ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
Meeting Agenda
*Agenda subject to change*
April 15, 2016 at 8:30 AM
Ernest J. LaBaff Industrial Building
19 Commerce Lane, Suite 1
Canton, New York 13617
Call to Order
Roll Call
Public Notice
April 12, 2016
Public Comment
Approval of Minutes
March 25, 2016 Meeting ............................................................................................................. 1-5
Financial Report:
Financial Reports
January 2016 ............................................................................................................................ 6-11
February 2016 ........................................................................................................................ 12-17
March 2016............................................................................................................................. 18-23
Reports of Committees
Staff Report
Patrick Kelly
Old Business
None
New Business
St. Lawrence County Industrial Development Agency
Resolution:
Authorizing Execution and Delivery of Mortgage Indenture & Security
Agreement: Butternut Assets, LLC ............................................................ 24-26
Executive Session
Adjournment
REMAINDER OF PAGE LEFT BLANK
ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
ST. LAWRENCE COUNTY IDA LOCAL DEVELOPMENT CORPORATION
ST. LAWRENCE COUNTY IDA CIVIC DEVELOPMENT CORPORATION
~ Meeting of March 25, 2016 ~
CALL TO ORDER: The meeting was called to order at 8:35 AM at the offices of the St. Lawrence County
Industrial Development Agency, 19 Commerce Lane, Canton.
ROLL CALL:
Blevins ..................................................... Present
Hall ........................................................... Present
LaBaff ...................................................... Present
McMahon ................................................. Absent
Burke ........................................................... Present
Chairman Staples......................................... Absent
Weekes ........................................................ Present
Others: SLCIDA Staff (Patrick Kelly, Thomas Plastino, Kimberly Gilbert, Rich Williams and Lori Sibley), Tom
Iorizzo from Carpenter’s Union 277.
PUBLIC COMMENT: None
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PUBLIC NOTICE: Public notifications sent March 18th to, at a minimum: St. Lawrence County’s newspapers
designated for the publication of local laws and other matters required by law to be published; additional local
media sources and websites.
APPROVAL OF MINUTES: Burke/Weekes motion to approve the February 18, 2016 and March 9, 2016 meeting
minutes. Carried unanimously.
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FINANCIAL REPORTS: Kimberly Gilbert, Chief Financial Officer, notes the December financial reports balance
with the annual audit statements. With today’s final review of FY2015 financials, January, February and March
2016 financial statements will be available for review at the next meeting. Blevins/Hall motion to approve the
December 2015 Financial reports. Carried unanimously.
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REPORTS OF COMMITTEES: Mr. LaBaff notes the committee reports will be presented during the New
Business section.
STAFF REPORT: Mr. Kelly reports on the following:
Curran Renewable Energy: The initial portion of the loan to Curran Renewable Energy has closed. Attorney
Silver is reviewing the 2nd mortgage on the Seaway Timber properties along with Title information. Guarantor
signatures are in place and as part of the Line-Of-Credit approved last month, $500,000 was advanced to Curran
Renewable Energy last Friday.
Star Mountain: The North Country Economic Development Fund approved a $500,000 loan to Star Mountain
Resources for working capital to bridge their holding costs from now until they close on their permanent
financing. Carrying costs are running them on average $150,000 a month. Approximately 120 jobs could be
created as a result of this project. The financing was secured with mining rights and equipment.
Padgetts IGA in Star Lake: The SLCIDA is currently working with DANC to assist a regional grocer who has
expressed interest in obtaining the former Padgett’s IGA in Star Lake.
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Canton Industrial Park: We are still waiting for reimbursement from ESDC for road and infrastructure
improvements that were made in the Canton Industrial Park. We are having discussions with ESD about the
MWBE participation levels in the project.
Fockler Industries signed a three-year lease extension for continued occupancy in the Massena Industrial Park.
Newton Falls Railroad: Moving forward with the rail rehabilitation project. Rhinehart Railroad Construction,
Inc. will order materials to be on site before the end of April, with anticipation of beginning phase 2 of the
project in May.
