March 2024 — 3-14-24-OCIDA-Regular-Meeting-Materials.pdf ======================================================== 335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET Regular Meeting Agenda March 14, 2024 8:30 AM Call to Order the Audit Committee 8:35 AM Call to Order the Annual Meeting of the Agency 8:45 AM Call to Order the Regular Meeting of the Agency A. Approval of Minutes: February 8, 2024 and February 15, 2024 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items: 1. Audit from Grossman St. Amour Presentation of Audit to the Board Agency Action Requested: a. A Resolution of the Board approving the 2023 Audit of the Agency. Representative: Mike Lisson, Auditor, Grossman St. Amour 2. Request for Professional Services: OCIDA Audit Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify designated firms for Audit services. Representative: Robert Petrovich, Executive Director Page 1 of 59 3. Request for Professional Services: OCIDA Counsel/Special Counsel/General Legal Services Agency Action Requested: b. A Resolution of the Board authorizing the Executive Director to notify designated firms for Counsel/Special Counsel/General Legal services. 335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET Regular Meeting Agenda March 14, 2024 8:30 AM Call to Order the Audit Committee 8:35 AM Call to Order the Annual Meeting of the Agency 8:45 AM Call to Order the Regular Meeting of the Agency A. Approval of Minutes: February 8, 2024 and February 15, 2024 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items: 1. Audit from Grossman St. Amour Presentation of Audit to the Board Agency Action Requested: a. A Resolution of the Board approving the 2023 Audit of the Agency. Representative: Mike Lisson, Auditor, Grossman St. Amour 2. Request for Professional Services: OCIDA Audit Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify designated firms for Audit services. Representative: Robert Petrovich, Executive Director Page 1 of 59 3. Request for Professional Services: OCIDA Counsel/Special Counsel/General Legal Services Agency Action Requested: b. A Resolution of the Board authorizing the Executive Director to notify designated firms for Counsel/Special Counsel/General Legal services. Representative: Robert Petrovich, Executive Director 4. Request for Professional Services: OCIDA Government and Business Development Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify Lovell and Associates, LLC of their award of the RFP for Government and Business Development services. Representative: Robert Petrovich, Executive Director 5. Request for Professional Services: OCIDA Banking and Financial Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify NBT Bank, N.A. of their award of the RFP for Banking and Financial services. Representative: Nate Stevens, Treasurer 6. Financial Accounts and Signature Authorization Agency Action Requested: a. A Resolution by the Board authorizing accounts and signature authority to Robert M. Petrovich, Nate Stevens, and Patrick Hogan. Representative: Nate Stevens, Treasurer Adjourn 2 Page 2 of 59 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes February 8, 2024 Representative: Robert Petrovich, Executive Director 4. Request for Professional Services: OCIDA Government and Business Development Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify Lovell and Associates, LLC of their award of the RFP for Government and Business Development services. Representative: Robert Petrovich, Executive Director 5. Request for Professional Services: OCIDA Banking and Financial Services Agency Action Requested: a. A Resolution of the Board authorizing the Executive Director to notify NBT Bank, N.A. of their award of the RFP for Banking and Financial services. Representative: Nate Stevens, Treasurer 6. Financial Accounts and Signature Authorization Agency Action Requested: a. A Resolution by the Board authorizing accounts and signature authority to Robert M. Petrovich, Nate Stevens, and Patrick Hogan. Representative: Nate Stevens, Treasurer Adjourn 2 Page 2 of 59 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes February 8, 2024 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, February 8, 2024, 335 Montgomery Street, Floor 2M, Syracuse, New York. Patrick Hogan called the meeting to order at 8:32 am with the following: PRESENT: Patrick Hogan Janice Herzog Kevin Ryan Fanny Villarreal Cydney Johnson Elizabeth Dreyfuss (Zoom) DELAYED: Susan Stanczyk ABSENT: ALSO PRESENT: Robert M. Petrovich, Executive Director Svetlana Dyer, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Len Rauch, Economic Development Jeff Davis, Barclay Damon Law Firm Amanda Fitzgerald, Barclay Damon Law Firm (Zoom) Christopher Andreucci, Harris Beach Law Firm Kevin McAuliffe, Barclay Damon Law Firm Heather Lamendola, Barclay Damon Law Firm Catherine Gridley, TTM Technologies Joe Schneider, TTM Technologies Andy Breuer, Heuber Breuer David Aitken, Destiny USA Zachary Benjamin, Destiny USA Nancy Lowery, County Executive Office Leila Dwyer, Barclay Damon Law Firm Glenn Coin, Post Standard APPROVAL OF REGULAR MEETING MINUTES – JANUARY 18, 2024 Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved the regular meeting minutes of January 18, 2024. Motion was carried. Page 3 of 59 TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of January 2024. A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, February 8, 2024, 335 Montgomery Street, Floor 2M, Syracuse, New York. Patrick Hogan called the meeting to order at 8:32 am with the following: PRESENT: Patrick Hogan Janice Herzog Kevin Ryan Fanny Villarreal Cydney Johnson Elizabeth Dreyfuss (Zoom) DELAYED: Susan Stanczyk ABSENT: ALSO PRESENT: Robert M. Petrovich, Executive Director Svetlana Dyer, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Len Rauch, Economic Development Jeff Davis, Barclay Damon Law Firm Amanda Fitzgerald, Barclay Damon Law Firm (Zoom) Christopher Andreucci, Harris Beach Law Firm Kevin McAuliffe, Barclay Damon Law Firm Heather Lamendola, Barclay Damon Law Firm Catherine Gridley, TTM Technologies Joe Schneider, TTM Technologies Andy Breuer, Heuber Breuer David Aitken, Destiny USA Zachary Benjamin, Destiny USA Nancy Lowery, County Executive Office Leila Dwyer, Barclay Damon Law Firm Glenn Coin, Post Standard APPROVAL OF REGULAR MEETING MINUTES – JANUARY 18, 2024 Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved the regular meeting minutes of January 18, 2024. Motion was carried. Page 3 of 59 TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of January 2024. Upon a motion by Fanny Villarreal, seconded by Janice Herzog, the OCIDA Board approved the Treasurer’s Report for the month of January 2024. Motion was carried. Upon a motion by Fanny Villarreal, seconded by Janice Herzog, the OCIDA Board approved the Treasurer’s Report for the month of January 2024. Motion was carried. PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule #490. Upon a motion by Kevin Ryan, seconded by Fanny Villarreal, the OCIDA Board approved the Payment of Bills Schedule #490 for $999,938.48 with PILOT payments to Onondaga County for $856.60, Town of Onondaga for $2.67, Town of DeWitt for $13.13, Onondaga County for $1,238,919.44, Town of Cicero for $67,642.49, Town of Clay for $62,500.00, Town of DeWitt for $91,050.06, Town of Lysander for $86,360.00, City of Syracuse for $38,396.93, Town of Manlius for $10,265.00, Town of Camillus for $10,446.00, Town of Geddes for $625.94, Village of Solvay for $4,980.09, Town of Salina for $126,721.31, Village of Liverpool for $4,754.00, Village of Baldwinsville for $155,583.64, Village of North Syracuse for $16,794.00, Town of Elbridge for $98,567.00, Town of Skaneateles for $38,295.71, Town of Van Buren for $108,322.42, West Genesee Central School District for $36,382.00, Solvay Union Free School District for $10,469.72, Syracuse City School District for $76,222.65, Baldwinsville Central School District for $986,701.67, East Syracuse Minoa Central School District for $451,507.09, Liverpool Central School District for $856,024.00, North Syracuse Central School District for $543,965.22, Jamesville Dewitt Central School District for $15,895.00 , Jordan Elbridge Central School District for $534,655.00, Fayetteville Manlius Central School District for $34,571.00, Lyncourt Central School District for $563,562.34 and Skaneateles Central School District for $213,420.07. Motion was carried. PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule #490. Upon a motion by Kevin Ryan, seconded by Fanny Villarreal, the OCIDA Board approved the Payment of Bills Schedule #490 for $999,938.48 with PILOT payments to Onondaga County for $856.60, Town of Onondaga for $2.67, Town of DeWitt for $13.13, Onondaga County for $1,238,919.44, Town of Cicero for $67,642.49, Town of Clay for $62,500.00, Town of DeWitt for $91,050.06, Town of Lysander for $86,360.00, City of Syracuse for $38,396.93, Town of Manlius for $10,265.00, Town of Camillus for $10,446.00, Town of Geddes for $625.94, Village of Solvay for $4,980.09, Town of Salina for $126,721.31, Village of Liverpool for $4,754.00, Village of Baldwinsville for $155,583.64, Village of North Syracuse for $16,794.00, Town of Elbridge for $98,567.00, Town of Skaneateles for $38,295.71, Town of Van Buren for $108,322.42, West Genesee Central School District for $36,382.00, Solvay Union Free School District for $10,469.72, Syracuse City School District for $76,222.65, Baldwinsville Central School District for $986,701.67, East Syracuse Minoa Central School District for $451,507.09, Liverpool Central School District for $856,024.00, North Syracuse Central School District for $543,965.22, Jamesville Dewitt Central School District for $15,895.00 , Jordan Elbridge Central School District for $534,655.00, Fayetteville Manlius Central School District for $34,571.00, Lyncourt Central School District for $563,562.34 and Skaneateles Central School District for $213,420.07. Motion was carried. CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated. Janice Herzog recused from Destiny USA Real Estate LLC. There were no other conflicts. 2 Page 4 of 59 TTM TECHNOLOGIES INC. (3101-24-01A) – INITIAL MEETING (Susan Stanczyk arrived at meeting.) Robert Petrovich stated for the Board’s edification and for the record, Barclay Damon is representing the applicant and Chris Andreucci from Harris Beach is representing the IDA as conflict counsel. CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated. Janice Herzog recused from Destiny USA Real Estate LLC. There were no other conflicts. 2 Page 4 of 59 TTM TECHNOLOGIES INC. (3101-24-01A) – INITIAL MEETING (Susan Stanczyk arrived at meeting.) Robert Petrovich stated for the Board’s edification and for the record, Barclay Damon is representing the applicant and Chris Andreucci from Harris Beach is representing the IDA as conflict counsel. Kevin McAuliffe stated the purpose of the application is to create a campus for TTM in the Town of DeWitt. He stated there is an existing structure on Kirkville Road and TTM owns the parcels north of that location. He stated pursuant to an option agreement, they purchased land on Fly Road and will construct an approximately 214,000 square foot building. He stated the overall purpose is to coordinate the work between the two buildings. He stated at the new facility there will be mass production of high density printed circuit boards, which no other facility in the United States is currently capable of doing. He stated this facility will do things that are more frequently done in Southeast Asia. He stated the object is to have this building become part of the campus and correlate work between these two facilities. He stated the workers will be interchangeable as they work together toward the design of the printed circuit boards for ultimate end use by TTM and for defense and other such industries. Robert Petrovich stated the narrative incorporates a lot of what Mr. McAuliffe said but in addition there is going to be substantial investment in the existing facility, as well as an expansion across the campus. Kevin McAuliffe agreed and stated they can’t simply define what it would be today but there is going to be need for more modification of the existing facility as they identify the needs of production in the future. Kevin McAuliffe stated the purpose of the application is to create a campus for TTM in the Town of DeWitt. He stated there is an existing structure on Kirkville Road and TTM owns the parcels north of that location. He stated pursuant to an option agreement, they purchased land on Fly Road and will construct an approximately 214,000 square foot building. He stated the overall purpose is to coordinate the work between the two buildings. He stated at the new facility there will be mass production of high density printed circuit boards, which no other facility in the United States is currently capable of doing. He stated this facility will do things that are more frequently done in Southeast Asia. He stated the object is to have this building become part of the campus and correlate work between these two facilities. He stated the workers will be interchangeable as they work together toward the design of the printed circuit boards for ultimate end use by TTM and for defense and other such industries. Robert Petrovich stated the narrative incorporates a lot of what Mr. McAuliffe said but in addition there is going to be substantial investment in the existing facility, as well as an expansion across the campus. Kevin McAuliffe agreed and stated they can’t simply define what it would be today but there is going to be need for more modification of the existing facility as they identify the needs of production in the future. Catherine Gridley thanked the Board for letting her come and talk about the project. She stated she is excited to be here for this. She stated she was born and raised in Syracuse, a boomerang employee where she came, left and came back. She stated when TTM selected Central New York for this project it was a really big day for her personally as well as for TTM. She stated TTM is the largest Department of Defense manufacturer of printed circuit boards in the world. She stated they are based and headquartered in the United States and the aerospace and defense business is now headquartered in Central New York at the former Anaren facility. She stated they are one of the top five printed circuit board manufacturers in the world. She stated they go beyond the circuit boards, they have a strong micro-electronics presence in Syracuse acquired 3 Page 5 of 59 Catherine Gridley thanked the Board for letting her come and talk about the project. She stated she is excited to be here for this. She stated she was born and raised in Syracuse, a boomerang employee where she came, left and came back. She stated when TTM selected Central New York for this project it was a really big day for her personally as well as for TTM. She stated TTM is the largest Department of Defense manufacturer of printed circuit boards in the world. She stated they are based and headquartered in the United States and the aerospace and defense business is now headquartered in Central New York at the former Anaren facility. She stated they are one of the top five printed circuit board manufacturers in the world. She stated they go beyond the circuit boards, they have a strong micro-electronics presence in Syracuse acquired 3 Page 5 of 59 through Anaren in 2018. She stated they are one of the larger micro electronics manufacturers in the US, certainly for the Department of Defense. She stated in addition to that they have some extensive radio frequency microwave capability here in Syracuse which has critical strategic importance to their company. She stated when it comes to the project we are talking about today, there was an extensive selection process. She stated they looked at every county in the continental United States and narrowed it down slowly through a process and ultimately landed on a competition between New York and another state in the south. She stated one of the key elements of the selection for Central New York was this opportunity to create this campus environment. She stated the idea of a campus and creating this high tech capability here in the US on shore, on behalf of the Department of Defense, married up with their micro-electronics capability that exists today hear in Central New York and also the capability they believe will end up supplying a number of local, larger aerospace and defense companies. She stated it will allow them to leverage their existing engineering footprint in Syracuse with the new capability they are starting in this new facility. She stated they will be collaborating with engineering organizations locally on the design and development of the boards that will be manufactured at the site. She stated it is a beautiful model. She stated she can't talk a lot about the technology in the building but she can explain what is called ultra-high density interconnect. She stated this capability, at this scale, with this technology is not in the United States today. She stated there is small pockets of capability, prototyping, low volume but national security requirements are rapidly moving upwards and they cannot insert that technology into the warfighter without this. She stated she thinks they are well locked in and have a spectacular design. She stated they have existing engineering here in the Central New York at the Kirkville Road facility and it is one of their two engineering centers of excellence, the second one being in Long Island. She stated the engineering organization here is going to grow. She stated they are excited about the engineering, especially in the process engineering capability, they will be introducing in the new building. She stated they will be able to develop a workforce and grow their engineering footprint much more easily. She stated it is a bit more of a challenge they discovered as they tried to grow the workforce. She stated they cultivated capability to cross populate between the two different types of capabilities and to leverage that engineering is critical. She stated another element they are excited about is having some of the recipients of that product immediately next door and those engineers can come over and understand how it is moving through the factory. She stated the collaborative design capability is going to accelerate their ability to get the product to market and it is going to allow them to correct issues much more quickly. She stated they are excited about the campus environment. 4 Page 6 of 59 through Anaren in 2018. She stated they are one of the larger micro electronics manufacturers in the US, certainly for the Department of Defense. She stated in addition to that they have some extensive radio frequency microwave capability here in Syracuse which has critical strategic importance to their company. She stated when it comes to the project we are talking about today, there was an extensive selection process. She stated they looked at every county in the continental United States and narrowed it down slowly through a process and ultimately landed on a competition between New York and another state in the south. She stated one of the key elements of the selection for Central New York was this opportunity to create this campus environment. She stated the idea of a campus and creating this high tech capability here in the US on shore, on behalf of the Department of Defense, married up with their micro-electronics capability that exists today hear in Central New York and also the capability they believe will end up supplying a number of local, larger aerospace and defense companies. She stated it will allow them to leverage their existing engineering footprint in Syracuse with the new capability they are starting in this new facility. She stated they will be collaborating with engineering organizations locally on the design and development of the boards that will be manufactured at the site. She stated it is a beautiful model. She stated she can't talk a lot about the technology in the building but she can explain what is called ultra-high density interconnect. She stated this capability, at this scale, with this technology is not in the United States today. She stated there is small pockets of capability, prototyping, low volume but national security requirements are rapidly moving upwards and they cannot insert that technology into the warfighter without this. She stated she thinks they are well locked in and have a spectacular design. She stated they have existing engineering here in the Central New York at the Kirkville Road facility and it is one of their two engineering centers of excellence, the second one being in Long Island. She stated the engineering organization here is going to grow. She stated they are excited about the engineering, especially in the process engineering capability, they will be introducing in the new building. She stated they will be able to develop a workforce and grow their engineering footprint much more easily. She stated it is a bit more of a challenge they discovered as they tried to grow the workforce. She stated they cultivated capability to cross populate between the two different types of capabilities and to leverage that engineering is critical. She stated another element they are excited about is having some of the recipients of that product immediately next door and those engineers can come over and understand how it is moving through the factory. She stated the collaborative design capability is going to accelerate their ability to get the product to market and it is going to allow them to correct issues much more quickly. She stated they are excited about the campus environment. 