HomeMy WebLinkAboutMN-IURAED-2019-06-24Approved: 7/23/19
108 E. Green St.
Ithaca, NY 14850
(607) 274-6565
MEETING MINUTES
ITHACA URBAN RENEWAL AGENCY
Economic Development Committee (EDC)
3:00 P.M., Monday, June 24, 2019
Common Council Chambers, City Hall, Ithaca, NY
Present: Chris Proulx, Chair; Doug Dylla, Vice‐Chair; Leslie Ackerman; Charles Hamilton
Excused: None
Vacancies: 2
Staff: Nels Bohn; Anisa Mendizabal; Charles Pyott
Guests: Tom Knipe, Deputy Director for Economic Development, City of Ithaca
Molly Chiang, Vecino Group of New York, LLC
Rick Manzardo, Vecino Group of New York, LLC
Mike Willemsen, Vecino Group of New York, LLC
Jeffrey Rimland, Ithaca Properties, LLC
I. Call to Order
Chair Proulx called the meeting to order at 3:02 P.M.
II. Agenda Additions/Deletions
None.
III. Review of Meeting Minutes: March 12, 2019
Ackerman moved, seconded by Proulx, to approve the March 12, 2019 minutes, with no
modifications.
Carried Unanimously: 4‐0.
IV. Green Street Garage Redevelopment Urban Renewal Project
A. Western & Center Sections of Project Site
1. Progress Report & Discussion
TOM KNIPE, DEPUTY DIRECTOR FOR ECONOMIC DEVELOPMENT (DISCUSSION OF CONFERENCE CENTER)
Bohn explained that the City’s Deputy Director for Economic Development will report on the
status of the feasibility analysis for the potential conference center associated with the project.
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June 24, 2019
Page 2 of 15
Knipe noted the final phase of Hunden Strategic Partners’ (HSP) feasibility analysis is almost
complete and may possibly be published as soon as this week. He walked through the following
initial recommendations and highlights of the analysis:
Create a public‐mission non‐profit to own and asset‐manage the project.
Fund ongoing operations and related marketing with a new TBID (Tourism Business
Improvement District). HSP recommends it be a County‐wide TBID, if possible.
Fund the project via tax‐exempt bond, repaid by lease revenues and the County’s hotel tax or
TBID.
Apply for a NYS Upstate Revitalization Initiative (URI) grant of up to $21 million (⅕ of total
$105 million project), but prepare for an award of $7 million (⅕ of $36 million public elements
portion). An application to the NYS Downtown Revitalization Initiative (DRI) will also be
submitted.
The non‐profit should bid out management of the conference center to a third‐party
management company on a five‐year basis.
Discussion has already begun with Civitas Advisors regarding establishment of a TBID.
HSP anticipates the conference center would carry an annual operating deficit, which should
eventually stabilize at ~$250,000/year.
Hamilton asked how much new room tax revenues would be generated by the conference center.
Knipe replied, conservatively speaking, approx. $200,000, leaving an approx. $70,000 financing
gap.
Proulx asked if the room tax revenue would be ploughed back into the non‐profit on an ongoing
annual basis. Knipe replied, yes. But the County legislature would need to determine the details
of the arrangement.
Hamilton asked if the Committee needs to reach a decision on the project at today’s meeting. Bohn
replied, no.
Knipe noted increasing the room tax rate would require enabling legislation from the State.
Hamilton observed, since local hoteliers will be earning an additional $4M in annual revenue, only
$200,000 of which would be going to the conference center, it seems additional funds should be
available for other components of the project (e.g., affordable housing), which is something for
the IURA to consider.
VECINO GROUP OF NEW YORK, LLC (“VECINO”)
Bohn explained Vecino will now provide an update on its planning for the project on the western
and central sections of the site. He noted Vecino has further developed the original project
concept, as well as two alternative options that do not include a conference center should it not
proceed.
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June 24, 2019
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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)
Bohn noted, since the question of the conference center’s fiscal viability will not be resolved for
several months, the IURA may choose to execute a Disposition and Development Agreement
(DDA) that allows Vecino to proceed with Version 1, and a preferred alternative in the event the
conference center is not viable. Committee members should consider the pros and cons of
Versions 2.1 and 2.2 and identify their preferred alternative.
