BOARD OF DIRECTORS MEETING MINUTES APRIL 21, 2026
I. Organizational Matters
1. L. Daily called the meeting to order at 4:07 p.m.
2. Attendance: L. Daily (Chair), D. Walker-Duncan, A. Niles (Secretary), C. Carter, R. Monteverde. Others Present: J. Welles (Executive Director), E. Talbott (Project Director), D. Leonor (Admin. Manager) Absent: A. Church, A. Schrijver, J. Werner, J. Sidd (Legal Counsel, Hancock Estabrook, LLP)
3. Review & Approval of February 2026 Minutes: R. Monteverde made motion to approve February 2026 Amended Minutes. A. Niles seconded the motion. All members approved with hand raises, none opposed.
4. Review of February and March 2026 Financial Reports: The Board reviewed the January, February, and March 2026 financial reports. It was noted that the January financials were reviewed at the February meeting but not formally approved. Overall, there is still funding to be spent for Land Bank Initiative Phase 1 and Phase 2 grants. Operating costs have remained similar to past months. Net income for the year reflects a positive position. A motion to approve the financial reports for January, February, and March 2026 was made by R. Monteverde, seconded by D. Walker-Duncan. All members approved with hand raises, none opposed.
5. Review of Proposed Budget FY27: J Welles presented a proposed budget for adoption for the 2027 fiscal year. The Land Bank budget being due to the State at the end of April is challenging as the state budget has not yet passed, creating uncertainty regarding anticipated funding, but assumptions were made based on prior funding awards. No property sales are currently planned until mid-next year, but a property can be sold if necessary. Salaries and wages reflect a projected increase in the event of staffing adjustments. Operating costs, supplies, and materials remain consistent with prior years. A motion to approve the proposed budget was made by R. Monteverde, seconded by C. Carter. All members approved with hand raises, none opposed.
6. Annual Presentation to City Council- April 23: Annual required presentation is scheduled for April 23, 2026 at the City Council meeting at 6:00 PM.
II. Property Related Matters
1) Legacy City Access Program
A) Round II: 140 Chambers, 128 Dubois, 11 S. Miller, 238 First – Updated construction cost estimates from Carlos Arturo Contracting Inc. have been received and they reflect a significant reduction in costs. Regardless, it’s still an expensive project due to conditions and the size and scope of the projects. For example, there are 52 historic windows that must be replaced for 128 Dubois, 11 S Miller has major structural damage resulting from a fire, and 140 Chambers is a large, detailed building. Underwriting for the project will resume when once the next round of state budget is approved.
B) Construction/Predevelopment update – Plans are nearly complete for 11 S Miller and 238 First. Detailed progress sets have been received from Jeff Wilkinson, R.A. Parking studies are being worked on diligently and will be submitted with the variance applications related to parking and other required adjustments.
2) Restore NY project: 72-76-78 Lander update
A) Structural stabilization update – At 72 Lander, most of the stabilization work has been completed with a few things missing such as the bay window but work will commence soon. At 78 Lander, work has been completed on the joist replacement, roof installations, and stabilization of building extensions. Storefront still requires attention. At 76 Lander, there is a significant hole on the roof and the interior requires cleanup and major stabilization of floor systems. This building will be the next focus once funds are available to complete stabilization.
B) Site Plan Review – NCLB staff and design consultant from Open Structure LLC attended a Planning Board work session and are preparing an updated submittal for the June meeting based on comments received from City staff.
3) Purchaser updates
A) 34 Lander – Property was purchased October 2022 but there has been minimal progress. An emergency roof permit was obtained but no substantial work followed. Legal counsel has been contacted to explore potential reverter action.
B) 38 Lander – Significant work has been completed though progress has stalled. Project was expected to be completed three years ago but they lost their original investors and are seeking help from The Community Preservation Corporation. Communication was started advising owner that we may pursue legal action but have yet to hear back. There are concerns regarding the broken windows and siding conditions that may not comply with the Architectural Review Commission approval.
C) 146 South-reverter action – Property owner obtained permits to begin working on the building but there are concerns regarding the quality and extent of work completed. The reverter action remains pending in court, although the motion for summary judgment was denied. Attorneys will participate in a chambers conference to discuss the next steps.
D) 104 Washington – Buyer was contacted regarding lack of progress and reported water table issues had delayed the project. They are redesigning the building to eliminate commercial space in the basement and are awaiting funding sources anticipated to become available in 2027.
4) Property Acquisition:
A) 90 Gidney redevelopment plans – Neighboring buildings owned by Mount Saint Mary College were visited but no offer was made yet. Motion to enter executive session was made by L. Daily. A. Niles seconded the motion. All members approved with hand raises, none opposed. The Board entered executive session and later returned to open session. Action was taken authorizing J. Welles to proceed with an offer. Minutes will be recorded in accordance with applicable law.
III. Next Meeting: May 20, 2026 at 4pm