Hi everyone.

Welcome everyone to the annual meeting of the NeuroShell Industrial Development Agency on March 25th, 2026.

And let's look at the official Timex time.

7:34 PM in the City Council Conference Room, City Hall, Near Shell, New York.

The meeting of the NeuroShell Industrial Development Agency is now called to order.

Can staff please call the role.

Alexandre?

Here.

Ocean YA.

Greenberg.

Here.

O'Malley.

ILI.

D.

Lander.

Here.

I and U Z.

Yes.

We're also joined by the Commissioner of Development and Executive Director, Adam Folgado.

Katrina Schiller is the IDA manager, Bushin Punkshe, IDA consultant, and Adriana Baronello from Harris Beach, our transaction council, and Alice D.

Featherstone, Finance Commissioner and IDA Comptroller.

Thank you.

Hey Adam, are there any announcements tonight?

Funny you should ask.

Yes, we actually have uh uh we have a two three announcements technically this evening.

We have an appointment of a new board member, Keith Singletary, who will be joining us starting next meeting at the April meeting of the IDA.

And uh I just want to acknowledge the service and commitment of Fiela Momaly uh for his tenure on the IDA and CLD boards.

Uh it's been really great working with with you.

Um you've your commitment is outstanding and it's been a pleasure.

Hold on that so feel you uh maybe just digress and we cannot go around.

Uh first off, welcome to our new member who's here but isn't here, but uh uh we're glad to have you um and looking forward to work with you and feelam.

You are a uh you're you're a great in my neighborhood.

There's a word that we call good deed, your mench.

Uber that's from me.

But the point being you you are a uh a good man, um a good soul, and you're a giver.

And you've you've given all of us in the city 10 years of your life and your time.

Um, and we we really appreciate that.

Um we're we're gonna miss you, but we know that you'll always be there for us.

We go, you know, every DD thing, and uh so at least for myself, I want to say uh congratulations are getting free.

And uh but uh just we really we're really gonna miss you, but we really appreciate uh uh having you on the board and your friendship.

Before you say anything, uh yeah, go around the horn and do the thing that anyone else wants to say.

We'll make it as informal as possible.

I just I just want to say thank you for your guidance over the years and your contributions to the board.

You sat on an IDA board that's done incredible things during the course of your tenure, you know, that really improved the way people live their lives and the homes that we create.

So I'm really grateful for that.

Um and this year work is inspiring, and we're gonna continue that legacy.

Hey, we're here.

It's uh a call out, but I just wanted to say that now you can say something.

I enjoyed working with you guys, and I appreciate it, and and and I think we've done some really incredible things on this board, and I'm sure you guys are going to do even better things.

So thank you.

We appreciate you.

Enjoyed working with you.

And we won't do this for the CLD portion.

And of course, other IDAs and CLDs will uh envy the work that you've done.

I'm sure there's a consulting dollar somewhere out there.

Oh, sorry, I'll just I also wanted to introduce the finance commissioner, Alistair Featherstone.

I know you all haven't um uh maybe not have seen him face to face, but he's uh here today, appropriate for the topic, which is to discuss our financial statements.

So I wanted to introduce Alice Dere.

Did you come with money?

Uh see where it is.

I was doing American gift.

Also, you you you've got a great name and reputation.

We've heard great things about you, so we're looking forward to hearing your words that you share with us and as a as a business partner on the other side um of the IL so speak uh of the hall, I should say, um, and city hall side.

Uh it's great to have you.

I'm looking forward to partnering.

Awesome.

Adam, are you?

That is all that concludes the announcement.

Okay.

Great.

Um, okay, thank you so much for that.

And we're gonna just move right in to the first item, which is of course is the approval of the minutes um from our last meeting, which was on March 11th, 2026.

Uh is there a motion to approve?

Sure.

Move.

Thank you.

And thank you, sir.

All in favor.

Aye.

Opposed.

None and no abstention.

So it the uh motion passes.

Thank you.

Um I think the next item is the presentation of our annual financial statement by EFPR group.

The presentation before you this evening is of the IDA's financial statements for 2025.

