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HomeMy WebLinkAboutMN-IURA-2021-08-26Approved: 10/28/21 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 MINUTES ITHACA URBAN RENEWAL AGENCY 8:30 A.M., Thursday, August 26, 2021 Common Council Chambers, Third Floor, City Hall, Ithaca, NY Members: Mayor Svante Myrick, Chair; Karl Graham; Chris Proulx; Eric Rosario; Laura Lewis, Common Council Liaison; Tracy Farrell, Vice-Chair Excused: None. Staff: Nels Bohn; Anisa Mendizabal; Charles Pyott Guests: Finger Lakes Development Steve Flash, Finger Lakes Development of Ithaca, LLC (FLD) I. Call to Order Chair Myrick called the meeting to order at 8:38 A.M. II. Agenda Additions/Deletions None. III. Public Comments None. IV. Review of Meeting Minutes: June 24, 2021 Farrell moved, seconded by Rosario, to approve the meeting minutes, with no modifications. Carried Unanimously: 5-0 V. Neighborhood Investment Committee (NIC) A. HOME-ARP: Continuum of Care Strategic Action Plan Graham explained the proposed resolution calls for using a portion of HOME Investment Partnerships Program (HOME)-American Rescue Plan Act (ARP) funds awarded to the IURA to hire a consultant to work with the Continuum of Care (CoC) on developing a Strategic Action Plan to support homeless and at-risk populations. The Human Services Coalition of Tompkins County (HSC), which oversees CoC activities, has been looking for a consultant for the strategic plan. The City was awarded approximately $17M in HOME-ARP funds and the IURA was awarded $1,211,929 (of which 15% or ~$182,000 is reserved for administration and planning activities). HSC applied to the City for a $10,000 grant to help pay for the consultant. Since the City may not end up granting HSC’s request and HSC also needs the funds soon, the proposed resolution authorizes the IURA to provide the $10,000 itself, using HOME-ARP funds. If the City eventually awards the funds to HSC, the City would reimburse the IURA. IURA Minutes August 26, 2021 Page 2 of 14 Myrick added that HSC’s request was incorporated into the City’s annual Capital Projects funding program and will be reviewed by the Capital Projects Review Committee, which is still reviewing all the requests. Graham noted the reason the process needs to be expedited is that the consultant’s report will require modification of the City’s 2021 Action Plan, which will need to be submitted by end-of-year. Tompkins County is also being asked to award HSC $10,000 for the project. The Strategic Action Plan the consultant will produce is intended to identify and prioritize the most impactful actions and investments in facilities and services to address homelessness and housing instability; and ensure there are no current gaps in services. Farrell asked if the Strategic Action Plan’s completion depends on whether the County agrees to fund it. Graham replied he is not sure what would happen in that situation, but the IURA would address it at that time. The currently proposed resolution is contingent on the County’s funding. Farrell asked at what stage the IURA would become involved and be permitted to review the report. Bohn replied the IURA Board has options in terms of whether/when it would like to be involved. The CoC will review the consultant’s work and draft report, which may be when the IURA would choose to become involved. Farrell remarked she would really like to be involved in the process and review the work being done, before the draft is even produced. This would enable the IURA sufficient opportunity to address any questions and concerns it may have. Bohn noted not everything listed on HSC’s project outline would necessarily be incorporated into the report, since that would most likely involve an amount of work exceeding the $20,000 planned for the project. Proulx asked if Bohn could periodically touch base with the IURA Board, since Bohn sits on the CoC. Bohn replied, yes. Farrell asked who the project’s stakeholders are. Bohn replied, the County, City, HSC, Tompkins Community Action, DSS, St. John’s Community Services (SJCS), and other CoC members. Farrell asked what “HMIS” stands for. Bohn replied, the Homeless Management Information System (HMIS), which serves as the database HUD uses to tabulate unduplicated counts of individuals and families experiencing homelessness and analyze outcomes. Farrell asked if the IURA Board could see some of that data. Bohn replied, yes. Myrick asked what level of analysis the report is intended to provide (e.g., produce data from the ground up; improve inter-organizational collaboration; or educate the uninformed and policymakers). Bohn replied it is probably a combination of all three. The project was conceived when SJCS was exploring buying a hotel to convert into a homeless shelter, which elicited questions about whether that was the best and most effective use of resources. HUD also requires the CoC to conduct a needs assessment