NEW YORK STATE PUBLIC AUTHORITIES CONTROL BOARD

NOTICE OF A MEETING AND AGENDA

TO:

Assemblyman James F. Brennan

Senator John A. DeFrancisco
Assemblyman Joseph M. Giglio
Senator Bill Perkins

January 14, 2016

FROM:

Assistant Secretary Darby Putnam for Chair Mary Beth Labate

NOTICE OF MEETING

A regular meeting of the New York State Public Authorities Control Board will be
held in Room 131 of the State Capitol, Albany, New York, at 2:00 p.m. Wednesday,
January 20, 2016.
AGENDA
1. Roll Call
2. Minutes of the December 16, 2015 Meeting
3. Resolutions

Empire State Development Corporation

Grants
16-UD-1459
Approving grants via the Economic Development Purposes Fund
Project Name
Amount
1 Cville Yoghurt Capital (Cortland County)
$500,000
GRAND TOTAL
$500,000
16-UD-1460
Approving grants via the Economic Transformation Program
Project Name
Amount
1 Warwick Valley Office & Tech Park Capital (Mid$3,000,000
Hudson-Region- Oneida County)
GRAND TOTAL
$3,000,000
16-UD-1461
Approving grants via the Empire State Economic Development Fund Program
Project Name
Amount
1 ABC Capital (Kings County)
$1,500,000
2 FAGE USA Capital (Fulton County)
780,000
3 Verona Sewer System Capital (Oneida County)
500,000
GRAND TOTAL
$2,780,000

-216-UD-1462
Approving grants via the New York Works Program
Project Name
1 ABC Capital (Kings County)
GRAND TOTAL

Amount
$2,500,000
$2,500,000

16-UD-1463
Approving grants via the Regional Economic Development Councils
Project Name
Amount
1 Center Street Business Center Capital (Wyoming
$50,000
County)
2 Cortland Downtown Parking Capital (Cortland County)
150,000
3 Curran Renewable Energy Capital (St. Lawrence
168,000
County)
4 Efco Products Capital (Dutchess County)
80,000
5 Massena Industrial Park Rail Access Capital (St.
209,000
Lawrence County)
6 Monroe Community College Capital (Monroe County)
200,000
7 Nazareth College Capital (Monroe County)
250,000
8 Roberson Memorial Capital (Broome County)
50,000
9 Roberts Wesleyan College Capital II (Monroe County)
250,000
10 Westmoreland Ambulatory Surgery Center Capital
400,000
(Oneida County)
GRAND TOTAL
$1,807,000
Job Development Authority
Loans
16-JD-513
Approving loans via the Statewide Local Development Corporation
Project Name
Amount
1 DNJ Properties, LLC for the benefit of Ginsberg's
$5,500,000
International Foods, Inc.- Ghent (Columbia County)
GRAND TOTAL
$5,500,000
Dormitory Authority of the State of New York
Loans
16-DA-1122Y
A loan of $2,099,245.61 via the Tax-Exempt Equipment Leasing Program I to finance
the acquisition and installation of equipment for Oswego Hospital (Oswego County).

-3Environmental Facilities Corporation

Loans
16-EF-674
Approving State Clean Water Revolving Fund - Direct and Market-Rate Financing
Projects in an aggregate amount of $17,897,116 as follows:
SHORT-TERM INTEREST-FREE FINANCINGS:
Applicant

County

Carrollton (T)
Endicott (V)
Fort Plain (V)
Glens Falls (City)
Liberty (T)
Westchester County

Cattaraugus
Broome
Montgomery
Warren
Sullivan
Westchester

Short-Term
Financing Maximum
Principal Amount
$824,625
$3,040,125
$819,000
$3,486,926
$2,008,840
$3,858,800

Interest
Rate
0%
0%
0%
0%
0%
0%

SHORT-TERM MARKET-RATE FINANCINGS:

