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PHONE: 315.435.3770 FAX: 315.435.3669 WWW.ONGOVED.COM Meeting Agenda March 17, 2020 8:00AM Call to Order the Regular Meeting of the Agency A. Approval of Minutes-February 11, 2020 B. Treasurers Report C. Payment of Bills D. Conflict of Interest Action Items
a. Final Approving Resolution A resolution of the Board to authorize the 2020 OCIDA Budget Representative: Nathaniel Stevens
Tessy Plastics is proposing an expansion of their Elbridge, NY manufacturing facility. This site is located in the Town of Elbridge.
Agency Action Requested a. Final Approving Resolution A resolution of the Board to authorize sales tax abatement, mortgage tax exemption and real property tax abatement.
Representative: Joe Ranalli, Tessy Plastics Co.; Karen D’Antonio, Counsel, Barclay Damon
Consent to Sale of Membership Interest.
Agency Action Requested:
a. Resolution Authorizing Sale A resolution consenting to the sale of the membership interest of a project applicant. Representative: Chris Carrick
An agreement between CNYIBA and OCIDA.
Agency Action Requested:
a. Resolution Authorizing the Execution of a Consulting Services Agreement.
Representative: Robert Petrovich Page:1 5. Audit from Grossman St. Amour Presentation of Audit.
Representative: Michael Lisson, Grossman St. Amour
Modification of PILOT agreement.
Agency Action Requested:
a. Resolution Modification A resolution authorizing extension of a payment in lieu of taxes agreement.
Representative: Jeff Davis Adjourn 2 Page:2
Onondaga County Industrial Development Agency Regular Meeting Minutes February 11, 2020 A regular meeting of the Onondaga County Industrial Development Agency was held on Tuesday, February 11, 2020 at 333 West Washington Street, Syracuse, New York in the large conference room on the first floor.
Patrick Hogan called the meeting to order at 8:00 am with the following:
PRESENT:
Patrick Hogan Janice Herzog Steve Morgan Fanny Villarreal
ABSENT:
Victor Ianno Kevin Ryan Susan Stanczyk
ALSO PRESENT:
Robert Petrovich, Executive Director Nancy Lowery, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Carolyn Evans-Dean, Economic Development Jeffrey Davis, Barclay Damon Law Firm Amanda Mirabito, Barclay Damon Law Firm Matthew Vincent, US Census Bureau Joe Ranalli, Tessy Plastics Angela Orlandella, Barclay Damon Law Firm Paul Reichel, Bond Schoeneck & King Catherine Johnson, COR Andrew Day, Taft Road Solar, LLC Michael Cocquyt, LaBella (Taft Solar) Sarah Stephens, Tracey Road Equipment Mark Weiss, Tracy Road Equipment Jerry Tracey, Tracey Road Equipment Peter Blosioli, Tracy Road Equipment Ken Bush, Onondaga County Legislature Mitch Latimer, Local 277 Tom Iorizzo, Local 277 Chairman Pat Hogan read comments related to the live streaming of the Agency meetings pursuant to the New York State Law.
Page:3 1 APPROVAL OF REGULAR MEETING MINUTES – JANUARY 14, 2020 Upon a motion by Steve Morgan, seconded by Janice Herzog, the OCIDA Board approved the regular meeting minutes of January 14, 2020. Motion was carried.
TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of January 2020.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved the Treasurer’s Report for the month of January 2020. Motion was carried.
Nate Stevens gave a brief review of the Payment of Bills Schedule #440.
Upon a motion by Janice Herzog, seconded by Steve Morgan, the OCIDA Board approved the Payment of Bills Schedule #440 for $348,119.10 and PILOT payments to Town of Cicero for $24,497.66, Town of Clay for $125,395.19, Town of DeWitt for $89,245.00, Town of Elbridge for $77,710.84, Town of Geddes for $321.26, Town of Lysander for $89,245.00, Town of Onondaga for $2.30, Town of Salina for $86,839.15, Town of Skaneateles for $35,267.09, Town of Van Buren for $68,437.00, Village of Baldwinsville for $41,817.00, Village of Solvay for $2,556.02, Baldwinsville School District for $295,576.00, East Syracuse Minoa School District for $1,143,847.75, Jamesville Dewitt Central School District for $74.06, Jordan Elbridge School District for $420,655.73, Liverpool Central School District for $1,154,749.81, Lyncourt Union Free School District for $508,659.33, North Syracuse Central School District for $299,852.78, Skaneateles Central School District for $205,451.59, Solvay Union Free School District for $5,373.56, Syracuse Central School District for $63,327.06, West Genesee Central School District for $223,529.00, City of Syracuse for $34,961.93 and Onondaga County for $1,246,464.06.
Motion was carried.
Page:4 22 The Conflict of Interest Statement was circulated and there were no conflicts reported.
Matthew Vincent stated that he is a partnership specialist with the U.S. Census Bureau. He stated that the US Census Bureau is the largest statistical agency in the United States and the leading source of data about the nation. He stated they conduct over 130 surveys and programs including the Decennial Census which is the focus in which he is speaking today. He stated they face many challenges particularly in the increasingly diverse and growing population. He stated that they estimate they will count 330,000,000 people in over 140,000,000 households and their mission is to count everyone once and in the right place. He stated the Census is easy, safe and important. He stated it is mandated by Article 1 Section 2 of the U.S. Constitution. He stated that the population counts determines the numbers for each seat in the house and defines congressional state legislative district boundaries. He stated that it determines the annual allocation of $675,000,000,000 in federal funding. He stated that grants, Medicaid, highways and roads are allocated by population determined as by the census. He stated census data provides insight to government, businesses, community groups and provides population benchmarks. He stated that the Census is safe for anyone to take part in. He stated private information is never published and US Census Bureau collects information only to produce statistical totals. He stated information collected by the Agency cannot be used against respondents. He stated Census Bureau employees are sworn to protect confidentiality for life under Title 13 and violating Title 13 is a federal crime. He stated that violators are subject to severe penalties including a prison sentence of 5 years and fines up to $250,000. He stated that the Census Bureau has a cyber-security focus and their data is encrypted and secured. He stated that his team possesses the ability to continue to identify, protect, respond and recover from cyber threats. He stated that 2020 is going to be easier than ever with 4 ways to respond; online, by phone, by paper form or by visit from a census employee. He stated that they ask your name, age, date of birth, race, Hispanic origin, tenure and sex. He stated that the Census Bureau never asks for social security number, money, credit information or anything political. He stated that the census is offered in 12 languages plus English online and by phone which covers 99% of all households in the United States. He stated that in addition they are offering language guides and resources in 59 other languages and working with local partners that can support them in other language communities. He stated that in mid-March 2020 they will send the first invitation to US households with directions on how to respond and code. He stated every household will Page:5 33 have the option of responding online, by phone or by mail. He stated that if a household does not receive the code they can easily respond by sending the address and the nearest cross street. He stated that 2 reminders will be sent and then a paper form. He stated that those that have not responded will be followed up by a Census staff member. He stated that key ways that everyone can help is be a trusted voice in the community, share the message that the Census is easy, safe and important, be Census ambassadors, encourage self-response, let everyone know that the census is important to all people and to count their children. He stated that you can also help by promoting 2020 Census jobs. He stated that this is a great way for people to earn extra money and the application is simple. He stated that the application is found on www.census2020.gov/jobs. He stated that the pay rate is $20 an hour plus mileage. He stated the Census is a data resource for everyone and you can take advantage of the data dissemination program and use the data resources to help understand business and economic activity in this community. He stated that the Census has a robust social media presence and welcomes everyone to like and share the user content.
Patrick Hogan stated that he commends the Census Bureau for reaching out to the neighborhood groups. Matthew Vincent stated that partners are critical in their success and thanked him for his support as well.
Robert Petrovich stated that the Agency’s counsel, Barclay Damon, has a conflict and will be stepping out and Paul Reichel from Bond Schoeneck & King will represent the Board on this matter.
Joe Ranalli stated that he is the Director of Financial Operations at Tessy Plastics Corporation and they are looking for financial assistance for the Elbridge expansion. He stated that they want to add on a new warehouse for cleanroom production required for the medical devices.
Angela Orlandella stated that it is a campus wide project to make revisions in multiple buildings and expand the footprint. She stated that the overall project is a 96,000 sq. ft. warehouse addition with approximately $8,000,000 in construction costs and $10,000,000 in production equipment so the overall project is just over $18,000,000.
Page:6 44 Steve Morgan asked what is driving the growth for the 125 FTE’s. Joe Ranalli stated that hopefully they are going to attract a new customer base and they have a couple interested now. He stated that there is an existing manufacturing company in Mexico they are trying to reshore. Steve Morgan asked if these are existing customers. Joe Ranalli stated that some are new and some are existing.
Angela Orlandella stated that the financial assistance being sought is a sales tax exemption for the materials associated with the building, the production equipment is already exempt and also seeking an amended and restated pilot. She stated that there is already a PILOT in place on the facility.
