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315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET • ONGOVED.COM Regular Meeting Agenda March 5, 2026 Call to Order the Regular Meeting of the Agency A. Approval of Regular Meeting Minutes: December 11, 2025 B. Approval of Regular Meeting Minutes: January 8, 2026 C. Treasurer’s Report D. Payment of Bills E. Conflict of Interest Action Items:
1. 2025 Agency Audit Agency Action Requested:
a. A resolution of the Board approving the 2025 Audit of the Agency.
2. Jordan Landing LLC and Jordan Landing Housing Development Fund Corporation (Project #3101-25-07A) The applicant is proposing to construct 65 mixed-income housing units on approximately 8 acres of currently vacant land in the Village of Jordan. The project includes a community room, fitness area, supporting housing services, offices, and laundry facilities.
Agency Action Requested:
a. A resolution of the Board declaring the project a Type I action under SEQRA and the Agency’s intent to be Lead Agency for a coordinated environmental review. Representative: Jeffrey Davis, Agency Counsel
Agency Action Requested:
a. A resolution of the Board declaring the project a Type I action under SEQRA and the Agency’s intent to be Lead Agency for a coordinated environmental review. Representative: Robert Petrovich, Executive Director 4. Town of Dewitt Real Property Purchase and Development Request for Proposals The Agency is proposing to issue a request for proposals for the purchase and development of the certain real property in the Town of Dewitt.
Agency Action Requested:
a. A resolution of the Board authorizing the issuance of a request for proposals for the purchase and development of certain real property in the Town of Dewitt.
Representative: Robert Petrovich, Executive Director
Micron New York Semiconductor Manufacturing LLC is requesting an extension of the termination date of their sales and use tax exemption.
Agency Action Requested:
a. A resolution of the Board authorizing an extension of the sales and use tax exemption of Micron New York Semiconductor Manufacturing LLC.
Representative: Robert Petrovich, Executive Director
Agency Action Requested:
a. A resolution of the Board accepting the Agency’s policies and bylaws.
Agency Action Requested:
a. A resolution of the Board accepting the Governance and Audit Committee Charters.
Adjourn Regular Meeting Minutes December 11, 2025 A Regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, December 11, 2025, at 335 Montgomery Street, Floor 2M, Syracuse, New York.
Patrick Hogan called the meeting to order at 8:30 AM with the following in attendance:
PRESENT:
Patrick Hogan Susan Stanczyk Elizabeth Dreyfuss Leslie English
ABSENT:
Fanny Villarreal Garard Grannell Cydney Johnson
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Alexis Rodriguez, Secretary Robert Schoeneck, Assistant Treasurer Evan Carter, Assistant Secretary Jeffrey Davis, Esq., Agency Counsel Amanda Fitzgerald, Esq., Agency Counsel (via Zoom) Mark McNamara, Esq., Agency Counsel (via Zoom) Matthew Wells, Esq., Agency Counsel Thomas Clifford, Esq., Agency Counsel Joe Goethe, Cameron Hinsdale, LLC (via Zoom) John Cheney, Cameron Hinsdale, LLC (via Zoom) Approval of Meeting Minutes: November 13, 2025 Upon motion by Susan Stanczyk, seconded by Elizabeth Dreyfuss, the Board approved the regular meeting minutes of November 13, 2025. Motion was carried.
Approval of Meeting Minutes: November 18, 2025 Upon motion by Susan Stanczyk, seconded by Leslie English, the Board approved the special meeting minutes of November 18, 2025. Motion was carried.
Treasurer’s Report:
Nate Stevens gave a brief overview of the Treasurer’s Report for the month of November 2025. Upon motion by Susan Stanczyk, seconded by Elizabeth Dreyfuss, the Board approved the Treasurer’s Report for the month of November 2025. Motion was carried.
Payment of Bills:
Nate Stevens gave a brief overview of the Payment of Bills.
Upon motion by Susan Stanczyk, seconded by Elizabeth Dreyfuss, the Board approved the Payment of Bills. Motion was carried.
Action Items:
The applicant is proposing to construct a mixed-use residential building/s consisting of roughly 175 units and a total of roughly 50,000 sq. ft. of commercial space in the Town of Camillus.
Robert Petrovich made the Board aware that Bond, Schoeneck & King is representing the Agency for this project.
Joe Goethe introduced the proposed project, explaining that the Applicant is in the process of acquiring approvals for property across the street (Hinsdale Road) from Township 5 to develop mixed-use commercial and residential housing. There will be up to 180 apartments and townhouses and 50,000 sq. ft. of commercial space. 15% of the units will be workforce housing.
J. Goethe advised that they plan to start construction when the snow melts. J. Goethe advised that they received their PUD (planned unit development) and are starting to work through the subdivision and planning, which should be done in 90 days. J. Goethe noted that 20 of the 22 acres in this project are being purchased from the Christ Community Church of the Nazarene, which is currently exempt from taxes. He explained that the proposed project on this land will significantly raise the tax revenue on that parcel.
Patrick Hogan asked for clarification regarding the project’s PILOT term and the Agency’s UTEP.
Alexis Rodriguez advised that the proposed PILOT for the project would be a deviation from the Agency’s UTEP.
R. Petrovich stated that the significance of the project, number of units being proposed, and the workforce component is such that the Agency felt this type of project warranted a deviation and the Agency is recommending a 15-year PILOT.
Patrick Hogan stated that he agreed with the Agency’s recommended deviation. He noted that this is an exciting project and is quite a step forward.
Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing a
public hearing.” Motion was made by Susan Stanczyk, seconded by Elizabeth Dreyfuss.
Motion was carried.
Patrick Hogan read the Agency action requested of, “A resolution of the Board appointing
Elizabeth Dreyfuss to the Governance Committee.” Motion was made by Susan Stanczyk,
seconded by Leslie English. Motion was carried.
The Agency is proposing to accept the bid of a Company to complete site clearance services of vacant Agency owned structures at White Pine Commerce Park.
R. Petrovich explained that a number of years ago when the land was purchased at White Pine Commerce Park, there were residential homes on the properties. As part of site readiness, the Agency went out to bid through the appropriate process and selected the low bidder, which was Gorick Construction, to remove the residences. Prior to this, pre-demo surveys for asbestos and asbestos removal were completed.
R. Petrovich advised that since then there are a handful of additional properties that require demolition. The bidding process has been repeated, and the Agency is now in a position to recommend an award to the low bidder, which is coincidentally Gorick Construction again. R. Petrovich noted that Gorick Construction is looking forward to assisting the Agency with the rest residue on the remainder of properties that need to be cleared from the site to advance it for Micron’s ultimate construction.
R. Petrovich advised that the resolution is to authorize the Agency to begin contract negotiations on the scope of work.
Patrick Hogan questioned if this was an RFP process.
R. Petrovich confirmed and explained that the Agency coordinated this process with Onondaga County Purchasing. He believes that the Agency is in the best possible position to advance this.
Susan Stanczyk questioned if the Agency will use Habitat for Humanity to go through the residences as was done once before.
R. Petrovich explained that the possibility is there, and the Agency can reach out to Habitat for Humanity to see if there is enough there for them to want to do a walkthrough of the residences. R. Petrovich clarified that there are some residences, but there are also commercial buildings, such as butler buildings, that were initially going to be salvaged and used during construction operations, but it’s been since determined that they’re not going to be useful and should be taken down.
Leslie English questioned if Gorick Construction successfully completed the previous project to the Agency’s satisfaction.
R. Petrovich responded yes they did.
Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing the Executive Director to accept a bid and enter into one or more agreements for site clearance services with a Company for site clearance services at White Pine Commerce Park.” Motion was made by Susan Stanczyk, seconded by Leslie English.
