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MN-IURA-2019-10-24
Ithaca Urban Renewal ME NON Agency 108 E. Green St. Approved:12/23/19 Ithaca, NY 14850 (607) 274-6565 MINUTES ITHACA URBAN RENEWAL AGENCY Common Council Chambers, City Hall 8:30 A.M., Thursday, October 24, 2019 Members: Tracy Farrell, Vice-Chair; Karl Graham; Chris Proulx; Eric Rosario; Laura Lewis (Common Council Liaison) Excused: Svante Myrick, Chair Staff: Nels Bohn; Charles Pyott; loAnn Cornish Guests: Kate Chesebrough, Whitham Planning & Design, PLLC Scott Whitham, Whitham Planning & Design, PLLC Rick Manzardo, Vecino Group of New York, LLC (via telephone) Brett Bossard, Cinemapolis I. Call to Order Vice-Chair Farrell called the meeting to order at 8:32 A.M. II. Agenda Additions/Deletions Bohn asked that one additional item ("Modification to Loan Assistance to GreenStar Cooperative Market, Inc.") be added to the agenda, which can be discussed towards the end of the meeting. No objections were raised. III. Public Comments(3-min. maximum per person) None. IV. Agency Member Response to Public Comments None. V. Review of Meeting Minutes: August 29, 2019 Proulx moved, seconded by Graham, to approve the August 29, 2019 minutes with no modification. Carried Unanimously:4-0 IURA Minutes October 24,2019 Page 2 of 24 VI. Neighborhood Investment Committee (NIC) A. 2018 Action Plan: Cayuga Flats Project (2018#7 &CD-RLF#45) — Assign Loans to Cayuga Flats, LLC from INHS Graham explained that, since the project was allocated Low-Income Housing Tax Credits (LIHTC), it is required to establish a for-profit ownership entity. INHS subsequently created Cayuga Flats, LLC, a wholly owned subsidiary of INHS. The Committee reviewed the request and had no objections to the assignment. Moved by Graham,seconded by Rosario: 2018 Action Plan —Authorize Assignment of Loans to Cayuga Flats, LLC from INHS, Cayuga Flats Project (2018 Project#7 & CD-RLF#45) WHEREAS, the IURA approved a total of$228,662 in CDBG and HOME loan assistance to Ithaca Neighborhood Housing Services, Inc. (INNS) for the Cayuga Flats project (formerly known as INHS Scattered Site Preservation Phase 2) to reconstruct or rehabilitate 29 rental housing units at the following locations: • 203-209 Elm Street • 211 Elm Street • 111 W. Clinton Street • 406 S. Plain Street • 227 S. Geneva Street • 502 W. State Street, (Project) and WHEREAS, $128,662 in CDBG loan funding issued to INHS in 2018 has been expended to support predevelopment expenses for the Cayuga Flats project and $100,000 in HOME CHDO set-aside funding is earmarked for the project in the 2018 Action Plan, and WHEREAS, INHS has been allocated Low-Income Housing Tax Credits (LIHTC) to financially assist the project that requires establishment of a for-profit beneficial ownership entity to take advantage of tax credits, and WHEREAS, INHS has formed Cayuga Flats, LLC, a for-profit entity to act as beneficial owner of the Cayuga Flats project, and WHEREAS, the sole managing member of Cayuga Flats, LLC will be a wholly owned subsidiary of INHS, thereby satisfying HOME CHDO set-aside requirements that the rental housing project is "sponsored" and effectively controlled by the CHDO, and WHEREAS, INHS requests assignment of the CDBG loan and HOME funding award from INHS to Cayuga Flats, LLC, and IURA Minutes October 24,2019 Page 3 of 24 WHEREAS, at their October 11, 2019 meeting the Neighborhood Investment Committee reviewed this matter and recommended the following action; now, therefore be it RESOLVED, that the IURA hereby approves assignment and amendment of the CDBG loan issued in 2018 for the Cayuga Flats project (formerly known as INHS Scattered Site Preservation Phase 2) from INHS to Cayuga Flats, LLC, and be it further RESOLVED, that the IURA hereby approves assignment to Cayuga Flats, LLC of the HOME funding award committed to INNS in the 2018 Action Plan for the Cayuga Flats project, resulting in the HOME loan agreement be awarded directly to Cayuga Flats, LLC, and be it further RESOLVED, that the IURA Chair is hereby authorized, subject to review by IURA legal counsel, to execute an amended CDBG loan agreement and a new HOME loan agreement to implement this resolution. Carried Unanimously:4-0 B. Committee Chairperson Report Graham reported the Committee discussed the Finger Lakes Independence Center, Inc. (FLIC) ramp loan program. There were some initial concerns the program has not located any ramps in the City of Ithaca (only in the Town of Ithaca and Tompkins County); however, FLIC is now in the process of installing 3 ramps in the City. The Committee also listened to a presentation by Michaela Cortright (Catholic Charities of Tompkins/Tioga Counties) about the A Place to Stay program,which has been modified slightly since its original 2019 application. Catholic Charities initially planned on leasing a second transitional housing location for the program, but did not succeed. The program now plans on providing case management support for 10-12 very low-income homeless/at-risk women. Graham reported the Committee also discussed water-quality concerns at Nate's Floral Estates with Common Council member Cynthia Brock. The site was built on top of a former City landfill and seepage has been discovered migrating into adjacent waterway. Although the NYS Department of Environmental Conservation (NYSDEC) determined the seepage does not create a significant health concern, it does impact environmental quality so it seeks action from the property owner to address the seeps. Some residents have complained about the taste of drinking water. Although the drinking water comes from the City's own system, there may be some issues with the distribution pipes. The City and IURA both have an interest in resolving any remaining environmental issues and ensuring the site remains affordable to low-to-moderate income residents. Additionally, the NYSDEC investigation documented subsurface contaminants, but found no pathways of hazardous exposure to residents. NYSDEC seeks the owner to maintain the surface soil cap over the former landfill to prevent contact with subsurface contaminants, and enhance it in certain areas that have been disturbed. IURA Minutes October 24,2019 Page 4 of 24 Proulx asked