Chiang walked through the Vecino proposal.
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June 24, 2019
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June 24, 2019
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Willemsen indicated construction would start in July 2021 with a 24‐month duration, depending
somewhat on the type of structure/materials selected. The intent would be to re‐open the
parking portion as soon as possible. Vecino has tentatively secured a temporary parking lot to
serve as both parking and staging for construction workers and equipment over the course of
construction. He added that using heavy steel would provide the project with more flexibility, in
terms of the design, but would be a little more expensive.
Chiang noted Vecino will partner with Springbrook, which provides supportive services for
individuals of all ages with developmental disabilities, in collaboration with the New York State
Office for People with Developmental Disabilities (OPWDD).
Manzardo presented an overview of lease terms:
Parking Proposed Terms
Assumptions: 350 parking spaces
30‐year term, 5.0% interest rate, 1.10 DCR requirement
Total Development Cost: $12 million
Annual Payments locked for 30 years:
$2,440 per stall with no grant
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June 24, 2019
Page 6 of 15
$2,240 per stall if $1 million grant
$2,025 per stall if $2 million grant
$1,820 per stall if $3 million grant
$1,620 per stall if $4 million grant
He noted that he has secured a letter of interest to provide private financing at an interest rate
lower than 5% based on current market conditions.
Conference Center Proposed Terms
Assumptions: 48,832 SF consisting of 1,000 SF commercial space, remainder conference center space
30‐Year term, 6.50% interest, 1.15 DCR requirement
Total Development Cost: $31 million
Annual conference center payments locked for 30 years:
$2,680,000 with no grant
$2,340,000 with $4 million grant
$1,980,000 with $8 million grant
$1,630,000 with $12 million grant
$1,380,000 with $16 million grant
Proulx asked at which point Vecino would need to make a decision about including the conference
center in the project. Manzardo replied, there is some degree of flexibility, although the extent to
which the State is involved in the project will have an impact on that decision and the overall
project timeline.
Bohn added the conference center financing plan will require several sequential approvals from
various parties, so if that process is significantly delayed, the conference center may not be
included in the project. The IURA will need to provide clear alternatives and guidance in the DDA
about how to proceed, if certain milestones are not achieved.
Proulx asked if Vecino’s project schedule assumes the Harold’s Square project will already have
been completed. Willemsen replied, yes.
Bohn noted he listed the following pros and cons in his June 24, 2019 memorandum to the
Committee regarding alternative projects if the conference center does not proceed (“Vecino
6/17/19 ENA submission”):
Pros/Cons – Version 2.1
Pro – Decreased housing count allows a lower building and may allow for more architectural
variation and step‐backs
Pro – Likely does not require western cantilever of building
Pro – Lower parking demand frees parking for other downtown users
Pro – Smaller building will reduce the time period of construction
Con – Fewer affordable housing units
IURA EDC Meeting Minutes
June 24, 2019
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Pros/Cons – Version 2.2:
Pro – Maximizes new supply of affordable housing units
Pro – Maximizes affordable housing units located adjacent to the transit hub
Pro ‐ Increases purchasing power for downtown businesses
Con – Large concentration of income‐restricted housing in one location (West Village is 235 units)
and an out‐of town property management company
Con – Modest outdoor space on site for resident use
Con – Increased parking demand
Con – Project may temporarily fill the demand for rental housing at 50‐60% Area Median Income
(AMI), thereby reduce funding for other Low‐Income Housing Tax Credit (LIHTC) projects in other
locations of the City until the project leases up
Dylla noted he prefers Version 2.1, since it seems more in scale with the neighborhood and the
rest of the city.
Proulx asked if any recent concerns have been expressed with the amount of demand for new
housing. Bohn replied market studies continue to project strong demand. He has not seen any
flagging demand or vacancies for affordable housing units. Low‐Income Housing Tax Credit
(LIHTC) projects continue to have high occupancy rates.
Proulx indicated he also prefers Version 2.1, since it contains fewer housing units and is therefore
more conservative in terms accommodating any potential decrease in demand.
