Albany Industrial Development Agency
21 Lodge Street
Albany, New York 12207
Telephone: (518) 434-2532
Fax: (518) 434-9846
Tracy Metzger, Chair
Susan Pedo, Vice Chair
Darius Shahinfar, Treasurer
C. Anthony Owens, Secretary
Lee Eck
Dominick Calsolaro
Robert Schofield
To:
Tracy Metzger
Anthony Owens
Robert Schofield
Sarah Reginelli, Chief Executive Officer
Mark Opalka, Chief Financial Officer
John Reilly, Agency Counsel
Sarah Reginelli
John Reilly
Joe Scott
Mark Opalka
Brad Chevalier
Andy Corcione
Sabina Mora
Chantel Burnash
Date: May 29, 2015
AGENDA
A meeting of the Governance Committee of the City of Albany Industrial Development Agency will be
held on Wednesday, June 3rd at 12:00 PM at 21 Lodge Street, Albany, NY 12207 (Lg Conf Room).
Roll Call
Reading of Minutes of the Governance Meeting of May 12th, 2015
Approval of Minutes of the Governance Meeting of May 12th, 2015
New Business
A. Administrative Enhancements
1. Project Evaluation and Assistance Matrix Update
2. Policy Manual and Application Update
B. Long-term Asset Management Strategy
1. Upstate Revitalization Initiative
C. Common Council Meeting
1. Update and Discussion
D. City of Albany Audit
1. Update and Discussion
Other Business
A. OSC Draft Legislation
Adjournment
Albany Industrial Development Agency
21 Lodge Street
Albany, New York 12207
Telephone: (518) 434-2532
Fax: (518) 434-9846
Tracy Metzger, Chair
Susan Pedo, Vice Chair
Darius Shahinfar, Treasurer
C. Anthony Owens, Secretary
Lee Eck
Dominick Calsolaro
Robert Schofield
Sarah Reginelli, Chief Executive Officer
Mark Opalka, Chief Financial Officer
John Reilly, Agency Counsel
IDA MINUTES OF GOVERNANCE COMMITTEE MEETING
Tuesday, May 12, 2015
Attending:
Tracy Metzger, Robert Schofield
Also Present:
Dominick Calsolaro, Lee Eck, Darius Shahinfar, Susan Pedo, Joseph Scott, John
Reilly, Sarah Reginelli, Brad Chevalier, Mark Opalka, Andy Corcione, Sabina
Mora, Chantel Burnash, and Mike Bohne
Absent:
C. Anthony Owens
Board Chair Tracy Metzger called the Governance Committee meeting of the IDA to order at 11:15
AM.
Roll Call
Chair Tracy Metzger reported that all Committee members were present, except C. Anthony Owens.
Reading of Minutes of the April 1, 2015 Governance Committee Meeting
Since the minutes of the previous meeting had been distributed to Committee members in advance for
review, Chair Tracy Metzger made a proposal to dispense with the reading of the minutes.
Approval of Minutes of the April 1, 2015 Governance Committee Meeting
Chair Tracy Metzger made a proposal to approve the minutes of the Governance Committee Meeting of
April 1, 2015 as presented. A motion to accept the minutes, as presented, was made by Robert Schofield
and seconded by Tracy Metzger. A vote being taken, the minutes were accepted unanimously.
New Business
Staff presented continued progress on the strategic transition plan and internal audit begun in February.
Administrative Enhancements
Mortgage Recording Tax Exemption Procedure – Counsel reviewed the Uniform Tax Exemption Policy
which provides for the exemption of the New York State mortgage recording tax on mortgages recorded
in connection with Agency projects. Counsel explained that the Agency occasionally receives requests
for a mortgage recording tax exemption when the project applicant arranges for the refinancing of an
Agency project. Counsel recommended that Agency staff and Counsel carefully review the terms of the
refinancing mortgage to ensure that there is no ‘new money’ contained in the refinancing mortgage and,
if so, that ‘new money’ component be subject to the Agency’s normal procedure (public hearing, SEQR
review, full administrative fees, etc.).