how many units/people are currently located on the site. Bohn replied 115 units. VI1. Economic Development Committee (EDC) A. 2nd Amendment to Loan Agreement: Sunny Days of Ithaca, LLC (CD-RLF#37) Prouix explained that, due to problems with IURA's loan servicer (M&T Bank), invoices and automatic withdrawals for August, September, and October were never processed. Given the upcoming holiday season and its inventory commitments, Sunny Days cannot afford to make a triple payment at this time, so it requested a temporary 3-month loan deferment with payments to resume on November 1, 2019. The Committee had no objections with approving the request. Moved by Proulx,seconded by Rosario: Sunny Days of Ithaca, LLC— 2nd Amendment to Loan Agreement(CD-RLF#37) WHEREAS, on May 2, 2014, the IURA issued a $50,000 loan to Sunny Days of Ithaca, LLC (Sunny Days) for a $125,000 project to open a retail business at 123 S. Cayuga Street (since relocated to 215 E. State Street), and WHEREAS, as of September 30, 2019, the loan balance is $9,529.17, and WHEREAS, the loan is scheduled to be repaid in full on June 1, 2020, and WHEREAS, Sunny Days has monthly IURA loan payments automatically withdrawn from their bank account, and WHEREAS, the IURA's loan servicer, M&T Bank, has experienced problems with their loan servicing system resulting in failure to issue invoices and process automatic withdrawals from Sunny Days bank account for August, September and October, and WHEREAS, Sunny Days has made inventory purchase commitments based on an assumption that monthly loan payments were processed on a timely basis and the business was current on the IURA loan, and WHEREAS, Sunny Days indicates that a triple loan payment will create an unanticipated cash flow problem, and WHEREAS, Sunny Days requests a temporary 3-month loan deferment with payments to resume on November 1, 2019 and the loan repayment period to be extended for approximately three additional months to fully amortize the loan, and WHEREAS, the IURA Economic Development Committee reviewed this matter at their October 15, 2019 meeting and recommended the following action; now, therefore, be it IURA Minutes October 24,2019 Page S of 24 RESOLVED, the IURA hereby approves a requested three-month deferment of loan repayments for Sunny Days of Ithaca, LLC (August, September and October payments) and waives any late penalty payments and accrued interest due to failure to receive loan invoices from July through October 2019, and be it further RESOLVED, that the loan agreement be amended to recognize the deferment and extend the term of the loan to fully amortize the loan, and be it further RESOLVED,that the IURA Chairperson, upon the advice of IURA legal counsel, is hereby authorized to execute all necessary and appropriate documents to implement this resolution. Carried Unanimously:4-0 B. Green Street Garage Mixed Use Urban Renewal Project ❑ VERSION 1 — ORIGINAL CONCEPT: 11 stories, 218 affordable units, 2-story 49,000 SF conference center, 350 parking spaces (excludes east section of garage) ❑ VERSION 2.1 — EXCLUDES CONFERENCE CENTER: 8 stories, 173 affordable units, 1-story 9,000 SF commercial (light-gauge steel construction like City Centre) ❑ VERSION 2.2 — EXCLUDES CONFERENCE CENTER: 12 stories, 273 affordable units, 1-story 9,000 SF commercial (structural steel construction like Harold's Square) 1. Western & Center Section—Asteri (Vecino Group NY, LLC) • Proposed Project Boundary— Review • Construction Phase Impacts— Review Proulx explained today's meeting materials include the following revised project schedule with milestones. Task or FJleeting Notes Timeframe IURA Meeting Approve DDA subject to CC approval October 24,2019 PEDC Meeting Public hearing Approve/deny or modify DDA November 11,2019 Submit materials to BPW for meeting Ask Kathy Servos BPW Meeting Declaration of surplus property November 19,2019 Pre Application Meeting Nov 12 or 20th Submit Site Plan Application for Dec 17 PB meeting November 25,2019 Planning Board Meeting Sketch Plan November 26,2019 Common Council Meeting Preliminary determination to approve/deny/modify-DDA December 4,2019 Planning hoard Meeting Declaration of Lead Agency-Review FEAT part 2 IDecember 17 2019 Submit new/revised materials as needed January 6,2020 PRC Meeting January 16,2020 Planning Board Meeting Review FEAF Parts 2&Draft B January 28,2020 Submit new/revised materials as needed February 4,2420 Deadline for Public Notification February 5,2020 PRC Meeting February 13,2020 Planning Board Meeting Public Rearing&Design Review February 25,2020 Submit new/revised materials as needed March 2,2020 PRC Meeting March 12,2020 Planning Board Meeting Potential CEOR Determination March 24,2020 Common Council Meeting Approve/deny/modify DDA April 1,2020 Submit new/revised materials as needed April 7,2020 PRC Meeting April 16,2020 Planning Beard Meeting Potential Site Plan Approval April 28,2020 IURA.Meeting Execution of DDA IT13D IURA Minutes October 24,2019 Page 6 of 24 Chesebrough walked through several draft diagrams of the proposed project (three of which are inserted below). i, Green StreetAccess Alley —w:. Y Y i t r_o- ;Y ;l 0e gdptx Alicy s. th Ca ids bus nv:.ssz, „^ GNv MML.As—t5ari4d rtE.M1. City of ith a r}4T5S„$6T t�"i,,mw Mal g w d C miitllufw 'EI.L'Y.SECOM Fa &�2:H F"� >• Gg=vanadr+n an J rrnaid rs©^aim ELM"lNfRp kLc%a j4 J pcInra Grenues a.edl4yE of lu,aco. _m `. _. ...T,... ..._.�_. u.w... .:._.....-:_.._._ v. " q m a"gat to 'a r:�ti MI i W10 t1F`.S 8 f2€w"� AIU,HIS i it"AD City la3Park ,P,,O"Le]0rcr Gdq mnsA AC}rn.{kark ray��vacis.s'«ext Cu plaza wm.nt"gY plpenmj Eke tacks. ?"'A City rsE oth.ca ^.rk;t', g cwperad and marrdtian _ ` 4 Jmm am Mile I 'vesina Geranp Garay a69th-1,..,d Sasescnaid— �la7fSt�I�+C+S b i Ci itgd�s�sv q E 1:E N wn 1,11 1 1 V 11Ng W I I ideftny}dkd r.,cendna�ct cn an 9 P Fq,111106r aNCITY HAU j p I s a 1 r tsra f0rrra^[7aa p I � tl r a b rl tkM „ " { W 1 p I! x 3 z � i 4 z ""' t.. Ll {{rr t 1M,PAREA)USING€tt-f F f fl,N('iS°Sf� AM LAM,fk IRI i}d~MAd'l0N 0BlA1Nf D A' PAR OFP' I PURR two€ai RFP I'Ri;'3C SS, _. IURA Minutes October 24,2019 Page 8 of 24 PRELIMINARY DRAFT 10/10/19 MeN TO SKY 7, 1 f �. �C Rah." Tf?