Peekskill Industrial Development Agency Meeting - June 23, 2026

The Peekskill Industrial Development Agency (IDA) and the Peekskill Facilities Development Corporation (PFDC) held a joint meeting on June 23, 2026, at 7:06 PM. The board discussed correspondence, approved minutes and financial reports, reviewed project updates, allocated funds for a downtown shuttle service, and approved a consultant contract. Key decisions included a $4,000 commitment for the shuttle pilot and a phased $5,000 contract for Lynn Knight.

Consent Calendar

• Minutes: The minutes of the May 26, 2026 regular meetings for both the IDA and PFDC were accepted unanimously by voice vote.
• Financial Report: The monthly financial report was presented. As of June 18, 2026, total cash on hand was $1.1 million, with $20,000 restricted for the Children's Village project, $10,000 for the Solo project (Lower South Street), and $624,000 for the kitchen incubator. Unrestricted available funds were $447,000. The board discussed high utility costs for the incubator building and an unresolved insurance claim.

Discussion Items

• Correspondence – Art Trail Inaugural Walking Tour: The DRI-funded public art project includes a press conference on June 24 (5:30–7:30 PM), a walking tour on Friday, and a panel discussion on Sunday at Mocha. A board member noted his former company contributed a sculpture on Central Avenue.
• Children's Village Project: Justin reported that the city council approved resolutions authorizing a PILOT and impact fee agreement. Closing is expected in late July or August, which will trigger an administrative fee of approximately $149,000 for the IDA.
• Solo Project (Ken Carney): The $10,000 escrow for the Lower South Street project remains on the books. The board will obtain an update on Ken Carney's purchase and sale agreement and financing status.
• Waterfront Shuttle: After the board previously declined funding, the BID agreed to contribute $4,000, the city will cover bus wrapping (~$15,000), and RMS Cruises offered $1,250 and will solicit other businesses for roughly another $4,000. The board expressed support for the revised plan. A motion to allocate $4,000 from the PFDC to the shuttle program passed unanimously.
• PFKI Kitchen Incubator Update & Lynn Knight Contract: EDA confirmed that the grant deadline extends to March 2028, relieving immediate pressure. Contractors are seeking cost reductions; a new electrical cost estimator is needed. The board approved the Lynn Knight contract at a maximum of $5,000 (phased: $3,000 for past work, $2,000 for ongoing work), with an additional $5,000 subject to future board approval. The motion passed with the amended language.
• Draft IDA Assistance Q&A: The board reviewed a draft handout for developers. Concerns were raised that it duplicated the application and was overly complex. Suggestions included reordering to emphasize available incentives first and integrating green building criteria. The document will be revised with board input.
• Proposed Board Retreat: The board discussed planning a retreat for fall 2026 to clarify agency priorities, improve communication, and orient new members. A facilitator is preferred. Board member Dean requested a primer on PILOT policies. No final decision was made; a committee may be formed.

Key Outcomes

• Minutes approved for the May 26, 2026 meetings.
• Shuttle funding approved: $4,000 from PFDC allocated, with an MOU to be drafted.
• Lynn Knight contract approved: up to $5,000, with a potential future $5,000 subject to board authorization.
• Draft Q&A to be revised and presented again.
• Board retreat planning to proceed, with a goal of holding it in the fall.
• Next steps: Obtain updates on Ken Carney's Solo project; continue kitchen incubator cost reduction efforts; revise the developer handout.