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?

Yes.

And do we get a fee for our role in in doing in in that reissuance?

Yes, you do.

Thank you.

You're welcome.

Any other questions, comments, concern?

Hearing none, is there a motion?

Move to approve by Ken.

Is there a second?

Second, Ricky.

Last call for comments.

Hearing none.

Excuse me.

All in favor, please say aye.

Aye.

Thank you.

Next up, a request by Celina first.

In your agenda is a request from Celina First to Um they are seeking a six-month extension of their agency agreement.

So you might recall that the agency had previously closed on a transaction with Celina first.

We entered into lease documents, the whole nine yards to undertake a project.

Ultimately, they were not able to finance that project, and we terminated those documents.

Then Celina First submitted a new application for a new project, which is what is before us now.

Um when they did that, just with like all of your projects, we sign an agency agreement and it gives them one year to come back and be prepared to close.

They are asking for a six-month extension of that agreement because they are trying to finalize their financing.

So this request would take their um date through October 22nd of this year in order to close questions, comments.

Hearing none.

Is there a motion?

Make a motion.

Motion to approve made by Ken.

Is there a second?

Second, Ricky.

All in favor, please say aye.

Aye.

Opposed abstention, motion carries.

Thank you, Sue.

Okay.

Sue's got a big morning.

It's also it's all lawyer stuff.

Next item is uh 1153.

West Fayette.

Yes, 1153 West Fayette is the new project down on West Fayette Street.

It's housing or will be housing the new headquarters for SPD and SFD.

It is open and operational.

SPD is down there.

I think SFD is on the move or parts of them are down there.

Um, however, the developer has requested an extension of time to complete the build out.

Um they are not asking for any additional financial assistance.

They are just asking for a short extension of their sales tax appointment so that they can continue to pay for the touches that need to be done.

Um if you have the opportunity, you should try to go down and look at the facility.

It really is is nice.

Yeah.

It is still, they still are working on it.

Like people are working working around boxes.

But it's it's a really lovely facility.

So anyway, that's it.

So the the request is that the extension to utilize their sales tax is through June 1 of 2026.

Question Hearing none, is there a motion?

Motion made by Steve.

Is there a second second Ricky?

Last call for questions.

All in favor, please say aye.

Opposed abstention.

Motion carries.

Next up on the agenda.

So the next matter on the question drive or not.

And I just want to say first, Wendy has joined us, and we appreciate that.

Thank you, Wendy.

Yes.

Wendy is counsel for the developer.

Um so there's a request submitted by the developer.

This is the warehouse project down on Erie Boulevard West.

We closed on this project in in 2020.

Um they are requesting that SIDA participate in a mortgage modification, and all they are doing to the terms of their mortgage is extending the maturity date.

They are looking to extend the maturity date through April of 2031.

Other than that, there are no changes to this project or to the mortgage.

So this is because we signed the original mortgage, they have to get us to participate in any changes to that, and they are requesting that we um participate by executing and delivering the modification.

Thank you.

Questions?

Comments.

She likes no questions.

Wendy is a firm believer and less is more.

She's good looking.

And I I for the record, I should have noted this with each of the resolutions, but as you know, because they were included in your agenda.

Each of them identifies Seeker as not having an issue with the requests that are before you, much like this one, does not impact your secret line.

I'll move it.

Move by Dirk.

Second by Ken, thank you.

Last call for questions.

All in favor, please say aye.

Proposed abstention, motion carries.

Thank you.

Thank you, Wendy.

Wendy has a two for today because she represents the developer in the next one, too.

So next up now we can have our questions, right?

Do we want to let Eric talk for a minute?

Well, if he wants to, but I don't want to put them on the side.

I'm a hard acting follower.

Next up is a new project for IDA consideration.

Eric.

All right, good morning, everyone.

So we do have a new application that's been presented, and we do have counsel on behalf of the applicant here with us today.

Uh the request comes from Gem Street Holdings LLC.

This is a proposed mixed-use uh project that would involve a new construction.

Uh the site location is 411-13 University Avenue.

Uh private housing development that would include approximately 30 units.

Uh that would include 10% of those units per the city zoning requirements as affordable.

Uh the remaining units would be market rate, and then approximately 400 square feet of commercial space as well that would be available for lease and build.

There are currently two uh rental properties that are uh residential properties that would be demolished to make way for the new development site, uh combining and resubdividing those two parcels into one uh development site.

Um there's amenities that are included as part of the proposal as well as uh on uh on-site parking as well.

Um in total, uh project is estimated around 5.9 million dollars, and we do have a pending request for sales tax um mortgage uh recording as well as uh a pilot proposal.

Right now, the request would simply be to authorize the public hearing.

We would have the ability to learn and hear more about the project as well uh at a subsequent meeting.

Um certainly we do have counsel here as well if there's any initial questions.

So but right now the request would be to just start with the public hearing and then um would potentially consider future action from the board at a at a later meeting.