Applicant

County

Westchester County

Westchester

Short-Term
Financing Maximum
Principal Amount
$3,858,800

Interest
Rate not
to exceed
4%

16-EF-675
Approving a State Drinking Water Revolving Fund - Direct Financing Projects in an
aggregate amount of $16,808,000 as follows:
SHORT-TERM INTEREST-FREE FINANCING:
Applicant

County

Poughkeepsie (City)

Dutchess

Short-Term
Financing Maximum
Principal Amount
$9,663,000

Interest
Rate
0%

LONG-TERM INTEREST-FREE FINANCING:

Applicant

County

Louisville (T)

St. Lawrence

Long-Term
Financing Maximum
Principal Amount
$7,145,000

Interest
Rate
0%

-4Transfer of Underlying Financing

16-EF-622A
Amending PACB Resolution No. 14-EF-622 previously approved on May 8, 2014 for
Clean Water State Revolving Fund - Direct Financing Projects in order to transfer the
underlying financing in an amount not to exceed $1,300,000 from the Town of Hyde
Park to the Dutchess County Water and Wastewater Authority.
SONYMA
Mortgage Revenue Bond Amendment
16-SNYMA-113A
Amending PACB Resolution No. 15-SNYMA-113 previously approved on June 24,
2015 for Homeowner Mortgage Revenue Bonds General Resolution and/or
Mortgage Revenue Bonds General Resolution in order to increase the maximum
amount of mortgage proceed bonds to an amount not to exceed $373, 375,000.
Provided that the aggregate amount of Bonds authorized to be issued under the original
resolution shall not exceed $791,631,257.
Housing Finance Agency
Affordable Housing Bonds
16-HF-607
Issuance of tax-exempt and/or taxable, fixed rate bonds on behalf Conifer Village at
Cayuga Meadows in the not to exceed amount of $8,395,000 for approval of the
financing for the new construction of a 68-unit senior rental building to be known as
Conifer Village at Cayuga Meadows, located in the Town of Ithaca (Tompkins County).
The bond proceeds will fund a mortgage loan to CV at Cayuga Meadows, LLC or
another single purpose entity controlled by Conifer Realty, LLC. Total Development
Cost estimated at $14,513,999; security is provided by a credit facility and after project
stabilization, by a SONYMA mortgage insurance policy during the permanent loan
period. All of the revenue generating units, or 68 units, are expected to be set aside for
seniors aged 55 and older whose income is at or below 60% of the AMI for the Ithaca
Metropolitan Statistical Area adjusted for family size; bonds and loan will amortize over
not more than 40 years. The bonds will achieve a rating of not less than A.

-516-HF-608
Issuance of tax-exempt and/or taxable, fixed rate bonds on behalf Highland Meadows
Senior Residence in the not to exceed amount of $12,100,000 for approval of the
financing of the of the adaptive reuse of the former St. Francis Hospital into a 68-unit
senior housing development to be known as Highland Meadows Senior Residence,
located in the City of Beacon (Dutchess County). The bond proceeds will fund a
mortgage loan to Highland Meadows Senior L.P. or another single purpose entity
acceptable to the Agency controlled by Hudson Valley Housing Development Fund
Company, Inc.. Total Development Cost estimated at $21,872,726; security is
provided by a credit facility and after project stabilization, by a SONYMA mortgage
insurance policy during the permanent loan period. All of the revenue generating units,
or 68 units, are expected to be set aside for households aged 62 and older whose
income is at or below 90% of the AMI for the Dutchess-Orange, NY HUD Metro FMR
Area adjusted for family size. Of these units, 58 are expected to be occupied by
households earning nor more than 60% of AMI; bonds and loan will amortize over not
more than 40 years. The bonds will achieve a rating of not less than A.

NEXT REGULAR MEETING

February 17, 2016

2:00 p.m.

Any individual with a disability requiring

special accommodation should contact:
Tracey Marshman (518) 474-0980

Capitol Room 131