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315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET • ONGOVED.COM Regular Meeting Agenda February 6, 2025 Call to Order the Regular Meeting of the Agency A. Approval of Minutes: January 9, 2025 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items:
1. Project Termination for BWI Hotel Acquisitions I LLC (Project #3101-19-04A) Agency Action Requested:
a. A resolution of the Board terminating a Project with BWI Hotel Acquisitions I LLC, determining recapture, and directing execution of termination documents with respect thereto.
Representative: Robert Petrovich, Executive Director Adjourn Regular Meeting Minutes January 9, 2025 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, January 9, 2025, at 335 Montgomery Street, Floor 2M, Syracuse, New York.
Patrick Hogan called the meeting to order at 8:42 AM with the following in attendance:
PRESENT:
Patrick Hogan Janice Herzog Susan Stanczyk Kevin Ryan Cydney Johnson
ABSENT:
Elizabeth Dreyfuss Fanny Villarreal
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nathaniel Stevens, Treasurer Alexis Rodriguez, Secretary McKenna Moonan, Assistant Secretary Robert Schoeneck, Assistant Treasurer Jeffrey Davis, Esq., Agency Counsel Amanda Fitzgerald, Esq., Agency Counsel Eric Betke, Finger Lakes Railway Corporation Mayor Richard Waterman, Village of Camillus APPROVAL OF REGULAR MEETING MINUTES- December 5, 2024 Upon motion by Susan Stanczyk, seconded by Janice Herzog, the Board approved the regular meeting minutes of December 5, 2024. Motion was carried.
TREASURER’S REPORT Nate Stevens gave a brief overview of the Treasurer’s Report for the month of December 2024. Upon motion by Susan Stanczyk, seconded by Janice Herzog, the Board approved the Treasurer’s Report of the month of December 2024. Motion was carried.
Nate Stevens gave a brief overview of the Payment of Bills.
Upon motion by Janice Herzog, seconded by Susan Stanczyk, the Board approved the Payment of Bills. Motion was carried.
The conflict of interest was circulated and there were no conflicts.
1. Finger Lakes Railway Corporation (Project #3101-24-08B) Second Meeting – Eric Betke began by giving a brief overview of the project. Patrick Hogan noted that Mayor Richard Waterman brought to the Board’s attention a request for cosmetic updates to a bridge in the Village of Camillus. Mayor Richard Waterman distributed an image of the current state of the bridge and shared his concern regarding the external cracking, which is making the bridge an eyesore for the Village of Camillus. Eric Betke advised that he’s aware of this issue and will have further discussion with the Mayor to address this. Eric Betke noted that this improvement would be cosmetic, which does not fall under the capital expenditure for the PILOT Agreement. Amanda Fitzgerald advised that the Board does not have the authority to order the applicant to rectify the cosmetic issues, as the
applicant would be making these updates at their own expense. Alexis Rodriguez noted that a public hearing was held for the project and there were no comments. Amanda Fitzgerald noted that the applicant submitted an EAF that was reviewed, and all capital expenditure projects are type 2 actions that will have no significant impact on the environment.
Patrick Hogan read the Agency Action Requested of “A resolution of the Board to
authorize adoption of SEQRA determination.” Motion was made by Janice Herzog,
seconded by Susan Stanczyk. Motion was carried.
Patrick Hogan read the Agency Action Requested of “A resolution of the Board authorizing the financial assistance the Agency will provide. Agency benefits requested include exemptions from certain real property taxes, real estate transfer taxes, and sales
and use taxes.” Motion was made by Janice Herzog, seconded by Susan Stanczyk.
Motion was carried.
2.
OCIDA Policies and Bylaws – Patrick Hogan read the Agency Action Requested of “A resolution of the Board to adopt the Agency’s updated policies and Bylaws.” Motion was made by Janice Herzog and seconded by Cydney Johnson.
Motion was carried.
Motion to adjourn was made by Susan Stanczyk and seconded by Kevin Ryan at 8:51AM.
