IDA Minutes:

2009

• 12/21/09

• 12/7/09

• 11/9/09

• 10/29/09

• 9/30/00

• 8/17/09

• 7/14/09

• 6/4/09

• 5/8/09

• 4/16/09

• 3/27/09

• 2/27/09

• 2/13/09

• 1/14/09

Current Minutes

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PRESENT: Daniels, Kunzwiler, Ospelt, Rush, Schick, Sorbello and Toth

Absent: None

Also Present: L. Michael Treadwell, David S. Dano, Kevin C. Caraccioli, John Oster, Stephanie Benson and Louis Fournier

Chair Rush called the meeting to order at 11:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the minutes of the December 7, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Schick, the Financial Statements for the period ended October 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on December 12, 2009.

RGC-SRE Oswego Acquisition, LLC
A presentation on the 26 unit affordable housing project planned for the former Seaway Supply building in the City of Oswego was made by Mr. Fournier of The Sutton Companies and Ms. Benson and Mr. Oster of Edgemere Development. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Toth, a resolution was approved determining that the acquisition, construction and equipping of a commercial facility at the request of RGC-SRE Oswego Acquisition, LLC, a New York Limited Liability Company, for use as affordable housing constitutes a project and describing the financial assistance requested in connection therewith and authorizing a public hearing. A copy of the resolution is attached and made an official part of the minutes.

New IDA Member – Jonathan Daniels
Following a formal welcome to the Agency, a copy of Resolution 230 Appointing a Member to the County of Oswego IDA that was adopted by the Oswego County Legislature on December 10, 2009, was distributed. A copy of the resolution is attached and made an official part of the minutes.

Fulton Thermal Corp.
Mr. Treadwell reported that notification was sent to Empire State Development informing ESD that the project, which volume cap had been allocated, would not close by the end of 2009. A request was made that the $10 million allocation be made available to Fulton Thermal Corp. in 2010 with an anticipated need to close on the bonds by March 1, 2010.

Sure-Lock Industries
A discussion was held on the status of the late PILOT payment.

Next IDA Meeting
January 21, 2010 at 2:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Toth, the meeting was adjourned at 12:25 p.m.

Respectfully Submitted,

H. Leonard Schick
Secretary

PRESENT: Kunzwiler, Ospelt, Rush, Schick, Sorbello and Treadwell

Absent: Toth

Also Present: Kevin C. Caraccioli and David S. Dano

Chair Rush called the meeting to order at 2:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the minutes of the November 9, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Kunzwiler, the Financial Statements for the period ended September 30, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on November 25, 2009.

LOAN DELINQUENT REPORT
Mr. Dano reviewed the report for the period ended November 30, 2009. Mr. Caraccioli reviewed a settlement offer regarding KLG Transport/Goppert. On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the offer was rejected and counsel was authorized to negotiate a settlement. Following a discussion on Wisebuys/Hacketts, on a motion by Mr. Ospelt, seconded by Mr. Schick, authorization was approved to pursue personal guarantees.

MiniMill Development LLC
Following a review of the application, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a resolution was approved taking official action towards the issuance of industrial development revenue bonds in an amount sufficient to finance the cost of the construction and equipping of a manufacturing facility at the request of MiniMill Development LLC. A copy of the resolution is attached and made an official part of the minutes.

Sunoco, Inc./Northeast Biofuels
Mr. Treadwell provided a status report on the financing for the ethanol project.

PARIS
Mr. Treadwell reported that the NYOSC has accepted the report for FY ended 7/31/09 as successfully completed.

Whitmor, LLC/Mirabito Development, Inc. and Hannibal Village Market, Inc.
Following a discussion, it was approved to modify and waive the personal guarantees associated with Mirabito Development, Inc. in the transaction.

BioSpherix Ltd.
Following a discussion and review of the application, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a resolution was adopted classifying the project as an unlisted action, declaring the County of Oswego IDA the Lead Agency for purposes of an uncoordinated review pursuant to the SEQRA and determining that the financial assistance for the BioSpherix Ltd. project will not have a significant effect on the environment. A copy of the Negative Declaration is on file at the Agency.

On a motion by Mr. Ospelt, seconded by Mr. Schick, financial assistance for working capital of $145,000 was approved for the BioSpherix Ltd. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Appointment of New IDA Member
Chair Rush reported that the appointment of Jonathan Daniels was on the Legislative Agenda for December 10, 2009.

Appointment of Chief Executive Officer
On a motion by Mr. Ospelt, seconded by Mr. Schick, a resolution was passed appointing L. Michael Treadwell to be the CEO. A copy of the resolution is attached and made an official part of the minutes.

Mr. Treadwell abstained.

Appointment of Chief Financial Officer
On a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, a resolution was passed appointing David S. Dano to be the CFO. A copy of the resolution is attached and made an official part of the minutes.

Authorization to Execute Documents
On a motion by Mr. Schick, seconded by Mr. Ospelt, a resolution was passed authorizing the CEO to execute instruments in accordance with Article I, Section 4 of the By-Laws. A copy of the resolution is attached and made an official part of the minutes.

Mr. Treadwell abstained.

Election of Secretary/Treasurer
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, Mr. H. Leonard Schick was elected to replace L. Michael Treadwell as Secretary/Treasurer to be effective on December 10, 2009.

Mr. Schick abstained.

Fulton Thermal Corp.
Mr. Treadwell reported that the State has approved the allocation of up to $10 million in PAB for the expansion project as requested by the Agency. It was also reported that it is unlikely that the bond financing will take place during 2009.

Fulton Cogeneration Associates
Mr. Treadwell and Mr. Caraccioli provided an update on the Fulton Tax Foreclosure. Mr. Treadwell reviewed an update on expenses incurred by the Agency as of November 30, 2009.