Steve Morgan asked if any of this will be Hill-Rom products. Angela Orlandella stated no but they continue to make about 7% of Tessy’s business Fanny Villarreal asked if this expansion will bring new job opportunities and if so what type of jobs. Joe Ranalli stated yes. He stated that initially there will be 50 positions and over 150 after 5 years. He stated that there will be various levels from a managerial position to operators. Patrick Hogan asked how many employees are at Tessy over the 3 locations. Joe Ranalli stated that there are roughly 1,000 in Central New York. Angela Orlandella stated that there are 975 in Onondaga County alone and plan to increase by 150 more.
Patrick Hogan asked when talking about reshoring if they are talking about bringing operations back here. Joe Ranalli stated that companies that manufacture in Mexico are looking to bring their products to Tessy.
Janice Herzog asked if there is already cleanroom capability. Joe Rinalli stated yes but the program they are going after needs a larger footprint so it is a big expansion for them.
Angela Orlandella stated that everything that has come before the Board previously has been completed. She stated that the Van Buren plant is doing well and has substantially increased employment.
Page:7 55 Steve Morgan asked if there is any administration left at the original building. Joe Rinaldi stated yes; maintenance, HR and the bulk of manufacturing is still there.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing a public hearing for the Tessy Plastics Corporation project. Motion was
carried.
STREET COMPANY III, INC.
Catherine Johnson stated that COR is seeking an extension of the sales tax exemption for Iron Pier Apartments which is 2 buildings with 112 apartment units and 36,000 sq. ft. of commercial/retail on the first floor. She stated that they opened at the end of 2018 and since then they have had 3 tenants move in. She stated that the Bullfinch Brew Pub has not opened yet and are waiting a permit from the City. She stated that it should open in about 4 months after they get the permit. She stated that they are seeking an extension because of the build out of the commercial space on the first floor. She stated that the tenant determines how much work they will need to do. She stated that while the building is open and largely complete as far as the residential work, they still have about $2,000,000 to complete the construction work on the first floor and that is why COR is before the Board seeking the extension. She stated that they are under the estimated sales tax exemptions for this project and don’t project to exceed that number. She stated that they are requesting a 1 year extension and hope to finish this year but it is tenant driven.
Steve Morgan asked how many of the 112 apartments are occupied. Catherine Johnson stated that they are about 80% occupied and have been open a little over a year.
Steve Morgan asked how many commercial spots are still available. Catherine Johnson stated it is 36,000 sq. ft. and that they have built out about 1/3. She stated that there are about 9 spaces but those can be divided up.
Patrick Hogan stated that he remembers the Inner Harbor as it was and the change is amazing. He stated that he thinks we are well on the way to creating a neighborhood down there and he congratulates everyone involved. Catherine Johnson stated that they are planning a harbor fest Page:8 66 this summer and with the dredging allowing for boats to get into the harbor, they will see more activity and that will also spur development.
Jeff Davis stated this is a Type 2 action for SEQR.
Upon a motion Janice Herzog, seconded by Fanny Vilarreal, the OCIDA Board approved a resolution to extend the sales and use tax exemption for the COR Van Rensselaer Street Company II, LLC and COR Van Rensselaer Street Company III, Inc. Motion was carried.
Andrew Day stated that he is with Source Renewables and they are developing the Taft Solar Project located on Taft Road on the town line of Manlius and Dewitt. He stated that they are a developer of community solar. He stated that the project is 5 mw AC and approximately 7 mw DC and that includes 5 mw battery energy source system. He stated that community solar is unique in the fact that it is a centrally located solar farm that connects to the grid and generates monetary credits and those credits are distributed to residents and business to lower their electricity bill. He stated that community solar has been popular because it doesn’t require residents or businesses to install costly equipment. He stated that in order to participate they need to be a utility customer and receive on bill credits from the utility with a discount on their power bill. He stated that as part of this project they are requesting a PILOT agreement for property and sales tax in order to help the project be financially feasible. He stated that solar is unique in the fact that it is a depreciating asset that has a high capital cost but a low operating cost over time. He stated that it provides a great number of benefits to the grid in terms of stability and that coupled with energy storage allows them to produce power during the day and discharge the power at peak times.
Steve Morgan asked how solar is viable in one of the cloudiest areas in the country. Andrew Day stated that the viability of solar is driven by local utility rates and also the State of New York has significant incentives to promote new generation such as solar and clean generation. He stated in addition to federal incentives they have investment tax credits, NYS incentives from NYSERDA and grants help to keep projects financially feasibile. He stated that higher power rates in this part of the world help to make a financial case for solar. He stated that there is a Page:9 77 demand for new generation and solar poses one of the lowest impacts to the environment that can be developed. He stated that all that coupled together creates a viable project.
Fanny Villarreal asked if this is similar to what National Grid is doing in certain parts of the State. Andrew Day stated that National Grid is the utility and they provide the distribution and transmission. He stated that they maintain all the power lines in the area. He stated that Taft Road Solar will connect to the National Grid system and the way that it works is they generate a credit and the customer maintains their bill with National Grid and they distribute the monetary credits on the bills of the subscribers locally. He stated that nothing changes for the subscriber and they continue to pay their bill as normal but they will receive a credit to help reduce their bill. He stated that generally speaking they offer a 10% discount on energy supply.
Janice Herzog asked if there has been any communication with the community in terms of their reception. Andrew Day stated that he spoke with Dr. DeSiato, the Superintendent of the local school district, and she was very enthusiastic especially with the drive for STEM type initiatives and possible learning for the students. He stated that it was a very positive response.
Janice Herzog asked if it is open land and if there are any residential areas. Andrew Day stated that it is mostly open land and there are a few residential structures. He stated that they will put up strategic barriers such as fences, shrubs and berms to blend in with the landscape.
Patrick Hogan stated that with a PILOT it is significant savings or added revenue and assures what they have to pay every year. Andrew Day agreed and it is a fairly predictable fixed rate income. He stated that if it was assessed like a traditional commercial real estate property then it would be a much different type of asset.
Robert Petrovich stated the UTEP was changed to provide a renewables component. He stated that this is the Agency’s second solar project to come before the Board and the expectation given based on what is seen in the marketplace more will be coming before the Board.
Patrick Hogan stated that he would like to congratulate Mr. Petrovich and his staff for coming to grips with this as this was new technology, nobody knew how to assess them.
Page:10 88 Janice Herzog asked if there is a radius in terms of location for the clients that they have to be within. Andrew Day stated that they want to offer the benefits to the community first but the only requirement to participate in a program is to be an account holder with National Grid. Steve Morgan asked about the job creation. Andrew Day stated that during the construction there will be about 50 jobs and after that there will be about 2 or 3 maintenance type jobs. Janice Herzog asked if it is available to commercial as well as residents. Andrew Day stated that yes but community solar requires 60% of the credits go to the mass markets and small commercial entities which is less than 25 kilowatts.
Upon a motion by Janice Herzog, seconded by Steve Morgan, the OCIDA Board approved a resolution authorizing a public hearing for the Taft Road Solar, LLC project. Motion was
carried.
Sarah Stevens stated that Tracey Road Equipment’s main headquarters is located at 6803 Manlius Center Road in East Syracuse. She stated it is currently a 55,000 sq. ft. facility and is where the company’s largest service shop operates. She stated that it offers the most diverse services of the company and services light, medium and heavy duty trucks, construction equipment and also serves as their fabrication shop. She stated they have 6 other locations in New York State located in Albany, Binghamton, Queensbury, Rochester, Utica and Watertown.
She stated that they have been a leader in the construction and trucking industry for over 40 years. She stated that as the trucking and equipment industry has continued to grow and the technology has advanced, Tracey Road has recognized the need to grow, expand and modernize to maintain their place in the market ensuring that customers are receiving timely service and meeting the demands of the evolving market. She stated that they have outgrown their space and need to expand the facility. She stated they are proposing to do an expansion that will include the hiring of 30 new full time positions which would add to their existing workforce of 140 bringing it up to 170. She stated the salary ranges for these positions will be between $35,000 and $45,000 annually. She stated that currently they need to push some of their customers to other sites because they have outgrown the facility. She stated that they are looking to bring that Page:11 99 revenue back into Onondaga County. She stated they currently make up about 51% of their revenue from outside Onondaga County. She stated that they are planning to invest roughly $3,500,000 for the construction of the addition as well as investing in equipment. She stated that the expansion will allow them to complete their repair orders expeditiously, continue to serve their customers in the surrounding region and across New York State. She stated that they have training and apprenticeships programs and also partnered with BOCES. She stated they recently have been awarded $400,000 from CFA towards the expansion. She stated that when they submitted the application to CFA in July the square footage for the expansion was around 18,000 sq. ft. and since they did additional due diligence and realized it is not sufficient for what they need. She stated that they increased the square footage which increased the budget roughly $1,000,000 more than what was submitted to the CFA. She stated that they are seeking sales tax exemption on the building material, mortgage tax recording exemptions and traditional PILOT. Jerry Tracey reviewed a map of the expansion and the BOCES training center. He stated that due to the partnership with BOCES they needed to come up with an additional 10,000 sq. ft. of office space.
