SEQRA DETERMINATION RESOLUTION
(EPR Properties Project, EPT Concord II, LLC Project and
Monticello Raceway Management, Inc. Project)
A special meeting of County of Sullivan Industrial Development Agency (“Agency”) was convened in public session at the Sullivan County Government Center, 100 North Street, Village of Monticello, Sullivan County, New York on March 19, 2013 at 9:30 a.m. local time.
The meeting was called to order by Chairman Ira Steingart, and, upon roll being called, the following members of the Agency were:
PRESENT ABSENT
Ira Steingart [ √ ] [ ]
Harold Gold [ √ ] [ ]
Edward T. Sykes [ √ ] [ ]
Suzanne Loughlin [ ] [ √ ]
Charles Barbuti, Jr. [ √ ] [ ]
Harris Alport [ √ ] [ ]
Steve White [ √ ] [ ]
Sandy Shaddock [ √ ] [ ]
Sean Rieber [ √ ] [ ]
The following persons were also present:
Allan C. Scott, Chief Executive Officer
Jennifer Brylinski, Agency Executive Director
Walter F. Garigliano, Agency Counsel
The following resolution was duly offered by Edward T. Sykes, and seconded by Harris Alport, to wit:
Resolution No. 07 – 13
RESOLUTION OF THE AGENCY MAKING A DETERMINATION IN COMPLIANCE WITH THE NEW YORK STATE ENVIRONMENTAL QUALITY REVIEW ACT IN CONNECTION WITH THE PROJECT AS MORE FULLY DESCRIBED HEREIN
WHEREAS, by Title 1 of Article 18-A of the General Municipal Law of the State of New York (“State”), as amended, and Chapter 560 of the Laws of 1970 of the State, (hereinafter collectively called the “Act”), the Agency was created with the authority and power to promote, develop, encourage and assist in acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing, warehousing, commercial, civic, research, and recreational facilities as authorized by the Act, and in connection therewith to issue its revenue bonds, enter into straight lease transactions and provide other forms of financial assistance; and
WHEREAS, EPR PROPERTIES (“EPR Properties”), EPT CONCORD II, LLC (“EPT Concord”) and MONTICELLO RACEWAY MANAGEMENT, INC. (“Monticello Raceway” and, together with EPR Properties and EPT Concord, the “Company”) for themselves or on behalf of an entity or entities to be formed have submitted applications (collectively, the “Application”) to the Agency, requesting that the Agency undertake the Project (defined below) for the benefit of the Company; and
WHEREAS, the project, in one or more phases, to be undertaken by EPR Properties (the “EPR Properties Project”) shall consist of: (i) the acquisition by the Agency of a leasehold interest or other interest in certain property located at the southeast corner of Joyland Road and Thompsonville Road in the Town of Thompson (“Town”), Sullivan County (“County”), State, being more particularly identified as tax map number 23-2-8 and containing in the aggregate approximately 50 acres (“EPR Properties Land”), (ii) the construction and equipping on EPR Properties Land of an approximately 450,000 square-foot indoor water park resort hotel including, but not limited, to (a) an approximately four-story 400-unit hotel/resort, (b) an approximately 20,000 square-foot banquet room/conference center, (c) an approximately 85,000 square-foot indoor water park, (d) a split-level lobby core on an approximately 58,000 square-foot foot print, (e) a porte-cochere, (f) outdoor pools with concession area and bar, (g) an outdoor pavilion stage adjacent to the conference center to be used for concerts and other events, and (h) related amenities (collectively, the “EPR Properties Improvements”), (iii) the acquisition in and around the EPR Properties Land and the EPR Properties Improvements of certain items of equipment and other tangible personal property (“Equipment,” and collectively with the EPR Properties Land and the Improvements, the “EPR Properties Facility”); and (iv) paying certain costs and expenses incidental to the issuance of any Bonds (as hereinafter defined) (the costs associated with items (i) through (iv) above being hereinafter collectively referred to as the “EPR Properties Project Costs” with the portion of the EPR Properties Project Costs qualifying for use of tax exempt bond proceeds referred to as “EPR Properties Tax Exempt Eligible Project Costs”); and
WHEREAS, the project, in one or more phases, to be undertaken by EPT Concord (“EPT Concord Project”) shall consist of: (i) the acquisition by the Agency a leasehold interest or other interest in approximately seventy-one (71) parcels of land containing in the aggregate approximately 1,735 acres within the Town, County, State (“EPT Concord Land”), (ii) the construction and equipping on the EPT Concord Land of a master planned destination resort community to include (a) an 18-hole golf course with clubhouse and maintenance facilities, (b) a casino resort to include a casino, hotel, harness horse racetrack, grandstand/showroom, simulcast facility, banquet event center, restaurants and related facilities, (c) hotels, (d) a waterpark, (e) a recreational vehicle park, (f) an entertainment village with a cinema and supporting retail facilities, (g) a residential village containing a mix of unit types including condominiums, apartments, townhouses and detached single-family homes, a civic center and an active adult residential community, all or a portion of which will be connected, via a multi-use trail system, to open space (collectively, the “EPT Concord Improvements”), (iii) the acquisition in and around the EPT Concord Land and the EPT Concord Improvements of certain items of equipment and other tangible personal property (“EPT Concord Equipment,” and collectively with the EPT Concord Land and the EPT Concord Improvements, the “EPT Concord Facility”), and (iv) paying certain costs and expenses incidental to the issuance of any Bonds (as hereinafter defined) (the costs associated with items (i) through (iv) above being hereinafter collectively referred to as the “EPT Concord Project Costs” with the portion of the EPT Concord Project Costs qualifying for use of tax exempt bond proceeds referred to as “EPT Concord Tax Exempt Eligible Project Costs”); and