and identify gaps in services, which the report would satisfy. IURA Minutes August 26, 2021 Page 3 of 14 Graham moved, seconded by Farrell: HOME-ARP: Continuum of Care Strategic Action Plan WHEREAS, the U.S. Congress approved and President Biden signed into law the American Rescue Plan Act (“ARP” or “ARPA”) on March 11, 2021 for the purpose of providing stimulus to speed America’s recovery from the health and economic effects of the COVID-19 global pandemic, and WHEREAS, ARPA provides $5 billion for the HOME Investment Partnership Program-American Recovery Plan (“HOME-ARP”), to be administered by the U.S. Department of Housing and Urban Development (HUD) to provide funding to HOME Participating Jurisdictions to reduce homelessness and increase housing stability, and WHEREAS, HUD has notified the City of Ithaca of a one-time allocation of HOME-ARP funds in the amount of $1,211,929, and WHEREAS, the Participating Jurisdiction may utilize up to 15% of HOME-ARP funds for administration and planning activities, and WHEREAS, the City has contracted with the Ithaca Urban Renewal Agency (IURA) to administer, implement and monitor the City’s HUD Entitlement program in compliance with all applicable regulations, and WHEREAS, the Human Services Coalition of Tompkins County (HSC) is the Lead Agency of the Ithaca/Tompkins County Continuum of Care (CoC) that coordinates the local homeless response system and WHEREAS, the HSC seeks to engage consulting services to develop a CoC strategic action plan to identify and prioritize the most impactful actions and investments in facilities and services to address homelessness and housing instability, and WHEREAS, Tompkins County has indicated interest in partnering with the City to provide funding to the HSC to develop a CoC Strategic Action Plan, and WHEREAS, a planning activity is an eligible use of HOME-ARP and HOME funds, and WHEREAS, yet-to-issued final HOME-ARP implementation regulations are anticipated to require PJs to submit a HOME-ARP allocation plan as a substantial amendment to the 2021 Action Plan, and WHEREAS, the HOME-ARP allocation plan will require identification of unmet needs and gaps in the homeless response system and proposed use of HOME-ARP funds to address unmet needs, and IURA Minutes August 26, 2021 Page 4 of 14 WHEREAS, the IURA Neighborhood Investment Committee considered this matter at its August 13, 2021 meeting and recommended the following action; now, therefore, be it RESOLVED, that the IURA hereby allocates up to $10,000 to procure independent consultant services to prepare a CoC Strategic Action Plan, and be it further RESOLVED, that IURA Chair is hereby authorized, upon review of IURA legal counsel, to execute an agreement with the Human Services Coalition of Tompkins County to secure professional consulting services legal services to prepare a CoC Strategic Action Plan, and be it further RESOLVED, that the source of such funds shall be derived from the following sources in the following rank order of preference: 1. Funding request to City of Ithaca for ARPA Local Fiscal Recovery Funds 2. City of Ithaca HOME-ARP award 3. 2021 HOME award, and be it further, RESOLVED, that such funding is contingent upon a match of at least $10,000 from Tompkins County for the purpose of supporting the CoC’s strategic action plan. Carried Unanimously: 5-0 B. Committee Chairperson Report None. VI. Economic Development Committee (EDC) A. Community Lending — Request from 209 W. State Street Associates, LLC to Subordinate Mortgage Lien on 209 W. State Street to Facilitate Refinancing (PB-LF #2: State Theatre of Ithaca, Inc.) Proulx explained the proposed resolution is associated with the IURA’s 2009 loan to The State Theatre of Ithaca, Inc. (STI). At that time, the IURA had collateral for both the theatre building itself and a second mortgage lien on the property located at 209-217 W. State Street, owned by Mack Travis (the President of the theatre’s Board at the time). 209 State Street Associates, LLC is now seeking to refinance its first mortgage loan on 209-217 W. State Street and requests the IURA’s consent to subordinate the IURA’s mortgage lien to the new loan, behind Tompkins Trust Company (TTC). The theatre has been making regular loan payments over the past 10 years, with a remaining balance of $326,576.52. Over that time, the theatre has demonstrated its financial stability, while also making various improvements to the building, currently assessed at $1,850,000. Bohn performed a number of calculations and concluded the IURA would remain in a fairly secure collateral position. The IURA would certainly be no worse off than it has been and would arguably be in a slightly better position. IURA Minutes August 26, 2021 Page 5 of 14 Proulx moved, seconded by Rosario: Consent to Subordinate IURA 2nd Mortgage on Property Located a 209-217 W. M.L.K., Jr./State Street (PB-LF #2, State Theatre) WHEREAS, on