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Project Evaluation and Assistance Matrix – Staff advised the Committee that they are working on a
Project Evaluation and Assistance Matrix to address suggestions from the Board to explore alternative
procedures for project evaluation.
1. Staff indicated that they have talked to other economic development entities who utilize a project
evaluation and assistance matrix, for guidance on creating standardization of scoring. Staff
explained the importance of creating a Project Matrix with an easy and transparent process,
which is consistent with the reviews of the operations of industrial development agencies by the
Office of the State Comptroller. The OSC has indicated in its audits that industrial development
agencies should ensure that all project applications are measured and evaluated against similar
standards in order to reduce the risk of subjective approvals and denials.
2. A matrix scoring model could increase predictability for applicants and create a system whereby
project evaluations and outcomes can be easily compared. Staff reviewed the advantages and
challenges which may be encountered with using a project evaluation and assistance matrix
model. Staff discussed the draft potential strategic priorities for evaluating the merits of a
project, based on Board feedback over the previous year. The Committee expressed concern that
a scoring matrix could discourage developers to come before the IDA if they know they will not
score highly on the matrix. The Committee also asked Staff to use past projects as a tool while
creating the preliminary draft of the Project Matrix. Staff suggests bi-annual or other standard
periodic review of the Project Matrix with the Governance Committee to ensure it is aligned with
the current market and with the priorities of the Agency and community. Any necessary
adjustments should be made at that time.
3. The Committee tasked Staff with further developing the matrix concept for further evaluation
and discussion at future committee meetings.
Compliance and Board Continuing Education Calendar - Staff distributed the draft of the Compliance
and Board Continuing Education Calendar.
Policy Manual and Application Update – Staff advised the Committee that they are continuing work on
the review of and administrative enhancements to the Policy Manual and Application in coordination
with the ongoing internal audit of operations and strategic transition plan.
Long-term Asset Management Strategy
Recent Requests – The Committee discussed the recent request from the Capital Region Economic
Development Council seeking investments from Capital Region IDA’s to help offset plan development
costs for participation in the Governor’s Upstate Revitalization Initiative. Committee expressed support
of the investment provided that the investment met ABO expectations. Further discussion would take
place at future meetings.
Other Business
Financial Disclosure Forms
Staff reminded the Committee that financial disclosure forms are due by May 15th.
Staff advised the Committee that they had still not heard back from the City Auditor and that no further
information on the active internal controls audit had been provided.
There being no further business, Chair Tracy Metzger adjourned the meeting at 11:54 AM.
Respectfully submitted,
_____________________
C. Anthony Owens, Secretary
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Definition of Criteria for Project Evaluation and Assistance Matrix
DRAFT FOR DISCUSSION JUNE 3, 2015
Geographic Target Areas
Warehouse District: Proposed project is located within the physical boundaries of the Warehouse
District as defined by the Warehouse District boundary map attached as exhibit #.
Downtown: Proposed project is located within the physical boundaries of Downtown Albany as defined
by the Impact Downtown Albany boundary map attached as exhibit #.
Neighborhood Plan: Proposed project is located within the physical boundaries of a current City of
Albany neighborhood plan as listed: Arbor Hill Neighborhood Plan, Capital South Plan, Park South Urban
Renewal Plan, West Hill/West End Revitalization Plan, Midtown Colleges & University Study and the
Albany Education District Enhancement Study.
BID District: Proposed project is located within the physical boundaries of the Downtown Albany
Business Improvement District, the Central Avenue Business Improvement District or the Lark Street
Business Improvement District as defined by the Business Improvement District boundary map attached
as exhibit #.
Distressed Census Tract: Proposed project is located in a census tract or block numbering area which,
according to the most recent census data, has a poverty rate of at least 20% for the year in which the
data relates, or at least 20% of households receiving public assistance, and an unemployment rate of at
least 1.25 times the statewide unemployment rate for the year to which the data relates.