4 Page 6 of 59 Robert Petrovich stated the investment is substantial at $120 million and asked Ms. Gridley to talk about retaining employment and growth associated with the project. Catherine Gridley stated they expect 400 jobs to be added. She stated they expect those jobs to be added in that campus portfolio but she is not sure which physical footprint those roles might sit in. She stated they do know they don’t have the space to grow the engineering footprint. She stated from an investment perspective they are building out, as soon as the project can proceed. She stated the building was first designed it started at about 140,000-15,000 square feet but the opportunity for growth under this campus model is exceptional so they immediately tacked on an additional 40,000 square feet. She stated they will equip and fit about 160,000 square feet and then grow into the rest. She stated they know the 400 jobs they will create is a no brainer for them. She stated the growth potential is significant. She stated the workforce development, how they will address that and how they retain people will tell how rapidly they are able to introduce the growth that they expect in phase two of the project. Robert Petrovich stated the investment is substantial at $120 million and asked Ms. Gridley to talk about retaining employment and growth associated with the project. Catherine Gridley stated they expect 400 jobs to be added. She stated they expect those jobs to be added in that campus portfolio but she is not sure which physical footprint those roles might sit in. She stated they do know they don’t have the space to grow the engineering footprint. She stated from an investment perspective they are building out, as soon as the project can proceed. She stated the building was first designed it started at about 140,000-15,000 square feet but the opportunity for growth under this campus model is exceptional so they immediately tacked on an additional 40,000 square feet. She stated they will equip and fit about 160,000 square feet and then grow into the rest. She stated they know the 400 jobs they will create is a no brainer for them. She stated the growth potential is significant. She stated the workforce development, how they will address that and how they retain people will tell how rapidly they are able to introduce the growth that they expect in phase two of the project. Fanny Villarreal asked if the jobs created will be full or part time and what levels. Catherine Gridley stated they are all full time. She stated they will run from entry level operators up through senior technology engineers and site management etc. She stated the most advanced positions will be senior engineers. She stated they will have experienced engineers as well as entry level and everything in between. She stated there are lines of production, engineering and the resources needed to supporting the facility which includes HR, finance and IT. Fanny Villarreal asked what the salary is for entry level. Catherine Gridley stated market rate at the time. Kevin McAuliffe stated the lowest pay is $53,000 and the highest is currently estimated to be $111,000. He stated there are six different categories defined in the application. He stated the numbers of people in each category is spread out so it is people at all levels that will be required for this expanded project. Fanny Villarreal asked if the jobs created will be full or part time and what levels. Catherine Gridley stated they are all full time. She stated they will run from entry level operators up through senior technology engineers and site management etc. She stated the most advanced positions will be senior engineers. She stated they will have experienced engineers as well as entry level and everything in between. She stated there are lines of production, engineering and the resources needed to supporting the facility which includes HR, finance and IT. Fanny Villarreal asked what the salary is for entry level. Catherine Gridley stated market rate at the time. Kevin McAuliffe stated the lowest pay is $53,000 and the highest is currently estimated to be $111,000. He stated there are six different categories defined in the application. He stated the numbers of people in each category is spread out so it is people at all levels that will be required for this expanded project. Patrick Hogan stated there are significant national security implications in this. Catherine Gridley stated she joined TTM in 2019 and prior to that she was with one of their OEM primes. She stated when she came to the company she learned that the United States is down to 4%, or maybe even less, of the percentage of printed circuit boards manufactured globally. She stated if you understand the printed circuit board, it is the foundation for every piece of electronics made today. She stated the idea that from the early 2000s to now, the United States had manufactured more than 30% of printed circuit boards and it all moved to Asia. She stated they design it, they 5 Page 7 of 59 develop the technology, it is their intellectual property and it moves offshore. She stated this particular capability is well established in Southeast Asia and from a national security perspective, it cannot be manufactured in Southeast Asia in order for our warfighter to get what they need. Patrick Hogan asked if TTM is accessing state and federal sources for funding. Catherine Gridley stated they are currently in discussions with the state and on the federal side they are having conversations with the Department of Defense. Patrick Hogan stated there are significant national security implications in this. Catherine Gridley stated she joined TTM in 2019 and prior to that she was with one of their OEM primes. She stated when she came to the company she learned that the United States is down to 4%, or maybe even less, of the percentage of printed circuit boards manufactured globally. She stated if you understand the printed circuit board, it is the foundation for every piece of electronics made today. She stated the idea that from the early 2000s to now, the United States had manufactured more than 30% of printed circuit boards and it all moved to Asia. She stated they design it, they 5 Page 7 of 59 develop the technology, it is their intellectual property and it moves offshore. She stated this particular capability is well established in Southeast Asia and from a national security perspective, it cannot be manufactured in Southeast Asia in order for our warfighter to get what they need. Patrick Hogan asked if TTM is accessing state and federal sources for funding. Catherine Gridley stated they are currently in discussions with the state and on the federal side they are having conversations with the Department of Defense. Patrick Hogan stated he likes the way the PILOT was crafted and wants to commend staff and the TTM team because it is about 2% more revenue for the municipal entities when everything gets done and built. Nate Stevens stated that is correct. Cydney Johnson asked what level of education is required for entry level positions. Catherine Gridley stated degree and certificate. Robert Petrovich stated this was a competitive process and he and County Executive worked hard with our state partners to try to make sure that TTM made the right decision to stay in New York and do the expansion in New York. He stated we couldn’t be happier and this is a big win. He stated he thinks this is going to be great for DeWitt and the overall community. He stated he is happy to support the project. Janice Herzog asked if the ultra-high density capability that TTM will be manufacturing in the new facility is currently being manufactured in in the US or outside of the US. Catherine Gridley stated it is leading edge technology and it is manufactured in what she would call more prototype volume in the United States. She stated small scale but the capability is definitely in existence in Asia for ultra-high density interconnect. She stated what they will be manufacturing here is all leading edge development so the products themselves are not currently in production, just the capability is in production. Patrick Hogan stated he likes the way the PILOT was crafted and wants to commend staff and the TTM team because it is about 2% more revenue for the municipal entities when everything gets done and built. Nate Stevens stated that is correct. Cydney Johnson asked what level of education is required for entry level positions. Catherine Gridley stated degree and certificate. Robert Petrovich stated this was a competitive process and he and County Executive worked hard with our state partners to try to make sure that TTM made the right decision to stay in New York and do the expansion in New York. He stated we couldn’t be happier and this is a big win. He stated he thinks this is going to be great for DeWitt and the overall community. He stated he is happy to support the project. Janice Herzog asked if the ultra-high density capability that TTM will be manufacturing in the new facility is currently being manufactured in in the US or outside of the US. Catherine Gridley stated it is leading edge technology and it is manufactured in what she would call more prototype volume in the United States. She stated small scale but the capability is definitely in existence in Asia for ultra-high density interconnect. She stated what they will be manufacturing here is all leading edge development so the products themselves are not currently in production, just the capability is in production. Robert Petrovich stated that is consistent with the County Executive’s strategy about trying to facilitate the reshoring of this kind of manufacturing to the United States and obviously Onondaga County so it's a great win for us. 6 Page 8 of 59 Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved an Inducement Resolution to initiate the TTM Technologies Inc. project and authorize a public hearing. Motion was carried. Robert Petrovich stated that is consistent with the County Executive’s strategy about trying to facilitate the reshoring of this kind of manufacturing to the United States and obviously Onondaga County so it's a great win for us. 6 Page 8 of 59 Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved an Inducement Resolution to initiate the TTM Technologies Inc. project and authorize a public hearing. Motion was carried. DESTINY USA REAL ESTATE, LLC (3101-14-01B) RESOLUTION AUTHORIZING AN OMNIBUS AMENDMENT TOTRANSACTION DOCUMENTS Amanda Fitzgerald stated back in December the sale of the Destiny hotel project located on Hiawatha Boulevard was approved along with the assignment and assumption of the current PILOT agreement. She stated in connection with the closing of the transaction, the team has come across several ambiguities in the prior closing document so the decision was made to take this opportunity of the assignment and the assumption to clarify these ambiguities so the project will be monitored and administered moving forward is crystal clear to the new owners. She stated before the Board is a resolution authorizing Robert Petrovich to enter into, on behalf of the agency, an omnibus amendment which will clarify these ambiguities. She stated the most relevant ambiguity to clarify is the number of jobs required at the project facility. She stated the number agreed upon is 74 employees. Upon a motion by Susan Stanczyk, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing execution and delivery of an omnibus amendment to transaction documents in connection with a certain project for Destiny USA Real Estate, Inc. Janice Herzog recused from voting. Motion was carried. DESTINY USA REAL ESTATE, LLC (3101-14-01B) RESOLUTION AUTHORIZING AN OMNIBUS AMENDMENT TOTRANSACTION DOCUMENTS Amanda Fitzgerald stated back in December the sale of the Destiny hotel project located on Hiawatha Boulevard was approved along with the assignment and assumption of the current PILOT agreement. She stated in connection with the closing of the transaction, the team has come across several ambiguities in the prior closing document so the decision was made to take this opportunity of the assignment and the assumption to clarify these ambiguities so the project will be monitored and administered moving forward is crystal clear to the new owners. She stated before the Board is a resolution authorizing Robert Petrovich to enter into, on behalf of the agency, an omnibus amendment which will clarify these ambiguities. She stated the most relevant ambiguity to clarify is the number of jobs required at the project facility. She stated the number agreed upon is 74 employees. Upon a motion by Susan Stanczyk, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing execution and delivery of an omnibus amendment to transaction documents in connection with a certain project for Destiny USA Real Estate, Inc. Janice Herzog recused from voting. Motion was carried. ADJOURN Upon a motion by Janice Herzog, seconded by Susan Stanczyk, the OCIDA Board adjourned the meeting at 8:55 am. Motion was carried. ____________________________________ Robert M. Petrovich, Executive Director 7 Page 9 of 59 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes February 15, 2024 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, February 15, 2024, 335 Montgomery Street, Floor 2M, Syracuse, New York. Patrick Hogan called the meeting to order at 8:36 am with the following: PRESENT: Patrick Hogan Janice Herzog Susan Stanczyk Kevin Ryan Fanny Villarreal Cydney Johnson ABSENT: Elizabeth Dreyfuss ALSO PRESENT: Robert M. Petrovich, Executive Director Svetlana Dyer, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Amanda Fitzgerald, Barclay Damon Law Firm Dan Romeo, County Legislature ADJOURN Upon a motion by Janice Herzog, seconded by Susan Stanczyk, the OCIDA Board adjourned the meeting at 8:55 am. Motion was carried. ____________________________________ Robert M. Petrovich, Executive Director 7 Page 9 of 59 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes February 15, 2024 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, February 15, 2024, 335 Montgomery Street, Floor 2M, Syracuse, New York. Patrick Hogan called the meeting to order at 8:36 am with the following: PRESENT: Patrick Hogan Janice Herzog Susan Stanczyk Kevin Ryan Fanny Villarreal Cydney Johnson ABSENT: Elizabeth Dreyfuss ALSO PRESENT: Robert M. Petrovich, Executive Director Svetlana Dyer, Secretary Nate Stevens, Treasurer Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Amanda Fitzgerald, Barclay Damon Law Firm Dan Romeo, County Legislature CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no other conflicts. CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no other conflicts. UNIFORM TAX EXEMPTION POLICY 2024 Robert Petrovich stated based on the movement of the review and approval from Governance to the full IDA Board, my recommendation is that we advanced this. Janice Herzog stated she applauds the committee and staff at the Economic Development Office being proactive and forward thinking about what we are facing. She stated housing is needed in this community. She stated having two senior family members looking for housing in this Page 10 of 59 community and wanting to sell their single family home, because they are widowed, single, having a hard time even keeping up with repairs, or getting a handyman, senior housing is really critical. She stated having a place where people feel good about going with amenities, access to community services, restaurants and services within walking distance is a really great idea. She stated it is not seniors who need care and medical support or with their meals, but it is vibrant individuals, contributing members and participants in the community who no longer want to care for their larger homes. She stated they really need a place that's fun, vibrant, well built, and not just like stuffed back in a corner. Patrick Hogan stated it also frees up a house for a family. UNIFORM TAX EXEMPTION POLICY 2024 Robert Petrovich stated based on the movement of the review and approval from Governance to the full IDA Board, my recommendation is that we advanced this. Janice Herzog stated she applauds the committee and staff at the Economic Development Office being proactive and forward thinking about what we are facing. She stated housing is needed in this community. She stated having two senior family members looking for housing in this Page 10 of 59 community and wanting to sell their single family home, because they are widowed, single, having a hard time even keeping up with repairs, or getting a handyman, senior housing is really critical. She stated having a place where people feel good about going with amenities, access to community services, restaurants and services within walking distance is a really great idea. She stated it is not seniors who need care and medical support or with their meals, but it is vibrant individuals, contributing members and participants in the community who no longer want to care for their larger homes. She stated they really need a place that's fun, vibrant, well built, and not just like stuffed back in a corner. Patrick Hogan stated it also frees up a house for a family. Susan Stanczyk stated she wants to make sure some things were clarified because we all received letters and she received one email from Assessor Bick in the Town of Clay that she thought was extremely unprofessional and inappropriate. She stated if the Board has not had a chance to read it she hopes they take a minute to read it. She stated she wants to make sure everyone is aware of the fact, these are guidelines, not requirements. She stated if the Board does not go 12 years on a PILOT, we don't have to. She stated this does not mean we are going to grant a PILOT to every developer that comes before us. She stated we are going to review them just like we've always done. She stated we are going to look at the merit of the project, make sure it is something we really do need and if the PILOT is necessary. She stated it doesn't mean the PILOT is all encompassing and the Board might decide to do just sales tax, just mortgage tax or a combination. She stated that if someone puts a blanket statement out there that the Agency is going to grant PILOTs to every single person who comes here, that is not the way it has ever worked before, and it is not going to work that way. She stated she just wants to make sure everyone is aware these are guidelines and they are necessary guidelines. She stated we need housing and she echoes Ms. Herzog’s comments, she has an older set of parents who would love to get into an area where they could have a single level small patio home. She stated she has been looking and she can’t find them. She stated she has a son and fiancé who would love to get into a home that is not going to cost them $300,000. She stated they are not making $500,000 a year and cannot afford it. She stated these are exactly the homes we need at this point. She stated there are 300 permits and we need 10,000 housing units, shows there is a need for housing. She stated it isn’t excluding the towns, the villages, or the school districts. She stated the Board asks every time a project comes up, what is the support level in the town or the school district; do we have any issues. She stated the Board will always take that into consideration. She stated she 2 Page 11 of 59 Susan Stanczyk stated she wants to make sure some things were clarified because we all received letters and she received one email from Assessor Bick in the Town of Clay that she thought was extremely unprofessional and inappropriate. She stated if the Board has not had a chance to read it she hopes they take a minute to read it. She stated she wants to make sure everyone is aware of the fact, these are guidelines, not requirements. She stated if the Board does not go 12 years on a PILOT, we don't have to. She