IDA Minutes:

2008

• 12/5/08

• 11/12/08

• 10/08/08

• 9/11/08

• 8/27/08

• 7/28/08

• 7/8/08

• 6/27/08

• 5/20/08

• 5/1/08

• 4/7/08

• 3/12/08

• 2/27/08

• 1/9/08

Current Minutes

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
December 5, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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

Absent: Rush

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

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. Kunzwiler, seconded by Mr. Schick, the minutes of the November 12, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Kunzwiler, seconded by Mr. Schick, the Financial Statements for the period ended September 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 November 20, 2008.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended November 30, 2008. Following a discussion regarding the Old Man’s Place, on a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, authorization was approved to conduct a stub search for properties owned by the Royces in the Town of Granby.

Wiltsie Construction Co., Inc.
Following a discussion and review of the application, on a motion by Mr. Ospelt, 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 Wiltsie Construction Co., Inc. 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. Ospelt, financial assistance for a machinery and equipment lease ($129,780) was approved for the Wiltsie Construction Co., Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Mr. Toth abstained.

Fulton Cogeneration Associates
Mr. Treadwell reported on the filing of an Affidavit to the Court in Delaware opposing the request for the appointment of a receiver filed by FCA and others relative to NY3C. Mr. Treadwell reported that a final checklist relative to the equipment removal was prepared in cooperation with the City of Fulton. An agreement with RD Home Construction of Pulaski was authorized to remove combustibles under the direction of the Sheriff.

Jay F. Sullivan, MD
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a 3-month deferment of principal and interest payments were approved for two General RLF loans.

EVM, Inc.
Mr. Dano and Mr. Treadwell reviewed the action taken by the IDA on subordination at its November 12, 2008, meeting. Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, a subordination to Pathfinder Bank was approved subject to additional unencumbered equipment being pledged to the IDA by principals of the company.

Big Orange Radiator, LLC
Due to timing issues for start-up, on a motion by Mr. Ospelt, seconded by Mr. Schick, the repayment schedule was deferred for 2 months.

Tavern on the Lock
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, it was approved to release 3 Austin Avenue in Fulton, NY, as collateral for the HUD RLF Loan.

Columbia Mills
Mr. Treadwell reported that Tioga Construction Co. was the successful bidder for work on the Locks in Oswego and Minetto.

McGillicuddy’s Enterprises, Inc.
Mr. Caraccioli reported that the real estate loan would be to the owner, Mr. Sean P. McGillicuddy, in accordance with the financing from Fulton Savings Bank.

O.H. Properties
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Kunzwiler, it was approved to terminate the PILOT with the Parish Health Service Center or to continue the PILOT subject to the choice of O.H. Properties. The issue is a result of Kinney Drugs no longer being a tenant of the facility. Mr. Treadwell reported that there are 3 properties currently included (Parish, Mexico, and Volney). Currently only Volney has tenants that would create a PILOT payment. However, if conditions change for either Parish or Mexico, the PILOT in place allows for an adjustment.

NYSEDC IDA Image Building
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, a participation fee of $500 to co-sponsor participation in the Legislative Gazette IDA Insert was authorized.

PAAA Training
Mr. Treadwell reported that the NYSEDC will be offering a training course on January 22, 2009, in Albany.

Next IDA Meeting
January 14, 2009, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the meeting was adjourned at 11:15 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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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 10:00 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 October 8, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Kunzwiler, seconded by Mr. Toth, the Financial Statements for the period ended August 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 October 28, 2008.

Audit Committee
Following a report, on a motion by Mr. Schick, seconded by Mr. Kunzwiler, the recommendation to retain Green & Seifter CPAs, PLLC to conduct the audit for FY ended July 31, 2008 was approved.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended October 31, 2008. Mr. Dano reported that the motorcycle as been listed on the Craigslist.com in lieu of a listing on eBay, and that there has been some interest. Following a conference call discussion with Mary Fangio, attorney with Whitelaw & Fangio of Syracuse, NY, on options available to the Agency relative to Zappala Farms, LLC, on a motion by Mr. Ospelt, seconded by Mr. Toth, it was approved to retain Ms. Fangio as special counsel to file a motion to lift the stay due to the inability to reorganize.

Pioneer Fulton Co., LLC
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, it was approved to execute Recognition Agreements for the lease to Tractor Supply and for the Dunkin Donuts projects.