Motion was carried.
The Agency wishes to grant an easement to National Grid over portions of lands owned by the Agency for the purpose of facilities to provide electric and gas services.
R. Petrovich explained that this easement is for National Grid to be able to connect power to the pump station at White Pine South, which will provide sewer service to the area in addition to Micron. The easement would not take any additional land than what has already been put forward, which is approximately 1.3 acres of land that is being conveyed ultimately through a lease and then a purchase to WEP (Onondaga County Department of Water Environment Protection).
Jeffrey Davis added that there was a Short EAF prepared this. The resolution includes a negative declaration under SEQR to enter into the easement and authorizes the execution of the easement on the form consistent with National Grid’s right-of-way easement forms. Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing the execution of an easement in connection with property located at 5064 State Route 31 for
facilities to provide electric and gas services.” Motion was made by Susan Stanczyk, seconded
by Elizabeth Dreyfuss. Motion was carried.
The Agency wishes to grant an easement to the Onondaga County Water District over portions of lands owned by the Agency for the purpose of constructing and maintaining pipelines for the distribution of water.
R. Petrovich explained that this easement will allow the 54-inch transmission main that runs east to west across the southern boundary to be tapped and lines to be brought forward along the Agency-owned property from north-south to Route 31, and ultimately across Route 31. With respect to the property owned by the Agency, this easement authorization will allow OCWA to install the pipelines necessary for the water service in support of the Micron project.
J. Davis added that there is a short form EAF included here for an issuance of a negative declaration for the easement. He stated that it is a 50-foot-wide easement, straight shot, running north to south, that will allow OCWA to install the underground water line. Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing the execution of an easement in connection with property located on the easterly side of Caughdenoy Road for the purpose of constructing and maintaining pipelines for the
distribution of water.” Motion was made by Susan Stanczyk, seconded by Leslie English.
Motion was carried.
Amanda Fitzgerald explained that the City of Syracuse has approached the MOST to see if they can move the infamous Shot Clock Monument onto the MOST property. Because the Agency has long outstanding bond financing with the MOST, they’re nominally in the chain of title.
A. Fitzgerald noted as the Board has seen before, OCIDA is being asked to join the easement agreement, which will allow for the movement of the monument and continued maintenance of the monument on the MOST property. The action before the Board is the authorization to enter into the easement. A. Fitzgerald advised that counsel will make sure that the easement includes all of the usual Agency indemnification provisions.
J. Davis added that this is considered a Type II Action under SEQR, given the Agency’s nominal provision in title to enter into this.
Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing execution of an easement agreement and any related documents in connection with the granting
of a non-exclusive easement to the City of Syracuse.” Motion was made by Susan Stanczyk,
seconded by Elizabeth Dreyfuss. Motion was carried.
Mark McNamara explained that this is the culmination of the process with respect to the Eminent Domain Procedure Law (EDPL) Article 2, which started with the public hearing on November 20, 2025 and comments that were received both at the hearing, as well as in writing subsequent to that including from the various counsel who were involved. M. McNamara stated that there was a record that was made of the hearing, including a transcript. All of that was made available at the Agency’s office as well as the Onondaga County Clerk’s Office, pursuant to the statute. The action before the Board today is in regards to the determination and findings, which is required under EDPL 204 by the Agency, having had the hearing. The determination and findings is with respect to the acquisition of the easements over the two SSO properties for the proposed wastewater conveyance pipeline that is necessary for Phase I of the Micron project.
M. McNamara advised that the determination of findings essentially sets forth the public use, benefit, and purpose of the project for which these easements are being acquired, the location and any alternative locations which were considered in connection with the project, the environmental impacts, which is a restatement and adoption of the findings statement which the Agency made a couple of weeks ago by having completed the entire SEQR process, and anything else that one wants to make a finding about, as stated in the statute.
M. McNamara stated that before the Board is the resolution with an attached exhibit of the determination of findings and attached to that are two exhibits. The first exhibit is a map showing where the SSO easements on the two parcels are located, and the map that comes from the Final Environmental Impact Statement that shows the general orientation of the project and where the wastewater line would be. The second exhibit to the determination of findings is the actual SEQR findings statement and resolution which was adopted a few weeks ago.
J. Davis added for context that the resolution before the Board is the adoption of the determination and finding as M. McNamara explained. That determination and findings statement is only related to the two easement properties for SSO.
J. Davis noted that the determination and findings specifically states that it does not relate to and does not include the land on Caughdenoy Road owned by Azalia King. This determination and findings is only proceeding with the acquisition of the easements necessary for the conveyance system across the SSO properties.
Patrick Hogan read the Agency action requested, “A resolution of the Board adopting the New York Eminent Domain Procedure Law 204 Determination and Findings Regarding Potential Acquisition of Property Interest by purchase or eminent domain and related actions for the
Micron New York Semiconductor Manufacturing LLC Project.” Motion was made by Susan
Stanczyk, seconded by Elizabeth Dreyfuss. Motion was carried.
8. PSL of Fayetteville LLC & Fayetteville MC Owner (3101-22-09A) Modification Meeting PSL of Fayetteville LLC & Fayetteville MC Owner are requesting an increase to their mortgage recording tax exemption amount from $92,326 to $115,500.
A. Fitzgerald explained that this is regarding the Peregrine project that the Board approved several years ago in connection with a senior care facility in the Town of Manlius. The project is now ready to close and their costs have increased by $2.5 million. Their corresponding mortgage has increased by that much. The action before the Board is that the Agency authorizes an increase in the mortgage recording tax exemption to cover the mortgage recording tax that will be due on that increased mortgage amount.
A. Fitzgerald noted that as the Board has seen before, increases of financial assistance over $100,000 do not require a new public hearing. If the Board approves the increase, the Agency can move forward with processing the increase, which will be about $23,174 more in mortgage recording tax exemption.
Susan Stanczyk asked why the project has been delayed.
R. Petrovich stated that the Agency has been monitoring the project for a while. The
Applicant’s position is that there’s a very tough financing market for these types of projects. He added that they pivoted to involve HUD in the project and that a key partner in the project passed away.
R. Petrovich advised that the Applicant is ready to close on the project, noting that the Agency staff advised to the Applicant that if they didn’t close soon, they’d have to come before the Board again. He stated that he thinks it’s a worthy project to advance. Susan Stanczyk concurred that this is a great project.
Patrick Hogan added that this project serves part of the population that’s certainly needed. Patrick Hogan read the Agency action requested, “A resolution of the Board authorizing an increase of the mortgage recording tax exemption for PSL of Fayetteville LLC & Fayetteville
MC Owner.” Motion was made by Susan Stanczyk, seconded by Elizabeth Dreyfuss. Motion
was carried.
J. Davis brought the action of Executive Session for the purpose of discussing a potential settlement of pending and threatened litigation.
Motion to enter Executive Session was made by Susan Stanczyk, seconded by Elizabeth
Dreyfuss. Motion was carried.
Motion to come out of Executive Session was made by Susan Stanczyk, seconded by
Elizabeth Dreyfuss. Motion was carried.
J. Davis explained that the first resolution before the Board is requesting authorization to enter into and execute a settlement agreement with Azalia King. This will settle pending litigation involving the license and occupancy agreement, as well as resolving the eminent domain process that the Agency started with regard to the King property.
J. Davis stated that the settlement agreement is broken down in a couple different ways. He explained that the first part is the resolution of the license and occupancy agreement in an amount of $450,000, which allows Mrs. King to stay on the property until May 1, 2026, but also allows necessary work that needs to be done at the property to continue while that occupancy remains until May 1, 2026.
