you you you you you you you you you you you Thank you. Good evening, everyone. Sorry for the delay at start. Welcome to the March 2018 annual meeting of the New Rochelle Industrial Development Agency. It was 7.30 pm on my script. It was about 7.35 pm in the City Council conference room in the City Hall in New Rochelle. The meeting of the New Rochelle Industrial Development Agency is now called to order. And the staff, please call the roll. Val Schendron. Here. Greenberg. Wasson Moye. Here. O'Malley. Ayala. Here. See you, Lander. Here. Omali. Ayala. Here. Sea lander. Here. Ayah Noose. Here. We're also joined by Adam Salgado, Commissioner of Development and IDA Executive Director at myself, IDA Consultant, Matt Dudley from Harris Beach, which is our Transaction Council, and we are also joined by the future IDEA Economic Development Manager Katrina Schivers. Welcome Katrina. Welcome everyone. Very excited to have Katrina join. We've got big shoes to fill but you've got a great everyone knows you've done a great job and so we're lucky to have you so welcome aboard. More to come. Any other announcements? Yeah. Other than what you just mentioned, so great. So first item on the agenda is the approval of the February 26th, 25 meeting minutes. We're in everyone's package. Is there a motion to approve the minutes? Sure. Second. Second. First second. Thank you. All in favor? Opposed? So was unanimously approved. So the eyes have it. The meetings were passed. We're going to move a little bit just out of order tonight. We're going to just take on just to try to accommodate time restraints for a number of people. I'd like to move to item five on our list, which is the approval of the mortgage recording tax resolution for NA West LLC. So with that being said, staff with your mind just giving us a little bit of an understanding of what this resolution is for. Thank you Rob. This item pertains to the request of N-A-West LLC for a mortgage recording tax exemption and connection with financing for the project located at 600 North Avenue. The MRT exemption was for the amount of $128,655, which is 1% of the difference between the $ million new financing and the original financing. The applicant, Bob Young, is here to present the, to provide more details. Thank you. Go ahead. Thank you. I'll go ahead and speak the evening. Thank you. Thank you. Just here for a and the question. Thank the board for looking at this for us and helping us out a little bit. Good? Sure. You want to provide a little background to this? Yeah, sure. A little bit of the trauma sleep for the same reasons as everybody knows. And the economy, interest rates, insurance, getting some of the new tendency on the retail getting them in there that's helping them to get the new technology on the retail spaces getting them in there. That's helped immensely. We're super proud that the taco project is going to be opening up and they had about 20 employees and they're learning the ropes the other night. So that was great. And this increase back when we started this project back in 17, I think we came before the board You know things were a little different And the the mortgage amount increased From about about six million dollars from what we originally forecast Because of cost increases or cost increases early operating expenses a long time to lease up things like that, interest rates going from the construction loan to bridge financing where we are now, and then eventually applying for permanent financing. Right. Well, listen, I would first say just in general, you are a, I do you say not a child of a city and you've been here for a long time and you'll find the proof it's in the pudding and you know you have invested in this city as much as we're invested with you and your products are great. I have a great job down the corridor. My wife's behind me too. Well we all know it's really hurt right? It is. Behind every good man there's a woman that's 50,000 times better but we thank you both. Also the five minute drive here for my house. Also you know we're like you said we're from here we live here. Now we know that we everyone every knows you and you're a true business partner with the city and the buildings that you have there have gone to you know from both sides of the street but I mean I can mean, I can't wait to the Taco Project, and I didn't realize how big of a deal that is, but that was a big score to get these guys here. So, you know, thank you on behalf of my kids and my family for going there. Yeah, I'm also a picture of those feet too, because those feet are doing very well. And the board has also helped us out immensely up in Quaker Ridge Road. I hope everybody tries by there to see what's going on there. Now you've been very much invested in the city and we appreciate that and we understand that times change and markets have been volatile for everyone in the real estate industry and business and these are real dollars that you're investing and leveraging and so we appreciate that and all the small things that we can try to do to help you guys be successful because if you're successful we're successful. Thank you. And that's important to know. Are there any other questions that anybody has in the board? Yeah. I mean it's great what you're doing here and we have a lot of good things about your museum. But the only issue I have is that you're a higher practice is here on this project having a rent. I mean, I'm looking at your 21 annual report on the illustrator out of 85 employees, six or no show results. Out of, I don't know if the hours are kind of weird here, because it only says 7,213 hours which that's used for very low for 85 employees that comes out to about 85 hours per worker for the whole year so something's off but so that's on 2021 and then for 22 out of 174 employees you have one targeted worker and nine commercial employees So that's 5.7% of the workforce, that is 63,180 hours. 