stated this does not mean we are going to grant a PILOT to every developer that comes before us. She stated we are going to review them just like we've always done. She stated we are going to look at the merit of the project, make sure it is something we really do need and if the PILOT is necessary. She stated it doesn't mean the PILOT is all encompassing and the Board might decide to do just sales tax, just mortgage tax or a combination. She stated that if someone puts a blanket statement out there that the Agency is going to grant PILOTs to every single person who comes here, that is not the way it has ever worked before, and it is not going to work that way. She stated she just wants to make sure everyone is aware these are guidelines and they are necessary guidelines. She stated we need housing and she echoes Ms. Herzog’s comments, she has an older set of parents who would love to get into an area where they could have a single level small patio home. She stated she has been looking and she can’t find them. She stated she has a son and fiancé who would love to get into a home that is not going to cost them $300,000. She stated they are not making $500,000 a year and cannot afford it. She stated these are exactly the homes we need at this point. She stated there are 300 permits and we need 10,000 housing units, shows there is a need for housing. She stated it isn’t excluding the towns, the villages, or the school districts. She stated the Board asks every time a project comes up, what is the support level in the town or the school district; do we have any issues. She stated the Board will always take that into consideration. She stated she 2 Page 11 of 59 appreciates the form letter that came from several towns, she appreciates the individuals who did write their own emails and express their own thoughts. She stated she wants everyone to understand the Board will take those into consideration. She stated this is necessary and these are things the Board needs to do. She stated when someone applies for a PILOT, and it is a manufacturing plant, there is an annual review done to make sure they are meeting those requirements. She stated with housing it is a little different, especially if it is the marketplace and the rates. She asked how that review will be done, what is the review process and will it be annually? She stated we don’t want to get into the personal part of being able to look at someone's W-2 to confirm they meet requirements but in the end, if they're not meeting that requirement, the PILOT needs to be rescinded. appreciates the form letter that came from several towns, she appreciates the individuals who did write their own emails and express their own thoughts. She stated she wants everyone to understand the Board will take those into consideration. She stated this is necessary and these are things the Board needs to do. She stated when someone applies for a PILOT, and it is a manufacturing plant, there is an annual review done to make sure they are meeting those requirements. She stated with housing it is a little different, especially if it is the marketplace and the rates. She asked how that review will be done, what is the review process and will it be annually? She stated we don’t want to get into the personal part of being able to look at someone's W-2 to confirm they meet requirements but in the end, if they're not meeting that requirement, the PILOT needs to be rescinded. Robert Petrovich stated these are benefits that are available, but they are not as of right, they are discretionary benefits. He stated every project has a but-for provision in it, but-for these benefits, can you advance the project or not. He stated the applicant has to come before the Board and articulate in a way that we understand it and if we can support it great but if we cannot support it, that is also a decision. He stated there is an annual reporting that goes into the PARIS system for job goals that were put forward so the benefits to the project can be enjoyed. He stated there is a system set up for the housing. Nate Stevens stated in the meeting materials there is additional language in the project agreements which will then require and be part of the Agency annual reporting structure. He stated it shows how it is going to be done and says if the company fails to reach its housing commitment it is a breach of the contract. He stated housing projects come before the Board and are clear as to what they are committing to just like every other project. He stated a project agreement will be signed and every year they will be surveyed and appropriate action will be taken if they fail to meet their commitment. Robert Petrovich stated these are benefits that are available, but they are not as of right, they are discretionary benefits. He stated every project has a but-for provision in it, but-for these benefits, can you advance the project or not. He stated the applicant has to come before the Board and articulate in a way that we understand it and if we can support it great but if we cannot support it, that is also a decision. He stated there is an annual reporting that goes into the PARIS system for job goals that were put forward so the benefits to the project can be enjoyed. He stated there is a system set up for the housing. Nate Stevens stated in the meeting materials there is additional language in the project agreements which will then require and be part of the Agency annual reporting structure. He stated it shows how it is going to be done and says if the company fails to reach its housing commitment it is a breach of the contract. He stated housing projects come before the Board and are clear as to what they are committing to just like every other project. He stated a project agreement will be signed and every year they will be surveyed and appropriate action will be taken if they fail to meet their commitment. Kevin Ryan stated he wants to be sensitive to the comments received but the Board has done things the proper way. He stated there has been numerous times where developers have come and the Board said no. He stated the Board has not given the requested incentives because they felt it didn't meet our goals. He stated there have been times when people have received the incentive packages, not met the goals and we have taken steps to clawback the benefits. He stated he thinks this Board is fulfilling its fiduciary responsibility to the citizens of this county and the Board is giving ourselves the additional leeway to meet the need for housing in this 3 Page 12 of 59 community. He stated if people are uncomfortable with that just look at the track record of this Agency. He stated he thinks the Board has earned a certain degree of confidence people should have to trust us to do things. Kevin Ryan stated he wants to be sensitive to the comments received but the Board has done things the proper way. He stated there has been numerous times where developers have come and the Board said no. He stated the Board has not given the requested incentives because they felt it didn't meet our goals. He stated there have been times when people have received the incentive packages, not met the goals and we have taken steps to clawback the benefits. He stated he thinks this Board is fulfilling its fiduciary responsibility to the citizens of this county and the Board is giving ourselves the additional leeway to meet the need for housing in this 3 Page 12 of 59 community. He stated if people are uncomfortable with that just look at the track record of this Agency. He stated he thinks the Board has earned a certain degree of confidence people should have to trust us to do things. Robert Petrovich stated that is a point well taken. He stated he was at an IDA conference in Albany and in hearing other IDAs, the legal pundits and others commenting on what they do and what should be done, we are in very good standing. He stated this agency is really out in front on a lot of these issues and is acting in a way that is judicious but also respectful of the taxpayers. He stated also the Agency is out there competitively securing projects for the community for the betterment of everyone. He stated he thinks it is a good thing. Patrick Hogan stated just having this debate shows the growth. He stated we are talking about homes for 50,000 people that might work in Onondaga County and that hasn't happened in 40 to 50 years. He stated it is a real testament to the County Executive’s economic policy and this Board's economic plan. Robert Petrovich commented on housing. He stated we do not do PILOTs on single family homes. He stated what we are doing in this UTEP is codifying an aspect of this for mixed income that is important, which we hadn't codified before. He stated what he thinks that says is mixed income projects are important, we are looking at those but this is also going to be driven by the town center approach. He stated we have OHB that is looking at doing something in the order of 750 housing units. He stated we have Great Northern that is going to be bringing online a substantial number of housing units. Robert Petrovich stated that is a point well taken. He stated he was at an IDA conference in Albany and in hearing other IDAs, the legal pundits and others commenting on what they do and what should be done, we are in very good standing. He stated this agency is really out in front on a lot of these issues and is acting in a way that is judicious but also respectful of the taxpayers. He stated also the Agency is out there competitively securing projects for the community for the betterment of everyone. He stated he thinks it is a good thing. Patrick Hogan stated just having this debate shows the growth. He stated we are talking about homes for 50,000 people that might work in Onondaga County and that hasn't happened in 40 to 50 years. He stated it is a real testament to the County Executive’s economic policy and this Board's economic plan. Robert Petrovich commented on housing. He stated we do not do PILOTs on single family homes. He stated what we are doing in this UTEP is codifying an aspect of this for mixed income that is important, which we hadn't codified before. He stated what he thinks that says is mixed income projects are important, we are looking at those but this is also going to be driven by the town center approach. He stated we have OHB that is looking at doing something in the order of 750 housing units. He stated we have Great Northern that is going to be bringing online a substantial number of housing units. Patrick Hogan asked if they are asking for PILOT agreements. Robert Petrovich stated they have not submitted an application yet but we certainly expect they will and those are the kinds of projects that are in alignment with the County Executive’s strategic objectives, they are in alignment with Plan Onondaga and at the end of the day, they actually make sense. Upon a motion by Kevin Ryan, seconded by Janice Herzog, the OCIDA Board approved a resolution approving the 2024 Uniform Tax Exemption Policy. Motion was carried. Patrick Hogan asked if they are asking for PILOT agreements. Robert Petrovich stated they have not submitted an application yet but we certainly expect they will and those are the kinds of projects that are in alignment with the County Executive’s strategic objectives, they are in alignment with Plan Onondaga and at the end of the day, they actually make sense. Upon a motion by Kevin Ryan, seconded by Janice Herzog, the OCIDA Board approved a resolution approving the 2024 Uniform Tax Exemption Policy. Motion was carried. REVISED OCIDA PROJECT APPLICATION 4 Page 13 of 59 Robert Petrovich stated the application changes generally reflect the UTEP housing changes to make sure they are in alignment. Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved a resolution adopting the revised Agency Project Application. Motion was carried. REVISED OCIDA PROJECT APPLICATION 4 Page 13 of 59 Robert Petrovich stated the application changes generally reflect the UTEP housing changes to make sure they are in alignment. Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved a resolution adopting the revised Agency Project Application. Motion was carried. REVISED UNIFORM AGENCY PROJECT AGREEMENT Amanda Fitzgerald stated similar changes were made to the required project agreement to reflect the changes in the UTEP. She stated it was made so the project agreement can be altered for certain housing projects and address monitoring throughout the life of the project. Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved a resolution adopting the revised Uniform Agency Project Agreement. Motion was carried. REVISED UNIFORM AGENCY PROJECT AGREEMENT Amanda Fitzgerald stated similar changes were made to the required project agreement to reflect the changes in the UTEP. She stated it was made so the project agreement can be altered for certain housing projects and address monitoring throughout the life of the project. Upon a motion by Kevin Ryan, seconded by Susan Stanczyk, the OCIDA Board approved a resolution adopting the revised Uniform Agency Project Agreement. Motion was carried. EXECUTIVE SESSION Jeff Davis asked for a motion to go into Executive Session for the purpose of discussing potential litigation. Upon a motion by Kevin Ryan, seconded by Janice Herzog, the OCIDA Board went into Executive Session at 9:01 am. Motion was carried. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board adjourned Executive Session at 9:13 am. Motion was carried. OHB REDEV, INC. / DISTRICT EAST REDEVELOPMENT (3101-22-06A) Jeff Davis stated as the Board is aware we previously issued a negative declaration under SEQR for the District East project at the former Shoppingtown facility. He stated the project is supposed to be built out over a period of approximately 12 years and anticipated to proceed in various phases of development that each will require a local site plan approval. He stated the 5 Page 14 of 59 EXECUTIVE SESSION Jeff Davis asked for a motion to go into Executive Session for the purpose of discussing potential litigation. Upon a motion by Kevin Ryan, seconded by Janice Herzog, the OCIDA Board went into Executive Session at 9:01 am. Motion was carried. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board adjourned Executive Session at 9:13 am. Motion was carried. OHB REDEV, INC. / DISTRICT EAST REDEVELOPMENT (3101-22-06A) Jeff Davis stated as the Board is aware we previously issued a negative declaration under SEQR for the District East project at the former Shoppingtown facility. He stated the project is supposed to be built out over a period of approximately 12 years and anticipated to proceed in various phases of development that each will require a local site plan approval. He stated the 5 Page 14 of 59 project is anticipated to include 1.96 million square feet of leasable space inclusive of 912 dwelling units in 33 structures of up to 6 stories in height. He stated the applicant has requested the Agency consider in addition to benefits for the project, the acquisition of three parcels of land by eminent domain totaling 4.21 acres, namely the former Macy's and former Sears department stores parcels located in the Town of DeWitt and the undertaking of the project for the financial assistance requested. He stated the land is entirely developed within the former Shoppingtown mall, which is now derelict vacant and underutilized. He stated the Agency issued a SEQR negative declaration at the October 12, 2023 meeting. He stated following that meeting and as part of the public comment process with regard to eminent domain procedure law, comments were received challenging the sufficiency of the Agency's review of the District East Redevelopment under SEQR. He stated after reviewing the comments, the Agency requested that its consultant, JMT, review the comments and advise as to whether there was additional environmental information or review that was warranted. He stated JMT reviewed the comments and advised the agency by memorandum that the only comment that warranted additional consideration was noise and that although potential noise impacts had been previously evaluated during the workshop sessions based upon information available at that time, including conceptual mitigation, the Agency could elect to request that the company provide in writing additional technical information on operational noise and mitigation measures. He stated based on that review, the Agency requested that the company, OHB, to the extent feasible provide additional technical information regarding the District East Redevelopment’s projected operational noise and construction noise mitigation. He stated on February 12, the company submitted a final construction and operational noise analysis based upon the current project design and available information. He stated the company further confirmed that the District East Redevelopment, which is to be built out over a period of approximately 12 years is still in the design phase and will continue to refine design elements and construction scenario scenarios leading up to as part of the site plan approval process before the Town of DeWitt. He stated the Agency, staff and JMT reviewed these impacts based upon the current information and based upon its careful review and examination of the supplemental SEQR materials and the prior review and examination of the District East Redevelopment, the Agency finds that relative to construction noise, that without mitigation sound levels for construction will exceed ambient noise levels in the area. He stated the exceedance over ambient are anticipated to be 60 decibels or lower at all residential receptors and that due to the preliminary nature of the current design of the project level information the specific mitigation for construction noise cannot be finally determined at this time. He stated however, the construction noise can be mitigated to 60 6 Page 15 of 59 project is anticipated to include 1.96 million square feet of leasable space inclusive of 912 dwelling units in 33 structures of up to 6 stories in height. He stated the applicant has requested the Agency consider in addition to benefits for the project, the acquisition of three parcels of land by eminent domain totaling 4.21 acres, namely the former Macy's and former Sears department stores parcels located in the Town of DeWitt and the undertaking of the project for the financial assistance requested. He stated the land is entirely developed within the former Shoppingtown mall, which is now derelict vacant and underutilized. He stated the Agency issued a SEQR negative declaration at the October 12, 2023 meeting. He stated following that meeting and as part of the public comment process with regard to eminent domain procedure law, comments were received challenging the sufficiency of the Agency's review of the District East Redevelopment under SEQR. He stated after reviewing the comments, the Agency requested that its consultant, JMT, review the comments and advise as to whether there was additional environmental information or review that was warranted. He stated JMT reviewed the comments and advised the agency by memorandum that the only comment that warranted additional consideration was noise and that although potential noise impacts had been previously evaluated during the workshop sessions based upon information available at that time, including conceptual mitigation, the Agency could elect to request that the company provide in writing additional technical information on operational noise and mitigation measures. He stated based on that review, the Agency requested that the company, OHB, to the extent feasible provide additional technical information regarding the District East Redevelopment’s projected operational noise and construction noise mitigation. He stated on February 12, the company submitted a final construction and operational noise analysis based upon the current project design and available information. He stated the company further confirmed that the District East Redevelopment, which is to be built out over a period of approximately 12 years is still in the design phase and will continue to refine design elements and construction scenario scenarios leading up to as part of the site plan approval process before the Town of DeWitt. He stated the Agency, staff and JMT reviewed these impacts based upon the current information and based upon its careful review and examination of the supplemental SEQR materials and the prior review and examination of the District East Redevelopment, the Agency finds that relative to construction noise, that without mitigation sound levels for construction will exceed ambient noise levels in the area. He stated the exceedance over ambient are anticipated to be 60 decibels or lower at all residential