January 22, 2009, the Ithaca Urban Renewal Agency (IURA) approved a loan of $458,500 to State Theatre of Ithaca, Inc. (STI) to acquire and operate the State Theatre, and WHEREAS, the IURA loan is secured by the following collateral: • 1st mortgage lien on the State Theatre building property located at 117 W. State Street. • 2nd mortgage lien on property located at 209-17 W. State Street. WHEREAS, 209 State Street Associates, LLC seeks to refinance the first mortgage loan on 209-17 W. State Street, and requests the IURA consent to subordinate its mortgage lien to the new loan not to exceed the lesser of $675,000 or 75% of appraised value, and WHEREAS, as of June 30, 2021, the outstanding principal balance of the STI loan is $326,576.52, and WHEREAS, the assessed value of the State Theatre property at 117 W. State Street is $1,850,000, and WHEREAS, the appraised value of the property located at 209-217 W. State St. is estimated to exceed $900,000, and WHEREAS, the estimated collateral value of the mortgages securing the IURA loan after proposed refinancing is substantially more than the outstanding loan balance, and WHEREAS, at its August 18, 2021 meeting, the Economic Development Committee reviewed this matter and recommended the following; now, therefore, be it RESOLVED, that the IURA hereby consents to subordinate its existing subordinate mortgage on the 209-217 W. State Street property (also known as the Family Medicine Associates building) to new financing from the existing first mortgage lender Tompkins Trust Company in an amount not to exceed $675,000, and be it further RESOLVED, that IURA Chairperson, upon the advice of IURA legal counsel, is hereby authorized to execute all necessary and appropriate documents to implement this resolution, including, but not limited to, executing an intercreditor agreement. Carried Unanimously: 5-0 B. Inlet Urban Renewal Project 1. Request for Clarification from Common Council Proulx reported that after the IURA Board adopted its June 2021 resolution, designating Finger Lakes Development, LLC as the preferred sponsor for its proposed Inlet Island Urban Renewal Project, Common Council approved the resolution, but inserted the following new condition: IURA Minutes August 26, 2021 Page 6 of 14 “Commitment from Developer to include active ground floor uses without reducing affordable housing.” Proulx observed that Common Council inserted the condition in a manner that suggests the IURA imposed the condition itself, when that was not the case. During the Committee’s review of the draft Exclusive Negotiation Agreement (ENA), it concluded the “active ground floor uses” term is too broad and the intent is not clear. The proposed resolution therefore asks for clarification from Common Council about the condition and recommends the following more specific language to address Common Council’s concern: “Ground-Level Activity: The development program shall include public amenities and programming to enhance ground-level activity and attract City residents to Inlet Island in a manner that does not result in a reduction of the proposed affordable housing units in the project.” The Committee believes this new language will provide the developer a far wider array of options for designing the project. Lewis explained that, although Common Council voted unanimously to approve the resolution, the additional condition was inserted by a vote of 6-4, after considerable discussion. She believes the Committee’s proposed language in the resolution satisfies Common Council’s concern. Myrick wondered if a gym would be a possible option to include in the affordable housing component, since it is not a typical commercial use. Bohn replied it should not be required, but a gym could certainly be a part of the project. Other similar hybrid uses could be an option (e.g., front lobby area). Farrell asked how much activity the Coast Guard Auxiliary building tends to produce. Bohn replied he has not seen any activity there himself. Flash explained FLD’s approach for activating the Coast Guard Auxiliary building would include incorporating some kind of commercial or community use within the building, while allowing the Coast Guard Auxiliary to continue operating. The primary method of activation would involve opening up the Coast Guard Auxiliary’s dock for public use (e.g., fishing lessons, boating safety classes, area history classes). Proulx moved, seconded by Farrell: Inlet Island Urban Renewal Project — Request for Common Council Clarification WHEREAS, on August 4, 2021, the City of Ithaca Common Council (“Common Council”) reviewed the IURA’s recommendation to pursue an urban renewal project based on the conceptual development plan submitted from Finger Lakes Development, LLC, and WHEREAS, the Common Council adopted a resolution authorizing transfer of certain City-owned lands on Inlet Island to the IURA for the purpose of structuring