Uh this year, the auditor as the chair of Hurston pointed out, EFPR group following the presentation.

The board will be asked to vote on the resolution.

Um it's to be noted that the finance subcommittee as well as the controller of the IDA have reviewed the financial statements and support the board's approval of them.

The financial statements start on page 10 of your IDA packet, and Douglas Zimmerman of the FPR group is here to present the report.

Thank you, everyone.

Good evening.

Uh again, I'm Doug Zimmerman, one of the partners with the FPR group, and uh for those of you that were around, I was here about two years ago doing the same presentation.

Uh and uh I'll just go through at a high level the financials and certainly be happy to answer any questions anyone might have.

Uh just gonna quickly touch on our our engagement team, the timing of our procedures, uh the results of the audit, and then the financial results.

Uh Tom is the engagement partner on what we call the concurring review partner.

We also had uh Brian Sama as the engagement director and then Ethan as the uh senior on the engagement.

We began the field work uh or early part of February.

We should have draft the financial statement on March 9th, uh, as was mentioned.

Uh it was a review of the uh results with the audit committee on March 17th, and we're obviously here tonight to present uh the results to the uh full board and the approval for filing with the public authorities office.

Uh the results themselves, uh we are uh we will be issuing what's called an unmodified or a clean opinion on the basic financial statements.

Uh all the accounting information that we requested was freely made available.

Uh everything that we looked at was in a uh was recorded appropriately in accordance with uh the required standards.

Uh there was one item that we noted in the reports uh that were issuing in the uh the back of the report uh the financial statements.

There are reports on government auditing standards along with your compliance with New York State uh investment guidelines.

And uh that uh finding was that the investment policy uh needs to be updated and be more specific with regards to qualifications of investment bankers, brokers, agents, dealers, and other advisors.

So uh the authority does have a policy in place, uh, but it was just not quite in accordance with the New York State requirements.

And so uh I believe the authorities in the process of updating that policy.

And these were revamped policies, right?

So it's not like we were doing the wrong thing, but it was they changed it, so we need to change ours.

Yeah, and again, nothing uh with regards to the numbers or the financial uh statements or information was a problem, but it was just the policy itself.

Uh you know, so there was no uh other issue with regards to that.

Uh as far as the financial results go, the total assets had decreased by uh almost 25,000 to a balance of uh just over 280,000, mainly as a result of uh decrease in the cash and equivalence, which was obviously spent for the current year operations.

Your net position uh decreased a similar amount, uh 24,400 to a balance of uh almost 271,000 dollars.

On the operating rate revenue side, there was an increase of 148,000 due to several larger projects which had closed in 25 as opposed to uh smaller projects closing in 24.

That resulted in the increase.

And then the operating expense side, there was also a very minor increase of $1,300 uh to a uh a total balance of operating expenses of $339,000.

And again, that was mainly due to a slight increase in professional fees uh legal.

Uh that uh again, very short and brief.

Uh be happy to answer any questions anyone has with us the results or the uh the audit itself.

And I can see I need to get an updated picture of that a few years old before any questions are are asked, and certainly asked away if there's any um please just for the the board to just to restate as you restate every year.

Uh the finance committee sat down with the auditors and spent more than the three minutes that you went through on the high level going through the numbers here.

So I just want you to know that things were peer-reviewed uh by Dynasty.

That being said, any questions?

The the increase in the revenues, is there the one time like it obviously was based on projects coming online last year or 2025?

Are those uh revenues recurring?

Are they gonna continue year after year?

Is that like yeah, uh there's a portion of the revenue that is recurring based on uh you know fees that that uh the developers are required to pay the on an annual basis, and uh another portion is uh project specific that that are tied to the closing.

So they're technically one-time revenue, but so it's a it's a combination of the two.

Right.

And it's something we have to watch and kind of prognosticate and try to see down the line because you don't want to get too far over your skis with all these promises and revenues aren't coming in.

So staff is always with the finance committee and others to it's it's a balance, right?

Well, as development commissioner, I manage a pipeline, right?

I manage a pipeline of uh projects that are interested that haven't been entitled.