Bohn noted the following four issues will require further discussion:
(1.) Mitigation plan during construction (e.g., downtown parking, Cinemapolis)
(2.) Relationship to neighboring uses and set‐backs
(3.) Residential property management
(4.) Usable open spaces
B. Eastern Section of Project Site
1. Project Sponsor Application from Ithaca Properties, LLC
Bohn explained the agenda packet includes a sponsor application and conceptual development
plan for the eastern section of the Green Street Garage site to demolish/rebuild parking and
construct new housing.
Rimland walked through his proposal, noting the project would not seek NYS grant subsidies,
which is why it does not currently include affordable housing.
Bohn noted there are a couple of major constraints associated with the site, which he explained in
his June 24, 2019 memorandum to the Committee (“Redevelopment of East Section of Green
Street Parking Garage Site ‐ Negotiate or Issue RFP”):
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June 24, 2019
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“The development rights in the eastern section are very constrained for anyone not working in
close collaboration with the adjoining Marriott Hotel and underlying private property owner
(Ithaca Properties, LLC). The Marriott hotel ownership holds an option agreement to acquire the
eastern section of the garage in the event the City conveys or decommissions the eastern
parking decks. Ithaca Properties, LLC owns the 1‐story building and land under the eastern public
parking decks. While the City possesses the rights to repair, alter and improve existing structural
columns and foundations, it does not possess the right to construct additional columns without
Rimland's consent. The current column spacing designed for the parking decks is unlikely to be
sufficient to support substantial upper story housing. Additionally, the City's parking agreement
with the Marriott requires the City to provide hotel parking in the eastern section of the garage
for 18 additional years at prevailing public rates.
My conclusion is that without the consent of both the Marriott and Ithaca Properties, the
project site is not feasible for significant private sector redevelopment at this time.”
Hamilton asked about the nature of the Industrial Development Agency’s (IDA) potential financial
support of the project. Bohn replied the project could receive sales tax exemption and a property
tax abatement through the Community Investment Incentive Tax Abatement Program (CIITAP),
which includes a 20% affordable housing (75% AMI) requirement, if/when financially feasible.
Hamilton asked how likely it is that the project would be required to include affordable housing.
Bohn responded that under current City policy the application will be required to commit to
inclusion of affordable housing if CIITAP incentives are sought. The applicant is not required
automatically to include affordable housing if they do not seek CIITAP incentives. The IURA could
approve a Qualified and Eligible Sponsor and let the applicant decide if they will seek CIITAP
incentives, and include affordable housing, or forego a CIITAP application and develop market rate
housing. Alternatively, the IURA could require the project to include affordable housing as a
condition of final approval subject to financial feasibility of the project, but the enhanced IDA
incentives available to support inclusion of affordable housing is not established at this time, so
the applicant and the IURA may have difficulty gauging financing feasibility for a project required
to include affordable housing.
Proulx indicated he would prefer not to impose any premature constraints on the project, at this
early stage in the process.
Ackerman asked if, despite the constraints associated with the site that Bohn mentioned, the
process should not be opened up and an RFP generated, in case other potential developers would
like to propose something. Bohn replied although it is conceivable another developer could come
to an arrangement with Ithaca Properties, LLC and the Marriott Hotel, it seems highly unlikely.
Hamilton indicated he supports the language of the proposed resolution, as long it includes a
statement that the IURA encourages the IDA to find a way to ensure the project incorporates
affordable housing.
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June 24, 2019
Page 9 of 15
Rimland remarked the project site will already include a significant amount of affordable housing,
as part of the Vecino project, so he does not foresee a need for more.
Hamilton noted the IURA should still make an attempt to see if affordable housing would be
feasible. If that turns out not to be the case, it could revisit the issue.
Dylla moved, seconded by Proulx, to adopt the resolution as originally proposed.
Not Carried: 2‐2
Hamilton recommended adding a 13th issue in the last “Resolved,” encouraging the IDA to support
inclusion of affordable housing in the project. No objections were raised.