a proposed urban renewal project with Finger Lakes Development, LLC, after amending the resolution to add the following requirement: IURA Minutes August 26, 2021 Page 7 of 14 • Commitment by the Developer to include ground floor active use and maintain the proposed number of affordable housing units, and WHEREAS, the developer has raised concerns about interpretation of the amended resolution, and WHEREAS, the developer agrees to commit to develop strategies and programming on Inlet Island to enhance ground-level activity and attract residents to Inlet Island, but questions feasibility and desirability of ground-floor commercial uses in the proposed affordable housing building or hometel buildings, and WHEREAS, introducing ground floor active use in the affordable housing building will create a financial challenge for INHS to secure financing for their project as funding regulations require commercial uses to be separately financed and guaranteed, and WHEREAS, as the proposed hometel will provide managed apartments that include full kitchens for rent on a short-term or long-term basis with minimal on-site staffing, the addition of ground floor commercial uses will tend to increase the size of the building, increase parking demand, and complicate financing unless a tenant can be pre-identified, and WHEREAS, the Developer proposes to explore strategies to increase ground-level activity and create attractions for City residents in the so-called Coast Guard Auxiliary building, public waterfront amenities and thru programming of outdoor spaces for seasonal enterprises, and WHEREAS, the IURA is unclear if the City of Ithaca Common Council expects ground floor active use for the Hometel and/or affordable housing buildings as a condition for approval of an Inlet Island urban renewal project or whether such ground floor active use is one example of a means to achieve an objective to increase ground-level activity and attract City residents to the Island; now, therefore, be it RESOLVED, the IURA hereby requests the City of Ithaca Common Council to clarify its 8/4/21 guidance regarding the Inlet Island urban renewal project, and be it further RESOLVED, that the IURA prefers the following development objective for the urban renewal project: Ground-Level Activity: The development program shall include public amenities and programming to enhance ground-level activity and attract City residents to Inlet Island in a manner that does not result in a reduction of the proposed affordable housing units in the project. Carried Unanimously: 5-0 2. Exclusive Negotiation Agreement (ENA) Resolution Proulx explained the proposed resolution permits the ENA to be executed. Bohn drafted the initial version of the ENA, which Flash subsequently suggested changes to, most of which were clarifications. The Committee spent some time clarifying the timeline and sequence of events, but it did not identify anything especially controversial in the ENA. The ENA has now been approved by FLD, IURA staff, and the Committee. IURA Minutes August 26, 2021 Page 8 of 14 Bohn noted that Common Council cannot approve the Disposition and Development Agreement (DDA) until the project has gone through the Environmental Review process with the Planning and Development Board. The ENA will guide the development process until that time (which could take as long as a year), providing a framework with deadlines/benchmarks. Proulx moved, seconded by Rosario: Inlet Island Urban Renewal Project – Exclusive Negotiation Agreement (ENA) WHEREAS, on June 24, 2021, the IURA voted to selected Finger Lakes Development, LLC (“FLD”) as a qualified and eligible sponsor (“Preferred Developer”) to undertake an Inlet Island urban renewal project subject to the City of Ithaca Common Council (“Common Council”) authorization to transfer City-owned lands to the IURA via a contingent option agreement, and WHEREAS, on August 4, 2021, the Common Council authorized transfer of certain City-owned lands on Inlet Island to the IURA for the purpose of structuring a proposed urban renewal project, and WHEREAS, an Exclusive Negotiation Agreement (“ENA”) will structure negotiations and responsibilities between the IURA and Preferred Developer to develop a proposed Disposition and Development Agreement (“DDA”) to convey real property to the Preferred Developer to undertake a specific development project for the urban renewal project, and WHEREAS, at its August 18, 2021 meeting, the IURA Economic Development Committee reviewed a draft ENA and recommends the following; now, therefore, be it RESOLVED, that the IURA hereby authorizes the IURA Chairperson, subject to review by IURA legal counsel, to execute Exclusive Negotiation Agreement, dated August 23, 2021, with Finger Lakes Development, LLC. Carried Unanimously: 5-0 C. Committee Chairperson Report None. VII. Governance Committee (GC) A. Amendments to Legal Services Contracts