J&L Steel Site: Received an award for $87,000 to put toward planning, engineering and site development. The
grant agreement is signed and the County is expected to meet next week to discuss the process going forward.
Marketing: Preparing final expenditures for the National Grid grant that include the purchase of more modern
and efficient-for-travel tradeshow materials.
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Tradeshows: The 2016 tradeshow season will kick off next month with the first out-of-area shows in Montreal
(Ep-Tech) and Mississauga (CANECT). Then, staff will attend MMTS in Montreal, CANSEC in Ottawa, Select
USA in Washington, DC, EpTech in Ottawa, PackEx in Montreal and Secure Tech in Ottawa.
Economic Development Services Contract: The County recently submitted an amended contract, containing
language that references a $200,000 contribution to the SLCIDA for economic development services versus a
$400,000 contribution received in previous years. Attorney Silver is reviewing the document and Chairman
Staples will sign upon final approval.
Staff: John Pinkerton, Project Manager for the SLCIDA-LDC, has been actively contacting companies and has
visited approximately 25 businesses to date.
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NEW BUSINESS:
Resolution IDA-16-03-05: Compensation, Reimbursement and Attendance: Mr. Kelly notes that the Governance
Committee has reviewed the policy and no changes are recommended at this time. Hall/Weekes motion to approve
the resolution. The motion is approved by unanimous vote.
Resolution IDA-16-03-06: Whistleblower Policy and Procedures: Mr. Kelly notes that the policy and procedures
document was reviewed by the Governance Committee and no changes are recommended at this time.
Hall/Weekes motion to approve the resolution. The motion is approved by unanimous vote.
Resolution IDA-16-03-07: Defense and Indemnification: Mr. Kelly notes the policy was reviewed by the
Governance Committee and no changes are recommended. Hall/Weekes motion to approve the resolution. The
motion is approved by unanimous vote.
Resolution IDA-16-03-08: Accepting Revised Code of Ethics: Mr. Hall reviews the recommended changes
brought forth by the Governance Committee. He notes that these changes are consistent with the model policy
provided by the Authorities Budget Office. Additions to the policy explain in more detail the issues surrounding
Employee and Directors acceptance of gifts or gratuities, the use of Authority property, disclosure of information
inconsistent with policy or law, and prohibiting Directors and Employees from appearing or practicing before the
Authority for two (2) years following employment with the Authority. Weekes/Burke motion to approve the
resolution. The motion is approved by unanimous vote.
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Resolution IDA-16-03-09: Accepting FY2015 SLCIDA Audit: Mr. Weekes reports that the FY2015 Audit was
a good/clean audit. Items that were covered extensively in the audit include the Newton Falls Rail revenue, GASB
68 implementation requirements, new receivable for Capital Leases, and creation of bad debt allowances account.
Mrs. Gilbert comments on the new receivable for Capital Leases and how it was PMHV’s decision to
re-categorize how lease purchases were recorded on the books. No error had occurred. The change
represents a modification in accounting classifications, thus creating a capital lease, and removing the
attached asset from the books. This will prevent losses being reported when the Lease Purchase is
completed and is a more true representation of the actual occurrence. Burke/Weekes motion to approve the
resolution. The motion is approved by unanimous vote.
Resolution IDALDC-16-02-02: Disposition of Real Property Policy (Annual Review) and 2015 Report of
Property. A brief discussion and review of the policy ensues. Weekes/Blevins motion to approve the resolution.
The motion is approved by unanimous vote.
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Resolution IDALDC-16-02-03: Authorizing Modifications to SLCIDA-LDC FY2015 Budget. Weekes/Blevins
motion to approve the resolution. Mrs. Gilbert notes that the resolution includes modifications that were approved
by the RVRDA in their meeting last week. The motion is approved by unanimous vote.
SLCIDA 2015 Mission and Performance Report: Mr. Kelly notes that a copy of the report was sent to the County
Board of Legislators for review. The report was a combined document highlighting the mission and performance
goals of each of the entities. Weekes/Blevins motion to approve the report. The motion is approved by unanimous
vote.