Hamilton moved, seconded by Dylla:
Designate Ithaca Properties, LLC
as Qualified & Eligible Sponsor for Eastern Section of
Green Street Garage Urban Renewal Project Site
WHEREAS, on June 19, 2019, Ithaca Properties, LLC submitted a Project Sponsor application to
be designated a “qualified and eligible sponsor” to potentially acquire air rights in the eastern
section of the Green Street Garage urban renewal project site, and
WHEREAS, the Green Street Garage at 120 E. Green Street is located within the IURA Urban
Renewal Project Boundary Area, and
WHEREAS, the existing Green Street Garage structure is divided into three sections, and
WHEREAS, the IURA possesses site control for air rights in the eastern section of the Green
Street Garage site, but the portion of the site below the parking decks is privately owned by
Ithaca Properties, LLC, and
WHEREAS, on December 13, 2018, the Ithaca Urban Renewal Agency (IURA) designated the
Vecino Group New York, LLC (Vecino) as the preferred developer and “qualified and eligible
sponsor” authorized to potentially acquire all, or a portion of, the Green Street Garage site for
the purpose of undertaking an urban renewal project, and
WHEREAS, the privately owned area located under the eastern parking decks was evaluated
for a possible conference center use by Hunden Strategic Partners in the phase II conference
center feasibility analysis, but found to lack sufficient floor‐to‐ceiling height to accommodate
the desired ballroom, and
IURA EDC Meeting Minutes
June 24, 2019
Page 10 of 15
WHEREAS, in 2013, the City of Ithaca executed an agreement with the owners of the Marriott
Hotel granting them an option to acquire the eastern section of the garage for $1 in the event
the City conveys or decommissions the eastern section, and
WHEREAS, to install a foundation system to support multi‐level development above the
parking decks will require consent from Ithaca Properties, LLC, owner of the land under the
parking decks, and
WHEREAS, without consent of both the Marriott Hotel owners and Ithaca Properties, LLC, the
project site is not feasible for private sector development at this time, and
WHEREAS, Ithaca Properties, LLC indicates they have support of the Marriott Hotel ownership
for their proposed redevelopment project, and
WHEREAS, three of the four respondents to the prior 2018 Request for Proposals for the Green
Street parking garage site excluded the eastern section of the garage from their development
proposals, and
WHEREAS, the sole respondent including the eastern section was Ithaca‐Peak Development,
LLC, which included the managing member of Ithaca Properties, LLC , Jeffrey Rimland, on their
project team, and
WHEREAS, Vecino’s currently proposed urban renewal project does not incorporate the
eastern section of the Green Street Garage site, leaving it available for redevelopment by
another developer, and
WHEREAS, a 2016 structural evaluation of the garage found a number of deficient tendons for
slabs and beams in the eastern section, warranting close monitoring to ensure safety and
evaluation of options for repair, reconstruction, or decommissioning of the 45‐year old
structure, and
WHEREAS, Ithaca Properties, LLC proposes to acquire the air rights in the eastern section of
the project site to undertake an urban renewal project to demolish the existing parking decks
and ground‐floor commercial space, develop ground floor private parking, reconstruct the two
public parking decks, and add nine levels of housing above the parking decks, and
WHEREAS, the urban renewal project proposes to lease back the rebuilt parking decks to the
City for public parking, and
WHEREAS, pursuant to Section 508 of General Municipal Law, the IURA may designate a
Qualified and Eligible Sponsor to purchase or lease property from the IURA to undertake an
urban renewal project, subject to a determination that a Sponsor meets the following IURA
evaluation criteria:
Financial status and stability
IURA EDC Meeting Minutes
June 24, 2019
Page 11 of 15
Legal qualifications to operate in the State of New York and to enter into contracts with
regard to disposition, use, and development of land in question
Previous experience in financing, use, development, and operations of projects of a similar
nature
Reputation and proof of fair, reputable, and ethical business practices and record devoid of
convictions, and
WHEREAS, Ithaca Properties, LLC registered with the New York State Department of State as a
domestic limited liability company in 1996 that it is authorized to legally operate in New York
State, and
WHEREAS, the Sponsor team is led by Jeffrey Rimland, who has substantial development and
financing experience as the 100% owner of the adjoining Rothschild Building since 2003 and a
30% owner of the adjacent Marriott Hotel, as well as several other real estate projects on Long
Island, and
WHEREAS, the applicant’s ownership of the land under the city parking decks located in the
eastern section of the parking garage creates a special opportunity to redevelop this section of
the project site that is unavailable to any other private developer, and