NYSEDC – IDA Conference
On a motion by Mr. Schick, seconded by Mr. Ospelt, it was approved to be an IDA sponsor of the Conference at a contribution level of $250.

Huhtamaki
Following a discussion regarding a name change, authorization was approved for counsel to prepare necessary and appropriate documents for an assignment for the PILOT, loans and leases.

Seaway Supply Building Project
Mr. Treadwell provided a summary of plans to convert the building into affordable housing and the developers will be seeking Agency assistance.

Next IDA Meeting
December 21, 2009, at 11:00 a.m. and January 21, 2010, at 2:00 p.m. were scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Schick, the meeting was adjourned at 4:30 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Rush, Schick, Sorbello, Toth and Treadwell

Absent: Ospelt

Also Present: Kevin C. Caraccioli, David S. Dano, and Roger Beer

Chair Rush called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, the minutes of the October 29, 2009, meeting were approved.

TREASURER’S REPORT
No report.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on November 3, 2009.

Audited Financial Statements – FY Ended July 31, 2009
Mr. Beer of Green & Seifter presented an overview of the Audit Report. Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, the Audited Financial Statements for FY Ended July 31, 2009 were approved.

Stevens Auto Store
Following a discussion and review of the application, on a motion by Mr. Schick, seconded by Mr. Kunzwiler, a resolution was adopted classifying the project as an unlisted action, declaring the County of Oswego IDA the Lead Agency for purposes of an uncoordinated review pursuant to the SEQRA and determining that the financial assistance for the Stevens Auto Store project will not have a significant effect on the environment. A copy of the Negative Declaration is on file at the Agency.

On a motion by Mr. Kunzwiler, seconded by Mr. Schick, financial assistance for building acquisition and renovations loan ($33,497) was approved for the Stevens Auto Store project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Annual Report – FY Ended July 31, 2009
Mr. Treadwell reported that the Annual Report has been posted on the website.

Loan Delinquent Report.
No Report. Mr. Caraccioli reported that a Motion for Default Judgment has been filed for The Checkpoint Enterprise, LLC project.

Confidential Project
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, authorization to provide a letter of intent for taxable bond financing for the project was approved subject to review and approval by counsel.

Next IDA Meeting
December 7, 2009, at 2:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Toth, seconded by Mr. Sorbello, the meeting was adjourned at 10:05 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
October 29, 2009
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

PRESENT: Kunzwiler, Ospelt, Rush, Schick, Sorbello, Toth and Treadwell

Absent: None

Also Present: Allison Nelson

Chair Rush called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Sorbello, seconded by Mr. Toth, the minutes of the September 30, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Kunzwiler, seconded by Mr. Schick, the Financial Statements for the period ended August 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on October 15, 2009.

Loan Delinquent Report
Mr. Treadwell reviewed the report for the period ended September 30, 2009. Ms. Nelson reported that matters related to KLG and the Gopperts were in the collection process.

Conflict of Interest Policy
Mr. Treadwell reviewed the activity on the policy that occurred at the September 30, 2009 meeting.

EPA Brownfield Fund
Mr. Treadwell reported that the County would not be pursuing an application at this time.

Civic Facility Authority
Following a discussion on an alternative for financing civic facility projects utilizing a Local Development Corporation (LDC), on a motion by Mr. Kunzwiler, seconded by Mr. Toth, authorization was approved to request the County Legislature to authorize the County of Oswego IDA to form a LDC for the purpose of financing eligible not-for-profit projects.

Coleman’s Properties. LLC
Ms. Nelson reported on the Summons issued relative to the defaulted 2009 PILOT payment.

Fulton Cogeneration Associates
Mr. Treadwell reviewed the City of Fulton’s Foreclosure of Tax Liens and the El Paso ongoing litigation.

Annual Report FY Ended July 31, 2009
Following a review of the Annual Report, on a motion by Mr. Toth, seconded by Mr. Ospelt, the Annual Report for FY Ended July 31, 2009 was approved. A copy of the Annual Report is on file at the Agency.

Sure-Lock Industries, LLC
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, a notice was authorized to be issued demanding payment in full including penalties of the 2009 PILOT by December 15, 2009 and, if not received, counsel is authorized to initiate termination of the PILOT.

Fulton Thermal Corp.
Mr. Treadwell reported that the Special Permit Application #09-56 to the Town of Richland Planning Board was supported by a letter from the Agency. Mr. Treadwell also reported that the company was awarded a $1.5 million loan/grant from ESDC’s Upstate Regional Blueprint Fund.

Confidentiality Agreement
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, the Secretary/Treasurer was authorized to enter into a Confidentiality Agreement with a potential manufacturing prospect.

Oswego County Board of Ethics
A discussion was held on the receipt of the paperwork for the annual filing.

Whitmor, LLC/Mirabito Development Inc. and Hannibal Village Market, Inc.
Ms. Nelson provided an overview of the request to substitute Whitmor, LLC for Mirabito Development, Inc. as a mortgagor on the IDA loan. Following a discussion, on a motion by Mr. Sorbello seconded by Mr. Toth, the request was approved subject to requiring the personal guarantees of the owners of Mirabito Development, Inc.

Modheshwari Motels, LLC
Ms. Nelson outlined the request to amend the mortgage regarding a 30-foot easement strip for a parking lot, on a motion by Mr. Ospelt, seconded by Mr. Schick, the request was approved.

Next IDA Meeting
November 9, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Toth, seconded by Mr. Schick, the meeting was adjourned at 11:10 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
September 30, 2009
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

PRESENT: Ospelt, Rush, Sorbello, Toth and Treadwell

Absent: Kunzwiler and Schick

Also Present: Kevin C. Caraccioli

Chair Rush called the meeting to order at 4:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Sorbello, seconded by Mr. Toth, the minutes of the September 17, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the Financial Statements for the period ended July 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on September 22, 2009.