Neighborhood Commercial District: Proposed project is located on a parcel that is designated C-1 or
Neighborhood Commercial District by the City of Albany Zoning Code. See City of Albany Zoning Map
attached as exhibit #.
Strategic Economic Development Priorities
Downtown Residential: The proposed project consists of new construction or rehabilitation of an
existing building resulting in at least four new residential units located within the physical boundaries of
the Impact Downtown Albany boundary map. Project may not include the renovation of existing
residential units. Residential units may not include student housing facilities, cooperative living facilities
or group homes.
Tax Exempt Property or Vacant Building: The proposed project is located on a parcel designated tax
exempt prior to the time of purchase by the project owner/applicant and/or a vacant building.
Identified Catalyst Site: Proposed project is located on a site specifically identified in the Impact
Downtown Albany Plan or in a neighborhood plan as listed: Arbor Hill Neighborhood Plan, Capital South
Plan, Park South Urban Renewal Plan, West Hill/West End Revitalization Plan, the Midtown Colleges &
University Study and the Albany Education District Enhancement Study.
1
Historic Preservation: Renovation of a structure listed individually on the National Register of Historic
Places or located within a historic district and at least 50 years old.
Target Growth Areas
Manufacturing: The proposed project must result in the creation, retention or expansion of
manufacturing facilities and jobs in the City of Albany. "Manufacturing" means the process of working
raw materials into products suitable for use or which gives new shapes, new quality or new
combinations to matter which has already gone through some artificial process by the use of machinery,
tools, appliances, or other similar equipment. "Manufacturing" does not include an operation that
involves only the assembly of components, provided, however, the assembly of motor vehicles or other
high value-added products shall be considered manufacturing.
Distribution: The proposed project must result in the creation, retention or expansion of distribution
facilities and jobs in the City of Albany. "Distribution center" means a large scale facility involving
processing, repackaging and/or movement of finished or semi-finished goods to retail locations across a
multi-state area.
Tech Sector: The proposed project must result in the creation, retention or expansion of tech sector
facilities and jobs in the City of Albany. “Tech Sector” includes companies involved in research,
development and/or distribution of technologically based goods and services. This sector contains
businesses involved in the manufacturing of electronics, creation of software, computers or products
and services relating to information technology.
Hospitality: The proposed project must result in the creation, retention or expansion of hospitality
sector facilities and jobs in the City of Albany. “Hospitality” means businesses involved in
entertainment, recreation, accommodation and food services.
Industry Cluster/Existing Job Center: The proposed project must result in the creation, retention or
expansion of private sector jobs or facilities in an existing City of Albany industry cluster, including the
medical, education and government sectors.
Mixed-Use: The proposed project will result in the combination of at least two of the following uses at
the project site: residential, commercial, cultural, institutional, or industrial. The project must physically
and functionally integrate each function.
Permanent New Jobs: A new permanent job is a new a position created over and above the business’
current baseline. Construction, temporary, transferred, or layoff recall jobs are not considered to be
permanent new jobs.
Construction Jobs: A construction job is a temporary position created during the construction phase and
for the purpose of completing the project.
Number of New Residential Units: The number of new residential units resulting from new construction
or rehabilitation of the project site located within the Impact Downtown Albany plan boundary map, or
2
within a current City of Albany neighborhood plan area (Arbor Hill Neighborhood Plan, Capital South
Plan, Park South Urban Renewal Plan, West Hill/West End Revitalization Plan, Midtown Colleges &
University Study and the Albany Education District Enhancement Study) or within a Business
Improvement District (Downtown Albany Business Improvement District, the Central Avenue Business
Improvement District or the Lark Street Business Improvement District). Student housing facilities,
cooperative living facilities, group homes or existing residential units may not be counted towards new
residential units.
Community Priorities
Minority and Woman Owned Business Enterprise: The Company undertaking the proposed project is a
City of Albany or New York State certified minority or woman-owned business enterprise and/or 20% of
the construction cost of the proposed project is performed by minority or woman – owned operators.
