Industrial Development Agency and PFDC Joint Meeting - January 27, 2026
Industrial Development Agency and Peekskill Facilities Development Corporation Joint Meeting
The Industrial Development Agency (IDA) and Peekskill Facilities Development Corporation (PFDC) held a joint meeting on January 27, 2026, at 7:05 PM. The IDA meeting closed at 8:20 PM, followed by the PFDC meeting. Key agenda items included financial reports, a marketing proposal for Destination Peekskill, and a PILOT application for 901 Main Street (Treadway project). The board accepted the application with conditions and scheduled a public hearing.
Consent Calendar
- IDA Minutes from October 28, 2025: Approved unanimously.
- PFDC Minutes from October 28, 2025: Approved unanimously.
- Proposed 2026 Meeting Dates: Accepted (fourth Tuesday of each month, with adjustments for holidays).
Public Comments & Testimony
- David Cooper, attorney for Treadway (901 Main Street project), presented the applicant's request for a preliminary resolution and public hearing. He offered to answer questions and noted the application included a 10-year pro forma, but the full attachments were not provided to the board.
Discussion Items
- Financial Reports:
- PIDA (Peekskill Industrial Development Agency): Abby presented revenue of $202,000 (including $90,000 from fund balance transfer for kitchen incubator and operations) and expenditures of $167,000. Bank balances: approximately $900,000 (excluding building/land). Total revenue less expenses: $35,000, but this reflected an overdraft of fund balance, not a surplus.
- PFDC: Revenue of $1,500 in interest; expenditures of $39,271 (professional fees) and $35,000 for youth hub culinary program. Bank balances: $74,000, with $35,000 earmarked for another workforce initiative.
- Kitchen Incubator Update: Discussed heating costs (boiler at 55°F) and the ongoing expense of storing records ($1,500/month). Board urged city to remove files and reduce costs. The IDA continues to wait for EDA response on project engineer questions.
- Correspondence from City Manager: Proposal for the IDA or PFDC to become the city's marketing arm, including website development and social media. Jonathan Zamora (Youth Services Director/Director of Community Hub) presented a concept for "Destination Peekskill" website based on Provincetown's tourism site. No funding request at this time; further presentation expected at February 24 meeting after logo/branding is unveiled to council on February 17.
- 901 Main Street - PILOT Application & Preliminary Resolution: Treadway project seeks assignment of existing PILOT. Key points:
- Application incomplete: missing financial attachments, environmental assessment, and several sections (e.g., property tax exemption details, livable wage percentages, independent contractor estimates).
- Board expressed need for full application and background on negotiations (November-December 2025).
- $3.8 million impact fee to be paid to city at closing.
- Prevailing wage not required due to affordable housing exemption.
- Workforce development opportunities requested: board asked Treadway to consider internships in property management, social services, security, and food programs.
- Board agreed to accept the application with conditions and set a public hearing for February 24, 2026 (along with the IDA meeting). Background calls to be arranged for board members.
- Other Updates:
- PARIS report: Draft expected at February 24 meeting; final in March.
- FY25 audit: Underway; auditors on site; final report presented in March.
- Logo and branding: Presentation to council on February 17; then to IDA at February 24 meeting.
- March 5 HVGCC hosted breakfast: City presentation; IDA board members invited.
- City workforce development programs: Discussed via Jonathan's update on culinary, woodworking, and carpentry programs.
Key Outcomes
- PILOT Application Accepted: Motion passed to accept the 901 Main Street application with clarifications and schedule a public hearing on February 24, 2026.
- Background Calls: Board will hold non-quorum calls to receive detailed background on Treadway negotiations.
- Marketing Proposal: Board acknowledged the city manager's letter and will receive a full presentation at the February 24 meeting before deciding on agency involvement.
- Next Meeting: February 24, 2026, at 7:00 PM, Common Council Chamber (with public hearing for 901 Main Street).
Meeting Transcript
Yeah. Okay, good. Okay, uh welcome to the Peak Steel Industrial Development Deliver Industrial Development Agency meeting Tuesday, January 27, 2026. It is now 705. I think I'm gonna just start with the IDA meeting and um then when we get to the PFKI, we'll open up the other meeting. Um so uh we're waiting for one of our members to show up. So um we're let's not do the minutes, um, but we'll go right into the uh PIDA financial report. So Abby. Thank you, Deborah. All right, good evening, everyone. So I'm gonna run through our summaries of revenue and expenditure for the PIDA as of December 31st, 2025. Um from a revenues perspective for the year, we earned 49,634. And these were related to administrative fees we earned for the courtyard LLC bond modification earlier in 2025. That was about 19,000, and we had 30,000 closer to the end of the year for the treadway pilot project. So that's what makes up the application and administrative fee. Next for the year, we earned about $23,850 between our four bank accounts and interest. That's a big improvement. Yeah, it was very big improvement. So that's um interest earnings. Next for appropriated fund balance. So this line item is used to for monies we've allocated for specific projects or specific use. As we're moving money from our savings account to our operating account to cover those activities. That's what this appropriated fund balance line is highlighting. So for the year, um, we moved $90,000 to cover both um the kitchen incubator project spending and also just general operating spending for PIDA. So that's where that $90,000 comes from. And we have an audit trail of as how we were moving the money from the savings to the checking or operating account. So that's what makes up that line item. The next item is our rental of real property. We earned um we got paid um $38,800 for the year. So that makes up our revenue. So in total, we had $202,000. But keep in mind 90,000 of that was just money in our fund balance that we moved for um expenses. So going through our expenditure now, um, so starting with our personnel services, we paid, I'm gonna explain this a little bit. So Matthew agreed stipend is $13,000. He got paid $13,000 in 2025. However, we noted we realized that half of that money because we paid in twice, we did two separate payments, one middle of the year and one end of the year. The half of that payment was made through the city's account. So we're gonna reimburse the city. And the other half came out of our PIDA bank account. So that's why it says 6,005 now. You will see that um correct. Not correct that, but we will send um City of Peak Steel a check by the end of you'll see by the by our next meeting. So that's what that is. Um we spent about 216 in postage. For professional services, we spent in total 77,000. And if you look at the bottom, the note three breaks down where those monies went. So rookie LLC got about 44,000 of that. Our legal council got about 22,000 of that. There was a 10,000 check we give to the city of Pixgill to support the highest and best use case study for Louisa and South Street DPW garage. So that's where 10,000 is coming from.
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