receptors and that due to the preliminary nature of the current design of the project level information the specific mitigation for construction noise cannot be finally determined at this time. He stated however, the construction noise can be mitigated to 60 6 Page 15 of 59 decibles or less throughout the mitigation measures proposed by the applicant, including by way of example the use of best practices, placement of equipment, setbacks, lower noise equipment, earthen berms, etc. He stated whereas based on its careful review and examination of the supplemental information and prior view examination of District East, we find relative to operational noise that sound from the typical product operation is not anticipated to exceed the daytime ambient sound levels without mitigation sound from the typical product operation is anticipated to exceed the nighttime ambient sound levels by 2dB, which should have no appreciable effect on the receptors but may result in exceedance of the Town code in certain locations along Kinney Road. He stated due to the current project design and available information this specific mitigation for operational noise cannot be finally determined until project design elements are further developed, however, operational noise can be mitigated to comply with the Town of DeWitt code through various mitigation measures. He stated whereas as part of the site plan review process before the Town of DeWitt, the company will specify the project design elements as well as the final construction scenario and identify the specific mitigation measures or combination thereof, that it will use to mitigate noise as analyzed and generally described in the supplemental SEQR material received by the agency. He stated the town of DeWitt approval process will include compliance with SEQR and the analysis of choice of mitigation measures based on the specific project design known at that time, and will be more protective of the environment. He stated whereas, as a result of its careful review and examination of the application, correspondence from other involved agencies, the workshop sessions, including the supplemental SEQR information provided, the Agency finds that unbalanced and after careful consideration of all relevant District East Redevelopment documentation, it has more than adequate information to evaluate the relevant benefits and potential impacts. He stated now therefore be it resolved the District East Redevelopment will not have a significant adverse effect on the environment, the Agency will not require the preparation of an environmental impact statement with respect to District East Redevelopment, the potential impacts associated with noise have been fully studied based upon current information and reasonable projections further analysis of potential impacts associated with noise cannot be further studied at this time, but will be evaluated as part of the Town of DeWitt site plan approval process and SEQR review. He stated because the District East Redevelopment project cannot proceed without site plan approval, it is permissible to segment the review of noise as it will not be less protective of the environment. He stated as a consequence of the foregoing, the Agency has prepared an amended negative declaration with respect to District East and a copy of it will be attached to this resolution. 7 Page 16 of 59 decibles or less throughout the mitigation measures proposed by the applicant, including by way of example the use of best practices, placement of equipment, setbacks, lower noise equipment, earthen berms, etc. He stated whereas based on its careful review and examination of the supplemental information and prior view examination of District East, we find relative to operational noise that sound from the typical product operation is not anticipated to exceed the daytime ambient sound levels without mitigation sound from the typical product operation is anticipated to exceed the nighttime ambient sound levels by 2dB, which should have no appreciable effect on the receptors but may result in exceedance of the Town code in certain locations along Kinney Road. He stated due to the current project design and available information this specific mitigation for operational noise cannot be finally determined until project design elements are further developed, however, operational noise can be mitigated to comply with the Town of DeWitt code through various mitigation measures. He stated whereas as part of the site plan review process before the Town of DeWitt, the company will specify the project design elements as well as the final construction scenario and identify the specific mitigation measures or combination thereof, that it will use to mitigate noise as analyzed and generally described in the supplemental SEQR material received by the agency. He stated the town of DeWitt approval process will include compliance with SEQR and the analysis of choice of mitigation measures based on the specific project design known at that time, and will be more protective of the environment. He stated whereas, as a result of its careful review and examination of the application, correspondence from other involved agencies, the workshop sessions, including the supplemental SEQR information provided, the Agency finds that unbalanced and after careful consideration of all relevant District East Redevelopment documentation, it has more than adequate information to evaluate the relevant benefits and potential impacts. He stated now therefore be it resolved the District East Redevelopment will not have a significant adverse effect on the environment, the Agency will not require the preparation of an environmental impact statement with respect to District East Redevelopment, the potential impacts associated with noise have been fully studied based upon current information and reasonable projections further analysis of potential impacts associated with noise cannot be further studied at this time, but will be evaluated as part of the Town of DeWitt site plan approval process and SEQR review. He stated because the District East Redevelopment project cannot proceed without site plan approval, it is permissible to segment the review of noise as it will not be less protective of the environment. He stated as a consequence of the foregoing, the Agency has prepared an amended negative declaration with respect to District East and a copy of it will be attached to this resolution. 7 Page 16 of 59 He stated the resolution before the Board is an amendment to our SEQR prior negative declaration whereby the Agency are again issuing a negative declaration with permissive segmentation with regard to potential noise impacts. Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board approved a resolution issuing an amended Negative Declaration pursuant to the State Environmental Quality Review Act. Motion was carried. OHB REDEV, INC. / DISTRICT EAST REDEVELOPMENT (3101-22-06A) Jeff Davis stated Mark McNamara is an attorney with Barclay Damon and has been acting as counsel to the Agency with regard to eminent domain actions for the District East project. He stated the resolution before the Board is an amendment to our SEQR prior negative declaration whereby the Agency are again issuing a negative declaration with permissive segmentation with regard to potential noise impacts. Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board approved a resolution issuing an amended Negative Declaration pursuant to the State Environmental Quality Review Act. Motion was carried. OHB REDEV, INC. / DISTRICT EAST REDEVELOPMENT (3101-22-06A) Jeff Davis stated Mark McNamara is an attorney with Barclay Damon and has been acting as counsel to the Agency with regard to eminent domain actions for the District East project. Mark McNamara stated Jeff Davis has just described and reviewed the amended negative declaration. He stated the potential public benefits anticipated from the project by the town center project will be significant in the form of new sidewalks, streets and parks, updated utilities, hundreds of construction jobs and permanent full time positions. He stated once the build out is complete estimated sales tax revenue in excess of $12 million per year in housing stock of various types and the orderly development of a mixed use hub, or village center for the Town of Dewitt and the County which has been desired by the town for some time and is clearly stated consistent with their planning documents and the elimination of a blighted, long vacant shopping center through the redevelopment of the town center project. He stated this Board authorized by resolution in December, 2022 the staff to take the necessary steps to explore the potential acquisition of the necessary properties for the project which are the two Sears parcels, which are the original Sears store and the Sears auto store which was associated with it and the former Macy's store. He stated in connection with that original authorization pursuant to Article 2 of the eminent domain procedural law, we held a public hearing, properly noticed, in November, 2023. He stated that hearing was left open until November 20 in order to take additional comments as well as from anybody who wanted to speak at the hearing. He stated the public hearing was held in person and by Teams video and teleconference internet platform. He stated at the hearing, the Agency outlined the purpose, the proposed location and the other information considered pertinent, including maps and descriptions of the property to be Mark McNamara stated Jeff Davis has just described and reviewed the amended negative declaration. He stated the potential public benefits anticipated from the project by the town center project will be significant in the form of new sidewalks, streets and parks, updated utilities, hundreds of construction jobs and permanent full time positions. He stated once the build out is complete estimated sales tax revenue in excess of $12 million per year in housing stock of various types and the orderly development of a mixed use hub, or village center for the Town of Dewitt and the County which has been desired by the town for some time and is clearly stated consistent with their planning documents and the elimination of a blighted, long vacant shopping center through the redevelopment of the town center project. He stated this Board authorized by resolution in December, 2022 the staff to take the necessary steps to explore the potential acquisition of the necessary properties for the project which are the two Sears parcels, which are the original Sears store and the Sears auto store which was associated with it and the former Macy's store. He stated in connection with that original authorization pursuant to Article 2 of the eminent domain procedural law, we held a public hearing, properly noticed, in November, 2023. He stated that hearing was left open until November 20 in order to take additional comments as well as from anybody who wanted to speak at the hearing. He stated the public hearing was held in person and by Teams video and teleconference internet platform. He stated at the hearing, the Agency outlined the purpose, the proposed location and the other information considered pertinent, including maps and descriptions of the property to be 8 Page 17 of 59 potentially acquired and the adjacent parcels, and we provided in person to those in attendance an opportunity to present oral or written statements which a number of people did. He stated council of the record building owners of the former Macy's parcel and the Sears parcels were present at the hearing and they presented oral statements as well as submitted a written submissions and subsequent to the hearing prior to November 20 provided additional written submissions. He stated following the public hearing, the agency created a transcript and record which included as exhibits all of the public comment from both the record owners as well as members of the public who were at the hearing and made that available at the Agency's office as well as the County Clerk's Office consistent with eminent domain procedural law. He stated the Board reviewed in full and issued an amended negative declaration with respect to the impacts of the project pursuant to the State Environmental Quality Review Act with respect to the project and the potential acquisition of the necessary properties for the project. He stated it is this resolution that the agency desires to adopt the determination and findings and brief synopsis which are attached to the resolution as Exhibits 1 and 2. He stated the determination and findings is pursuant to Article 2 of the eminent domain procedural law. He stated the determination and findings are this Agency's conclusions with respect to the public use, benefit and purpose of the project, the location of the project, environmental impact of the project and any other information deemed pertinent as articulated in the determination and findings, which is Exhibit 1 to the resolution. He stated Exhibit 2 of the resolution is a synopsis of the determination and findings which will be published in the newspaper and available for people to review. He stated it will say in the newspaper anyone who wants a copy of the determination and findings can request that from Mr. Petrovitch and a copy of the determination and findings would be provided to them. He stated the first part of the resolution is going to be the based on the entire record of proceedings, including but not limited to the applicant’s application to the Agency, all the materials submitted in support of the application, the SEQR materials, the negative declaration, the original negative declaration, the supplemental SEQR materials, the amended negative declaration, which just passed, the record of the public hearing, and the Agency's knowledge of the project and site and pursuant to the eminent domain procedure law, the Agency makes the following findings with respect to the project and the acquisition of property. He stated pursuant to the Eminent Domain Procedural Law, Article 2, the form and substance of the determination and fines attached as Exhibit 1 are hereby adopted and incorporated by reference. He stated pursuant to EDPL Article 2, the form and substance of the synopsis, which is attached as Exhibit 2 is also incorporated by reference and is being adopted. He stated Section 2 is the Agency authorizing and directing the executive director, staff and 9 Page 18 of 59 8 Page 17 of 59 potentially acquired and the adjacent parcels, and we provided in person to those in attendance an opportunity to present oral or written statements which a number of people did. He stated council of the record building owners of the former Macy's parcel and the Sears parcels were present at the hearing and they presented oral statements as well as submitted a written submissions and subsequent to the hearing prior to November 20 provided additional written submissions. He stated following the public hearing, the agency created a transcript and record which included as exhibits all of the public comment from both the record owners as well as members of the public who were at the hearing and made that available at the Agency's office as well as the County Clerk's Office consistent with eminent domain procedural law. He stated the Board reviewed in full and issued an amended negative declaration with respect to the impacts of the project pursuant to the State Environmental Quality Review Act with respect to the project and the potential acquisition of the necessary properties for the project. He stated it is this resolution that the agency desires to adopt the determination and findings and brief synopsis which are attached to the resolution as Exhibits 1 and 2. He stated the determination and findings is pursuant to Article 2 of the eminent domain procedural law. He stated the determination and findings are this Agency's conclusions with respect to the public use, benefit and purpose of the project, the location of the project, environmental impact of the project and any other information deemed pertinent as articulated in the determination and findings, which is Exhibit 1 to the resolution. He stated Exhibit 2 of the resolution is a synopsis of the determination and findings which will be published in the newspaper and available for people to review. He stated it will say in the newspaper anyone who wants a copy of the determination and findings can request that from Mr. Petrovitch and a copy of the determination and findings would be provided to them. He stated the first part of the resolution is going to be the based on the entire record of proceedings, including but not limited to the applicant’s application to the Agency, all the materials submitted in support of the application, the SEQR materials, the negative declaration, the original negative declaration, the supplemental SEQR materials, the amended negative declaration, which just passed, the record of the public hearing, and the Agency's knowledge of the project and site and pursuant to the eminent domain procedure law, the Agency makes the following findings with respect to the project and the acquisition of property. He stated pursuant to the Eminent Domain Procedural Law, Article 2, the form and substance of the determination and fines attached as Exhibit 1 are hereby adopted and incorporated by reference. He stated pursuant to EDPL Article 2, the form and substance of the synopsis, which is attached as Exhibit 2 is also incorporated by reference and is being adopted. He stated Section 2 is the Agency authorizing and directing the executive director, staff and 9 Page 18 of 59 outside counsel to do those things and perform whatever acts and execute whatever documents are necessary or appropriate to acquire the property under the EDPL, including but not limited to retaining any professionals, consultants and contractors necessary to provide materials required under the Eminent Domain Procedural Law, He stated in connection with the negotiation of the purchase of the property and or the commencement of legal proceedings under the Eminent Domain Procedure Law to acquire the property by eminent domain and to offer to post the bond undertaking prior to vesting of title in any subsequent EDPL Article 4 proceeding, which is the proceeding by which one brings in Supreme Court to actually take title to the property. He stated the Agency is authorizing and directing Agency staff and outside counsel to post a bond or undertaking in any connection with that those proceedings to acquire the property so as to provide assurance, certain sorts of adequate constant compensation to the property owners. outside counsel to do those things and perform whatever acts and execute whatever documents are necessary or appropriate to acquire the property under the EDPL, including but not limited to retaining any professionals, consultants and contractors necessary to provide materials required under the Eminent Domain Procedural Law, He stated in connection with the negotiation of the purchase of the property and or the commencement of legal proceedings under the Eminent Domain Procedure Law to acquire the property by eminent domain and to offer to post the bond undertaking prior to vesting of title in any subsequent EDPL Article 4 proceeding, which is the proceeding by which one brings in Supreme Court to actually take title to the property. He stated the Agency is authorizing and directing Agency staff and outside counsel to post a bond or undertaking in any connection with that those proceedings to acquire the property so as to provide assurance, certain sorts of adequate constant compensation to the property owners. Janice Herzog stated this project is in alignment of all we have been discussing today and it is something the Town of DeWitt wants. She stated she feels confident we have taken all the necessary measures and she thinks Hueber Breuer has tried to reach a fair negotiation. She stated without this step, the project could be tied up for years. She stated the property could sit for years. She stated she feels confident the Board has really dotted our “I”s and crossed our “T”s and that Hueber Breuer has put good faith effort into negotiations. She stated it is all in alignment with what we need to do and we need to get things moving. Patrick Hogan stated it is incumbent upon us to do it. He stated the folks in the Town of Dewitt have had to put up with it far too long. Janice Herzog stated we would rather not have to take this step and we would like to have a fair negotiation and successful resolution but she is not sure that is possible. She thanked staff for all the work. Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board approved a resolution adopting the New York Eminent Domain Procedure Law 204 Determination and Finding Regarding Potential Acquisition of Property Interest by purchase or eminent domain and related actions for the OHB Redev, LLC – District East Project. Motion was carried. Janice Herzog stated this project is in alignment of all we have been discussing today and it is something the Town of DeWitt wants. She stated she feels confident we have taken all the necessary measures and she thinks Hueber Breuer has tried to reach a fair negotiation. She stated without this step, the project could be tied up for years. She stated the property could sit for years. She stated she feels confident the Board has really dotted our “I”s and crossed our “T”s and that Hueber Breuer has put good faith effort into negotiations. She stated it is all in alignment with what we need to do and we need to get things moving. Patrick Hogan stated it is incumbent upon us to do it. He stated the folks in the Town of Dewitt have had to put up with it far too long. Janice Herzog stated we would rather not have to take this step and we would like to have a fair negotiation and successful resolution but she is not sure that is possible. She thanked staff for all the work. Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board approved a resolution adopting the New York Eminent Domain Procedure Law 204 Determination and Finding Regarding Potential Acquisition of Property Interest by purchase or eminent domain and related actions for the OHB Redev, LLC – District East Project. Motion was carried. ADJOURN Page 19 of 10 59 Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board adjourned the meeting at 9:31 am. Motion was carried. _________________________________ Robert M. Petrovich, Executive Director Page 20 of 11 59 February 29, 2024 2024 Budget Current YTD Revenue / Expense / Income Current Period Current YTD Amount Change to Budget Operating/Non-Op Revenue 159,483 312,932 3,130,000 (2,817,068) Administrative Expense 44,667 74,963 950,000 (875,037) Operating/Program Expense 30,186 105,473 2,180,000 (2,074,527) Net Ordinary Income 84,631 132,496 - 132,496 ADJOURN Page 19 of 10 59 Upon a motion by Susan Stanczyk, seconded by Janice Herzog, the OCIDA Board adjourned the meeting at 9:31 am. Motion was carried. _________________________________ Robert M. Petrovich, Executive Director Page 20 of 11 59 February 29, 2024 2024 Budget Current YTD Revenue / Expense / Income Current Period Current YTD Amount Change to Budget Operating/Non-Op Revenue 159,483 312,932 3,130,000 (2,817,068) Administrative Expense 44,667 74,963 950,000 (875,037) Operating/Program Expense 30,186 105,473 2,180,000 (2,074,527) Net Ordinary Income 84,631 132,496 - 132,496 Current Assets Current YTD Prior YTD Total Cash 7,139,774 4,195,385 Less Pass Through Received 634,296 78,135 Available Cash 6,505,478 4,117,250 Receivables 343,077 611,088 Total 6,848,555 4,728,338 Page 21 of 59 Onondaga County Industrial Development Agency Profit and Loss February 2024 Current Assets Current YTD Prior YTD Total Cash 7,139,774 4,195,385 Less Pass Through Received 634,296 78,135 Available Cash 6,505,478 4,117,250 Receivables 343,077 611,088 Total 6,848,555 4,728,338 Page 21 of 59 Onondaga County Industrial Development Agency Profit and Loss February 2024 TOTAL Income 500 Operating Revenue 2116 Fees 2116.1 Agency Fees 5,110.00 2116.2 Application Fees 1,000.00 2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 117,221.11 2410 Lease Income 1,224.30 Total 500 Operating Revenue 118,445.41 501 Non-Operating Revenue 2401 Interest Income 36,408.64 501.2 Other Non-Operating Revenue 4,739.24 Total 501 Non-Operating Revenue 41,147.88 534 Pilot & Pass Thru Revenue 528.003 OHB Redev LLC Funds Pass Thru 19,922.89 Total 534 Pilot & Pass Thru Revenue 19,922.89 550 WPCP Pass Thru Revenue 328,704.66 Total Income $508,220.84 GROSS PROFIT $508,220.84 Expenses 6400 Operating Expense 6407 Administrative Expense 44,666.54 6408 Meeting Expenses 226.05 6409 Conference Attendence 7,510.00 6410 Office Expense 910.36 6411 Memberships / Sponsorships 3,500.00 Total 6400 Operating Expense 56,812.95 6440 Legal Fees 6450 Barclay Damon 6460 IDA General Legal 2,812.50 6470 WPCP Development 1,542.50 Total 6450 Barclay Damon 4,355.00 Total 6440 Legal Fees 4,355.00 6500 Agency Program Expenses 6510 White Pine Commerce Park 6510.7 WPCP Marketing 13,234.81 Total 6510 White Pine Commerce Park 13,234.81 Total 6500 Agency Program Expenses 13,234.81 TOTAL Income 500 Operating Revenue 2116 Fees 2116.1 Agency Fees 5,110.00 2116.2 Application Fees 1,000.00 2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 117,221.11 2410 Lease Income 1,224.30 Total 500 Operating Revenue 118,445.41 501 Non-Operating Revenue 2401 Interest Income 36,408.64 501.2 Other Non-Operating Revenue 4,739.24 Total 501 Non-Operating Revenue 41,147.88 534 Pilot & Pass Thru Revenue 528.003 OHB Redev LLC Funds Pass Thru 19,922.89 Total 534 Pilot & Pass Thru Revenue 19,922.89 550 WPCP Pass Thru Revenue 328,704.66 Total Income $508,220.84 GROSS PROFIT $508,220.84 Expenses 6400 Operating Expense 6407 Administrative Expense 44,666.54 6408 Meeting Expenses 226.05 6409 Conference Attendence 7,510.00 6410 Office Expense 910.36 6411 Memberships / Sponsorships 3,500.00 Total 6400 Operating Expense 56,812.95 6440 Legal Fees 6450 Barclay Damon 6460 IDA General Legal 2,812.50 6470 WPCP Development 1,542.50 Total 6450 Barclay Damon 4,355.00 Total 6440 Legal Fees 4,355.00 6500 Agency Program Expenses 6510 White Pine Commerce Park 6510.7 WPCP Marketing 13,234.81 Total 6510 White Pine Commerce Park 13,234.81 Total 6500 Agency Program Expenses 13,234.81 Page 22 of 59 Accrual Basis Friday, March 1, 2024 04:00 PM GMT-05:00 1/2 Onondaga County Industrial Development Agency Profit and Loss February 2024 TOTAL 6600 Non-Operating Expenses 6601 Service Charges 450.00 6605 Pilot & Pass Thru Expenses 6606 OHB Redev LLC Funds Pass Thru 19,922.89 Total 6605 Pilot & Pass Thru Expenses 19,922.89 Total 6600 Non-Operating Expenses 20,372.89 Total Expenses $94,775.65 NET OPERATING INCOME $413,445.19 NET INCOME $413,445.19 Page 22 of 59 Accrual Basis Friday, March 1, 2024 04:00 PM GMT-05:00 1/2 Onondaga County Industrial Development Agency Profit and Loss February 2024 TOTAL 6600 Non-Operating Expenses 6601 Service Charges 450.00 6605 Pilot & Pass Thru Expenses 6606 OHB Redev LLC Funds Pass Thru 19,922.89 Total 6605 Pilot & Pass Thru Expenses 19,922.89 Total 6600 Non-Operating Expenses 20,372.89 Total Expenses $94,775.65 NET OPERATING INCOME $413,445.19 NET INCOME $413,445.19 Page 23 of 59 Accrual Basis Friday, March 1, 2024 04:00 PM GMT-05:00 2/2 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 Page 23 of 59 Accrual Basis Friday, March 1, 2024 04:00 PM GMT-05:00 2/2 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 TOTAL ASSETS Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 5,211,122.25 200.2 Cash - M & T Money Maker Savings 1,937,559.83 200.4 Destiny USA Restricted Cash -8,957.82 210 Petty Cash 50.00 Total 200 Cash 7,139,774.26 Total Bank Accounts $7,139,774.26 Accounts Receivable 380 Accounts Rec. 380.6 A/R Fees, Lease & PILOT 1,853,875.66 Total 380 Accounts Rec. 1,853,875.66 Total Accounts Receivable $1,853,875.66 Other Current Assets 480 Prepaid Expenses 480.4 Credit Balance on Card -3,400.00 Total 480 Prepaid Expenses -3,400.00 Total Other Current Assets $ -3,400.00 Total Current Assets $8,990,249.92 Fixed Assets 100 Land 101 White Pines Commerce Park 4,494,521.05 101.1 WPCP GEIS 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 58,128.00 101.301 Temporary Access 4,055.44 101.4 Environmental/Demo Services 10,428.98 Total 101.3 Engineering Services 72,612.42 101.5 Land Acquisition Costs 101.501 Land Purchases 1,160,063.57 101.502 Closing Costs 3,168.14 TOTAL ASSETS Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 5,211,122.25 200.2 Cash - M & T Money Maker Savings 1,937,559.83 200.4 Destiny USA Restricted Cash -8,957.82 210 Petty Cash 50.00 Total 200 Cash 7,139,774.26 Total Bank Accounts $7,139,774.26 Accounts Receivable 380 Accounts Rec. 380.6 A/R Fees, Lease & PILOT 1,853,875.66 Total 380 Accounts Rec. 1,853,875.66 Total Accounts Receivable $1,853,875.66 Other Current Assets 480 Prepaid Expenses 480.4 Credit Balance on Card -3,400.00 Total 480 Prepaid Expenses -3,400.00 Total Other Current Assets $ -3,400.00 Total Current Assets $8,990,249.92 Fixed Assets 100 Land 101 White Pines Commerce Park 4,494,521.05 101.1 WPCP GEIS 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 58,128.00 101.301 Temporary Access 4,055.44 101.4 Environmental/Demo Services 10,428.98 Total 101.3 Engineering Services 72,612.42 101.5 Land Acquisition Costs 101.501 Land Purchases 1,160,063.57 101.502 Closing Costs 3,168.14 Page 24 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 1/3 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 Page 24 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 1/3 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 TOTAL Total 101.5 Land Acquisition Costs 1,163,231.71 101.6 WPCP Marketing 2,984.34 Total 101 White Pines Commerce Park 6,309,812.92 106 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 7,566,158.42 104 Machinery & Equipment 104.1 Office Furniture 1,429.00 104.2 Equipment 4,589.00 Total 104 Machinery & Equipment 6,018.00 211 A/D Office Furniture -4,124.00 213 A/D Buildings -113,870.00 250 Investment in Real Property 29,508,083.00 Total Fixed Assets $36,962,265.42 Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $45,954,157.10 TOTAL Total 101.5 Land Acquisition Costs 1,163,231.71 101.6 WPCP Marketing 2,984.34 Total 101 White Pines Commerce Park 6,309,812.92 106 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 7,566,158.42 104 Machinery & Equipment 104.1 Office Furniture 1,429.00 104.2 Equipment 4,589.00 Total 104 Machinery & Equipment 6,018.00 211 A/D Office Furniture -4,124.00 213 A/D Buildings -113,870.00 250 Investment in Real Property 29,508,083.00 Total Fixed Assets $36,962,265.42 Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $45,954,157.10 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 300 WPCP Pass Thru Payable 1,182,093.16 Total Accounts Payable $1,182,093.16 Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 802,782.94 600.102 Due to BD WPCP -0.34 600.204 OHB Redev LLC Funds 800,000.00 600.205 Exp Pay Prev Period 9,700.03 600.206 Mileage Reimbursement 0.34 600.208 BlueRock Energy Agreement Deposit 25,000.00 600.209 Syracuse Rail Overpayment 500.00 600.3 Onondaga County Loan 28,079,656.77 600.31 Accrued Interest - OC Note Payable 488,656.00 Total 600.3 Onondaga County Loan 28,568,312.77 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 300 WPCP Pass Thru Payable 1,182,093.16 Total Accounts Payable $1,182,093.16 Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 802,782.94 600.102 Due to BD WPCP -0.34 600.204 OHB Redev LLC Funds 800,000.00 600.205 Exp Pay Prev Period 9,700.03 600.206 Mileage Reimbursement 0.34 600.208 BlueRock Energy Agreement Deposit 25,000.00 600.209 Syracuse Rail Overpayment 500.00 600.3 Onondaga County Loan 28,079,656.77 600.31 Accrued Interest - OC Note Payable 488,656.00 Total 600.3 Onondaga County Loan 28,568,312.77 Page 25 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 2/3 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 Page 25 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 2/3 Onondaga County Industrial Development Agency Balance Sheet As of February 29, 2024 TOTAL Total 600 Accounts Payable 30,206,295.74 601 PILOT and Pass Thru Payable 602 Pass Thru Payable 32,471.00 603 PILOT Pass Thru -6,834,754.89 Total 601 PILOT and Pass Thru Payable -6,802,283.89 631 Due to Other Governments 631.1 Towns 631.15 Salina -0.81 631.155 Skaneateles 0.10 Total 631.1 Towns -0.71 631.3 Schools 631.356 Syracuse -0.10 Total 631.3 Schools -0.10 631.4 Onondaga County -0.09 631.5 City of Syracuse -0.36 Total 631 Due to Other Governments -1.26 Total Other Current Liabilities $23,404,010.59 Total Current Liabilities $24,586,103.75 Total Liabilities $24,586,103.75 Equity 3900 Equity Unreserved 11,353,678.45 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 368,811.84 465 Equity - Unreserved 4,017.16 Net Income 7,295,707.27 Total Equity $21,368,053.35 TOTAL LIABILITIES AND EQUITY $45,954,157.10 TOTAL Total 600 Accounts Payable 30,206,295.74 601 PILOT and Pass Thru Payable 602 Pass Thru Payable 32,471.00 603 PILOT Pass Thru -6,834,754.89 Total 601 PILOT and Pass Thru Payable -6,802,283.89 631 Due to Other Governments 631.1 Towns 631.15 Salina -0.81 631.155 Skaneateles 0.10 Total 631.1 Towns -0.71 631.3 Schools 631.356 Syracuse -0.10 Total 631.3 Schools -0.10 631.4 Onondaga County -0.09 631.5 City of Syracuse -0.36 Total 631 Due to Other Governments -1.26 Total Other Current Liabilities $23,404,010.59 Total Current Liabilities $24,586,103.75 Total Liabilities $24,586,103.75 Equity 3900 Equity Unreserved 11,353,678.45 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 368,811.84 465 Equity - Unreserved 4,017.16 Net Income 7,295,707.27 Total Equity $21,368,053.35 TOTAL LIABILITIES AND EQUITY $45,954,157.10 Page 26 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 3/3 Page 26 of 59 Accrual Basis Friday, March 1, 2024 04:02 PM GMT-05:00 3/3 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #491 March 14, 2024 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #491 March 14, 2024 GENERAL EXPENSES 1. ONONDAGA COUNTY PLANNING FEDERATION* $ 85.00 Symposium Registration 2. JMT OF NEW YORK, INC. $ 8,940.50 Roth Steel, Inv#37-104489 3. BARTON & LOGUIDICE $ 10,737.00 Caughdenoy Business Park, Inv#'s 139763, 139359 4. NATE STEVENS $ 211.09 Mileage Reimbursement 5. SVETLANA DYER $ 211.09 Mileage Reimbursement 6. ALEXIS RODRIGUEZ $ 221.49 Mileage Reimbursement 7. ROBERT PETROVICH $ 176.88 Mileage Reimbursement 8. BARCLAY DAMON LLP $ 177,777.78 January 2024 Legal Costs 9. JMT OF NEW YORK, INC. $ 128,787.88 January 2024 Engineering Costs 10. GORICK CONSTRUCTION CO., INC. $ 423,700.00 Demolition Costs TOTAL $ 750,848.71 *Ratification of check dated February 26, 2024 Page 27 of 59 GENERAL EXPENSES 1. ONONDAGA COUNTY PLANNING FEDERATION* $ 85.00 Symposium Registration 2. JMT OF NEW YORK, INC. $ 8,940.50 Roth Steel, Inv#37-104489 3. BARTON & LOGUIDICE $ 10,737.00 Caughdenoy Business Park, Inv#'s 139763, 139359 4. NATE STEVENS $ 211.09 Mileage Reimbursement 5. SVETLANA DYER $ 211.09 Mileage Reimbursement 6. ALEXIS RODRIGUEZ $ 221.49 Mileage Reimbursement 7. ROBERT PETROVICH $ 176.88 Mileage Reimbursement 8. BARCLAY DAMON LLP $ 177,777.78 January 2024 Legal Costs 9. JMT OF NEW YORK, INC. $ 128,787.88 January 2024 Engineering Costs 10. GORICK CONSTRUCTION CO., INC. $ 423,700.00 Demolition Costs TOTAL $ 750,848.71 *Ratification of check dated February 26, 2024 Page 27 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #491 March 14, 2024 PILOT Payments 1. ONONDAGA COUNTY* $ 35,366.00 2024 PILOT Payments 2. TOWN OF CLAY* $ 4,712.00 2024 PILOT Payments 3. TOWN OF DEWITT* $ 12,978.00 2024 PILOT Payments 4. TOWN OF CICERO* $ 7,770.00 2024 PILOT Payments 5. TOWN OF ELBRIDGE* $ 1,286.00 2024 PILOT Payments 6. TOWN OF SKANEATELES* $ 226.00 2024 PILOT Payments 7. TOWN OF LAFAYETTE* $ 2,966.00 2024 PILOT Payments 8. NORTH SYRACUSE CSD* $ 72,707.00 2024 PILOT Payments 9. JORDAN-ELBRIDGE CSD* $ 6,908.00 2024 PILOT Payments 10. MARCELLUS CSD* $ 2,854.00 2024 PILOT Payments 11. LAFAYETTE CSD* $ 9,664.00 2024 PILOT Payments 12. EAST SYRACUSE MINOA CSD* $ 66,986.00 2024 PILOT Payments TOTAL $ 224,423.00 Ratification of checks dated February 21, 2024 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #491 March 14, 2024 PILOT Payments 1. ONONDAGA COUNTY* $ 35,366.00 2024 PILOT Payments 2. TOWN OF CLAY* $ 4,712.00 2024 PILOT Payments 3. TOWN OF DEWITT* $ 12,978.00 2024 PILOT Payments 4. TOWN OF CICERO* $ 7,770.00 2024 PILOT Payments 5. TOWN OF ELBRIDGE* $ 1,286.00 2024 PILOT Payments 6. TOWN OF SKANEATELES* $ 226.00 2024 PILOT Payments 7. TOWN OF LAFAYETTE* $ 2,966.00 2024 PILOT Payments 8. NORTH SYRACUSE CSD* $ 72,707.00 2024 PILOT Payments 9. JORDAN-ELBRIDGE CSD* $ 6,908.00 2024 PILOT Payments 10. MARCELLUS CSD* $ 2,854.00 2024 PILOT Payments 11. LAFAYETTE CSD* $ 9,664.00 2024 PILOT Payments 12. EAST SYRACUSE MINOA CSD* $ 66,986.00 2024 PILOT Payments TOTAL $ 224,423.00 Ratification of checks dated February 21, 2024 1 Page 28 of 59 1 Page 28 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A DISCRETELY PRESENTED COMPONENT UNIT OF THE COUNTY OF ONONDAGA, NEW YORK) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A DISCRETELY PRESENTED COMPONENT UNIT OF THE COUNTY OF ONONDAGA, NEW YORK) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION December 31, 2023 and 2022 Page 29 of 59 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION December 31, 2023 and 2022 Page 29 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Table of Contents Independent Auditor’s Report 1‐3 Required Supplementary Information: Management’s Discussion and Analysis (Unaudited) 4‐7 Financial Statements: Statements of Net Position ‐ December 31, 2023 and 2022 8 Statements of Revenues, Expenses and Changes in Net Position ‐ For the Years Ended December 31, 2023 and 2022 9 Statements of Cash Flows ‐ For the Years Ended December 31, 2023 and 2022 10 ‐ 11 Notes to Financial Statements 12 ‐ 21 Supplementary Information: Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 22 ‐ 23 Page 30 of 59 INDEPENDENT AUDITOR’S REPORT Board of Directors Onondaga County Industrial Development Agency Syracuse, New York Report on the Audit of the Financial Statements ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Table of Contents Independent Auditor’s Report 1‐3 Required Supplementary Information: Management’s Discussion and Analysis (Unaudited) 4‐7 Financial Statements: Statements of Net Position ‐ December 31, 2023 and 2022 8 Statements of Revenues, Expenses and Changes in Net Position ‐ For the Years Ended December 31, 2023 and 2022 9 Statements of Cash Flows ‐ For the Years Ended December 31, 2023 and 2022 10 ‐ 11 Notes to Financial Statements 12 ‐ 21 Supplementary Information: Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 22 ‐ 23 Page 30 of 59 INDEPENDENT AUDITOR’S REPORT Board of Directors Onondaga County Industrial Development Agency Syracuse, New York Report on the Audit of the Financial Statements We have audited the 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 years ended December 31, 2023 and 2022, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of December 31, 2023 and 2022, 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. Basis for Opinion We have audited the 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 years ended December 31, 2023 and 2022, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of December 31, 2023 and 2022, 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. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management 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, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for one year beyond the financial statement date. We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management 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, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for one year beyond the financial statement date. Page 31 of 59 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: Page 31 of 59 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Agency’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit. Required Supplementary Information • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Agency’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 4‐7 be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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. Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 4‐7 be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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. Supplementary 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. Page 32 of 59 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. 