Otis Products, Inc.
Following a review of the project and the Short Environmental Assessment Form, on a motion by Mr. Toth, seconded by Mr. Ospelt, a resolution was approved determining pursuant to the SEQRA that the Otis Products, Inc. project will not have a significant effect on the environment. A copy of the resolution is attached and made an official part of the minutes.

Following a review of the Financing Proposal Summary/Cost Benefit Analysis, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a resolution was approved to undertake the acquisition, renovation and equipping of the Otis Products, Inc. project, appointing Otis Products, Inc. agent of the Agency for the purpose of acquisition, renovation and equipping of the project, approving financial assistance in the form of real property tax, mortgage recording tax and sales and use tax exemptions and authorizing the execution and delivery of an agreement between the Agency and Otis Products, Inc. A copy of the resolution is attached and made an official part of the minutes. A copy of the Financing Proposal Summary/Cost Benefit Analysis is on file at the Agency.

On a motion by Mr. Ospelt, seconded by Mr. Toth, a resolution was approved to approve a PILOT schedule and authorize the execution and delivery of certain documents by the Agency in connection with a certain project undertaken at the request of Otis Products, Inc. A copy of the resolution is attached and made an official part of the minutes.

Fulton Thermal Corporation
Mr. Treadwell reported that the company had exercised its option to have the Agency’s Series 2000 Bonds redeemed on August 26, 2009.

Mr. Treadwell reported that an application had been submitted to Empire State Development Corp. requesting an allocation from the Statewide Reserve for the new project.

Conflict of Interest Policy
In compliance with the policy adopted on January 9, 2008, an annual review was conducted and no changes were recommended.

LEEH, LLC
A discussion was held on the Public Hearing held for the project and the response from SUNY Oswego indicating a demand for quality student housing.

EPA Brownfield Fund
Following a discussion, it was agreed to participate with the County by providing the local 20% match for the RLF subject to the Agency’s retaining its fiduciary oversight of Agency’s funds and/or by entering into a subrecipient agreement to administer the RLF.

KLG Transport
Mr. Caraccioli provided an update on the bankruptcy and judgment.

Next IDA Meeting
October 29, 2009, at 9:00 a.m. has been scheduled.

ADJOURNMENT
On a motion by Mr. Toth, seconded by Mr. Ospelt, the meeting was adjourned at 5:30 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Ospelt, Rush, Schick, Sorbello, Toth and Treadwell

Absent: None

Also Present: Kevin C. Caraccioli and Robert B. Liddell

Chair Rush called the meeting to order at 1:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the minutes of the July 14, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, the Financial Statements for the period ended May 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on July 31, 2009.

Loan Delinquent Report
Mr. Treadwell and Mr. Caraccioli reviewed the report for the period ended July 31, 2009.

Executive Session
On a motion by Mr. Kunzwiler, seconded by Mr. Schick, it was approved to adjourn to Executive Session at 1:20 p.m. to review matters of litigation with Mr. Liddell regarding Fulton Cogeneration Associates.

On a motion by Mr. Ospelt, seconded by Mr. Schick, the Executive Session was ended at 2:10 p.m.

Fulton Cogeneration Associates
On a motion by Mr. Sorbello, seconded by Mr. Schick, a resolution was approved authorizing payment to the taxing authorities for amounts owed under the 2005 PILOT Agreement and be it

RESOLVED, that the IDA Board authorizes payment to the County of Oswego, the City of Fulton, and the Fulton City School District in accordance with the proportionate payments under the 2005 PILOT Agreement with Fulton Cogeneration Associates in accordance with the following calculations: Fulton City School District to be paid $697,670.00, City of Fulton to be paid $459,943.00, County of Oswego to be paid $291,528.00, County of Oswego IDA to be paid $32,392.00 (total PILOT Payments for 2005 to be paid $1,481,533.00).

On a motion by Mr. Schick, seconded by Mr. Toth, a resolution was approved and be it

RESOLVED, that the IDA Board authorizes L. Michael Treadwell, Carolyn Rush, and Kevin Caraccioli, together with litigation counsel, Robert Liddell, to negotiate a settlement of the outstanding legal issues related to the Fulton Cogeneration Associates litigation with co-defendant El Paso Power, Inc.

Fulton Thermal Corporation
Following a review by Mr. Caraccioli, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, a Security Agreement with M&T Bank associated with the payoff of 2000 IDA bonds, was approved.

Uniforms, Etc.
On a motion by Mr. Schick, seconded by Mr. Kunzwiler, the HUD(2) loan commitment in the amount of $15,000 was terminated.

Northland Filter International
On a motion by Mr. Schick, seconded by Mr. Kunzwiler, the General Fund loan commitment in the amount of $100,000 was terminated.

Governance Committee
Ms. Rush reviewed the meeting with County Officials regarding the appointment of a new member.

Novelis
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Toth, authorization was approved to submit an application involving conduit funding to the Empire State Development Environmental Services Unit to assist in financing upgrades to the Hot Mill Pusher Furnace.

PILOT Report
Following a review of past-due PILOTs, authorization was approved for counsel to initiate appropriate steps for collection.

Northeast Biofuels/Sunoco
Mr. Treadwell reported that the final administrative installment was paid in full by NEB and that Sunoco has assumed payments on the Agency’s loan.

Oswego Hospital – Lab Project
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, it was approved to support Oswego Hospital’s application for a $210,000 grant from the Upstate Regional Blue Print Program administered by ESD.