Columbia Mills
Mr. Treadwell reported on temporary storage of soil removed from the Stewart’s site. Following a discussion on interest in using a site for staging for construction associated with repairs to the Locks in Minetto and Oswego, on a motion by Mr. Ospelt, seconded by Mr. Schick, authorization was approved for the Chair and counsel to negotiate lease terms with the successful bidder.

Next Great Idea
On a motion by Mr. Schick, seconded by Mr. Ospelt, a $1,000 sponsorship was approved for the business plan competition.

Fulton Cogeneration Associates
Mr. Treadwell provided an update on the equipment sale/removal and indicated that the buyer is scheduled to be finished by the end of November. Mr. Treadwell and Mr. Caraccioli met with the City of Fulton’s Mayor on October 22, 2008, to review the equipment removal and the Tax Enforcement Notification matter. Mr. Treadwell reported that the Fulton City School District had sent a letter of appreciation for the efforts being made to resolve the delinquent PILOT matter.

EVM, Inc.
Mr. Dano reviewed the request to the Agency to subordinate, following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, subordination to Pathfinder Bank was approved subject to acceptable collateral.

Caster Properties
Mr. Dano reviewed a subordination request. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, the subordination to Fulton Savings Bank was approved. Ms. Rush abstained.

Quality Assemblies
Mr. Dano reviewed a request for a deferment. Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, a 6-month deferment of principal and interest payments was approved for PILOT RLF Loan No. 394.

Operation Oswego County, Inc.
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, bridge funding up to $33,600 was approved to fund operating expenses. Repayment of the interest-free bridge funding would be derived from a NYS DOS Grant (TM07461) secured by Assemblyman Barclay. Mr. Treadwell abstained.

Next IDA Meeting
December 5, 2008, at 9:00 a.m. was scheduled to replace the previously scheduled December 10, 2008, meeting.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the meeting was adjourned at 12:15 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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

Absent: Schick

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

Chair Rush called the meeting to order at 10:00 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 11, 2008, 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, 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 September 25, 2008.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended September 30, 2008. Following a discussion regarding Zappala Farms, LLC, counsel was authorized to coordinate the filing of a motion to lift the stay and to further review the valuation of the property with FSA. Authorization was granted to market the motorcycle on eBay.

Allison A.N. Duggan, MD, PLLC
Following a discussion on project cost increases, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, an increase in financial assistance for machinery/equipment, furniture and renovations (lease/loan) was approved from $20,000 to $35,000. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

McGillicuddy’s Enterprises, Inc.
Following a discussion and review of the application, on a motion by Mr. Sorbello, seconded by Mr. Ospelt, 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 McGillicuddy’s Enterprises, Inc. 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 a working capital loan ($25,000) was approved for the McGillicuddy’s Enterprises, Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Ms. Rush abstained.

Northeast Biofuels, LP
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, a lease agreement amendment was approved.

Fulton Cogeneration Associates
Mr. Treadwell and Mr. Caraccioli provided an update on the equipment sale/removal. A meeting has been scheduled with the Mayor of Fulton to review matters relating to the real property.

Allied Energy Holdings
Following a review of the Progress Report dated September 12, 2008, on a motion by Mr. Sorbello, seconded by Mr. Toth, the report was accepted. Following a discussion, on a motion by Mr. Toth, seconded by Mr. Ospelt, Mr. Treadwell and Ms. Rush were appointed to serve on a committee with counsel to engage in confidential discussions with Allied Energy Holdings on specific details associated with development of the project.

Pulaski Day Care Center, Inc.
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a 6-month deferment of principal and interest payments was approved for HUD RLF Loan Nos. 385 and 390.

Next IDA Meeting
November 12 and December 10, 2008, at 10:00 a.m. have been scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, the meeting was adjourned at 11:30 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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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 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. Toth, the minutes of the August 27, 2008, meeting were approved.

TREASURER’S REPORT
The report was waived.

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 August 30, 2008.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended August 31, 2008. Mr. Caraccioli reviewed a payoff proposal from Zappala Farms, LLC dated August 29, 2008. Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, the proposal was rejected. It was agreed to retain the services of attorney Mary Fangio to prepare a motion to lift the stay and file a deed in lieu of foreclosure.

Stability Fitness, Inc.
Following a discussion and review of the application, on a motion by Mr. Sorbello, 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 Stability Fitness, Inc. 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. Kunzwiler, financial assistance for a machinery and equipment lease ($75,000) was approved for the Stability Fitness, Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Mr. Caraccioli disclosed that he represents Stability Fitness, Inc.