Patrick Hogan asked if the partnership is so solid with BOCES that a training center is going to be built right on the property. Jerry Tracey stated yes.
Patrick Hogan asked what type of training will be done. Jerry Tracey stated that it would be for diesel mechanic training for truck engines and construction equipment. He stated Tracey Road is a unique because they are a trucking and a construction equipment company so they are in 2 different markets under one roof. He stated that the students coming in can choose between the trucking or construction industry.
Patrick Hogan asked if they have to work for Tracey Road or can they work for anyone. Jerry Tracey stated that they can work for anyone. He stated that BOCES has their own instructors that come to the facility to do the instruction.
Janice Herzog asked how many students they serve. Jerry Tracey stated that he believes there will be 20; with 10 in the morning and 10 in the afternoon. He stated that it will start in September, as there is a shortage of technicians.
Page:12 10 10 Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing a public hearing for the Tracey Road Equipment, Inc. project. Motion was
carried.
Robert Petrovich stated that the resolution will be put forward at the March meeting and this is just an update. He stated that OCIDA is working with the CNYIBA in the space of foreign trade zones and moving that conversation forward. He stated that there is a draft agreement that is being currently reviewed with Agency counsel. He stated that he anticipates at the March meeting staff will request to execute the agreement which will be a relationship to take us through 2020 to help bolster our FTZ skill sets so we can better serve our constituency.
Patrick Hogan asked if we have a person on staff to handle the FTZ. Robert Petrovich stated that person has left. He stated that we are brushing up our skill sets and working with an individual from the IBA to create the synergies that can hopefully advance that for folks in the space of import and export.
Patrick Hogan recognized County Legislator Bush.
Robert Petrovich stated that Nathan Fenno who is President of the Railroad came to meet with staff and submitted a schematic for review. He stated that we have a PILOT with that organization and since we have a lease agreement they need the Agency’s permission to erect a billboard. He stated that counsel has reviewed and advised us that moving this forward would be appropriate. He stated that he is asking for a resolution from the Board to authorize execution of the agreement permitting them to erect the billboard.
Patrick Hogan asked where the billboard is located. Robert Petrovich stated that it is off Route 81 near the Brighton Street exit.
Jeff Davis stated this is a Type 2 action under SEQR.
Page:13 11 Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved a resolution allowing the Syracuse Binghamton and New York Railroad Corporation to erect a billboard on property. Motion was carried.
Robert Petrovich stated that this is a situation where we have a lease agreement with the MOST and they are asking for the Agency’s permission to pursue grants which would allow them to erect an exterior display on their property in front of the museum. He stated that Counsel was asked to review this request and they have advised we can move this forward. He stated that a resolution is being requested from the Board to indicate to the MOST we have no issues and they can proceed with pursuing these grants.
Patrick Hogan asked if the property is in the City. Jeff Davis stated yes and the Agency is bond holders on the property. He stated that the chain of title has it as OCIDA for the issue of bonds. Patrick Hogan stated it is still City property. Robert Petrovich stated that the MOST is the owner and our relationship is that we were the conduit for bond financing. He stated that we have a lease agreement with them and before they do any improvements they need our permission to move forward.
Steve Morgan asked what the exterior display is going to be. Nate Stevens stated that they are looking for a motion of support so they can go and pursue grants. He stated that he thinks that at this time they don’t know what the display would be until they applied for and received the grants. He stated that they wanted a statement from the Board since we are in fact the land owners and that we are supportive of this concept.
Jeff Davis stated that it is a Type 2 action under SEQR. He stated that this allows them to proceed and do their own due diligence. He stated that they didn’t want to get the cart before the horse in case the Agency for some reason did not agree.
Page:14 12 Upon a motion by Steve Morgan, seconded by Janice Herzog, the OCIDA Board approved a resolution to support the MOST regarding an exterior display on their property which is subject to bonds issued by the Agency. Motion was carried.
Upon a motion by Steve Morgan, seconded by Janice Herzog, the OCIDA Board adjourned the meeting at 8:57 am. Motion was carried.
_________________________________ Robert M. Petrovich, Executive Director Page:15 13
PHONE: 315.435.3770 • FAX: 315.435.3669 February 29, 2020
Revenue / Expense / Income Current Period Current YTD Amount Change to Budget Operating Revenue 24,343 342,546 1,526,000 (1,183,454) Administrative Expense 42,938 81,365 900,000 (818,635) Operating/Program Exp. 6,857 19,941 626,000 (606,059) Net Ordinary Income (25,453) 241,241 - 241,241 Current Assets Current YTD Prior YTD Total Cash 1,859,408 2,269,970 Less Pass Through Received - - Available Cash 1,859,408 2,269,970 Receivables (less pass through rec.) 970,914 974,947 Grant Reimbursements 268,733 268,733 Total 3,099,056 3,513,650 Reserve for Contracts County Operations 2020 818,635 Marketing 14,737 Professional Services 55,000 Website Design 180 333 W. Washington St 2020 Rent 65,000 WPCP Sewer Design Engineering 108,151 OBG WPCP Engineering - OBG WPCP Drone Flyover - OBG WPCP CO #2 Site Selection - OBG WPCP CO #3 Additional Studies (2,418) OBG WPCP CO #4 Additional Studies 569,054 JMT 800 Hiawatha Engineering 25,000 National Grid WPCP Engineering Gas 200,000 National Grid WPCP Engineering Electric 175,000 Total 2,028,339 Page:16 Receivables 0-120 days 748,890 > 120 days 490,757 Total 1,239,647 Page:17 Onondaga County Industrial Development Agency
February 2020
Income
2116.1 Agency Fees 19,700.00 2116.2 Application Fees 3,000.00 Total 2116 Fees 22,700.00 2410 Lease Income 1,500.00 Total 500 Operating Revenue 24,200.00
2401 Interest Income 143.20 Total 501 Non-Operating Revenue 143.20
528 Pass thru Income 101,560.03 529 PILOT Income 285,402.23 Total 534 Pilot & Pass Thru Revenue 386,962.26 Total Income $411,305.46 GROSS PROFIT $411,305.46 Expenses
6407 Administrative Expense 42,938.47 6408 Board Mtg Exp 220.84 6409 Conference Attendence 1,262.50 6410 Office Expense 37.66 6414 Marketing 262.76 Total 6400 Operating Expense 44,722.23
6510.6 Taxes/SDC 3,073.56 6510.7 WPCP Marketing 2,000.00 Total 6510 White Pine Commerce Park 5,073.56 Total 6500 Agency Program Expenses 5,073.56
6605.1 Pass thru Expense 101,560.03 6605.2 PILOT Expense 285,402.23 Total 6605 Pilot & Pass Thru Expenses 386,962.26 Total 6600 Non-Operating Expenses 386,962.26 Total Expenses $436,758.05 NET OPERATING INCOME $ -25,452.59 NET INCOME $ -25,452.59 Page:18 Accrual Basis Wednesday, March 4, 2020 03:09 PM GMT-05:00 1/1 Onondaga County Industrial Development Agency
As of February 29, 2020
Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 978,478.81 200.2 Cash - M & T Money Maker Savings 889,837.21 200.4 Destiny USA Restricted Cash -8,957.82 210 Petty Cash 50.00 Total 200 Cash 1,859,408.20 Total Bank Accounts $1,859,408.20 Accounts Receivable 380 Accounts Rec.