There's also a number of projects that have been entitled to the site plan, approval process, planning board um that haven't come to the IDA yet.

So there are you know, and if you're if you're if you're interested, I'm happy to sit down with you and go over the pipelines you can understand you know how we derive the the numbers and the projections for the app for the updated um investment policy.

Are we voting on that tonight?

Or does that do we have to be presented?

Great, thank you.

Okay.

Um if there's no other questions, do we do the resolution now or what do we do?

How are we doing this here?

Remind my syntax.

I believe so.

We would do the approve and allow the submission of the 2025 amount.

Perfect.

Okay, sorry, I mean you you threw me off with the investment policies.

I didn't see that.

Okay.

Um thank you.

Um based that there's no further questions about anyone.

Um I call for asked for a motion to approve the filing of the financial statements and annual reports for this year.

So thank you.

Is there a second?

Second.

Wonderful.

Uh all in favor?

Aye.

Opposed.

No abstention, so the resolution passes.

Thank you.

Okay, the next uh item is the adoption of the amended investment policy.

Um and it's accompanying resolution.

So the resolution before the board this evening is to approve the revised investment policy to address the findings noted in the report by EFPR.

The amended language specifies the qualifications of the investment bankers, brokers, agents, dealers, and other investment advisors.

Wonderful.

Um is there any uh I mean it was more I mean Katrina, I don't know if you remember if there's it was more you move to have where they're from, just some some additional kind of good stuff, but it was wasn't like the policy just needed to amplify and spell out uh the specific qualifications that we'd be looking at when we are looking at any of those particular um service providers.

Um Harris Beach updated the uh policy, so when you do look in your packets, you'll see it's in blue language, so you can see what was added to that.

Yeah.

Is that good?

Any thoughts, questions about that?

I think we just picked up the language from what is it?

The current state policy.

Okay, okay.

Copy, cut, and paste.

Anyway, um with that being said, if there's any further questions, then I would again ask for a uh a motion for its approval.

Second, wonderful.

Good job.

Yeah, all in favor?

Aye.

Opposed.

Absention, so it passes unanimously.

Thank you so much, everyone.

Wonderful.

Um the next item is the adoption of the PAA policies, which is also a resolution.

Yes, this item pertains to the readoption of the IDA's policies for 2026 as required under the public authorities accountability act.

All policies remain the same from 2022, except for the investment policy, which we approved previously.

Okay.

Uh again, this is our annual approval of the boilerplate language that is voiced upon us by mountains up high with respect to things that we we need to do.

And we we're we uh are always checked by auditors and making sure that things are being done, and we've been doing that well.

So uh without further ado, I would therefore ask is there a motion for approval of such policies?

So moved.

Thank you.

Second.

Sorry.

Thank you.

Uh all in favor?

Aye.

Any opposed?

Any abstentions?

So it passes unanimously.

Thank you, everyone.

Okay.

The next resolution as I flip over, is the appointment of board officers.

Um again, every year we have to do this.

I forgot about that.

Like this is this is the funny part where I nominate you, you nominate me, so we'll go back and forth here.

Um so I'm gonna nominate Shane O'Shignot Loyer uh as vice chair, Howard Greenberg is treasurer, and Garrett Thielander as secretary.

And Shane, I'm gonna ask you, will you please well now?

Oh no, no, no, no.

No, no, no, that's I have my script here.

I'm supposed to read that, not ask as a question.

So let's first do those three, those three appointments because Howard, uh, Garrett, and Shane.

Is there a motion approve them?

No.

Second, second.

All in favor.

I oppose none, and uh abstention.

So congratulations, gentlemen.

You're you're you're back in the mud with us again.

Before you say anything, if you don't mind, please I would like to make a motion to nominate Robert Balashandra as the chairman of the IDA.

We gotta think about that.

Maybe I should think about it.

Yes, that's true.

Probably you may not get me back in though.

No, honestly, it's a uh it would be an honor again and a privilege um to work with you guys.

So we have a great team and uh um to the public that's watching.

We may fight at the dinner table, but when we leave the house, we have a family decision.

