I don't think I ever see you without hoodie on a work day.

Oh as Cal just said, there's a sign-in sheet in the back and printing extra agendas.

Anyone should paint them.

Morning, Pat.

Okay.

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

Uh we'll start with a roll call of the board.

I'm Kathy Murphy.

Ricky Brown.

Thank you all very much.

Everyone is present.

All board members are present, and proof of notice was properly served for this meeting.

We have two public hearings on the agenda.

The first is Gem Street Holdings LLC.

Good morning, everyone.

Okay.

So uh notice is hereby given that a public hearing pursuant to Section 859-A of New York State General Municipal Law will be held by the City of Syracuse Industrial Development Agency on the 19th of May twenty twenty-six at eight AM local time at two thirty-three East Washington Street, Common Council Chambers in City Hall in Syracuse, New York, in connection with the following matter.

Gem Street Holdings LLC, or an entity to be formed, has requested the agency undertake a project consisting of the following.

A the acquisition of an interest in approximately eleven thousand four hundred and eighty-one square feet of land located at four eleven and four thirteen University Av in the City of Syracuse, New York, as well as the demolition of two existing structures, the resubdivision of the land, and the construction of a three-story mixed-use building to include approximately thirty one-bedroom residential units with eight units on the first floor.

Eleven units on the second floor and eleven units on the third floor, with ten percent of the unit rent restricted as required by the city's zoning ordinance.

The appointment of the company or its designee as an agent of the agency in connection with the acquisition, construction, and equipping and completion of the project facility, and the lease of the land and facility by the agency pursuant to a lease agreement and the acquisition of an interest in the equipment pursuant to a bill of sale from the company to the agency and the sublease of the project facility back to the company pursuant to the sublease agreement.

The company will be the initial owner and operator of the project facility, and the agency will at the above stated time and place hear all persons with views with respect to the proposed financial assistance to the company, the proposed owner and operator, and the location of the project facility and its nature to the project.

I've got one more.

You'll be hearing from me.

I know.

Thank you, Eric.

Um, I know that we have some representatives of the applicant here, so we'll start the hearing with whoever chooses to speak first on the application.

Please state your name and address for the record and a brief description of the project.

Good morning.

Um Wendy Luno from Castello Cunning Fiorana, behalf of the applicant.

Um as Eric indicated, this is a project at 411 to 413 University Avenue, which is between Madison and Genesee Street.

Um the proposal is to tear down two existing um structures and uh uh build a new structure which will um encompass 30 uh one um bedroom residential um uh struct uh uh um uh apartments as well as a commercial uh small commercial space on the first floor.

Uh the project has already received um planning commission approval um and we are ready to um guess we're starting to try or start uh poll building permits and stuff so we can get this project underway, uh presuming that we um are successful in obtaining the benefits we're seeking today.

Um we're looking for mortgage recording tax exemption, sales and use tax exemption, and um a pilot.

Uh the uh total project cost is just shy of six million dollars.

Thank you, Wendy.

Thank you.

Questions?

Just one quick this is on the block where Grace Episcopal Church is.

Is it how the next block house?

Yeah, so this is right next door to Ronald McDonald House.

Okay, right.

Yes, groundwick down houses on Genesee Street, so this is right behind it on university.

Okay, there you go.

Gotcha.

Okay, the lower level.

Yeah, gotcha.

So just to be clear, Wendy, I know there are two current multifamily houses on the property, which are owned by the applicant, I believe.

Is that correct?

We did we did buy the land already.

Yes.

And so those will be demoed to make way for the new construction project.

Correct.

Okay.

Any other questions for Wendy?

No.

Um, I also want to confirm, I believe there was a landmark preservation board uh presentation for the project.

Is that true?

Or am I confusing it?

There was.

And all criteria were met, and they were fine, it's my recollection.

Okay, right.

Right.

Okay.

And we have met the city's requirements for um uh for affordable housing, yes.

So there's three.

There's three units, yeah.

10%.

And architect, correct?

Do you want to come out of the work speaks for itself?

It does.

It does.

It does.

That's part of it.

Yeah.

Anthony Rojas in architects.

Um, so just a couple little details.

