MEETING MINUTES

January 8, 2007

The meeting held at the offices of the Saratoga County Planning Department located at 50 West High Street in Ballston Spa was called to order at 8:00 am.

The following Members, Staff and Guest were present:

Members: Raymond Callanan, Chairman; Charles Merriam, Jr., Richard Dunn, Suzanne Daley-Nolen, Raymond O’Conor, Rod Sutton, and Charles Hanehan.

Staff and Guests: Lawrence D. Benton, CEO; Michael Valentine, Sr. Planner; James Carminucci, Bond Counsel; Jon Dawes, SEDC; Stephen Williams, Daily Gazette.

Approval of Minutes

The minutes of the December 11, 2006 meeting were unanimously approved following discussion of minor amendments on a motion by Mr. Dunn, seconded by Mr. O’Conor.

The minutes of the December 21, 2006 meeting were unanimously approved following a motion by Mr. Dunn, seconded by Mr. Sutton.

Mr. Benton advised the Board that in a review of the Agency’s minutes he noted that Resolution #910 of September 27, 2006 references action on a financing resolution rather than the inducement resolution that it should have been designated.

The amendment of the minutes of the September 27, 2006 meeting were unanimously approved to reflect the change of Resolution #910 to an Inducement Resolution on a motion by Mr. Merriam, seconded by Mr. Dunn.

Election of Officers

The Chairman stated that as today’s meeting is the first meeting of 2007 it serves as the annual reorganization meeting for the Agency. He asked the members to consider the following slate to serve as officers for 2007:

Chairman: Raymond Callanan Secretary: Charles Merriam, Jr.

Vice-Chairman: Richard Dunn Assistant Secretary: Rod Sutton

Treasurer: Richard Dunn

Assistant Treasurer: Suzanne Daley-Nolen

There being no questions or comments, Mr. O’Conor moved to approve the slate of officers presented. Mr. Dunn seconded the motion.

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Resolution #926

RESOLVED THAT for Fiscal Year 2007 the following members of the Board of the Saratoga County Industrial Development Agency shall serve the office as designated:

Chairman: Raymond Callanan

Vice-Chairman: Richard Dunn

Treasurer: Richard Dunn

Assistant Treasurer: Suzanne Daley-Nolen

Secretary: Charles Merriam, Jr.

Assistant Secretary: Rod Sutton

Ayes: 7

Noes: 0

Adopted: 7-0

Perry Textiles: Application

Jon Dawes of Saratoga Economic Development Corporation (SEDC) presented the application and introduced Arthur Perry, president of Perry Textiles, Inc. Mr. Dawes summarized that the company is seeking Agency assistance in its relocation from the 100,000 sq. ft. building it has leased in Cohoes for the past 14 years. He stated that Perry Textiles wants to relocate into a new 120,000 sq. ft. building on NYS Routes 4 & 32 in the town of Halfmoon ( a quarter mile north of GE Silicone on the west side) and get approval for a PILOT Agreement that will freeze the property’s current assessed value of $1,900,000. The Company is seeking a 10-year manufacturing PILOT with an abatement on the increased property tax assessment due to improvements that will take place and are estimated to cost $1.1 million. Also being sought is an exemption on sales tax related to construction and an exemption from mortgage recording tax associated with borrowing in the amount of $3.2 million. He stated that the Company currently employs 77 people full-time and anticipates increasing that number to 88 in the first year of operation at its new location, followed by an increase of 12 additional jobs in the next year.

Mr. Perry stated that the new building is 120,000 sq. ft. in size. Forty-thousand square feet is already subject to a two-year lease and Perry Textiles will use the remaining 80,000 sq. ft. with high-bay ceilings. Currently the Company leases 100,000 sq. ft. in a low-ceiling building in Cohoes that is being renovated as residential condominiums. He stated that there is no other available space in Cohoes and he has looked at property in the Amsterdam and Gloversville area as well as out of state. It is his desire to keep the company and jobs located locally and that is why he went to SEDC for assistance.

Mr. Dunn stated that he has not yet received the company’s financials to review as is Agency policy and Mr. Perry stated that he will provide them. Mr. Dunn asked if the Company was currently in an Empire Zone and Mr. Perry indicated that it was at its present location but the new site is not in a zone.