Tim Donut U.S. Limited, Inc.
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Sorbello, a resolution was approved undertaking a project for the acquisition, construction, and equipping of a retail facility, classifying such project as a Type I Action pursuant to the SEQRA, adopting the findings of the Lead Agency under a coordinated review thereunder, appointing Tim Donut U.S. Limited, Inc., the Agent of the Agency for purposes of the project, and authorizing the execution and delivery of an agreement and certain other documents between the Agency and Tim Donut U.S. Limited, Inc. with respect to such project. A copy of the resolution is attached and made an official part of the minutes.

Fulton Cogeneration Associates
Mr. Caraccioli provided an update on the litigation. It was reported that the Court has authorized the sale of the attached equipment. A meeting with the Sheriff and County was held on September 9, 2008, to coordinate the process.

Columbia Mills
Mr. Treadwell reported that the drum waste removal was completed on September 2, 2008. A discussion was held on clearing a portion of the site.

Next IDA Meeting
October 8, November 12, and December 10, 2008, at 10:00 a.m. were scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Schick, the meeting was adjourned at 2:45 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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PRESENT: Rush, Schick, Sorbello and Treadwell

Absent: Kunzwiler, Ospelt and Toth

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 July 28, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Sorbello, the Financial Statement for the period ended June 30, 2008, was 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 August 6, 2008.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended July 31, 2008. Discussed a strategy to market the motorcycle at the Labor Day racing event in Oswego.

Barnett Forest Products, LLC
Following a discussion and review of the application, on a motion by Mr. Sorbello, 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 Barnett Forest Products, LLC 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. Schick, seconded by Mr. Sorbello, financial assistance for a machinery and equipment lease ($90,000) was approved for the Barnett Forest Products, LLC project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Ms. Rush disclosed, as a Board of Directors member, that Fulton Savings Bank was participating in the real estate financing.

Middleton 1-800 Radiator
Following a discussion and review of the application, on a motion by Mr. Sorbello, 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 Middleton 1-800 Radiator 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. Schick, seconded by Mr. Sorbello, financial assistance for machinery and equipment lease and inventory ($124,000) was approved for the Middleton 1-800 Radiator project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Governance Committee
Following a review of the Governance Committee Charter, on a motion by Mr. Sorbello, seconded by Mr. Schick, the Charter was adopted. A copy of the Charter is attached and made an official part of the minutes.

Chair Rush appointed the following “Independent” members to the Governance Committee: Donald H. Kunzwiler, Carolyn A. Rush, H. Leonard Schick and Gary T. Toth.

Audit Committee
Following a review of the Audit Committee Charter, on a motion by Mr. Schick, seconded by Mr. Sorbello, the Charter was adopted. A copy of the Charter is attached and made an official part of the minutes.

Chair Rush appointed the following “Independent” members to the Audit Committee: Donald H. Kunzwiler, Carolyn A. Rush, H. Leonard Schick and Gary T. Toth.

NYS DED Notifications of Initial Allocation
Attached and made an official part of the minutes is the 2008 Private Activity Bonds Allocation.

OOC/NextGen Fuel
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, the General Fund bridge loan of $99,500 was cancelled.

2009 PILOTs
Estimates of the projected 2009 PILOTs were reviewed.

Fulton Cogeneration Associates
Mr. Caraccioli provided an update on the litigation. September 3, 2008, has been set by the Court for a hearing. Mr. Treadwell reviewed an estimate on the restoration of the building.

Tim Donut U.S. Limited, Inc.
Following a review of the application, on a motion by Mr. Schick, seconded by Mr. Sorbello, a resolution was approved taking official action towards undertaking a project for the acquisition, construction, and equipping of a retail facility. A copy of the resolution is attached and made an official part of the minutes.

Training for Public Authority Board Members
Mr. Treadwell provided a schedule for training to be provided by CUNY for the Fall 2008 and Spring 2009.

Next IDA Meeting
September 11, 2008, at 1:00 p.m. was scheduled.

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

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
July 28, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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

Absent: Ospelt

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. Kunzwiler, seconded by Mr. Schick, the minutes of the July 8, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Kunzwiler, the Financial Statement for the period ended May 31, 2008, was 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 3, 2008.

Delinquent Loan Report
Mr. Dano reviewed the report for the period ended June 30, 2008. Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Toth, counsel was authorized to request a letter from counsel representing Zappala Farms, LLC confirming plans to payoff the obligation including a “good faith’ deposit to an escrow account in the amount of $5,000.

Mr. Dano reported that the Agency had a recovery sharing with Fulton Savings Bank on the Galini’s project.