So um it's it's good, uh it's good and it's transparent, and what you see is what you get.

So with that being said, I would love to be here at the dance this year, and I would uh grateful gracefully would accept the nomination if uh approved and voted on by you all.

So moved.

Second.

All in favor?

Aye.

Aye.

Any opposed?

Nah.

Okay, and no abstentions.

So uh the resolution passes.

Thank you, everyone.

Um let's see.

So now we're gonna go through the uh the next resolution is the adoption of our committee members, and I'd like to appoint all members of the IDA to the audit finance and governance committees, except in the case of the audit committee, in which case uh the treasurer sh shall not uh be a member or not be able to serve.

Is there a motion to adopt this resolution?

So moved.

The second all in favor, oppose, any abstention, so that passes as well.

Congratulations again.

Okay, we've moved through that part, the road stuff.

Uh the next uh resolution is the LGR MIF grant shared services agreement, which uh Adam, you can go through and remind us with the act of the so the item relates to a grant opportunity through the New York State Archives Local Government Records Management Improvement Fund or LGR MI.

The NeuroShell is very submit a joint application with the um the city of New Rochelle is preparing to split a joint application with the IDA as part of a shared services initiative.

Uh the city is serving as the lead applicant, and a shared services agreement is required uh for that application.

So the uh by applying jointly we're eligible for a grant of 250,000 with no local match.

And if awarded, the grant would fund a consultant to assess the records of both the city and the IDA and develop a coordinated records management plan to improve access compliance and efficiency.

The action before the board is to authorize the IDA's participation in the application and execution of the shared services agreement.

So this is new for us, yeah.

We never so the city um you know they they they explored grant opportunities to uh you know kind of move from the reliance on paper and to automate a lot of the processes, and so uh we thought it was given the type of documents that we handle in the IDA, we're a really uh good candidate for automation.

So it would facilitate you know improvement in the way we do business.

It's the way of the world, and I think you're right, it's gotta be done.

Government's always a lagging indicator for some of this.

You can.

I have but I was also gonna mention that this is probably gonna be a continuous thing because the first phase is really to do inventory.

So once we get this consultant, they'll do an evaluation, see what we need to do.

So it might be a couple um uh rounds of funding that will apply if you know if we receive this, so that it can be continuous to get to the place that is fully automated.

But right now we have to do an inventory of what we have and if we're um in compliance with disposition and all of those things to just make sure that our records are being maintained correctly or as best as possible, not correctly, but it's well I know at least one person at this table is happy about getting free money, but uh um is there any uh any questions or any to ask about that it's not I'd ask for a motion for approval.

Uh was this another uh Mr.

Director?

Was this another mixed Sufis five?

Uh no, actually Kim Jones.

Wow, no, this is the one that we talked about at okay, yes, okay.

Excellent.

City clerk.

There's always money there, it's just trying to find it.

So anything in life, right?

And it's it's great that we uh we're able to uncover this this trove and hopefully we'll lead to some more stuff and then ultimately cost save us all money because we can be more efficient.

Sorry.

With that preamble.

Oh well, move.

Second, wonderful.

All in favor?

All right.

Any oppose?

Any abstentions, and it passes unanimously.

Thank you.

Is there any other business before the board uh before the or nothing?

Okay, so our next meeting is scheduled for April 29th, 2026 at 7:30 p.m.

Can I ask for a motion to adjourn?

So move second.

Second.

All in favor?

All in favor opposed no abstentions.

We are adjourned.

Thank you so much.

And we will now shift over to our other head on for the CLD.

Welcome again to for everyone to the annual meeting of the Urchell Corporation for Local Development.

On March 25th, 2026 at 754 p.m in the City Council conference room in Urshell New York.

The meeting of the New York Sales Corporation for Local Development is now called to order.

Can staff please call the role.

Here Moya Greenberg here O'Malley Ayala IMUZ we are also joined by staff which includes Adam Salgado, Shivers, our IDA consultant Rosh, Adriana Barsanello from Harris Beach, our transaction council and Alice Dare Heatherstone, our finance commission and ID contract.