J. Davis advised that the second part of the agreement is the purchase of land that the Agency does not own but some time ago had tried to acquire. The land is across the street from the King property on Caughdenoy Road. The second resolution is entering into a purchase and sale agreement to acquire 6.5 acres of vacant land for $2.5 million across the street from the White Pine Commerce Park site that was previously identified as a location for potential supply chain.
J. Davis advised that there two components to this in terms of the resolution before the Board. Because the Agency is acquiring land, there is an EAF that has been prepared and a SEQR determination that will need to be passed by the Board to enter into a negative declaration to acquire the land that the Agency does not own. The second part is authorizing the acceptance and entering into the settlement agreement, which includes the total payment of $450,000, the $2.5 million, as well as other provisions in the settlement agreement. R. Petrovich added that by entering into this agreement, the EDPL action and any pending litigation relative to the license agreement will be resolved.
J. Davis confirmed, and added that it resolves the pending litigation, threatened litigation, and the EDPL action will all be resolved as a result of entering into this settlement agreement. Patrick Hogan read the Agency action requested (a), “A resolution of the Board authorizing
the adoption of a SEQRA determination for the acquisition of property.” Motion was made by
Susan Stanczyk, seconded by Elizabeth Dreyfuss. Motion was carried.
Patrick Hogan read the Agency action requested (b), “A resolution of the Board authorizing execution and delivery of a settlement agreement which includes termination of an Occupancy Agreement and acquisition of lands on Caughdenoy Road designated as tax map no. 047.-01-
14.4.” Motion was made by Susan Stanczyk, seconded by Elizabeth Dreyfuss. Motion was
carried.
Prior to adjournment, Patrick Hogan wanted to express his gratitude for serving with this Board through all the years and being appointed by who’s now the County Executive, Mr. McMahon, when he was Chair of the Legislature. He stated that it’s been a real pleasure and the Agency has accomplished a lot of things, and he appreciates all of the Board members and Agency staff.
R. Petrovich expressed his gratitude for Patrick Hogan stating that he’s been the Chairman for his entire time as Executive Director of the Agency, and he thanked for his partnership, clear vision, and support.
R. Petrovich expressed his gratitude for Susan Stanczyk, stating that she’s had an instrumental role in what the Agency has been doing from the very beginning in expanding the White Pine site.
Susan Stanczyk thanked the team at the Agency and commended the work that they do. She noted that over the years the Board has gotten stronger and has helped with so many great projects. She expressed her appreciation for executive leadership, the department, and the legislature.
Elizabeth Dreyfuss thanked Patrick Hogan and Susan Stanczyk for their leadership, wisdom, and willingness to work with the Board members and staff.
Motion to adjourn was made by Susan Stanczyk and seconded by Elizabeth Dreyfuss at 9:15 AM.
___________________________________ Alexis Rodriguez, Secretary Regular Meeting Minutes January 8, 2026 A Regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, January 8, 2026, at 335 Montgomery Street, Floor 2M, Syracuse, New York.
Robert Petrovich called the meeting to order at 8:30 AM with the following in attendance:
PRESENT:
Randy Wolken Cydney Johnson Garard Grannell Alan Marzullo Mark Muthumbi
ABSENT:
Elizabeth Dreyfuss Leslie English
ALSO PRESENT:
Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Alexis Rodriguez, Secretary Robert Schoeneck, Assistant Treasurer Evan Carter, Assistant Secretary Jeffrey Davis, Esq., Agency Counsel Amanda Fitzgerald, Esq., Agency Counsel Matthew Wells, Esq., Agency Conflict Counsel Thomas Clifford, Esq., Agency Conflict Counsel Chris Andreucci, Esq., Agency Conflict Counsel Joe Goethe, Cameron Hinsdale, LLC Patrick Rock, Jordan Landing LLC and Jordan Landing Housing Development Fund Corporation Kevin McCauliffe, Esq., Applicant Counsel Prior to the agenda at hand, R. Petrovich welcomed the new board members and wished everyone a Happy New Year.
Approval of Meeting Minutes: December 11, 2025 R. Petrovich explained that the Board will table this approval for the following meeting because members of the Board who were at that meeting are not present currently.
Treasurer’s Report:
Nate Stevens gave a brief overview of the Treasurer’s Report for the month of December 2025. Upon motion by Cydney Johnson, seconded by Garard Grannell, the Board approved the Treasurer’s Report for the month of December 2025. Motion was carried.
Payment of Bills:
Nate Stevens gave a brief overview of the Payment of Bills.
Upon motion by Cydney Johnson, seconded by Alan Marzullo, the Board approved the Payment of Bills. Motion was carried.
Action Items:
R. Petrovich put forth Randy Wolken as Chairperson of the Board.
R. Petrovich read the Agency action requested, “A resolution of the Board appointing Randy
Wolken as Chair.” Motion was made by Alan Marzullo, seconded by Cydney Johnson.
Motion was carried.
The applicant is proposing to construct a mixed-use residential building/s consisting of roughly 175 units and a total of roughly 50,000 sq. ft. of commercial space in the Town of Camillus.
Matthew Wells explained to the Board that the resolution before them is the approving resolution for the lease-leaseback transaction with the Applicant.
M. Wells explained to the new Board members that the SEQR process has already been completed for the project and the Agency issued a negative declaration. He noted that the public hearing requirements have also been completed.
Joe Goethe advised that he’s the Applicant for this project and he is also the developer of Township 5 (T5). J. Goethe advised that his team looked at Plan Onondaga’s Pro-Housing Plan that highlights T5 as an emerging center and wanted to create a walkable, mixed-use, residential community within that emerging center. He advised that the project’s goal is to expand on the existing designation as an emerging center by bringing in more housing. The project is aligned with Plan Onondaga and the Camillus Comprehensive Plan.
J. Goethe advised that his team approached the Christ Community Church of the Nazarene to acquire its 20 acres, which has a religious tax exemption currently. The project proposed will increase the tax base by taking away religious exemption. J. Goethe noted that the project will be a significant win for the community.
J. Goethe advised that they changed the project to a Planned Unit Development (PUD) within the Town of Camillus and have had their sketch plan approved and are submitting for a subdivision in the week following this meeting. The Applicant has received all comments from the involved agencies, and from the comments received, there aren’t any significant issues. The most significant issue is traffic. J. Goethe advised that they’re working with Stantec to develop a traffic plan in accordance with NYSDOT and Onondaga County DOT. Referring to the map displayed to the Board during the meeting, J. Goethe explained that directly across from T5 shows 180 total residential units, including 30 townhouses and 150 apartments at 12 units per apartment building. Connecting the residential units to T5 is commercial space to help expand the number of tenants at T5 to make this a mixed-use project. J. Goethe advised that they’re working on getting a small grocery store, as well as some restaurants to occupy some of the commercial space. J. Goethe noted that there will be a walking path and sidewalks that connect into the intersections so that it will be easily accessible to T5 and the amenities there. There will also be a Town road that will connect from Hinsdale Road to Warners Road. The Town of Camillus is in agreement to take over that road.
J. Goethe stated that the project will have 15% of workforce housing units. He noted that they have already received a lot of interest for both townhouses and apartments.
J. Goethe advised that they anticipate being done with planning by March.
Alexis Rodriguez noted to the Board that a public hearing was held in connection with this project on December 31, 2025, at the Town of Camillus Municipal Offices. There was one verbal comment that was included on the recording that was sent to all of the Board members in advance of the meeting. The comment was from a Town of Camillus resident.
A. Rodriguez noted that the Agency also received one written comment.
A. Rodriguez advised that Bond, Schoeneck and King assisted the Agency in circulating deviation letters to all involved municipalities following the public hearing.