Pulaski Day Care Center
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, a restructuring of debt was approved to consolidate two loans at a blended rate of 3% and a 15-year term subject to acceptance by the company.

G&S Broadwell, Inc.
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, a one-year extension of the PILOT was approved to allow for sufficient time to structure and close on the financing for the new conference center project.

Next IDA Meeting
September 17, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Toth, seconded by Mr. Kunzwiler, the meeting was adjourned at 3:05 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Ospelt, Rush, Schick, Sorbello and Treadwell

Absent: Kunzwiler and Toth

Also Present: Kevin C. Caraccioli and David S. Dano

Chair Rush called the meeting to order at 1:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the minutes of the June 4, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the Financial Statements for the period ended April 30, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on June 27, 2009.

Loan Delinquent Report
Mr. Treadwell and Mr. Caraccioli reviewed the report for the period ended June 30, 2009.

G&S Broadwell, Inc.
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a resolution was approved approving a PILOT schedule and authorizing the execution and delivery of certain documents by the Agency in connection with a certain project undertaken at the request of G&S Broadwell, Inc. A copy of the resolution is attached and made an official part of the minutes.

Following a discussion and review of the Financing Proposal Summary and Cost/Benefit Analysis, on a motion by Mr. Schick, seconded by Mr. Ospelt, a resolution was approved to undertake the acquisition, construction and equipping of a certain project, appointing G&S Broadwell, Inc., a New York business corporation, as Agent of the Agency for the purpose of the acquisition, construction and equipping of the project, approving a loan by the Agency’s Economic Development Fund and other financial assistance in the form of real property tax, mortgage recording tax and sales and use tax exemptions and authorizing the execution and delivery of an agreement between the Agency and G&S Broadwell, Inc. A copy of the resolution is attached and made an official part of the minutes. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

On a motion by Mr. Schick, seconded by Mr. Sorbello, a resolution was approved authorizing the execution and delivery of certain documents by the Agency in connection with a certain project undertaken at the request of G&S Broadwell, Inc. A copy of the resolution is attached and made an official part of the minutes.

Oswego County Opportunities, Inc.
Following a discussion and review of the application, on a motion by Mr. Ospelt, seconded by Mr. Schick, a resolution was adopted classifying the project as an unlisted action, declaring the County of Oswego IDA the Lead Agency for purposes of an uncoordinated review pursuant to the SEQRA and determining that the financial assistance for the Oswego County Opportunities, Inc. kitchen project will not have a significant effect on the environment. A copy of the Negative Declaration is on file at the Agency.

On a motion by Mr. Ospelt, seconded by Mr. Sorbello, financial assistance for equipment leasing and soft costs ($348,000) was approved for the Oswego County Opportunities, Inc. kitchen project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Caster Properties
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Ospelt, authorization was approved to provide a partial release of the mortgage associated with the sale of a residential unit, the Agency’s paydown to be equal to 20% of the FSB’s paydown.

PILOTs Status
Following a review of late PILOT payments, on a motion by Mr. Ospelt, seconded by Mr. Schick, counsel was authorized to proceed with legal action to collect on Coleman’s Properties. On a motion by Mr. Sorbello, seconded by Mr. Schick a request for a written response and/or payment before the August 17, 2009, IDA meeting is to be sent to the balance of the companies.

IDA Legislation
Mr. Treadwell distributed a letter from Senator Aubertine and a resolution from Lewis County regarding concerns over the Hoyt/Thompson IDA reform legislation.

Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, authorization to submit a letter of support to Oswego County’s State representatives regarding the Morelle (A.5700-A) and Stachowski (S2898-A) was approved. The bills (also supported by the Oswego County Legislature) would extend IDA civic facility authority for one year (prior bills would have made it permanent).

Fulton Thermal Corporation
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, consent was authorized relative to Hiscock & Barclay, LLP representing Fulton Thermal Corporation in connection with the purchase of the Agency’s bonds by Manufacturers and Traders Trust Company.

Northeast Biofuels/Sunoco, Inc.
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, authorization was approved for the secretary/treasurer to execute all documents relative to changing of the beneficial owner from Northeast Biofuels to Sunoco, Inc.

Oswego YMCA
On a motion by Mr. Schick, seconded by Mr. Sorbello, a resolution was approved releasing collateral associated with a loan that has been paid in full. A copy of the resolution is attached and made an official part of the minutes.

Governance Committee
The July 16, 2009 meeting was rescheduled for July 29, 2009, at 1:00 p.m.

Fulton Cogeneration Associates
Mr. Treadwell reported that the NYS DEC is initiating revocation of the discharge permit in accordance with the Uniform Procedures Regulation, SPDES Regulation.

Next IDA Meeting
August 17, 2009, at 1:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the meeting was adjourned at 2:25 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Ospelt, Rush, Schick, Sorbello, Toth and Treadwell

Absent: None

Also Present: Kevin C. Caraccioli and David S. Dano

Chair Rush called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Sorbello, seconded by Mr. Schick, the minutes of the May 8, 2009, meeting were approved.

TREASURER’S REPORT
No report.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on May 19, 2009.

IDA Legislation – Oswego County Legislature (June 11, 2009)
Three resolutions to be on the Legislature’s agenda for June 11, 2009, were reviewed and discussed, they included (1) Bond Resolution for Fulton Thermal, (2) Resolution Opposing “Reform” Bills That Would Restrict Rural Development and (3) Resolution Supporting Making IDA Civic Facility Authority Permanent.

Loan Delinquent Report
Mr. Dano reviewed the report for the period ended May 31, 2009.

Oswego Bakery & Catering Co.
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a modification to the Agency’s financing commitment was approved waiving the condition on the SBA 504 loan approval.

Patsy M. Iannolo, MD
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, the Agency’s loan was subordinated to an additional $200,000 in financing from Pathfinder Bank.