Great Lakes Recycling, Inc.
Following a discussion and review of the application, on a motion by Mr. Sorbello, 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 Great Lakes Recycling, Inc. 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. Schick, seconded by Mr. Sorbello, financial assistance for a machinery and equipment lease ($92,682) was approved for the Great Lakes Recycling, Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Uniforms Etc., LLC
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 Uniforms Etc., LLC 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. Kunzwiler, financial assistance for furniture/fixtures and machinery and equipment ($15,000) was approved for the Uniforms Etc., LLC project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Support for S.2855
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, the Chair was authorized to submit a letter of support to Senators Schumer and Clinton to expand tax-exempt financing to include High Tec Manufacturing.

Town of Richland – 13.5 Acre Site
Mr. Treadwell reported that the Town of Richland is interested in the site for municipal use. Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, the matter was tabled.

City of Oswego Complaint
Mr. Caraccioli reported that the Agency received the complaint due to title of the EconoLodge being vested with the Agency.

Fulton Cogeneration Associates
Following a review of Noelle Consulting’s proposal dated July 27, 2008, to purchase equipment at FCA and following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, it was approved to accept the proposal subject to being modified by counsel and subject to court approval.

On a motion by Mr. Sorbello, seconded by Mr. Toth, it was approved to retain O’Brien & Gere to provide oversight of the removal of the equipment and to insure safety and integrity of the building during and after the removal.

Governance and Audit Committees
Chair Rush requested that the charters of both committees be on the agenda of the next meeting.

Next IDA Meeting
August 27, 2008, at 9:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Kunzwiler, seconded by Mr. Toth, the meeting was adjourned at 10:50 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
July 8, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

PRESENT: Ospelt, Schick, Sorbello, Toth and Treadwell

Absent: Kunzwiler and Rush

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

Vice Chair Toth called the meeting to order at 10:00 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 June 27, 2008, meeting were approved.

TREASURER’S REPORT
The report was waived.

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 3, 2008.

Delinquent Loan Report
The report was waived.

Pathfinder Industries, 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 Pathfinder Industries, Inc. 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. Sorbello, seconded by Mr. Ospelt, financial assistance for a machinery and equipment lease ($92,500) was approved for the Pathfinder Industries, Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Operation Oswego County, Inc./Southern Graphic Systems
Following a discussion, on a motion by Mr. Sorbello, 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 bridge funding for the Southern Graphic Systems 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. Schick, seconded by Mr. Ospelt, financial assistance for bridge funding through Operation Oswego County, Inc. for equipment acquisition to be funded by a NYS Department of Economic Development/ESDC grant secured by Senator Wright (M0600700 - $80,000) was approved. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Mr. Treadwell abstained.

Fulton Cogeneration Associates
Mr. Treadwell provided an overview of expenses incurred.

Brookfield Power/Erie Blvd. Hydropower – Fulton Hydros
Mr. Caraccioli reported that NYS ORPS has confirmed a value of $18.9 million.

Next IDA Meeting
July 28, 2008, at 9 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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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
June 27, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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

Absent: Ospelt

Also Present: Kevin C. Caraccioli and Robert Liddell

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. Schick, seconded by Mr. Toth, the minutes of the May 20, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Toth, the Financial Statement for the period ended April 30, 2008, was 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 12, 2008.

Delinquent Loan Report
The report for the period ended May 31, 2008, was reviewed.

The Checkpoint Enterprises, LLC
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, a 3-month deferment of debt service payments was approved.

Oswego YMCA
Following a discussion and review of the application, on a motion by Mr. Toth, 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 Oswego YMCA 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. Sorbello, financial assistance for a machinery and equipment lease ($85,000) was approved for the Oswego YMCA project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Town of Richland – 13.5 Acre Site
Mr. Treadwell reported that the Agency has complied with the Notice to Remedy Violation dated May 6, 2008.

Fulton Cogeneration Associates
Mr. Liddell provided an update on matters involving litigation. Motion for Summary Judgment is still pending, reviewed potential steps to dispose of equipment, reviewed FCA being restricted from selling equipment due to the lien of attachment. Reviewed action to encourage court to order a sale. Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Schick, authorization was approved to submit an affidavit to the court for the purpose of encouraging a sale.

Mr. Treadwell reported on the Stout Risius Ross Valuation Assessment of the FCA facility.

Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Toth, the Chair, Secretary and counsel were authorized to negotiate with potential buyers.
Allied Energy Holdings, LLC
Following a review of the June 12, 2008 Status Report, on a motion by Mr. Sorbello, seconded by Mr. Schick, the report was accepted.