_ .,-,..._ , +�.Ps• MOVER LAS �. .. . ''>�SEA,49SO49 PLANTLRS CAFE d€GH-I rs u 4 1 STORY BUILDING SII�r4rnI€v E�����Itara rl Er„wR 1RE1.PLANTlN S p� `a� + (CITY PARKING GARAGE ABOVE) � sar.�� O'FrtNAMENF;r`F8, B NCNESG7f VARYING WIDTHS 1 T REB. di I Home Dairy Alley Extension Plaza s $ � a�;, 10,11 IN`I AI I Al ION Dt,wtpio E.+ce1 vitaf Ha—H7mVAIr ymh + 91 � � � H,INHTC&i AWNING D kin G 1 81dd q a,Ed�.trotrhw, ..r i 'SC'OREID C'OH;C€I.1 I-. [}f ell 6eY"M+nfMONt— City.x Nth... B t7&C3ar4 t;kaaei5 and MN 0 Ithaca I ry t SPLCIALIY PAVING r• � t t MOM --Wr , RIKF RACK CANOPY d t qq ...per.. �A4 ➢'f&'Hrtt KfiE H`X t@S1Nu.F?f tl C N$F;6 H!s To I �+lt7ti i A'v°AH,AM E96Ll 0 sP.HuiMION f XErI AIMED AS PART GAF FFI& ELJRA„UTA Fg1H.R,0 �> .''.. __. PRELIMINARY DRAFT 10/101,Llp FflNG GALE SPECIALTY F AVYhJ6 1-OR 1Tdf F PLANTING$ r `" ° ORNAMEN VAL Fat m Z IREF t d?SKf C Green Street Now Streetscapo D-01100n,SFdNwbn wxlenadadsa.nnal%reel u P44 E A 9 C C t#9c*3 to bo Oddtd. tl E: 5 pg 1Ap,brw Group ! e + B tl L}eZry ° < tl f pwd na and 0ns>•ruc mn I R City of Ithaca opemtma cm mmnte 'cu ., g ( Ctg of Ithawa a0d 9fakahnld@m, a 1 L a a p Vocana Group.Gky of Ithaca,and 5#mke€ara6rlers P@ � :dTM1I( 7 AW i ;�: 9 Retiarmmrr insT AS'? r" RACK r A& E_E RA(.-,K me" /70 7" Em" low w FRLPARED USING R FFRF NCTS TO 10/1/2 AVAILAM1 INFORMATION OBTAMED AS PART OF THE&URA 2018 RFP PROCESS, 1 5TORY BVILMNG (COUNTY LYBRARY) Chesebrough noted the Committee discussed potential Building Code issues associated with the originally proposed property boundary line, so the diagrams have now been updated to illustrate a boundary line moved an additional 10 feet to the west, to allow for windows on that side of the building. Chesebrough explained the color-coded boxes on the diagrams identify the proposed roles and responsibilities of various stakeholders. She noted the number of trees along the Green Street side will be increased. Farrell asked what the sidewalk width would be on the Green Street side. Bohn replied it is being proposed to widen the sidewalk (e.g., similar to what was done on the Tompkins County Public Library side). Chesebrough noted the plan is to widen the sidewalk immediately adjacent to Cinemapolis. Vecino would be responsible for the sidewalk during construction, with the City responsible for maintaining it afterwards. Chesebrough remarked the "City Hall Park" diagram is highly conceptual, at this early stage in the process. It would include an improved main entrance/ramp to City Hall, more landscaping, and flexible-use pedestrian/vehicular paving. There would also be several ADA parking spaces and 15- minute loading spaces. In addition, there would be a line of trees, outdoor seating, and plantings. Proulx noted, since the City Hall Park would be on City property, the City needs to determine if it supports the proposed design and would be willing to pay for it, remaining cognizant of the associated trade-offs (i.e., vehicular access vs. public space/green space). Farrell expressed strong support for the City Hall Park proposal. Rosario indicated he is comfortable with the City Hall Park proposal. Graham agreed. Proulx noted that a mitigation plan, describing how the parking garage, egress paths, and Cinemapolis operations may be affected by construction, was also included in the meeting materials. Chiang noted the precast and post-tension construction options would have different impacts on the project: Precast If a precast system is utilized, the center section parking and Cinemapolis cannot be accessed during setting of the structural members. It is yet to be determined if the Cinemapolis operations can continue in the evenings after precast erection is complete for the day. IURA Minutes October 24,2019 Page 11 of 24 Post-Tension A post-tension structure will likely cause closure of the 1st and 2nd levels during the forming and pouring of the first 2 levels of the new structure. The disadvantage to this system is the overall duration of activities onsite will be longer, causing more restrictions to the parking and Green Street. This method will also likely prove to be more costly. Proulx asked how long the entire garage would be inoperable. Chiang replied: 3-5 months. She added there is also the question of what impact the demolition/construction phase of the proposed Eastern Section project would have. Graham asked what Cinemapolis' concerns are. Bossard replied the initial timeline had construction/demolition beginning in Spring 2021, but the revised timeline has it beginning in October 2021 — which would have a bigger impact on the theatre, at its busiest time of year. The theatre is still in the process of identifying one or more alternate screening locations. 2. Eastern Section—Rothschild Building(Ithaca Properties, LLC) • Project Update Bohn reported there have been no new project developments, since the Committee meeting. The applicant (Ithaca Properties, LLC) received a positive initial response from the Planning & Development Board. The current proposal would involve demolishing the eastern section of the garage, rebuilding the ground floor and lobby, reconstructing the parking decks as public parking, and building 10 stories of housing (200 units). The project will seek support from the Community Investment Incentive Tax Abatement Program (CIITAP). C. Committee Chairperson Report Prouix reported the Committee discussed its need to fill its current vacancies. Vill. Governance Committee (GC) A. Proposed IURA 2020 Budget Rosario reported the Committee reviewed the budget and determined it is a reasonably solid and reliable budget. Bohn explained the vast majority of the proposed budget(85%) comprises personnel expenses. Bohn is recommending increasing the legal services budget, in anticipation of an upcoming Low-Income Housing Tax Credits (LIHTC) project, which generally incur$5,000-$10,000 in legal costs due to their complexity. Another budget increase is a 6% increase in healthcare premiums, along with a 2%increase in staff salaries, in line with the Consumer Price Index (CPI), which also happens to align with the City's own standard practice. IURA Minutes October 24,2019 Page 12 of 24 CORRECTED CHANOE 2019-2020 10115/2019 PROPOSED FY 2020 ITHACA URBAN RENEWAL AGENCY ADMINISTRATIVE BUDGET YTO I Change Adopted Adopted Adopted proposed From Esspen'qe5 2017 2018 2019 8/3112019 i 2020 prier Year Notes ......................................... SALARY $225,943 S232,402 $236,950 5113 . o $241,599 _2% 42,#3 EMPLOYEE BENEFFTS $90,3,58 87572 $86,772 $44,003 51% $92'21tg 6% #dt,#5,#6 LEGALSERVICES $15,075 $14 000 $10,863 68% $23,0DO 43% #7 OTHER WEEP.CONTRACTORS $16,675 $1%525 $12,425 $5,23s 42% �$12,425 -2-%- EQUIPMENT/FURN,/SOFTWARE $2,200 $2,200 $2,200 $o 0% $2,200 0% INSURANCES $4,856 $4,870 $4,965 $3,73-3 75% 4,881 -2% -OFFICE SUPPLIES/PRINTING $800 $800 $800 $39 L ---i%- $600 -25% , STAFF DEVELOPMENT $2,400 $2,400 92,4GO $M3 i 14% $2 400 0% TRAVEL/1"ARKiNG/HOTEL $2,000 $2,000 $2,00D $0 1 0% --$2,000 0% ............ ADVERTISING $1,100 $1,100 $1.100 $ozz 57% $800 -27% M1SCELbs,NEOU5/SUBSCBIPTj0NS S4,500 $4,500 $4,500 $3,258 72%i $1,$57I 1% 08 TOTAL $367,369 $370,188 $2219,674 62% 286,75 t 4 Notes, 11 See Exhibits to WRA administrative budget; E.Ilibit A.Schedule afSadfle5 Exhlbit BY-Schedule or Personnel Eajaenw5. Note that the"staff develosontem,"benefit n Exhibit B Is listed a,a separate expense line In the IURA budget, Exhibit C-Schedule of Independent Contractors Expenses Exhibit D,Schedule of Insurance Expenses Exhnift E-SchediAe of Protected Recurring Renenues Exhibit F-Schedule of Funding fouarcln 2. Salary-2020 budget Includes 2%salary boreaso 3. Salary-Includes$5,000 budgeted for passible URA-approved,rnerlt=based berms es in 202:G. 4, Employee Benefits-Health Insurance premiums increased 5,74%from 2019 to 2020 S, Employee Benefits-Employer rellromord,benefit remains constant at 11%of payroB 6-Employee Btutefits-Employee canthbution to health care,insurance=2056, 7,Legal Services-vicrease primarily due to anticipated legal services on UO K anfralo St.Project that are fully reimbursed from borrower. & Wlrsotfllcneous-Includes stramwaler and sidewalk feet of$3,232-All but$156 will be reimbursed from lessees, 9,Trailing halt year CPl r1.5%(CPI-U Northeast region,all ftenod, Exhibit A 10/152019 Schedule of Salaries proposed FY 2020 IURA Budget 2019 2020 Mld4ear Adjusted YTO Proposed Annual webs % sturry Budgeted Expersditutes YTD % Annual work Budgeted Authorized Etrijakriessint Positions Salary week full-fl" Change galleries 81,31 br 19, % %Change Chance Salary week ifull-firne Salaries I Acimurnvit 22 hours tispfi, $0 $37,014.16 $25l5ZI.20 60% 2.Qi $740 560'00.88 22 hours (Ssi $97,7$IL44 2 Contracts Monaco $50,925,02 full loss's $0 $501925M $3S S4JI0 10fus 51,019 551,943,52 fall.. 1005e, S52j943S2 a Cis Planner $54,181.6CI full 100% so $56,181.60 69% 2.00% 51j24 S471305'23 full 100% ss?� .23 4 [SrernsrofCD 587'829 61 full , top% $0 $87,82161 $60,81DA5D 0% 1 2.00%, 51 757 589,586,20, fell 100% S89,586.20 i $231,950-39 $160,579„lb) 159- $2361s99A9 2019 Approved Bornueu. $0100 2019 Approved Salary Changes: Mor) Total 2020 Proposed Sallarjew $236,58939 Total 2019 Authorized Salarlea $231,95039 Increase Idepreaset S4,639-01 2.0% L Cq/CSEA Ail miti,lorit Agreement expires 12131/19, 1 Historical IURA salary increases:24113:+Iss,2014:•2%;20ISia 1%;201&11%;2017;1-75%;2GI&-295,2019,2%, 3. Salaries based on full-time orannyhenit of 1,820 hours per yea, 4 2019 Half Yea,AheL.al Aec,afte CPI u 1.5%(CPII-U Northeast region,all urban consumers,all items) IURA Minutes October 24,2019 Page 13 of 24 Exhibit 8 10115/ZD19 Schedule of Personnel Expenses Proposed 2020 IURA Budget 2020 Salary lncreaset 2.00% 2,00% 2,00% 2,00% YM Director contracts ED proposed Expentutures YTO Employee Benefits Accountant � of CD Monitor I Planner 1hotalks 8/31/2019 % Health insurance Isilrpiv Fine Pius Plan-2 nrrc,4 30,521.85 S 10,708.29 $ 10,708.29 58,00,27 69% 2020 Employee,Contribution Percentage 20% 20% 20% 20% 2020 Employ"Contribution Amount $ a 2,141-66 $ 2jall_66 $ 11,60PLAS $lt,9(A 69% $ 4','gF'E'1' 'Net Employer Health Insw,Expense S l' 1 24�,t'V�. 1 8,566,63 $ 8,566.63 $ 46,416,22 $31,055 69% Retirement Benefits(11%) $ 4,152,99 9,85448 $ 5,71379 5 6,303,59 $ 26,024,S3 $12,757 49% Ufa osurince $ 120-00 s $ . $ - 1i 1X00 so 0% StalfTnairrinig $ 600,00 600,00 $ 601(LOD $ GOODS, s 2,40Q,00 so 0% FICA(7k5%) $ 2,88811 S 6,386,36 $ 3,809,94 $ 4,220.f11 $ 171,M,43 4609 -4% SandItSubtortal $ 12,626.68 $ 41,250.32 S 18,690.115 S 19,690.22 $ 92,266,48 $44,003 48% 2019 SudgrALd Salaries $37,014.16 $ 97,829,61 $ 50,925,02 S 56,181.60 S 231,950,39 $16D,580 69% Mill-yWr merit-based salary mcrease $ 1 $ 1 5 - $ - $ 2020 2,0%Salary Increase $ 740,28 $ 135659 S 1,018.50 $ 1,123,63 $ 4,639.01 2020 Increase in Employee Pyrnt-Health I mur, $ 2185 $ 331,37 S 116,26 S 116 26 2020 NO Salary $ 716.43 $ 1,42S,22 $ 902.24 $ 1,007.37 S 4,051.27 2020 Effeetrive Net Tbke*Hmmi Paycheck Salary Charge 1,94% 1.62% 1,77% 1,79% 2020 Increase in Reli rament Benefits $81.43 $193'23 $112,04 5110,81 SSI0,29 2020 Aff-fin Employee Compensation Change 2-16% 1-84% L99% 1199% 2020 Budgeted Salaries $ 37,754,44 99,586,20 $ 51,943,52 S 57.305A $ 236,58%39 Me rit-Based hcrease Pool(to be odmermined) I$ - . $ 1 $ - $ shoixE00 Salary Subtotal $ 17,754A4 $ 89,596,20 S 51,94152 S 57,3n5,21 I$ 241,569.39 Total Employee Compensation $ 50,381.12 $ 130,944.52 S 70,633.78 $ 76,995.45 S 333A54.89 Notes: 1, Historical health insurance rate premium tfiargvs; 2014:decrease 8,S%for Sl age;lncrease 53%for Family n15;12:%r-reamir 201(u 12%increase •2017:14%hftcreasp 2018:9,1%increase 2019.1,596 increase for Sirqde�1.9%increase for Fa milly 421X 5_7'%urrmse 1$5,000 budgeted for possible WRA-approwed,merit based bonuses in 2020 3- Staff training is a separate line in the IURA AdrinnWierfive budget,so it is net included in the'employee,compensation"budget line Exhibit C Schedule of independent Contractors Expense Proposed FY 2020 IURA Budget A.thorbed Ondleabd Authwhind aeropted comratt Amount Yin Cori test Amount %Cha-p, Anxious WURAAdmh. Exttemllturcs Amosurt fulovisdefre, tins contracted Se"firb Cutrevettonenothe FY 2039 FY 2019 813111019 14 FY 2020 EY 2010 2s1 q Bdieq Lef,A NL,vimu,Godenh.v",,Em• S12.003 83% S13,00D $143,OW 111k te,orre G-1din&Pqpsaa IR,Ruserck) $2,000 51,5150 156%1. 