Mr. Carminucci noted that the application should be amended to reflect that the property under option is actually in the town of Halfmoon and not in Waterford as indicated on Page 6.

In response to Mr. Sutton’s inquiry, Mr. Perry stated that the Company’s projected increase in employment at the new facility is realistic based upon a new product (Memory Foam) developed by Perry Textiles. A new account has been opened with Bed, Bath and Beyond which will result in increased retail sales and the need for increased production. This may also result in Perry Textiles

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occupying at a later time the 40,000 sq. ft. now being leased out. Mr. Perry also addressed Mr. Merriam’s question regarding foreign competition and the possibility of outsourcing work overseas. Mr. Perry stated that his company is a pillow manufacturer that imports the covers and fills them with the light but bulky material at his facility. It is much more efficient for this process to be done locally rather than shipping the covers and filler overseas for assembly.

There being no further questions or comments, the Chairman asked if the Board wanted to accept the application and establish a public hearing.

Ms. Nolen moved to set a public hearing for 8:00 am on Monday, February 12, 2007 at the Halfmoon Town Hall. Mr. Sutton seconded the motion, with all in favor.

General Schuyler Emergency Corporation

Mr. Dawes presented the application and introduced Joanne Hanna, president of the General Schuyler Emergency Squad. He stated that the emergency squad is a 35-year old not-for-profit corporation operating in 2,500 sq. ft. it owns on Ferry Street in the village of Schuylerville. The squad intends to relocate to a new 8,000 sq. ft. building on NYS Rt. 29 in the town of Saratoga, west of the village. The squad is seeking the issuance of $2.1 million in tax-exempt bonds on project costs of $2.228 million. The emergency squad now employs 15 part-time skilled paramedics and anticipates increasing that number to 17 in year one and to 20 in the second year. The corporation is also supported by a large number of unpaid volunteers. Ms. Hanna stated that the squad services the town of Saratoga and village of Schuylerville and with increasing populations the squad finds itself cramped in its present building and needs additional space (including living space for the paramedics’ long shifts). The squad purchased the new site (3.3 acres) in 2004 and has preliminary site plan approval with the town of Saratoga planning board. Mr. Hanehan stated that the emergency squad reports monthly to the town board, is staffed by qualified personnel and provides great service to the two communities. Their dedication and professionalism is appreciated immensely, he noted, and he welcomes the opportunity to provide financial assistance.

Mr. Dunn noted that the 8,000 sq. ft. facility being constructed for $2.1 million seems expensive for a one-story building with no basement. Ms. Hanna indicated that the $265/sq. ft. cost is a matter that the squad will be pursuing further with their architect.

Mr. Callanan stated that the squad is before the Agency for tax-exempt bonds only and that will also require approval from the county Board of Supervisors. Mr. Carminucci indicated that the squad may be subject to mortgage recording tax (not yet determined) and may also seek an exemption from this tax.

There being no further questions or comments, Mr. Merriam moved to set a public hearing date of Wednesday, February 14, 2007 at 9:00 am in the town of Saratoga Town Hall. Ms. Nolen seconded the motion, with all in favor.

Saratoga Eagle Sales & Service, Inc.

Jon Dawes presented the application prepared by Saratoga Eagle Sales and Service, Inc. in which the Company seeks Agency assistance in its relocation from Glens Falls to Saratoga Springs. The Company is an affiliate of Try-It Distributing Co., Inc. located in Buffalo and doing business since 1949. The Company has operated locally out of a 64,000 sq. ft. leased facility in Glens Falls since 1967. It has an option to purchase 27 acres for construction of a 100,000 sq. ft. warehouse distribution facility in the Grande Industrial Park. Currently there are 88 full-time employees at the Glens Falls site and the Company anticipates increasing employment by nine in the first year at the Saratoga Springs facility. In the second year of operation employment is projected to increase by 27 to a total of 124 full-time employees.

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Mr. Dawes stated that Saratoga Eagle is seeking a five-year PILOT with the abatement of property taxes, sales tax, and mortgage recording tax. The project’s land value is $1.2 million and total project costs are 12,050,000 with the Company seeking a ten-million dollar conventional mortgage.

