BOARD OF DIRECTORS MEETING MINUTES FEBRUARY 18, 2026
I. Organizational Matters
1. L. Daily called the meeting to order at 4:18 p.m.
2. Attendance: L. Daily, (Chair), D. Walker-Duncan, A. Niles, A. Schrijver, C. Carter. Others Present: J. Welles (Executive Director), E. Talbott (Project Director) D. Leonor (Admin. Manager), J. Sidd (Legal Counsel, Hancock Estabrook, LLP) Absent: A. Church, T. Venning, J. Werner
3. Review & Approval of Dec 2025 Minutes. A. Schrijver made motion to approve December 2025 Minutes. C. Carter seconded the motion. All members approved with hand raises, none opposed.
4. Review of Dec 2025 and Jan 2026 Financial Reports - J. Welles provided an overview of the balance sheet comparison and profit & loss for the period. LBI Phase 1 operating LBI Phase II and LBI Phase II Capital grant funds have been received and partially spent with remaining funds still available. During the reporting period, grant income was received and operating expenses were consistent with prior months. Revenue exceeded expenses, resulting in a net positive position. J. Welles provided clarification on how grant funds are reflected in the financial report and read an email from the accountant explaining the categories on the financial report.
*Financial reports were approved on April 21, 2026. R. Monteverde made a motion to approve. C. Carter seconded the motion. All members approved with hand raises. None opposed.
II. Property Related Matters
1) Legacy City Access Program
A) Phase II: 140 Chambers, 128 Dubois, 11 S. Miller, 238 First: The board was updated on the ongoing efforts to secure another round of Legacy City Funding. Preliminary cost estimates were provided by Carlos Arturo Contracting Inc. and were higher than previous projects due to the larger size of these buildings. Carlos has adjusted these figures and is still reviewing them. Cost estimates for 11 S. Miller and 238 First are expected to be lower due to the smaller size of these buildings. Applications should be ready for submission within the next couple of weeks.
B) Construction/Predevelopment update - The roof and joist replacement at 11 S Miller St is complete. If funding permits, the garage at 238 First St will be demolished. There were concerns about the property assessment at 238 First St, as it is classified as a six-unit home. E. Talbott provided an update on his conversation with the city assessor regarding efforts to lower the assessed value due to the condition of the property.
2) Restore NY project: 72-76-78 Lander update
A) Stabilization and asbestos remediation update - The asbestos remediation at 72 and 78 Lander is complete, and stabilization at 72 Lander is nearly finished. 76 Lander tested negative for asbestos, and plans for stabilization are still being finalized, with an estimate pending. Site plans, completed by Zach Blaue, have been submitted to the Planning Board. Diana Mangaser and Yoshi Sergei from Open Structure are working on the design and layouts and have included new ideas for sustainable materials.
B) Site Plan Review - The plan for 76 and 78 Lander includes retail space, with the possibility of a restaurant. The goal is to plan for the highest possible occupancy, with adjustments made as necessary.
3) Purchaser updates
A) 34 Lander – Renovation deadlines for 34 Lander have passed. After a fire, the owner obtained an emergency roof permit, but it has expired, and no work appears to have been done. Attorney Giselle Rosado, Esq. has sent a legal notice to the homeowner, with the possibility of initiating a reverter action.
B) 38 Lander – The building permit for 38 Lander has expired. While a lot of work has been done, there has been no recent communication from the owner. The home was acquired in 2022, and the next steps remain unclear.
C) 146 South – A reverter action is ongoing, with the purchaser pushing back. We are waiting on a response to our motion for a summary judgement, but there’s no timeline for the court’s response.
4) Property Acquisition:
A) 90 Gidney redevelopment plans – Attempted communication with Mt. Saint Mary’s College once again regarding the two adjacent buildings.
B) 144 South- offer to the City of Newburgh (Resolution) – The City of Newburgh listed the property for sale and an offer was submitted. The Board will know in April whether the offer was accepted. Motion to enter executive session was made by L. Daily and C. Carter seconded with all following with a hand raise. The Board entered executive session and later returned to open session. Action was taken authorizing J. Welles to proceed with the potential acquisition. Minutes will be recorded in accordance with applicable law.
Motion to close the meeting, all approved, none opposed. Meeting adjourned at 5:20pm.
III. Next Meeting: March 18, 2026, at 4pm