HomeMy WebLinkAboutMN-IURAED-2022-11-08Approved/Adopted: 2/14/23 108 E. Green St.
Ithaca, NY 14850 (607) 274-6565 MEETING MINUTES
ITHACA URBAN RENEWAL AGENCY
Economic Development Committee (EDC)
3:30 P.M., Tuesday, November 8th, 2022
Common Council Chambers, 108 E. Green St., Ithaca, NY 14850
Present: Chris Proulx, Chair; Doug Dylla (VIRTUAL), Vice-Chair; Charlotte Hamilton; Leslie Ackerman;
Donna Fleming
Excused: None.
Vacancies: 1
Staff: Nels Bohn; Charles Pyott
Guests: IN-PERSON
Chuck Schwerin, Managing Director of Business Services, Ithaca Area Economic Development
Rod Rotondi, Commercial Kitchen Operator & Chef
VIRTUAL
Tom Knipe, City Deputy Director for Economic Development
I. Call to Order
Chair Proulx called the meeting to order at 3:32 P.M.
II. Agenda Additions/Deletions
None.
III. Public Comments (3-minute max. per person)
None.
IV. Review of Meeting Minutes: October 11th, 2022
Fleming moved, seconded by Hamilton, to approve the minutes, with no modifications.
Carried Unanimously: 5-0
V. Feasibility Analysis for Shared-Use Commercial Kitchen — Review & Discussion
Knipe explained the feasibility analysis emerged from “Growing Small Scale Manufacturing in
Downtown Ithaca: An Action Plan” (March 2022), which identified a strong need for shared kitchen
facilities to support local food-product businesses. He noted Friends of Ithaca Farmers Market, a 501
(c) (3) non-profit organization, has been approached to serve as the fiscal host or umbrella
organization for the “Sharing Kitchen — Ithaca (SKI)” facility and a $150,000 grant application has been
submitted to Tompkins County for new/used equipment.
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Rotondi thanked the IURA for its contribution to development of the feasibility analysis and walked
through following presentation slides.
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Ackerman remarked she is curious to know more details about the operational structure of the project
and the long-term plan for the for-profit LLC component, as well as whether Friends of Ithaca Farmers
Market would eventually be replaced with another non-profit.
Rotondi replied they can only project so far into the future in terms of how it would be structured and
institutionalized. Schwerin agreed, adding they are focusing on raising approximately $300,000. If they
are fortunate enough to be granted the $150,000 from the County, then they would only have to repay
$150,000 for start-up costs, which would also de-risk the project for investors.
Hamilton asked who would own the LLC. Schwerin replied, the consortium of investors, as well as Friends
of Ithaca Farmers Market.
Hamilton asked if Schwerin had considered a Simple Agreement for Future Equity (SAFE) financing
arrangement, which would not count as debt and could therefore open up other types of funding
opportunities. Schwerin responded, yes.
Hamilton asked if Schwerin had considered structuring the project as a certified B Corp to demonstrate
the community benefit. Schwerin replied, yes; they did explore that, although they were leery of the
compliance-related challenges and additional costs associated with that.
Hamilton remarked she used to operate business development for the Ithaca Air Service Board (ASB) and
had to raise a revenue guarantee of $250,000 in financial commitments, which ASB could say it would not
actually need, since it would reach its revenue targets. That would also seem like a promising avenue.
VI. Old/Other Business
A. IURA Financials Review: September 2022
Bohn reported all loan repayments are current, except the Tompkins Community Action (TCAction) loan,
which is still being worked out. All lease payments are now current.
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B. Staff Report
None.
VII. Adjournment
The meeting was adjourned by consensus at 4:38 P.M.
— END —
Minutes prepared by C. Pyott, edited by N. Bohn.