Brookfield Power/Erie Blvd. Hydropower – Fulton Hydros
Following a discussion, on a motion by Mr. Kunzwiler and seconded by Mr. Schick, the request for a lease extension and PILOT renewal was denied.

Oswego EZAB
On a motion by Mr. Schick, seconded by Mr. Toth, Mr. Sorbello was appointed to serve on the Oswego EZAB as the IDA’s designee.

Precision Wood Flooring Products
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, a resolution was adopted approving an Intercreditor Agreement with Wilber National Bank. A copy of the resolution is attached and made an official part of the minutes.

Next IDA Meeting
July 8, 2008, at 10 a.m. and July 28, 2008, at 9 a.m. were scheduled.

ADJOURNMENT
On a motion by Mr. Schick, seconded by Mr. Toth, the meeting was adjourned at 3:55 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
May 20, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

PRESENT: Rush, Schick, Sorbello, Toth and Treadwell

Absent: Kunzwiler and Ospelt

Also Present: Kevin C. Caraccioli, David S. Dano and Eric Will

Chair Rush called the meeting to order at 10:00 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. Toth, the minutes of the May 1, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Toth, the Financial Statement for the period ended March 31, 2008, was 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 May 8, 2008.

Delinquent Loan Report
The report was waived. Mr. Caraccioli reported on the payoff plan for the Zappala Farms loan.

Northeast Biofuels, LP
Mr. Will provided an overview of the status of the construction of the ethanol plant and outlined the timing of the project and the impact of the development delays.

Following a discussion and review of the application, on a motion by Mr. Toth, seconded by Mr. Sorbello, the Agency concurred with the SEQRA determination made by the NYS DEC on August 9, 2004, acting as Lead Agency for the development of the project and determining that the 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. Schick, seconded by Mr. Sorbello, financial assistance for a machinery and equipment lease ($1,000,000) was approved for the Northeast Biofuels, LP project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Sure-Lock Industries, LLC
Following a discussion and review of the company’s subordination request related to refinancing with Pathfinder Bank, on a motion by Mr. Sorbello, seconded by Mr. Toth, the subordination request was approved.

Annual Budget Reports
Following a review of the projected budget for FY 8/1/08 – 7/31/09, on a motion by Mr. Schick, seconded by Mr. Toth, the budget was approved. Mr. Treadwell abstained. The budget reports were authorized to be submitted to the State in compliance with the PAAA. A copy of the budget reports for FY 8/1/06–7/31/07, FY 8/1/07-7/31/08 and 8/1/08-7/31/09 are attached and made an official part of the minutes. The projected budget included a 10% recapitalization of the PILOT ED Fund and an administrative agreement fee of $140,000 with Operation Oswego County, Inc.

Town of Richland
Mr. Treadwell reported that a Notice to Remedy Violation dated May 6, 2008, from the Town of Richland was received regarding a small shed that has collapsed on Agency property. A contractor has been retained to remove the shed.

Next IDA Meeting
June 27, 2008, at 2:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Schick, the meeting was adjourned at 11:55 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
May 1, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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 10:00 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. Kunzwiler, the minutes of the April 7, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, the Financial Statement for the period ended February 29, 2008, was 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 18, 2008.

Delinquent Loan Report
The report for the period ended April 30, 2008, was reviewed. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, authorization was approved to start legal action against the Galinis and on a motion by Mr. Ospelt, seconded by Mr. Sorbello, authorization was approved to start legal action against KLG Transport, Inc.

Brookfield Power – Fulton Hydros
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, it was approved to provide a 45 day extension to the lease and to the PILOT.

The Secretary was requested to schedule a meeting with Mayor Woodward to review PILOT matters as they relate to the Fulton Hydros facilities.

Precision Wood Flooring Products
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Ospelt, approval was granted to enter into a financing structure with lenders that would paydown 50% of the existing IDA loan and the Agency would remain in a co-equal first position with any lenders participating subject to the sufficient and adequate collateral being in place.

Fulton Cogeneration Associates
Mr. Caraccioli reviewed the status of litigation including the Motion for Summary Judgment. Mr. Treadwell reviewed a letter from FCA noting they had no interest in selling assets. Mr. Treadwell reported on a Georgia based consultant’s inspection of the plant in April for potential clients.

Mr. Treadwell reported that 3-phase electrical service is being installed that will eliminate a need for generators.

Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, it was approved to accept the proposal form Volney Multiplex to install additional security systems as recommended by the County Sheriff’s Office.

Mitchell Printing & Mailing, Inc.
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 Mitchell Printing & Mailing, Inc. 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. Ospelt, financial assistance for a machinery and equipment lease ($133,800) was approved for the Mitchell Printing & Mailing, Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Galloo Island Wind Project
Following a review and discussion on the project’s ROW request on a 13.5 acre site in the town of Richland owned by the IDA, on a motion by Mr. Sorbello, seconded by Mr. Ospelt, further review was tabled subject to a clarification on location acceptable to the Agency and terms of the ROW agreement acceptable to the Agency.

Next IDA Meeting
May 20, 2008, at 10:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the meeting was adjourned at 12:30 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
April 7, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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 10:00 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. Schick, the minutes of the March 12, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Ospelt, seconded by Mr. Schick, the Financial Statement for the period ended January 31, 2008, was 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 22, 2008.

Delinquent Loan Report
The report for the period ended March 31, 2008, was reviewed. A discussion was held regarding compliance with the Disposition of Property Guidelines regarding the disposition of a motorcycle.

Operation Oswego County, Inc./Felix Schoeller
Following a discussion, on a motion by Mr. Ospelt, 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 bridge funding for the Felix Schoeller 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 bridge funding through Operation Oswego County, Inc. for equipment acquisition to be funded by a NYS Dept. of Economic Development grant secured by Senator Wright (M060138 - $100,000) was approved. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Mr. Treadwell abstained.

Oswego Bakery and Catering Co., Inc.
Following a discussion and review of the application, on a motion by Mr. Sorbello, 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 Bakery and Catering Co., Inc. 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 a machinery and equipment lease ($99,873) was approved for the Oswego Bakery and Catering Co., Inc. project. A copy of the Financing Proposal Summary and Cost/Benefit Analysis is on file at the Agency.

NEDA 2008 Annual Conference
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, it was approved to sponsor the conference to be hosted by NY in Buffalo at the Silver Level.

Great Lakes Veneer
Following a discussion, on a motion by Mr. Sorbello, seconded by Mr. Schick, it was approved to release the personal guarantors (Gary Barnett and Gary Canfield) subject to receipt of acceptable documentation on the personal financial statement of the majority owner, Pat Jones.

Personal Guarantor Policy
Following a discussion, on a motion by Mr. Kunzwiler, seconded by Mr. Sorbello, a policy was approved to require personal financial statements be submitted upon request by the IDA.

NY3C
Mr. Treadwell reported that the Attorney General of the Ivory Coast along with a delegation conducted a fact finding mission regarding the chocolate plant.

HUD RLF Interest Return – 2007
On a motion by Mr. Kunzwiler, seconded by Mr. Schick, authorization was approved to return $49,120.75 to HUD as required.

Fulton Cogeneration Associates
Mr. Caraccioli reported that a Reply Affidavit in Opposition to El Paso’s Cross-Motion for Summary Judgment had been filed. Mr. Treadwell reported that chemical removal by Clean Harbors was underway, the initial visit for valuation services by Stout Risins Ross had occurred and a report will be prepared within 4 to 5 weeks, Volney Multiplex to make repairs to the security lighting and that the IDA is a customer in the GE system whereby inspection of the turbine can begin.

By-Laws
Following a review of the proposed amendments to the By-Laws, on a motion by Mr. Ospelt, seconded by Mr. Kunzwiler, the By-Laws were approved as amended.

Restore NY/Main Street Programs
Mr. Treadwell reviewed the potential need for interim funding in order for businesses to complete approved projects whereby they can draw State grant funding. The interim funding conduit, if necessary, could be Operation Oswego County, Inc. Mr. Kunzwiler noted that this assistance to small downtowns would be beneficial to the Agency’s image. All members supported the concept.

Next IDA Meeting
May 1, 2008, at 10:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the meeting was adjourned at 12:35 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
March 12, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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

Absent: Kunzwiler

Also Present: Kevin C. Caraccioli, David S. Dano, Joseph Nazden, John Trimble, James E. Sparkes, and Joseph Esmail

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. Sorbello, seconded by Mr. Schick, the minutes of the February 27, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Toth, seconded by Mr. Schick, the Financial Statement for the period ended December 31, 2007, was 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 1, 2008.

Allied Energy Holdings
A presentation was made on the status of the due diligence on evaluating a potential site for an alternative fuel production plant.