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SLCIDA 2015 Annual Report Review: Mr. Kelly explains the internal process behind the Agency’s Annual
Report and provides a brief description of how this information will be used when applied to the overall IDA
performance report issued by the State. Mr. Kelly notes that industrial development agencies lost the ability to do
civic facility bond projects in 2010. With the creation of the SLCIDA-CDC, overall job numbers will be impacted
as the colleges and hospitals drop off the SLCIDA report and these types of new projects are applied to the CDC
report. Mr. Kelly explains the process of reporting PILOT payments received is somewhat complex since the
IDA does not do the billing, currently that is the municipalities’ responsibility. For projects going forward, Mr.
Kelly recommends the IDA bill for PILOT payments, giving more control and awareness to us in the billing,
collection and reporting of the payments. Mr. Hall expresses his concern with the way the report doesn’t
acknowledge the large amount of work the IDA does that is not accounted for in the report simply by the way the
questions are formulated. He notes several projects there were very time consuming for IDA staff that eventually
helped to preserve jobs in the area but cannot be accounted for in the report due to the lack of the provision of
financial assistance.
Mr. Kelly mentions the start of Strategic Planning Sessions that began with staff this week. He notes four areas
of concentration: Job Creation, Finance, Marketing and Buildings.
Resolution IDALDC-16-03-04: Compensation, Reimbursement and Attendance: Mr. Kelly notes a review of the
policy by the Governance Committee shows no need for change at this time. Hall/Weekes motion to approve the
resolution. The motion is approved by unanimous vote.
Resolution IDALDC-16-03-05: Whistleblower Policy and Procedures: Mr. Kelly acknowledges the Governance
Committee provided a review of the policy and procedures and no recommendations for change were needed at
this time. Hall/Weekes motion to approve the resolution. The motion is approved by unanimous vote.
Resolution IDALDC-16-03-06: Defense and Indemnification: Mr. Kelly notes the Governance Committee
reviewed the policy and no change is recommended at this time. Hall/Weekes motion to approve the resolution.
The motion is approved by unanimous vote.
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Resolution IDALDC-16-03-07: Authorizing Revisions to the Code of Ethics: Mr. Hall mentions the
modifications that were made to the policy to offer more clarity to the current policy. The sections of the policy
that now offer greater detail include Employee and Directors acceptance of gifts or gratuities, the use of Authority
property, disclosure of information inconsistent with policy or law, and prohibiting Directors and Employees from
appearing or practicing before the Authority for two (2) years following employment with the Authority.
Hall/Blevins motion to approve the resolution. The motion is approved by unanimous vote.
Resolution IDALDC-16-03-08: Accepting FY2015 SLCIDA-LDC Audit: Mr. Weekes reports that this was
another great report. No issues of concern. Burke/Weekes motion to approve the resolution. The motion is
approved by unanimous vote.
SLCLDC FY2015 Audit: Mr. Weekes notes the audit was good. No issues. As the SLCLDC dissolution moves
forward, this should be the last audit for the SLCLDC. This year, and beyond, the financials will be audited as
part of the SLCIDA-LDC. Burke/Weekes motion to approve the audit. The motion is approved by unanimous
vote.
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SLCIDA-LDC FY2015 Mission and Performance Report: Mr. Kelly reminds the group that this report includes
the activities of the St. Lawrence River Valley Redevelopment Agency and Greater Massena Economic
Development Fund. Weekes/Hall motion to approve the report. The motion is approved by unanimous vote.
SLCIDA-LDC FY 2015 Annual Report Review: Weekes/Burke motion to accept the report. The motion is
approved by unanimous vote.
SLCLDC FY2015 Performance Report: Burke/Weeks motion to accept the report. Mr. Kelly reminds the
members that the FY 2016 SLCLDC performance reports will be combined with the SLCIDA-LDC in FY2016.
The motion is approved by unanimous vote.
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SLCLDC FY2015 Annual Report Review: Weekes/Burke motion to accept the report. Mr. Kelly notes the
SLCLDC FY2016 activities will be combined with the SLCIDA-LDC report in 2016.