Northeast Biofuels
Mr. Treadwell and Mr. Caraccioli reviewed the terms of the Sunoco, Inc. Asset Purchase Agreement and reported that the IDA’s contracts have been assigned by the Court to Sunoco. Mr. Treadwell reported that Northeast Biofuels has stated that the final installment of the Agency’s fee would be paid. June 15, 2009, is the scheduled date for the takeover by Sunoco to be completed.

Oswego Hamilton Homes Phase I
Mr. Caraccioli reviewed the Project Amendment Resolution, on a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, a resolution was approved determining pursuant to the SEQRA that certain additions to the project facility will not have a significant impact on the environment; authorizing the Agency’s participation in certain amended documents in connection with the amended project; and appointing Oswego Hamilton Homes Phase I, LLC as agent of the Agency for the purpose of constructing and equipping the amended project. A copy of the resolution is attached and made an official part of the minutes.

Whitewater Commons
Mr. Treadwell reported that the Raging River BBQ has opened in the building.

Fulton Cogeneration Associates
Mr. Caraccioli provided an update on the litigation. Mr. Treadwell reported that FCA’s SPDES Permit was revoked by the NYS DEC.

Fulton Thermal Corporation
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Ospelt, it was approved to support the Company’s application to Empire State Development for funding from the Upstate Regional Blueprint Fund.

G&S Broadwell, Inc.
Mr. Treadwell reported that a public hearing has been scheduled for June 17, 2009, and that a UTEP deviation letter will be sent to all taxing authorities in accordance with General Municipal Law.

L. Michael Treadwell
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a letter of resignation as a member of the Board of the County of Oswego IDA was accepted for compliance purposes with the PAAA of 2005. The effective date of the resignation would be the date in which the Oswego County Legislature approves a replacement to the Agency’s Board. Mr. Treadwell will continue his role as CEO of the Agency in accordance with the PAAA and the Agency’s By-Laws.

Governance Committee
A meeting was scheduled for July 16, 2009, at 1:00 p.m.

Coleman’s Properties, LLC
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, a resolution was adopted to terminate the PILOT. A copy of the resolution is attached and made an official part of the minutes.

On a motion by Mr. Schick, seconded by Mr. Ospelt, authorization was approved to activate collection efforts for the 2009 PILOT payment.

Next IDA Meeting
July 14, 2009, at 1:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the meeting was adjourned at 10:55 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Rush, Sorbello, Toth and Treadwell

Absent: Ospelt and Schick

Also Present: Kevin C. Caraccioli and David S. Dano

Chair Rush called the meeting to order at 3:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, the minutes of the April 16, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, the Financial Statements for the period ended March 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on April 23, 2009.

Loan Delinquent Report
Mr. Dano reviewed the report for the period ended April 30, 2009. Mr. Caraccioli reported on the WiseBuys’ involuntary bankruptcy and noted that it could be reversed. Mr. Treadwell reported that the settlement payment for Zappala Farms had been received. Following a discussion, counsel was authorized to proceed with legal action in accordance with Agency policy relative to The Checkpoint Enterprises, LLC Foreclosure Action.

Fulton Thermal Corporation
On a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a resolution was approved classifying the issuance of Industrial Development Revenue Bonds in an amount sufficient to finance the cost of the construction of an addition to, and equipping of, an existing manufacturing facility at the request of Fulton Thermal Corporation as an unlisted action pursuant to the SEQRA, declaring the Agency Lead Agency for purposes of an uncoordinated review thereunder and determining that the project will not have a significant effect on the environment. A copy of the resolution is attached and made an official part of the minutes.

Ms. Rush recused.

On a motion by Mr. Toth, seconded by Mr. Sorbello, a resolution was approved to undertake the acquisition, construction and equipping of a certain project, appointing Fulton Thermal Corporation, as Agent of the Agency for the purpose of the acquisition, construction of an addition to, and equipping of, an existing manufacturing facility, granting of certain financial assistance in connection therewith, including the issuance of the Agency’s tax exempt (and incidental taxable) Industrial Development Revenue Bonds and delivery of an agreement between the Agency and the Fulton Thermal Corporation. A copy of the resolution is attached and made an official part of the minutes.

Ms. Rush recused.

Annual Budget – Revenues and Expenses
Following a review of the proposed Administrative Services Agreement with Operation Oswego County, Inc., on a motion by Mr. Kunzwiler, seconded by Mr. Toth, the Administrative Services Agreement for 2009 and 2010 was approved. Mr. Treadwell recused.

Following a review of the Annual Budget for the FY Ended 7/31/08 (Actual), FY In Progress Ending 7/31/09 (Estimated) and FY To End 7/31/10 (Projected), on a motion by Mr. Kunzwiler, seconded by Mr. Toth, the Annual Budgets were approved and were authorized to be submitted in accordance with NYS reporting requirements. A copy of the Annual Budgets are attached and made an official part of the minutes.

IDA Reform Legislation
The following were reviewed and discussed: proposed resolution from the County of Oswego Legislature in opposition to A3659 and S1241, The Post Standard OP ED dated May 3, 2009, The Buffalo News OP ED dated May 4, 2009, and the Testimony of the New York State Conference of Mayors by Peter A. Baynes, NYCOM Executive Director, before the Assembly Standing Committee on Local Governments dated March 4, 2009.

Fulton Cogeneration Associates
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Toth, it was approved to not respond to the mediation request dated May 4, 2009.

Rural Bolt Company
Following a discussion, on a motion by Mr. Toth, seconded by Mr. Kunzwiler, a 4-month deferment of principal and interest payments was approved for the PILOT loan.

