8 o'clock.

Good morning.

Yeah.

I don't know where.

Well, I guess Eric's gonna represent Caitlin for the moment.

Um, I'd like to call to order a meeting of the board of directors of the Syracuse Industrial Development Agency.

We'll start with a roll call of the board.

I'm Kathy Murphy.

Dirk's on our board.

Ricky Brown.

Thank you very much.

Proof of notice was properly served and posted.

Our minutes of our last meeting held on October 21st were included in the packet.

Are there any discussion items, changes, comments on the minutes?

If not, is there a motion to approve?

So thank you, Dirk.

Second.

Ricky, all in favor, please say aye.

Aye.

Opposed abstention.

Motion carries.

Thank you.

First item, new business, 400 South Salina, City Center.

Project Susan.

Good morning, everyone.

Good morning.

The first resolution in your agenda uh relates, as Kathy indicated, to 400 South Salina Street.

They are finishing the build out for um Five Iron Golf, which is one of their tenants, and they are seeking three waivers from your local access policy.

The first one is for funk bowling.

It's a Missouri company.

They um manufacture the duck pin bowling machines that are going to be installed.

I'm saying that as if I know what a duck pin bowling machine is.

Well, as I'm sure you all know what it is, that they manufacture those.

There's no local vendors in the area in our sixth county area that make or sell those machines.

Um the cost of that contract is $80,000 and represents about three percent of the project costs.

You want to do you want me to go through all three of them and then we'll vote?

We need separate votes.

Yes.

You you need separate votes if someone is offended by one or more of them.

But otherwise, so let's just do one at a time now.

Okay, give everybody a chance if they have a comment or request.

Oh boy.

Um questions or comments on the first request.

Hearing none, is there a motion to approve?

Motion made by Ricky.

Second.

Opposed abstention, motion carry.

Thank you.

Uh the next um vendor is Captive Air.

It's a Missouri company.

They manufacture the air vent and exhaust hoods for the kitchen for um the golf facility.

They are buying direct from the manufacturer, but they are using local labor to install them.

This is about a hundred thousand dollars and four percent of the project cost.

Thank you.

Questions, comments.

I will just remind everybody there is also overlying all of five iron golf is a franchise agreement that was executed with the owner.

Um questions or comments.

Is there a motion to approve?

Motion made by Ricky.

Is there a second?

Second, Ken.

All in favor, please say aye.

Opposed abstentions.

Thank you.

Last item on the agenda for City Center, Sue.

Is um a waiver for Strut systems installation that is a company out of Buffalo, New York.

They uh provide the structural um strut supports for the golf simulators that are going to be installed.

Um they were the only company to bid on these specs.

It's a $15,000 contract and represents less than one percent of the project.

Questions, comments.

Is there a motion to approve?

Motion made by Ricky, second by Dirk.

Thank you.

All in favor, please say aye.

Aye.

Opposed abstention, motion carries.

Thank you.

Thank you.

Next item on the agenda is the sale of some CITA-owned parcels.

Eric and turn it over to you.

Sure.

That's very good.

Good morning, everyone.

I I will start by saying too we've received a letter and a request regarding these parcels from Caitlin Wright, the executive director of the land bank.

The land bank board of directors has their meetings at the exact same time and date that we have our board of meetings.

So Caitlin is not physically here to be here today.

They actually they're they're in the ILAB building in City Hall, but she is here.

I saw her come in.

Okay, yeah, so correct.

So that they're having correct.

So they're having their board of directors meeting at the exact same time.

So uh but I've had uh extensive conversations with Caitlin, so wanted to provide the the overview of the request before us.

Um we have three agency owned parcels all located within the East Adams footprint within the south side of the city, just south of downtown.

Um these have been longstanding parcels that uh the the agency has owned.

They are immediately adjacent to other comparable land bank owned parcels as well as city owned parcels, and so the request, and we received a letter uh which we have a physical copy in front of the board members, as well as a visual on the back that includes a map that shows some of the locations that we're referring to.

So the three parcels that are owned by the agency are 1216 South State Street as well as 1218-20 South State Street, as well as 211 Raynor AV.

Um what we ultimately did was as part of our disposition policy and strategy was that we did commission appraisals that would be done in order to really understand and and determine the valuation of the land.

