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Onondaga County Industrial Development Agency Regular Meeting Minutes October 6, 2022 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 6, 2022 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 8:10 am with the following:
PRESENT:
Patrick Hogan Janice Herzog Victor Janno Susan Stanezyk Kevin Ryan Steve Morgan Fanny Villarreal
ABSENT:
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm Matthew Pelligra, Office of Economic Development Parminder Banga, Cryomech, Inc.
Rich Dausman, Cryomech, Inc.
Jessica Kolodzie, Cyromech, Inc.
Vince Raymond, VIP Structures Sarah Stevens, SS Funding Sources Suhail Partawi, Hinsdale Road Bruce Armistead, Hinsdale Road Anthony D’Elia, Hinsdale Road Chad Hill, Hinsdale Road Mike Lisson, Grossman St. Amour PLLC Brianah Lane, Grossman St. Amour PLLC APPROVAL OF REGULAR MEETING MINUTES —- SEPTEMBER 13, 2022 & OCTOBER 3
Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the regular meeting minutes of September 13, 2022 and special meeting minutes of October 3, 3022. Fanny Villarreal abstained from vote for September 13, 2022 minutes. Motion was carried. TREASURER’S REPORT Onondaga County Industrial Development Agency Regular Meeting Minutes October 6, 2022 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, October 6, 2022 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 8:10 am with the following:
PRESENT:
Patrick Hogan Janice Herzog Victor Janno Susan Stanezyk Kevin Ryan Steve Morgan Fanny Villarreal
ABSENT:
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm Matthew Pelligra, Office of Economic Development Parminder Banga, Cryomech, Inc.
Rich Dausman, Cryomech, Inc.
Jessica Kolodzie, Cyromech, Inc.
Vince Raymond, VIP Structures Sarah Stevens, SS Funding Sources Suhail Partawi, Hinsdale Road Bruce Armistead, Hinsdale Road Anthony D’Elia, Hinsdale Road Chad Hill, Hinsdale Road Mike Lisson, Grossman St. Amour PLLC Brianah Lane, Grossman St. Amour PLLC APPROVAL OF REGULAR MEETING MINUTES —- SEPTEMBER 13, 2022 & OCTOBER 3
Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the regular meeting minutes of September 13, 2022 and special meeting minutes of October 3, 3022. Fanny Villarreal abstained from vote for September 13, 2022 minutes. Motion was carried. TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of September 2022. Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the Treasurer’s Report for the month of September 2022. Motion was carried.
Nate Stevens gave a brief review of the Treasurer’s Report for the month of September 2022. Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the Treasurer’s Report for the month of September 2022. Motion was carried.
Nate Stevens gave a brief review of the Payment of Bills Schedule #474 Upon a motion by Janice Herzog, seconded by Victor Ianno, the OCIDA Board approved the Payment of Bills Schedule #474 for $3,193,461.90. Motion was carried.
Nate Stevens gave a brief review of the Payment of Bills Schedule #474 Upon a motion by Janice Herzog, seconded by Victor Ianno, the OCIDA Board approved the Payment of Bills Schedule #474 for $3,193,461.90. Motion was carried.
The Conflict of Interest was circulated and there were no conflicts reported.
The Conflict of Interest was circulated and there were no conflicts reported.
Nancy Lowery stated there are 3 solar projects in Manlius that came before the Board from CVE and they were approved for benefits. She stated they are back before the Board because of some changes in the size of the acreage, how they were breaking it down for each project and the amount of their project has increased. She stated they came back before the Board with the modifications to the application and requesting another public hearing because benefits exceeded $100,000 which requires an additional public hearing. She stated the public hearing was held and there were no comments.
Patrick Hogan asked if the local labor provision was impressed upon CVE. Robert Petrovich stated yes. Nancy Lowery stated conversations have been held with them to understand the policy better. She stated at this point they don’t see a problem but if there was they have a better understanding of what they will need to provide to the Agency for a waiver.
Upon a motion by Victor Ianno, seconded by Kevin Ryan, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance) for the CVE EI4 Manlius North, LLC project. Motion was carried.
Nancy Lowery stated there are 3 solar projects in Manlius that came before the Board from CVE and they were approved for benefits. She stated they are back before the Board because of some changes in the size of the acreage, how they were breaking it down for each project and the amount of their project has increased. She stated they came back before the Board with the modifications to the application and requesting another public hearing because benefits exceeded $100,000 which requires an additional public hearing. She stated the public hearing was held and there were no comments.
Patrick Hogan asked if the local labor provision was impressed upon CVE. Robert Petrovich stated yes. Nancy Lowery stated conversations have been held with them to understand the policy better. She stated at this point they don’t see a problem but if there was they have a better understanding of what they will need to provide to the Agency for a waiver.