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. Page 32 of 59 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 14, 2024, 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 14, 2024 Page 33 of 59 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 14, 2024, 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 14, 2024 Page 33 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), and the annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2023. It should be read in conjunction with the Agency’s financial statements and accompanying notes. MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), and the annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2023. It should be read in conjunction with the Agency’s financial statements and accompanying notes. FINANCIAL STATEMENTS 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 FINANCIAL STATEMENTS 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 December 31, 2023 2022 2021 Cash and cash equivalents $ 6,329,946 $ 4,051,978 $ 2,975,229 Receivables ‐ agency fees 293,448 417,245 282,570 Receivables ‐ White Pines pass through 2,027,442 209,113 ‐ Receivables ‐ PILOT pass through ‐ 32,471 32,765 Capital assets 2,746,373 4,766,163 4,488,414 Investment in real property 30,756,703 29,508,083 6,180,006 Total assets 42,153,912 38,985,053 13,958,984 Current liabilities 2,304,600 624,164 749,875 Note payable to Onondaga County 29,902,708 25,888,840 1,747,910 Total liabilities 32,207,308 26,513,004 2,497,785 December 31, 2023 2022 2021 Cash and cash equivalents $ 6,329,946 $ 4,051,978 $ 2,975,229 Receivables ‐ agency fees 293,448 417,245 282,570 Receivables ‐ White Pines pass through 2,027,442 209,113 ‐ Receivables ‐ PILOT pass through ‐ 32,471 32,765 Capital assets 2,746,373 4,766,163 4,488,414 Investment in real property 30,756,703 29,508,083 6,180,006 Total assets 42,153,912 38,985,053 13,958,984 Current liabilities 2,304,600 624,164 749,875 Note payable to Onondaga County 29,902,708 25,888,840 1,747,910 Total liabilities 32,207,308 26,513,004 2,497,785 Net position: Net investment in capital assets 2,746,373 4,766,163 4,488,414 Unrestricted 7,200,231 7,705,886 6,972,785 Total net position $ 9,946,604 $ 12,472,049 $ 11,461,199 ‐4‐ Page 34 of 59 Net position: Net investment in capital assets 2,746,373 4,766,163 4,488,414 Unrestricted 7,200,231 7,705,886 6,972,785 Total net position $ 9,946,604 $ 12,472,049 $ 11,461,199 ‐4‐ Page 34 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) FINANCIAL STATEMENTS (continued) The change in assets, liabilities and net position categories for the year ended December 31, 2023 compared to December 31, 2022 included the following:  Total operating cash increased $1,996,465 due to current operations, which included an increase of cash from Agency fees of $676,317. The Agency spent $797,878 in cash expenses which is a decrease of $1,059,968 from 2022.  Investment in real property represents the spending related to the White Pine Commerce Park for purchases of land, including incidental costs to purchase such land. The agency spent $2,679,472 for these purchases of in real property during 2023.  Current liabilities increased $1,680,436, primarily due to the timing of professional fees related to the White Pine Commerce Park site, offset by a decrease of $105,404 of an escrow for an Agency project.  The note payable to Onondaga County of $29,902,708 represents the advances and accrued interest against a note agreement entered into with Onondaga County in 2021 (amended in 2022) which provides up to $45,000,000 of available credit to assist the Agency in funding its program incentives, projects, asset development and work related improvements. The primary use of the advances are related to the White Pine Commerce Park. MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) FINANCIAL STATEMENTS (continued) The change in assets, liabilities and net position categories for the year ended December 31, 2023 compared to December 31, 2022 included the following:  Total operating cash increased $1,996,465 due to current operations, which included an increase of cash from Agency fees of $676,317. The Agency spent $797,878 in cash expenses which is a decrease of $1,059,968 from 2022.  Investment in real property represents the spending related to the White Pine Commerce Park for purchases of land, including incidental costs to purchase such land. The agency spent $2,679,472 for these purchases of in real property during 2023.  Current liabilities increased $1,680,436, primarily due to the timing of professional fees related to the White Pine Commerce Park site, offset by a decrease of $105,404 of an escrow for an Agency project.  The note payable to Onondaga County of $29,902,708 represents the advances and accrued interest against a note agreement entered into with Onondaga County in 2021 (amended in 2022) which provides up to $45,000,000 of available credit to assist the Agency in funding its program incentives, projects, asset development and work related improvements. The primary use of the advances are related to the White Pine Commerce Park.  The Agency’s total net position increased $386,643. Operating revenues exceeded operating expenses by $1,971,072 in the current year, a net increase of $476,144 from prior year. Operating expenditures totaling $5,969,266 primarily consists of White Pine Commerce Park pass‐through expenses totaling $5,269,792 and development costs totaling $265,961 which decreased $459,967 compared to 2022. General and administrative expenses totaling $251,285 primarily consist of ordinary business expenses of the Agency, such as rent, professional fees and other Agency related expenses. ‐5‐ Page 35 of 59  The Agency’s total net position increased $386,643. Operating revenues exceeded operating expenses by $1,971,072 in the current year, a net increase of $476,144 from prior year. Operating expenditures totaling $5,969,266 primarily consists of White Pine Commerce Park pass‐through expenses totaling $5,269,792 and development costs totaling $265,961 which decreased $459,967 compared to 2022. General and administrative expenses totaling $251,285 primarily consist of ordinary business expenses of the Agency, such as rent, professional fees and other Agency related expenses. ‐5‐ Page 35 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) Condensed Comparative Financial Information (continued) December 31, 2023 2022 2021 Operating revenues $ 17,432,835 $ 2,887,193 $ 2,334,950 Operating expenses 15,461,763 1,392,265 326,923 Operating income (loss) 1,971,072 1,494,928 2,008,027 Other revenues (expenses) (4,496,517) (484,078) (1,390) Change in net position (2,525,445) 1,010,850 2,006,637 Net position ‐ beginning of year 12,472,049 11,461,199 9,454,562 Net position ‐ end of year $ 9,946,604 $ 12,472,049 $ 11,461,199 Change in financial categories between the year ended December 31, 2023 and the year ended December 31, 2022 include the following: MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) Condensed Comparative Financial Information (continued) December 31, 2023 2022 2021 Operating revenues $ 17,432,835 $ 2,887,193 $ 2,334,950 Operating expenses 15,461,763 1,392,265 326,923 Operating income (loss) 1,971,072 1,494,928 2,008,027 Other revenues (expenses) (4,496,517) (484,078) (1,390) Change in net position (2,525,445) 1,010,850 2,006,637 Net position ‐ beginning of year 12,472,049 11,461,199 9,454,562 Net position ‐ end of year $ 9,946,604 $ 12,472,049 $ 11,461,199 Change in financial categories between the year ended December 31, 2023 and the year ended December 31, 2022 include the following:  Operating Revenues increased $5,053,145, net in 2023 compared to an increase of $552,243, net in 2022. This was primarily due to the following: 1) Increase in overall Agency fees received of $417,845 compared to 2022. Significant Agency fees included $276,362 from QP2 Properties, LLC and $209,979 from Bluefors Inc. 2) Decrease in subsidies, grants and donations of $488,218, mainly due to $373,811 of grants from a utility company in 2022 for work related to the White Pine Commerce Park which were not recurring transactions in 2023 and 3) Increase of pass‐through income of $5,060,679 compared to 2022 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park.  Operating Expenses increased $4,577,001, net in 2023. This was primarily due to an increase of pass‐through expenses of $5,060,679 compared to 2022 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park. In addition, development costs at the White Pine Commerce Park decreased $459,967 compared to 2022. ‐6‐ Page 36 of 59  Operating Revenues increased $5,053,145, net in 2023 compared to an increase of $552,243, net in 2022. This was primarily due to the following: 1) Increase in overall Agency fees received of $417,845 compared to 2022. Significant Agency fees included $276,362 from QP2 Properties, LLC and $209,979 from Bluefors Inc. 2) Decrease in subsidies, grants and donations of $488,218, mainly due to $373,811 of grants from a utility company in 2022 for work related to the White Pine Commerce Park which were not recurring transactions in 2023 and 3) Increase of pass‐through income of $5,060,679 compared to 2022 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park.  Operating Expenses increased $4,577,001, net in 2023. This was primarily due to an increase of pass‐through expenses of $5,060,679 compared to 2022 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park. In addition, development costs at the White Pine Commerce Park decreased $459,967 compared to 2022. ‐6‐ Page 36 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) 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, 2023, the Agency received $2,686,827 from agency and other fees, an increase of $676,317 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 2023 and 2022, the County did not charge the Agency for the expenses incurred. Capital Assets and Investment in Real Property As of December 31, 2023, the Agency’s investment in capital assets was $2,746,373, net of depreciation. The Agency’s capital assets include White Pine South ($2,140,557) and other land (800 Hiawatha Blvd) and furniture and fixtures. In 2023, the Agency sold property on North Salina Street. MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) 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, 2023, the Agency received $2,686,827 from agency and other fees, an increase of $676,317 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 2023 and 2022, the County did not charge the Agency for the expenses incurred. Capital Assets and Investment in Real Property As of December 31, 2023, the Agency’s investment in capital assets was $2,746,373, net of depreciation. The Agency’s capital assets include White Pine South ($2,140,557) and other land (800 Hiawatha Blvd) and furniture and fixtures. In 2023, the Agency sold property on North Salina Street. Investment in real property of $30,756,703 consists of land and related costs related to the White Pine Commerce Park, representing a net increase of $1,248,620 compared to 2022. The Agency had purchases of $2,679,472 in 2023, offset by reclassifications and costs expensed during the current year totaling $1,430,852. 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, 335 Montgomery Street, 2nd Floor, Syracuse, New York 13202. ‐7‐ Page 37 of 59 Investment in real property of $30,756,703 consists of land and related costs related to the White Pine Commerce Park, representing a net increase of $1,248,620 compared to 2022. The Agency had purchases of $2,679,472 in 2023, offset by reclassifications and costs expensed during the current year totaling $1,430,852. 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, 335 Montgomery Street, 2nd Floor, Syracuse, New York 13202. ‐7‐ Page 37 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Net Position December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents ‐ unrestricted $ 6,329,946 $ 4,051,978 Receivables ‐ agency fees 293,448 417,245 Receivables ‐ White Pines pass through 2,027,442 209,113 Receivables ‐ PILOT pass through ‐ 32,471 Total current assets 8,650,836 4,710,807 Non‐current assets Capital assets, net 2,746,373 4,766,163 Investment in real property 30,756,703 29,508,083 Total non‐current assets 33,503,076 34,274,246 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Net Position December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents ‐ unrestricted $ 6,329,946 $ 4,051,978 Receivables ‐ agency fees 293,448 417,245 Receivables ‐ White Pines pass through 2,027,442 209,113 Receivables ‐ PILOT pass through ‐ 32,471 Total current assets 8,650,836 4,710,807 Non‐current assets Capital assets, net 2,746,373 4,766,163 Investment in real property 30,756,703 29,508,083 Total non‐current assets 33,503,076 34,274,246 Total assets $ 42,153,912 $ 38,985,053 Total assets $ 42,153,912 $ 38,985,053 LIABILITIES AND NET POSITION Current liabilities Accounts payable $ 500 $ 10,200 Payables ‐ White Pines pass through 2,027,442 199,431 Payables ‐ PILOT pass through ‐ 32,471 Escrows and deposits 276,658 382,062 Total current liabilities 2,304,600 624,164 Non‐current liabilities Note payable to Onondaga County, including accrued interest 29,902,708 25,888,840 Total non‐current liabilities 29,902,708 25,888,840 Total liabilities 32,207,308 26,513,004 Net investment in capital assets 2,746,373 4,766,163 Unrestricted Net Position 7,200,231 7,705,886 Total net position 9,946,604 12,472,049 LIABILITIES AND NET POSITION Current liabilities Accounts payable $ 500 $ 10,200 Payables ‐ White Pines pass through 2,027,442 199,431 Payables ‐ PILOT pass through ‐ 32,471 Escrows and deposits 276,658 382,062 Total current liabilities 2,304,600 624,164 Non‐current liabilities Note payable to Onondaga County, including accrued interest 29,902,708 25,888,840 Total non‐current liabilities 29,902,708 25,888,840 Total liabilities 32,207,308 26,513,004 Net investment in capital assets 2,746,373 4,766,163 Unrestricted Net Position 7,200,231 7,705,886 Total net position 9,946,604 12,472,049 $ 42,153,912 $ 38,985,053 The accompanying notes are an integral part of these financial statements ‐8‐ Page 38 of 59 $ 42,153,912 $ 38,985,053 The accompanying notes are an integral part of these financial statements ‐8‐ Page 38 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 2022 Operating revenue: Agency and other fees $ 2,563,030 $ 2,145,185 Pass‐through income ‐ White Pines 5,269,792 209,113 Pass‐through income ‐ PILOT 9,492,497 9,223,618 Rent income 19,767 11,500 Subsidies, grants, and donations 19,709 507,927 Other income 68,040 13,468 Total operating revenues 17,432,835 12,110,811 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 2022 Operating revenue: Agency and other fees $ 2,563,030 $ 2,145,185 Pass‐through income ‐ White Pines 5,269,792 209,113 Pass‐through income ‐ PILOT 9,492,497 9,223,618 Rent income 19,767 11,500 Subsidies, grants, and donations 19,709 507,927 Other income 68,040 13,468 Total operating revenues 17,432,835 12,110,811 Operating expenses: General and administrative 251,285 338,064 Development costs ‐ White Pines 265,961 725,928 Pass‐through expense ‐ White Pines 5,269,792 209,113 Pass‐through expense ‐ PILOT 9,492,497 9,223,618 Depreciation expense 7,018 16,898 Professional fees 143,260 69,300 Other expenses 2,053 4,106 Seminars and meetings 29,897 28,856 Total operating expenses 15,461,763 10,615,883 Operating income 1,971,072 1,494,928 Non‐operating income (expenses): Interest income 93,826 2,449 Interest expense (1,334,395) (486,527) Loss on sale of property (343,860) ‐ Change in use of real property (2,912,088) ‐ Total non‐operating income (expenses) (4,496,517) (484,078) Operating expenses: General and administrative 251,285 338,064 Development costs ‐ White Pines 265,961 725,928 Pass‐through expense ‐ White Pines 5,269,792 209,113 Pass‐through expense ‐ PILOT 9,492,497 9,223,618 Depreciation expense 7,018 16,898 Professional fees 143,260 69,300 Other expenses 2,053 4,106 Seminars and meetings 29,897 28,856 Total operating expenses 15,461,763 10,615,883 Operating income 1,971,072 1,494,928 Non‐operating income (expenses): Interest income 93,826 2,449 Interest expense (1,334,395) (486,527) Loss on sale of property (343,860) ‐ Change in use of real property (2,912,088) ‐ Total non‐operating income (expenses) (4,496,517) (484,078) Change in net position (2,525,445) 1,010,850 Net position ‐ beginning of the year 12,472,049 11,461,199 Net position ‐ end of year $ 9,946,604 $ 12,472,049 The accompanying notes are an integral part of these financial statements ‐9‐ Page 39 of 59 Change in net position (2,525,445) 1,010,850 Net position ‐ beginning of the year 12,472,049 11,461,199 Net position ‐ end of year $ 9,946,604 $ 12,472,049 The accompanying notes are an integral part of these financial statements ‐9‐ Page 39 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows Years Ended December 31, 2023 2022 Cash flows from operating activities Cash received for agency and other fees $ 2,686,827 $ 2,010,510 Cash received for White Pines Commerce Park Development 3,451,463 ‐ Cash received for PILOTs 9,524,968 9,191,147 Cash received for grants 19,709 507,927 Cash received for rent and other fees 87,807 24,968 Cash received for escrows, net ‐ 357,062 Cash paid for White Pines Commerce Park Development (3,441,781) (9,682) Cash paid for PILOTs (9,524,968) (9,191,147) Cash paid for economic development (265,961) (725,928) Cash payments for professional services (143,260) (69,300) Cash payments for general and administrative expenses (260,985) (1,019,974) Cash payments from escrows (105,404) ‐ Cash payments for other operating expenses (2,053) (4,106) Cash paid for seminars and meetings (29,897) (28,856) ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows Years Ended December 31, 2023 2022 Cash flows from operating activities Cash received for agency and other fees $ 2,686,827 $ 2,010,510 Cash received for White Pines Commerce Park Development 3,451,463 ‐ Cash received for PILOTs 9,524,968 9,191,147 Cash received for grants 19,709 507,927 Cash received for rent and other fees 87,807 24,968 Cash received for escrows, net ‐ 357,062 Cash paid for White Pines Commerce Park Development (3,441,781) (9,682) Cash paid for PILOTs (9,524,968) (9,191,147) Cash paid for economic development (265,961) (725,928) Cash payments for professional services (143,260) (69,300) Cash payments for general and administrative expenses (260,985) (1,019,974) Cash payments from escrows (105,404) ‐ Cash payments for other operating expenses (2,053) (4,106) Cash paid for seminars and meetings (29,897) (28,856) Net cash flows from operating activities 1,996,465 1,042,621 Cash flows from capital and related financing activities Proceeds from note payable to Onondaga County 2,679,473 23,654,403 Proceeds from sale of property 187,676 ‐ Purchases of capital assets ‐ (294,647) Purchases of investments in real property (2,679,472) (23,328,077) Net cash flows from capital and related financing activities 187,677 31,679 Cash flows from noncapital financing activities Net cash received for interest on notes outstanding ‐ 2,449 Net cash flows from noncapital financing activities ‐ 2,449 Cash flows from investing activities Proceeds from interest on bank deposits 93,826 ‐ Net cash flows from investing activities 93,826 ‐ Net cash flows from operating activities 1,996,465 1,042,621 Cash flows from capital and related financing activities Proceeds from note payable to Onondaga County 2,679,473 23,654,403 Proceeds from sale of property 187,676 ‐ Purchases of capital assets ‐ (294,647) Purchases of investments in real property (2,679,472) (23,328,077) Net cash flows from capital and related financing activities 187,677 31,679 Cash flows from noncapital financing activities Net cash received for interest on notes outstanding ‐ 2,449 Net cash flows from noncapital financing activities ‐ 2,449 Cash flows from investing activities Proceeds from interest on bank deposits 93,826 ‐ Net cash flows from investing activities 93,826 ‐ Change in cash and cash equivalents 2,277,968 1,076,749 Cash and cash equivalents ‐ beginning of year 4,051,978 2,975,229 Cash and cash equivalents ‐ end of year $ 6,329,946 $ 4,051,978 The accompanying notes are an integral part of these financial statements ‐ 10 ‐ Page 40 of 59 Change in cash and cash equivalents 2,277,968 1,076,749 Cash and cash equivalents ‐ beginning of year 4,051,978 2,975,229 Cash and cash equivalents ‐ end of year $ 6,329,946 $ 4,051,978 The accompanying notes are an integral part of these financial statements ‐ 10 ‐ Page 40 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows (continued) Years Ended December 31, 2023 2022 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows (continued) Years Ended December 31, 2023 2022 Reconciliation of operating income to net cash flows from Operating activities: Operating income $ 1,971,072 $ 1,494,928 Adjustment to reconcile operating income to net cash flow from operating activities: Depreciation 7,018 16,898 Changes in: Receivables ‐ agency fees 123,797 (134,675) Receivables ‐ White Pines pass through (1,818,329) (209,113) Receivables ‐ PILOT pass through 32,471 294 Accounts payable (9,700) (681,910) Payables ‐ White Pines pass through 1,828,011 199,431 Payables ‐ PILOT pass through (32,471) (294) Escrows and Deposits (105,404) 357,062 Net cash flows from operating activities $ 1,996,465 $ 1,042,621 Reconciliation of operating income to net cash flows from Operating activities: Operating income $ 1,971,072 $ 1,494,928 Adjustment to reconcile operating income to net cash flow from operating activities: Depreciation 7,018 16,898 Changes in: Receivables ‐ agency fees 123,797 (134,675) Receivables ‐ White Pines pass through (1,818,329) (209,113) Receivables ‐ PILOT pass through 32,471 294 Accounts payable (9,700) (681,910) Payables ‐ White Pines pass through 1,828,011 199,431 Payables ‐ PILOT pass through (32,471) (294) Escrows and Deposits (105,404) 357,062 Net cash flows from operating activities $ 1,996,465 $ 1,042,621 The accompanying notes are an integral part of these financial statements ‐ 11 ‐ Page 41 of 59 The accompanying notes are an integral part of these financial statements ‐ 11 ‐ Page 41 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 1. Organization 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 is a special‐purpose government, a financing authority, which is a separate legal entity, governed by a board consisting of seven board members. 