The Syracuse Industrial Development Agency (IDA) held a special meeting on September 26, 2025, to consider a refinancing proposal for the Marriott Syracuse Downtown. The board approved the refinancing with a new lender after a previous attempt did not close. The meeting was brief and included a roll call, approval of prior minutes, and a single agenda item.
Morning. Um, I apologize. I I don't we're having yeah, we're having some technical difficulties with the microphone. And how and influence and some disease that's taking over. But you know, other than that, we're doing great. Um the microphone that I'm using works, so if there is somebody that wants to ask questions, whatever, I will either repeat the question or gladly hand over the microphone. Um, I will call to order the special meeting of the Industrial Development Agency and start with a roll call of the board. I'm Kathy Murphy. Thank you. Steve Thompson is not feeling well, so he will not be joining us. Um, we do have a quorum. Proof of notice was properly served. And first item on the agenda, the minutes of our board meeting on September sixteenth were included in the packet. Is there a motion? Motion made by Ricky to approve. Second can. Any changes, comments, concerns. Hearing none, all in favor, please say aye. Aye. Opposed abstention, motion carries. Um, first item and only item on the agenda for this meeting is the Marriott Syracuse Downtown. Um, you want me to give you this to read? Here we rechatter. Okay. The original amount of the note and mortgage was sixty-one million three hundred and forty-five thousand. The current outstanding principal is approximately thirty-eight million eight hundred thousand, and they are working to refinance this obligation with a new lender. They are um hoping to close next week. The board previously approved a refinance for this project, but that did not end up closing. That's why we are amending the order, the amending the resolution so that we can update the name of the lender and the amounts of uh the refinancing. So this is a request to authorize the per CITAS participation in the refinance. Again, the new mortgage will be approximately 43 million dollars. The company is not seeking any additional financial assistance, just our participation in the mortgage documents. I will note that the company is current on all obligations to CIDA. And council and a representative from the company are here if anyone has any questions. Any other questions? Comments? Concerns. Sue, anything to add? No. Thank you. Okay. Hearing no other questions, comments, concerns, is there a motion to approve the resolution for the refinancing? Motion made by Ken. Is there a second? Second. Second by Ricky. All in favor, please say aye. Opposed abstention. Motion carries. Congratulations.