You saw the area where it's located.

The door to the right would be the main entrance, the door to the left is the commercial space entry.

Uh, it's just about 400 square feet.

I know there was a question about potential users.

It would be a very small-scale, limited user, maybe uh, you know, uh some kind of like yoga yoga studio, some kind of fitness class.

Uh, maybe it's a small salon or hair uh barbershop, um, something just really small footprint, limited, you know, kind of occupants within that space.

Um, and we meet the local parking requirements, um, which under a thousand square feet in the local zoning would require zero parking spaces for that use, it would satisfy on-street parking.

And being on the connective corridor, you see that kind of second gap in that lane between the sidewalk and the road and that grass kind of intermediate.

That's the bike lane that leads up to the hill.

And because you're right on the connective corridor.

So we're really trying to promote more pedestrian and bike activity in and out of this property.

So thank you, Anthony.

Any questions?

The expected completion date.

Um, they would like to start construction this year.

Uh if we can break ground this year, so this build is probably uh 16 to 18 month build.

You know, it shouldn't take too long.

Thank you.

Anyone here wishing to speak in favor of the project release come forward, state your name and address for the record.

If not, is there anyone here who wishes to speak in opposition to the project?

Please come forward, state your name and address for the record.

Hearing none, the public hearing is now closed or Gem Street.

Okay.

We will now move to the public hearing for the joint school construction board.

Maybe we won't.

Okay.

No, we know we're ready to go.

Okay.

As long as you all are.

We will just for those in the audience.

Sorry, Eric.

Um, once the public hearing pieces are finished, we will go back and take action on the resolution for each project.

Okay, sorry.

Great, no problem.

Okay.

Notice is hereby given that a public hearing pursuant to Section 859-A of the Gender Municipal Law of the State of New York will be held by the City of Syracuse Industrial Development Agency on the 19th of May 2026 at 8 a.m.

local time at 233 East Washington Street, Common Council Chambers, City Hall in Syracuse, New York, in connection with the following matter.

The Joint Schools Construction Board of the City of Syracuse and the City of Syracuse School District requested on behalf of the city and SCSD the grant of financial assistance from the agency in the form of the agency's issuance of one or more series of its school facility refunding revenue bonds.

Series 2026A in an aggregate principal amount not to exceed exceed $68,015,000 to refund all or a portion of the City of Syracuse Industrial Development Agency tax-exempt school facility revenue bonds, series 2018 A and Series 2018 B in an aggregate outstanding principal principal amount of 66 million nine hundred and twenty thousand to pay and permitted insurance costs as well as paying costs on credit enhancement, if any, and to fund a debt service reserve fund, if any, with all with respect to refunding bonds to pay the redemption of costs related to the refunding of the bonds, as well as an interest in refunding bonds, is expected to be ex excludable from gross income of the holders thereof for purposes of federal and state taxation.

The refunded bonds were used to finance a portion of the cost of reconstruction rehabilitation and the construction and equipping of to certain existing school buildings operated by the school district and located in the city of Syracuse, including Bellevue Elementary School, located at 530 Stolp Ave, Frasier Pre-K through 8 school, located at 741 Park Avenue, Ed Smith Pre-through K through 8 school, located at 1106 Lancaster Avenue, Grant Middle School, located at 2400 Grant Boulevard, Public Service Leadership Academy at Fowler High School, located at 227 Magnolia Street, Huntington Elementary School, located at 400 Sunny Crest Road, and West Side Academy at Blodgett, located at 312 Oswego Street.

The refunding bonds shall not be a debt of the state of New York or any political subdivision thereof, including without limitation, the City of Syracuse, and neither the state of New York nor any political subdivision thereof, including without limitation, the City of Syracuse shall be held liable therein.

The agency at the above-stated time will hear all persons with reviews with respect to the proposed financial assistance of the project.

I know that we have representatives from the school district as well as their bond representative.

I don't know who would like to just come up and actually explain it a little more clearly.

It was a great area.

Total par value of approximately 66.9 million dollars and issue refunding bonds to gain savings.

A savings between two and a half and three percent.

Our last number run as of about a week and a half ago.

We were expecting savings about 7.4%.