WHEREAS, the project, in one or more phases, to be undertaken by Monticello Raceway (“Monticello Raceway Project” and, together with the EPR Properties Project and the EPT Concord Project, the “Project” or “Projects”) shall consist of: (i) the acquisition by the Agency a leasehold interest or other interest in certain property located at Joyland Road and Thompsonville Road in the Town, County, State, being more particularly identified as all or part of tax map numbers 23-1-11.3, 23-1-48, 23-1-52 (portion), 23-1-53 (portion), 23-1-54.1, 23-1-54.2 (portion), 23-1-54.3 (portion) and containing in the aggregate approximately 186 acres (“Monticello Raceway Land” and, together with the EPR Properties Land and the EPT Properties Land, the “Land”), (ii) the construction and equipping on the Monticello Raceway Land of a casino resort, which will consist of a casino, hotel, a half-mile harness horse racetrack, grandstand showroom, simulcast facility, banquet event center, restaurants, support buildings and structured and surface parking and related facilities and amenities (collectively, the “Monticello Raceway Improvements” and, together with the EPR Properties Improvements and the EPT Concord Improvements, the “Improvements”), (iii) the acquisition in and around the Monticello Raceway Land and the Monticello Raceway Improvements of certain items of equipment and other tangible personal property (“Monticello Raceway Equipment,” and, collectively with the Monticello Raceway Improvements, the “Monticello Raceway Facility”; the EPR Properties Facility, the EPT Concord Facility and the Monticello Raceway Facility shall hereinafter be referred to collectively as the “Facility”), and (iv) paying certain costs and expenses incidental to the issuance of any Bonds (as hereinafter defined) (the costs associated with items (i) through (iv) above being hereinafter collectively referred to as the “Monticello Raceway Project Costs” and, together with the EPR Properties Project Costs and the EPT Concord Project Costs, the “Project Costs”; with the portion of the Project Costs qualifying for use of tax exempt bond proceeds referred to as “Monticello Raceway Tax Exempt Eligible Project Costs”, and together with the EPR Properties Tax Exempt Eligible Project Costs and the EPT Concord Tax Exempt Eligible Project Costs, the “Tax Exempt Eligible Project Costs”); and
WHEREAS, it is further contemplated that the Agency shall finance all or a portion of the costs of the foregoing by the issuance of its taxable or tax exempt (to the extent permitted under the Internal Revenue Code of 1986, as amended (the “Code”)) industrial development revenue bonds in one or more issues or series in a maximum aggregate principal amount of $775,000,000 (collectively, the “Bonds”), and/or through a straight lease transaction (within the meaning of subdivision (15) of Section 854 of the Act), pursuant to which the Agency shall ground lease the Land from the Company and appoint the Company as its agent to undertake the Project and shall sublease the Facility back to the Company (“Straight Lease Transaction”); and
WHEREAS, the Agency is contemplating providing financial assistance to the Company with respect to the Project (collectively, the “Financial Assistance”) in the form of: (1) the financing of the Project and certain necessary and incidental expenditures incurred in connection therewith through the issuance by the Agency of the Bonds in an amount not to exceed the lesser of the Tax Exempt Eligible Project Costs or $775,000,000, (2) an exemption from all State and local sales and use taxes with respect to the qualifying personal property included in or incorporated into the Facility or used in the acquisition, construction, renovation or equipping of the Facility, (3) the grant of one or more mortgage liens on the Agency’s interest in the Facility (“Mortgages”) to secure the Bonds and/or any other indebtedness incurred by or for the benefit of the Company in connection with the Project, which Mortgages would be exempt from all mortgage recording taxes imposed in the State, and (4) a partial (or full) real property tax abatement structured under a Payment-In-Lieu-of-Tax Agreement, by and between the Company and the Agency, for the benefit of each municipality and school district having taxing jurisdiction over the Project (“PILOT Agreement”); and
WHEREAS, pursuant to Article 18-A of the General Municipal Law the Agency desires to adopt a resolution describing the Project and the Financial Assistance that the Agency is contemplating with respect to the Project; and
WHEREAS, pursuant to General Municipal Law Section 859-a, on March 12, 2013, at 2:00 p.m., local time, at the Town of Thompson Town Hall, 4052 Route 42, Monticello, New York, 12701, the Agency held a public hearing with respect to the Project and the proposed Financial Assistance being contemplated by the Agency (“Public Hearing”) whereat interested parties were provided a reasonable opportunity, both orally and in writing, to present their views; and
WHEREAS, the Company reasonably expects that it will (1) pay or incur certain capital expenditures in connection with the Project prior to the issuance of the Bonds, (2) use funds from sources other than proceeds of the Bonds which are or will be available on a short-term basis to pay for such capital expenditures, and (3) reimburse itself for the use of such funds with proceeds of the Bonds; and
WHEREAS, on March 8, 2012, the Town of Thompson Town Board (the “Town Board”) declared itself Lead Agency for the review of the Project pursuant to Article 8 of the Environmental Conservation Law and the regulations adopted thereto at 6 N.Y.C.R.R. Part 617 (collectively referred to as “SEQRA”); and
WHEREAS, on January 15, 2013, the Town Board issued its written Findings Statement pursuant to SEQRA with regard to the Project (“Findings Statement”).