___________________________________ Alexis Rodriguez, Secretary January 31,2025 Revenue / Expense / Income Current Period Current YTD Operating/Non-Op Revenue 153,732 153,732 Administrative Expense 50,985 50,985 Operating/Program Expense 87,677 87,677 Net Ordinary Income 15,070 15,070 Current Assets Current YTD Total Cash 16,035,274 Less Pass Through Received 6,527,027 Net Cash 9,508,247 Onondaga County Industrial Development Agency Profit and Loss January 2025
Income
2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 111,111.11 2410 Lease Income 1,224.30 Total 500 Operating Revenue 112,335.41
2401 Interest Income 41,396.36 Total 501 Non-Operating Revenue 41,396.36
528.003 OHB Redev LLC Funds Pass Thru 8,650.40 529 PILOT Income 7,220,108.32 Total 534 Pilot & Pass Thru Revenue 7,228,758.72 550 WPCP Pass Thru Revenue 306,565.66 Total Income $7,689,056.15 GROSS PROFIT $7,689,056.15 Expenses
6407 Administrative Expense 50,985.01 6409 Conference Attendence 75.00 6410 Office Expense 197.63 Total 6400 Operating Expense 51,257.64
6460 IDA General Legal 1,200.00 6480 Roth Legal 412.50 Total 6450 Barclay Damon 1,612.50 Total 6440 Legal Fees 1,612.50
6510.6 Taxes/SDC 63,065.80 6510.7 WPCP Marketing 16,785.32 Total 6510 White Pine Commerce Park 79,851.12 6530 800 Hiawatha Blvd. West 6530.1 Taxes 623.21 Total 6530 800 Hiawatha Blvd. West 623.21 Total 6500 Agency Program Expenses 80,474.33 Accrual Basis Monday, February 3, 2025 11:10 AM GMT-05:00 1/2 Onondaga County Industrial Development Agency Profit and Loss January 2025
6514.1 Legal 5,317.50 Total 6514 White Pine Science & Technology Park 5,317.50
6605 Pilot & Pass Thru Expenses 7,220,107.33 6606 OHB Redev LLC Funds Pass Thru 8,650.40 Total 6605 Pilot & Pass Thru Expenses 7,228,757.73 Total 6600 Non-Operating Expenses 7,228,757.73
6610.1 Barclay Damon 177,777.78 6610.2 JMT 128,787.88 Total 6610 WPCP Pass Thru Expenses 306,565.66 Total Expenses $7,673,985.36 NET OPERATING INCOME $15,070.79 NET INCOME $15,070.79 Accrual Basis Monday, February 3, 2025 11:10 AM GMT-05:00 2/2 Onondaga County Industrial Development Agency Balance Sheet As of January 31, 2025
Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 101,024.56 200.5 NBT Checking 7,285,634.05 Total 200 Cash 7,386,658.61 200.6 NBT Savings 9,216,501.54 Total Bank Accounts $16,603,160.15 Accounts Receivable 380 Accounts Rec.
380.6 A/R Fees, Lease & PILOT 1,949,861.32 Total 380 Accounts Rec. 1,949,861.32 Total Accounts Receivable $1,949,861.32 Other Current Assets
480.4 Credit Balance on Card -1,473.67 Total 480 Prepaid Expenses -1,473.67 Total Other Current Assets $ -1,473.67 Total Current Assets $18,551,547.80 Fixed Assets
101 White Pines Commerce Park 29,636.73 101.3 Engineering Services 16,190.00 101.4 Environmental/Demo Services 110.00 Total 101.3 Engineering Services 16,300.00 Total 101 White Pines Commerce Park 45,936.73 107 800 Hiawatha 604,840.42 108 White Pine Science & Technology Park 2,140,557.00 Total 100 Land 2,791,334.15
104.1 Office Furniture 1,429.00 104.2 Equipment 4,589.00 Total 104 Machinery & Equipment 6,018.00 211 A/D Office Furniture -5,042.00 250 Investment in Real Property 30,756,703.00 Total Fixed Assets $33,549,013.15 Accrual Basis Monday, February 3, 2025 11:09 AM GMT-05:00 1/3 Onondaga County Industrial Development Agency Balance Sheet As of January 31, 2025
Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $52,102,202.71
Liabilities Current Liabilities Accounts Payable 300 WPCP Pass Thru Payable 919,696.98 Total Accounts Payable $919,696.98 Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 793,419.36 600.204 OHB Redev LLC Funds 567,886.26 600.208 BlueRock Energy Agreement Deposit 25,000.00 600.209 Syracuse Rail Overpayment 500.00 600.3 Onondaga County Loan 28,079,656.77 600.31 Accrued Interest - OC Note Payable 1,823,051.00 Total 600.3 Onondaga County Loan 29,902,707.77 Total 600 Accounts Payable 31,289,513.39