Alan Marzullo asked how many local jobs the project will create. J. Goethe answered that it will create around 75 construction jobs and because it’s a small commercial project, there will be about 25 full-time jobs.
Randy Wolken commented that this will be a fantastic project.
Randy Wolken read the Agency action requested of, “A resolution of the Board authorizing the financial assistance the Agency will provide. Agency benefits requested include exemptions from certain real property taxes, real estate transfer taxes, sales and use taxes and
mortgage recording taxes.” Motion was made by Alan Marzullo, seconded by Garard
Grannell. Motion was carried.
3. Immediate Mailing Services, Inc. & 245 Commerce LLC (3101-18-02A) Modification Meeting Immediate Mailing Services, Inc. and 245 Commerce LLC have requested the execution and delivery of a mortgage and related documents with respect to a refinancing.
Amanda Fitzgerald explained that this is an administrative action. The Agency has an existing straight-lease transaction with the project because they are under a PILOT. Any subsequent refinancing requires the Agency to join the documents because of the Agency’s nominal interest in title.
A. Fitzgerald explained that this is a resolution of the Board authorizing the Agency to join the refinancing documents. No additional benefits are being requested in this transaction. Randy Wolken read the Agency action requested, “A resolution of the Board authorizing the
execution and delivery of documents.” Motion was made by Cydney Johnson, seconded by
Garard Grannell. Motion was carried.
4. Jordan Landing LLC and Jordan Landing Housing Development Fund Corporation (Project #3101-25-07A) First Meeting The applicant is proposing to construct 65 mixed-income housing units on approximately 8 vacant acres of land in the Village of Jordan. The project will also include a community room, fitness area, supporting housing services, offices, and laundry facilities. Patrick Rock advised that he’s the owner/operator of Rock PMC, and his family’s business have been building and operating affordable housing in CNY for the last 40 years. P. Rock stated that they’re seeking to build 65 units in the Village of Jordan adjacent to 90 units at properties that they already own in the Village. 30 units will be supportive housing for veterans and the other 35 will be 1, 2, and 3-bedroom units for working families, hopefully capturing some workers from Micron.
P. Rock advised that they submitted an application to NYS for financing opportunities. He noted that the project has had municipal support from its origination, which was about a year ago. The project’s site is adjacent to the Erie Canal and walking distance from Downtown Jordan. P. Rock explained that they’re a co-developer with Rockabill and Eagle Star Housing is the supportive services partner who operates similar housing for veterans throughout Upstate NY.
Randy pointed out that this project will support veterans in addition to the workforce housing.
Jeffrey Davis explained that the action before the Board is authorizing the Agency to take the necessary steps to hold a public hearing on the IDA benefits being requested by the
Applicant. Randy Wolken read the Agency action requested, “A resolution of the Board authorizing a
public hearing.” Motion was made by Alan Marzullo, seconded by Mark Muthumbi. Motion
was carried.
5. TTM Technologies, Inc. (3101-24-01A) Modification Meeting TTM Technologies, Inc. is requesting an extension of the termination date of their sales and use tax exemption.
R. Petrovich advised that this project came before the Agency approximately one year ago. He noted that its capital expenditure is over $100 million plus additional investments, and that the County competed against South Carolina to win this project.
R. Petrovich noted that as a result of the project, TTM Technologies will be doubling their local employment with high-paying engineering jobs. He advised that the project is advancing and nearing completion. He explained that the request before the Board is an extension of time for their sales and use tax exemption. There is no increase in benefits. Randy Wolken read the Agency action requested, “A resolution of the Board authorizing an
extension of the sales and use tax exemption of TTM Technologies, Inc.” Motion was made
by Cydney Johnson, seconded by Alan Marzullo. Motion was carried.
Randy Wolken asked for any comments or concerns about the proposed appointments for the Finance Committee, Governance Committee, and Audit Committee.
J. Davis read through the appointees on their respective Committees. He advised that the appointments can be combined into one resolution.
Randy Wolken read the Agency action requested of “A resolution of the Board appointing members to the Finance Committee, Governance Committee, and Audit Committee.”
Motion was made by Garard Grannell, seconded by Mark Muthumbi. Motion was carried.
Robert Petrovich, Executive Director Alexis Rodriguez, Secretary Nate Stevens, Treasurer Evan Carter, Assistant Secretary Robert Schoeneck, Assistant Treasurer Alexis Rodriguez, Public Hearing Officer Robert Petrovich, Freedom of Information Act Officer Randy Wolken, Freedom of Information Act Appeals Officer A. Rodriguez noted that this is a review for the Board and no action is required. J. Davis read through the Slate of Officers as described above.
Motion to adjourn was made by Alan Marzullo and seconded by Cydney Johnson at 8:51 AM.
___________________________________ Alexis Rodriguez, Secretary February 28, 2026 Revenue / Expense / Income Current Period Current YTD Operating/Non-Op Revenue 10,045,769 10,812,586 Administrative Expense 68,541 142,118 Operating/Program Expense 87,325 270,775 Net Ordinary Income 9,889,904 10,670,458 Current Assets Current YTD Total Cash 10,951,045 Less Pass Through Received 708,371 Net Cash 10,242,675
PAYMENT OF BILLS - SCHEDULE #514 March 5, 2026
1. BRIAN R. HALL - RECEIVER OF TAXES* $ 67,902.49 WPCP 2026 Real Property Taxes - Town of Clay 2. KARI DAVIS - ACTING RECEIVER OF TAXES* $ 501.27 WPCP 2026 Real Property Taxes - Town of Cicero 3. COMMISSIONER OF FINANCE* $ 813.98
4. ANGELA EPOLITO, RECEIVER OF TAXES** $ 64,665.24
5. BARCLAY DAMON*** $ 177,777.78 December 2025 Legal Costs 6. JMT OF NEW YORK, LLP*** $ 128,787.88 December 2025 Engineering Costs 7. BARCLAY DAMON*** $ 87,324.07 Micron Rail Spur - PILOT 8. BARCLAY DAMON*** $ 29,374.24 Micron - EDPL - Inv #5371985 9. BARCLAY DAMON*** $ 25,931.22 Micron - EDPL - Inv #5375754 10. ONONDAGA COUNTY**** $ 846,517.61