Northeast Biofuels
Mr. Caraccioli provided a review of the filing of a Proof of Claim and the modification and extension of the dates for bids. Mr. Treadwell reported that the debt service is current.

Operation Oswego County/Oswego Health
Following a review of the bridge funding request for a NYS OGS grant sponsored by Assemblyman Barclay, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a $20,000 PILOT EDF bridge loan was approved. Mr. Treadwell abstained.

Coleman’s Properties, LLC
Mr. Caraccioli reported that a Foreclosure Action has been initiated by the City of Oswego Community Development Office.

Oswego Hamilton Homes
A discussion was held regarding the closing on Phase II of the project by the end of May and the need to address a construction modification on Phase I that is being required by NYS.

Next IDA Meeting
June 4, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, the meeting was adjourned at 4:50 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Ospelt, Sorbello, Toth and Treadwell

Absent: Rush and Schick

Also Present: Kevin C. Caraccioli and David S. Dano

Vice Chair Toth called the meeting to order at 2:00 p.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, the minutes of the March 27, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, the Financial Statements for the period ended February 28, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on April 2, 2009.

Loan Delinquent Report
Mr. Dano reviewed the report for the period ended March 31, 2009. Mr. Caraccioli reported that the $75,000 settlement regarding the Zappala Farms bankruptcy was completed. Mr. Dano reviewed the Tavern on the Lock project, following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, the request for a 7-month deferment of principal and interest payments was approved.

Burritt Motors
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, a 10% commission was authorized to be paid on the sale of the Harley.

Northeast Biofuels
Mr. Treadwell reported that the 2009 PILOT payment had been received. Mr. Caraccioli provided an update on the Agency’s equipment lease agreement assignment to the successful bidder and reported on the Minnesota Conway Fire & Safety, Inc.’s mechanic’s lien.

McGillicuddy Enterprises
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, approved a modification to the pro-rata shared first real estate lien position with Fulton Savings Bank by $30,000.

The Legislative Gazette
Copies of the NYSEDC’s “Your Local IDA” article was distributed.

Fulton Cogeneration Associates
Mr. Caraccioli reported that Judge Mordue granted the Agency’s Summary Judgment Motion against FCA, Lion and Fimab. Decision was reserved against El Paso and ANR. The Settlement Motion with NY3C was also granted. Funds have been deposited in the County’s escrow account. Mr. Treadwell reported that expense documentation had been prepared and that a copy of the valuation report on the FCA real estate was provided to the City of Fulton.

Great Lakes Veneer
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a restructuring of debt was approved to consolidate two loans at a blended rate and a 10-year term subject to acceptance by the company.

Fulton Thermal
Mr. Treadwell reported that a public hearing has been scheduled for May 5, 2009. A review of the Financing Proposal Summary and Cost/Benefit Analysis was conducted. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

PARIS
Mr. Treadwell reported that the reporting for FY ended 7/31/08 was successfully completed.

Oneida Lake Ready-Mix, LLC
On a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, a resolution was approved to undertake the acquisition, construction and equipping of a certain project, approving a PILOT schedule and other financial assistance in the form of mortgage recording tax and sales and use tax exemptions and authorizing the execution of certain documents by the Agency in connection with the project. A copy of the resolution is attached and made an official part of the minutes.

Caster Properties
Mr. Treadwell reported the paydown arrangement due to the release of part premises associated with the sale to Uniforms Etc.

Fulton Savings Bank
A discussion was held relative to the plan for the bank to vacate when the lease expires at the 6 RiverGlen Square location in Fulton.

Town of Richland Water District No. 2
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Ospelt, authorization was approved to execute the easement associated with the Fulton Thermal Site. On a motion by Mr. Sorbello, seconded by Mr. Ospelt, authorization was approved to execute the easement associated with the County of Oswego IDA site.

Executive Session
On a motion by Mr. Toth, seconded by Mr. Kunzwiler, it was approved to adjourn to Executive Session at 3:30 p.m. for the Audit Committee to review a proposal for the Audit for FYs ending 7/31/09 and 7/31/10.

On a motion by Mr. Kunzwiler, seconded by Mr. Toth, the Executive Session was ended at 3:40 p.m.

Audit Proposal FY Ending 7/31/09 and 7/31/10
On a recommendation from the Audit Committee, on a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, Green & Seifter was approved to conduct the audit for FY ending 7/31/09 and 7/31/10.

NRG
A discussion was held relative to interest from the taxing authorities for a PILOT for purposes of tax stabilization.

IDA Reform Legislation
A discussion and review of the proposed A3659 (Hoyt) and S1241 (Thompson) legislation was held. After review, it was the consensus that components of the legislation would be harmful to business development and job creation in Oswego County.

Next IDA Meeting
May 8, 2009, at 3:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, the meeting was adjourned at 4:45 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Kunzwiler, Ospelt, Rush, Schick, Sorbello, Toth and Treadwell

Absent: None

Also Present: Kevin C. Caraccioli, David S. Dano, Joe Nazdan, James Sparkes, and Bruce Wanlass

Vice Chair Toth called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, the minutes of the February 27, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Ospelt, the Financial Statements for the period ended January 31, 2009, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on March 12, 2009.

Allied Energy Holdings
Mr. Wanlass of C&S Engineers made a presentation on the concept of installing up to three 900 kw wind turbines on the LOIP site. Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, it was agreed that the existing option on the property for an ethanol project should be terminated and authorization was approved.

On a motion by Mr. Schick, seconded by Mr. Kunzwiler, the Secretary/Treasurer was authorized to negotiate a new option agreement with Allied Energy Holdings for a wind project subject to the maximum of two turbines. Mr. Ospelt opposed the motion.