5101000 gJ1poDa` XKYX Sharon Snil-ki,Esq. $61000 $slow E760 1546 $frow Kow M yrt6rk,Heiria8con&5rrehffe,tire 'ejrrm,' $11075, _11.015 100% so $0 NA Legal 5utltataF 516.m7s $10,8113 69% $2%ow 43% Reemtaursensants Oar Ltsial serefices Oul-of-Prokoz Legal Tonalt $13,771 (rah6&tD conwit""t ic sldwrno,g,(o.,w. so It 0% 10,M) 0,000 1)% w Prrv'an Pe'wng Payche. RA $1.7ea 994 So% NA $Lmo 01 le,,itic 8Ninit Pkjc�Aifiw. 9ERA NA S05 $475f I 70% NA Ws 0% Allot-A LDLM NA s7w $70) 1M N/A $700 LIN r'.rbirane jor".), Rd S600 $84 14" 700 $fidd NA Auw'rraled A/p Guba, ,, RIN S?W so 0% NA VS0 NA EW'on�e'W C.am'ering @astral5 Lats,ift",PC, isk HS�q Tus) TO S 174 AgtotriclwreAA steps. T'S'otilie,tchmv Sri $%rw 79% L 0%1- h Other Contractors subboUll w',tas $3 0% 'Total $28,500 $16,097 1 $35,425 Z4% gores! t 9=cd r."c'.w fQ`CPI and fi-In St.Garage ufdan Renee Srcnacl ugaRsar'kes_ IURA Minutes October 24,2019 Page 14 of 24 Exhibit D ID/15/2019 Schedule of Insurance Expenses Proposed EY 2019 lURA Budget YtD8/31,/2019 Propa %change FY2019 Eiealthinsut"E_ �r _ FY2020 From,: Insurance Carrier Budget ncir ures�rrpl€ayersha get 2019 Budget Dir4etors,&pffirer5($1.rnvl6on) Char6s-Naflonal GnW Fire€nsur.Co. $2,914 $2,906 105% $2,935 1% Emptoyee Dishonesty I$1513s} Hartford tars Insurance Co. 5570 $564 t � 99'% $970 Disabilny shelterpohnt. Sag. $263; 69% ISM 23%: UalWhy&.Property carried on City Pi78ocy so $7 NA $0 n4 uvwe e'scompensa"oln Travelers $1,100 $0 0% $1,100 CK Agency insurance Subtotal S4,965 � $,V3$�� gg% Ag1, _2% & E Healkheare Employe rShaae ExceflusttC/es employee:#1 Family 4$2,543/mor $23,092 $21,647� $1.7,317� 75% $24,417 6% ernptoyea,02 single @$892/mo, $8,102 $7,595 1 $6,076 75% $9,567 6% ernployee 43 Single @$892/mo, 58= 57,595 $6,076 s 75'% $8,567 6% employee#4 Spousal coverage @$405/dno. $4,706 $2,98�1 k $2,3$5 l 51% $4,869 3% Health losurrance su[attrtal 544 00t $3s„$1 p S3S,855 1 11% $A,416 5% InsurantesTotal 548,966 SUMS $51,297 5% Notes. t, Heat¢tteare insuran.[e experdse suclvdes 2(k'Ss.employee cantrl#o-u¢rdn.. 2, Employees who rnairown non-IURA coverage are eligible for ren bursement of health insurance expenses up to.75 of the WRA beneflt.. 3,Orsahiisy lusurance expenditure YTO 8t:3t/201+9 exclndPs'Pxnd rdmily tersle portion of Invwce In Inn amount of,$295 35 which is paid by eterployees, 4, 2020 atnnuM health€nsurance prerrhuna rates acif arimd for Excellus BC;/r'f.5 by t5YS Dept,rf frnanuai Services, 2019 2020 Change single $S:0,127 $10,708 5,74 Subscriber&Spouse; $20,254. $21,417 5,74% Subscriber&childiren9:. $17„216 $19,204 5.74.% Famuy; 528,865 530,522 534%.. Spoosalcovetage:.::.. $5,96:1 $6082: 21 . (continued on next page) IURA Minutes October 24,2019 Page 15 of 24 Exhibit E 10/15/2019 Schedule of Projected Revenues Proposed FY 2020 IURA Budget AMOUNT AMOUNT : °6 Portion APPLIED APPLIED Change 1 projected Applied to TO 2019 TO 2020 From IURA Projected YTO 'YTD Revenues Budget ADMEN AD IN Prig Fund Revenue Sources 2018 2019 9/3112:019 E J, 0241 %.: BUDGET BUDGET Year 0 HUD Entitlement Grant: Prig Year(2019)CDBG Admin. $128982 $137214 S101„290 74% $131,679 1 $137,214 $137,679 $465 NA Prior Year l20191 HOME Admin, S27 565 $36,880 $32,343 88% $30,597 1001/6 $36 880 $30,597I -$6.283 NA Admin from Program Income-CDBG 120%) $0 $0 $o NA $S20 100% $0 $520': $520 NA Admin from Program Income HOME{10%) $0 $0 $2,449 d I NA $910 100% $0 $910 $910 NA .Subtotal: $156,447. $174,075 $136,081 78% $163 707.:. _ $174 095 9,707: -$4,38$ raA Ceara Repayments: HUD Entitlement Loans $45,767: $5„398 $3,644 63% $5,398 20'Ib:..... S1,0S0 $1,080 $0'.. 2. Gt1SC•N'YS Cascade Plaza $0 $34„9UU $0' f l 0% $0 0% $17 450 $Q •$17,450 5 C1?RLF Loans $41,510 $61,597 $75,484 c I 123% $54,2110'; 20% $12,319 $10,842 $1 477 2 Priority Business Loans SST,625. $81,897 $4%002 60% $92,203..... 20% $16,379 $18„441. $2 061 2 KODAG Loans $26,613 $26,613 $17,742 67% $26,613 20% $5,323 $5,323' $0 4 JEAG Loans $0 so $it NA $0 $0 3 Cayuga Green LLC Loan(131-135 E.Green St) $59,572' 562,322 $41,548 67% $62,322: 64% $40,000 $40, $0 5 Lofts.0 Six Mile Creek(217 S.Sayre � 524,284. $26,904 $x7,936 7 s :$26,904> 10tY3y: 26;t14 $26, $0.... 5 Canopy hotel(324 E.State St) $91,922' $91,922 $62.047 it 67% $31,922 36% $33,092 $33,092 S0 5 210Hanceck-CDBG Portion:: $0': $0 52,608 INA $2,600 0% $0 $0 $t7..,..... 2.. Subtotal: $376,293 $391,,S53 $270,010 ! 69% $362,172 $152,547 135, 81' -$16566 I pro erty lease Revenues. Cayuga Green Garage Air Rights Lease:.:: S34,300' $35, 23 $23„064 66% $35,288 100% S35,I.23 $354288 $165.:.:. 6. Cayuga Garage Ground Floor Lease $79,373 $80,254 S5327S 66% $81,59a 0% $0 $0; $0 5 Ca_.ga Green III,Cinema Lease __ __. 537 995:: $38,907 $25%865 66% $39,734 (YX, __ so $0 so__ 5 Cherr Street Industrial Park:Leases $1,860- $1,860 $864 a I 46% $0; 0%. $0 $0: $0... 14 SSCG,530 W Buffalo St Lease $Il 960: $1,860 $3,169 1-1 '.. 5,583 0% $0 $0: $0.... 5 Ithaca Farmers Mkt Coop,Steamboat Lease $1,860 $1,860 $8„m 46z% $15,010 0% $0 $0' S0, 5 Reimbursed sidewalk/stormwatertoes $2,924 $2,924 $2,759 941E $4,357 100% $2,924 $4,357 $1,433 5 Subtotal: $155 172 $162,798 $112,576 72% $201,566 $38,047 $39, $1,59E# Prop"Mara emen Adrtin.Fees: Cherry Street Industrial Park Amid fee $1,536 $941 612 a 65% $612 100% $941 5612 $329 14 Ithaca Farmers.Mkt lease management fee S1,271: $1,396 $1,388 I 1,0 :' $1:,416 1 i $1,386 S1,416: 530:... a.. Cayuga Green LNC cinema management fee $1,048: $11.63 $855 73% $1,169 :: 100% $1,163 51,16,9 $5.::. 5 SSCC,530 Vv,Bullalo$t.M mt Fee $1,254 $1,2S4 $1,118 69% $Il,140': 100'h 51,254 $1,140 -$114 5 Canogy Hotel(324 E.State Sty M mt Fete $610' $610 $1,256 206% $1,281'' 1 $610 $1,281 $671 5 Loan Application/Commitment tees $150 $1.50 $150 100% $1So 10D%: $150 $1$0 $0., a Subtotal: $5,869 $5,505 $$,37,9 99% $5,768; $5,505 Sr7 R' $263 6 i ,Property DIs ositiom j Reimbursed Expenses- ayr2ll $4,000 $6,000 $5,453e 91% $115,000 100% $15,000 $16000' $14,0gal 5 Reimbursed Ex enses-non- a roll $2,000 $0 $3871 m NA $0 100% $0 $0 $0 5 Sale of 617 Five Mlle Drive'Reimbursed Payroll) s0. so $0 „ NA ^4,621: 100%. $0 '$4,621 54,621 5 Sale of 617 free Male Drive(Non-payroll) $0 $0 $o NA $3,032 100% $0 $3,032' $3:032 5 Sale of 247 Cherry Street(Reim expenses-including legal) $0: s0 S15,73:S b :NA $a':: 100%: So $0:: $0.... 