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Resolution IDACDC-16-03-09: Compensation, Reimbursement and Attendance: Hall/Weekes motion to approve
the resolution. The motion is approved by unanimous vote.
Resolution IDACDC-16-03-10: Whistleblower Policy and Procedures: Hall/Weekes motion to approve the
resolution. The motion is approved by unanimous vote.
Resolution IDACDC-16-03-11: Defense and Indemnification: Hall/Weekes motion to approve the resolution.
The motion is approved by unanimous vote.
Resolution IDACDC-16-03-12: Authorizing Revisions to the Code of Ethics: Burke/Weekes motion to approve
the resolution. The motion is approved by unanimous vote.
Resolution IDACDC-16-03-13: Accepting FY2015 SLCIDA-CDC Audit. Mr. Weekes notes that the audit was
clean. Burke/Weekes motion to approve the resolution. The motion is approved by unanimous vote.
SLCIDA-CDC FY 2015 Mission and Performance Review: Burke/Weekes motion to approve the report. The
motion is approved by unanimous vote.
SLCIDA-CDC FY2015 Annual Report Review: Burke/Weeks motion to approve the report. The motion is
approved by unanimous vote.
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EXECUTIVE SESSION: Blevins/Hall motion for Executive Session to discuss matters relative to the financial
history of a specific company and Annual Board of Directors Performance Review. Motion approved unanimously
and the Boards go into Executive Session at 9:25 AM. Burke/Weekes motion to return to Regular Session at10:05
AM.
St. Lawrence Brewing Company: Blevins/Weekes motion to allow an additional three (3) month moratorium of
payments for St. Lawrence Brewing Company while they restructure their business plan and operations. The
motion is approved by unanimous vote.
SUNY Canton MOU: Mr. Kelly is given approval by the board to sign an MOU with SUNY Canton to allocate
space and list the Canton Industrial Building as potential inventory for StartUP NY efforts. Mr. Kelly notes
SUNY Canton wishes to partner with the SLCIDA as they promote the StartUP NY program.
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ADJOURNMENT: Blevins/Weekes motion to Adjourn. The session adjourns at 10:10 AM by unanimous
consent.
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By:
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Mr. Lynn Blevins
Secretary
St. Lawrence County Industrial Development Agency
Balance Sheet
As of January 31, 2016
Jan 31, 16
ASSETS
Current Assets
Checking/Savings
200 · Cash
120,389.13
200P · Cash - Payroll Checking Account
201 · Cash in Time Deposits
203 · Cash - Rental Deposits
Total Checking/Savings
35,210.81
2,272,465.35
5,699.57
2,433,764.86
Other Current Assets
206 · Accrued Accounts Receivable
211 · Special Reserve
168,308.97
2,000,000.00
220 · Due from Affiliate Agencies
Total Other Current Assets
Total Current Assets
4,815.92
2,173,124.89
4,606,889.75
Fixed Assets
111 · Gouverneur Industrial Park
111-A · Gouverneur Industrial Park
74,139.65
Total 111 · Gouverneur Industrial Park
74,139.65
112 · Vehicles
112-A · Vehicles
39,577.50
112-B · Vehicles Depreciation
Total 112 · Vehicles
-31,223.00
8,354.50
119 · Massena Industrial Park-Lot 12