Those appraisals were received, um which we wanted to make sure we had an understanding of prior to bringing any requests before the board of directors.

The Rayner Avenue parcel, which is small, at one point had a single family home on it, that appraised value was determined to be $4,000.

The larger parcels, which are 1216 and 1218, those two are adjacent to one another, so they were appraised together, and that determined value was 35,000.

I want to just give some context as well, because of the fact that there's contiguous land that's vacant on either side of the site owned parcels on State Street.

Uh the land bank is looking to put together about a 1.3 acre parcel that could be part of a larger housing multifamily redevelopment.

Um the land bank has not solicited any proposals for that yet, but that would be the next step is once they've accumulated all that land together, have the ability to go out and solicit development opportunities again directly within and adjacent to a lot of the new investment that's taking place in the East Adams neighborhood and footprint.

The Rayner Avenue parcel is also part of several vacant lots, um, also can be combined.

Um that the land bank still is working with the community and working with organizations like Blueprint 15 to really develop how can you reimagine that that Rainer Av corridor.

But one of the things that we did receive and was provided as well in the board packet, Blueprint 15 and their interim executive director did write a letter of support as well regarding this request.

So the goal is you know, really with a lot of the East Adams transformation, how can these sites complement a lot of those redevelopment efforts?

The last point I will make, and then are certainly happy to entertain questions.

Um we did undertake a seeker review as part of this process.

We received a short form of the EAF, the environmental assessment form, which was provided by the land bank.

That review was completed.

There was uh determination of no significant impact as part of the proposed sale if the board was supportive of moving forward.

So with that said, I will take any questions, but just as part of the appraised value, um, those values would be used in order to determine the sale price that would be.

Um $39,000.

Correct.

You got it.

That the land bank has offered to pay for the three parcels.

Questions, comments, concerns.

You refer to my memory by the I think it it predates.

So there are there have been examples where there are unique um tax implications in which the IDA has become the owner in the past of different parcels.

I do not have an I do not have records that indicate what specifically I I want to say it has been decades that we have had.

Not that old.

It's been a long, long time.

We have any similar commandments about the.

Well, what I would the best way I would answer that question is that all of the acquisition of these parcels predated the land bank.

So the city, at one point you may recall Sura, the urban renewal agency was oftentimes a repository for those land that was particularly seized, maybe through tax delinquency or foreclosure.

Um CIDA in some cases may have also been a recipient of that because of the land bank now, since the time that the land bank has been from formally created, all tax delinquent properties seized through foreclosure are transferred to the land bank, and that becomes the centralized location for that land.

So this the acquisition of these parcels predates 2009-2010 when the land bank was formally created.

So it's it's these predate that strategy from a real estate perspective.

And we are not actively seeking to acquire parcels at the moment.

Or dispose of, or dispose of any parcels at that very moment.

Sure.

I thought it was interesting.

The last might require variant or other acquisition.

It's um so 60 foot depth.

So these are actually if you refer to the image here, we're we're talking about the lower um level where where there's Rainer AV is right here.

The the depth really will help determine the the zoning allows for greater than just single family housing.

But however, the depth of this will really determine what is the type of new development, whether it is um you know, small lot townhomes, or if there is an opportunity to do more of a significant multifamily development.

So the land bank has been having conversations with the owner of the blue parcel, and so I think what there may be an opportunity is is if there's the ability for the land bank to acquire a portion of that land to create greater depth with the parcels.

Um they can increase density in terms of the housing they put on those lots.

Correct.

And it's more of a lot size um matter, particularly related to city zoning.

But I think one of the things too is that when the land bank has done this successfully with other sites in the past, if they combine all these lots and resubdivide them, I think what they're looking to do is just try to make this as attractive of an investment opportunity, and that the depth of the parcel is just a key part of that conversation.

Correct.

Go ahead.

Uh the handout, the brown properties up above that site.

Correct.

Yep.

So down below there's a 21.

21, that's correct.

Excuse me, or is is the land hoping to develop the entire block along Raynor and the entire block of uh brotherly love and well I so it would actually be if you see there's almost like a red boundary that's drawn, it's it's the red boundary that's being focused on.

So the the brotherly love, which is a religious and and and church, that would not be included as part of the real estate development.

