Machine-extracted (OCR) from the official document — formatting is approximate; the official copy governs.
335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202
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
Page 1 of 16
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.
Page 2 of 16
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.
PAYMENT OF BILLS 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.
CONFLICT OF INTEREST DISCLOSURE The conflict of interest was circulated and there were no conflicts.
ACTION ITEMS
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.
Page 3 of 16
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
Page 4 of 16
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
Page 5 of 16
Onondaga County Industrial Development Agency
Profit and Loss
January 2025
TOTAL Income 500 Operating Revenue 2116 Fees 2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 111,111.11 2410 Lease Income 1,224.30 Total 500 Operating Revenue 112,335.41 501 Non-Operating Revenue 2401 Interest Income 41,396.36 Total 501 Non-Operating Revenue 41,396.36 534 Pilot & Pass Thru Revenue 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 6400 Operating Expense 6407 Administrative Expense 50,985.01 6409 Conference Attendence 75.00 6410 Office Expense 197.63 Total 6400 Operating Expense 51,257.64 6440 Legal Fees 6450 Barclay Damon 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 6500 Agency Program Expenses 6510 White Pine Commerce Park 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
Page 6 of 16
Accrual Basis Monday, February 3, 2025 11:10 AM GMT-05:00 1/2
Onondaga County Industrial Development Agency
Profit and Loss
January 2025
TOTAL
6514 White Pine Science & Technology Park
6514.1 Legal 5,317.50
Total 6514 White Pine Science & Technology Park 5,317.50
6600 Non-Operating Expenses
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 WPCP Pass Thru Expenses
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
Page 7 of 16
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
TOTAL
ASSETS
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 Prepaid Expenses
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
100 Land
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 Machinery & Equipment
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
Page 8 of 16
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
TOTAL
Other Assets
240 Blue Sky Redevelopment 1,641.76
Total Other Assets $1,641.76
TOTAL ASSETS $52,102,202.71
LIABILITIES AND EQUITY
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
601 PILOT and Pass Thru Payable
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 Due to Other Governments
631.1 Towns
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
Page 9 of 16
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
Total 631.1 Towns 803,633.38
631.2 Villages
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
631.3 Schools
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
Page 10 of 16
Accrual Basis Monday, February 3, 2025 11:09 AM GMT-05:00 3/3
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
PAYMENT OF BILLS - SCHEDULE #502
February 6, 2025
GENERAL EXPENSES
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
Page 11 of 16
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
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
2025 PILOT Payments
5. TOWN OF CICERO $ 69,991.00
2025 PILOT Payments
6. TOWN OF CLAY $ 74,342.00
2025 PILOT Payments
7. TOWN OF DEWITT $ 124,576.35
2025 PILOT Payments
8. TOWN OF LYSANDER $ 11,851.00
2025 PILOT Payments
9. CITY OF SYRACUSE $ 46,063.16
2025 PILOT Payments
10. TOWN OF MANLIUS $ 4,937.00
2025 PILOT Payments 11. VILLAGE OF MANLIUS $ 10,470.00
2025 PILOT Payments
12. TOWN OF SALINA $ 130,789.26
2025 PILOT Payments
Page 12 of 16
13. VILLAGE OF BALDWINSVILLE $ 175,424.87
2025 PILOT Payments
14. VILLAGE OF NORTH SYRACUSE $ 18,601.00
2025 PILOT Payments
15. TOWN OF LAFAYETTE $ 6,516.00
2025 PILOT Payments
16. TOWN OF ELBRIDGE $ 102,521.00
2025 PILOT Payments
17. TOWN OF SKANEATELES $ 38,245.19
2025 PILOT Payments
18. TOWN OF VAN BUREN $ 122,427.48
2025 PILOT Payments
19. SYRACUSE CITY SCHOOL DISTRICT $ 71,856.45
2025 PILOT Payments
20. BALDWINSVILLE CSD $ 1,202,363.72
2025 PILOT Payments
21. EAST SYRACUSE MINOA CSD $ 622,600.85
2025 PILOT Payments
22. LIVERPOOL CSD $ 691,729.00
2025 PILOT Payments
23. NORTH SYRACUSE CSD $ 575,112.51
2025 PILOT Payments
24 JAMESVILLE-DEWITT CSD $ 20,603.00
2025 PILOT Payments
25. JORDAN-ELBRIDGE CSD $ 556,005.00
2025 PILOT Payments
26. FAYETTEVILLE-MANLIUS CSD $ 35,262.00
2025 PILOT Payments
Page 13 of 16
27. LAFAYETTE CSD $ 21,935.00
2025 PILOT Payments
28 LYNCOURT CSD $ 576,343.59
2025 PILOT Payments
29. SKANEATELES CSD $ 213,902.51
2025 PILOT Payments
TOTAL $ 6,645,437.61
*Ratification of Checks dated January 17, 2025
Page 14 of 16
BWI Hotel Acquisitions I, LLC
104 Wendell Terrace
Syracuse, NY 13203-1319
Richard C. Pietrafesa Jr.
Manager, BWI Hotel Acquisitions I, LLC
104 Wendell Terrace
Syracuse, NY 13203-1319
30 January 2025 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.
Page 15 of 16
BWI Hotel Acquisitions I, LLC
104 Wendell Terrace
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
Page 16 of 16