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HomeMy WebLinkAboutMN-IURA-2025-10-23 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 MINUTES ITHACA URBAN RENEWAL AGENCY BOARD 9:00 A.M., Thursday, October 23, 2025 Common Council Chambers, Third Floor (City Hall) 108 E. Green St., Ithaca, NY 14850 Members: Robert G. Cantelmo (Mayor), Chair; Shaianne Osterreich; Karl Graham, Vice-Chair; Siobhan Hull Excused: Donna Fleming Vacancies: 0 Common Council Liaison: Ducson Nguyen [virtual] IURA Staff: Nels Bohn; Charles Pyott [virtual] City Staff: Lisa Nicholas, Director of Planning & Development Guests: None. I. Call to Order Cantelmo called the meeting to order at 9:04 A.M. II. Agenda Additions/Deletions None. III. Public Comments None. IV. Review of Meeting Minutes: September 4, 2025 (August minutes) Osterreich moved, seconded by Hull, to approve the meeting minutes with no modifications. Carried Unanimously: 4-0 V. Governance Committee (GC) A. 2026 IURA Budget 1. IURA Bank Account Analysis: Report Bohn explained the Bank Account Analysis of cash accounts as of the end of August, noting the positive trend over the last few years, and the use of and restrictions for each account. Approved: 11/20/25 IURA Minutes October 23, 2025 Page 2 of 7 2. Budget-to-Actual Analysis: Report Bohn explained that the budget-to-actuals for primary category expenses are on target. Budget-to-actual revenues are on target except for Property Disposition/Urban Renewal Revenues and the HOME-ARP one- time revenues, which are running low. IURA Minutes October 23, 2025 Page 3 of 7 3. Adoption of 2026 IURA Administrative Budget Bohn explained that the proposed 2026 Budget represents an increase of less than 1% on the expense side, which includes a 3% increase for current staffing, comparable to the City’s increase for staff, and in line IURA Minutes October 23, 2025 Page 4 of 7 with inflation, thereby retaining salary competitiveness. Revenues are starting to tighten, and funding from the HOME-ARP program will expire in 2027. The IURA needs to generate revenue through new Urban Renewal projects, grants, and loans, and collaborate with the City to secure reimbursement for joint projects. Cantelmo moved, seconded by Osterreich: 2026 IURA Budget WHEREAS, the IURA desires to annually adopt an administrative budget to guide expenditures and manage financial resources of the IURA, and WHEREAS, New York State law governing public authorities requires submission of a proposed budget 60 days prior to the start of the next fiscal year, and WHEREAS, the IURA budget is due to be submitted to the New York State Authorities Budget Office (ABO) by November 1st of each year, and WHEREAS, the IURA Board reviewed this matter at its October 23, 2025 meeting and recommended the following; now, therefore, be it IURA Minutes October 23, 2025 Page 5 of 7 RESOLVED, that the IURA hereby adopts the FY2026 IURA Administrative Expenditure Budget, dated 10/23/25. Carried Unanimously: 4-0 B. Annual Review of IURA Mission Statement Bohn explained there is no change to the resolution from the prior year. Cantelmo moved, seconded by Hull: Annual Review of IURA Mission Statement WHEREAS, the Ithaca Urban Renewal Agency (IURA) adopted the following amended mission statement in 2023 to better incorporate concepts of equity and sustainability in its mission: The Ithaca Urban Renewal Agency secures and manages resources to improve the social, physical and economic characteristics of the City of Ithaca by expanding access to quality affordable housing, strengthening neighborhoods and the local economy, and supporting other community development activities. The IURA strives to carry out its mission in an equitable and sustainable manner, and to build and maintain an inclusive community with the input of the people and organizations we serve. And, WHEREAS, Public Authorities Law requires authorities, such as the IURA, to conduct annual review of its mission statement and post its mission statement on its website, and WHEREAS, at their October 17, 2025 meeting, the IURA Governance Committee reviewed the mission statement and recommended the following action; now, therefore be it RESOLVED, that the IURA hereby re-affirms the existing IURA mission statement: The Ithaca Urban Renewal Agency secures and manages resources to improve the social, physical and economic characteristics of the City of Ithaca by expanding access to quality affordable housing, strengthening neighborhoods and the local economy, and supporting other community development activities. The IURA strives to carry out its mission in an equitable and sustainable manner, and to build and maintain an inclusive community with the input of the people and organizations we serve. Carried Unanimously: 4-0 C. Annual IURA Board Self-Evaluation Form – Review Bohn explained that the Self-Evaluation form is the standard template under Public Authorities Law. IURA Minutes October 23, 2025 Page 6 of 7 D. Committee Vice-Chairperson Report None. IURA Minutes October 23, 2025 Page 7 of 7 VI. New/Other/Old Business A. Review of IURA Grants/Loans/Leases Summary Report: August 2025 Bohn reviewed the Grants Summary, explaining that the left-hand “On Schedule” column calls out any projects (with a ) that are not progressing on schedule and may need attention (e.g., Homeowner Rehab), some of which may need to have funds reprogrammed to other projects (especially CDBG projects, which would need to expend their funds more quickly to meet the CDBG spend-down expenditure deadline). All loan payments are current, as of today. All lease payments are current, as of today. Mendizabal added that three of the six 2023 homeowner rehab projects are expected to be completed. Potential existing projects are being reviewed as alternatives to reprogram $100,000, of which up to $30,000 is eligible for public services (economic development, public authorities, or affordable housing projects), based on the timeliness measure of projects that could be reimbursed by May 31, 2026. She noted that a lengthy process for required reviews and approvals is a factor to consider when evaluating project eligibility. B. REPORTS: IURA Chair/Mayor, Common Council Liaison, & Staff IURA Chair/Mayor’s Report Cantelmo reported that the City budget process will be completed on time. Common Council Liaison Report None. Staff Report None. VII. Adjournment The meeting was adjourned by consensus at 10:07 A.M. — END — Minutes prepared by S. Dean, edited by C. Pyott/N. Bohn.