14 Subtotal:. $6,000: $6,0. S25,57s Y 426% $16000 $6, 23,654. S1T,654 S Miscellaneous: Reimbursed Le al Expenses-Lean Closings 511.000 $4,0110 $1110 b 28% S10000 10m,..... $4,000 $10 S6,D00 2.5.14 Bank Interest Earned{nor€CDBG funds. $800 $ 0 $3,255 g �407% $1,500 100% $800 $1,500 7t]i]:..: 5. Subtotal! 54,8010 $4,900 $4,365 41% $11,500 $4,800 $1I Sd01 $6,700 Recurring Income SmIttotal $708,581. $744.,740 $558„986 I 75% $766,712. : 380,993 �385,9541.. $4,961:- hates target; $386,718 a 247 Cherry$t(Moro Desagnl property surd 6r'26+2419 gaps $764 b Y 10 Includes re mbursemem for legal.Sees assoc,is loam closings±merh9n'+ca9a¢ns!w Hertel Syracuse S950,00 and 5250 Ithaca L mantayss Assoc, Y`dr} addlilonan expenses in the amont at$1 907.50 have been incurred for 617 Five Mile Otte that have no been radmburrsed c. YTt7 Scattered Site made principal pm9.of 531 338.Gx3£Fingen.akes.Massage is..not included in 2020 budgeted amoum Srhool was closed and much uncertalnly surrounds repayment. d YTD 110%Admin Ponton of Recaptured HOME funds<Slone Quarry is 210 Hancock IURA Minutes October 24,2019 Page 16 of 24 Exhibit F 1 /15/2019' Projected Funding Sources Adopted FY 2020 IURA Budget Projected Draw on Projected Revenue Balance Total Funding Sources-By IURA Fund Acct. 2020 2020 2020 HUD Entitlement Grant $168,277 $0 $16 ,277 44 Admin from Program Income $1,430 $Q $1,430 0 #02 CD-RLF $35,362 $0 $35,3 2 9% #04 HoDAG $5, 23 $0 $ ,323 1% #05 Non-CDBG $174,951 $764 $17 ,715 45 #14 Industrial Parks $612 $0 $612 D #19 NHI Bond $g sol $U 0% $385,954 $764 $38 ,718 100% Acron yms/Restri coons: HUD Entitlement=Annual CDBG and HOME administrative/planning funding allocated to city of Ithaca CD RLF=Community Development Revolving Loan Fund CDBG program income: HoDAG=Housing Development Action Grant proceeds restricted to affordable rental housing uses Tin-CDBG=Local unrestricted IURA funds Gateway'(CHDF)=Community Housing[development Fund-restricted to use as-Clty's contribution to the CHDF to match Tompkins County and Cornell funding NH1 Bond=Neighborhood Housing Initiative bond•restricted to affordable for-sale housing Notes. 1.005 non CDBG fund balances: 8/31/16:$283,390 (adjusted for one time Canopy hotel property sale proceeds transferred to City) 8/31/17:$335 053 8/31/18:$365,32.7 2. Accrued liabilities(to City)in the#05 non-CDBG fund are paid out annually in February,so the 2/28 balance is generally available for IURA uses. #05 non-CDBG fund balance as of 2/28 2/28/17.$239,580 2/28/18:$247,716 2/28/1 :$330,000 3. 2020 Annual revenues are projected to exceed budgeted expenses.Funds will be drawn from#05 account In event of a shortfall. Moved by Rosario,seconded by Graham: Adoption of FY2020 IURA Administrative 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 IURA Minutes October 24,2019 Page 17 of 24 WHEREAS, the IURA Governance Committee reviewed this matter at their October 22, 2019 meeting and recommended the following; now, therefore, be it RESOLVED, that the IURA hereby adopts the FY2020 IURA Administrative Budget, dated 10/15/19. Carried Unanimously:4-0 B. 2019 Action Plan Amendment#1:Adjust Funding Sources&Amount for Immaculate Conception School Redevelopment Project(2019 Project#3) Moved by Rosario,seconded by Graham: 2019 Action Plan — Program Amendment#1: Immaculate Conception School Redevelopment Project (Project#3) WHEREAS, the City-adopted 2019 Action Plan allocated $200,000 in funding assistance to the Immaculate Conception School Redevelopment Project ("Project") sponsored by Ithaca Neighborhood Housing Services, Inc. ("INHS"), and WHEREAS, the 2019 funding commitment is derived from the following sources: $97,022.70—2018 HOME CHDO Reserve funds $98,668.22—2019 HOME funds 4 309.08—2017 HOME CHDO Reserve funds $200,000.00 And, WHEREAS, only $95,730.84 is available from the 2018 HOME CHDO Reserve funds, creating a $1,291.86 funding shortfall, and WHEREAS, INHS recently remitted recaptured HOME funds from a 2009 Homeowner Rehabilitation Project#1 (604 S. Albany St.), which can provide $1,191.86 to make up for the funding shortfall for the Project, and WHEREAS, INHS supports total Action Plan funding for the Project at $199,900, and WHEREAS, a change in funding sources and a minor adjustment of$100 in total Project funding is a Minor Program Amendment that does not require a Public Hearing or Common Council approval, and WHEREAS, at its October 22, 2019 meeting, the IURA Governance Committee considered this matter and recommends the following action; now, therefore, be it IURA Minutes October 24,2019 Page 18 of 24 RESOLVED,that the IURA hereby adopts Program Amendment#1 to the 2019 HUD Action Plan to revise funding sources and amounts for the Immaculate Conception School Redevelopment Project (2019 Project#3) as follows: $95,730.84—2018 HOME CHDO Reserve funds $98,668.22—2019 HOME funds $4,309.08—2017 HOME CHDO Reserve funds $1,191.86— Recaptured Funds from 2009 Project#1 $199,900.00 Carried Unanimously:4-0 C. Independent Contractors—Amendment#1 to 2019 Legal Services Contract with Levene,Gouldin,& Thompson Moved by Rosario,seconded by Graham: Amendment#1 to 2020 Legal Services Contract with Levene, Gouldin, &Thompson, LLP WHEREAS, the IURA executed a contract for up to $2,000 of legal services from Richard Ruswick of Levene, Gouldin &Thompson, LLP that expires on February 28, 2020, and WHEREAS, Richard Ruswick is assigned to represent the IURA on loan financing for the Cayuga Flats project (formerly known as INHS Scattered Sites 2), and WHEREAS, the Cayuga Flats project has been allocated Low-Income Housing Tax Credit which requires syndication and extensive IURA legal services, and WHEREAS, the borrower is required to fully reimburse IURA legal expenses for the project, and WHEREAS, the actual cost of IURA legal services will exceed the contract amount, and WHEREAS, the projected cost of IURA legal services on the Cayuga Flats project is projected to range between $5,000 and $10,000, and WHEREAS, at their October 18, 2019 meeting, the IURA Governance Committee reviewed this matter and recommends the following action; now, therefore, be it RESOLVED,that the 2019 legal services contract with Levene, Gouldin &Thompson, LLP be amended to increase the contract amount by$10,000 to account for legal services incurred on the Cayuga Flats project, and be it further IURA Minutes October 24,2019 