BOARD OF DIRECTORS MEETING MINUTES JANUARY 18, 2023
A. Organizational Matters
I. Call meeting to order – Meeting called to order at 11:38am
II. Attendance – L. Daily, A. Church, R. Monteverde, A. Morales, A. Niles.
Others Present: J. Welles (Exec. Dir.) J. Sidd, E. Talbott
Absent: I. Hall, J. Surace, T. Venning
III. Review & Approval of November 2022 Minutes: A. Church motioned to approve. A. Niles seconded. All approved via roll call, none opposed.
IV. Review of November and December 2022 Financial Report review and approval: Received a $10,000 donation from Webster Bank. A. Church motioned to approve. R. Monteverde seconded it.
V. Board Composition: L. Daily commented that Board members need to attend meetings unless their absence is excused. Any changes to the structure of the Board would need legislation from City Council.
VI. Schedule Annual Meeting – Per bylaws meeting required annually to reappoint Board members for two-year term. Date of meeting to be held at the next board meeting in February.
B. Property Related Matters
I. New development/in progress:
1. Legacy City funding- homeownership project-update – J. Welles reported that the closing on construction financing of $3.5M for rehab of 59, 63, 136 Lander, & 39 S. Miller is pending commitment of Orange County NSP funds ($400,000). NYS HCR is providing $150,000 per unit that will be paired with a $900,000+ private loan from CPC.
2. 37 Chambers- Church of Holy Deliverance acquisition update – J. Welles reported that scheduling the closing for all three subdivided lots (35,37,39 Lander St) was pending the resolution of encroachments on boundary lines including fence line and debris.
3. 143 Washington- J. Welles reported that BJH submitted updated Sources & Uses (S/U) and project timeline and are working to secure all financing commitments. Also, they submitted a building permit application to the City, but it has to be resubmitted. A. Church indicated that they will likely need to return to the Planning Board for an amended site plan due to changes in design and the need to remove the entire rear wall to allow for integration with the new construction.
4. 61 Liberty WH – Max Dworkin, owner of 61 Liberty WH, passed the Certificate of Occupancy (C/O) inspection on Jan. 18, 2023. Staff has been tentatively invited for a final tour.
5. 62 Campbell Extension – A. Otvarkin requested a one-year extension to obtain the C/O. Owner provided photo documentation of progress. Rough framing is complete along with extensive repointing of the brick exterior. Windows have been installed. Plumbing and electrical systems will be installed next.
A. Church made the motion to approve the one-year extension. Seconded by R. Monteverde. All approved via roll call, none opposed.
II. Sales/NCLB Development Projects:
1. House to Home: 115 and 150 Lander –updates – 115 Lander St final sprinkler inspection on Jan. 20. C/O will be issued pending that inspection is passed. Purchaser is in loan application process. 150 Lander St has received C/O and purchaser is finalizing loan. Anticipate to schedule closings in one to two months.
2. Restore NY Award – Governor Hochul announced rewards and the Lander Street Properties was approved for $1.45 Million. Anticipating award letter in coming weeks. Next steps will be to enter a subrecipient agreement with the City of Newburgh. Transfer of ownership of buildings will be determined by the developer chosen. If NCLB develops the project solely, then we would need to enter into agreement with City of Newburgh.
3. Inventory – J. Welles asked if there was a potential pipeline of properties we can develop. A. Church responded that wouldn’t be possible until foreclosure redemption period has been completed. Lutheran Avenue is a challenging two block street in the city. The area in need of revitalization and there may be opportunities here. The land bank should also look into bank and other private donations of properties.
C. Other – J. Sidd is following national and Supreme court cases involving the foreclosure or real property and seizing of buildings where the owner has entered bankruptcy protection. NYS Court of Appeals requires a 3-month redemption period. And NYS Tax foreclosure law allows for the pocketing of equity after redemption period. This could potentially impact how land banks acquire property. Update at next meeting
D. Executive Session – No session.
E. Next Meeting: February 15, 2022 at 11:30am