New Rochelle IDA and CLD Annual Meetings – March 25, 2026
New Rochelle IDA and CLD Annual Meetings – March 25, 2026
At the annual meetings of the New Rochelle Industrial Development Agency (IDA) and the New Rochelle Corporation for Local Development (CLD), held consecutively on March 25, 2026, at 7:34 PM and 7:54 PM, respectively, in the City Council Conference Room, City Hall, New Rochelle, New York, boards approved financial statements, adopted updated policies, and appointed officers for the coming year. All votes were unanimous.
Consent Calendar
- Minutes Approval: The IDA unanimously approved the minutes of its March 11, 2026 meeting. The CLD unanimously approved the minutes of its October 29, 2025 meeting.
- Appointment of Board Officers: For both the IDA and CLD, Shane O'Shignot Loyer was reappointed Vice Chair, Howard Greenberg as Treasurer, and Garrett Thielander as Secretary. Robert Balashandra was unanimously re-elected Chairman of both boards.
- Committee Appointments: For both boards, all members were appointed to the Audit, Finance, and Governance Committees, except that the Treasurer does not serve on the Audit Committee.
Discussion Items
- Presentation of 2025 Financial Statements: Douglas Zimmerman of EFPR Group presented audit results for both the IDA and CLD. For the IDA: total assets decreased by approximately $25,000 to $280,000; net position decreased by $24,400 to $271,000; operating revenue increased by $148,000 due to larger project closings; operating expenses increased by $1,300 to $339,000. For the CLD: total assets decreased by $1.6 million to $57 million (primarily from lease-related adjustments); net position decreased by $475,000 to $677,000; operating revenue increased by $493,000 due to three project closings and social equity fees; operating expenses increased by $292,000 to $1.8 million, mainly due to job training and techno-urbanism initiatives. Both audits received unmodified (“clean”) opinions. One compliance finding was noted: the investment policy needed to be updated to specify qualifications of investment bankers, brokers, agents, dealers, and other advisors.
- Adoption of Amended Investment Policy: The boards approved revised language addressing the audit finding, adopting the New York State–required specificity. Policies remain unchanged from 2022 except for this update.
- Adoption of PAA (Public Authorities Accountability Act) Policies: The boards adopted the annual reauthorization of all IDA/CLD policies for 2026, incorporating the recently approved investment policy update.
- LGRMIF Grant Shared Services Agreement (IDA only): The IDA authorized participation in a joint application with the City of New Rochelle for a New York State Local Government Records Management Improvement Fund grant of $250,000 (no local match). The grant would fund a consultant to assess records and develop a coordinated management plan for both the city and the IDA.
Key Outcomes
- All resolutions passed unanimously.
- Next Meeting: Scheduled for April 29, 2026, at 7:30 PM.
- Board Departure: Fiela Momaly was recognized for his ten years of service on the IDA and CLD boards; Keith Singletary was announced as a new IDA board member effective the April meeting.
- New Finance Commissioner: Alice D. Featherstone was introduced as the Finance Commissioner and IDA Comptroller.
Meeting Transcript
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.
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