940 are by these commercial residents with comes out to 1.2%. So to me, those numbers are just horrible. I mean, we need good paying jobs for local residents, union workers, you know, and these numbers just, I know the whole purpose of the IDA is for economic vitality and prosperity, you know, tax incentives for you, but also for the community and it implies the community here and get it anything. Zero apprentices on both years also, 2021-2022. So that's my main issue here is that the workforce here, you know, it's not up to bar. And before you respond, I would say, you know, the numbers are the numbers and you know, what they are, what they are. But this statement is kind of a consistent theme that we've had with a lot of our developers and stuff. So I want you to know that the numbers are numbers and you can respond to that. However, all of our developers, all of them we are being a little bit more aggress of the right word, but certainly pushing a little bit more to see what more they can do for those types of, that one pillar there with respect to the jobs. Now, there's other things that you're doing. You're providing places for people that live into a shell, you're providing new stores. So that's what I'm saying where it can go the other way. But on that one particular item that you were just mentioning That is something that we are looking at you as a class of developers Just you today But just to try to do more for that because that's important for us in the city But with that being said yes, well, I think that on the construction side it is difficult to hire Local because it's just some of the trades and things like that or just not here and a lot of the owners of trades don't live here but some of the employees do and we have probably two or three full-time employees that still work for us during 21 to 22 that are still with us that live in or I have relocated to your shop. In addition, I think think as you were saying, it flips a little bit now because we have more people living living in Nuresh out and working in the building. We have a wonderful conscious staff at the Rockwell and all but I think we have five four or five employees or our time and at least four out of five or live in Urish algoot school in Urish al and they've been phenomenal and same thing now on all of the employees whether it's CVS, smokehouse, or most of them, you know, live in a rush out and a good number of jobs. And now, across the street, now with the illustrator with Toastique and Taco Project coming in. But, you know, like you said, we could do better. Yeah, because I mean, that's great. And we know all these places that are coming in. You know, we definitely are looking for good retail, businesses to I mean, that's great. And we know all these places that are coming in, we know we definitely are looking for good retail businesses to come in and that's great. But I'm with the building trades. I mean, you know, electricians. So none of my brothers or sisters have worked on any of these projects. Yeah. And that's where, you know, I'm having the issue with it that, you know, we're with skilled trade. If you need skilled workers we have now, whether the electricians, plumbers and sometimes it just seems like hardly any developers, I have in any conversations with the building trends. Yeah. Because if we start a conversation, we can talk about concessions. And we can work together where you need, and we get what we need. We get some boots on the ground there. And right now, all this work, and it's not just a single U-Aug or anything like that, but you're here today. But all we're having is one with all the developers. And just having a conversation with the building right at least, and see if we can work something out. I understand these projects are. But I think on the next project, we should probably get together and have a dialogue about that. And I'm proud to say that I was a 17 year ill-wine pilot association union that I understand. I understand some people. I think Sabbath's conversation, you know, at least take those first steps that will be crazy. I appreciate it. So was, because the construction is done obviously, right? So the job requirements that you're talking about are really construction jobs. Yeah, me and you know, this is already, but I'm just, I'm just seeing a pattern here. No, no, I'm saying so as if he has a foundation. Was there any conditions? Did you really get the economic opportunity, non-discrimination, hot links fee, has a best efforts standard. And we worked with the, you know, at that time early on in the development, we were kind of gearing up with the established friend of the First House referral center and the other vocational training programs, the Pathways Repentorship, didn't really come online, you know, during the, you know, they were sort of gearing up when Bob Young started construction. So they think the city was building out an infrastructure to sort