Syracuse Local Development Corporation and Syracuse Industrial Development Agency Board Meetings - March 17, 2026
Syracuse Local Development Corporation and Syracuse Industrial Development Agency Board Meetings - March 17, 2026
The Syracuse Local Development Corporation (SLDC) and Syracuse Industrial Development Agency (SIDA) held consecutive board meetings on March 17, 2026. The SLDC approved its final audit and discussed winding down operations. The SIDA approved its 2025 audited financials, extended an agency agreement for a major residential development, selected a consultant for an EPA grant-funded brownfield planning project, and received updates on recent project closings and mortgage recording tax exemption usage.
SLDC Board Meeting
- Audit Approval: The SLDC approved its audit for fiscal year ending December 31, 2025, with a clean opinion. The agency has $6,753 in cash and is winding down operations. The board will keep the SLDC open for potential future projects. Motion passed unanimously.
SIDA Board Meeting - Consent Calendar
- Minutes Approval: The minutes from the December 16, 2025 board meeting were approved unanimously.
SIDA Board Meeting - Discussion Items
- Committee Report: Kathy Murphy reported that the Joint Finance and Audit Committee reviewed the draft 2025 audited financials and recommended approval.
- Audited Financials Presentation: Mike Cole of Grossman Sand and Amore presented the 2025 audited financials. Key highlights: $2.8 million in financing fees, primarily from Wilbur Avenue and North Side Genesee projects; $5.5 million in cash (a $1.3 million increase); clean audit opinion with no internal control issues. The agency transitioned accounting software to QuickBooks. The board approved the financials unanimously.
- Gateway Syracuse Extension Request: Sue Katz presented a request from GW Syracuse LLC to extend their agency agreement for one year, to July 29, 2027, for the project at 706-08 East Genesee Street (five parcels, approximately 283 residential units). The extension allows time to finalize New York State DEC brownfield cleanup and assemble the capital stack. No new benefits were requested. The board approved the extension unanimously.
- EPA Grant Consultant Selection: Eric (SIDA staff) presented the selection process for a Qualified Environmental Professional (QEP) under the EPA Multipurpose Grant for the 341 Pete Street site and adjacent parcels (including the Winkleman property). Five submissions were received; four were interviewed. The committee recommended Clough Harbor Associates (CHA), which has a local office and demonstrated strong research and capacity. Kevin Race from the business development team noted that CHA’s proposal was thorough, and the firm has extensive experience. The EPA grant is $800,000, expected to be spent by September 2028. The consultant will conduct site assessment, market analysis, and help prepare for future cleanup grants. The board approved selecting CHA unanimously.
- CODA Mortgage Recording Tax Exemption Update: Sue Katz provided an FYI that the TLSP CODA project (Fayette Street apartment complex) is refinancing to permanent financing. The project originally received a $523,500 mortgage recording tax exemption (MRTE) in 2023, used $127,000 for a gap mortgage, and now requests using an additional $75,000 of the original exemption. No new benefits are being added. The chair or executive director will sign necessary documents per standard procedure. No board vote required.
- Other Updates: Eric reported that SIDA closed on 366 West Onondaga Street (the “green mansion”) and is scheduled to close on the Swanson’s Gannant project (Franklin Square area) in two to three weeks.
Key Outcomes
- SLDC: Approved the 2025 audit; board will maintain the SLDC open for potential future projects.
- SIDA: Approved the 2025 audited financials.
- SIDA: Approved a one-year extension of the Gateway Syracuse agency agreement through July 29, 2027.
- SIDA: Selected Clough Harbor Associates (CHA) as the consultant for the EPA Multipurpose Grant for brownfield planning at 341 Pete Street and adjacent parcels.
- SIDA: Noted the CODA project’s refinancing and use of an additional $75,000 of its original mortgage recording tax exemption.
- SIDA: Acknowledged recent project closings on 366 West Onondaga and the upcoming Swanson’s Gannant closing.
Meeting Transcript
Is watching on our YouTube channel as he is traveling today. Good morning. We're gonna start with the meeting of Board of Directors of the Syracuse Local Development Corporation. We'll start with a roll call. I'm Kathy Murphy. So we'll not be present today. Mike Cole. The floor is yours. There's really no changes since last week. As you recall, SLBC. Audit was extremely well, clean audit opinion. As you know, you're kind of a winding down operations, and you notice in the past. We're sitting at about 6753 of cash, which is just leftover cash. It's just sitting there. You're paying out a few bills, insurance, and you have a little bit of interest income. That's entirely activity for the vocal year. Internal control reports in there, really limited internal controls because everything's looked at is a campbowl of transactions and your uh investment reports of clean call and modified. Everything's gonna be well. Great. Easy. Thank you. Questions? Comments? Concerns. I'll just note that you know, as Mike indicated, we had no activity in the SLDC world this past year. But there was a discussion at the joint finance and audit committee meeting about going forward, and we have determined that we will hold the SLDC open for now and consider possibly working with staff on what potential future project. SLDC could be a participant. If here there are no questions, concerns or comments. Is there a motion to approve the audit as presented? Motion made by Ken. Is there a second? Second. Second, Steve. All in favor, please say aye. Aye. Opposed abstention. Motion carries. Thank you very much. Michael, thank you. Is there a motion to adjourn? The SLDC. Make a motion. Motion made by Steve, second by Ricky. All in favor, please say aye. Aye. Aye. Opposed. Motion carries. We are adjourned. Thank you all very much.
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