticipated development of the project itself, and the necessity of the termination of the current documents and lease with the IDA. It is expected that EPT II Concord will make an application to the IDA in the first quarter of 2013. Mr. Garigliano then passed out to the Board a resolution authorizing early termination of the Concord Resort, LLC and EPT Concord, LLC project and transaction documents, as requested by the project. On a motion by Mr. White, seconded by Mr. Barbuti, the Board voted and the resolution was unanimously passed.
Chairman Steingart questioned the Board and those present if there were any further questions or comments. There being none, on a motion by Mr. Alport, seconded by Mr. Barbuti, the Board voted and the meeting was adjourned at approximately 10:45 A.M.
Please note that Ms. Hunt was not present at the meeting but is submitting the minutes based on an audio of the meeting.