Syracuse Industrial Development Agency Regular Board Meeting – April 21, 2026
Syracuse Industrial Development Agency Regular Board Meeting – April 21, 2026
The Syracuse Industrial Development Agency (SIDA) held its regular board meeting on April 21, 2026, beginning at 11:55 AM. The meeting was called to order by Catherine Murphy; proof of notice was properly served. Board members present participated in roll call, and the agency considered several project-related actions including refunding bonds, extensions, a mortgage modification, and authorization of a public hearing for a new mixed-use development.
Consent Calendar
- The board unanimously approved the minutes from the regular meeting of March 17, 2026, and the special meeting of March 24, 2026.
Discussion Items
Joint School Construction Board (JSCB) Refunding Bonds
The JSCB requested SIDA to issue refunding bonds to replace the outstanding 2018 A and B bonds, aiming to lower debt service through a lower interest rate. SIDA will serve as issuer and receive a fee. The board approved the motion unanimously.
Celina First – Agency Agreement Extension
Celina First, after terminating a prior project, submitted a new application and requested a six-month extension of their agency agreement to finalize financing. The extension sets a new closing deadline of October 22, 2026. The board approved unanimously.
1153 West Fayette – Sales Tax Exemption Extension
The developer of 1153 West Fayette, which houses new headquarters for the Syracuse Police and Fire Departments, requested an extension of their sales tax exemption through June 1, 2026, to complete the build-out. No additional financial assistance was requested. The board approved unanimously.
Erie Boulevard West Warehouse – Mortgage Modification
The developer of the Erie Boulevard West warehouse project requested SIDA’s participation in a mortgage modification that extends the maturity date to April 2031. No other terms were changed. The board approved unanimously.
Gem Street Holdings LLC – Proposed Mixed-Use Development (Public Hearing Authorization)
- A new application from Gem Street Holdings for a mixed-use project at 411-13 University Avenue was presented. The project includes new construction of approximately 30 housing units (with 10% affordable per city zoning), about 400 square feet of commercial space, and on-site parking. Total project cost is estimated at $5.9 million. The developer is seeking sales tax, mortgage recording, and PILOT incentives.
- Board members discussed parking adequacy: one member expressed surprise at only 8 parking spaces for a development with retail and 30 residences. Staff and counsel explained that the project complies with reduced parking requirements under the city’s rezoning, which encourages alternative transportation in the dense mixed-use district. The project’s size (nearly $6 million) was noted as relatively small compared to recent IDA projects but above the $3 million small-project threshold. The board voted to authorize a public hearing (motion by Dirk, second by Ken) to gather more information before considering financial incentives.
Other Reports
- The board was informed that the Ganant/Swanson project closed the previous week and construction will begin, with an estimated 18-month timeline.
- Progress on the Rosie project was described as impressive and beautiful.
Key Outcomes
- Minutes approved.
- JSCB refunding bonds authorized.
- Celina First extension approved.
- West Fayette sales tax extension approved.
- Erie Boulevard mortgage modification approved.
- Public hearing authorized for Gem Street Holdings project.
- All motions passed unanimously.
Meeting Transcript
You're right, you're right, you're right. I know, and everybody's sure. What is happening? Yes, right. I told it as the first time of Kindle. Yes. We're sorry. Yeah. Would you let 'em know next time? Yes. I will let 'em know. This way. With my eyes. Okay. Looking for a parking place driving around the book. Oh. Okay, great. I'd like to welcome everybody to the regular board meeting of the Circuit's Industrial Development Agency and call the meeting to order. We will start with a roll call of the board members. I am Catherine Murphy. Ricky Brown. And Kenzie Jerkson board. Thank you all very much. Proof of notice was properly served for this meeting, and we will start with approval, hopefully, of the minutes. Enclosed in your packet were the minutes of our regular board meeting held March 17th of 26th. And our special board meeting held March 24th of 26. Is there a motion? Make a motion. Motion to approve by Ricky. Second by Ken. Comments changes, concerns. Hearing none. All in favor, please say aye. Aye. Opposed abstention motion carries. First item on the new business is the joint school construction board request. So good morning, everyone. The first item is a request by the joint school construction board for this agency to issue refunding bonds to take out or refund the series 2018 A and B bonds. Those bonds were issued to do various renovations to the schools, um, which are outlined in the resolution. This is an opportunity for the the JSCB to refund those through the issuance of new bonds, which will result in lower debt service for them. Yep. We participate in the new ones as well. Yes, you will be the issuer of the new bonds. Um I will also note for the record the JSCB is working on its next new phase. Um they have received approval from the state ed department, they are putting all the pieces together and they will be coming to this board when they are ready to issue those bonds to take on new construction. But in reality, that won't be for probably a year or 18 months because they have to do design first and different uh soft costs as we call them. Real simplistic terms. They have bonds that are outstanding at X percent interest rate per year, and they're gonna take those back in, buy those in and reissue bonds at X minus two percent, whatever. So the purpose of what they're doing is to say, yes, lower than that. And is it a new bond issue?
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