Rosario explained that, even though the Governance Committee did not have the opportunity to meet in August due to a lack of quorum, two resolutions are being proposed to amend existing IURA legal services contracts. The IURA Board has periodically adopted resolutions that have not been formally adopted by the Committee in the interest of time. IURA Minutes August 26, 2021 Page 9 of 14 1. Sharon M. Sulimowicz Rosario explained that Richard Ruswick (Levene Gouldin & Thompson, LLP) had been reviewing all INHS Low-Income Housing Tax Credit (LIHTC) project contracts, but since he retired in May 2021, Sulimowicz took over that role with the INHS Founders Way Rental Housing contract. Given the complexity of the contract, Sulimowicz ended up billing $19,757.50 for her work. Although that amount was reimbursed to the IURA by INHS, the contract needs to be amended to account for the additional amount. Rosario moved, seconded by Farrell: 1st Amendment to 2021 Legal Services Contract: Sulimowicz WHEREAS, the IURA executed a 2021 contract for independent contractor legal services with Mariette Geldenhuys, Attorney-at-Law, at a maximum hourly rate of $175 per hour with the total amount not to exceed $6,000, and WHEREAS, due to the April retirement of Richard Ruswick of Levene Gouldin & Thompson, LLP, who has previously represented the IURA on Low-Income Housing Tax Credits (LIHTC) transactions involving HOME funding, Ms. Sulimowicz represented the IURA in INHS’ Founder’s Way LIHTC transaction), and WHEREAS, the Founders Way transaction has been completed, and WHEREAS, the IURA legal fees on that transaction totaled $19,757.50, which was reimbursed to the IURA by an Ithaca Neighborhood Housing Services, Inc. affiliate, and WHEREAS, the IURA has received an invoice from Sulimowicz for $19,757.50; now, therefore, be it RESOLVED, that the IURA hereby approves amendment #1 to the 2021 independent contractor agreement with Sharon M. Sulimowicz to increase the total contract amount not to exceed by $19,757.50 to $25,757.20, and be it further RESOLVED, that the IURA Chair, subject to review by IURA legal counsel, is authorized to execute an amended independent contractor agreement for legal services to implement this resolution. Carried Unanimously: 5-0 2. Mariette Geldenhuys Rosario explained the proposed resolution amends Geldenhuys’ contract to account for her work on the Green Street Garage Development Project’s real estate closings, which were more complex than anticipated and also delayed from the original schedule. The $14,201 in billed hours will be reimbursed to the IURA by the City. The contract needs to be amended to account for the additional amount. IURA Minutes August 26, 2021 Page 10 of 14 Bohn added that the legal work was more complicated than anticipated due a variety of factors, including: complex urban setting; easements; deed work; wage agreement; local construction agreement; and a prevailing wage agreement. Rosario moved, seconded by Proulx: 1st Amendment to 2021 Legal Services Contract: Geldenhuys WHEREAS, the IURA executed a 2021 contract for independent contractor legal services with Mariette Geldenhuys, Attorney-at-Law, at a maximum hourly rate of $230 per hour with the total amount not to exceed $12,000, and WHEREAS, the annual legal services contract runs from March 1, 2021 to February 28, 2022, and WHEREAS, real estate closings on the Green Street Garage Urban Renewal Project were more complex than anticipated and delayed from the original schedule, and WHEREAS, the real estate closings with two Sponsors were completed in July, and WHEREAS, the IURA incurred $14,201 in IURA legal fees on these transactions through July 30, 2021, and WHEREAS, legal fees incurred on the Green Street Garage Urban Renewal Project will be reimbursed from the City of Ithaca, and WHEREAS, current annual legal billing from Geldenhuys totals $15,166.72 through July 30, 2021, and ; now, therefore, be it RESOLVED, that the IURA hereby approves Amendment #1 to the 2021 independent contractor agreement with Mariette Geldenhuys, Attorney at Law, to increase the total contract amount not to exceed by $10,000 to $22,000, and be it further RESOLVED, that the IURA Chair, subject to review by IURA legal counsel, is authorized to execute an amended independent contractor agreement for legal services to implement this resolution. Carried Unanimously: 5-0 B. Committee Chairperson Report None IURA Minutes August 26, 2021 Page 11 of 14 VIII. Other Business A. IURA Financials: July 2021 Bohn reported all HUD Entitlement Program grant projects are generally progressing well, with recent progress with the Founders Way Rental Housing project, Emergency Rental Assistance Program (ERAP), and the Small Business Resiliency Fund (SBRF). Those high outstanding balances are now being brought down considerably. The IURA is waiting to access its 2021 HUD Entitlement Program and additional