Mr. Dawes introduced Jeff Vukelic (president) and Ken Davis of Saratoga Eagle Distribution. Mr. Vukelic stated that he needs to relocate to a bigger and more efficient building with a location more central to its growing market. Saratoga County was selected as that central location. The operations in the leased facility in Glens Falls will close with the move in operations. Mr. Callanan asked Mr. Vukelic if the Company had looked at other sites in the Glens Falls area and he responded that they had not as they want to be located in Saratoga County. Regarding the Company’s current location, Mr. Vukelic stated that he had no idea what would happen to that facility once his company vacated the building; that would be the landlord’s decision. He stated that all employees will be retained, those that desire to move to the Saratoga Springs location.

In response to a question from Mr. O’Conor, Mr. Vukelic stated that his company does compete directly with De Cresente Distributing but their competition is between differing brand names.

Mr. Carminucci addressed the Chairman’s inquiry over the application raising any concerns about the “anti-pirating” provision of General Municipal Law. Mr. Carminucci confirmed that the Agency should examine the issue in light of the “abandonment” of a Warren County facility. He recommended that the applicant address several questions in the application that are there to evaluate this important issue, particularly whether an out of state move was considered and the need to establish a competitive position for the Company.

Mr. Vukelic stated that his company was leaving the 64,000 sq. ft. facility at the end of the lease and the company now desires to purchase its own facility rather than lease. The 1967 facility is dated, inefficient and new technology can’t be retrofitted to the existing facility.

Mr. Vukelic explained that he served a 5-county area as part of a 3-tier system in which Anheuser-Busch is the supplier, he is the distributor and retailers like Stewart’s are the third level. Distributors bring choice/variety to the customer, he said. In a business that used to have 300 distributors there are now only 48 across New York State.

Mr. Sutton asked about the project’s status with city review. Mr. Vukelic stated that they have received subdivision approval and are now before the planning board for site plan review. A closing on the property is anticipated for March 2007. Mr. Benton asked if the Company had listed any contingencies on its purchase option and Mr. Vukelic stated that there were none.

There being no further questions or comments, Ms. Nolen moved to set a public hearing for Wednesday, February 14, 2007 at 8:00 am in the Saratoga Springs City Hall. Mr. Sutton seconded the motion, with all in favor.

Adoption of FY 2007 Budget

Mr. Benton submitted to members the budget for 2007 that was advertised under a 20-day public comment period. Since the last meeting (December 21, 2006) the Agency has agreed to solicit proposals for a feasibility study related to the Moreau Rail Spur that may have a cost of ten to fifteen thousand dollars. He suggested that a footnote be added to the budget to show awareness of a future cost not now included in the expenditures for 2007. The budget will recognize the need for later revision.

There being no further questions or comments, Mr. Dunn moved to approve the FY 2007 budget as presented. Mr. O’Conor seconded the motion.

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Resolution #927

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby adopt an operating budget for Fiscal Year 2007 based upon estimated expenses of $3,512,750 and estimated revenues of $3,573,300 with an anticipated surplus of $60,550.

Ayes: 7

Noes: 0

Adopted: 7-0

Public Authorities Accountability Act of 2005

Mr. Benton earlier provided members with draft by-laws based upon those used by the Dormitory Authority. Revisions and deletions were made and submitted to Mr. Toohey for his review as Agency counsel, the goal being compliance with the Accountability Act. Mr. Benton recommended that today the Agency consider two committees required under the Act – an Audit Committee and a Governance (oversight) Committee. The Chairman asked Mr. O’Conor, Mr. Dunn, Mr. Sutton and Mr. Merriam to serve as the Audit Committee to work with the independent auditor (Annual Report) and to select at a future time the Agency’s CFO. Mr. O’Conor expressed his concern about serving on the Committee and meeting the requirements of the Public Authority Act because of his bank’s past business relationship with the Agency through its investments. The Chairman agreed to Mr. O’Conor’s request to remove his name from the Audit Committee.