40,963.08
122 · Furnishings
122-A · Furnishing
27,096.04
122-B · Furnishing Depreciation
Total 122 · Furnishings
-23,773.32
3,322.72
126 · Potsdam Commerce Park
126-A · Potsdam Commerce Park Bldg
126-B · PCP Bldg Depreciation
Total 126 · Potsdam Commerce Park
890,509.28
-204,075.03
686,434.25
127 · Massena Lot 17
127A · Massena Lot 17 Building
507,238.03
127-B · Massena Lot17 Bldg Depreciation
-73,100.00
Total 127 · Massena Lot 17
434,138.03
128 · Canton Industrial Park
128B · Canton Industrial Park - Improv
572,994.00
128A · Canton Industrial Park - Land
166,250.00
Total 128 · Canton Industrial Park
739,244.00
129 · Canton Industrial Building
129-A · Canton Industrial Building
129-B · Canton Industrial Bldg Improv
129-C · Canton Ind Bldg - Depreciation
Total 129 · Canton Industrial Building
Total Fixed Assets
2,024,824.19
40,650.27
-161,261.08
1,904,213.38
3,890,809.61
Other Assets
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St. Lawrence County Industrial Development Agency
Balance Sheet
As of January 31, 2016
Jan 31, 16
Capital Lease Receivable
590 · L/R - Capital Lease OpTechLot20
Total Capital Lease Receivable
331,727.04
331,727.04
Notes Receivable (N/R)
450 · N/R - North Country Grown RBEG
5,935.38
483 · N/R - ATL - Tamarack Building
5,265.84
497 · N/R - High Peaks W inery RBEG
2,540.80
499 · N/R - Fockler Equip Lease
32,381.14
502 · N/R- SL Brewing Equip Lease
35,000.00
Total Notes Receivable (N/R)
Total Other Assets
TOTAL ASSETS
81,123.16
412,850.20
8,910,549.56
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
2100 · Deposit - Rental
523 · Accrued Expenses Payable
Total Other Current Liabilities
Total Current Liabilities
5,699.57
371.70
6,071.27
6,071.27
Long Term Liabilities
Mortgage Payable
651 · M/P - GMEDF GM Vendor Project
Total Mortgage Payable
187,182.30
187,182.30
Notes Payable (N/P)
655 · N/P - SLRVRA CIB Loan
665,514.29
654 · N/P - SLCIDA-LDC CIB Loan
676,489.92
Total Notes Payable (N/P)
1,342,004.21
500 · Emp Compensated Time Accruals
209,484.16
501 · PostEmpBenft Other Than Pension
589,003.00
Total Long Term Liabilities
Total Liabilities
2,327,673.67
2,333,744.94
Equity
3700 · Investment in Capital Assets
2,570,981.55
3800 · Net Assets - Assigned
2,000,000.00
3900 · Net Assets - Unassigned
2,072,873.69
Net Income
-67,050.62
Total Equity
TOTAL LIABILITIES & EQUITY
Page 7
6,576,804.62
8,910,549.56
St. Lawrence County Industrial Development Agency
2016 Budget
Jan-16
OPERATING REVENUE- Other
2400 - Late Fees Received
2409B - Interest Income - Banking
2409L - Interest Income - Loans
2421 - St. Lawrence County Revenue
2422 - IDALDC Administrative Revenue
2423 - GMEDF Administrative Revenue
2999 - Miscellaneous Revenue
Total OPERATING REVENUE
Canton Industrial Building - CIB(SL Brewery)
2450 · Rental Income - CIB
Total Revenue for CIB
YTD
Balance
250.00
720.00
9,500.00
200,000.00
200,000.00
7,200.00
250.00
417,920.00
0.00
3.25
741.37
50,000.00
0.00
0.00
0.00
50,744.62
0.00
3.25
741.37
50,000.00
0.00
0.00
0.00
50,744.62
250.00
716.75
8,758.63
150,000.00
200,000.00
7,200.00
250.00
367,175.38
33,111.00
33,111.00
0.00
0.00
0.00
0.00
33,111.00
33,111.00
2,500.00
5,257.00
2,000.00