380.222 Bank of NY -2.00 Total 380.2 PILOTs Rec -2.00 380.6 A/R Agency Fees 824,456.58 Total 380 Accounts Rec. 824,454.58 Total Accounts Receivable $824,454.58 Other Current Assets 391 Long Tern Receivable 222,024.00
392.065 Simple Admit Current -0.32 392.066 Aquari current -0.24 Total 392 Loans Receivable -0.56
393.1 ESD WPCP 134,366.66 393.2 Nat Grid WPCP 134,366.66 Total 393 Grant Reimbursements 268,733.32 Total Other Current Assets $490,756.76 Total Current Assets $3,174,619.54 Page:19 Accrual Basis Wednesday, March 4, 2020 03:10 PM GMT-05:00 1/3
Fixed Assets
101 White Pines Commerce Park 1,520,401.50
101.101 CHA GEIS 1 267,452.05 101.102 CHA GEIS 2 219,439.36 101.104 GEIS Reg Plan Board Overview 19,797.74 Total 101.1 WPCP GEIS 506,689.15 101.2 WPCP Legal 69,774.25 101.3 Engineering Services 52,675.00 101.301 Temporary Access 4,055.44 101.4 Environmental/Demo Services 10,318.98 Total 101.3 Engineering Services 67,049.42
101.501 Land Purchases 1,160,063.57 101.502 Closing Costs 3,168.14 Total 101.5 Land Acquisition Costs 1,163,231.71 Total 101 White Pines Commerce Park 3,327,146.03 106 North Salina Properties 0.00 106.1 435 North Salina 17,083.55 106.3 435 North Salina Building 634,421.53 Total 106 North Salina Properties 651,505.08 107 800 Hiawatha 604,840.42 Total 100 Land 4,583,491.53
104.1 Office Furniture 1,429.00 104.2 Equipment 1,432.40 Total 104 Machinery & Equipment 2,861.40 211 A/D Office Furniture -2,861.00 213 A/D Buildings -48,801.00 Total Fixed Assets $4,534,690.93 Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $7,710,952.23 Page:20 Accrual Basis Wednesday, March 4, 2020 03:10 PM GMT-05:00 2/3
Liabilities Current Liabilities Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 81,364.56 600.206 Mileage Reimbursement 77.61 600.207 EPP App Deposit 250.00 600.208 BlueRock Energy Agreement Deposit 25,000.00 Total 600 Accounts Payable 106,692.17
602 Pass Thru Payable 500.00 603 PILOT Pass Thru 74,061.60 Total 601 PILOT and Pass Thru Payable 74,561.60
631.17 Van Buren 0.20 Total 631.1 Towns 0.20
631.335 Liverpool -0.01 631.337 Lyncourt 0.01 631.34 Marcellus 0.01 631.345 North Syracuse -0.01 Total 631.3 Schools 0.00 631.4 Onondaga County 1.93 Total 631 Due to Other Governments 2.13 Total Other Current Liabilities $181,255.90 Total Current Liabilities $181,255.90 Total Liabilities $181,255.90 Equity 3900 Equity Unreserved 4,569,787.87 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 2,028,339.37 465 Equity - Unreserved -1,655,510.37 Net Income 241,240.83 Total Equity $7,529,696.33 TOTAL LIABILITIES AND EQUITY $7,710,952.23 Page:21 Accrual Basis Wednesday, March 4, 2020 03:10 PM GMT-05:00 3/3
PAYMENT OF BILL - SCHEDULE #441 March 17, 2020
1. ONONDAGA COUNTY* $ 101,257.58 Final Payment 2019 OED Administrative Expenses 2 2. ONONDAGA COUNTY PLANNING FEDERATION** $ 70.00 Registration Fee 2020 Planning Symposium 3. REPUBLIC PARKING SYSTEM $ 100.00 Inv# 20-01-305 & 20-02-305, Meeting Parking 4. COOK'S COFFEE $ 175.92 Inv#20-06, 20-101 & 20-112, Coffee Service 5. ROBERT PETROVICH $ 390.34 Reimbursement for Expenses Rome, Albany and Atlanta Trips 6. NATE STEVENS $ 281.95 Reimbursement for Expenses Rome, Albany and Atlanta Trips 7. JODEE M. KELLY RECEIVER OF TAXES (CLAY)*** $ 30.44
8. FEDEX $ 21.22 Inv#6-930-17574, Shipping to Barcaly Damon 9. NEW YORK STATE EDC**** $ 750.00 Inv#11543, 2020 SSG Team NY Luncheon 10. O'BRIEN & GERE $ 5,555.50 Inv#71270-13, WPCP Engineering TOTAL $ 108,632.95 * Ratification of Check dated February 21, 2020 ** Ratification of Check dated February 26, 2020 *** Ratification of Check dated February 27, 2020 **** Ratification of Check dated March 5, 2020 1 Page:22
PAYMENT OF BILL - SCHEDULE #441 March 17, 2020 PILOT Payments 1. TOWN OF DEWITT* $ 29,218.00
2. TOWN OF MANLIUS* $ 15,959.81
3. TOWN OF VAN BUREN* $ 34,804.00
4. BALDWINSVILLE CSD* $ 204,861.00
5. EAST SYRACUSE MINOA CSD* $ 155,264.00
6. ONONDAGA COUNTY* $ 92,699.63
TOTAL $ 532,806.44 * Ratification of Checks dated February 21, 2020 1 Page:23
DESCRIPTION TERM CONTRACT PAID OUTSTANDING ONONDAGA COUNTY OED 2020 1-1-20-12-31-20 $900,000.00 $81,364.56 $818,635.44 MARKETING 1-1-20-12-31-20 $15,000.00 $262.76 $14,737.24 PROFESSIONAL SERVICES 1-1-20-12-31-20 $55,000.00 $0.00 $55,000.00 WEBSITE DESIGN 8/31/16-12-31-20 $10,000.00 $9,820.00 $180.00 333 W. WASHINGTON ST 2020 RENT 1-1-20-12-31-20 $65,000.00 $0.00 $65,000.00 WPCP SEWER DESIGN ENGINEERING 1/31/16-1/31/17 $268,628.00 $160,476.55 $108,151.45 OBG WPCP ENGINEERING 2/28/17-2/28/18 $99,370.00 $99,370.00 $0.00 OBG WPCP CO #1 DRONE FLYOVER 4/30/17-4/30/18 $3,300.00 $3,300.00 $0.00 OBG WPCP CO #2 SITE SELECTION 9/30/17-9-30-18 $25,646.02 $25,646.02 $0.00 OBG WPCP CO #3 ADDITIONAL STUDIES 9/30/17-9-30-18 $65,000.00 $67,418.47 -$2,418.47 OBG WPCP CO #4 ADDITIONAL STUDIES 11/30/18-11/30/19 $800,000.00 $230,946.29 $569,053.71 JMT 800 HIAWATHA ENGINEERING 2/13/19-12-31-20 $25,000.00 $0.00 $25,000.00 NATIONAL GRID WPCP ENGINEERING GAS 11/29/18-11/29/19 $403,100.00 $203,100.00 $200,000.00 NATIONAL GRID WPCP ENGINEERING ELECTRIC 11/29/18-11/29/19 $375,000.00 $200,000.00 $175,000.00 $3,110,044.02 $1,081,704.65 $2,028,339.37
AGENCY FEES RECEIVABLE $748,890.00 ACCOUNTS RECEIVABLE GENERAL $0.00 QUASI-EQUITY LOAN RECEIVABLE $0.00 GRANTS RECEIVABLE $268,733.00 LONG TERM RECEIVABLE $222,024.00 TOTAL $1,239,647.00 Page:24 OCIDA 2020 Budget 1.a. Operational Expenses 2017 Actuals 2018 Actuals 2019 Budget 2019 Actual 2020 Budget Onondaga County Office $ 452,016 $ 551,834 $ 750,000 $ 646,791 $ 900,000 Marketing $ 2,733 $ - $ 30,000 $ 2,220 $ 15,000 Legal Services $ 11,318 $ 28,782 $ 20,000 $ 220,106 $ 20,000 Accounting Services $ 1,191 $ 1,499 $ 2,000 $ 1,499 $ 2,000 Annual Audit $ 14,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 Other Professional Services $ 18,283 $ 1,980 $ 20,000 $ 1,260 $ 20,000 Insurance $ 5,664 $ 5,877 $ 6,000 $ 6,914 $ 8,000 Office Expenses $ 2,654 $ 4,454 $ 3,000 $ 8,201 $ 3,000 Meetings $ 20,972 $ 2,593 $ 20,000 $ 14,004 $ 15,000 Rent $ 59,231 $ 58,881 $ 61,000 $ 58,841 $ 65,000 Other Operating Exp $ 22,985 $ 27,067 $ 25,000 $ 44,313 $ 25,000 Subtotal Operational Expenses $ 611,047 $ 695,967 $ 950,000 $ 1,017,149 $ 1,086,000 1.b. Agency Program Expenses 2017 Actuals 2018 Actuals 2019 Budget 2019 YTD 2020 Budget Project Expenses $ - $ 12,500 $ - $ 12,500 $ - Property Reserve $ - $ - $ 300,000 $ - $ 150,000 WPCP Marketing $ 9,605 $ 16,107 $ 25,000 $ 30,514 $ 25,000 WPCP Development $ 17,575 $ 468,975 $ 200,000 $ 277,993 $ 200,000 North Salina $ 5,646 $ 28,143 $ 10,000 $ 5,702 $ 10,000 800 Hiawatha $ 18,990 $ 699,722 $ 50,000 $ 90,508 $ 55,000 Subtotal Program Expenses $ 51,816 $ 1,225,447 $ 585,000 $ 417,217 $ 440,000 Total Operational and Program Expenses $ 662,863 $ 1,921,414 $ 1,535,000 $ 1,434,366 $ 1,526,000 OCIDA 2020 Budget 2. Revenue 2017 Actuals 2018 Actuals 2019 Budget 2019 YTD 2020 Budget Agency Revenues $ 504,773 $ 1,427,729 $ 1,418,000 $ 1,887,593 $ 1,483,000 Interest Income $ 4,710 $ 9,507 $ 5,000 $ 8,036 $ 6,000 Lease Payments $ 10,000 $ 12,250 $ 12,000 $ 13,750 $ 12,000 Other Operating Income $ 28,233 $ 14,159 $ 100,000 $ 179,622 $ 25,000 Subsidies Grants Donations $ 125,000 $ 277,209 $ - $ 130,119 $ - Total Revenues $ 672,716 $ 1,740,854 $ 1,535,000 $ 2,219,120 $ 1,526,000 Revenue - Expenses $ 9,853 $ (180,560) $ - $ 784,754 $ - Page:25 Onondaga County Industrial Development Agency Project Summary 2/10/2020 1. Project Tessy Plastics 2020 Elbridge Expansion 2. Project Number 3101-20-02K 3. Location Elbridge 4. School District Jordan Elbridge