Regarding the Governance (Oversight) Committee, the Chairman asked Mr. O’Conor, Mr. Hanehan and Ms. Nolen if they would serve as its members and all agreed to do so. The Chairman will serve as an ex-officio, non-voting member of both committees.

Mr. Carminucci recommended that the Agency move quickly to select its CFO and Mr. Benton agreed to review the requirements and research whether someone should be considered from within Saratoga County’s personnel or hire from outside county staff/employees.

Mr. Dunn asked if a contracting officer was needed according to the Act and Mr. Benton stated that it is necessary to hire/appoint one. He suggested that the Governance Committee give thought to this choice at a later time. That person will be responsible for the disposition of real property, such as the two rail lines owned by the IDA.

Mr. Dunn suggested that the new by-laws presented earlier include a reference to the Agency’s bond counsel. Mr. Benton agreed to revise the by-laws to address the designation and role of bond counsel.

Moreau Rail Spur Bid

Mr. Benton reported that as a follow-up to the discussion of the December 11, 2006 meeting he has received interest from four engineering firms in response to the RFP for a rail services study in regard to the Agency-owned rail line in Moreau and South Glens Falls. Written proposals are to be submitted by consultants by January 19^th after which Mr. Benton will confer with the Board’s selection committee. The chosen consultant will perform an inspection of the 4.7-mile rail line and report on the existing condition of the line, its ties, highway crossings and drainage. He added that the state has a rail program for which $27 million is available statewide. This is an available money source, he explained, that (if qualified) may be utilized if the Agency decides to go ahead with the study’s recommendations.

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Auditor for FY 2006 Annual Report

Mr. Benton presented the Members with a proposal dated December 13, 2006 from Edmund Galka, CPA for professional accounting serves in the amount of $2,000 to perform the Agency’s audited Annual Financial Report. He noted that this represents the same cost that Mr. Galka provided his served for the past three years and that Mr. Galka can meet the reporting requirements of the Public Authorities Act under this contract and cost. Mr. Benton said he had spoken to the Director of State Budget Office who confirmed that the Agency would need to conduct an R.F.P. for audit services for its 2007 fiscal year.

There being no further questions or comments, Mr. Dunn moved to authorize the contract with Mr. Galka at a cost of $2,000. Mr. O’Conor seconded the motion.

Resolution #928

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby enter into contract with Mr. Edmund Galka, CPA for the preparation and completion of the 2006 audited Annual Financial Report.

Ayes: 7

Noes: 0

Adopted: 7-0

IDA Conference

Mr. Benton requested Board authorization for the Agency’s expenditure of $250 for he and Mr. Galka to attend the annual IDA Conference presented by the New York State EDC on January 17^th. The focus of the conference is to be compliant with the requirements of the Public Authorities Accountability Act of 2005.

There being no further questions or comments, Mr. Dunn moved to authorize the expenditure of $250 for attendance at the annual IDA Conference. Mr. O’Conor seconded the motion.

Resolution #929

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby authorize the expenditure of $250.00 for the attendance of Lawrence Benton, CEO and Ed Galka, CPA at the NYS Economic Development Council’s January 17, 2007 IDA Conference.

Ayes: 7

Noes: 0

Adopted: 7-0

Other Business

The Chairman stated that he had received an inquiry from Mr. Valentine on behalf of the Saratoga County Planning Department, asking if the Agency would consider sponsoring one of the two remaining options to financially support the Third Annual Planning and Zoning Conference to be held

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on January 24, 2007 at the Saratoga Springs City Center. Jason Kemper, director of the planning department, provided a conference budget that showed a present positive $1,400 balance of revenues over expenses. Mr. Benton suggested that rather than supporting the event as a sponsor (because the event appears to be able to support itself at this time) perhaps the Agency could agree to provide up to $2,000 if needed to cover an operating deficit following the completion of the conference. The Board concurred with the suggested approach.

There being no further questions or comments, Mr. Dunn moved to provide Agency funds to the Saratoga County Planning Department up to $2,000 to cover an operating deficit, should one occur, for the Annual Planning and Zoning Conference. Mr. O’Conor seconded the motion.