9,877.00
50,621.00
70,255.00
0.00
0.00
0.00
11.50
0.00
11.50
0.00
0.00
0.00
11.50
0.00
11.50
2,500.00
5,257.00
2,000.00
9,865.50
50,621.00
70,243.50
Total Canton Industrial Building
Canton Industrial Park
6456408 · Maintenance Expense - CIP
6456411 · Insurance Expense - CIP
6456499 · Miscellaneous Expense - CIP
Total Expenditure for CIP
(37,144.00)
(11.50)
(11.50)
(37,132.50)
500.00
1,263.00
250.00
2,013.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
500.00
1,263.00
250.00
2,013.00
Total Canton Industrial Park
Gouverneur Industrial Park
6486408 · Maintenance Expense - GIP
6486411 · Insurance Expense - GIP
6486499 · Miscellaneous Expense - GIP
Total Expenditure for GIP
(2,013.00)
0.00
0.00
(2,013.00)
1,000.00
66.00
250.00
1,316.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,000.00
66.00
250.00
1,316.00
6455408 · Maintenance Expense - CIB
6455411 · Insurance Expense - CIB
6455416 · Utility Expense - CIB
6455500 · Interest Expense - CIB
6455510 - Depreciation Expense - CIB
Total Expenditure for CIB
Total Gouverneur Industrial Park
(1,316.00)
0.00
Massena Lot 20 Building (OpTech- Now Capital Purchase and budget section will be "0" out)
2490 · Rental Income - Massena Lot 20 Bldg
35,780.00
0.00
Total Revenue for Massena Lot 20
35,780.00
0.00
0.00
(1,316.00)
0.00
0.00
35,780.00
35,780.00
6470510 - Depreciation Expense - Massena Lot 20 Bldg
Total Expenditure for Massena Lot 20
17,888.00
17,888.00
0.00
0.00
0.00
0.00
17,888.00
17,888.00
Total Massena Lot 20 Bldg
Potsdam Commerce Park (Clarkson)
2495 · Rental Income - PCP Bldg
Total Revenue for Potsdam Commerce Park
17,892.00
0.00
0.00
17,892.00
16,800.00
16,800.00
1,998.75
1,998.75
1,998.75
1,998.75
14,801.25
14,801.25
6497408 · Maintenance Expense - PCP Bldg
6497411 · Insurance Expense - PCP Bldg
6497499 · Misc Expense - PCP Bldg
6497510 - Depreciation Expense - PCP Bldg
Total Expenditure for PCP
500.00
3,191.00
500.00
22,263.00
26,454.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
500.00
3,191.00
500.00
22,263.00
26,454.00
Total Potsdam Commerce Park
(9,654.00)
1,998.75
1,998.75
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(11,652.75)
2015 Budget
Jan-16
YTD
Balance
Massena Lot 17(NY Power Tools)
2475 · Rental Income - Massena Lot 17 Bldg
Total Revenue for Massena Lot 17
22,800.00
22,800.00
1,900.00
1,900.00
1,900.00
1,900.00
20,900.00
20,900.00
6480408 · Maint Expense - Massena Lot 17 Bldg
6480411 · Insurance Expense - Massena Lot 17 Bldg
6480416 · Utility Expense - Massena Lot 17 Bldg
6480510 - Depreciation Expense - Massena Lot 17 Bldg
Total Expenditure for Massena Lot 17
500.00
4,834.00
3,500.00
10,200.00
19,034.00
0.00
0.00
123.58
0.00
123.58
0.00
0.00
123.58
0.00
123.58
500.00
4,834.00
3,376.42
10,200.00
18,910.42
Total Massena Lot 17
Total Building Revenues
Total Building Expenditures
Total Building Net Income
Total Building Depreciation
Building Net Income without Depreciation
Miscellaneous Projects
2413 · Project Fees
2420 · PILOT Payment Received (ATL-Tam)
2424 · NF Rail NBRC Revenue
2425 · NG Marketing Initiative Revenue
2499 · Canton Industrial Park Revenue
2455 · NF Rail Rehab Revenue
6499 - Miscellaneous Income