5. Tax Parcel(s) 040.-04-23.2, 040.-04-23.1, 040.-04-25.1 Village - 7.Total Project Cost $ 18,090,000.00 8. Total Jobs 714 Land $ - 8A. Job Retention 564 Site Work $ 1,400,000 8B: Job Creation 150 Building $ 6,240,000 (Next 5 Years) Furniture & Fixtures $ 150,000 Equipment $ 10,000,000 Equipment Subject to NYS Production Exemption $ - Engineering/Architecture Fees $ 300,000 Financial Charges $ - Legal Fees $ - Other $ - Cost Benefit Analysis Tessy Plastics 2020 Elbridge Expansion Project Description Fiscal Impact ($) Abatement Cost $ 1,126,263 Sales Tax $ 323,600 Mortgage Tax $ - Property Tax Relief (PILOT) $ 802,663 New Investment $ 95,571,827 PILOT Payments $ 701,371 Project Wages (10 years) $ 75,038,950 Tessy Plastics is proposing to construct additional space of 98,000 sq. ft to expand the capabilities Construction Wages $ 2,176,500 of the Elbridge plant. Employee Benefits (10 years) $ 9,787,881 Project Capital Investment $ 7,640,000 New Sales Tax Generated $ - Agency Fees $ 227,125 Agency Legal Fees $ 45,225 Benefit:Cost Ratio 84.86 :1 Page:26 Tessy Plastics 2020 Elbridge Expansion 2/10/2020 A) PILOTS Estimate Table Worksheet for 10 years OCIDA estimate of current market value $ 18,784,152 Projected investment $ 6,240,000 OCIDA estimate of increase in value $ 3,920,000 OCIDA estimated value after project is completed $ 22,704,152 Taxes that would have been collected if the project did not occur $ 7,181,636 Scheduled PILOT payments $ 7,883,007 Full Tax County PILOT School PILOT YEAR Exemption % Town Village Total PILOT Payment w/o Net Exemption Amount District
2020 $ 88,507 $ 77,711 $ 420,656 $ 586,873 2021 100% $ 93,519 $ 81,972 $ 444,141 $ - $ 619,631 $ 756,989 $ 137,358 2022 90% $ 100,796 $ 88,241 $ 478,438 $ - $ 667,475 $ 793,570 $ 126,095 2023 80% $ 108,327 $ 94,728 $ 513,930 $ - $ 716,984 $ 831,310 $ 114,326 2024 70% $ 112,679 $ 98,567 $ 534,655 $ - $ 745,901 $ 847,937 $ 102,036 2025 60% $ 117,161 $ 102,521 $ 556,005 $ - $ 775,687 $ 864,895 $ 89,209 2026 50% $ 121,777 $ 106,595 $ 577,994 $ - $ 806,366 $ 882,193 $ 75,827 2027 40% $ 126,532 $ 110,790 $ 600,641 $ - $ 837,962 $ 899,837 $ 61,875 2028 30% $ 131,427 $ 115,110 $ 623,962 $ - $ 870,499 $ 917,834 $ 47,334 2029 20% $ 136,468 $ 119,559 $ 647,976 $ - $ 904,003 $ 936,191 $ 32,187 2030 10% $ 141,658 $ 124,140 $ 672,700 $ - $ 938,499 $ 954,914 $ 16,416 TOTAL $ 1,190,345 $ 1,042,221 $ 5,650,441 $ - $ 7,883,007 $ 8,685,671 $ 802,663 Year 0 1 2 3 4 5 Jobs Current/Actuals Creation Goals 50 25 25 25 25 Total Employment Goals 564 614 639 664 689 714 Page:27 Page:28 Page:29 Page:30 Page:31 Page:32 Page:33 Page:34 Page:35 Page:36 Page:37 Page:38 Page:39 Page:40 Page:41 Page:42 Page:43 Page:44 Page:45 Page:46 Page:47 Page:48 Page:49 Page:50 Page:51 Page:52 Page:53 Page:54 Page:55 Page:56 Page:57
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X-2286.elev.dwg CSH MRN © 2019 - VIP ARCHITECTURAL ASSOCIATES, PLLC
This document and the design solutions contained herein represent proprietary information of VIP Architectural Associates, PLLC and may not be reproduced nor disclosed in whole or in part by any party receiving this document without prior written consent.
C-4 Page:58 ABUNDANT Solar Power Inc.
Rochester, NY 14623-2678 Tel: 1 416 494 9559 www.abundant.solar March 9th, 2020 To The Onondaga County Industrial Development Agency Board of Directors, As indicated in our original application dated November 8th, 2019 to the Onondaga County Industrial Development Agency (“OCIDA”) for the purpose of receiving financial assistance for the Community Solar project at the Town of Skaneateles Transfer station site, Abundant’s intention was to transfer ownership of Abundant Solar Power (SK1) LLC (“SKI LLC”), the project company, to True Green Capital prior to construction of the project.
True Green Capital LLC has created a special purpose entity called Solarize NY Holdings LLC under the Delaware Limited Liability Company Act. The shares and thus the ownership of the SK1 LLC project have been transferred to this entity as of February 14th, 2020.
We are requesting approval of the change in ownership of the project as previously indicated. Thank you for your continued support.
Best Regards, Melissa Clark Vice President Business Development Abundant Solar Energy Inc.
Suite 900, 2235 Sheppard Ave E, Toronto, ON M2J 5B5
Page:59
(A DISCRETELY PRESENTED COMPONENT
December 31, 2019 and 2018 Page:60
(A Discretely Presented Component Unit of the County of Onondaga, New York) Table of Contents Independent Auditor’s Report 1‐3 Management’s Discussion and Analysis (Unaudited) 4‐6 Financial Statements:
Statements of Net Position ‐ December 31, 2019 and 2018 7 Statements of Revenues, Expenses and Changes in Net Position ‐ For the Years Ended December 31, 2019 and 2018 8 Statements of Cash Flows ‐ For the Years Ended December 31, 2019 and 2018 9‐10 Notes to Financial Statements 11‐20 Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 21‐23 Page:61 INDEPENDENT AUDITOR’S REPORT The Board of Onondaga County Industrial Development Agency Report on the Financial Statements We have audited the accompanying financial statements of the Onondaga County Industrial Development Agency (the Agency), a component unit of the County of Onondaga, New York (the County), as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements The Agency's management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Page:62 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of December 31, 2019, and the changes in its financial position and its cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Report On Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Agency's basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations), as required by New York State General Municipal Law §859 (1) (b), are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Page:63 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 17, 2020, on our consideration of the Agency’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulation, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Agency’s internal control over financial reporting and compliance.
Syracuse, New York March 17, 2020 Page:64
(A Discretely Presented Component Unit of the County of Onondaga, New York)
This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2019. It should be read in conjunction with the Agency’s financial statements and accompanying notes.
The annual financial report of the Agency consists of two parts: Management’s Discussion and Analysis (this section) and the basic financial statements and footnotes. The Agency is a self supporting entity. The accounts are recorded in accordance with a proprietary fund type and consist of an enterprise fund. Proprietary fund type operating statements present increases and decreases in net position. The financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. The Agency does not maintain separate fund accounts.
Condensed Comparative Financial Information Year Ended December 31,
Cash and cash equivalents $ 2,206,148 $ 2,300,977 $ 3,089,861 Accounts receivable 833,971 753,472 418,138 Grant receivables 268,734 268,734 ‐ Notes receivable ‐ 2,083 47,916 Capital assets 4,518,424 3,634,691 4,489,640 Total assets 7,827,277 6,959,957 8,045,555 Current liabilities 564,045 456,255 506,271 Total liabilities 564,045 456,255 506,271 Net Position:
Net investment in capital assets 4,518,424 3,634,691 4,489,640 Unrestricted 2,744,808 2,869,011 3,049,644 Total net position $ 7,263,232 $ 6,503,702 $ 7,539,284 ‐4‐ Page:65
(A Discretely Presented Component Unit of the County of Onondaga, New York)
FINANCIAL STATEMENTS (continued) Condensed Comparative Financial Information (continued) December 31,
Operating revenues $ 2,213,994 $ 1,782,767 $ 711,916 Operating expenses 1,462,500 2,827,856 745,757 Operating income (loss) 751,494 (1,045,089) (33,841) Other revenue 8,036 9,507 4,710 Change in net position 759,530 (1,035,582) (29,131) Net position ‐ beginning of year 6,503,702 7,539,284 7,568,415 Net position ‐ end of year $ 7,263,232 $ 6,503,702 $ 7,539,284 Change in financial categories between the year ended December 31, 2019 and the year ended December 31, 2018 include the following:
The Agency’s total net position increased $759,530 primarily due the increase in Agency fees of $459,864 and a decrease of cash related expenses of $487,617 compared to the prior year.