Resolution #930

RESOLVED THAT the Saratoga County Industrial Development Agency hereby authorizes the expenditure of up to $2,000 for the benefit of the Saratoga County Planning Department. The potential release of funds will be to cover an operating deficit, if one should exist according to a review of department expenses and revenues, in the department’s production of its Annual Planning and Zoning Conference.

Ayes: 7

Noes: 0

Adopted: 7-0

Adjournment

There being no further questions or comments, Mr. Merriam moved to adjourn the meeting. Mr. Dunn seconded the motion, with all in favor.

Respectfully submitted by,

Michael Valentine, Sr. Planner

Meeting Minutes

January 30, 2007

The meeting held at the offices of the Saratoga County Planning Department located at 50 West High Street in Ballston Spa was called to order at 8:00 am.

The following Members, Staff and Guest were present:

Members: Raymond Callanan, Chairman; Richard Dunn, Suzanne Daley-Nolen, and Charles Hanehan.

Staff and Guests: Lawrence D. Benton, CEO; Michael Valentine, Sr. Planner; Michael Toohey, Counsel; James Carminucci, Bond Counsel; Jon Dawes, SEDC; Stephen Williams, Daily Gazette.

Approval of Minutes

The Minutes of the January 8, 2007 meeting were unanimously approved with minor changes/additions to the draft following a motion by Mr. Hanehan, seconded by Mr. Dunn.

Bank North Depository Resolution and Signature Card

Mr. Benton explained that the Agency needs to update its Master Signer Certificate with TD Banknorth as it is soon to expire. The names and signatures of those members and staff eligible to sign on behalf of the Agency needs to be authorized by resolution to carry on investment in certificates of deposits and associated wire transfers. Mr. Benton sought Board authorization for Chairman Callanan, Mr. Dunn (Treasurer), Mr. Merriam (Secretary), Mr. Valentine and himself (CEO) to sign the bank signature card and the annual Master Certificate.

There being no further questions or comments, Ms. Nolen moved to authorize the requested members and staff as eligible signers of accounts with TD Banknorth. Mr. Dunn seconded the motion.

Resolution #931

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby authorize Raymond Callanan, Richard Dunn, Charles Merriam, Jr., Lawrence Benton, and Michael Valentine as signers to TD Banknorth’s Municipal Master Signer Certificate and Certificate of Resolution of Corporation permitting said members and staff the authority to open accounts, deposit, and withdraw funds on behalf of the Agency in accordance with its Investment Policy. Such corporate resolution is hereby adopted and attached hereto these minutes.

Ayes: 4

Noes: 0

Adopted: 4-0

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FY 2006 Final Budget

Mr. Benton presented the final budget for FY 2006 that reflects a review and closing of the financial books through December 31, 2006. He and Mr. Dunn (treasurer) reviewed expenditures and revenues as of year end. A closing fee from Precision Valve (AJH) shown in the previously revised budget has been removed as it has not been received at this time. Following additional adjustments for interest earned the Final 2006 Budget shows a deficit of $19,521.

There being no further questions or comments, Mr. Hanehan moved to accept the final FY2006 Budget as presented. Ms. Nolen seconded the motion.

Resolution #932

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby adopt the Final FY 2006 Budget reflecting revenues ($3,671,812) and expenses ($3,687,764) through December 31, 2006.

Ayes: 4

Noes: 0

Adopted: 4-0

FY 2006 Revenues and Expenditures

Mr. Benton informed members that he has provided the Agency’s treasurer with a report of 2006 expenditures and revenues. Mr. Dunn stated that he has reviewed the report and its contents and is satisfied with the detailed breakdown of its components. Expenditures and revenues are both reported as PILOT-generated and as non-PILOT related to show that PILOT payments – either as revenue received from company payments or as an expense distributed to taxing jurisdictions – account for roughly 95% of both sides of the equation.

There being no further discussion Ms. Nolen moved to accept the revenues and expenditures report. Mr. Hanehan seconded the motion.

Resolution #933

RESOLVED THAT the Report on 2006 Revenues and Expenditures of the Saratoga County Industrial Development Agency as prepared by the CEO and reviewed by the treasurer is hereby accepted.