Total Revenue for Misc Projects
3,766.00
108,491.00
136,960.00
(28,469.00)
100,972.00
72,503.00
1,776.42
3,898.75
135.08
3,763.67
0.00
3,763.67
1,776.42
3,898.75
135.08
3,763.67
0.00
3,763.67
1,989.58
104,592.25
136,824.92
(32,232.67)
100,972.00
68,739.33
10,000.00
5,251.00
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,213,351.00
0.00
437.58
0.00
0.00
0.00
0.00
0.00
437.58
0.00
437.58
0.00
0.00
0.00
0.00
0.00
437.58
10,000.00
4,813.42
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,212,913.42
6420430 - NG Marketing Initiative Expense
6420434 - Accounting Expense - Misc Projects
6420501 - Railroad Interest Expense
6420617 - NF Rail Rehab Expense
6420618 - NF Rail NBRC Expense
6490613 · PILOT Payment Expense (ATL-Tam)
Total Expenditure for Misc Projects
0.00
2,000.00
50,000.00
8,672,000.00
235,000.00
5,251.00
8,964,251.00
0.00
0.00
0.00
0.00
0.00
437.58
437.58
0.00
0.00
0.00
0.00
0.00
437.58
437.58
0.00
2,000.00
50,000.00
8,672,000.00
235,000.00
4,813.42
8,963,813.42
(1,750,900.00)
0.00
Total Miscellaneous Projects
Page 9
0.00 (1,750,900.00)
2015 Budget
IDA General Operating Expenditures
6460408 · Maintenance Expense
6460411 · Insurance Expense
6460416 · Utilities Expense
6460418 · Underwriting/Credit Report Expense
6460420 · Office Supplies Expense
6460421 · Office Equipment Expense
6460422 · Equipment Repair Expense
6460423 · Telephone Expense
6460424 · Postage Expense
6460425 · Printing & Copying Expense
6460426 · IT Expense
6460427 · Professional Associations Expense
6460432 · Other Legal Expense
6460433 · Legal Expense - Retainer
6460434 · Accounting Expense
6460436 · Promotion/Marketing Expense
6460440 · Auto Expense
6460441 · Subscriptions & Periodical Expense
6460442 · Meeting Expense
6460443 · Mileage Expense
6460444 · Education Workshops Expense
6460445 · Other Travel Expense
6460499 · Miscellaneous Expense
6460501 - Interest Expense
6460503 - Payroll Expenses
503A - Salaries & Wages
503B - Employee Benefits
503C - Post Employment Benefits Expense
503D - Payroll Tax Expense
503E - Payroll Processing Fees
6460599 - Depreciation Expense
Total IDA General Operating Expenditures
4,000.00
12,000.00
6,000.00
250.00
5,000.00
5,000.00
2,500.00
6,000.00
1,800.00
1,500.00
5,000.00
2,500.00
10,000.00
6,500.00
5,700.00
50,000.00
4,000.00
500.00
1,000.00
2,500.00
3,000.00
10,000.00
500.00
5,747.00
Jan-16
30.45
30.00
196.68
0.00
70.76
0.00
0.00
312.21
82.96
0.00
1,645.60
0.00
67.50
1,750.00
0.00
5,175.00
(224.83)
200.24
0.00
0.00
450.00
0.00
6.50
7.34
YTD
30.45
30.00
196.68
0.00
70.76
0.00
0.00
312.21
82.96
0.00
1,645.60
0.00
67.50
1,750.00
0.00
5,175.00
(224.83)
200.24
0.00
0.00
450.00
0.00
6.50
7.34
Balance
3,969.55
11,970.00
5,803.32
250.00
4,929.24
5,000.00
2,500.00
5,687.79
1,717.04
1,500.00
3,354.40
2,500.00
9,932.50
4,750.00
5,700.00
44,825.00
4,224.83
299.76
1,000.00
2,500.00
2,550.00
10,000.00
493.50
5,739.66
366,555.00
171,835.00
140,500.00
27,353.00
3,500.00
4,410.00
865,150.00
28,542.74
80,804.16
0.00
2,026.04
385.56
0.00
121,558.91
28,542.74
80,804.16
0.00
2,026.04
385.56
0.00
121,558.91
338,012.26
91,030.84
140,500.00
25,326.96
3,114.44
4,410.00
743,591.09
Total Operating Revenue
Total Building Revenue