11. ONONDAGA COUNTY***** $ 1,487,926.36 Purchase of Tax Parcels #063.-01-02.1 & 063.-01-02.2 12. CHICAGO TITLE INSURANCE COMPANY***** $ 25,172.50 Purchase of Tax Parcels #063.-01-02.1 & 063.-01-02.2 13. LOVELL AND ASSOCIATES $ 3,000.00 January 2026 Consulting 14. JMT OF NEW YORK, LLP $ 25,820.71 Roth Steel, Inv #46-106665 15. ADVANCE MEDIA NEW YORK $ 145.28 Inv #3720384 - Hinsdale Rd Proj - Public Notice 16. BARCLAY DAMON $ 8,128.01 King - EDPL - Inv #5375771 17. BARCLAY DAMON $ 2,600.00 OCIDA v. King - Inv #5374953 18. BARCLAY DAMON $ 1,367.50 Retained Corporate & Public Finance Matters - Inv #5375826 19. BARCLAY DAMON $ 4,589.50 OCIDA - Shoppingtown - Inv #5379305 20. DOWNTOWN COMMITTEE OF SYRACUSE $ 2,500.00 Membership Renewal - Inv #0025615-IN 21. BARCLAY DAMON $ 9,099.50 WPSTP Inv#5374794 22. BARTON & LOGUIDICE $ 11,399.00 WPSTP - Inv #158318 23. BARTON & LOGUIDICE $ 4,356.00 WPCP Site Prep - In #157104 24. BARCLAY DAMON $ 915.00 Retained Corporate & Public Finance Matters - Inv #5379267 25. BARCLAY DAMON $ 9,177.00 Micron Retained OCIDA Support - Inv #5379232 26. BARCLAY DAMON $ 340.50 King v. OCIDA - Inv # 5379274 27. BARCLAY DAMON $ 3,790.40 King - EDPL - Inv #5379271 28. BARCLAY DAMON $ 30.00 Roth Steel - Inv #5379268 29. BARCLAY DAMON $ 79,437.50 Neighbors v. OCIDA - Inv #5379273 30. BARCLAY DAMON $ 1,062.50 Micron - EDPL Utility Easements - Inv #5379269 31. BARCLAY DAMON $ 7,591.50 OCIDA - Shoppingtown - Inv #5379270 32. BARCLAY DAMON $ 3,406.50 WPSTP - Inv #5379307 33. JMT OF NEW YORK, LLP $ 7,870.00 Roth Steel, Inv #47-106814 34. LOVELL AND ASSOCIATES $ 3,000.00 February 2026 Consulting 35. NEW YORK STATE ECONOMIC DEVELOPMENT COUNCIL $ 3,500.00 NYSEDC - Sponsorship 36. ABC CREATIVE $ 12,097.72 Agency Marketing - Inv #8921 37. ROBERT PETROVICH $ 201.55 Conference Travel Expense 38. NANCY LOWERY $ 224.32 Conference Travel Expense 39. NATHANIEL STEVENS $ 224.32 Conference Travel Expense 40. LEONARD RAUCH $ 224.32 Conference Travel Expense 41. ALEXIS RODRIGUEZ $ 224.32 Conference Travel Expense 42. EVAN CARTER $ 224.32 Conference Travel Expense 43. JACKSON BREED $ 224.32 Conference Travel Expense 44. ROBERT SCHOENECK $ 212.94 Conference Travel Expense TOTAL $ 3,149,679.17 PAYMENT OF BILLS - SCHEDULE #514 March 5, 2026 PILOT Payments 1. ONONDAGA COUNTY* $ 9,520.39 COR Inner Harbor - Master & Sub Proj #1 - 4th Qtr PILOT Payment 2. CITY OF SYRACUSE* $ 7,856.80 COR Inner Harbor - Master & Sub Proj #1 - 4th Qtr PILOT Payment 3. SYRACUSE CITY SCHOOL DISTRICT* $ 12,838.94 COR Inner Harbor - Master & Sub Proj #1 - 4th Qtr PILOT Payment 4. ONONDAGA COUNTY** $ 1,372,018.39
5. CITY OF SYRACUSE** $ 50,586.00
6. TOWN OF CAMILLUS** $ 18,342.49
7. TOWN OF CICERO** $ 64,516.28
8. TOWN OF CLAY** $ 77,823.00
9. TOWN OF DEWITT** $ 172,076.68
10. TOWN OF ELBRIDGE** $ 110,978.39
10. TOWN OF GEDDES** $ 101.32
11. TOWN OF LAFAYETTE** $ 6,646.00
12. TOWN OF LYSANDER** $ 95,300.00
13. TOWN OF SALINA** $ 145,255.58
14. TOWN OF SKANEATELES** $ 25,244.00
15. TOWN OF VAN BUREN** $ 83,769.71
16. VILLAGE OF BALDWINSVILLE** $ 195,997.99
17. VILLAGE OF CAMILLUS** $ 1,292.63
18. VILLAGE OF LIVERPOOL** $ 5,205.00
19. VILLAGE OF NORTH SYRACUSE** $ 20,474.00
20. VILLAGE OF SOLVAY** $ 809.81
21. BALDWINSVILLE CSD** $ 996,930.48
22. EAST SYRACUSE MINOA CSD** $ 843,842.48
23. JAMESVILLE DEWITT CSD** $ 25,494.00
24. JORDAN-ELBRIDGE CSD** $ 610,962.23
25. LAFAYETTE CSD** $ 22,374.00
26. LIVERPOOL CSD** $ 725,235.73
27. LYNCOURT CSD** $ 589,380.46
28. MARCELLUS CSD** $ 3,355.89
29. NORTH SYRACUSE CSD** $ 584,104.24
30. SKANEATELES CSD** $ 136,946.00
31. SOLVAY CSD** $ 5,169.78
32. SYRACUSE CITY SCHOOL DISTRICT** $ 94,737.00
33. WEST GENNESSE CSD** $ 56,006.95
34. ONONDAGA COUNTY $ 109,639.41
35. CITY OF SYRACUSE $ 3,371.13
36. TOWN OF CICERO $ 8,560.00
37. TOWN OF CLAY $ 5,851.00
38. TOWN OF DEWITT $ 12,599.17
39. TOWN OF LYSANDER $ 1,310.00
40. TOWN OF VAN BUREN $ 51,140.00
41. BALDWINSVILLE CSD $ 341,418.00
42. EAST SYRACUSE MINOA CSD $ 62,476.98
43. LIVERPOOL CSD $ 61,177.00
44. NORTH SYRACUSE CSD $ 38,622.00
45. SYRACUSE CITY SCHOOL DISTRICT $ 12,205.87
TOTAL $ 7,879,563.20 *Ratification of checks dated 1/15/2026 **Ratification of checks dated 2/5/2026 (A DISCRETELY PRESENTED COMPONENT UNIT
December 31, 2025 and 2024
(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, 2025 and 2024 8 Statements of Revenues, Expenses and Changes in Net Position - For the Years Ended December 31, 2025 and 2024 9 Statements of Cash Flows - For the Years Ended December 31, 2025 and 2024 10 - 11 Notes to Financial Statements 12 - 21 Supplementary Information:
Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 22 - 23 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, 2025 and 2024, and the related notes to the financial statements, which collectively comprise the Agency’s basic ft 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, 2025 and 2024, and the changes in its financial position and its ra 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 D (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.
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 ft 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. ra • 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.
D 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 Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Agency's basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations), as required by New York State General Municipal Law §859 (1) (b), are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 5, 2026, 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 ft 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.
ra Syracuse, New York March 5, 2026 D
(A Discretely Presented Component Unit of the County of Onondaga, New York)
This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), and the annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2025. It should be read in conjunction with the Agency’s financial statements and accompanying notes.
The annual financial report of the Agency consists of two parts: Management’s Discussion and Analysis (this section) and the basic financial statements and footnotes. The Agency is a self-supporting entity. The accounts are recorded in accordance with a proprietary fund type and consist of an enterprise fund. Proprietary fund type operating statements present increases and decreases in net position. The financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. The Agency does not maintain separate fund accounts.