Wonderful there any announcements okay wonderful so let's move to the um set that in the record um so first item up is of course the approval of our last meeting minutes which were on October 29 2025.

Can I have a motion for approved?

So moved thank you second second thank you sir all in favor.

Opposed any abstentions pass it unanimously thank you.

Oh imagine that we have a presentation of our annual financial statements by EFPR group.

Would you like me to intro the the uh just same it's the same as before that's a presentation of the financial statements for the 20 for the 2025 fiscal year.

The FDR is here to present the report and wait wait a question before you go forward EFPR stands for you acronyms for everything.

I don't know.

Well that that is actually the name of unbound but it originally was Eldridge Flax Pardian Milton Bird there we go okay I see why they shortened it thank you sorry I don't need to no no anyway Doug Zimmerman of EFPR is here to present.

Thank you very much and just like with the IDA I will a very high overview of that's not oh I'm sorry.

If you hit the other end of the yeah we have that guy today's agenda again review the engagement team that performed the work the timing the procedures the audit results and then the financial results that will sound like a broken record but here was the engagement team it was a uh Tom uh Smith as the engagement partner and the concurring review partner Brian Salmer was the engagement director and Ethan Yader was the uh engagement supervisor uh field work uh we did the audits consistent with the IDA so we did the uh field work in the beginning of uh February we issued a draft on March 6th uh we reviewed with the audit committee the results of the audit and the draft financial statements in detail on March 17th and we are obviously here tonight on March 25th to review the results with the full board uh in time for the uh Paris filing uh before the end of the month uh again similar audit results uh we are going to be issuing what's called an unmodified or clean opinion on the basic financial statements all the records that we requested are freely made available there were no issues whatsoever uh we did have the same uh compliance matter here with the investment policy and so the the board will be uh needing to adopt uh a slight uh adjustment to that policy uh with regards to investment banker uh brokers agents dealers and other advisors or qualifications with regards to the actual financial results uh the total assets had decreased by 1.6 million dollars uh to a balance of 57 uh million dollars and again these numbers are obviously a lot bigger for uh those of you that remember there is uh primarily a lease that you have on place on the asset side and on a liability side so that has created uh obviously much bigger numbers with regards to the uh the financial results and uh that decrease was a result of the lease receivables and the capital assets uh and the cash calls being used to uh pay for various operations on the liability side and what the governmental uh accounting rules called the for inflow of resources uh there's a decrease there of a similar amount 1.1 million dollars and that's due to the payments being made on the upstanding balances along with the payments being made on the lease liability and then on the deferred inflow side the revenue recognition related to the the lease related items net position had decreased by 475 thousand dollars to a balance of 677 and then on the operating revenue side there was an increase of 493000 to 67000 uh due to three projects in the current year and three social equity fees closing during 2025 versus only one project closing in 2024 so you can see there's substantial revenue increase over the 24 number and then on the operating expense side there was increased uh by 292 thousand uh to just over 1.8 million uh due to increases in expenses for job training and the tech excuse me techno uh urbanization urbanism uh initiative um that is uh again a high overview of the financial results uh I get it was reviewed in detail with the

So you can see there was substantial revenue increase over the 24 number.

And then on the operating expense side, there was increased by 292,000 to just over 1.8 million due to increases in expenses for job training and technical urbanization urbanism initiative.

I get it was reviewed in detail with the audit committee uh last week, and again I would certainly be happy to answer any questions anyone may have.

Wonderful.

Um again, uh same statement about the finance committee reviewing these findings as well, and um a lot quicker than the quickly uh great presentation that you did.

Um same gearing effects, same kind of forecast model with respect to feels.

Um, you know, again, we do a lot to help our partners on the city hall side and with respect to programs, so you'll see things shifting to us and doing things, but um it's a jobing act that you guys are always great at doing, all of you.

So um we hopefully we'll just keep getting more revenue and be able to do as many things as we can possibly.

With that being said, I'd ask kindly for a motion to approve the said resolution.

So I'll have a vote.

All in favor?

Aye opposed, and any abstentions, so it passes unanimously.

Thank you, everyone, for the presentation.