Ayes: 4

Noes: 0

Adopted: 4-0

Correspondence

Mr. Benton informed the Board that he has received and responded to two requests for information made under the Freedom of Information Law related to the IDA application by Saratoga Eagle Distribution. One request was made by attorney Richard Mullaney on behalf of the Saratoga Springs City School District while the other was made by Matthew McCabe, Commissioner of Finance for the city of Saratoga Springs.

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Moreau Rail Spur: Review of Bids (Executive Session)

The Chairman stated that a review of the bids received for the study of the existing Agency-owned rail line was going to be conducted and asked that a motion be made to enter into executive session.

Ms. Nolen made a motion to enter into executive session for the purpose of reviewing those bids received in response to Request for Proposals. The motion was seconded by Mr. Hanehan and approved by all.

Ms. Nolen moved to return to regular session following the conclusion of discussion. Mr. Hanehan seconded the motion which was approved by all.

Mr. Benton reported that SCA Tissues (previously Encore), located in the village of South Glens Falls, approached Jack Kelly of SEDC about the re-use of the Agency’s line to bring in wood chips on rail cars as a fuel source to generate steam. From the initial discussion with SEDC, followed by further discussion with DOT’s rail division and others in the rail industry, the Agency sought proposals from firms knowledgeable and experienced in the analysis of existing rail lines.

He stated that five firms were mailed the RFP – Clough Harbour & Associates, C.T. Male Associates, Environmental Design Partnership, Spectra Engineering, and Hatch Mott McDonald. Four firms with the exception of Hatch McDonald responded. A committee comprised of Mr. Benton, Mr. Dunn and Mr. O’Conor met to review the proposals and interview firms. The committee’s recommendation, stated Mr. Benton, was that the Board select Clough-Harbour. That decision was based upon the firm’s strong qualifications and experience, the use of full-time professional engineers for the study, the firm’s familiarity with the rail line through other work in the area and a firm lump-sum contract price not to exceed $12,000. Mr. Dunn suggested that upon completion of the study the Agency approach DOT for grants or other funding sources if there is an interested company. Mr. Benton stated that there is a $28 million dollar fund for rail projects across the state, indicating that this will be a source the Agency should pursue if it determines from the study that the rail line should be rehabilitated. The Chairman stated that the committee has a comfort level with Clough Harbour and with what it has presented; he recommended a resolution making the choice to issue a notice to Clough Harbour to proceed, starting as soon as possible.

There being no further questions or comments, Mr. Dunn moved to accept the proposal presented by Clough-Harbour & Associates as presented and discussed. Ms. Nolen seconded the motion.

Resolution #934

RESOLVED THAT the Saratoga County Industrial Development Agency does hereby accept the proposal prepared by Clough-Harbour & Associates for completion of an inventory, analysis, and cost estimate to rehabilitate the 4.7-mile Agency-owned rail line located in the town of Moreau and village of South Glens Falls for a lump sum price of $12,000.

BE IT FURTHER RESOLVED THAT the Agency authorizes Mr. Benton to issue Clough Harbour & Associates a notice to proceed immediately.

Other Business – Public Authority Accountability Act of 2005

Mr. Benton asked if the Board wanted to consider a resolution for adoption of the by-laws previously reviewed and discussed. The role of bond counsel’s responsibilities has been added, with language similar to that used by the Dormitory Authority. While Mr. Carminucci has reviewed the by-laws, Mr. Toohey has not yet reviewed the added language; therefore, any discussion and action was postponed.

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Mr. Benton noted that the Board previously appointed a Governance (Oversight) Committee but would have to appoint someone to serve with Mr. Hanehan and Ms. Nolen filling the vacancy created by Mr. O’Conor’s resignation. One of the specific roles of the governance committee is to advise the Board of Supervisors on the skills and expertise which a prospective member of the Agency board should possess. He also stated that he will draft a letter for the Board’s review regarding prospective candidates. Mr. Benton also asked the members to give some thought to an individual who might be able to serve as the Agency’s Chief Financial Officer. Additionally, Mr. Benton will also be working on property disposition guidelines and a whistleblower policy both of which are required by the PAAA.