WHEREAS, the IURA reviews the following considerations for approval of an urban renewal
project:
Improve the social, physical and economic characteristics of the City of Ithaca and the
immediate area impacted by the project
Expand access to quality, affordable housing
Strengthen neighborhoods and the local economy
Implement adopted plans and initiatives of the IURA and the City of Ithaca, and
WHEREAS, at its June 24, 2019 meeting, the IURA Economic Development Committee
reviewed submitted qualifications and compared them to the IURA Sponsor evaluation criteria
and recommended the following; now, therefore, be it
RESOLVED, the IURA hereby finds Ithaca Properties, LLC satisfies IURA sponsor criteria ―
including qualifications, capacity, and experience ― to be designated a Sponsor to undertake
an urban renewal project at the eastern section of the Green Street Garage urban renewal
site, subject to satisfactory review by the IURA Chairperson of the following additional
submissions:
Audited financial statements, or accountant‐prepared financial statements and tax returns,
for the last three completed fiscal years
Organizational documents of the LLC (articles of organization & operating agreement)
Personal financial statement for each principal owning at least 20% of the LLC
Documentation of municipal compliance for each property in the City of Ithaca owned by
the applicant or a member of the applicant LLC with ownership interest of 20% or more,
IURA EDC Meeting Minutes
June 24, 2019
Page 12 of 15
And be it further
RESOLVED, that upon satisfaction of the above condition, the IURA hereby designates Ithaca
Properties, LLC as a “Qualified and Eligible Sponsor” to potentially acquire the air rights at the
eastern section of the Green Street Garage site at 120 E. Green Street, Ithaca, NY, to undertake
an urban renewal project, and be it further
RESOLVED, that the IURA identifies the following development project issues to be
satisfactorily addressed:
1. Approach to establishing the sales price of the project site (air rights);
2. General proposed terms and rate of lease to city of rebuilt parking decks;
3. Preliminary project schedule;
4. Projected net increase in property tax revenues generated by the project;
5. Compliance with IDA implementation of the City CIITAP affordable housing policy if CIITAP
incentives sought for the project (20% affordable units at 75% AMI required if sufficient
incentives are provided to retain financial feasibility of the project);
6. Compliance with street‐level active use requirement;
7. Coordination with Marriott Hotel ownership regarding interim parking until newly
constructed eastern decks are available for public parking;
8. Approach by Marriott Hotel ownership to waive/exercise their option to purchase the site
if the City conveys or decommissions the eastern parking decks;
9. Approach to mitigate adverse impact during construction on adjacent uses, including
Cinemapolis and public parking;
10. Consent of M&T Bank regarding its leasehold mortgage on the project site;
11. Identification of the preferred pedestrian route between the proposed conference center
and the Marriott Hotel;
12. Retention of the existing eastern public staircase, or similar access and egress, between
the parking garage and The Commons;
13. Availability of sufficient Tompkins County Industrial Development Agency incentives to
result in 20% new affordable housing units, while retaining project financial feasibility to
support implementation of the City’s CIITAP affordable housing policy recommendation.
Carried: 3‐1
(Hamilton departed at 4:50 p.m.)
V. New Business
A. HUD Entitlement Grant Program
1. Request from Finger Lakes ReUse, Inc. for Time Extension to Satisfy Condition to Secure
Financing for Site Acquisition of 213 Old Elmira Rd. (Project #9, 2019)
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June 24, 2019
Page 13 of 15
Ackerman moved, seconded by Dylla:
2nd Extension of Deadline for Finger Lakes ReUse, Inc.
to Satisfy Loan Approval Condition (CDBG #13, 2019)
WHEREAS, on February 28, 2019, the IURA approved $100,000 in loan assistance to Finger
Lakes ReUse, Inc. (FLRU) for site acquisition of 214 Elmira Rd., resulting in job retention, and
WHEREAS, IURA loan approval was contingent upon IURA receipt by April 17, 2019 of a bank
loan commitment in an amount sufficient to complete the approximately $1.8 million FLRU
project, and
WHEREAS, on April 18, 2019, a request from FLRU was approved to modify the deadline to
submit the bank loan commitment to June 26, 2019, and
WHEREAS, FLRU reports it has received multiple loan term sheets from lenders and expects to
close on bank financing in September 2019, and
WHEREAS, FLRU requests a second time extension to satisfy the loan approval condition, and
WHEREAS, the IURA Economic Development Committee considered this matter at its June 24,
2019 meeting and recommended the following; now, therefore be it
RESOLVED, that the IURA hereby approves the requested 2nd time extension and modifies the
loan approval condition to read as follows:
“Submission to the IURA by September 25, 2019 of a bank loan commitment in an
amount sufficient to complete the project.”