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 considered a discretely presented component unit of the County based on the criteria set forth by the Governmental Accounting Standards Board (GASB). ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 1. Organization 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 is a special‐purpose government, a financing authority, which is a separate legal entity, governed by a board consisting of seven board members. 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 considered a discretely presented component unit of the County based on the criteria set forth by the Governmental Accounting Standards Board (GASB). 2. Summary of Significant Accounting Policies Measurement Focus and Basis of Accounting The Agency operates as an enterprise fund. Enterprise 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 2. Summary of Significant Accounting Policies Measurement Focus and Basis of Accounting The Agency operates as an enterprise fund. Enterprise 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. ‐ 12 ‐ Page 42 of 59 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. ‐ 12 ‐ Page 42 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) 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, 2023 and 2022. 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 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) 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, 2023 and 2022. 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 post remediation 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, 2023 and 2022. 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 post remediation 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, 2023 and 2022. ‐ 13 ‐ Page 43 of 59 ‐ 13 ‐ Page 43 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) Investment in Real Property The Agency considers investment in real property to be real property that is acquired and held primarily for the purpose of income or profit and has a present service capacity based solely on its ability to generate cash or be sold to generate cash. Investment in real property purchases are recorded at cost, including (1) the contract/purchase price; (2) the costs of closing the transaction and obtaining title, including commissions, options, legal fees, title search, insurance, and past due taxes; (3) the costs of surveys; and (4) the cost of preparing the property for its intended use. The Agency expenses capitalized costs incurred and to be incurred that exceed the estimated value of any revised development when it is substantially complete and ready for its intended use. These revisions resulted in the Agency recognizing an expense of $1,595,007 of previously capitalized and incurred costs. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) Investment in Real Property The Agency considers investment in real property to be real property that is acquired and held primarily for the purpose of income or profit and has a present service capacity based solely on its ability to generate cash or be sold to generate cash. Investment in real property purchases are recorded at cost, including (1) the contract/purchase price; (2) the costs of closing the transaction and obtaining title, including commissions, options, legal fees, title search, insurance, and past due taxes; (3) the costs of surveys; and (4) the cost of preparing the property for its intended use. The Agency expenses capitalized costs incurred and to be incurred that exceed the estimated value of any revised development when it is substantially complete and ready for its intended use. These revisions resulted in the Agency recognizing an expense of $1,595,007 of previously capitalized and incurred costs. At December 31, 2023, investment in real property consists of land related to the White Pine Commerce Park purchased with the intention to expand the Park to approximately 1,300 acres to meet the larger geographic footprint necessary to support future development. The investment in real property balance of $30,756,703 at December 31, 2023 represents the total purchase price of the land. Additions to investment in real property during 2023 totaled $4,984,184, comprised of land purchased during 2023 of $2,679,472 and parcels reclassified from capital assets of $2,304,712. In addition, certain parcels of land totaling $2,140,557 were reclassified to capital assets land ‐ White Pine South. 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 At December 31, 2023, investment in real property consists of land related to the White Pine Commerce Park purchased with the intention to expand the Park to approximately 1,300 acres to meet the larger geographic footprint necessary to support future development. The investment in real property balance of $30,756,703 at December 31, 2023 represents the total purchase price of the land. Additions to investment in real property during 2023 totaled $4,984,184, comprised of land purchased during 2023 of $2,679,472 and parcels reclassified from capital assets of $2,304,712. In addition, certain parcels of land totaling $2,140,557 were reclassified to capital assets land ‐ White Pine South. 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. ‐ 14 ‐ Page 44 of 59 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. ‐ 14 ‐ Page 44 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) 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. 3. Tax Abatement Programs ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 2. Summary of Significant Accounting Policies (continued) 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. 3. Tax Abatement Programs 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 9/15/20) 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. 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 9/15/20) 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 9/15/20) 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. ‐ 15 ‐ Page 45 of 59 In accordance with New York State General Municipal Law, the Agency has instituted a Recapture Policy (last revised 9/15/20) 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. ‐ 15 ‐ Page 45 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 3. Tax Abatement Programs (continued) 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. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 3. Tax Abatement Programs (continued) 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. 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, 2023 and 2022: December 31, 2023 Abatement Project Mortgage Sales PILOT Total Wallace Supply, LLC d/b/a JSWG Supply, LLC $ 24,000 $ 182,000 $ 161,989 $ 367,989 QP2 Properties, LLC 166,418 1,347,857 ‐ 1,514,275 Syracuse Haulers Waste Removal, Inc. 10,804 205,167 124,163 340,134 CVE US EI4 North, LLC 31,725 188,000 ‐ 219,725 CVE US EI5 Manlius East, LLC 111,375 660,000 ‐ 771,375 CVE US EI6 Manlius West, LLC 99,394 589,000 ‐ 688,394 $ 443,716 $ 3,172,024 $ 286,152 $ 3,901,892 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, 2023 and 2022: December 31, 2023 Abatement Project Mortgage Sales PILOT Total Wallace Supply, LLC d/b/a JSWG Supply, LLC $ 24,000 $ 182,000 $ 161,989 $ 367,989 QP2 Properties, LLC 166,418 1,347,857 ‐ 1,514,275 Syracuse Haulers Waste Removal, Inc. 10,804 205,167 124,163 340,134 CVE US EI4 North, LLC 31,725 188,000 ‐ 219,725 CVE US EI5 Manlius East, LLC 111,375 660,000 ‐ 771,375 CVE US EI6 Manlius West, LLC 99,394 589,000 ‐ 688,394 $ 443,716 $ 3,172,024 $ 286,152 $ 3,901,892 December 31, 2022 Abatement Project Mortgage Sales PILOT Total Fayette Manlius, LLC $ 66,825 $ 228,800 $ 1,841,278 $ 2,136,903 Immediate Mailing Services, Inc. 3,600 88,000 31,661 123,261 J.W. Didado Electric, LLC 51,479 323,000 303,658 678,137 1046 Old Seneca Turnpike, LLC 143,287 1,084,800 ‐ 1,228,087 Cryomech, Inc. 105,200 637,934 324,042 1,067,176 Peregrine 92,326 350,000 1,080,029 1,522,355 Baldwinsville Senior Housing Preservation ‐ ‐ 8,722,137 8,722,137 $ 462,717 $ 2,712,534 $ 12,302,805 $ 15,478,056 ‐ 16 ‐ Page 46 of 59 December 31, 2022 Abatement Project Mortgage Sales PILOT Total Fayette Manlius, LLC $ 66,825 $ 228,800 $ 1,841,278 $ 2,136,903 Immediate Mailing Services, Inc. 3,600 88,000 31,661 123,261 J.W. Didado Electric, LLC 51,479 323,000 303,658 678,137 1046 Old Seneca Turnpike, LLC 143,287 1,084,800 ‐ 1,228,087 Cryomech, Inc. 105,200 637,934 324,042 1,067,176 Peregrine 92,326 350,000 1,080,029 1,522,355 Baldwinsville Senior Housing Preservation ‐ ‐ 8,722,137 8,722,137 $ 462,717 $ 2,712,534 $ 12,302,805 $ 15,478,056 ‐ 16 ‐ Page 46 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 4. Deposits with Financial Institutions and Investments 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 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 4. Deposits with Financial Institutions and Investments 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. 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. ‐ 17 ‐ Page 47 of 59 ‐ 17 ‐ Page 47 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 4. Deposits with Financial Institutions and Investments (continued) 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). ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 4. Deposits with Financial Institutions and Investments (continued) 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 $6,365,448 and $3,172,022 in cash and cash equivalents at December 31, 2023 and 2022, 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. 5. Capital Assets Capital asset activity for the year ended December 31, 2023 was as follows: The Agency maintained cash balances of $6,365,448 and $3,172,022 in cash and cash equivalents at December 31, 2023 and 2022, 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. 5. Capital Assets Capital asset activity for the year ended December 31, 2023 was as follows: Beginning Ending Balance Increases Decreases Balance Non depreciable land: White Pine Commerce Park $ 3,621,793 $ ‐ $ (3,621,793) $ ‐ White Pine South ‐ 2,140,557 ‐ 2,140,557 435 North Salina 17,084 ‐ (17,084) ‐ 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 4,243,717 2,140,557 (3,638,877) 2,745,397 Depreciable: Buildings 634,422 ‐ (634,422) ‐ Furniture and Fixtures 6,018 ‐ ‐ 6,018 Subtotal 640,440 ‐ (634,422) 6,018 Total capital assets 4,884,157 2,140,557 (4,273,299) 2,751,415 Accumulated depreciation: Buildings 113,870 6,100 (119,970) ‐ Furniture and Fixtures 4,124 918 ‐ 5,042 Total 117,994 7,018 (119,970) 5,042 Net capital assets $ 4,766,163 $ 2,133,539 $ (4,153,329) $ 2,746,373 Beginning Ending Balance Increases Decreases Balance Non depreciable land: White Pine Commerce Park $ 3,621,793 $ ‐ $ (3,621,793) $ ‐ White Pine South ‐ 2,140,557 ‐ 2,140,557 435 North Salina 17,084 ‐ (17,084) ‐ 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 4,243,717 2,140,557 (3,638,877) 2,745,397 Depreciable: Buildings 634,422 ‐ (634,422) ‐ Furniture and Fixtures 6,018 ‐ ‐ 6,018 Subtotal 640,440 ‐ (634,422) 6,018 Total capital assets 4,884,157 2,140,557 (4,273,299) 2,751,415 Accumulated depreciation: Buildings 113,870 6,100 (119,970) ‐ Furniture and Fixtures 4,124 918 ‐ 5,042 Total 117,994 7,018 (119,970) 5,042 Net capital assets $ 4,766,163 $ 2,133,539 $ (4,153,329) $ 2,746,373 ‐ 18 ‐ Page 48 of 59 ‐ 18 ‐ Page 48 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 5. Capital Assets (continued) Capital asset activity for the year ended December 31, 2022 was as follows: Beginning Ending Balance Increases Decreases Balance Non depreciable land: White Pine Commerce Park $ 3,327,146 $ 294,647 $ ‐ $ 3,621,793 435 North Salina 17,084 ‐ ‐ 17,084 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,949,070 294,647 ‐ 4,243,717 Depreciable: Buildings 634,422 ‐ ‐ 634,422 Furniture and Fixtures 6,018 ‐ ‐ 6,018 Subtotal 640,440 ‐ ‐ 640,440 Total capital assets 4,589,510 294,647 ‐ 4,884,157 Accumulated depreciation: Buildings 97,603 16,267 ‐ 113,870 Furniture and Fixtures 3,493 631 ‐ 4,124 Total 101,096 16,898 ‐ 117,994 Net capital assets $ 4,488,414 $ 277,749 $ ‐ $ 4,766,163 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 5. Capital Assets (continued) Capital asset activity for the year ended December 31, 2022 was as follows: Beginning Ending Balance Increases Decreases Balance Non depreciable land: White Pine Commerce Park $ 3,327,146 $ 294,647 $ ‐ $ 3,621,793 435 North Salina 17,084 ‐ ‐ 17,084 800 Hiawatha 604,840 ‐ ‐ 604,840 Subtotal 3,949,070 294,647 ‐ 4,243,717 Depreciable: Buildings 634,422 ‐ ‐ 634,422 Furniture and Fixtures 6,018 ‐ ‐ 6,018 Subtotal 640,440 ‐ ‐ 640,440 Total capital assets 4,589,510 294,647 ‐ 4,884,157 Accumulated depreciation: Buildings 97,603 16,267 ‐ 113,870 Furniture and Fixtures 3,493 631 ‐ 4,124 Total 101,096 16,898 ‐ 117,994 Net capital assets $ 4,488,414 $ 277,749 $ ‐ $ 4,766,163 The Agency owns the White Pine Commerce Park, which is a business park located in the Town of Clay, northern Onondaga County. The Agency is developing the business park to be a build‐ready site suitable for an array of local and global market sectors. Land acquisition related to the White Pine Commerce Park is included in investment in real property. During 2023, the Agency reclassified $2,304,711 to investment in real property. As discussed in Note 2, the Agency expenses capitalized costs incurred and to be incurred that exceed the estimated value of any revised development when it is substantially complete and ready for its intended use. These revisions resulted in the Agency recognizing an expense of $1,317,081 pertaining to previous capital assets. In addition, on February 9, 2023, the Agency’s board approved the sale of its property at 435 North Salina Street. As of December 31, 2022, the net book value of this property was $537,636. The net book value of this property was $531,535 as of June 22, 2023, the date of sale. The Agency received $187,676, net, for the sale, resulting in a loss on sale of property of $343,860. ‐ 19 ‐ Page 49 of 59 The Agency owns the White Pine Commerce Park, which is a business park located in the Town of Clay, northern Onondaga County. The Agency is developing the business park to be a build‐ready site suitable for an array of local and global market sectors. Land acquisition related to the White Pine Commerce Park is included in investment in real property. During 2023, the Agency reclassified $2,304,711 to investment in real property. As discussed in Note 2, the Agency expenses capitalized costs incurred and to be incurred that exceed the estimated value of any revised development when it is substantially complete and ready for its intended use. These revisions resulted in the Agency recognizing an expense of $1,317,081 pertaining to previous capital assets. In addition, on February 9, 2023, the Agency’s board approved the sale of its property at 435 North Salina Street. As of December 31, 2022, the net book value of this property was $537,636. The net book value of this property was $531,535 as of June 22, 2023, the date of sale. The Agency received $187,676, net, for the sale, resulting in a loss on sale of property of $343,860. ‐ 19 ‐ Page 49 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 6. Agency‐Induced Financings The total amount of industrial development, civic facility and pollution control financing issued through the Agency outstanding as of December 31, 2023 amounted to approximately $64,797,397. 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. 7. Due to Onondaga County 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. There were no funds committed by the Agency for the year ended December 31, 2023. There were no outstanding support service expenses due at December 31, 2023 and 2022. 8. Property Leases and Bonds Payable ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 6. Agency‐Induced Financings The total amount of industrial development, civic facility and pollution control financing issued through the Agency outstanding as of December 31, 2023 amounted to approximately $64,797,397. 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. 7. Due to Onondaga County 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. There were no funds committed by the Agency for the year ended December 31, 2023. There were no outstanding support service expenses due at December 31, 2023 and 2022. 8. Property Leases and Bonds Payable 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 $64,797,397 and $68,417,784 at December 31, 2023 and 2022, 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. 9. Payments in Lieu of Taxes Agreements (PILOT) 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 $64,797,397 and $68,417,784 at December 31, 2023 and 2022, 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. 9. Payments in Lieu of Taxes Agreements (PILOT) 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 $9,489,588 and $9,220,708 of PILOT payments passed through the Agency for the years ended 2023 and 2022, respectively. At December 31, 2023, there were no PILOT payments outstanding. Total due to other governments was $32,471 at December 31, 2022. ‐ 20 ‐ Page 50 of 59 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 $9,489,588 and $9,220,708 of PILOT payments passed through the Agency for the years ended 2023 and 2022, respectively. At December 31, 2023, there were no PILOT payments outstanding. Total due to other governments was $32,471 at December 31, 2022. ‐ 20 ‐ Page 50 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 10. Note Payable to Onondaga County On October 7, 2021 the Agency entered into an Optional Advance Limited Recourse Demand Promissory Grid Note (the Note) with Onondaga County (the County). The County made available $20,000,000 to assist the Agency in funding its program incentives, projects, asset development, and work related improvements. The Note bears interest at an annual rate of the greater of 0.91% per annum or the applicable federal rate, capitalized on an annual basis. The unpaid principal balance and accrued interest is payable in full on demand, which is to be a minimum of five years from the commencement of the Note, absent the occurrence and continuance of an event of default. Prepayments must be made in the amount of excess application fees generated and received by the Agency, and are to be applied first to any unpaid interest. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements 10. Note Payable to Onondaga County On October 7, 2021 the Agency entered into an Optional Advance Limited Recourse Demand Promissory Grid Note (the Note) with Onondaga County (the County). The County made available $20,000,000 to assist the Agency in funding its program incentives, projects, asset development, and work related improvements. The Note bears interest at an annual rate of the greater of 0.91% per annum or the applicable federal rate, capitalized on an annual basis. The unpaid principal balance and accrued interest is payable in full on demand, which is to be a minimum of five years from the commencement of the Note, absent the occurrence and continuance of an event of default. Prepayments must be made in the amount of excess application fees generated and received by the Agency, and are to be applied first to any unpaid interest. On October 27, 2022, the Note was amended whereby the total available was increased to $45,000,000. The Note requires the Agency to comply with certain federal regulations as the monies from Onondaga County were from the American Rescue Plan Act (“ARPA”). The Agency is deemed a contractor as evidenced by the Note, therefore the Note is not classified as a subaward under 2 CFR §200.1. The Agency received advances of $2,679,473 and $23,654,404 and incurred $1,334,395 and $486,527 of interest during 2023 and 2022, respectively. The annual mid‐term applicable federal rates for December 2023 and 2022 was 5.03% and 4.34%, respectively. No excess application fees were received, therefore no payments were required. The entire principal received and interest incurred as of December 31, 2023 and 2022 are recorded as non‐current liabilities on the statement of net position as the earliest demand date available to the County is October 2026. As of December 31, 2023 and 2022, the Agency’s note payable totaled $29,902,708 and $25,888,840, respectively, including accrued interest of $1,823,050 and $488,656, respectively. 