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE AGENCY AS FOLLOWS:
Section 1. Based upon (i) the representations made by the Company to the Agency and (ii) the Agency’s participations in the SEQRA reviews, as an involved agency, for the Project:
(a) The Project consists of the acquisition, construction, installation and equipping of the Facility.
(b) The Agency, as an involved agency, has thoroughly reviewed, considered and deliberated upon the entire record that was before the Town Board for the SEQRA reviews of the Project, including but not limited to the Findings Statement and the record of documents and proceedings referenced therein.
(c) The Town Board conducted SEQRA reviews of the Project as Lead Agency pursuant to 6 N.Y.C.R.R. §§ 617.6 and 617.7.
(d) The Agency has reviewed and considered the Findings Statement issued for the Project on January 15, 2013 by the Town Board, and based on such review and the Agency’s participations as an involved agency pursuant to 6 N.Y.C.R.R. § 617.7 therein, the Agency hereby determines that the proceedings undertaken by the Town Board with respect to the Project satisfy the requirements of SEQRA, including, without limitation, that the Project would be beneficial to the local as well as regional Catskill economy and is not anticipated to result in any significant adverse socioeconomic impacts. As an involved agency, the Agency thus ratifies the Findings Statement issued by the Town Board for the Project, and determines that all of the provisions of SEQRA that are required to be complied with as a condition precedent to the approval of the Financial Assistance contemplated by the Agency with respect to the Project have been satisfied.
(e) A copy of this resolution shall together with the attachments hereto be placed on file in the Office of the Agency where the same shall be available for public inspection during normal business hours, and notices of this SEQRA determination shall be filed in such offices, posted in such places, and published in such publications as may be necessary pursuant to the requirements of SEQRA.
The question of adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows:
Ira Steingart [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Harold Gold [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Edward T. Sykes [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Suzanne Loughlin [ ] Yes [ ] No [ √ ] Absent [ ] Abstain
Charles Barbuti, Jr. [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Harris Alport [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Steve White [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Sandy Shaddock [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Sean Rieber [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
The resolutions were thereupon duly adopted.
STATE OF NEW YORK :
:SS
COUNTY OF SULLIVAN :
I, the undersigned Secretary (Assistant) of the Agency DO HEREBY CERTIFY THAT:
1. I have compared the foregoing copy of a resolution of the Agency with the original thereof on file in the office of the Agency, and that the same is a true and correct copy of such resolution and of the proceedings of the Agency in connection with such matter.
2. Such resolution was passed at a meeting of the Agency duly convened in public session on the 19th day of March, 2013 at 9:30 a.m. at the Sullivan County Government Center, 100 North Street, Village of Monticello, New York 12701, at which the following members were present:
PRESENT ABSENT
Ira Steingart [ √ ] [ ]
Harold Gold [ √ ] [ ]
Edward T. Sykes [ √ ] [ ]
Suzanne Loughlin [ ] [ √ ]
Charles Barbuti, Jr. [ √ ] [ ]
Harris Alport [ √ ] [ ]
Steve White [ √ ] [ ]
Sandy Shaddock [ √ ] [ ]
Sean Rieber [ √ ] [ ]
3. The question of the adoption of the foregoing resolution was duly put to a vote on roll call which resulted as follows:
Ira Steingart [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Harold Gold [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Edward T. Sykes [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Suzanne Loughlin [ ] Yes [ ] No [ √ ] Absent [ ] Abstain
Charles Barbuti, Jr. [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Harris Alport [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Steve White [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Sandy Shaddock [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
Sean Rieber [ √ ] Yes [ ] No [ ] Absent [ ] Abstain
and therefore, the resolution was declared duly adopted.
I FURTHER CERTIFY that (i) all members of the Agency had due notice of said meeting, (ii) pursuant to Sections 103a and 104 of the Public Officers Law (Open Meetings Law), said meeting was open to the general public and public notice of the time and place of said meeting was duly given in accordance with such Sections 103a and 104, (iii) the meeting in all respects was duly held, and (iv) there was a quorum present throughout.
IN WITNESS WHEREOF, I have hereunto set my hand and seal on the 19th day of March, 2013. ____________________________________
Secretary
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