Page 19 of 24 RESOLVED, that IURA legal costs on the Cayuga Flats project be fully reimbursed by the borrower, and be it further RESOLVED, that the IURA Chair, subject to review by IURA legal counsel, is authorized to execute a contract amendment to implement this resolution. Carried Unanimously:4-0 D. IURA Rental Housing Affordability Monitoring Agreement— Community Development Housing Fund (CHDF) Rosario explained that CHDF is a joint program of Tompkins County,the City of Ithaca, and Cornell University, which provides grant funds to support new construction/rehabilitation of affordable housing in Tompkins County. The proposed IURA Rental Housing Affordability Monitoring Agreement is a pilot project. Farrell remarked it will be important for IURA staff to keep accurate track of the hours it spends on monitoring. Bohn responded it is a pilot project, so there is some uncertainty about how much time and effort will actually be involved. Enforcement of the monitoring agreement will be the County's responsibility. Moved by Rosario,seconded by Proulx: IURA Affordable Housing Monitoring Agreement WHEREAS, a for-profit developer, lerame S. Hawkins, was conditionally awarded grant funds through the Community Housing Development Fund (CHDF) to undertake a project to rehabilitate a three-bedroom house located at 622 W. Clinton Street for use as affordable rental housing, and WHEREAS, the conditions for CHDF grant approval are: • the grantee must provide rental affordable housing for a minimum of 49 years to a household earning 80% or less of Area Median Income, and • the grantee must enter into and comply with the terms of a monitoring agreement to verify eligibility of tenant household income levels and affordable monthly rental and utility costs, and WHEREAS, the IURA conducts similar income and rent verification of HOME-assisted projects, and WHEREAS, without a IURA monitoring agreement the project will not move forward as a dedicated affordable housing project, and WHEREAS, facilitating expansion of the supply of affordable housing advances the City of Ithaca HUD Consolidated Plan and the IURA mission "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," and IU@Minuts October 24,Z029 Page Z0of24 WHEREAS, |URA staff time incurred to conduct annual monitoring can be offset by charging the grantee a fee for each application reviewed, and WHEREAS, the IURA is responsible to report results of income and rent verification to the funder, but is not responsible to enforce compliance, and WHEREAS, operational experience to conduct affordable housing monitoring will inform the IURA on whether an expansion of IURA monitoring services is a wise use of staff resources, and WHEREAS, at their October 22, 2019 meeting, the IURA Governance Committee considered this matter and recommends the following action; now, therefore be it RESOLVED,that the IURA hereby authorizes entering into an affordable housing monitoring agreement with the Jerame S. Hawkins to conduct income and rent verification for one rental housing unit located Bt022VV. Clinton Street, and b2itfurther RESOLVED, that the IURA Chair, subject to review by IURA legal counsel, is authorized to execute a contract to implement this resolution. Carried Unanimously:4-0 E. Cmrmrmittee Chairperson Report None. IX. OtherNem/OUd Business A. 2018 Action Plan: 2n« Modification mfFinancing Terms for Cayuga Flats Project(CD-RLFProject#45) Bohn reported the proposed resolution is required to clarify the loan terms. The attorney representing the tax credit investor determined it would be most advantageous if the CDBG loan carried a 2% interest rate, rather than a lump sum equal to2Y6of the loan amount. The proposed modification actually works in the |URA'sfavor. Moved bwPmmmix,seconded by Rosario: 2018 Action Plan -- 2»u Modification sfFinancing Terms for Cayuga Flats Project (2018 Project#7 & CD'RLF#45) WHEREAS, on October 17, 2019, Ithaca Neighborhood Housing Services, Inc. (INHS) requested a revision to the loan terms on the Community Development Block Grant loan to support the Cayuga Flats project (forrner|yknoxvnas |NHSScatteredSitePhase2project), and WHEREAS, on July 25, 2019, the IURA approved the following financing terms for the Cayuga Flats IURA Minutes October 24,2019 Page 21 of 24 Source Amount Term Interest rate Repayment Terms 2% of loan CDBG amount due (CD-RLF#45) $128,662 30 years 0% annually annually, cash flow contingent HOME 2018 $100,000 50 years 1% interest only Cash flow contingent And, WHEREAS, the outstanding loan balance and any accrued interest on IURA loan assistance is due and payable at the end of the loan term, and WHEREAS, the project has received an allocation of Low-Income Housing Tax Credits that will inject private equity into the project from the tax credit investor, and WHEREAS, the attorney representing the tax credit investor has determined that it is most advantageous that the CDBG loan carry a 2% interest rate rather than have a lump sum due equal to 2% of the loan amount due, and RESOLVED, that the IURA hereby approves the following loan terms for assistance to the Cayuga Flats project (formerly Scattered Site Preservation Project— Phase 2): Source Amount Term Interest rate Repayment Terms CDBG Construction phase: 0% Interest only due (CD-RLF#45) $128,662 30 years Permanent phase: 2% annually, cash flow contingent Construction phase: 0% Interest only due HOME 2018 $100,000 50 years Permanent phase: 1/0° annual, cash flow contingent And be it further RESOLVED, that the Director of Community Development is authorized to issue a revised loan commitment letter to implement this resolution, and be it further RESOLVED, that the IURA Chair, subject to review by IURA legal counsel, is authorized to execute loan agreements to implement this resolution. Carried Unanimously:4-0 IURA Minutes October 24,2019 Page 22 of 24 B. Modification to Loan Assistance to GreenStar Cooperative Market, Inc. (PB-LF#11) Bohn explained the IURA and GreenStar experienced considerable difficulty obtaining the landlord waiver for 307 College Avenue ("Collegetown Crossing"). After weeks of negotiation, the landlord (Josh Lower) continued to request unrealistic terms. The original loan underwriting analysis identified