of ready the work for to participate in these developments. The policy doesn't specifically require a number. So we were working with, you know, we were working with targets and nest efforts. And so that's what we've been working with pop and the other developments to meet and to try to get as much workforce participation as possible onto the jobs. We've realized that there's additional resources that need to be provided to increase those numbers. And maybe if you look, we're not in a great place by any means, but we are improving every year since the 2020-21, certainly, 22 and three, each year kind of looks better in terms of the participation of the local world. And we're asking the question now, right? So we're asking the questions and having to dialogue. So it's all about relationships, right? So just had something happen here that, you know, down the road, you know, you get a phone call and now you get a couple of union electricians that may have not had. So it's all that incremental, but it's important to challenge and to ask the question. And so I appreciate you always, can't go as count on him, he's on the left side. I'm not going to get on the right, man. He's always there and it's always a good question. And as you always do, you're always handling yourself very well with these responses. But you feel like sincerity. It sounds like Bob, you're willing to have a discussion, obviously, and there's no requirement. But I don't know if Miguel does it for you, But it sounds like you're making a good faith that maybe your next project I don't know if we can build it into maybe an approval or a condition here But if we approve it, you know that you have this dialogue as my guess is if you had a dialogue You get what you're looking for and if you didn't then it might be more difficult for you. You've been around here a long time, you get it. I do and it's difficult because we're trading dollars and the cost of that. Our project is a size low project laying down. It's not like the project is downtown that are standing up. So little bit less. You know, we're also a family business, a local contractor. We are hiring a lot of minority and women own business is people, our subs. So that's working out. But again, you know, like the illustrator, you know, we built that, you know, a family by son running the job working with us. You know, we built that in like 22 months. So we were able to, you know, to kind of get that done. But like I said, I think, you know, a conversation to try to figure out that, you know, union labor and trying to make it work. Or even just to, I mean, just to talk a little bit about the evolution of policies of the idea, since the original economic entrepreneurship policy was adopted, we've actually amended the UTIP, the uniform tax exemption policy for this entity, to for all pilots over 10 years, are required to join the social equity program, and they pay $2 per net square foot fee for the, I guess, privilege if you want to say for a 20-year pilot and then along with that and that those funds get deposited into a fund here in the, actually in the CLD and we administer the workforce development programs but also it comes with a requirement of for 15% of the total cost of the job has to be either local, minority, on business or union. So it is a step towards that. I mean, these projects are approved prior to that requirement. So a future project to your point would require more participation. What effect does the second the pilot schedule? Fettie? No. No. And the only other thing I would have to say about this is that my fear with this would just be that we're starting to press in with all the other developers to come and ask you for the same thing in the future. Well, I was thinking, you know, they say if we did it for Missha Young here, how come we can't do it for that? We've done it. That's another one of the issues that I have. Awesome. The kind of good thing about it and your point's well taken, right? The market changed. It was a weird, you know, five years that we've been living in construction. I live in it every day. I see deals blow up, not happen and stuff. So the other thing, at at least on this particular ask this doesn't cost us anything This is awesome because this is what this gets paid to the state and as the former city manager used to say I love taking money away from the state I'm gonna use that line. Yeah, you know, but your points while taking but I just wanted wanted to be clear that this is a more. And it's other other developments have had this built into them, right? So by the way, on that note, and to your point, there, this has been done previously, and at least two other occasions by the board, very similar situation, obviously, the numbers are a bit different, but the IAA has already approved two of these similar fact-based scenarios where we're going to permanent financing and then there needed to be a little bit of a you know a gap coverage and the original mortgage reporting tax exemption that was approved. So we kind of looked into that with Harris Beach this week as well just to make sure we weren't you know accidentally starting us a precedent that we didn't have before, but we have done it, and we obviously take every one fact-based and bring it to the Finance Subcommittee and talk about it as well. But it does come up, and then we always bring it to the board for consideration. It has been approved to