Total cash decreased $94,829 due to current operations, which included cash spent on the Agency's purchase of land for the White Pine Commerce Park totaling $900,000, offset by an increase in cash from operations of $795,052 compared to the previous year.
Operating Revenues increased $431,227 in 2019 compared to $1,782,767 in 2018. This 24% increase is due to a $459,864 increase in Agency and other fees for a total of $1,887,593. Significant Agency fees included $1,000,000 from TC Syracuse Development Association (an additional $1,625,000 is expected in early 2020); $301,788 from Ultra Dairy LLC, $212,259 from Cryomech, Inc. and $253,131 from The Widewaters Group, LLC.
Operating Expenses, decreased $1,365,356. The demolition of buildings on the Agency's Hiawatha property resulted in expenses totaling $1,577,461 in the previous year that did not occur in 2019. The Agency also spent $1,208,506 ($900,000 related to land that is included in capital assets) and $308,506 of other expenses related to the White Pines development site.
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(A Discretely Presented Component Unit of the County of Onondaga, New York)
Analysis of Overall Financial Position and Results of Operations The Agency is engaged in activities to support economic growth in Onondaga County, including job creation and retention, and increasing the net wealth of the County. The Agency does not receive any general appropriations from local, county or state government to support its operations. The Agency collects revenue for its operating purposes from the issuance of bonds and straight lease transactions and from interest on investments. In the year ended December 31, 2019, the Agency received $1,887,593 from agency and other fees, an increase of $459,864 from the prior year.
The Agency’s staff services are provided by the Onondaga County Office of Economic Development. The Agency compensates the County for these services based on budgeted expenses; in 2019 the expenses totaled $646,791. Capital Asset Administration As of December 31, 2019, the Agency’s investment in capital assets was $4,518,424, net of depreciation. The Agency’s capital assets include the White Pine Commerce Park (WPCP, formerly known as the Clay Business Park), land, buildings and equipment. WPCP is a 339 acre undeveloped industrial park in the Town of Clay. The Agency acquired the land in the park for the purpose of attracting a large commercial/industrial project in the Town of Clay. Additionally, in 2015 the Agency acquired property on North Salina Street, in the City of Syracuse, and is leasing the premises to Onondaga Community College to house a workforce development training program. Finally, the Agency continued to invest in the rehabilitation of the real property at 800 Hiawatha Blvd, also in the City of Syracuse. Contacting the Agency’s Financial Management This financial report is designed to provide Onondaga County citizens and taxpayers, and the clients of the Agency, with a general overview of the Agency’s finances. If you have questions about this report or need additional financial information, contact the Executive Director, Onondaga County Industrial Development Agency, 333 West Washington Street, Suite 130, Syracuse, New York 13202.
‐6‐ Page:67
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Net Position
Current Assets Cash and cash equivalents ‐ unrestricted $ 2,206,148 2,300,977 Receivables ‐ agency fees 611,947 531,448 Grant receivables 268,734 268,734 Total current assets 3,086,829 3,101,159 Non‐Current Assets Receivables ‐ other agency fees 222,024 222,024 Notes receivable, net of current portion ‐ 2,083 Capital assets, net 4,518,424 3,634,691 Total noncurrent assets 4,740,448 3,858,798 Total assets $ 7,827,277 $ 6,959,957 LIABILITIES and NET POSITION Current Liabilities Accounts payable 56,193 93,687 Due to Onondaga County 312,981 279,257 Due to other governments 194,871 83,311 Total liabilities 564,045 456,255 Net investment in capital assets 4,518,424 3,634,691 Unrestricted Net Position 2,744,808 2,869,011 Total net position 7,263,232 6,503,702 $ 7,827,277 $ 6,959,957 The accompanying notes are an integral part of these financial statements ‐7‐ Page:68
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Revenues, Expenses and Changes in Net Position Year Ended December 31,
Operating Revenue:
Agency and other fees $ 1,887,593 1,427,729 Pass‐through income 2,910 51,420 Rent income 13,750 12,250 Grant revenue 130,119 277,209 Other income 179,622 14,159 Total operating revenues 2,213,994 1,782,767 Operating Expenses:
Contractual support services 655,749 551,834 General and administrative 278,994 1,188,235 Industrial development contracts 235,393 35,723 Service contracts 12,500 12,498 Pass‐through expense 2,910 51,420 Depreciation expense 16,267 16,267 Loss on disposal of capital assets ‐ 877,739 Professional fees 240,980 50,211 Other expenses 5,703 28,144 Seminars and meetings 14,004 15,785 Total operating expenses 1,462,500 2,827,856 Operating Income 751,494 (1,045,089) Non‐Operating Income:
Interest income 8,036 9,507 Change in Net Position 759,530 (1,035,582) Net Position ‐ beginning of the year 6,503,702 7,539,284 Net Position ‐ end of year $ 7,263,232 $ 6,503,702 The accompanying notes are an integral part of these financial statements ‐8‐ Page:69
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows Years Ended December 31,
Cash Flows from Operating Activities Cash received for agency and other fees $ 1,807,094 $ 1,092,395 Cash received for grants 130,119 8,475 Cash paid for industrial development (235,393) (35,723) Cash paid for service contracts (12,500) (12,498) Cash paid for contractual support services (655,749) (551,834) Cash received for rent and other fees 193,372 26,409 Cash payments for professional services (237,590) (51,529) Cash payments for other property expenses ‐ ‐ Cash payments for general and administrative expenses (286,334) (1,331,039) Cash payments for other operating expenses (5,703) (28,144) Cash received and due to other governments 111,560 55,049 Cash paid for seminars and meetings (13,824) (15,785) Net cash flows from operating activities 795,052 (844,224) Cash Flows from Capital and Related Financing Activities Purchases of capital assets (900,000) ‐ Net cash flows from capital and related financing activities (900,000) ‐ Cash Flows from Investing Activities Net change in notes receivable 2,083 45,833 Net cash flows from investing activities 2,083 45,833 Cash Flows from Noncapital Financing Activities Net cash received for interest on notes outstanding 8,036 9,507 Net cash flows from financing activities 8,036 9,507 Change in Cash and Cash Equivalents (94,829) (788,884) Cash and Cash Equivalents ‐ beginning of year 2,300,977 3,089,861 Cash and Cash Equivalents ‐ end of year $ 2,206,148 $ 2,300,977 The accompanying notes are an integral part of these financial statements ‐9‐ Page:70
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows (continued) Years Ended December 31,
Reconciliation of Operating Income to Net Cash Flows From Operating Activities: $ 751,494 $ (1,045,089) Operating Income Adjustment to reconcile operating income to net cash flow from operating activities:
Depreciation 16,267 16,267 Loss on disposal of capital assets ‐ 838,682 Changes in:
Accounts receivable (80,499) (335,334) Grant receivable ‐ (268,734) Accounts payable (37,494) (17,310) Due to Onondaga County 33,724 (87,755) Due to other governments 111,560 55,049 Net cash flows from operating activities $ 795,052 $ (844,224) The accompanying notes are an integral part of these financial statements ‐ 10 ‐ Page:71
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The New York State Industrial Development Agency Act of 1969 provided for the use of industrial revenue bond financing for the expansion and growth of industry in New York State. The Onondaga County Industrial Development Agency (the Agency) was created in accordance with the provisions of this Act in 1970 by a resolution passed by the County of Onondaga, New York (the County) Legislature.
The Agency was formed to promote and develop the economic growth of the County and to assist in attracting industry to the County through bond and sale/leaseback financing programs and other activities. The Agency created under this Act is a corporate governmental agency constituting a public benefit corporation. The County Legislature appoints the entire governing board and there is a potential for the County to impose its will on the Agency, and as such, the Agency is a discretely presented component unit of the County based on the criteria set forth by the Governmental Accounting Standards Board (GASB).
Measurement Focus and Basis of Accounting The Agency operates as a proprietary fund. Proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position, financial position, and cash flows. All assets and liabilities (whether current or noncurrent) and deferred inflows and outflows associated with their activities are reported. Fund equity is classified as net position.
The Agency utilizes the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or an economic asset is used.
Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Income Tax Status The Agency is a governmental corporation, exempt from federal and state income taxes. New York State Public Authorities Law, Title 10, Section 2975‐A established a cost recovery of central governmental services to various public authorities. On November 1 of each year, the Director of the Division of Budget determines the assessment amount owed under this section by each industrial development agency in New York State. ‐ 11 ‐ Page:72
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Cash and Cash Equivalents Cash and cash equivalents consist of cash held in checking and money market accounts. Accounts Receivable Accounts receivable are stated at their outstanding balances. The Agency considers all accounts receivable to be fully collectible. If collection becomes doubtful, the Agency will either set up an allowance for doubtful accounts or if deemed completely uncollectible, the accounts will be charged against income in the current period. Unpaid balances remaining after the stated payment terms are considered past due. Recoveries of previously charged off accounts are recorded when received.
Management did not believe an allowance for doubtful accounts was necessary at December 31, 2019 and 2018.