Delinquent Loan Report
The report for the period ended January 31, 2008, was reviewed.

Fulton Cogeneration Associates
Mr. Caraccioli reported that the Court has rejected Mr. Banet’s submissions and has advised him of need for legal counsel. Mr. Treadwell reported that a FOIL request from counsel representing El Paso had been complied with. Mr. Treadwell reported that chemical removal by Clean Harbors had started.

Columbia Mills
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Schick, an IDW Disposal Proposal from ENSR/AECOM was approved for removal and disposal of three 55-gallon drums of investigation derived waste consisting of soil cuttings and/or groundwater.

Operation Oswego County, Inc./Oswego Health
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, bridge funding up to $25,000 was approved to fund consulting services by Health Strategies & Solutions for Oswego Health. Repayment of the interest-free bridge funding would be derived from a NYS DOH grant (TM07242) secured by Senator Wright.

Ms. Rush abstained.
Operation Oswego County, Inc./Lee Memorial
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Sorbello, bridge funding up to $25,000 was approved to fund consulting services by Stroudwater Associates for Lee Memorial. Repayment of the interest-free bridge funding would be derived from a NYS DOH grant (TM06676) secured by Senator Wright.

Great Lakes Veneer
Following a discussion and review of financials and equity positions in the project, on a motion by Mr. Schick, seconded by Mr. Ospelt, an additional 3-month deferment (April-June 2008) on both IDA loans was approved.

County of Oswego’s Board of Ethics
Chair Rush reminded the Board that required filing was due on or before May 1, 2008.

National Grid/Huhtamaki
Following a discussion, on a motion by Mr. Toth, seconded by Mr. Schick, a Grant Easement was approved to relocate a pole due to work on NYS 481.

Annual Financial Report – NYS Comptroller – FY Ended 7/31/07
Mr. Treadwell reported that responses to five questions on the report were handled and clarified to the satisfaction of NYS Comptroller’s Office.

Next IDA Meeting
April 7, 2008, at 10:00 a.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Sorbello, seconded by Mr. Ospelt, the meeting was adjourned at 4:05 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
February 27, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

PRESENT: Ospelt, Rush, Schick, Toth and Treadwell

Absent: Kunzwiler and Sorbello

Also Present: Allison Nelson and David Dano

Chair Rush called the meeting to order at 10:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Toth, seconded by Mr. Ospelt, the minutes of the January 9, 2008, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Schick, seconded by Mr. Ospelt, the Financial Statement for the period ended November 30, 2007, was 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, 2008.

Annual Report FY 8/1/06 – 7/31/07
Following a review, on a motion by Mr. Ospelt, seconded by Mr. Toth, the Annual Report was approved and will be placed on the IDA website.

Branches Tree Service
Following a discussion and review of the application, on a motion by Mr. Toth, seconded by Mr. Ospelt, 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 Branches Tree Service 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. Ospelt, financial assistance for working capital ($15,000) was approved for the Branches Tree Service project subject to acceptable collateral. A copy of the Financing proposal Summary and Cost/Benefit Analysis is on file at the Agency.

Delinquent Loan Report
Mr. Dano reviewed the plan for the sale of the motorcycle associated with the Do-Shea Enterprises project. Mr. Treadwell reported that the payoff of the Zappala Farms, LLC loan is anticipated, however, if not received, authorization was approved to start foreclosure. Mr. Dano reviewed the status of the Galini project, on a motion by Mr. Ospelt, seconded by Mr. Schick, authorization was approved to pursue collection of debt.

Disposition of Property Guidelines
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Toth, 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.

Galloo Island Wind Project
A general discussion was held on the proposed project in Jefferson County and its potential impact on Oswego County.

WiseBuys Stores
Chair Rush reported that the Subordination Agreement had been executed.

Fulton Cogeneration Associates
Following a discussion and review of the proposals for chemical removal and valuation services, on a motion by Mr. Schick, seconded by Mr. Ospelt, authorization was approved to enter into service agreements with Clean Harbors Environmental Services for chemical removal and Stout Risius Ross, Inc. for valuation services.

Mr. Treadwell reported that the Court has approved the Fourth Amended Order of Attachment to allow the Sheriff to remove hazardous chemicals.

Mr. Treadwell reported that the process to establish a customer account with General Electric was underway whereby an evaluation of the turbine could be conducted.

It was reported that the Motion for Summary Judgment was filed on February 13, 2008, by Hiscock & Barclay.

A review of expenses incurred through February 14, 2008, was provided.