previous times recently that presendrature had pulled for me yesterday. And I think your question was a little, I think, I think, no, this type of thing is not built into the pilot. There was another issue with a previous application related to the construction period, which, you know, historically had been more flexible and just went until the TCO, Timber, to think ofapagosian decision and we went to a fixed pre-construction period of three years. So it's a little bit different issue. But some issues of cost over one, one over time, the construction, correct, also, it's the same. So, I'm fairly familiar here. So if this is a state issue, so why is it before us then? So part of the idea is we have a bunch of different arrows and our quiver that we can pull out that we've been given authority to do. And one of them, one of the picks of central ones is being able to grant exemptions to a number of things. And one of them happen to be for the mortgage recording tax. It's a tax that not every state has, I think from the suffering of the country, but New York taxes everything. Not only at the state, but a part goes to the county. But New York City, for example, has its own mortgage recording tax. So you would pay the state of New York and New York City in addition. So it's just one of the tools that we can help and have to be able to, for worthy projects, to be able to give a developer's opportunity to try to lower their costs of, to be able to do things that make sense under our umbrella. I just thought that when he went to the city, I didn't know a lot of going to the city. We probably would be saying no to this. And that mortgage tax theory is it's actually 1.3%. It's actually got out of the company. Yes, it's far higher. And we don't get away. It's got free. It's hard to tell. Yeah, the MTA. It's hard to tell. So it's actually a reduction or a savings of 1%. That is a good point. That is correct. You live in New York, right? I do. Five minutes away. Five minutes away. Traffin with hell. So just, just some... Not a lot of that. Actually, just for framing everything that's going on, because you're in front of us now, but the now is actually what takes precedent over one deal or another. We're dealing with a lot in the city. There are... There are are there's a reconfiguration of management and perspectives in our school board. There is a general fatigue particularly in the downtown that must be noted with development, especially within certain spaces and the conditions that predated development in many ways. But we need to put our thumb on as a city to repair. I don't want to take anything away from what Miguel was talking about with the Union Participation and the initial build. Of course, there's the balance between what the requirements were. But also I'm hearing which was similar to the Pratt landing conversation with Twine. I don't think that there was even an initial conversation or reach out from either party. That's not us. We're not the first stop for that. I don't know who's going to initiate that conversation. And I'd love to speak to all parties in the future to make sure that that happens. Maybe that's something that we could facilitate so you know someone tell me how I'm very interested in that. We can't control what happened in the past but the numbers like you said are the numbers. I'm gonna say it very quickly just bear with me. I wasn't on the IDA at the time but I'm not a fan of the tennis court interaction I'm just going to say it and leave it. Now, now I had to do a lot of pros and cons with the scenario, not necessarily because of what you're asking for, but again, because of the timing and all of those conditions that were dealing with it. But I'm also, I also have a nurse, Shelyan. I am also a lifelong nurse, Shely nurse, who is simultaneously former Union and a vet, who took about 12 years to do all of the projects that you did around the Iona area. And another thing besides the fatigue with the downtown development, our citizens have been crying crying dying and screaming for retail so I have to I'm looking at the full picture I also have to consider that your projects are projects that bought our CVS back kept smokehouse and put them in I think a much nicer location not that the old one wasn great. I had a lot of fun there too. I was just, I just missed the ribbon cutting for Toastseek. The Toastseek is amazing. I've been there three times past the ribbon cutting. Very sad I missed the free food. You know, we had, I've been going to Bubble Tea since I found out there was a bubble tea place coming. Now it's the Taco Project, which everyone's raving about. I'll find out. But, but. found out there was a bubble tea place coming. And now it's the Taco Project, which everyone's raving about. I'll find out. But for a city that's been crying for retail, I have to pay attention to that. I do have to pay attention to it. Again, I did the research in advance because of the times such as these that we're dealing with. Hiring Nourishel for your staff in your buildings. Actually, I know, and actually the businesses that you are renting out to, they hire Neuroshel as well, because I know some of my friends that went to Neuroshel high school right now working in some of those stores. The green space with Jack's Friendship Garden. I'm gonna leave that where that is But we're getting green space out of some of our development This corridor has been compared