Capital Assets Capital asset purchases are recorded at historical cost or fair market value at the date of acquisition. Depreciation expense is recorded on a straight‐line basis over the assets’ estimated useful life of 5 to 39 years. The Agency’s policy is to capitalize all additions greater than $1,000 with a useful life of more than 5 years. Pollution Remediation Obligations Pollution remediation obligation are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities. Obligations to clean up spills of hazardous wastes or hazardous substances and obligations to remove contamination such as asbestos are pollution remediation obligations. Pollution remediation activities may include the following: (1) pre‐cleanup activities, such as site assessments and site investigations, (2) cleanup activities, (3) government oversight and enforcement‐related activities and (4) operation and maintenance of the remedy, including postremediatioin monitoring. Pollution remediation outlays including outlays for property, plant and equipment are expensed when a liability is incurred. The Agency will capitalize certain pollution remediation outlays for properties for which it anticipates a future sale. The Agency will only capitalize amounts that would result in the carrying amount of the property to not exceed its estimated fair value upon completion of the remediation. The Agency currently has a parcel of land with known pollution and is currently performing various remediation activities. The carrying amount of this parcel of land is $604,840 as of December 31, 2019 and 2018.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Operating Revenues and Non‐operating Revenues The Statements of Revenues, Expenses, and Changes in Net Position distinguishes between operating and non‐operating revenues. Operating revenues, such as fee and rental income, result from exchange transactions associated with the principal activities of the Agency. Exchange transactions are those in which each party to the transaction receives or gives up essentially equal values. Non‐operating revenues arise from exchange transactions not associated with the Agency’s principal activities and from all non‐exchange transactions.
Revenue Recognition Agency and other fee revenue are recognized by the Agency at the date of closing when the related bonds are issued. Interest income is recorded when earned.
Net Position GASB requires the classification of net position into three components. These classifications are displayed in three components below:
a. Net investment in capital assets ‐ capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net position ‐ net position with constraints placed on their use either by (1) external groups such as creditors or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation.
c. Unrestricted net position ‐ all other assets that do not meet the definition of net investment in capital assets or restricted net position.
It is the Agency’s policy to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Other Income The County and Onondaga County Development Corporation (OCDC) entered into an agreement in 2014,
whereas the Agency will be paid 60% of the net sale proceeds of property within Hancock Field for a total
amount of $348,387. As of December 31, 2019, the Agency has earned $348,387 from property sales.
The Industrial Development Agency Act (the "Act") of New York State sets forth the powers that the Agency can carry out. In accordance with the Act, the Agency was created to stimulate economic development, growth, and general prosperity for the people of Onondaga County by using incentives, rights, and powers in an efficient and cooperative manner. Qualified Agency projects are eligible for sales, mortgage, and real property tax exemptions. The Agency many also assist a projects' financing by issuing taxable and tax exempt bonds and by providing information on complementary financing such as fixed asset and working capital lending programs.
The Agency has instituted a Uniform Tax Exemption Policy ("UTEP") (last revised 6/20/16) which provides guidelines for the granting of real property, mortgage recording, and sales and use tax exemptions. To be eligible for financial assistance, the recipient of the financial assistance must abide by the requirements of this policy and complete an application process as instituted by the Agency.
In accordance with New York State General Municipal Law, the Agency has instituted a Recapture Policy (last revised 6/20/16) which allows for the recapture of financial incentive assistance provided to recipients for failure to comply with such Recapture Policy. New York State requires a mandatory recapture of the New York State portion of sales and use taxes for recipients for which the recipient was a) not entitled to; b) in excess of the amounts authorized by the Agency; c) for property or services not authorized by the Agency; and/or d) for a recipient that has failed to comply with material term or condition to use of the property or services in the manner required by any of the project documents between the recipient and the Agency. With respect to all other financial assistance provided to the recipient, the Agency shall have the right to suspend, discontinue, recapture or terminate financial assistance to any recipient to the extent that: a)for projects that utilized local sales and use tax exemptions, the project was not entitled to such exemptions, such exemptions were in excess of the amounts authorized by the Agency, and/or such exemptions were for property or services not authorized by the Agency; b) the recipient, upon completion of their project, fails to reach and maintain at least 75% of its employment requirements for job creation and/or retention; c) the total investment actually made with respect to the project at the project's completion date is less than 75% of its investment requirement; d) the recipient fails to provide annually to the Agency certain information to confirm that the project is achieving the investment, job retention, job creation, and other objectives of the project; or e) there otherwise occurs any event of default under any project document or material violation of the terms and conditions of any project document.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency has not made any commitments as part of the agreements other than to reduce taxes. The Agency has chosen to disclose information about its tax abatement agreements individually. The Agency has listed all of its projects that were approved for the periods ended December 31, 2019 and 2018: December 31, 2019 Abatement Project Mortgage Sales PILOT Total Abundant Solar Power $ ‐ $ 76,366 $ 5,497 $ 81,863 TC Syracuse Development Associates, LLC 1,687,500 20,000,000 49,084,564 70,772,064 The Widewaters Group Inc. 129,097 806,620 685,589 1,621,306 Bodycote Syracuse Heat Treating Corporation ‐ 1,056,000 315,045 1,371,045 Baldwinsville Housing Preservation ‐ 395,000 ‐ 395,000 Buckeye Corrugated Inc. ‐ 43,850 ‐ 43,850 BWI Hotel Acquisitions I, LLC 122,895 1,784,601 5,299,279 7,206,775 Flex Hose Co., Inc. 10,425 20,000 307,195 337,620 Cryomech, Inc. 84,000 550,000 747,974 1,381,974 Willow Brook of Manlius, LLC 122,025 386,720 2,102,235 2,610,980 VIP True North 22,763 131,280 ‐ 154,043 $ 2,178,705 $ 25,250,437 $ 58,547,378 $ 85,976,520 December 31, 2018 Abatement Project Mortgage Sales PILOT Total NexGen $ ‐ $ 40,000 $ 3,099,659 $ 3,139,659 Immediate Mailing Services, Inc. 9,750 56,000 43,395 109,145 d.b.a Upstate Coin & Gold 7,350 200,000 121,171 328,521 G & C Food Distributors & Brokers, Inc. #2 133,500 700,000 1,746,601 2,580,101 DOT Foods, Inc. ‐ 118,144 ‐ 118,144 Addcom Electronics ‐ 25,000 22,797 47,797 Morse Manufacturing Co., Inc. 18,750 240,000 499,611 758,361 ArmouredOne, LLC 26,250 428,400 205,566 660,216 Specialists' One Day Surgery, LLC ‐ 552,790 1,723,776 2,276,566 Towne Center Retirement Community, LLC 587,000 1,568,551 ‐ 2,155,551 Syracuse Label Co., Inc. 12,045 216,000 253,300 481,345 Old Thompson Road, LLC 100,000 508,442 1,068,665 1,677,107 $ 894,645 $ 4,653,327 $ 8,784,541 $ 14,332,513 ‐ 15 ‐ Page:76
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency follows an investment and deposit policy, the overall objective of which is to adequately safeguard the principal amount of funds invested or deposited; conform with federal, state and other legal requirements; and provide sufficient liquidity of invested funds in order to meet obligations as they become due. Oversight of investment activity is the responsibility of the Executive Director. Monies must be deposited in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within and authorized to do business in New York State (the State). Collateral is required for deposits and certificates of deposit not covered by FDIC insurance. Obligations that may be pledged as collateral are those identified in New York State General Municipal Law, Section 10 and outlined in the New York State Comptroller’s Financial Management Guide.
Interest Rate Risk Interest rate risk is the risk that the fair value of investments will be affected by changing interest rates. The Agency has an investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.) Credit Risk The Agency’s policy is to minimize the risk of loss due to failure of an issuer or other counterparty to an investment to fulfill its obligations. The Agency’s investments and deposit policy authorizes the Agency to purchase the following types of investments:
Obligations of the United States of America;
Obligations where payment of principal and interest are guaranteed by the United States of America; Obligations of New York State;
Special time deposit account; and Certificates of deposit.
Custodial Credit Risk Custodial credit risk is the risk that, in the event of a failure of a depository financial institution, the reporting entity may not recover its deposits. In accordance with the Agency’s investment and deposit policy, all deposits of the Agency including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act (FDIA) shall be secured by a pledge of securities with an aggregate value equal to the aggregate amount of deposits.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency restricts the securities to the following eligible items:
Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation; Obligations partially insured or guaranteed by an agency of the United States of America; Obligations issued or fully insured or guaranteed by the State of New York;
Obligations issued by a municipal corporation, school district or district corporation of New York State;
Obligations issued by states (other than New York State) of the United States of America rated in one of the two highest rating categories by at least one Nationally Recognized Statistical Rating Organization (NRSRO).
The Agency maintained cash balances of approximately $889,749 and $889,216 in cash and cash equivalents at December 31, 2019, and 2018, respectively, with financial institutions insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per bank for interest bearing and non‐interest bearing accounts. The remaining balance was collateralized by a third party in accordance with New York State General Municipal Law, Section 10 and the Agency’s policies.