Condensed Comparative Financial Information December 31,
Cash and cash equivalents $ 10,467,592 $ 10,430,970 $ 6,329,946 Receivables - agency fees 127,111 113,612 293,448 Receivables - White Pine pass through 310,931 306,566 2,027,442 Receivables - PILOT pass through 30,216 24,221 - Capital assets 5,280,648 2,745,397 2,746,373 Investment in real property 36,347,000 30,756,703 30,756,703 Total assets 52,563,498 44,377,469 42,153,912 Current liabilities 1,534,798 2,051,793 2,304,600 Notes payable to Onondaga County 39,562,890 31,174,716 29,902,708 Total liabilities 41,097,688 33,226,509 32,207,308 Net position:
Net investment in capital assets 5,280,648 2,745,397 2,746,373 Unrestricted 6,185,162 8,405,563 7,200,231 Total net position 11,465,810 11,150,960 9,946,604
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Condensed Comparative Financial Information (continued) The change in assets, liabilities and net position categories for the year ended December 31, 2025 compared to December 31, 2024 included the following:
Total operating cash increased $614,942 due to current operations, which included an increase of cash from agency and other fees of $765,737, compared to cash inflows in 2024. Approximately 93% of agency fees received during 2025 relate to projects approved for Semiconductor Components Industries, LLC ($1,485,625), Upstate Pathology Lab Ownership, LLC ($1,119,000) and Micron New York Semiconductor Manufacturing, LLC ($1,333,333). The Agency spent $3,179,746 in cash expenses which is an increase of $2,490,941 from 2024, primarily due to costs incurred for economic development. Current liabilities decreased $516,995, primarily due to decreases of $601,537 of an escrow for an Agency project, offset by the timing of professional fees related to normal Agency operations (accounts payable increase of $35,008) and an increase of $34,764 due to Onondaga County for costs of operation. The note payable to Onondaga County of $39,562,890 represents the advances and accrued interest against a note agreement entered into with Onondaga County 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 (WPCP) and supply chain site readiness (SCSR). The Agency’s total net position increased $314,850. Operating revenues exceeded operating expenses by $1,155,796 in the current year, a net decrease of $961,423 from the prior year. Operating expenditures totaling $6,991,978, net of pass-through PILOT expenses, primarily consists of White Pine Commerce Park pass-through expenses totaling $3,742,460, operation costs due to Onondaga County totaling $846,518 and development costs totaling $2,166,023 which increased $1,763,911 compared to 2024. General and administrative expenses totaling $207,268 primarily consist of ordinary business expenses of the Agency, such as rent, professional fees and other Agency related expenses.
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Condensed Comparative Financial Information (continued) Years Ended December 31,
Operating revenues $ 18,922,155 $ 17,864,372 $ 17,432,835 Operating expenses 17,766,359 15,747,153 15,461,763 Operating income 1,155,796 2,117,219 1,971,072 Other revenues (expenses) (840,946) (912,863) (4,496,517) Change in net position 314,850 1,204,356 (2,525,445) Net position - beginning of year 11,150,960 9,946,604 12,472,049 Net position - end of year $ 11,465,810 $ 11,150,960 $ 9,946,604 Change in financial categories between the year ended December 31, 2025 and the year ended December 31, 2024 include the following:
Operating Revenues increased $1,057,783 in 2025 compared to an increase of $431,537 in 2024. This was primarily due to the following: 1) Increase in overall Agency fees received of $959,072 compared to 2024, 2) Decrease in subsidies, grants and donations of $95,380, 3) Increase in PILOT pass-through income of $538,533 and 4) Decrease of pass-through income of $266,660 compared to 2024 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park. Operating Expenses increased $2,019,206 in 2025 compared to an increase of $285,390 in 2024. This was primarily due to the following: 1) Increase of development costs of $1,763,911, 2) Increase in PILOT pass- through expenses of $538,532 and 3) Decrease of pass-through expenses of $266,659 compared to 2024 for services primarily related to White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park.
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Analysis of Overall Financial Position and Results of Operations The Agency is engaged in activities to support economic growth in Onondaga County, including job creation and retention, and increasing the net wealth of the County. The Agency does not receive any general appropriations from local, county or state government to support its operations. The Agency collects revenue for its operating purposes from the issuance of bonds and straight lease transactions and from interest on investments. In the year ended December 31, 2025, the Agency received $4,295,467 from agency and other fees, an increase of $765,737 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 2025 and 2024, the County charged the Agency $846,518 and $811,754, respectively.
Capital Assets and Investment in Real Property As of December 31, 2025, the Agency’s investment in capital assets was $5,280,648, net of depreciation. The Agency’s capital assets include White Pine Science and Technology Park ($2,140,557), White Pine Science and Technology Park - West ($2,535,251), other land (800 Hiawatha Blvd) and furniture and fixtures. As of December 31, 2025, investment in real property of $36,347,000 consists of land and related costs related to the White Pine Commerce Park and 3649 Erie Boulevard East.
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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Net Position December 31,
Current assets Cash and cash equivalents - unrestricted $ 10,467,592 $ 10,430,970 Receivables - agency fees 127,111 113,612 Receivables - White Pine pass-through 310,931 306,566 Receivables - PILOT pass-through 30,216 24,221 Total current assets 10,935,850 10,875,369 Non-current assets Capital assets, net 5,280,648 2,745,397 Investment in real property 36,347,000 30,756,703 Total non-current assets 41,627,648 33,502,100 Total assets $ 52,563,498 $ 44,377,469
Current liabilities Accounts payable $ 36,158 $ 1,150 Due to Onondaga County 846,518 811,754 Payables - White Pine pass-through 621,906 613,131 Payables - PILOT pass-through 30,216 24,221 Escrows and deposits - 601,537 Total current liabilities 1,534,798 2,051,793 Non-current liabilities Note payable to Onondaga County, including accrued interest - White Pine Commerce Park 32,452,340 31,174,716 Note payable to Onondaga County - Supply Chain Site Readiness 7,110,550 - Total non-current liabilities 39,562,890 31,174,716 Total liabilities 41,097,688 33,226,509 Net investment in capital assets 5,280,648 2,745,397 Unrestricted net position 6,185,162 8,405,563 Total net position 11,465,810 11,150,960 $ 52,563,498 $ 44,377,469 The accompanying notes are an integral part of these financial statements.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Revenues, Expenses and Changes in Net Position Year Ended December 31,
Operating revenue:
Agency and other fees $ 4,308,966 $ 3,349,894 Pass-through income - White Pine 3,742,460 4,009,120 Pass-through income - PILOT 10,774,381 10,235,848 Rent income 14,692 25,417 Subsidies, grants, and donations 24,898 120,278 Other income 56,758 123,815 Total operating revenues 18,922,155 17,864,372 Operating expenses:
General and administrative 207,268 222,885 Administrative expenses - Onondaga County 846,518 811,754 Development costs - White Pine Commerce Park 788,252 345,952 White Pine Science and Technology Park 1,377,771 56,160 Pass-through expense - White Pine 3,742,460 4,009,119 Pass-through expense - PILOT 10,774,381 10,235,849 Depreciation expense - 976 Professional fees 17,757 26,034 Other expenses - 1,026 Seminars and meetings 11,952 37,398 Total operating expenses 17,766,359 15,747,153 Operating income 1,155,796 2,117,219 Non-operating income (expenses):
Interest income 436,678 359,145 Interest expense (1,277,624) (1,272,008) Total non-operating income (expenses) (840,946) (912,863) Change in net position 314,850 1,204,356 Net position - beginning of the year 11,150,960 9,946,604 Net position - end of year $ 11,465,810 $ 11,150,960 The accompanying notes are an integral part of these financial statements.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows Years Ended December 31,
Cash flows from operating activities:
Cash received for agency and other fees $ 4,295,467 $ 3,529,730 Cash received for pass-through - White Pine 3,738,095 5,729,995 Cash received for pass-through - PILOT 10,768,386 10,211,628 Cash received for grants 24,898 120,278 Cash received for rent and other fees 71,450 149,232 Cash received for escrows, net - 634,296 Cash paid for pass-through - White Pine (3,733,685) (5,423,430) Cash paid for pass-through - PILOT (10,768,386) (10,211,628) Cash paid for economic development (2,166,023) (402,112) Cash paid to Onondaga County for administrative services (811,754) - Cash payments for professional services (17,757) (26,034) Cash payments for general and administrative expenses (172,260) (222,235) Cash payments from escrows (601,537) (309,417) Cash payments for other operating expenses - (1,026) Cash paid for seminars and meetings (11,952) (37,398) Net cash flows provided by operating activities 614,942 3,741,879 Cash flows from capital and related financing activities:
Proceeds from note payable to Onondaga County 7,110,550 - Purchases of capital assets (2,535,251) - Investments in real property (5,590,297) - Net cash flows used in capital and related financing activities (1,014,998) - Cash flows from investing activities:
Proceeds from interest on bank deposits 436,678 359,145 Net cash flows provided by investing activities 436,678 359,145 Change in cash and cash equivalents 36,622 4,101,024 Cash and cash equivalents - beginning of year 10,430,970 6,329,946 Cash and cash equivalents - end of year $ 10,467,592 $ 10,430,970 The accompanying notes are an integral part of these financial statements.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Statements of Cash Flows (continued) Years Ended December 31,
Reconciliation of operating income to net cash flows from Operating activities:
Operating income $ 1,155,796 $ 2,117,219 Adjustment to reconcile operating income to net cash flow from operating activities:
Depreciation - 976 Changes in:
Receivables - agency fees (13,499) 179,836 Receivables - White Pine pass through (4,365) 1,720,876 Receivables - PILOT pass through (5,995) (24,221) Accounts payable 35,008 650 Due to Onondaga County 34,764 811,754 Payables - White Pine pass-through 8,775 (1,414,311) Payables - PILOT pass-through 5,995 24,221 Escrows and Deposits (601,537) 324,879 Net cash flows provided by operating activities $ 614,942 $ 3,741,879 The accompanying notes are an integral part of these financial statements.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The New York State Industrial Development Agency Act of 1969 provided for the use of industrial revenue bond financing for the expansion and growth of industry in New York State. The Onondaga County Industrial Development Agency (the Agency) was created in accordance with the provisions of this Act in 1970 by a resolution passed by the County of Onondaga, New York (the County) Legislature. The Agency 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).