603 PILOT Pass Thru -9,851,078.90 604 Other Pass Thrus -3,600.00 Total 601 PILOT and Pass Thru Payable -9,854,678.90
631.105 Camillus 10,654.00 631.11 Cicero 85,529.00 631.115 Clay 79,824.00 631.12 Dewitt 124,576.35 631.125 Elbridge 103,832.00 631.135 Lysander 96,072.00 631.14 Manlius 4,937.00 631.15 Salina 130,789.26 631.155 Skaneateles 38,476.29 631.17 Van Buren 122,427.48 631.18 Town of LaFayette 6,516.00 Accrual Basis Monday, February 3, 2025 11:09 AM GMT-05:00 2/3 Onondaga County Industrial Development Agency Balance Sheet As of January 31, 2025
Total 631.1 Towns 803,633.38
631.205 Baldwinsville 175,424.87 631.24 North Syracuse 18,601.00 631.27 Manlius 10,470.00 Total 631.2 Villages 204,495.87
631.305 Baldwinsville 1,217,773.72 631.315 East Syracuse-Minoa 622,600.85 631.32 Fayetteville-Manilus 35,262.00 631.325 Jamesville-Dewitt 20,603.00 631.33 Jordan-Elbridge 563,052.00 631.335 Liverpool 691,729.00 631.337 Lyncourt 576,343.59 631.34 Marcellus 2,911.00 631.345 North Syracuse 689,459.51 631.35 Skaneateles 213,902.51 631.356 Syracuse 71,856.45 631.36 West Genesee 37,110.00 631.37 LaFayette School District 21,935.00 Total 631.3 Schools 4,764,538.63 631.4 Onondaga County 1,401,376.38 631.5 City of Syracuse 46,063.16 Total 631 Due to Other Governments 7,220,107.42 Total Other Current Liabilities $28,654,941.91 Total Current Liabilities $29,574,638.89 Total Liabilities $29,574,638.89 Equity 3900 Equity Unreserved 19,793,825.40 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 368,811.84 465 Equity - Unreserved 4,017.16 Net Income 15,070.79 Total Equity $22,527,563.82 TOTAL LIABILITIES AND EQUITY $52,102,202.71 Accrual Basis Monday, February 3, 2025 11:09 AM GMT-05:00 3/3
PAYMENT OF BILLS - SCHEDULE #502 February 6, 2025
1. BRIAN R. HALL - RECEIVER OF TAXES* $ 3,705.47 WPCP 2025 Real Property Taxes 2. BARCLAY DAMON $ 177,777.78 December 2024 Legal Costs 3. JMT OF NEW YORK, LLP $ 128,787.88 December 2024 Engineering Costs 4. DOWNTOWN COMMITTEE OF SYRACUSE $ 2,060.00 Downtown Enthusiast Sponsor 2025 5. BARCLAY DAMON $ 232.50 Retained Corporate & Public Finance Matters, Inv#5321266 6. BARCLAY DAMON $ 15,192.75 OHB Redev, Inv#5321945 7. BARCLAY DAMON $ 345.00 Roth Steel Inv#5321947 8. UNITED STATES LIABILITY INSURANCE COMPANY $ 472.00 Policy #XL1634729B 9. BARCLAY DAMON $ 1,400.00 Conference wire transfer 10. LOVELL AND ASSOCIATES LLC $ 6,000.00 December 2024 and January 2025 Consulting TOTAL $ 335,973.38 *Ratification of Check dated January 24, 2025
PAYMENT OF BILLS - SCHEDULE #502 February 6, 2025 PILOT Payments 1. ONONDAGA COUNTY* $ 7,645.21 COR Inner Harbor 2024 - Master & Sub Proj #1 - 4th Q PILOT Payment 2. CITY OF SYRACUSE* $ 6,409.97 COR Inner Harbor 2024 - Master & Sub Proj #1 - 4th Q PILOT Payment 3. SYRACUSE CITY SCHOOL DISTRICT* $ 10,166.10 COR Inner Harbor 2024 - Master & Sub Proj #1 - 4th Q PILOT Payment 4. ONONDAGA COUNTY $ 1,096,747.39
5. TOWN OF CICERO $ 69,991.00
6. TOWN OF CLAY $ 74,342.00
7. TOWN OF DEWITT $ 124,576.35
8. TOWN OF LYSANDER $ 11,851.00
9. CITY OF SYRACUSE $ 46,063.16
10. TOWN OF MANLIUS $ 4,937.00
11. VILLAGE OF MANLIUS $ 10,470.00
12. TOWN OF SALINA $ 130,789.26
13. VILLAGE OF BALDWINSVILLE $ 175,424.87
14. VILLAGE OF NORTH SYRACUSE $ 18,601.00
15. TOWN OF LAFAYETTE $ 6,516.00
16. TOWN OF ELBRIDGE $ 102,521.00
17. TOWN OF SKANEATELES $ 38,245.19
18. TOWN OF VAN BUREN $ 122,427.48
19. SYRACUSE CITY SCHOOL DISTRICT $ 71,856.45
20. BALDWINSVILLE CSD $ 1,202,363.72