The refunding bonds would stay the same duration going out to 2035, which is the exact same as the outstanding bonds, so no longer uh not extending the debt at all.

Um the 7.4% savings is about $660,000 a year, uh, totally about $4.9 million dollars over the duration.

Nice number.

Yeah, I was looking at work.

Okay, uh we do have uh representatives from the school district with us as well today.

Questions, thank you.

No questions, thank you very much.

Anything the district would care to add.

Christopher Bianchi, Syracuse City Schools District.

Uh, fiscal advisors did a great job of explaining the um what what we were looking to do here.

Um we have approval from the joint schools construction board, the Syracuse City School District Board of Education, the Syracuse Common Council, and the uh Syracuse Industrial Development Agency is the final approval that we need to proceed with this.

Chris, I have one question.

When do you expect to go to market?

Um it will be before June 30th.

So we're looking to do that in our current fiscal year.

Okay, great.

Thanks.

Any other questions for the district?

No, thank you.

Anyone here wishing to speak in favor of this application, please come forward, state your name and address for the record.

Anyone wishing to speak in opposition to the project, please come forward, state your name and address for the record.

Hearing none, we will close the public hearing on the JSCB bond refunding and move on to starting with the minutes of our last meeting held on April 21st.

Is there a motion to approve the minute?

Motion made by Ricky.

Is there a second?

Second, Ken, thank you.

All in favor, please say aye.

Aye, aye.

Opposed abstention, motion carries.

Thank you.

Next item is a report on the finance committee meeting that we held, I believe it was May 11th.

Thank you, Eric.

Um, the finance committee did a thorough review and presentation of both projects that were on the public hearing agenda today and made a positive recommendation to the board to support each of those projects.

In light of that, we'll go to new business and start with Gem Street Holdings project Sue.

Morning, everyone.

Um, the first item in the agenda with respect to Gem Street Holdings is um your inducement resolution.

So I'm not going to repeat everything you heard in the public hearing with respect to this project and its location.

I don't know if there's other slides to be presented.

Um just the drawing, right?

That's fine.

Um in the inducement resolution, we will note that uh the seeker process was performed by the planning commission.

They did do a thorough review, they required an EAF to be provided.

Um, they provided all of that information to us, and we've reviewed it as well.

The planning commission did issue a negative declaration determining that there was no significant environmental impact, and we are adopting that finding beyond that.

This resolution authorizes the board to undertake this project to appoint the company as your agent for completing the project.

Um I will note that this project supports um all of your housing initiatives.

It supports the study that you helped undertake in cooperation with the city, all is more detailed and outlined in your resolution that was in your packet.

Um they did request state and local sales and use tax in an amount not to exceed 200,000 dollars and mortgage recording tax exemption in the approximate amount of 39,000 dollars.

The resolution authorizes both of those as well as the execution and delivery of the agency agreement that's attached to the resolution.

It is our standard agreement to uh between the developer or the company and the agency to um deal with the time period between when a project is authorized by the board and when we actually close on the financing.

Um, and it is required that that be executed within 14 days of the approval of the inducement resolution.

Um as Eric noted in the public hearing um notice 10 percent of these units will be set aside um in accordance with reason.

So I think that's it.

Thank you.

Any further questions?

Hearing none, is there a motion?

Is there a motion?

I'll make a motion.

Do you motion to approve?

Second.

Second, Dirk.

Sorry, Rick.

All in favor?

I'll withdraw my second.

Opposed abstention, motion carries.

Thank you.

Next resolution to the pilot resolution.

Correct.

So in your packet is the pilot resolution.

Um receiving the financial projections for the project and the application, a review was undertaken by staff to determine the appropriate level of benefits for a pilot, and it was recommended that the project receive a 10-year abatement schedule in accordance with your uniform tax exemption policy.

You will note that there's a one-year construction period built into that.

As always, this property owner will continue to pay 100% of real property taxes as it sits today.

So there will be no loss of revenue with respect to sale with respect to property taxes to the city or the county.

But once completed, an abatement schedule as outlined in the resolution will apply to the improvements.

So that's all in the pilot resolution.

Any question?

Concerns.