RESOLVED, that the Director of Community Development for the IURA is authorized to issue a
revised Loan Commitment Letter in accordance with this resolution.
Carried Unanimously: 3‐0
B. Canopy by Hilton Hotel ― Urban Renewal Project at 324 E. State St.
1. Request from Ithaca Downtown Associates, LLC to Subordinate IURA Mortgage to Primary
Project Lender
Bohn explained the original IURA loan underwriting analysis already anticipated a primary lender
would seek a senior mortgage lien position, so the IURA secured unlimited personal financial
guarantees on its loan.
Dylla moved, seconded by Ackerman:
IURA EDC Meeting Minutes
June 24, 2019
Page 14 of 15
Loan Subordination Agreement on Behalf of
Ithaca Downtown Associates, LLC (Canopy Hotel, 324 E. State St.)
WHEREAS, on August 10, 2016, the IURA conveyed land located at 320‐324 E. State Street to
Ithaca Downtown Associates, LLC (IDA, LLC) to undertake an urban renewal project to
construct and operate the Canopy by Hilton hotel, and
WHEREAS, a portion of the $1.8 million IDA, LLC land acquisition was financed by a
$1,375,000 loan from the IURA that is secured by a mortgage on the property and personal
financial guarantees from each of the principals of the IDA, LLC, and
WHEREAS, IDA, LLC requests the IURA subordinate its 1st mortgage lien position to the
primary project lender, ESL Federal Credit Union, and
WHEREAS, the outstanding IURA loan balance was $1,302,730.10 as of May 31, 2019, and
WHEREAS, IDA, LLC is current on all IURA loan payments, and
WHEREAS, original IURA loan underwriting anticipated a primary project lender would seek a
senior mortgage lien position, so unlimited personal financial guarantees were required from
each of the four principals of IDA, LLC, and
WHEREAS, the IURA Economic Development Committee reviewed this matter at its June 24,
2019 meeting and recommended the following; now, therefore, be it
RESOLVED, that the IURA hereby approves the request to subordinate the IURA mortgage on
property located at 324 E. State Street to the existing first and proposed second ESL Federal
Credit Union mortgages not to exceed a total of $20,945,000, and be it further
RESOLVED, that the IURA Chairperson is authorized, subject to review by IURA legal counsel,
any documents necessary to implement this resolution, and be it further
RESOLVED, that any legal costs incurred by the IURA shall be reimbursed by IDA, LLC.
Carried Unanimously: 3‐0
VI. Old/Other Business
A. IURA Loan & Lease Payment Report: May 2019
Bohn explained all loan repayments and lease payments are current. He added the IURA recently
sold 247 Cherry Street to Moro Design.
B. Loan Pipeline Report
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June 24, 2019
Page 15 of 15
Bohn reported he will be meeting with potential loan applicants interested in starting a
kitchen/home goods store in Center Ithaca.
C. Staff Report
Bohn reported the City’s Common Council recently adopted a resolution approving a Green New
Deal, including the following actions:
Create a climate action plan (CAP) in 2020 to provide details on how to achieve the Ithaca
Green New Deal, and update the CAP every five years;
Adopt a Green Building Policy for new buildings in 2019;
Adopt a Green Building Policy for existing buildings by 2021; and
Assign additional staff as needed to implement the plan.
Bohn reported Mendizabal completed the considerable task of finalizing the City’s 2019‐2023
Consolidated Plan and 2019 Action Plan and submitting them to HUD by the deadline, all of which
involved a lot of work, both documents will be available on the IURA web site at:
www.IthacaURA.org.
VII. Adjournment
The meeting was adjourned by consensus at 4:57 P.M.
— END —
Minutes prepared by C. Pyott, edited by N. Bohn.