APRIL 10, 2015 Page 1
BROOME COUNTY LOCAL DEVELOPMENT CORPORATION
185 Court Street
Binghamton, New York13901
Friday, April 10, 2015, 12:00 pm
SYNOPSIS OF MEETING
PRESENT:J. Baumgartner, J. Bernardo, J. Davis, W. Howard, T. Kane, R. Nielsen Jr., J. Rounds,J. Smith and J. Stevens
ABSENT:None
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
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 1:00p.m.
ITEM #1. APPROVE MINUTES OF THE MARCH 13, 2015 BOARD MEETING: Mr. Kane requested approval of the minutes for the March 13, 2015 board meeting.
MOTION: Resolution to approve the March 13, 2015 board meeting minutes. On a MOTION by Mr.Nielsen, seconded by Mr.Stevens, the MOTION CARRIED UNANIMOUSLY.
ITEM #2. PUBLIC COMMENT: Mr. John Solaksaid the resolution on the agenda regarding Good Shepherd doesn’t create any jobs. It simply takes a failed project off the IDA books. He asked if it is being moved because the IDA has issues with bond issuance. Mr. Solak said when the IDA was created, certain projects were excluded from being allowable by IDAs, thus the LDC was created. Civic projects are not allowed, but this is not a civic project. Mr. Solak said this project exhausts the balance sheet of the LDC. Ms. Lynn Sweatland Bradley said her parents lived at Good Shepherd Village at Endwell. In 2004, this project was announced and in 2008, her parents put their deposit down on a residential unit. In 2009, they moved in to a beautiful facility with all the amenities. She said for every person living at Good Shepherd, there is a family behind them whose lives have been saved by this project. Ms. Dorothy Maran said her husband was a patient in the Good Shepherd dementia unit where he received incredible care. Now a resident herself, Ms. Maran said she has a beautiful apartment and has had nothing but a good experience. Mr. MichaelKeenan, President of Good Shepherd, said this project has been a great success. Good Shepherd will be budgeting over $4 million in salaries in the coming year. They are looking to refinance because the letter of credit expired, and this will allow them to reduce the interest rate from 6 to 2.5%. He feels this refinance will only make Good Shepherd stronger.
MOTION: No motion necessary.
NEW BUSINESS
ITEM#3. APPROVAL OF THE 2014 MISION STATEMENT & MEASUREMENT REPORT: Mr. Davis said the Governance Committee reviewed and discussed the LDC’s 2014 Mission Statement and Measurement Report. They found the report acceptable and recommend its approval. Mr. Nielsen said the Board may need to be flexible with the contents of the report, i.e. discussions about having staffers at the LDC where there currently aren’t any. Mr. Davis said the minutes will reflect the Committee’s recognition that the report is a living, breathing document.
MOTION: To approve the 2014 Mission Statement and Measurement Report. On a MOTION by Mr. Smith, seconded by Mr. Howard, the MOTION CARRIED UNANIMOUSLY.
ITEM #4. APPROVAL OF POLICIES & PROCEDURES: Mr. Davis said the Governance Committee reviewed and discussed the LDC’s Policies and Procedures. The Committee recognizesthat there may be a need to adjust them in the future,but it recommends them as is.
MOTION: To approve the Policies and Procedures. On a MOTION by Mr. Stevens, seconded by Mr. Smith, THE MOTION CARRIED UNANIMOUSLY.
ITEM #5. CONSIDERATION OF THE ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE BY THE BROOME COUNTY LOCAL DEVELOPMENT CORPORATION OF ITS CONTINUING CARE RETIREMENT COMMUNITY REVENUE REFUNDING BONDS, SERIES 2015 (GOOD SHEPARD VILLAGE AT ENDWELL, INC. PROJECT), IN AN AGGREGATE PRINCIPAL AMOUNT PRESENTLY ESTIMATED TO BE $48,340,000 BUT NOT TO EXCEED $59,000,000 (THE “SERIES 2015 BONDS”) AND THE EXECUTION AND DELIVERY OF RELATED BOND DOCUMENTS. THE PROCEEDS OF THE SERIES 2015 BONDS WILL BE USED TO (I)REDEEM ALL OF THE BROOME COUNTY INDUSTRIAL DEVELOPMENT AGENCY’S OUTSTANDING CONTINUING CARE RETIREMENT COMMUNITY REVENUE BONDS (GOOD SHEPARD VILLAGE AT ENDWELL, INC. PROJECT) SERIES 2008A AND SERIES 2008C, (II) FUND A DEBT SERVICE RESERVE FUND WITH RESPECT TO THE SERIES 2015 BONDS, AND (III) PAY CERTAIN COSTS OF ISSUANCE OF THE SERIES 2015 BONDS: Mr. Smith recused himself from the discussion and left the meeting since he is a board member of the Good Shepherd Foundation. Mr. Bill Weir explained that Good Shepherd is coming to the LDC instead of the IDA because as of 2008, IDAs no longer have the authority to issue bonds to not-for-profits. Good Shepherd is looking to refinanceits series A and series C bonds. Series B bonds have already been paid down, further proving the success of the project. Mr. Nielsen said he supports the Good Shepherd project and it’s an important part of the community. He encouraged his colleagues to do the same. Mr. Rounds requested the Board receive public hearing transcriptsearlier than the day of a board meeting.
MOTION: To accept the amended application from Good Shepherd Village at Endwell. On a MOTION by Mr. Baumgartner, seconded by Mr. Howard, the MOTION CARRIED UNANIMOUSLY.
ITEM #6. ADJOURNMENT: Mr. Kane requested a motion for adjournment.
MOTION: To adjourn the meeting. On a MOTION by Mr. Stevens, seconded by Mr. Howard, the MOTION CARRIED UNANIMOUSLY, and the meeting was adjourned at 1:20 pm.