to a new division street, but we have to take we have to pay attention to that And then you know, there's the building and trades Which is excellent and we need to find a space and resources so that we can build with our unions directly. So we got to figure that out, that is. But you're also providing long-term jobs in your facilities. And then there's the MWB reach out, which of course I appreciate as well. With all of those in consideration, I'm much more in favor of doing this than not. But again, it doesn't take away from the times that we're in. It doesn't take away from the initial union participation, which I think in your words were atrocious. I will share those words. It was atrocious. And it was atrocious for that time. I said, I'd leave the tennis courts alone, so I'm going to stop them a much more in favor than not for doing this. Okay. We have a good group and we say we want it, so it's good. But ultimately we get to the point in the evening where we have to hurt the cats and get through the game. with there's no further questions our statements there. I'll make a motion to move the resolution forward. Is there a second? Second. All in favor? Aye. Opposed? Opposed? So we have four of favor and one opposed. So the eyes have the eyes habitably. So the resolution passes. I just want to thank you again. Thank you for appreciate. Gladly this project can't be done without you. Back back at you. Thank you. Please leave your contact information for our union. And more important. Make an effort to engage with the unions going forward. I think that's important. I took another. I took another thank you. Thank you so much. Thank you. Thanks, guys. Thank you. So we will go back to the order. And I apologize for that. So I choose myself just with that be okay. And you have a new idea. I sort of came in. Thank you. I'm a thank you. Thank you. on your screen. Thank you. Take care man. Thank you. Okay, so we're just going to pivot back to the number three, which is the presentation of our annual financial statements by EFPR Group. This is our annual audit, and EFPR Group will be giving us a report on the 2024 IDA financial statements. I was improvving a little bit. That's fine, I'm sorry. No, no, no, it was me. I was free talking and then I'm trying to get back. Okay, could have definitely brought up the Russell. Importantly, a vote will be taken later on in the meeting by the board to approve and authorize the filing of the financial statements in the annual report. We have the FPR group here virtually to give a presentation on our financial statements which have the draft financial statements were included in your packet so I will let them take it away and if you need me for anything, I'm here. All right. Thank you. I'm just going to share my screen and quick so I can pull up our park for presentation. Okay. I want to see that. Yes. Okay. Well, with that, I'm just going to jump into it for those who have not met me. My name is Tom Smith. I'm the partner on the I.D.A. audit. As part of today's agenda, we're going to go over our engagement team, the time of the procedures, the audit results as well as going through some of the numbers. On the first screen, we always like to show our engagement team because a lot of time is the only management that really gets to interact with us during the audits you can actually see some of the native faces that were performing the work and prepared these financial statements. So I used myself and Brian Sama, who is our engagement director, who really oversaw most of the work. And we always have a second partner look over the financial statements and the work papers. This way, someone is really getting lost in the weeds. And this way, we make sure all the technical information is there. And that was Doug Zimmerman. In time of the procedures, we started the on February 10th issued the drafts of the financial statements on March 18th and we also met with the finance subcommittee earlier this morning. Just in case there's any questions because sir, I just make sure to address those before we spoke the entire board. Our plan is to issue what's called a cleaner on not hide a opinion on the financial statements. So essentially that's the highest level opinion they can receive. What that means is that the financial statements are fairly stated, they are consistent, they are the numbers are backed up by factual information. All the information that we requested Anita was provided to us relatively quickly if we didn't have any issues obtaining any of the information. So I really want to thank management for that. And because you are subject to government-on-ing standards being a governmental agency, we have to put another report in those financial statements. Essentially, if there are internal control weaknesses or any violations of laws, regulations, anything of that nature, we would disclose those in that report. But we're happy enough that that is also a clean opinion. We did not come across anything of that nature that has to be reported to. Financial results, this is where I wanted to go over some of the numbers at high level your total assets and 24 decreased by 187,000 to a total of 305,000 that's really a result of your cash and because we had a decrease in total naposition for the year. Our expenses exceeded our revenues. Directly correlated to that net position decreased by 170,000, but we still have $295 of net position at