21. EAST SYRACUSE MINOA CSD $ 622,600.85
22. LIVERPOOL CSD $ 691,729.00
23. NORTH SYRACUSE CSD $ 575,112.51
24 JAMESVILLE-DEWITT CSD $ 20,603.00
25. JORDAN-ELBRIDGE CSD $ 556,005.00
26. FAYETTEVILLE-MANLIUS CSD $ 35,262.00
27. LAFAYETTE CSD $ 21,935.00
28 LYNCOURT CSD $ 576,343.59
29. SKANEATELES CSD $ 213,902.51
TOTAL $ 6,645,437.61 *Ratification of Checks dated January 17, 2025 BWI Hotel Acquisitions I, LLC
Syracuse, NY 13203-1319 Richard C. Pietrafesa Jr.
Manager, BWI Hotel Acquisitions I, LLC
Syracuse, NY 13203-1319
Hon. Pat Hogan, Chairman Onondaga County Industrial Development Agency (OCIDA) 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Robert Petrovitch, Executive Director Onondaga County Industrial Development Agency (OCIDA) 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Re: Syracuse North Side Housing/Hotel Project on the Campus of St. Joseph's Hospital Dear Chairman Hogan and Executive Director Petrovitch, I am writing to provide an update on the status of the Syracuse North Side Housing/Hotel Project on the campus of St. Joseph’s Hospital and to discuss our current situation with regard to the PILOT agreement we have in place with the Onondaga County Industrial Development Agency (OCIDA).
As you are aware, we had successfully raised all necessary equity and secured the appropriate financing to begin the project in December 2019. Work on the site commenced with demolition, site remediation, sheet piling, grading, and installation of protective barriers, which continued through February 2020. To facilitate this work, we utilized the recorded sales and use tax exemption of $74,087.52.
Unfortunately, the onset of the COVID-19 pandemic resulted in the shutdown of all local construction projects, including ours. At the same time, the collapse of the hospitality industry led our lender to pull the financing, citing the emergency circumstances surrounding the pandemic. Since then, we have been diligently working to replace the financing needed to restart the project. However, we have encountered significant challenges in securing financing under terms that would allow the project to proceed as originally planned. Additionally, our franchisor, Marriott, has informed us that due to stricter lending limits and the higher interest rate environment, many other projects, similar to ours, remain in a state of uncertainty.
As you know, we have made all PILOT payments per the original schedule, including the payment for 2025, despite the work on the project being delayed.
BWI Hotel Acquisitions I, LLC
Syracuse, NY 13203-1319 Given the current landscape, we are now considering revising the project to better align with emerging market needs. Specifically, we are exploring the possibility of developing a building that would be more AirBnB-friendly in order to access available HUD financing.
As a result of the project delay due to these force majeure factors, our current PILOT payments - structured under the assumption that a completed building would be on the site by now - are no longer aligned with the current status of the property. With the site now vacant, and the delay still somewhat indefinite, we believe it makes sense for us to exit the current PILOT agreement with OCIDA. We will of course return to the Agency for a new PILOT agreement the minute we are ready to re-start the project and can provide an accurate assessment of the revised scope and timeline.
We appreciate your continued support and understanding throughout this challenging period, and we look forward to working with you as we navigate these changes. Please do not hesitate to contact me with any questions or to discuss this matter further.
Richard C. Pietrafesa Jr.
Manager