CDBG- CV funds. Once that occurs, all those projects will be added to the report. Mendizabal reported on the outcomes of the ERAP program. When it was launched, there was some concern about the difficulty of reaching people most in need. It also took a significant amount of time for the project to be completed. But the final result has been highly encouraging, with the majority of beneficiaries at/under 30% Area Median Income (AMI). INHS reached disproportionately affected communities, like African Americans and Hispanics; and it also spent a significant amount of its own funds on the program. Characteristics of Assisted Households (Total=39) Black/African American 13 33.33% White 22 56.41% Asian 2 5.13% Black & White 0 0.00% American Indian/Alaska Native 0 0.00% Native Hawaiian/Other Pacific Islander 0 0.00% Other Multi-Racial 2 5.13% Asian & White 0 0.00% Hispanic 6 15.38% AMI 0-30% 28 71.79% 30-50% 10 25.64% 50-80% 1 2.56% >80% 0 0.00% IURA Minutes August 26, 2021 Page 12 of 14 Bohn reported a handful of loan repayments remain past due. Liquid State Brewing Company recently made a double payment, bringing it current. Bohn reported all leases are current as of today, except Southside Community Center (SCC), which is one month late. B. IURA Chairperson Report Myrick reported that the City is advocating to the State for permission to conduct hybrid virtual/in-person public meetings, since there have been some problems obtaining quorums for meetings. While the State appears to be supportive, it would require legislative action, which may take months. C. Common Council Liaison Report Lewis reported that Common Council member Stephen J. Smith has resigned and the process to identify someone to hold his seat is ongoing. The Anti-Displacement/Anti-Eviction Defense Project (AADP) and Mayors for a Guaranteed Income (MGI) projects continue to move forward, although a number of details remain to be finalized. Mendizabal reported the HSSP (Housing Stability Support Program) component representing the deepest intervention will be launching soon, which is a guaranteed income-style approach to provide 12 months of assistance ($300/mo.) for housing-unstable residents. The first cohort has been selected, with the second one in the process of being identified. The intent is to reserve approximately half the funds for people in eviction court, enrolling 12 people at a time, 48 people in total. The Human Services Coalition of Tompkins County’s (HSC) 2-1-1 program has also received funding to hire two housing specialists. People calling 2-1- 1 about the State’s rental assistance program will be screened by the operators to determine if they qualify for AADP, using a weighted index of characteristics placing people at risk of eviction (e.g., foster care households, households with interactions in the justice system, households with a history of homelessness, single mothers). Qualifying households will then be approached to determine if they would like to enroll in the program. This whole process will serve as the pilot for launching the MGI program, the details of which are still being worked out (e.g., identifying the optimum number of months of assistance, 12, 15, or 18). Graham asked if there will be any analysis of how MGI funding assistance is actually being spent. Mendizabal replied, yes. One of the benefits of being involved with MGI is that it produces public-facing dashboards of how beneficiaries are spending the money. To date, the evidence clearly demonstrates that beneficiaries are using the assistance for basic needs. D. Staff Report Bohn reported the Ithaca Farmers Market (IFM) is planning on major upgrades to its site, eventually requiring action by the IURA Board, since the City leases the IFM site to the IURA, which then sub-leases it to IFM. Any physical alterations to the site require IURA Board approval. IFM is proposing to upgrade the parking lot, increase the size of the building, add a new building, and create a four-season portion of the building. IFM will make a presentation to Common Council in September 2021. Bohn will meet with IFM leadership to gather more information on the project and ensure Common Council is amenable to the IURA Minutes August 26, 2021 Page 13 of 14 project, before any IURA action. The project remains very early in its development process; and many issues remain unresolved, including how it will be funded. IURA Minutes August 26, 2021 Page 14 of 14 Graham remarked he would like to see a full presentation by IFM to the IURA Board. Farrell agreed. Bohn reported the Green Street Garage Project continues to go through the demolition of the site. One piece of the garage fell recently and punctured an underground electric vault, which deprived the Rothschild Building of power for a period of time. IX. Adjournment The meeting was adjourned by consensus at 10:14 A.M. — END — Minutes prepared by C. Pyott, edited by N. Bohn.