The only other thing I would add too, the project has been presented to the city planning commission.

The planning commission has undertaken seeker uh as well, uh, but this is ultimately the request for the IDA for the financial benefits for the project.

Just to orient if you haven't had a chance to go by, it is two parcels located what I would say behind the new Ronald McDonald House at the corner of university in Genesis.

So when you turn on to university, Ronald McDonald is there, and behind it are these two parcels now, one parcel.

Well, now soon to be one parcel for the project.

Eric maybe for Wendy, I don't know, or for the developer when we have the meeting, but I was surprised there were only eight parking places next to a structure that's contemplating a retail of some kind establishment on the ground floor.

But I was surprised there were only eight parking places next to a structure that's contemplating a retail of some kind establishment on the ground floor.

So if you're running a restaurant or a dry cleaner or whatever, eight parking places and 30 residences.

Seems really light for that neighborhood.

It's only 400 square feet of retail, so it's not going to be a restaurant.

It's going to be maybe a coffee shop, Wendy.

I don't know.

I'm making that I don't know what's going to be in there, but it's only 400 square feet.

So it's not a restaurant.

They're not drawing parkers.

And expecting most of the 30 uh apartments to be students either at the medical school or doctors.

Um Kathy, do you know from I don't know that it's made its way to the planning commission.

Um, but I think that this is located in an area where the parking requirements have been significantly reduced as a result of rezone.

But correct.

So the parking requirements for housing in particular were significantly reduced in the new rezone ordinance in order to allow, first of all, the encouragement of public transportation use uh and bikes and walking, etc.

You know, more neighborhood than just our car car.

Um but also to allow for the development of structures within our footprint in the urban core in particular that allow density without well for every human you have to have a parking spot, which of course diminishes your ability to develop and densify.

And I don't know the exact code.

Wendy, you might know the ratio, I can't remember it.

Right.

I didn't know that.

Excuse me.

Can you mind coming to the microphone?

Because otherwise later Lori's gonna yell at me for not being able to hear you.

I apologize.

So we're not getting Wendy's.

You know better than that.

Come on, Wendy.

This is not your first time.

So we're not expecting anything with a lot of um b vehicular traffic.

I think it'll be we're expecting it's gonna be more for use for the occupants of the building per se.

Um, but we have complied with the parking requirements that are required by the city.

It is a much less um required now because of the rezone Syracuse.

Um and and um so that's why why it's only eight, but I can um talk to my client about that, and we can address it a little bit more at the at the public hearing um to the extent necessary.

Yeah, go ahead.

It I don't remember this feels like a smaller project than many of our projects, and I know we modified our expanded or modified our guidelines, and just curious to know how this fits into that.

That six months, what is it?

Is it exceeds our three million dollar threshold point that we set for what we call defined as small projects and wanting to have IDA participation?

This is almost six, I believe.

Is that right?

5.85.

5.9 something.

Yeah.

And is that relatively small for the projects that we have done over the well we like every project?

I understand that.

It is like all our projects.

Relative coda, it's small.

Correct.

But it historically you have done projects this size, but compared to recent projects, it is relatively small.

I think it's a limited footprint size.

Um I think the points about the parking, you know, it it's um I just want to verify it's an MX4 district, um mixed use four.

It's a second densest classification.

I think one of the other things that is it is on the footprint of the connective corridor.

That goal has always been trying to incorporate um bike pedestrian and other modes of transportation to benefit projects like this.

So um smaller footprint than I think what we're used to for some of the multifamily housing developments, but um certainly a project that will um contribute to the ongoing density and investment taking place in in that area on the east side.

So a smaller project make for smaller legal fees?

Yeah.

The documents are the same.

I didn't hear any of this.

I think I agree with Wendy.

Wendy agrees with me.

Good question.

Really?

Okay, and anything else for council to Jen Street Holdings for Wendy.

I think we should have a public hearing.

Would move it.

Okay, move it by Dirk.

Thank you.

Is there a second?

Second podcast.

Last call for comments and questions hearing none.

Is there a motion to approve?

Motion.

Oh no, we already had a motion, sorry.

All in favor.

I think completely thrown by Dirk's last question.

Opposed.

So happy I could derail you a little.

Um other items for discussion or consideration.

No, I would just like to let the board know.

I know Kathy and Eric know, but last week you closed on uh Gannant or Swanson, which however you know the project to be.

So they will be getting underway with their construction.

Nice project.

When's the timeline for that?

Yeah.

Yeah, 18 months.

Something like that.

Yeah.

Yeah.

Um the progress on Rosie is impressive.

Beautiful.

Yeah, it really is.

Really impressive.

Anything else?

Motion to adjourn.

Make a motion.

Motion made by Ricky.

Is there a second?

Second pen.

All in favor?

Aye.

Opposed abstention.

Motion carries.

Thank you all so much.

Have a wonderful day.

And we'll see you soon.

You know.

I'll talk about it.