year end. Our revenue decreased by $14,000 in the prior year. And that's due to fewer project closings and then there's also associated lower fees because of that and Following a direct correlation our operate expenses also decreased by $80,000 to a toll of $337,000 and that's because we had less money spent on advertising as well as the technical urbanism expense lines We always like to provide our contact information at the end of our presentations that way you have had those you want to call us or email us like question to serns but we are at the end of the audit we are essentially ready to issue the final financial statements tomorrow there's a few administrative pieces that we have to take care of from our. But really at this point I want to turn it back to the board if there's any questions or concerns that you have on the financial statements or on the audit process. Tom and Brian, again, thank you so much for the thorough nature of your report. And so we went through this with the Finance Committee prior to this meeting but we had materials before and it's always very good to hear that we have a clean bill of health so we appreciate that but that's also back upon staff and us doing the right thing. Is there any questions for anybody on the board? at this point. Thank you for your word. So do we at this point? You're going to vote on it as part of one of these for the next resolution. So this is just the presentation. And then we're going to move into the formal resolutions where we will vote on filing these financial statements with the state as well as approving the filing with the Paris report, which is an auditing report with the state. That will be taking care of the next resolution. Okay. Okay. One more thing. Yep. Um, there's nothing else being here. Yeah, so he's, so we're going to have EFPR groups stay in the background until the CLD meeting, which they will then present, but there is nothing more on the presentation of the financial statements if no one had questions. Okay. Wonderful. So therefore, then we'll start going through and just approving the items as we just discussed. The first will be the annual financial statement, annual report, which we will ratify the filing of. This item pertains to the Board's approval and submission of the IDA financial statements as presented by EFPR and the annual report is required under the Public authorities accountability act. Thank you. Is there a motion to approve? Second. Second. All in favor? Aye. Opposed? And motion passes unanimously. The next item for adoption is the approval of the PAA-A policies. This item pertains to the re-adoption of the IDA policies that require under the Public Authority's Accountability Act, P.E. to the law. What policies are remaining the same for prior year? Wonderful. Is there a motion to adopt the PA policies? Second. Okay. All approved. Aye. Aye. In favor, favor oppose no pose. Okay, sorry messed that up The item passage unanimously. We're supposed to say so moved is Make them make the motion I'm just thinking about Robert's rules Robert's rules are right. Yeah, I'm like I'm just thinking about Robert's rules. Robert's rules are right wrong. Yeah. I'm like, I don't. I'm a Robert Jr. I'm gonna mess it up so I apologize for that. Yeah, I think we're gonna say so more of this supportive ed motion. All right, so that's great. I got it. I got it. I'm gonna clear. Humanity. All right, I'll do it right. item is the appointment of board officers. So first off, I'd like to nominate the following, slate of board members to serve as a 20, 25 officers of the IDA. Shane Ocean, let me just commit your minute. Oh, try it, it's fun. Ocean Lawyer. Yes, press for the design. It's ballot-channel, it's the same thing. It's just a tongue twister. I certainly appoint him as my partner in vice chair. I'll fill him with Mali, a secretary, and Howard Greenberg is treasurer. So, can you have to appoint me? Oh, I'd like to appoint Robert Bala Chand and as I do. I just hope you do it in person. I was going to ask you. I was going to ask you. I practice with our classmates. You're a good guy. You're a good guy. I practice, yeah, you do. Robert Bellachand, who knows our I was hoping you would rest my stay. I was hoping I still have practice with our classmates. Thank you. You have a lot of practice. Yeah, he's like, is there a, is there a motion to approve the resolutions electing in the nominated members to serve as the twenty twenty five officers? So, we'll be here. Is that the second? That was the way. Thank you. All in the right. Opposed? And thank you. Congratulations everyone. The resolution passed unanimously. Okay. The next item would be in the last, is the appointment of committee members. I'd like to appoint all members of the idea to the audit finance and governance committees, except in the case of the audit committee in which the treasure shall not serve. Now. Is there a motion to approve this resolution appointing the 2025 members to the committee's? So, I'm excited. All in favor? Aye. Opposed? And the passage unanimous lady, I have a thank you for the gentleman. Ladies. We did the item five, so the next is, is there any new business? I have you guys? There's not other than we can maybe formally just present to the Ford Katrina Schivers, who is joining us from the New York Municipal Housing Authority. She has a lot of experience working in housing and advocating for a very important