Loan Delinquent Report
Mr. Dano reviewed the report for the period ended February 28, 2009. Mr. Caraccioli and Ms. Fangio (via conference call) reviewed the status of the Zappala Farms bankruptcy. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Toth, it was approved to accept the $75,000 settlement proposal modification and counsel was authorized to proceed accordingly.

Oneida Lake Ready-Mix, LLC
Following a review of the application, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, a resolution was approved determining pursuant to the SEQRA that the Oneida Lake Ready-Mix, LLC project will not have a significant effect on the environment. A copy of the resolution is attached and made an official part of the minutes.

On a motion by Mr. Sorbello, seconded by Mr. Schick, a resolution was approved appointing Oneida Lake Ready-Mix, LLC, Agent of the Agency for purposes of the project. A copy of the resolution is attached and made an official part of the minutes.

On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, financial assistance for construction and equipping the project ($400,000) was approved for the Oneida Lake Ready-Mix, LLC project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Fulton Thermal Corporation
Following a review of the application, on a motion by Mr. Ospelt, seconded by Mr. Toth, a resolution was approved taking official action towards the issuance of industrial development revenue bonds in an amount sufficient to finance the cost of the construction of an addition to, and equipping of, an existing manufacturing facility at the request of Fulton Thermal Corporation. A copy of the resolution is attached and made an official part of the minutes.

Ms. Rush recused.

Northeast Biofuels
Mr. Caraccioli reviewed the Notice of Auction and Sale and the NYS Fence’s mechanics lien. Mr. Treadwell reported that the company remained current on its loan and that the Agency was informed that the 2009 PILOT would be paid.

PILOT Deferments
Following a discussion, it was agreed that deferments were not applicable to PILOTs.

The Bake Shop Eatery
Following a discussion and review of the application, on a motion by Mr. Kunzwiler, seconded by Mr. Toth, a resolution was adopted classifying the project as an unlisted action, declaring the County of Oswego IDA the Lead Agency for purposes of an uncoordinated review pursuant to the SEQRA and determining that the financial assistance for The Bake Shop Eatery project will not have a significant effect on the environment. A copy of the Negative Declaration is on file at the Agency.

On a motion by Mr. Toth, seconded by Mr. Sorbello, financial assistance for leasehold improvements and equipping ($25,000) was approved for The Bake Shop Eatery project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Stone’s Quality Cleaning Service
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Kunzwiler, the request to release a collateralized vehicle was approved.

2009 PILOTs
A report on the distribution of payments was presented by Mr. Treadwell.

Fulton Cogeneration Associates
Mr. Caraccioli reviewed the status of the litigation, including the settlement proposal relative to NY3C.

Great Lakes Veneer
Following a discussion on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, it was agreed to evaluate a restructuring proposal for debt service.

Next IDA Meeting
April 16, 2009, at 2:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the meeting was adjourned at 12:25 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Schick, Ospelt, Sorbello, Toth and Treadwell

Absent: Kunzwiler and Rush

Also Present: Kevin C. Caraccioli, David S. Dano and George Broadwell

Vice Chair Toth called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the minutes of the February 13, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Ospelt, the Financial Statements for the period ended December 31, 2008, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on February 14, 2009.

Loan Delinquent Report
Mr. Dano reviewed the report for the period ended January 31, 2009. Mr. Caraccioli reviewed a settlement request related to the Agency’s claim against Zappala Farms LLC. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, the proposed 15% discount on the Agency’s claim was rejected.

Mahalaxmi, Matangi and Modheshwari Motels
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, a 6-month deferment of principal and interest payments was approved for the three PILOT loans.

G&S Broadwell, Inc.
Mr. Broadwell made a presentation on the proposed expansion/conference center project for the Best Western. Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, a resolution was approved determining that the acquisition, construction, and equipping of a commercial facility at the request of G&S Broadwell, Inc., a New York business corporation, for use as a hotel, conference center, restaurant, health club expansion and parking lot constitutes a project and describing the financial assistance requested in connection therewith and authorizing a public hearing. A copy of the resolution is attached and made an official part of the minutes.

Following a review and discussion of the terms and conditions of a proposed PILOT Agreement, it was determined that it would constitute a deviation from the Agency’s UTEP. On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the Secretary was authorized to send notifications to the taxing authorities for comments on the proposed PILOT Agreement.

Oneida Lake Ready-Mix, LLC
Following a review and discussion on the proposed project, on a motion by Mr. Schick, seconded by Mr. Sorbello, a resolution was approved determining that the acquisition, construction and equipping of a commercial facility at the request of Oneida Lake Ready-Mix, LLC, a New York Limited Liability Company for use as a concrete manufacturing plant, heavy equipment sales and heavy equipment repair constitutes a project and describing the financial assistance requested in connection therewith and authorizing a public hearing. A copy of the resolution is attached and made an official part of the minutes.

Branches Tree Service
Mr. Treadwell reported that the MEP loan in the amount of $15,000 had been canceled.

Fulton Cogeneration Associates
Mr. Caraccioli reported the status on the litigation relative to the NY3C proposed settlement. Also reported that the request for the DE court to appoint a receiver was denied and a trial set for July 30, 2009.

Big Orange Radiator
Mr. Treadwell reported that the Grand Opening has been scheduled for March 6, 2009, at 11:00 a.m.

SallyeAnder, Inc.
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, a 3-month deferment of principal and interest payments was approved for the PILOT loan.

Next IDA Meeting
March 27, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the meeting was adjourned at 11:45 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Schick, Sorbello, Toth and Treadwell

Absent: Kunzwiler, Ospelt and Rush

Also Present: Kevin C. Caraccioli, David S. Dano and Roger Beer

Vice Chair Toth called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Schick, seconded by Mr. Sorbello, the minutes of the January 14, 2009, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Schick, the Financial Statements for the period ended November 30, 2008, were approved.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on January 29, 2009.