Regarding the ethics code which the board must adopt and financial disclosure that each member must provide, discussion continued on whether to adopt the code currently used by Saratoga County for its employees with a change in name to note applicability to Saratoga County IDA. Mr. Toohey suggested that the Agency may want to consider an ethics code that is separate and distinct from Saratoga County’s and Mr. Benton stated that he will research other sources and report back to the Board.

Adjournment

There being no further questions or comments, Ms. Nolen moved to adjourn the meeting. Mr. Hanehan seconded the motion with all in favor.

Respectfully submitted by,

Michael Valentine, Sr. Planner

MEETING MINUTES

February 12, 2007

The meeting held at the town of Halfmoon Town Hall located at 111 Route 236 in Halfmoon was called to order at 8:00 am following the close of a public hearing held to consider the application by Perry Textiles, Inc.

The following Members, Staff and Guest were present:

Members: Raymond Callanan, Chairman; Charles Merriam, Jr., Richard Dunn, Suzanne Daley-Nolen, and Rod Sutton.

Staff and Guests: Michael Valentine, Sr. Planner; Michael Toohey, Counsel; James Carminucci, Bond Counsel; Jon Dawes, SEDC; Harold Perry, Perry Textiles; Kenneth DeCerce, Supervisor, Town of Halfmoon; Mindy Wormouth, Town Board Member, and Stephen Williams, Daily Gazette.

Approval of Minutes

The Minutes of the January 30, 2007 meeting were unanimously approved following a motion by Mr. Dunn, seconded by Mr. Merriam.

Application: Perry Textiles, Inc.

Mr. Carminucci presented a resolution that authorizes preliminary approval of the application made by Perry Textiles, Inc. for Agency assistance. Mr. Carminucci stated that the resolution has been reviewed by Mr. Valentine and Mr. Toohey and Mr. Valentine affirmed that its content matches that of the company’s application. Mr. Carminucci noted that the resolution makes no SEQR determination as the approval status of the project with the town of Halfmoon has not been ascertained. Mr. DeCerce, the Halfmoon town supervisor, confirmed that the project has received final site plan approval. Mr. Dawes stated that there is nothing to add beyond the information provided at the previous meeting.

As there were no additional questions or comments, Mr. Sutton moved to grant preliminary Agency approval to the Perry Textiles application. Mr. Dunn seconded the motion.

A roll call vote was taken on Resolution #935 (attached) with the following results.

Ayes: Mr. Dunn, Mr. Merriam, Mr. Sutton, Ms. Nolen, and Mr. Callanan.

Noes: None

Adopted: 5-0

Other Business

Mr. Valentine distributed a February 6, 2007 letter from Jeff Vukelic of Saratoga Eagle Sales and Service requesting cancellation of the IDA’s 8:00 am February 14^th public hearing to present the application by his company. Mr. Valentine reminded the members that there will, however, be a

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public hearing held at 9:00 am on February 14^th at the town of Saratoga town hall for a hearing of the application by General Schuyler Ambulance Corp.

Also provided to the members was correspondence from the IDA’s Governance Committee to the Chairman of the county Board of Supervisors in which recommendations for selection criteria to be utilized in the appointment of IDA Board Members are defined. The Committee advised that under the Public Authorities Accountability Act of 2005 it is responsible to advise the Board of Supervisor of the criteria for the selection of effective members to the IDA. This information was provided to enable the Board of Supervisors to assist the Agency in fulfillment of its responsibilities to the Board and county residents.

Adjournment

There being no further items to come before the Board, Ms. Nolen moved to adjourn the meeting. Mr. Sutton seconded the motion, with all in favor.

Respectfully submitted by,

Michael Valentine

Sr. Planner

MEETING MINUTES

March 12, 2007

The meeting held at the offices of the Saratoga County Planning Department located at 50 West High Street in Ballston Spa was called to order at 8:00 a.m.

The following Members, Staff and Guest were present:

Members: Raymond Callanan, Chairman; Charles Merriam, Jr., Richard Dunn, Rod Sutton, and Charles Hanehan.

Staff and Guests: Michael Valentine, Sr. Planner; James Carminucci, Bond Counsel; Jon Dawes, SEDC; Joanne Hanna, President of Schuyler Emergency Squad; Sherry Doubleday, General Schuyler EMS; Stephen Williams, Daily Gazette.