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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Income Tax Status The Agency believes it is exempt from taxation under Section 115 (Income of States, Municipalities, Etc.) of the Internal Revenue Code (IRC). The IRC provides that gross income does not include income accruing to a state of territory, or any political subdivision thereof, or the District of Columbia, which is derived from the exercise of any essential governmental function or from any public utility. The Agency also believes that none of its activities are subject to unrelated business income tax; therefore no provision for such income tax has been made in the financial statements for the years ended December 31, 2025 and 2024. 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, 2025 and 2024.
Capital Assets Capital asset purchases are recorded at historical cost or fair market value at the date of acquisition. The Agency’s policy is to capitalize all additions greater than $5,000. Depreciation expense is recorded on a straight-line basis over the assets’ estimated useful life of 5 to 39 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, 2025 and 2024.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
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 provides an expense allowance for capitalized costs incurred and to be incurred that exceed the net realizable value of the real property that is intended to be sold.
Investment in real property activity for the year ended December 31, 2025 was as follows: Beginning Ending Balance Increases Decreases Balance White Pine Commerce Park $ 30,756,703 $ - $ - $ 30,756,703 3649 Erie Boulevard East - 5,590,297 - 5,590,297 Total investment in real property $ 30,756,703 $ 5,590,297 $ - $ 36,347,000 Investment in real property activity for the year ended December 31, 2024 was as follows: Beginning Ending Balance Increases Decreases Balance White Pine Commerce Park $ 30,756,703 $ - $ - $ 30,756,703 Total investment in real property $ 30,756,703 $ - $ - $ 30,756,703 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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
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.
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 2/15/2024) 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 (included in UTEP) 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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
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 years ended December 31, 2025 and 2024: December 31, 2025 Abatement Project Mortgage Sales PILOT Total Finger Lakes Railway Corporation $ - $ 358,270 $ 736,180 $ 1,094,450 Semiconductor Components Industries, LLC - 2,200,000 1,272,078 3,472,078 Liverpool Lodging Ventures, LLC 126,525 905,360 1,243,782 2,275,667 United Auto Supply of Syracuse West, Inc. 112,500 1,400,000 - 1,512,500 Paradise Companies 10, LLC 24,375 178,556 544,122 747,053 Upstate Pathology Lab Ownership, LLC 569,250 3,200,000 2,575,291 6,344,541 Micron New York Semiconductor Manufacturing, LLC - 1,760,000,000 283,882,226 2,043,882,226 Micron New York Semiconductor Manufacturing, LLC (Rail Spur) - 3,178,400 394,310 3,572,710 Cameron Hinsdale, LLC 375,000 2,400,000 3,976,285 6,751,285 $ 1,207,650 $ 1,773,820,586 $ 294,624,274 $ 2,069,652,510 December 31, 2024 Abatement Project Mortgage Sales PILOT Total TTM Technologies, Inc. $ 825,000 $ 4,500,000 $ 10,612,385 $ 15,937,385 Clinton's Ditch Co-Operative Company, Inc. 229,213 3,262,936 381,609 3,873,758 Old Thompson Road, LLC 83,100 640,000 830,698 1,553,798 Homegrown2, LLC 105,000 765,920 884,812 1,755,732 $ 1,242,313 $ 9,168,856 $ 12,709,504 $ 23,120,673
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency follows an investment and deposit policy, the overall objective of which is to adequately safeguard the principal amount of funds invested or deposited; conform with federal, state and other legal requirements; and provide sufficient liquidity of invested funds in order to meet obligations as they become due. Oversight of investment activity is the responsibility of the Executive Director. Monies must be deposited in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within and authorized to do business in New York State (the State). Collateral is required for deposits and certificates of deposit not covered by FDIC insurance. Obligations that may be pledged as collateral are those identified in New York State General Municipal Law, Section 10 and outlined in the New York State Comptroller’s Financial Management Guide.
Interest Rate Risk Interest rate risk is the risk that the fair value of investments will be affected by changing interest rates. The Agency has an investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk The Agency’s policy is to minimize the risk of loss due to failure of an issuer or other counterparty to an investment to fulfill its obligations. The Agency’s investments and deposit policy authorizes the Agency to purchase the following types of investments:
Obligations of the United States of America;
Obligations where payment of principal and interest are guaranteed by the United States of America; Obligations of New York State;
Special time deposit account; and Certificates of deposit.
Custodial Credit Risk Custodial credit risk is the risk that, in the event of a failure of a depository financial institution, the reporting entity may not recover its deposits. In accordance with the Agency’s investment and deposit policy, all deposits of the Agency including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act (FDIA) shall be secured by a pledge of securities with an aggregate value equal to the aggregate amount of deposits.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
The Agency restricts the securities to the following eligible items:
Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation; Obligations partially insured or guaranteed by an agency of the United States of America; Obligations issued or fully insured or guaranteed by the State of New York; Obligations issued by a municipal corporation, school district or district corporation of New York State;
Obligations issued by states (other than New York State) of the United States of America rated in one of the two highest rating categories by at least one Nationally Recognized Statistical Rating Organization (NRSRO).
The Agency maintained cash balances of $10,470,135 and $6,365,448 in cash and cash equivalents at December 31, 2025 and 2024, 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.
