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, October 30, 2014
I. CALL TO ORDER
Chairman Steingart called to order the special meeting of the County of Sullivan Industrial Development Agency at approximately 10:01 am, held in the Legislative Hearing Room at the Sullivan County Government Center, Monticello, New York.
II. ROLL CALL
Members Present- Members Absent-
Ira Steingart Sandy Shaddock
Steve White Charlie Barbuti
Ed Sykes Suzanne Loughlin
Staff Present- Staff Absent-
Jennifer C.S. Brylinski, Executive Director None
Jen Flad, VP Business Development
Allan C. Scott, Agency CEO
Walter F. Garigliano, Esq., Agency Legal Counsel
Tara Lewis, Garigliano Law Offices
Gene Benson, SC Legislature
III. NEW BUSINESS
Chairman Steingart described the resolution before the Board today, which amends the resolution passed by the Board at its October 24 meeting regarding the transfer of ownership of the Liberty Storage LLC project to Canopy Liberty LLC. Attorney Garigliano stated that the financing structure has changed since the October 24 resolution and project documents were approved. The Agency initially authorized a mortgage in the amount of $4,875,000, representing the financing for the Liberty facility. This is one of three facilities being transferred, with the other two located in Orange County. The mortgage was to be recorded without payment of mortgage tax. The amended application requests that the Agency authorize the execution of a mortgage in the amount of $12,500,000, which represents the entire amount to be financed for all three storage facilities. The applicant no longer seeks an exemption from payment of mortgage tax, so under the proposed amended documents, the Agency will not receive a mortgage tax abatement fee, but Sullivan County will receive mortgage tax, based on the pro-rata value of the Liberty facility. He added that this transaction is part of a commercial mortgage-backed securities offering, which will be sold off as part of a portfolio in a larger transaction. The proposed amendments have been requested by the portfolio managers. He thanked the Board and staff for working quickly to meet and consider this request in a timely manner.
The Board discussed the proposed amendments, and determined that the $5,000 consent fee authorized on October 24 should remain unchanged. Mr. White made a motion to approve the amended resolution. The motion was seconded by Mr. Sykes, the Board voted and the resolution was unanimously approved.
Board members inquired whether there were any updates regarding casino gaming. Chairman Steingart replied that on October 29 the Gaming Facility Location Board met in Executive Session, and no details are available.
On a motion made by Mr. White and seconded by Mr. Sykes, at approximately 10:12 am the meeting was adjourned.
IDA VP, Business Development