Approval of Minutes

The Minutes of February 12, 2007 meeting were unanimously approved following a motion by Mr. Merriam, seconded by Mr. Dunn.

Inducement Resolution: General Schuyler Emergency Squad

The Chairman recognized Jon Dawes of SEDC who was present with Joanne Hanna (pres.) and Sherry Doubleday of the General Schuyler Emergency Squad. Mr. Carminucci distributed a resolution for Board review and action. The Chairman asked if there was anything new about the proposed project since it was presented on January 9^th and Mr. Carminucci and Mr. Dawes indicated that there was not. The Chairman explained that the application seeks a tax-exempt bond issuance not to exceed $2.1 million for the construction of a new emergency squad building on NYS Rt. 29 in the town of Saratoga, west of the village of Schuylerville. The new 8,000 sq. ft. facility will replace the existing 2,500 sq. ft. building on Ferry Street in Schuylerville. There will be no PILOT Agreement, noted Mr. Callanan, but the squad is requesting a sales tax exemption related to construction materials and possibly a mortgage recording tax exemption.

Mr. Valentine stated that a public hearing on the application was held on February 14, 2007 at the town of Saratoga town hall. Because of the snowstorm that began earlier that morning there was not a quorum of the Board (Mr. Sutton was present). The hearing was held and closed without a vote being taken on the inducement resolution. The applicants attended the public hearing as did town supervisor Thomas Wood. Mr. Wood provided Mr. Dawes with a letter supporting the project which Mr. Dawes gave to the Chairman this morning. Supervisor Wood stated that the service needs of his growing community need to be met by a larger emergency squad and the town supports the increased capacity sought through this application. Mr. Valentine noted that the Board previously commented on the $365 per sq. ft. project cost and Ms. Hanna explained that the $2.1 million cost reflects start to finish costs, not only building construction cost. If building costs alone were calculated that would result in a square foot cost of $193, or roughly $1.54 million. This reflects the removal of site costs such as landscaping, parking, and lighting. The $2.1 million is a turnkey figure that represents a facility that allows the squad to move in and begin operations. Mr. Valentine explained that the Malta Ambulance Corps. undertook a project

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assisted by IDA tax-exempt bonding in 2000. The project costs at that time computed to a square foot cost of $230. Inflationary building costs since 2000 would result in a 2007 square-foot cost of roughly $350 for the Malta project. In conversation with the Halfmoon councilman heading up construction of their new town hall Mr. Valentine learned that they too are encountering sq. ft. costs above the $300 threshold.

As there were no additional questions or comments, Mr. Hanehan moved to approve the inducement resolution presented by bond counsel. Mr. Dunn seconded the motion.

A roll call vote was taken on Resolution #936 (attached) with the following results.

Ayes: Messrs. Hanehan, Dunn, Merriam, Sutton, and Callanan.

Noes: None

Adopted: 5-0

Correspondence

The Chairman stated that he had received a letter from Mayor Keehn of Saratoga Springs in which she requested to meet with Agency representatives to discuss how the IDA could financially assist the city in its efforts to leverage private sector interest and investment in tourism and convention sectors. The Chairman asked members if they would consider forming a subcommittee to meet with the Mayor. He asked that a committee of Chairman Callanan, Rod Sutton and Rick Dunn (both being city residents) be authorized to meet and discuss her letter. He and the other two members accepted and by consensus it was agreed that the Chairman will call the Mayor to set a meeting date.

Public Authorities Accountability Act

Mr. Valentine briefly discussed the status of the Agency policies being worked on by the CEO. The four policies Mr. Benton has drafted for Board review are the Whistleblower Policy, Property Disposition Policy, the Model Code of Ethics, and Agency By-Laws. Mr. Valentine explained that the revisions to the Property Disposition Policy he made with Mr. Benton were emailed to members last week separate from the packet. The Ethics Policy could not be located for inclusion in mailing to members; therefore, the Chairman suggested that once staff had the Code of Ethics that a packet of the four policies be mailed to members for their review. The Board can then consider the policies for adoption at its April 9^th meeting.

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