a break-even scenario for collateral. Without the third waiver, it would take approximately one or two years for the collateral to represent a positive figure if the IURA was unable to access collateral at this location under a default scenario. GreenStar could also, conceivably, return to its members to seek an additional capital infusion, if need be. All things considered,the project continues to provide a significant public benefit, including job creation. Bohn therefore recommends the IURA waive the requirement for the landlord waiver for the 307 College Avenue premises as a condition of IURA loan approval. Moved by Proulx,seconded by Rosario: Modification to Loan Assistance to GreenStar Cooperative Market, Inc. (PB-LF#11) WHEREAS, GreenStar Cooperative Market, Inc. (GreenStar) requests the IURA waive submission of a landlord waiver for the 307 College Avenue lease premises as a condition for IURA loan approval; and WHEREAS, on March 28, 2019 the IURA approved a $400,000 loan to GreenStar for a $7 million project to relocate and expand their flagship store to 770 Cascadilla Street, Ithaca, NY; and WHEREAS, the approved loan is to be secured by the following security interest lien on all business assets, including new equipment, furnishings, and fixtures located at the following three commercial locations that GreenStar leases: • 770 Cascadilla Street, Ithaca, NY— 1st lien on inventory; 2nd lien on all other assets subordinated to Reinvestment Fund loan • 215 N. Cayuga Street, Ithaca, NY— 1st lien on inventory; 2nd lien on all other assets subordinated to the Reinvestment Fund loan 0 307 College Avenue, Ithaca, NY—3rd lien on all assets subordinated to Cooperative Fund of New England loan and the Reinvestment Fund loans, and WHEREAS, when pledged collateral is located in leased premises it is the IURA's standard practice to require a landlord waiver to authorize the IURA to access the premises to inventory, secure and remove borrower collateral pledged to secure the IURA loan in the event of a loan foreclosure, and WHEREAS, landlord waivers have been executed with landlords of the 770 Cascadilla Street and 215 N. Cayuga Street premises, but the landlord of the 307 College Avenue premises has not agreed to execute the IURA landlord waiver, and WHEREAS, lacking such a landlord waiver creates practical difficulty and delays to inventory, secure and remove collateral in the event of a loan foreclosure though does not impact the legal validity of the IURA lien on assets, and IURA Minutes October 24,2019 Page 23 of 24 WHEREAS, in the event that pledged collateral located at 307 College Avenue were excluded from the collateral analysis in the loan underwriting analysis, the computed IURA collateral value would be reduced by$169,000 changing the calculated collateral coverage from 141% ($565,000 collateral value) to 99% ($396,000 collateral value), and, WHEREAS, GreenStar has made good faith efforts to secure the landlord waiver for 307 College Avenue, and WHEREAS, the IURA is in 3rd lien position behind over$3 million in senior debt on collateral located at the 307 College Avenue location thereby mitigating the value of collateral at this location; and WHEREAS, the IURA security agreement with GreenStar includes a provision under a default scenario where the Borrower is required to assemble the collateral at a place designated by the lender; now, therefore, be it RESOLVED, the IURA hereby modifies its 3/28/19 GreenStar loan approval to waive the requirement for submission of a landlord waiver for the 307 College Avenue lease property, and further RESOLVED, that the IURA Chairperson, upon the advice of IURA legal counsel, is hereby authorized to execute all necessary and appropriate documents to implement this resolution. Carried Unanimously:4-0 B. Review of IURA Financials:September 2019 Bohn reported virtually all HUD Entitlement Program projects are progressing well, including prior slow projects. As mentioned earlier, the 2018 Neighbor to Neighbor Homeowner Rehab and 2018 Domestic Violence Center Renovation projects have been making some progress. Bohn reported all loans are current, except Finger Lakes School of Massage, which IURA staff will be seeking to collect. Bohn reported all lease payments are now current. C. IURA Chairperson Report None. D. Common Council Liaison Report Lewis reported that Common Council has been busy with the City's 2020 annual budget, as well as the Green New Deal (GND), which was the subject of numerous public comments. Common Council also continues to work on new Accessory Dwelling Unit (ADU) regulations. IURA Minutes October 24,2019 Page 24 of 24 E.Staff Report Mendizabal reported the City will be applying for a New York State Anti-Displacement Learning Network grant. It is a great opportunity for Ithaca, since it aligns well with its Assessment of Fair Housing, as well as the Green New Deal (GND). The City has seen some displacement from the Southside neighborhood to West Hill. "New York State Anti-Displacement Learning Network (a collaboration between Enterprise and the New York State Office of Attorney General) Through this program, Enterprise will support up to ten municipalities and/or counties in New York State to work collaboratively with local stakeholders in affected communities to identify and implement high-impact anti-displacement strategies that will reduce or prevent the displacement of the most vulnerable populations, particularly low- income households and/or people of color. The program comprises three phases: • Phase 1: Municipal teams will learn about various strategies to address displacement through webinars and peer-to-peer discussions. • Phase 2: Each municipal team will receive up to 20 hours of technical assistance from Enterprise's consultant team to select an anti-displacement strategy and develop a plan to implement the chosen strategy. During this phase, each team may submit a funding request of up to $1 million to Enterprise to implement the chosen strategy. • Phase 3: Municipal teams that have been awarded implementation funding will execute their chosen strategies. X. Adjournment The meeting was adjourned by consensus at 10:28 A.M. — END — Minutes prepared by C. Pyott,edited by N. Bohn.