Notes receivable consisted of the following at December 31:
Note receivable from Aquarii, Inc. payable in monthly installments of $2,083 plus 4.5% interest per annum through January 2019 $ ‐ $ 2,083 Total $ ‐ $ 2,083 ‐ 17 ‐ Page:78
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Capital asset activity for the year ended December 31, 2019 was as follows:
Beginning Ending Balance Increases Decreases Balance Non depreciable land:
White Pines $ 2,427,146 $ 900,000 $ ‐ $ 3,327,146 435 North Salina 17,084 ‐ ‐ 17,084 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,049,070 900,000 ‐ 3,949,070 Depreciable:
Buildings 634,422 ‐ ‐ 634,422 Furniture and Fixtures 2,862 ‐ ‐ 2,862 Subtotal 637,284 ‐ ‐ 637,284 Total capital assets 3,686,354 900,000 ‐ 4,586,354 Accumulated depreciation:
Buildings 48,801 16,267 ‐ 65,068 Furniture and Fixtures 2,862 ‐ ‐ 2,862 Total 51,663 16,267 ‐ 67,930 Net capital assets $ 3,634,691 $ 883,733 $ ‐ $ 4,518,424 Capital asset activity for the year ended December 31, 2018 was as follows:
Beginning Ending Balance Increases Decreases Balance Non depreciable land:
White Pines $ 2,427,146 $ ‐ $ ‐ $ 2,427,146 435 North Salina 17,084 ‐ ‐ 17,084 437 North Salina 26,340 ‐ (26,340) ‐ 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,075,410 ‐ (26,340) 3,049,070 Depreciable:
Buildings 1,482,727 (848,305) 634,422 Furniture and Fixtures 2,862 ‐ ‐ 2,862 Subtotal 1,485,589 ‐ (848,305) 637,284 Total capital assets 4,560,999 ‐ (874,645) 3,686,354 Accumulated depreciation:
Buildings 68,423 16,267 (35,889) 48,801 Furniture and Fixtures 2,862 ‐ ‐ 2,862 Total 71,285 16,267 (35,889) 51,663 Net capital assets $ 4,489,714 $ (16,267) $ (838,756) $ 3,634,691 ‐ 18 ‐ Page:79
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The total amount of industrial development, civic facility and pollution control financing issued through the Agency outstanding as of December 31, 2019 amounted to approximately $123,809,922. These financing obligations are not obligations of the Agency as the Agency acts a conduit for the obligations. The Agency does not have the obligation to repay the principal and interest of such obligations, as such, the obligations are not reflected as long‐term obligations of the Agency.
The Agency will reimburse the County for a portion of the cost of operation of the Onondaga County Office of Economic Development. In exchange for this funding, the staff of the office provides operational and project implementation support services for the Agency. Maximum funds committed by the Agency were $646,791 and $551,834 for the years ended December 31, 2019 and 2018, respectively. The Agency owed $312,981 and $279,257 to the County at December 31, 2019 and 2018, respectively.
In accordance with its corporate purpose, the Agency has issued bonds to promote and develop various businesses within the County. The Agency holds legal title to the properties, under which such bonds were issued in order for business to acquire or renovate various facilities. The Agency’s primary function is to arrange financing between borrowing companies and bondholders (conduit debt). For providing this service, the Agency receives administration fees from the borrowing companies. Total bonds outstanding were $123,809,922 and $128,443,800 at December 31, 2019 and 2018, respectively, which represent non‐recourse debt of the Agency. The Agency does not have the obligation to repay the principal and interest of such obligations, as such, the obligations are not reflected as long‐term obligations of the Agency.
The Agency has entered into PILOT agreements with various companies whereas the company will make annual payments in lieu of taxes to the Agency and the Agency will remit the annual payments to the appropriate tax jurisdictions. The Agency records a liability for any amounts paid by companies to the Agency but not distributed to the tax jurisdictions as of yearend. A total of $9,764,690 and $9,818,610 of PILOT payments passed through the Agency for the years ended 2019 and 2018, respectively. Total due to other governments was $194,871 and $83,311, respectively at December 31, 2019 and 2018.
On February 1, 2016, the Agency entered into a lease agreement with Onondaga Community College (OCC) which allowed OCC to lease building space for educational purposes. In lieu of a monthly rental fee, OCC agreed to perform improvements to the space that became the property of the Agency upon installation and will not revert back to OCC upon lease termination on January 31, 2021. The initial terms of the lease agreement were amended and the new terms commenced on July 1, 2016. The lease agreement now provides for guaranteed rent of $9,000 per year through the new lease termination on January 31, 2026. ‐ 19 ‐ Page:80
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Financial instruments that potentially subject the Agency to credit risk consist principally of unsecured note receivable.
In preparing the financial statements, management of the Agency has evaluated events and transactions for potential recognition or disclosure through March 17, 2020, the date the financial statements were available to be issued. There were no additional events or transactions that were discovered during the evaluation that required further disclosure.
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(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) For the Year Ended December 31, 2019 Bonds Current Bonds Outstanding at Project Interest at Interest Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Rate January 1, 2019 During 2019 2019 2019 Date OCIDA Pollution Control Revenue Bonds 3101‐06‐10‐C (Anheuser‐Busch Project) 2006 Series B July 21, 2006 4.95% $ 2,200,000 $ ‐ $ ‐ $ 2,200,000 7/1/2036 OCIDA Sewage Facilities Revenue Bonds (Bristol‐ 3101‐94‐01A Myers Squibb Company Project) Series 1994 March 29, 1994 5.75% 35,000,000 ‐ ‐ 35,000,000 3/1/2024 OCIDA Multi‐Mode Civic Facility Variable Rate Revenue Bonds (The Christian Brothers Academy 3101‐99‐12A of Syracuse, New York Project) Series 1999A November 1, 2010 5.00% 5.00% 990,000 ‐ 645,000 345,000 6/30/2020 OCIDA Civic Facility Revenue Bonds (Discovery Center of Science and Technology Project) Series 3101‐95‐01A 1995 July 1, 1995 4.00% 2,978,000 ‐ ‐ 2,978,000 7/1/2020 OCIDA Variable Rate Demand Industrial Development Revenue Bonds (G.A. Braun, Inc.
3101‐07‐16A Project) Series 2007 December 20, 2007 2.27% 2.01% 5,800,000 ‐ 5,800,000 6/1/2034 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015A December 15, 2015 2.03% 2.58% 2,847,000 ‐ ‐ 2,847,000 12/1/2041 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015B (Taxable) December 15, 2015 2.97% 3.74% 2,480,216 ‐ ‐ 2,480,216 12/1/2026 Subtotal $ 52,295,216 $ ‐ $ 645,000 $ 51,650,216 The accompanying notes are an integral part of these financial statements ‐ 21 ‐ Page:82
(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) For the Year Ended December 31, 2019 Bonds Current Bonds Outstanding at Project Interest at Interest Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Rate January 1, 2019 During 2019 2019 2019 Date OCIDA Variable Rate Demand Industrial Development Revenue Bonds (ICM Controls Corp.
3101‐07‐05C Project) Series 2007 December 20, 2007 6.30% 2.10% 2,500,000 ‐ 285,000 2,215,000 12/1/2027 OCIDA Civic Facility Revenue Bonds (Manlius 3101‐04‐11A Library Project) Series 2005 April 28, 2005 4.00% 4.63% 940,000 ‐ 65,000 875,000 12/15/2029 OCIDA Civic Facility Revenue Bonds (Marcellus 3101‐07‐13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.13% 1,375,000 ‐ 125,000 1,250,000 6/1/2027 OCIDA Civic Facility Revenue Bonds (Minoa Free 3101‐03‐07A Library Project) Series 2004A February 1, 2004 5.00% 5.38% 650,000 ‐ 25,000 625,000 2/1/2034 OCIDA Civic Facility Revenue Bonds (Onondaga 3101‐07‐21A Free Library Project) Series 2008 March 1, 2008 4.00% 5.13% 2,300,000 ‐ 75,000 2,225,000 3/1/2037 OCIDA Civic Facility Revenue Bonds (Salina Free 3101‐02‐01A Library Project) Series 2002A December 1, 2002 5.20% 5.68% 435,000 ‐ 45,000 390,000 12/1/2026 OCIDA Revenue Bonds (Syracuse Research 3101‐96‐11A Corporation Project) Series 1997 December 1, 1997 7.70% 1.76% 1,470,000 ‐ 460,000 1,010,000 12/1/2021 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Research Corporation 3101‐05‐15B Project) Series 2005 December 14, 2005 7.70% 1.76% 10,860,000 ‐ 700,000 10,160,000 12/1/2031 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Home Association 3101‐06‐11B Project) Series 2007 June 21, 2007 4.00% 4.00% 8,660,000 ‐ 280,000 8,380,000 6/30/2027 Subtotal $ 29,190,000 $ ‐ $ 2,060,000 $ 27,130,000 The accompanying notes are an integral part of these financial statements ‐ 22 ‐ Page:83
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