constituency in the city. And we've worked together, started them very excited for her to join the development team and to join this forage, this experience in real estate. She's worked on a rat conversion for the, you know, queen city senior properties that's put these sickles and 111 lockwood. And Katrina, I don't know if you want to introduce yourself. I need to be such a great job, but hello everyone. Katrina should be, I think the only thing that Adam left out is that I'm also a licensed attorney. I'm born in New York and in Connecticut, but I've only done work in New York. But yes, so I'm excited to continue to make impact in the city of New York. Yes. Katrina, we're really happy to have you. You know, Rosejinsa, a very, very Ivar, and we love her. And we always know that she's going to be in the background there, which is awesome, but to have you come in and disstep into those shoes, it's going to be great. You've done great work, and we're lucky to have you. So, I'm really excited. Yes, thank you. And I'm really even more impressed that you decided to work for free. So thank you for that. Thank you. I don't even put these on. I'm sorry. I'm sorry. It's not for this one. It's still worth it. Thank you. All right. Welcome forward. The next meeting is scheduled for Wednesday, April 30, 2025, at 7.30 p.m. is to adjourn? So set like a second. All in favor? Opposed? Okay. Meeting is adjourned. So we will now follow the rover to, as you're ready, we'll read, welcome to the March 26, 25, 25 of the Neuroshell Corporation for Local Development at 812. Thank you to my ring glasses on PM and the City Council Conference for City Hall and Neuroshell. The meeting of Neuroshell Corporation for Local Development is now called to order. Is that please call? Val Shandrin. Here? Greenberg. Austin Luey. Here. Now I'm doing my wrong, sorry. Oh, Malley. Ayala. Here. Fee Lander. Heck to you. Wee? Ayah Nuzi. Here. We're also joined by Adam Selgado, Commissioner of Development and CLD Executive Director. Matt Dudley of Harris Beach, our transaction counsel, and Katrina Schivers, who will be the new IDEA Economic Development Manager, starting Monday, and myself who is IDEA Economic Consultant and that's Bruceine Pongshe. Bruceine, did I sense a sense of the light thing today? I am. Yes, Monday, I'm here to meet you. We're very excited to have Katrina. We've been busy, which is great and we have a lot of work to do with the board and we're excited to do it and partner together and it's always nice to have an extra set of I produce our massive communities and have a very talented intellectual and another attorney helping with it. I'm a producer, I'm as a community and I have a very talented intellectual and another attorney helping with it. I'm very excited. Here. Are there any other announcements other than Katrina? No. No. Great. I'm a birthday was almost 16th. How have you heard they minus on Saturday? Happy birthday. May 17th. My daughter is today. Oh wow. That's great. That's a monster. That is a big one too. Great. Thank you for the announcement. So first in the agenda is the approval of the February 26th, 2021, 25 minutes. Is there a motion to approve the minutes? So moves. Thank you. All Thank you, all in favor? Hi. Opposed? And the motion passes, unanimously. Thank you. Next, some of the item we're now going to go back to our friends at EFPR Group for who is the CLD auditor as well. I asked them to give us their report on the 2020 for CLD financial statement on it. I'm going to see this screen again. Yes. Okay, so I'm not suddenly broken record with a lot of this because they're very similar presentations. So I'm essentially just jump forward to the timeline. It's the same timeline since we do the audits concurrently. So we issued the draft on March 18th, so with the idea, we met with the subcommittee today as well. We have very similar audit results. We're issuing clean on that by opinions on those financial statements as well. All the records for that job are also freely available. So the Royal Think Management again on that because there's a lot more activity with the CLD so it takes a little bit to be able to compile everything. And with the same report with comrade-on-exandors, we didn't act from across any internal control deficiencies or violations and laws or regulations. So we'll have a clean on that opinion on that report as well. The financial results are, you can see the changes are a little bit more significant because there's more activity. Your total assets decreased by approximately $1.9 million to a total of 58.7 million and that's really because we have a very large lease receivable on the books. Now, this starts to mature more, more that it's always going to get paid down. So that's why you can see that large of decrease. And very similar on the liability side, we have a $1.2 million decrease. We also lease that same building back over to the city of New or Shell so you will see a very similar amount for at least receivable and payable, essentially a net zero on the on the box but that's what really drives those assets and liabilities decreasing year over year. So really the number of folks on is during that position that is the difference between your assets and liabilities That decreased from the prior year by $667,000 to a total of just under 1.2 million. Our operating revenue increased by $66,000. We had some larger projects closed during the year