APRIL 12, 2013 Page 1
BROOME COUNTY LOCAL DEVELOPMENT CORPORATION
185 Court Street
Binghamton, New York13901
Friday, February 13, 2015, 12:00 pm
SYNOPSIS OF MEETING
PRESENT:J. Baumgartner, J. Bernardo, J. Davis, W. Howard, T. Kane, R. Nielsen Jr., J. Smith and J. Stevens
ABSENT:J. Rounds
GUESTS:Jerry Marinich, Broome County Legislature
Aaron Martin, Broome County Legislature
Emmanuel Priest, Office of Senator Libous
Michael Keenan, Good Shepherd Village
James Franz, Hinman, Howard & Kattell
John Solak, Broome County Resident
Jeff Platsky, Press & Sun Bulletin
STAFF:K. McLaughlin, S. Duncan, T. Gray, C. Campon, N. Schwartz, Z. Pehel
COUNSEL:J. Meagher
PRESIDING:T. Kane
Mr. Kane called the meeting to order at 1:25p.m.
ITEM #1. OATH OF OFFICE: Mr. Meagher administered the Oath of Office for the Board of Directors.
MOTION: No motion necessary.
ITEM #2. NOMINATION OF OFFICERS: Mr. Nielsen nominated Mr. Kane for Chairman, Mr. Howard for Vice Chairman, Mr. Rounds for Secretary and Mr. Stevens for Treasurer. Mr. Howard seconded the nominations, and all members voted in favor.
MOTION: The Board approved all nominations unanimously.
ITEM #3. NOMINATION OF COMMITTEES: Mr. Kane said he would email his committee appointments to the Board.
MOTION: No motion necessary.
ITEM #4. APPROVE MINUTES FOR THE DECEMBER 12, 2014 BOARD MEETING: Mr. Kane requested approval of the minutes for the December 12, 2014 board meeting.
MOTION: Resolution to approve the December 12, 2014 board meeting minutes. On a MOTION by Mr. Stevens, seconded by Mr. Howard, the MOTION CARRIED. Mr. Baumgartner, Mr. Bernardo and Mr. Smith abstained as they were not members of the Board at the last Board meeting.
ITEM #5. PUBLIC COMMENT: Mr. John Solak said the IDA and LDC are not separate entities, which is apparent because they have the same Board of Directors. He said the IDA got involved in a project for a failed nursing home and now it is looking into putting the bonded debt on the books of the LDC in order to refinance. Mr. Solak said the ethics are a concern. He also feels the LDC is responsible to file a form 990 because of its nonprofit status.
MOTION: No motion necessary.
NEW BUSINESS
ITEM #6. 2015 MEETING SCHEDULE: The LDC is scheduled to meet on an as-needed basis.
MOTION: No motion necessary.
ITEM #7. AMENDMENT TO GOOD SHEPHERD VILLAGE AT ENDWELL, INC. APPLICATION FOR BENEFITS: Mr. Smith recused himself from the discussion and left the meeting as he is a member of the Good Shepherd Foundation. Mr. McLaughlin explained that the LDC received a request from Good Shepherd to increase the $23 million in bonds to $52 million. Mr. Jim Franz, the attorney representing the client on the project, explained that the request is based on two factors: a potential single purchaser for the bonds will want to own the majority, and it is a favorable time to refinance bonds given the current state of the interest rate in the marketplace. Mr. Nielsen requested the Board receive a breakdown of bond duration, expected rates, schedule of bond payments and cash flow information. Mr. Franz said that information is already being prepared and he will make it available to the Board in March so that the Board may take action as soon as possible.
MOTION: To accept the amended application from Good Shepherd Village at Endwell. On a MOTION by Mr. Davis, seconded by Mr. Stevens, the MOTION CARRIED UNANIMOUSLY.
ITEM #4. ADJOURNMENT: Mr. Kane requested a motion for adjournment.
MOTION: To adjourn the meeting. On a MOTION by Mr. Stevens, seconded by Mr. Baumgartner, the MOTION CARRIED UNANIMOUSLY, and the meeting was adjourned at 1:35 p.m.