Pulaski Boylston Snowmobile Club
Following a review of a request to utilize part of the property owned by the IDA on Peck Road in the Town of Richland, the request was denied.

Jay F. Sullivan, MD
Following a discussion, on a motion by Mr. Ospelt, seconded by Mr. Toth, a 3-month deferment (March-May 2008) on both IDA loans was approved and, subject to review, an additional 3-month deferment (June-August 2008) will be considered.

Great Lakes Veneer
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, a 3-month deferment (January-March 2008) on both IDA loans was approved and, subject to a review of financials and an equity infusion report, an additional 3-month deferment (April-June 2008) will be considered.

The Post Standard
“Wanted: Better IDAs” article published on February 4, 2008 was discussed.

G&S Broadwell, Inc.
Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, a resolution was adopted authorization the County of Oswego IDA to participate in a refinancing for G&S Broadwell, Inc. A copy of the resolution is attached and made an official part of the minutes.

Precision Wood Flooring Products
Following a discussion regarding refinancing with Wilber National Bank, on a motion by Mr. Schick, seconded by Mr. Ospelt, the request for the IDA to agree to a co-equal first mortgage position was denied. It was also agreed, if the Agency’s loan is paid, the PILOT Agreement would remain for the term, subject to acceptable employment levels at the facility being created and/or maintained.

Next IDA Meetings
March 12, 2008 at 2:00 p.m. was scheduled.

ADJOURNMENT
On a motion by Mr. Ospelt, seconded by Mr. Schick, the meeting was adjourned at 12:05 p.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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COUNTY OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY
January 9, 2008
IDA OFFICE BUILDING
44 W. BRIDGE ST.
OSWEGO, NEW YORK

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

Absent: Kunzwiler

Also Present: Kevin C. Caraccioli, Jack Alter and Paul Skrupa

Chair Rush called the meeting to order at 10:00 a.m. at the offices of the County of Oswego IDA in Oswego, NY.

APPROVAL OF MINUTES
On a motion by Mr. Toth, seconded by Mr. Schick, the minutes of the December 11, 2007, meeting were approved.

TREASURER’S REPORT
On a motion by Mr. Sorbello, seconded by Mr. Schick, the Financial Statement for the period ended October 31, 2007, was 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 28, 2007.

Delinquent Loan Report
The report for the period ended December 31, 2007, was reviewed.

Audit Report FY Ended July 31, 2007
Mr. Alter, CPA, reviewed the Audit Report. On a motion by Mr. Schick, seconded by Mr. Ospelt, the report was accepted and approved.

Fulton Cogeneration Associates
Mr. Skrupa of OBG provided an update of actions that have been taken to winterize and safeguard the closed FCA plant. Plans include an evaluation of the market value of the equipment, an assessment of maintenance needed for the GE turbine and potential removal of on-site chemicals.

Mr. Caraccioli provided an update of the status of the litigation.

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

Conflict of Interest Policy
Following a discussion and review of a proposed Conflict of Interest Policy, on a motion by Mr. Schick, seconded by Mr. Toth, the Conflict of Interest Policy was approved and adopted as amended. A copy of the Conflict of Interest Policy is attached and made an official part of the minutes.

Code of Ethics Policy
Following a discussion and review of a proposed Code of Ethics Policy, on a motion by Mr. Ospelt, seconded by Mr. Schick, the Code of Ethics Policy was approved and adopted as amended. A copy of the Code of Ethics Policy is attached and made an official part of the minutes.

Audit Committee Charter
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, action on the Audit Committee Charter was tabled.

Governance Committee Charter
On a motion by Mr. Ospelt, seconded by Mr. Sorbello, action on the Governance Committee Charter was tabled.

Allied Energy Holdings
Mr. Caraccioli reviewed the terms and conditions on extending the option on the LOIP. Following a discussion, on a motion by Mr. Schick, seconded by Mr. Ospelt, the mutually agreed upon option agreement was approved. Representatives of the company are to be invited to attend and provide an update of the project.

Erie Blvd. Hydropower, LP
Mr. Treadwell reported that due to refinancing involving the Fulton Hydros, the IDA entered into an Amendment to the Amended and Restated Mortgage. Mr. Caraccioli noted that it had no impact on the Agency.

Next IDA Meetings
February 27, 2008 at 10:00 a.m. is scheduled.

ADJOURNMENT
On a motion by Mr. Toth, seconded by Mr. Schick, the meeting was adjourned at 11:50 a.m.

Respectfully Submitted,

L. Michael Treadwell
Secretary

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