Project owner/applicant will be responsible for providing independent third party verification.
Committed Local Labor: The company/project owners pledge that at least 80% of construction jobs will
be filled by local residents as defined in by the City of Albany IDA Local Labor Policy attached as exhibit
#. Project owner/applicant will be responsible for providing independent third party verification.
Inclusionary Housing: defined as mixed income, intergenerational and accessible housing, specifically, at
least 20% of total units are reserved for and/or rented to low-income households as defined by the U.S.
Housing and Urban Development FY 2015 State Income Limits or to individuals over the age of 55.
Project owner/applicant will be responsible for providing independent third party verification.
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PLEDGE
The funds pledged by your organization will be used to offset the costs of developing a regional economic
transformation plan for the purposes of the NYS Upstate Revitalization Initiative. As a plan sponsor and
direct beneficiary of its growth strategies and initiatives, your organization will receive:
• Opportunities for enhanced community engagement
•
Monthly updates on the plan’s progress
•
An overview of our prospective regional market analysis, including priority challenges and
opportunities, and an initial hypothesis of key investment opportunities in targeted industry sectors
•
A high-level implementation plan describing your organization’s role at the program, strategy, and/or
initiative levels
•
A special close-out briefing, including Q&A, with CREDC members, plan aggregators, and the
consultant
You’ll also be entitled to the following additional benefits:
• Recognition at all public engagement sessions
•
Logo recognition on Advisory Council website
•
Logo recognition on thank you print advertising once plan is submitted
•
Logo in the submitted plan
•
A bound copy of the plan
•
Invitation to the Capital Region’s plan submission party!
Capital 20.20 Campaign
Amount $____________
The Capital 20.20 Fund is a component fund of the Community Foundation for the Greater Capital Region.
Please make your check payable to: The Community Foundation for the Greater Capital Region (CFGCR),
Six Tower Place, Albany, NY 12203. If you have any questions concerning this pledge, contact Karen Bilowith
at 518-446-9638, or by e-mail at [email protected]
Organization_________________________
Authorized Signature________________________
A copy of The Community Foundation for the Greater Capital Region’s latest annual report may be obtained, on request, by
contacting the Community Foundation, Six Tower Place, Albany, NY 12203
or from the New York State Attorney General’s Charities Bureau, 120 Broadway, 3rd Floor, New York, NY 10271.
URI Letter of Commitment – IDA Financial Contribution Template
Organization Letterhead
(Date)
Michael J. Castellana
President and CEO
SEFCU
700 Patroon Creek Blvd.
Albany, NY 12206
Michael Hickey
Interim CEO
CEG
39 North Pearl Street
Albany, NY 12207
Dear Michael and Mike,
(Investing Organization) is committed to increasing economic growth and opportunity in New
York and enthusiastically supports the Capital Region Economic Development Council’s intention
to pursue funding for economic development through the Governor’s Upstate Revitalization
Initiative (URI). Accordingly, we are pleased to provide an investment of $(amount) to offset
the expense and facilitate the completion of a targeted economic transformation plan for the
Capital Region. It is also our understanding that the funding contributed by (Investing
Organization) entitles us to specific outputs from the effort including, but not limited to, a highlevel implementation plan describing our organization’s role at the program, strategy, and/or
initiative levels.
The URI offers a unique opportunity to shift the trajectory of the regional economy. Building off
the momentum of the Regional Economic Development Councils, and with the assistance of
McKinsey & Company, the Capital Region will utilize the data provided by the University at
Buffalo Regional Institute to develop a customized, long-term revitalization plan that will help
guide economic development decision-making for years to come.
As a contributing member of the Capital Region economy, (Investing Organization) is confident
the product of this comprehensive and strategic planning effort will serve as a roadmap for
regional growth and prosperity, and positively impact our overall economic landscape.
Sincerely,
(President or other authorized individual),
(Investing Organization)