11. Concentration of Credit Risk Financial instruments that potentially subject the Agency to credit risk consist principally of receivables. 12. Subsequent Events On October 27, 2022, the Note was amended whereby the total available was increased to $45,000,000. The Note requires the Agency to comply with certain federal regulations as the monies from Onondaga County were from the American Rescue Plan Act (“ARPA”). The Agency is deemed a contractor as evidenced by the Note, therefore the Note is not classified as a subaward under 2 CFR §200.1. The Agency received advances of $2,679,473 and $23,654,404 and incurred $1,334,395 and $486,527 of interest during 2023 and 2022, respectively. The annual mid‐term applicable federal rates for December 2023 and 2022 was 5.03% and 4.34%, respectively. No excess application fees were received, therefore no payments were required. The entire principal received and interest incurred as of December 31, 2023 and 2022 are recorded as non‐current liabilities on the statement of net position as the earliest demand date available to the County is October 2026. As of December 31, 2023 and 2022, the Agency’s note payable totaled $29,902,708 and $25,888,840, respectively, including accrued interest of $1,823,050 and $488,656, respectively. 11. Concentration of Credit Risk Financial instruments that potentially subject the Agency to credit risk consist principally of receivables. 12. Subsequent Events In preparing the financial statements, management of the Agency has evaluated events and transactions for potential recognition or disclosure through March 14, 2024, 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. ‐ 21 ‐ Page 51 of 59 In preparing the financial statements, management of the Agency has evaluated events and transactions for potential recognition or disclosure through March 14, 2024, 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. ‐ 21 ‐ Page 51 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 Bonds Bonds Outstanding at Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Interest Rate January 1, 2023 During 2023 2023 2023 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 Civic Facility Revenue Bonds (Discovery Center of Science and Technology Project) Series 3101‐95‐01A 1995 July 1, 1995 4.00% 2,333,615 ‐ 209,500 2,124,115 7/1/2025 OCIDA Variable Rate Demand Industrial Development Revenue Bonds (G.A. Braun, Inc. 3101‐07‐16A Project) Series 2007 December 20, 2007 2.27% 4.17% 4,695,000 ‐ 305,000 4,390,000 6/1/2034 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015A December 15, 2015 2.03% 5.46% 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% 7.74% 1,240,200 ‐ 306,123 934,077 12/1/2026 OCIDA Tax‐exempt Multi‐Modal Revenue Bonds (Syracuse Label Co., Inc. Project) Series 2015 3101‐15‐04A (reissued) November 16, 2016 1.92% 6.2876% 4,393,861 ‐ 401,514 3,992,347 12/1/2041 OCIDA Multi‐Modal Variable Rate Civic Facility Revenue Bonds (YMCA of Greater Syracuse, Inc. 3101‐02‐08A Project) Series 2003A November 9, 2003 1,865,000 ‐ 585,000 1,280,000 11/1/2025 OCIDA Tax‐exempt Revenue Bonds (Old 3101‐17‐04B Thompson Road, LLC Project) Series 2017A/B December 1, 2017 5.42% 9,131,108 ‐ 258,250 8,872,858 12/1/2042 Subtotal $ 28,705,784 $ ‐ $ 2,065,387 26,640,397 Bonds Bonds Outstanding at Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Interest Rate January 1, 2023 During 2023 2023 2023 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 Civic Facility Revenue Bonds (Discovery Center of Science and Technology Project) Series 3101‐95‐01A 1995 July 1, 1995 4.00% 2,333,615 ‐ 209,500 2,124,115 7/1/2025 OCIDA Variable Rate Demand Industrial Development Revenue Bonds (G.A. Braun, Inc. 3101‐07‐16A Project) Series 2007 December 20, 2007 2.27% 4.17% 4,695,000 ‐ 305,000 4,390,000 6/1/2034 OCIDA Multi‐Modal Revenue Bonds (G.A. Braun, 3101‐15‐08B Inc. Project) Series 2015A December 15, 2015 2.03% 5.46% 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% 7.74% 1,240,200 ‐ 306,123 934,077 12/1/2026 OCIDA Tax‐exempt Multi‐Modal Revenue Bonds (Syracuse Label Co., Inc. Project) Series 2015 3101‐15‐04A (reissued) November 16, 2016 1.92% 6.2876% 4,393,861 ‐ 401,514 3,992,347 12/1/2041 OCIDA Multi‐Modal Variable Rate Civic Facility Revenue Bonds (YMCA of Greater Syracuse, Inc. 3101‐02‐08A Project) Series 2003A November 9, 2003 1,865,000 ‐ 585,000 1,280,000 11/1/2025 OCIDA Tax‐exempt Revenue Bonds (Old 3101‐17‐04B Thompson Road, LLC Project) Series 2017A/B December 1, 2017 5.42% 9,131,108 ‐ 258,250 8,872,858 12/1/2042 Subtotal $ 28,705,784 $ ‐ $ 2,065,387 26,640,397 The accompanying notes are an integral part of these financial statements ‐ 22 ‐ Page 52 of 59 The accompanying notes are an integral part of these financial statements ‐ 22 ‐ Page 52 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY (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, 2023 Bonds Bonds Outstanding at Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Interest Rate January 1, 2023 During 2023 2023 2023 Date OCIDA Civic Facility Revenue Bonds (Manlius 3101‐04‐11A Library Project) Series 2005 April 28, 2005 4.00% 4.5%‐4.625% $ 665,000 $ ‐ $ 80,000 $ 585,000 12/15/2029 OCIDA Civic Facility Revenue Bonds (Marcellus 3101‐07‐13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.6% 830,000 ‐ 150,000 680,000 4/1/2027 OCIDA Civic Facility Revenue Bonds (Minoa Free 3101‐03‐07A Library Project) Series 2004A February 1, 2004 5.00% 5.25‐5.375% 535,000 ‐ 35,000 500,000 2/1/2034 OCIDA Civic Facility Revenue Bonds (Onondaga 3101‐07‐21A Free Library Project) Series 2008 March 1, 2008 4.00% 0.80‐4.00% 1,965,000 ‐ 110,000 1,855,000 3/1/2037 OCIDA Civic Facility Revenue Bonds (Salina Free 3101‐02‐01A Library Project) Series 2002A December 1, 2002 5.20% 240,000 55,000 185,000 12/1/2026 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Research Corporation 3101‐05‐15B Project) Series 2005 December 14, 2005 7.70% 3.72% 7,940,000 785,000 7,155,000 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% 3.64% 7,450,000 ‐ 340,000 7,110,000 6/30/2027 OCIDA Multifamily Housing Revenue Bonds (Baldwinsville Senior Housing Preservation, LLC 3101‐19‐07A Project), Series 2022 May 18, 2022 4.00% 4.00% 20,087,000 ‐ ‐ 20,087,000 12/1/2024 Subtotal $ 39,712,000 $ ‐ $ 1,555,000 $ 38,157,000 Carryforward subtotal ‐ previous page 28,705,784 ‐ 2,065,387 26,640,397 Grand Total $ 68,417,784 $ ‐ $ 3,620,387 $ 64,797,397 Bonds Bonds Outstanding at Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending Number Description of Financing Closing Date issuance Interest Rate January 1, 2023 During 2023 2023 2023 Date OCIDA Civic Facility Revenue Bonds (Manlius 3101‐04‐11A Library Project) Series 2005 April 28, 2005 4.00% 4.5%‐4.625% $ 665,000 $ ‐ $ 80,000 $ 585,000 12/15/2029 OCIDA Civic Facility Revenue Bonds (Marcellus 3101‐07‐13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.6% 830,000 ‐ 150,000 680,000 4/1/2027 OCIDA Civic Facility Revenue Bonds (Minoa Free 3101‐03‐07A Library Project) Series 2004A February 1, 2004 5.00% 5.25‐5.375% 535,000 ‐ 35,000 500,000 2/1/2034 OCIDA Civic Facility Revenue Bonds (Onondaga 3101‐07‐21A Free Library Project) Series 2008 March 1, 2008 4.00% 0.80‐4.00% 1,965,000 ‐ 110,000 1,855,000 3/1/2037 OCIDA Civic Facility Revenue Bonds (Salina Free 3101‐02‐01A Library Project) Series 2002A December 1, 2002 5.20% 240,000 55,000 185,000 12/1/2026 OCIDA Variable Rate Demand Civic Facility Revenue Bonds (Syracuse Research Corporation 3101‐05‐15B Project) Series 2005 December 14, 2005 7.70% 3.72% 7,940,000 785,000 7,155,000 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% 3.64% 7,450,000 ‐ 340,000 7,110,000 6/30/2027 OCIDA Multifamily Housing Revenue Bonds (Baldwinsville Senior Housing Preservation, LLC 3101‐19‐07A Project), Series 2022 May 18, 2022 4.00% 4.00% 20,087,000 ‐ ‐ 20,087,000 12/1/2024 Subtotal $ 39,712,000 $ ‐ $ 1,555,000 $ 38,157,000 Carryforward subtotal ‐ previous page 28,705,784 ‐ 2,065,387 26,640,397 Grand Total $ 68,417,784 $ ‐ $ 3,620,387 $ 64,797,397 The accompanying notes are an integral part of these financial statements ‐ 23 ‐ Page 53 of 59 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS INDEPENDENT AUDITOR’S REPORT To the Board of Directors Onondaga County Industrial Development Agency Syracuse, New York We have audited, 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, the financial statements of the business‐type activities of Onondaga County Industrial Development Agency as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the Onondaga County Industrial Development Agency’s basic financial statements, and have issued our report thereon dated March 14, 2024. Internal Control over Financial Reporting The accompanying notes are an integral part of these financial statements ‐ 23 ‐ Page 53 of 59 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS INDEPENDENT AUDITOR’S REPORT To the Board of Directors Onondaga County Industrial Development Agency Syracuse, New York We have audited, 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, the financial statements of the business‐type activities of Onondaga County Industrial Development Agency as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the Onondaga County Industrial Development Agency’s basic financial statements, and have issued our report thereon dated March 14, 2024. Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Onondaga County Industrial Development Agency’s internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Onondaga County Industrial Development Agency’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Onondaga County Industrial Development Agency’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. In planning and performing our audit of the financial statements, we considered the Onondaga County Industrial Development Agency’s internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Onondaga County Industrial Development Agency’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Onondaga County Industrial Development Agency’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Page 54 of 59 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Onondaga County Industrial Development Agency’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Page 54 of 59 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Onondaga County Industrial Development Agency’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Syracuse, New York March 14, 2024 Page 55 of 59 The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Syracuse, New York March 14, 2024 Page 55 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY POSITIVE ASSURANCE REPORT OVER INVESTMENT PRACTICES December 31, 2023 Page 56 of 59 INDEPENDENT ACCOUNTANT’S REPORT To the Board of Directors Onondaga County Industrial Development Agency Syracuse, New York We have examined management's assertion, herein, that the Onondaga County Industrial Development Agency’s (the Agency) compliance with the New York State Public Authorities Law section 2925 applicable to the Agency’s adoption of comprehensive investment guidelines for the year ended December 31, 2023. Management is responsible for the Agency’s assertion. Our responsibility is to express an opinion on management's assertion about the Agency’s compliance with the specified requirements based on our examination. POSITIVE ASSURANCE REPORT OVER INVESTMENT PRACTICES December 31, 2023 Page 56 of 59 INDEPENDENT ACCOUNTANT’S REPORT To the Board of Directors Onondaga County Industrial Development Agency Syracuse, New York We have examined management's assertion, herein, that the Onondaga County Industrial Development Agency’s (the Agency) compliance with the New York State Public Authorities Law section 2925 applicable to the Agency’s adoption of comprehensive investment guidelines for the year ended December 31, 2023. Management is responsible for the Agency’s assertion. Our responsibility is to express an opinion on management's assertion about the Agency’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about the Agency's compliance with the New York State Public Authorities Law section 2925 applicable to the Agency's adoption of comprehensive investment guidelines. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of risks of material misstatement of management's assertion, whether due to fraud or error. In making an assessment of the risks of material misstatement, the practitioner considered and obtained an understanding of internal control relevant to the subject matter in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Accordingly, no such opinion is expressed. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about the Agency's compliance with the New York State Public Authorities Law section 2925 applicable to the Agency's adoption of comprehensive investment guidelines. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of risks of material misstatement of management's assertion, whether due to fraud or error. In making an assessment of the risks of material misstatement, the practitioner considered and obtained an understanding of internal control relevant to the subject matter in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Accordingly, no such opinion is expressed. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement. Our examination does not provide a legal determination on the Corporation's compliance with the specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended December 31, 2023. This report is intended solely for the information and use of management, the audit committee and Board of Directors, others within the Agency, and for compliance with the New York State Public Authorities Law and is not intended to be and should not be used by anyone other than these specified parties. Syracuse, New York March 14, 2024 Page 57 of 59 We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement. Our examination does not provide a legal determination on the Corporation's compliance with the specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended December 31, 2023. This report is intended solely for the information and use of management, the audit committee and Board of Directors, others within the Agency, and for compliance with the New York State Public Authorities Law and is not intended to be and should not be used by anyone other than these specified parties. Syracuse, New York March 14, 2024 Page 57 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY POSITIVE ASSURANCE REPORT I) Designation of Depositories The Agency authorizes certain depository banks up to a maximum amount of $10,000,000. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. II) Purchase of Investments  The Agency's purchase of investments policy requires that all purchased obligations shall be purchased through, delivered to and held in the custody of a bank or trust company. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in General Municipal Law (GML), §10. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY POSITIVE ASSURANCE REPORT I) Designation of Depositories The Agency authorizes certain depository banks up to a maximum amount of $10,000,000. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. II) Purchase of Investments  The Agency's purchase of investments policy requires that all purchased obligations shall be purchased through, delivered to and held in the custody of a bank or trust company. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in General Municipal Law (GML), §10.  The Agency's permitted investments include: (a) special time deposit accounts in an authorized banking depository or trust company secured in the same manner prescribed by General Municipal Law §10; (b) Certificates of Deposit; (c) obligations of the United States of America; (d) obligations guaranteed by agencies of the United States of America, where the payment of principal and interest is guaranteed by the United States of America; (e) obligations of the State of New York; (f) obligations issued pursuant to Local Finance Law §24 or §25 (RANs & TANs) of municipalities, school districts or district corporations; and (g) obligations of public benefit corporations, public housing authorities and urban renewal agencies. Management's Assertion: The Agency complied with the requirement as of December 31, 2023.  The Agency's permitted investments include: (a) special time deposit accounts in an authorized banking depository or trust company secured in the same manner prescribed by General Municipal Law §10; (b) Certificates of Deposit; (c) obligations of the United States of America; (d) obligations guaranteed by agencies of the United States of America, where the payment of principal and interest is guaranteed by the United States of America; (e) obligations of the State of New York; (f) obligations issued pursuant to Local Finance Law §24 or §25 (RANs & TANs) of municipalities, school districts or district corporations; and (g) obligations of public benefit corporations, public housing authorities and urban renewal agencies. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. III) Collateralizing Deposits All deposits of the Agency in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured by eligible collateral. Eligible collateral consists of any one, or combination, of the following: a. by a pledge of eligible securities with an aggregate market value as provided by GML §10, equal to the aggregate amount of deposits; b. by an eligible surety bond payable to the Agency for an amount at least equal to 100% of the aggregate amount of deposits and the agreed upon interest, if any, executed by an insurance company authorized to do business in New York State, whose claims‐paying ability is rated in the highest rating category by at least two nationally recognized statistical rating organizations. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. IV) Diversification The Agency will diversify its deposits and investments by financial institution, by investment instrument, and by maturity scheduling. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. ‐2‐ Page 58 of 59 III) Collateralizing Deposits All deposits of the Agency in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured by eligible collateral. Eligible collateral consists of any one, or combination, of the following: a. by a pledge of eligible securities with an aggregate market value as provided by GML §10, equal to the aggregate amount of deposits; b. by an eligible surety bond payable to the Agency for an amount at least equal to 100% of the aggregate amount of deposits and the agreed upon interest, if any, executed by an insurance company authorized to do business in New York State, whose claims‐paying ability is rated in the highest rating category by at least two nationally recognized statistical rating organizations. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. IV) Diversification The Agency will diversify its deposits and investments by financial institution, by investment instrument, and by maturity scheduling. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. ‐2‐ Page 58 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY POSITIVE ASSURANCE REPORT V) Standards for Qualifications of Investment Bankers, Brokers & Other Investment Advisors The Agency shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amount of investments, which can be made with each financial institution or dealer. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. VI) Operations, Audit and Reporting The treasurer, assistant treasurer or other staff member shall provide a monthly investment review to the Agency, noting the inventory of existing investments, new investments and the selection of investment bankers, brokers, agents, dealers or auditors. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. ‐3‐ Page 59 of 59 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY POSITIVE ASSURANCE REPORT V) Standards for Qualifications of Investment Bankers, Brokers & Other Investment Advisors The Agency shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amount of investments, which can be made with each financial institution or dealer. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. VI) Operations, Audit and Reporting The treasurer, assistant treasurer or other staff member shall provide a monthly investment review to the Agency, noting the inventory of existing investments, new investments and the selection of investment bankers, brokers, agents, dealers or auditors. Management's Assertion: The Agency complied with the requirement as of December 31, 2023. ‐3‐ Page 59 of 59