Upon a motion by Victor Ianno, seconded by Kevin Ryan, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance) for the CVE EI4 Manlius North, LLC project. Motion was carried.
Upon a motion by Victor Ianno, seconded by Steve Morgan, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance for the CVE EI5 Manlius East, LLC project. Motion was carried.
Upon a motion by Victor Ianno, seconded by Steve Morgan, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance for the CVE EI5 Manlius East, LLC project. Motion was carried.
Upon a motion by Kevin Ryan, seconded by Victor Ianno, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance for the CVE EI6 Manlius West, LLC project. Motion was carried.
Parminder Banga stated Cryomech, Inc. was founded in 1963 by William E. Gifford while he was teaching at Syracuse University as a Professor of mechanical engineering. He stated in 2014 they transitioned to an ESOP structure (Employee Stock Owned Plan) and next year they will be celebrating their 60" anniversary. He stated 60% of their business is international and ship all over the world and they operate in 7 continents in many world renowned laboratories, universities and research entities including SU, MIT, Lincoln Labs, Stanford NIST FermiLab, NASA and many more. He stated they manufacture the most comprehensive line of cryo coolers that are used in many applications throughout the world. He stated their current headcount is 162 full time employees and they are actively recruiting for 26 openings throughout Cryomech. He stated payroll is about $10.2 million. He stated with the proposed addition they are looking to add 15 more seats throughout Cryomech and bring the total to approximately 203. He stated 3
Upon a motion by Kevin Ryan, seconded by Victor Ianno, the OCIDA Board approved a resolution authorizing additional financial assistance the Agency will provide (and confirming the prior authorization of financial assistance for the CVE EI6 Manlius West, LLC project. Motion was carried.
Parminder Banga stated Cryomech, Inc. was founded in 1963 by William E. Gifford while he was teaching at Syracuse University as a Professor of mechanical engineering. He stated in 2014 they transitioned to an ESOP structure (Employee Stock Owned Plan) and next year they will be celebrating their 60" anniversary. He stated 60% of their business is international and ship all over the world and they operate in 7 continents in many world renowned laboratories, universities and research entities including SU, MIT, Lincoln Labs, Stanford NIST FermiLab, NASA and many more. He stated they manufacture the most comprehensive line of cryo coolers that are used in many applications throughout the world. He stated their current headcount is 162 full time employees and they are actively recruiting for 26 openings throughout Cryomech. He stated payroll is about $10.2 million. He stated with the proposed addition they are looking to add 15 more seats throughout Cryomech and bring the total to approximately 203. He stated 3 there are numerous applications their clients use. He stated quantum computing is a big topic of discussion in the area and is made operational by making certain materials really cold. He stated you can do it by two ways; by using liquid nitrogen, liquid helium or low temperature cryo coolers and Cryomech makes both. He stated their product offerings are heavily used by large companies including IBM, Google and a lot of big names for their day to day technology use. He stated there are a lot of startups coming on board as well and are in some sort of development phase. He stated medical and life sciences which is similar to quantum computers is based on getting super conducting materials cold. He stated they are producing cryo for research and development pieces that are a higher rating than you would see at a hospital today. He stated another developing technology is proton therapy and in essence it is looking at the precise treatments for addressing and treating tumors. He stated this is a new and upcoming field and a lot of development has happened to avoid mass alteration of the body so you can target the medical treatment. He stated the last is future energy, generally talking about hydrogen fuel cells. He stated this technology is rapidly developing in many different phases all over the world. He stated future energy is a day to day application for any sort of transportation. He stated Cryomech is involved in a lot of development that is happening all over the world. there are numerous applications their clients use. He stated quantum computing is a big topic of discussion in the area and is made operational by making certain materials really cold. He stated you can do it by two ways; by using liquid nitrogen, liquid helium or low temperature cryo coolers and Cryomech makes both. He stated their product offerings are heavily used by large companies including IBM, Google and a lot of big names for their day to day technology use. He stated there are a lot of startups coming on board as well and are in some sort of development phase. He stated medical and life sciences which is similar to quantum computers is based on getting super conducting materials cold. He stated they are producing cryo for research and development pieces that are a higher rating than you would see at a hospital today. He stated another developing technology is proton therapy and in essence it is looking at the precise treatments for addressing and treating tumors. He stated this is a new and upcoming field and a lot of development has happened to avoid mass alteration of the body so you can target the medical treatment. He stated the last is future energy, generally talking about hydrogen fuel cells. He stated this technology is rapidly developing in many different phases all over the world. He stated future energy is a day to day application for any sort of transportation. He stated