That's correct.

They want to accumulate and give it correct.

Yep.

And then those are the vacant land.

If you were to go down to those locations, it's it's largely vacant land on both of those plots.

Yep.

Yellow star.

So I this I think was a this was provided from the land bank.

I think this was part of um in past, so the land bank board of directors has been approving slowly but surely acquisition of these lots.

So 1260 was, I believe this was a visual that was created as part of a land bank authorization to acquire 1260 as well as 1228.

One of the things the land bank has also been doing is they have been proactively going out and purchasing or acquiring lots to create these contiguous parcels.

But to your point, Dirk, there's labels that actually out outline and identify the CITA-owned parcels that is uh pending your the request before you.

So you are covered there.

And I will note also that the land bank has indicated in its communication to us that the purpose, their intended purpose for acquiring this, is to create housing in that area, and that of course aligns with your policies and your goals.

Um that's all I have to say about that.

You don't immediately offhand.

Um, that's okay.

I um I know that so just one thing I know about these parcels that's immediately across the street from one of the first points of construction that's taking place as part of the East Adams transformation.

It's almost Oliver Tower, um, which is referred to as AOT.

So that's immediately across the street from that um rehabilitation of housing that's taking place.

Um what I'm just I'm supportive of the parcels off as far use, especially the reservation.

Yeah.

Sure.

It is the sale of these vacant parcels, and it was determined that it is an unlisted action and will not have a significant environmental impact, and therefore uh the issuance of a negative declaration as included in the resolution.

Any other questions, comments, or concern?

If not, is there a motion to approve the seeker resolution?

Motion made by Ricky.

Is there a second?

Second, Steve.

Last call for questions, Dirk.

The next motion in your agenda with respect to the sale of these three parcels is a resolution that would authorise the negotiation, execution, and delivery of a purchase and sale agreement.

And then the subsequent sale of the of the parcels to the land bank.

Again, this is for 1216 South State, 1218 to 20 South State, and two eleven Rain Ore at the appraised value that was um evidenced by the appraisal that uh this board um commission.

Questions, comments, concerns.

Is there a motion to approve?

Motion made by Ricky.

Second.

Second, Steve.

All in favor, please say aye.

Opposed, abstention, motion carry.

Thank you.

Um it is not listed on our agenda.

However, I would request a motion for this board to go into executive session to discuss a potential disposition of property interest.

Is there a motion?

Motion made by Ken Second Ricky.

All in favor, please say aye.

Opposed, abstention, motion carries for the purposes of the public.

We will go into executive session.

We will return shortly.

Okay.

Time is it?

Twenty minutes before nine.

Thank you very much.

Very much.

We are back from executive session.

We are we okay, Eric?

We're good.

Okay.

We are going to make a motion based on our discussion in executive session.

I will defer to Sue for the exact reading of the motion, please.

Yes.

First, for the record, we are talking about the SDC project up at 800 South Wilbur Ev, which this board previously adopted resolutions conferring financial assistance to that project for um in particular to build the two multifamily uh buildings, high rises.

However, the project also referred to condominiums that were going to be um constructed as well, but were not ever intended to be part of the financial assistance that is being conferred.

Um we received word from uh the developer that the underwriter who is providing the tax credits for the two high rises cannot finance the project with the reference to the condominiums because they will be owned by separate entities, and so there can't be a crossover for purposes of financing, which uh for the record we have seen that in the past, and we have made accommodations for single purpose entities in the past.

So the motion before this board is to amend your prior resolutions to remove the reference to the condominiums from the definition of the project in order to satisfy the financing requirements for single purpose entities and to align with the city's documents.

Um that is the motion for reference.

The city recently finalized their negotiations with the developer along these same lines.

And so they uh the common council approved an amendment to their original purchase agreement to align with the needs of the financing.

Thank you.

Motion made by Steve.

Is there a second?

Second, Ricky comments, questions, discussion.

Hearing none, all in favor, please say aye.

Aye.

Opposed abstention, motion carry.

Thank you all very much.

Is there any further business, Eric?

Lori, so good.

Is there a motion to adjourn?

Motion made by Ken, second.

Ricky, all in favor, please say aye.

Opposed abstention, motion carries.

Have a great Thanksgiving, everybody.

Thank you so much.