that's always good to see that going up positive direction. And our operating expenses decreased by $849,000 to a total of 676,000. So that's really good results. Our revenues going up there expenses are going down. So at this time, I want to turn back to the board questions on the financial statements or the audit for this under the. I like what I said during the IDA meeting. Thank you again to you and I'm for your time efforts and that was your staff. You did a great job and we did go through and had a good and depth conversation. Both of the materials reading fire, but we had a finance committee meeting where we went through things. So that was very helpful for that. Other than me, anyone else any questions for our others? I also wanted to say the thank you to the city of commercial finance department on the audit. It went really well. We had Ed Ritter running the show down there as finance commissioner and Marilyn Renew and Adam really helped a lot and we're easy for me to work with when I'm remote which is a little bit tough so we had a nice experience getting it done and it was a pleasure to work with the auditor as well. So we had Adam Ross down in finance. It was a a positive easy experience and I just wanted to say thank you to that support system we have as well done seriously. I appreciate that and I know I'm not supposed to say this but during our little executive session Tom and Brian had nothing but good things to say about you and the city working together so it was a very good thing on both ends. So we appreciate everyone on all sides. With that being said, we will move forward to try to get through the approvals that we need to do. The first would be the approval of the annual financial statement and the annual report. So if I could have read the motion to that one. decidedided pertains to the Board's approval and submission of the CLD Financial Statements as presented by EFPR and the annual report is required under the P. Tripoli Public Authorities Accountability Act. Is there a motion to approve? So moved. Second. Paul in favor? Aye. Aye. Any opposed? So the motion, the resolution passes unanimously. The next resolution is the approval of the PAA policies. This item, thank you, Rob. The this item pertains to the re-adoption of the CLD policies as required under the PAA, all policies are remaining the same as prior years. Thank you. Is there a motion to approve and to adopt the PAAA policies? So, thank you. All in favor? Aye. Opposed? No. And the resolution again passes unanimously. Thank you, gentlemen. The last item is the appointment of of board office for the COD. I'd like to nominate the following slate of board office servards the 20-25 officers of the COD Shane Ocean. So, Loye as vice chair, Phelma Malia secretary and Hartgrenberg as treasurer. I'd like to nominate Robert Rallos-Jondren. I had almost cough just now. Robert Rallos-Jondren is a chair. Thank you. Is there a motion to approve the resolution of electing the nominated members to serve as the 2025 officers of the COD? Thank you. Thank you. On favor? I pose. No., so resolution passes you now. So thank you all And I actually one more I was forget about the two sides here Remember we have one last one which is the appointment of all the committee members I'd like to appoint all members of the COD to the audit finance and governance committees Except in the case of the audit committee and which the treasurer should not serve. Now is our motion to approve this resolution. So move. Second. Thank you. All in favor? Aye. I'm going to oppose. And the motion is passed unanimously. Again, thank you again for everyone for that. Okay. Any other business to discuss, CLD? We had than we had a closing that occurred, 14-lick-out phase two closed about maybe two weeks ago now, feels like a year ago, which brought the CLD and IDA some transaction fees that also was social equity fee into the CLD board. So, just wanted to keep you guys updated on that, that that closing was moving forward and has now completed. So it's great. It's looking forward to groundbreaking. Yes. And there'll be a, you know, some sort of a press event and you'll all be invited. Thank you. Is that the condos? Yes. There is a first, I should say, do you want to do you want to? No, not at all. I just like to say congratulations to Councilman Peters for getting condos in this district. And I'm very excited for mine, for whatever they may be. So that is the first affordable condo in the city of New Rochelle. It's affordable to households of 80% of AMI. So we're really excited to work with Wildermalter and L&M within that partnership to bring that important product onto the market. I will say that not only is it first in Nearest Shell that's one of the first projects in the state, I happen to be working on another one and I keep saying talk to the guys near a show. There's a model so we can come through that. So especially in the Ford Lousing world, you know, the small world. So there's different ways to efficiencies that everyone talks. So it's's a great thing Can I'm sure council people of the Jason council districts we also like appreciate projects like that in the district? Whoever they may be the more the mayor the Next meeting is scheduled for Wednesday April 30th 2025 at 7 30 p.m. is there a motion to adjourn? So second. On favor? Aye. Oppose and the meetings adjourned. Thank you everyone for seeing and your patience. you