Cryomech is involved in a lot of development that is happening all over the world. Fanny Villarreal asked what kind of jobs Cryomech is hiring. Parminder Banga stated the jobs are across the board so anyone in manufacturing to engineering and development. Fanny Villarreal asked when the jobs will be created. Parminder Banga stated at the pace they are going he is hoping immediately but that needs to be looked at a little bit more. Vince Raymond stated there is an estimation on the application over the first three years. Nancy Lowery stated it is broken down on the bottom of the PILOT Janice Herzog asked if this is computing that will replace the systems we have now and how does it fit into society. Parminder Banga stated in essence it is removing the super computers that are doing a lot of the background work. He stated in the finance, medical or research they need a lot more quantum computing or computing power and these computers will do that. He stated eventually some road maps will touch the cloud based technology that everyone can interact with for personal storage, accessing or whatever application they come up with. Patrick Hogan stated it is a home grown industry with a $17 million dollar investment. He asked how long the PILOT is. Nate Stevens stated it is 10 years and the old PILOT will go away and will be replaced by the new PILOT.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authoring a public hearing for the Cryomech, Inc project. Motion was carried. Fanny Villarreal asked what kind of jobs Cryomech is hiring. Parminder Banga stated the jobs are across the board so anyone in manufacturing to engineering and development. Fanny Villarreal asked when the jobs will be created. Parminder Banga stated at the pace they are going he is hoping immediately but that needs to be looked at a little bit more. Vince Raymond stated there is an estimation on the application over the first three years. Nancy Lowery stated it is broken down on the bottom of the PILOT Janice Herzog asked if this is computing that will replace the systems we have now and how does it fit into society. Parminder Banga stated in essence it is removing the super computers that are doing a lot of the background work. He stated in the finance, medical or research they need a lot more quantum computing or computing power and these computers will do that. He stated eventually some road maps will touch the cloud based technology that everyone can interact with for personal storage, accessing or whatever application they come up with. Patrick Hogan stated it is a home grown industry with a $17 million dollar investment. He asked how long the PILOT is. Nate Stevens stated it is 10 years and the old PILOT will go away and will be replaced by the new PILOT.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authoring a public hearing for the Cryomech, Inc project. Motion was carried.
Anthony D’Elia stated his client is purchasing the hotel and the hotel is subject to a PILOT. He stated they would like to take an assumption to the Agency documents and keep the PILOT in place. He stated in addition there is a financing component and they are not requesting any financial assistance but the Agency has a lease/leaseback so they are asking the Agency to sign onto the mortgage with the protective IDA provisions.
Kevin Ryan asked if the project will continue to operate as a hotel. Anthony D’Elia stated yes. Kevin Ryan asked if it will be the same brand. Suhail Partawi stated the hotel will continue as a Tru Hilton Hotel.
Upon a motion by Victor Ianno, seconded by Susan Stanczyk, the OCIDA Board approved a resolution approving the assignment of the right, title and interest in a Project Facility by Hotel @T5 LLC to tenants-in-common Eastern Shore Retirement Associates Limited Partnership, Shorewash of Annapolis LLC, CHJ New York, LLC and Camillus Ventures I LLC and consent to the reacted master lease to Camillus Ventures MT LLC. Motion was carried.
Anthony D’Elia stated his client is purchasing the hotel and the hotel is subject to a PILOT. He stated they would like to take an assumption to the Agency documents and keep the PILOT in place. He stated in addition there is a financing component and they are not requesting any financial assistance but the Agency has a lease/leaseback so they are asking the Agency to sign onto the mortgage with the protective IDA provisions.
Kevin Ryan asked if the project will continue to operate as a hotel. Anthony D’Elia stated yes. Kevin Ryan asked if it will be the same brand. Suhail Partawi stated the hotel will continue as a Tru Hilton Hotel.
Upon a motion by Victor Ianno, seconded by Susan Stanczyk, the OCIDA Board approved a resolution approving the assignment of the right, title and interest in a Project Facility by Hotel @T5 LLC to tenants-in-common Eastern Shore Retirement Associates Limited Partnership, Shorewash of Annapolis LLC, CHJ New York, LLC and Camillus Ventures I LLC and consent to the reacted master lease to Camillus Ventures MT LLC. Motion was carried.
Nate Stevens stated the Finance Committee reviewed and passed the 2023 budget today. He stated staff is looking to get it approved before the filing deadline to the State at the end of this month.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved the Agency 2023 Budget. Motion was carried.
Nate Stevens stated the Finance Committee reviewed and passed the 2023 budget today. He stated staff is looking to get it approved before the filing deadline to the State at the end of this month.
Upon a motion by Janice Herzog, seconded by Fanny Villarreal, the OCIDA Board approved the Agency 2023 Budget. Motion was carried.
Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board adjourned the meeting at 8:30 am. Motion was carried.
Nancy Lowery, Secretary}
Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board adjourned the meeting at 8:30 am. Motion was carried.
Nancy Lowery, Secretary}