Audit Report FY Ended 7/31/08
Mr. Beer of Green & Seifter presented the Audit Report, following a review and discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, the Audit Report for FY Ended 7/31/08 was approved.

Annual Report FY Ended 7/31/08
Mr. Treadwell presented the Annual Report, following a review and discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, the Annual Report for FY Ended 7/31/08 was approved.

Procurement Policy
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, the amended Procurement Policy was approved. A copy of the Procurement Policy is attached and made an official part of the minutes.

Investment Policy
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, a resolution establishing the Investment Policy was approved. A copy of the resolution is attached and made an official part of the minutes.

Legislative Gazette Inserts
Mr. Treadwell outlined a PR initiative to promote and enhance the image of IDAs being coordinated by the NYSEDC. Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, it was approved to sponsor a CNY initiative at the cost of $2,500. On a motion by Mr. Schick, seconded by Mr. Sorbello, it was approved to sponsor a Statewide initiative at the cost of $500.

HUD CDBG Interest Refund
On a motion by Mr. Sorbello, seconded by Mr. Schick, authorization was approved to return $22,307.78 to HUD for 2008.

Unistar Nuclear LLC – Lead Agency
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, the Agency concurred with the NYSDEC Intent to serve as the Lead Agency and authorized the Secretary to file accordingly with the NYSDEC.

RiverHouse Restaurant
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, a 5-month deferment of principal and interest payments was approved for the PILOT Loan.

The Penn Traffic Company
Mr. Caraccioli provided an overview of the refinancing that included River Glen Square in Fulton. On a motion by Mr. Sorbello, seconded by Mr. Schick, a resolution was approved consenting to the property being mortgaged and the authorization to execute a mortgage modification agreement and a mortgage. A copy of the resolution is attached and made an official part of the minutes.

Northeast Biofuels
Mr. Treadwell reported that debt service was current.

Coleman’s Properties, LLC
Following a discussion relative to the vacant status of the property, on a motion by Mr. Schick, seconded by Mr. Sorbello, the PILOT Agreement and Lease was authorized to be terminated.

Fulton Cogeneration Associates
Mr. Treadwell reported that he had been notified by the Sheriff’s Office that the clean-up and equipment removal had been completed. Mr. Caraccioli provided an update on the litigation.

Zappala Farms
Mr. Caraccioli provided an update and reported that the IDA should expect to be made whole and that the stub search showed the Agency to be in the 1st position.

Columbia Mills
Mr. Caraccioli reported that the soil placed on the site from the Stewart’s project would require NYS DEC approval to be removed. Stewart’s will take responsibility and conduct soil samples.

Next IDA Meeting
February 27, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Treadwell, seconded by Mr. Schick, the meeting was adjourned at 11:25 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

PRESENT: Ospelt, Schick, Sorbello and Treadwell

Absent: Kunzwiler, Rush and Toth

Also Present: Kevin C. Caraccioli, David S. Dano and Robert B. Liddell

Secretary/Treasurer Treadwell called the meeting to order at 9:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Schick, seconded by Mr. Ospelt, the minutes of the December 5, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Ospelt, the Financial Statements for the period ended October 31, 2008, were approved.

Mr. Treadwell reported that the audit for FY ended July 31, 2008, would be finalized by February.

NOTICE OF MEETING
Meeting notices were posted at the Oswego County Building, the IDA Office Building, and on the IDA website. A notice was published in The Palladium Times on January 3, 2009.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended December 31, 2008.

D&D Logging & Lumber, LLC
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, a 6-month deferment of principal and interest payments was approved for the PILOT ED Lease.

Stone’s Quality Cleaning Service
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, a 3-month deferment of principal and interest payments was approved for the MEP Loan.

Disposition of Property Guidelines
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, a resolution was adopted approving the Disposition of Property Guidelines and designating the Contracting Officer. A copy of the resolution is attached and made an official part of the minutes.

Allied Energy Holdings LLC
Following a review of the Progress Report dated December 12, 2008, on a motion by Mr. Ospelt, seconded by Mr. Schick, the report was accepted. Mr. Treadwell reported that the meeting with representatives of Allied Energy had been delayed and would be scheduled.

Council of Development Finance Agencies
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, authorization was approved to renew membership for 2009 at a cost of $275.

Governor Paterson’s State Budget
Mr. Treadwell reported that the proposed budget does not include an extension of IDA civic facility authority, authorizes assessment and collection of cost recovery fees up to an aggregate amount of $5 million for IDAs for central government services, and an increase of 20% of bond issuance charges.

Sure-Lock Industries, LLC
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a 6-month deferment of principal and interest payments was approved for the PILOT loan.

Northeast Biofuels
Mr. Caraccioli reported on a mechanic lien by Lurgi.

Temporary Loan/Lease Rate Adjustment
Following a discussion and addressing the impact of a declining economy and concerns about the availability of traditional financing, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a 1% reduction in Agency financing floor rates was approved for all loans approved in 2009.

Standard: 4% to 3%
LLI: 3% to 2%

Fulton Cogeneration Associates
Mr. Treadwell reported that the removal of combustibles was completed. A cost status report through December 31, 2008 was provided.

Mr. Liddell reported on litigation in DE involving the Agency’s attachment on a steam purchase obligation of New York Chocolate to FCA and the appointment of a receivership on NY3C to liquidate assets. Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, counsel was authorized to make a motion to the court for approval of a 60% settlement on the attached order.

The Club at Caughdenoy Creek
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, a 6-month deferment of principal and interest payments was approved for the PILOT loan.

Next IDA Meeting
February 13, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the meeting was adjourned at 11:05 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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