Um next would be the adoption of the amended investment policy and approval of that resolution, Adam.

Uh the resolution before the board is to approve and allow the submission of the 2025 financial statements and the annual report as required under the public authorities accountability act.

We just wrong one.

Sorry.

Yeah, the resolution for the words to approve the revised investment policy to address the findings noted by EFPR group.

The amended language specifies the qualifications of the investment bankers, brokers, agents, and dealers, and other advancement advisors.

Wonderful.

Same as the last one that we did.

Copy, cut and paste.

Um can I get a motion for adoption?

So wonderful second.

Thank you.

In favor?

Aye.

Opposed.

Any abstentions passes?

Thank you, everyone.

Um now, Adam, the next resolution is the adoption of the PAA, or I'd like to refer to them as a P triple A.

P triple A policies.

Yeah, this item pertained to the readoption of the CLV's policies for 2026 as required under the public authorities accountability act or the P Triple A.

All policies remain the same from 22 from 2022, except for the investment policy as recently approved.

Wonderful.

Again, um mandate that we need to do and annual no issues otherwise.

Is there a motion to adopt PAA policies?

So moved.

Thank you.

Second.

Second.

Wonderful.

Um all in favor?

I oppose abstentions passes unanimous.

Thank you, everyone.

Now we come to the front again, which I will not mess up.

Uh appointment of board officers again.

Uh I'd like to appoint Shane, uh, Howard, uh, Shane is vice chair, Howard as Treasurer, and Garrett again as secretary.

There's any questions, if not at all, entertain a motion for approval.

So moved second, second, third, fourth, fifth.

Um, all in favor, I pose and abstentions.

So congratulations, gentlemen.

You have been appointed.

Wait, before you say anything, I just want to quickly make a motion.

Uh if you don't mind, uh, for a uh I don't know.

Let me see.

Uh I think Robert Balashard should be the uh chair of the uh CLD.

Would anyone like the second that I've seconded that?

Thank you, sir.

All in favor?

Any expense uh any abstain?

Any maids?

No.

Okay.

I think it passes.

Wonderful.

Again, thank you for uh bringing me on the bus or on the boat.

The sinking boat.

Exactly.

You're driving the roads.

I'll play, don't worry, we'll make sure you're under the I'll put well I was gonna say we're all in the same boat sinking, and I'll play the violin as it goes down.

How about that?

You know, anyway.

All kidding aside, it's it'll be an honor again to work with you guys on the CLD as your chair.

Uh the last item that we have for adoption this evening is the um adoption of the committee members uh resolution.

So again, I'd like to appoint all the members of the IDA to the audit finance and governance committees, except in the case of the audit committee, in which case uh treasurer shall not serve.

Is there a motion to adopt the amended investment policy?

See?

That's no, that's not the I read that.

That's here, it's okay.

Is there it's all right?

See, I get in trouble when I stick to the script, but this time I did, and I can show you.

Is there a motion to adopt the uh appointment of the committee members?

So second?

Second.

All in favor?

Oppose, abstentions, congratulations, everyone is there.

You can blame me on that one.

That's okay.

Um other business adam, anything?

No.

Okay, there is one thing I have to say.

So there's a high honor in the city of New York, I am told.

In the city of New Rochelle.

In the state of New York, thank you.

It's been a long day.

Council unlike you with too many deals going on because it's not going on.

Um in the city of New Orchell, that if you eclipse the 10-year mark, and you're still alive, you receive a pen, which has your name in it and has a bunch of other stuff, and it does work.

I tested it.

Okay.

So I guess the the way it goes is I'm supposed to get down the payments.

Thank you very much.

I I would check to make sure it's in there.

I was gonna I tried replacing it with a bit, but it didn't work.

And just to be clear, he used your pen before the anyway.

Again, uh congratulations again and and Godspeed to you and your family, and thank you for all you've done uh for the city of Shell.

Is there a motion to adjourn said meeting?

Sure.

Uh second?

Second.

All in favor?

Aye.

Aye.

Opposed.

No.

No abstentions.

The meeting is adjourned.

Thank you everyone for coming and audience.

Thank you for coming as well.