Capital asset activity for the year ended December 31, 2025 was as follows:
Beginning Ending Balance Increases Decreases Balance Non-depreciable land:
White Pine Science and Technology Park $ 2,140,557 $ - $ - $ 2,140,557 White Pine Science and Technology Park - West - 2,535,251 - 2,535,251 800 Hiawatha 604,840 - - 604,840 Subtotal 2,745,397 2,535,251 - 5,280,648 Depreciable:
Furniture and Fixtures 6,018 - - 6,018 Subtotal 6,018 - - 6,018 Total capital assets 2,751,415 2,535,251 - 5,286,666 Accumulated depreciation:
Furniture and Fixtures 6,018 - - 6,018 Total 6,018 - - 6,018 Net capital assets $ 2,745,397 $ 2,535,251 $ - $ 5,280,648
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Capital asset activity for the year ended December 31, 2024 was as follows:
Beginning Ending Balance Increases Decreases Balance Non-depreciable land:
White Pine Science and Technology Park $ 2,140,557 $ - $ - $ 2,140,557 800 Hiawatha 604,840 - - 604,840 Subtotal 2,745,397 - - 2,745,397 Depreciable:
Furniture and Fixtures 6,018 - - 6,018 Subtotal 6,018 - - 6,018 Total capital assets 2,751,415 - - 2,751,415 Accumulated depreciation:
Furniture and Fixtures 5,042 976 - 6,018 Total 5,042 976 - 6,018 Net capital assets $ 2,746,373 $ (976) $ - $ 2,745,397
The total amount of industrial development, civic facility and pollution control financing issued through the Agency outstanding as of December 31, 2025, amounted to approximately $24,000,000. These financing obligations are not obligations of the Agency as the Agency acts a conduit for the obligations. The Agency does not have the obligation to repay the principal and interest of such obligations, as such, the obligations are not reflected as long-term obligations of the Agency.
The Agency will reimburse the County for a portion of the cost of operation of the Onondaga County Office of Economic Development. In exchange for this funding, the staff of the office provides operational and project implementation support services for the Agency. During 2025 and 2024, the Agency incurred $846,518 and $811,754 of operational costs, respectively, wholly due to the County as of December 31, 2025 and 2024, respectively.
In accordance with its corporate purpose, the Agency has issued bonds to promote and develop various businesses within the County. The Agency holds legal title to the properties, under which such bonds were issued in order for business to acquire or renovate various facilities. The Agency’s primary function is to arrange financing between borrowing companies and bondholders (conduit debt). For providing this service, the Agency receives administration fees from the borrowing companies. Total bonds outstanding were $23,958,664 and $41,001,982 at December 31, 2025 and 2024, 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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
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 $10,768,386 and $10,211,628 PILOT payments passed through the Agency for the years ended 2025 and 2024, respectively. PILOT payments due to other governments totaled $30,216 and $24,221 at December 31, 2025 and 2024, respectively.
The Agency entered into an Optional Advance Limited Recourse Demand Promissory Grid Note (the Note) with Onondaga County (the County). The note may be used by the Agency to assist in funding its program incentives, projects, asset development, and work related improvements. The Note bore interest at an annual rate of the greater of 0.91% per annum or the applicable federal rate, capitalized on an annual basis. Effective October 2025, new and future draws on the Note do not bear interest. The annual mid-term applicable federal rates for December 2025 and 2024 were 4.55% and 4.53%, respectively. During 2025, the Agency received advances of $7,110,550 and incurred $1,277,624 of interest. The Agency incurred $1,272,008 of interest during 2024 and did not receive any advance of the Note. The entire principal received and interest incurred as of December 31, 2025 and 2024 are recorded as non-current liabilities on the statement of net position as the County’s sole recourse for payment of indebtedness is limited to excess application fees received by the Agency. No excess application fees were received during 2025 or 2024, therefore no payments were required.
As of December 31, 2025, the Agency has the ability to draw an additional $19,889,450 on the Note. The Agency will primarily use these funds to support supply chain site readiness (SCSR). The unpaid Note principal and accrued interest as of December 31, 2025 and 2024 is as follows:
Note principal - WPCP $ 28,079,657 $ 28,079,657 Accrued interest - WPCP 4,372,683 3,095,059
Note principal - SCSR 7,110,550 - Total $ 39,562,890 $ 31,174,716
(A Discretely Presented Component Unit of the County of Onondaga, New York) Notes to Financial Statements
Financial instruments that potentially subject the Agency to credit risk consist principally of receivables.
In preparing the financial statements, management of the Agency has evaluated events and transactions for potential recognition or disclosure through March 5, 2026, 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.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) (continued) For the Year Ended December 31, 2025 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, 2025 During 2025 2025 2025 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% 2,011,871 - 55,250 1,956,621 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% 4,070,000 - 4,070,000 - 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% 625,380 - 625,380 - 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% 3,583,474 - 346,484 3,236,990 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 660,000 - 660,000 - 11/1/2025 OCIDA Tax-exempt Revenue Bonds (Old 3101-17-04B Thompson Road, LLC Project) Series 2017A/B December 1, 2017 5.42% 8,664,257 - 89,204 8,575,053 12/1/2042 Subtotal $ 24,661,982 $ - $ 8,693,318 $ 15,968,664 The accompanying notes are an integral part of these financial statements.
(A Discretely Presented Component Unit of the County of Onondaga, New York) Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) (continued) For the Year Ended December 31, 2025 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, 2025 During 2025 2025 2025 Date OCIDA Civic Facility Revenue Bonds (Manlius 3101-04-11A Library Project) Series 2005 April 28, 2005 4.00% 4.5%-4.625% $ 390,000 $ - $ 390,000 $ - 12/15/2029 OCIDA Civic Facility Revenue Bonds (Marcellus 3101-07-13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.6% 520,000 - 165,000 355,000 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% 465,000 - 35,000 430,000 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% 1,740,000 - 120,000 1,620,000 3/1/2037 OCIDA Civic Facility Revenue Bonds (Salina Free 3101-02-01A Library Project) Series 2002A December 1, 2002 5.20% 125,000 60,000 65,000 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% 6,350,000 830,000 5,520,000 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% 6,750,000 - 6,750,000 - 6/30/2027 Subtotal $ 16,340,000 $ - $ 8,350,000 $ 7,990,000 Carryforward subtotal - previous page 24,661,982 - 8,693,318 15,968,664 Grand Total $ 41,001,982 $ - $ 17,043,318 $ 23,958,664 The accompanying notes are an integral part of these financial statements.
December 31, 2025 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, 2025. 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.
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, 2025.
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 5, 2026
I) Designation of Depositories The Agency authorizes one or more bank or trust company (each an "authorized depository") for deposit of Agency funds. Each authorized depository shall follow New York State General Municipal Law (GML) regarding all cash and financial assets of the agency.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
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 an authorized depository. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in 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 GML §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; and (e) obligations of the State of New York.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
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) eligible securities with an aggregate market value as provided by GML §10, equal to the aggregate amount of deposits; (b) eligible surety bond for an amount at least equal to 100% of the aggregate amount of deposits and the agreed upon interest, if any, executed by a qualified insurance company; (c) eligible letter of credit as security for the payment of 140% of the aggregate amount of deposits; and (d) irrevocable letter of credit issued by a qualified federal home loan bank. Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
IV) Diversification The Agency will diversify its investments with regard to maturity schedule, types of investment and entities with which the Agency transacts business.
Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
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, 2025.
VI) Operations, Audit and Reporting The Agency shall provide quarterly financial reports to the Board, regarding financial assets, investments held by the Agency and the selection of investment bankers, brokers, agents, dealers or auditors. Management's Assertion:
The Agency complied with the requirement as of December 31, 2025.
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
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, 2025, 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 5, 2026.
Report on 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.
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.
Report on 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 5, 2026
Project: Jordan Landing LLC Project Number: 3101-25-07A
Location: 577 Peru Road School District: Jordan-Elbridge Project Type: New Construction, Housing Tax Parcel(s): 006.1-01-03.1; 006.1-01-04.1; 006.1-01-05.0 Village: Jordan
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