BOARD OF DIRECTORS MEETING MINUTES July 16, 2025
I. Organizational Matters
1. L. Daily called the meeting to order at 4:27p
2. Attendance: L. Daily, (Chair), A. Church (Vice-chair), A. Niles (Secretary), C. Carter, D. Duncan, R. Monteverde, A. Schrijver, J. Werner. Others Present: J. Welles (Executive Director) J. Sidd (Legal Counsel) Absent: T. Venning (City Manager), E. Talbott (Project Director)
3. Review & Approval of June 2025 Minutes. A. Church made motion to approve, J. Werner seconded. All members approved with hand raises, none opposed.
4. Review & Approval of June 2025 Financial Reports: J. Welles gave an overview of the financial reports. The year-end financial statements are in draft form until audit is completed. The accountant has not closed the books officially. Opening balance is $292,000 and total assets are at $1.6 million. Expenses for June 2025 around $30,000. Grant income from Land Bank Initiative funding as well as $15,000 grant from Hudson Valley Credit Union. Net income for fiscal year is $2.1 million. It doesn’t reflect all the revenue received just property sales. Vote on accepting financials will take place after the fiscal year has closed out.
II. Property Related Matters
1. Legacy Cities Access Program:
a) Phase II: 140 Chambers, 128 Dubois, 44 S. Miller, 11 S. Miller, 238 First: 5 properties are proposed for full-scale renovation in new round of LCAP. the past year, we’ve completed significant renovations to 140 Chambers & 128 Dubois. 44 S. Miller likely to be dropped due to building conditions and cost. Also, requested full scale demo cost to compare. Board members had discussion about potential solutions to save the building or rebuilding new construction on the lot. A. Schrijver commented that using Historic Tax Credits are an option to develop buildings with high construction costs. There is potential to get 20% Federal and 30% State, and up to $0.80 on the dollar however a developer’s fee has to be paid at the end of the 5-year rental to pay developer’s fee at end of period. Next steps, Andrew requested building locations, hard costs and soft costs and he can run a model to determine projected yields and costs.
b) Preliminary underwriting initiated with CPC – conversations and analysis of proposed properties slated for full-scale renovation in an additional round of LCAP began. It is anticipated that underwriting may be completed by early 2026. However, stabilization of existing buildings and updated cost estimates are needed asap.
2. Land Bank Initiative –
a) 140 Chambers, 44 S Miller, 128 Dubois stabilization plans: 140 Chambers exterior work complete for now. Stabilization @ 128 Dubois, currently performing additional measures to preserve funds invested into structure, including façade work (re-pointing), roof parapet repair, garage repair, waterproofing, grading and sitework. Anticipated completion date September 2025. ARC drawings are in progress.
b) 238 First emergency clean-up and repairs: In discussions with our architect and general contractor to potentially remove front porch to further discourage trespassing. Planning to start environmental surveys and measuring for preliminary architectural drawings in September.
3. Restore NY project: 72-76-78 Lander update:
a) Architecture and Engineering Plans update: working with local structural engineer (JPO) and Open Structure to produce conceptual plan, programming and stabilization drawings.
Due to lack of environmental testing and unsafe building condition, 76 Lander is on hold.
c) RFI submitted to City: Submitted RFIs for Restore NY properties to see what variances are needed for parking, and setbacks.
4. 143 Washington St - update on closing: BJH has resumed closing calls with CPC and is working with Baxter to finalize construction numbers. There have not entered into contract with General Contractor yet.
5. 146 South – Reverter action: Waiting for court date. Attorney will be seeking affidavits from J Welles on failure to comply with completion deadline and the building inspector regarding unauthorized construction at building. Work is continuing although Work Stop orders have been placed on the property. Attorney have filed motion for summary judgement.
6. Property Acquisition: Update on transfer of City-Owned properties. The following properties approved by the City Council and NCLB will be acquired this summer: 11 S. Miller (building) 161 Lander, 302 Grand, 47 Lutheran, 109 Chambers, 191 South, 41 Lander, 43 Lander, 68 Campbell, 61 Campbell. In addition, 90 Gidney and 15 S. Johnston will be acquired later when funds allow.
III. Executive Session: none
A. Shrivjer made a motion to close the meeting, all approved, none opposed. Meeting adjourned at 5:19p.
E. Next Meeting: August 20 2025, at 4pm