Hearing none, is there a motion to approve the pilot resolution?

Motion made by Ricky.

Is there a second?

Second, Steve.

All in favor, please say aye.

Opposed abstention, motion carries.

Thank you.

Sue final resolution for the project.

Yes.

The last resolution in the agenda is the final approving resolution, which outlines the authority to execute negotiating.

I should say it in reverse order to negotiate and execute all of the necessary lease transactional documents to confer the approved benefits to the project.

That since they are looking to close late summer, early fall, we will be working with council to get those documents prepared.

Thank you.

Is there a motion to approve the final resolution?

Motion made by Ken.

Is there a second?

Second, Ricky.

All in favor, please say aye.

Opposed abstention.

Motion carries.

Thank you all very much.

Thank you, Anthony.

Thank you, Wendy.

Good luck.

And we look forward to seeing it start.

Thanks.

Next items.

Is the joint school construction board resolution?

Yes, good morning, everyone.

In your agenda is the bond sale resolution.

So I will note that this is a type two action under seeker, so no further action is required.

The resolution before you authorizes the issuance of the agency's 2026 A tax exempt school facility revenue refunding bonds.

As you heard in the public hearing, those bonds and the proceeds of those bonds will be used to pay off the outstanding 2018 A and B bonds.

And just for the record, I made a note the current outstanding principal balance of the 2018 A bonds is just over 42 million, and the current outstanding principal balance of the 2018 B bonds is just under 25 million.

So in the aggregate, that's just over 67 million.

You are authorizing the sale of up to 68 million fifteen thousand dollars.

The little bit of delta allows for certain closing costs and other you know interest that accrues between now and the time they actually go to market, so there's always a little bit of leeway.

In addition, the resolution before you authorizes the bond purchase agreement, the installment sale agreement, the indenture, the official statement that is used, and all of the other necessary documents that the agency will approve or be a party to with respect to the marketing and sale of your bonds.

All of the documents will be substantially in the same form that you have used in the past for similar transactions, and in many of these particular instances, they're simply amendments to those prior documents because there have been so many series of bonds issued for and on behalf of the JSCB.

I think it's important to note that the bonds are limited obligations.

It does not, you are not at risk in the event of a default.

The bonds are payable solely from revenues received under the documents, which is basically school aid.

So you your assets of this board are not at risk.

The documents authorize the chair, the vice chair, and the executive director to be signatories on all of the necessary documents.

The fee for this issuance historically has been, and you are approving one half of a percent of par.

So I think that um covers just about everything.

I will note as you saw in section eight of the resolution in your agenda, it outlines all of the things that you do weigh in on on the bond sale, the maturity date, the timing, um how they're numbered, you know, ministerial things.

But all of that, uh the woman with the gavel has control over back to the camp.

Um, so unless there's any questions, I think that that sums up what's being asked of the board.

And as you did hear in the public hearing, um, they under the prevailing laws governing the issuance of bonds in this manner, they have to demonstrate a savings in order to be able to ask the board to issue the bonds, and as you heard in the public hearing, they have clearly done that.

And the municipal bond bank will weigh in on the fact that they can there will be an opinion in the transcript that they have met their threshold for savings.

Do we clarify the fee comment you made?

Not our normal fee.

Correct.

You usually charge one percent, right?

But because this is a school district project, you have historically only charged one half of a percent.

Discretionarily correct.

Thank you.

You're welcome.

Any other questions?

Good.

Okay, great.

It is a good savings, it's a substantial market.

Well, they and they can only redo it at so many years, so they have to wait a period of time.

Um is there a motion to approve the JSCB refund?

Motion.

Motion made by Ken.

Second by Ricky.

All in favor, please say aye.

Opposed abstention motion carries.

Thank you very much.

Thank you for being here.

We appreciate it.

Good luck when you go to market.

Hope you get a better return than you even have today.

Yeah, right.

That's right.

Uh any further business?

Eric, Sue?

We're all good.

Is there a motion to adjourn?

Motion made by Ken, second by Ricky.

All in favor, aye.

Aye.

Opposed abstention, motion carries.

Absolutely.

It is scary.

I just put it risk.

Whose idea was that?

It's not.