Total Miscellaneous Revenue
Total Revenues
417,920.00
108,491.00
7,213,351.00
7,739,762.00
50,744.62
3,898.75
437.58
55,080.95
50,744.62
3,898.75
437.58
55,080.95
367,175.38
104,592.25
7,212,913.42
7,684,681.05
Total Operating Expenditures
Total Building Expenditures
Total Miscellaneous Expenditures
Total Expenditures
865,150.00
136,960.00
8,964,251.00
9,966,361.00
121,558.91
135.08
437.58
122,131.57
121,558.91
135.08
437.58
122,131.57
743,591.09
136,824.92
8,963,813.42
9,844,229.43
(70,814.29)
3,763.67
0.00
(67,050.62)
(70,814.29)
(376,415.71)
3,763.67
(32,232.67)
0.00 (1,750,900.00)
(67,050.62) (2,159,548.38)
Net Operating Income
(447,230.00)
Net Building Income
(28,469.00)
Net Miscellaneous Income (1,750,900.00)
Total Net Income (2,226,599.00)
Page 10
St. Lawrence County Industrial Development Agency
Cash and In Time Report
January 2016
Type of Account
Bank
Interest Rate
Amount
Money Market
Rental Deposits
Checking
Payroll Account
Key Bank
NBT Bank
NBT Bank
NBT Bank
0.01%
0.02%
0.02%
0.00%
$ 2,127,574.15
$
5,699.57
$ 120,389.13
$
35,210.81
Savings
NBT Bank
0.02%
$ 2,144,891.20
$ 4,433,764.86
($2,000,000.00)
$ 2,433,764.86
Reserve
Total Cash accounts
Page 11
St. Lawrence County Industrial Development Agency
Balance Sheet
As of February 29, 2016
Feb 29, 16
ASSETS
Current Assets
Checking/Savings
200 · Cash
70,215.76
200P · Cash - Payroll Checking Account
201 · Cash in Time Deposits
203 · Cash - Rental Deposits
Total Checking/Savings
34,722.13
2,272,467.03
5,699.57
2,383,104.49
Other Current Assets
206 · Accrued Accounts Receivable
211 · Special Reserve
168,308.97
2,000,000.00
220 · Due from Affiliate Agencies
Total Other Current Assets
Total Current Assets
3,065.50
2,171,374.47
4,554,478.96
Fixed Assets
111 · Gouverneur Industrial Park
111-A · Gouverneur Industrial Park
74,139.65
Total 111 · Gouverneur Industrial Park
74,139.65
112 · Vehicles
112-A · Vehicles
39,577.50
112-B · Vehicles Depreciation
Total 112 · Vehicles
-31,223.00
8,354.50
119 · Massena Industrial Park-Lot 12
40,963.08
122 · Furnishings
122-A · Furnishing
27,096.04
122-B · Furnishing Depreciation
Total 122 · Furnishings
-23,773.32
3,322.72
126 · Potsdam Commerce Park
126-A · Potsdam Commerce Park Bldg
126-B · PCP Bldg Depreciation
Total 126 · Potsdam Commerce Park
890,509.28
-204,075.03
686,434.25
127 · Massena Lot 17
127A · Massena Lot 17 Building
507,238.03
127-B · Massena Lot17 Bldg Depreciation
-73,100.00
Total 127 · Massena Lot 17
434,138.03
128 · Canton Industrial Park
128B · Canton Industrial Park - Improv
572,994.00
128A · Canton Industrial Park - Land
166,250.00
Total 128 · Canton Industrial Park
739,244.00
129 · Canton Industrial Building
129-A · Canton Industrial Building
129-B · Canton Industrial Bldg Improv
129-C · Canton Ind Bldg - Depreciation
Total 129 · Canton Industrial Building
Total Fixed Assets
2,024,824.19
40,650.27
-161,261.08
1,904,213.38
3,890,809.61
Other Assets
Page 12
St. Lawrence County Industrial Development Agency
Balance Sheet
As of February 29, 2016
Feb 29, 16
Capital Lease Receivable
590 · L/R - Capital Lease OpTechLot20
Total Capital Lease Receivable
325,535.33
325,535.33
Notes Receivable (N/R)
450 · N/R - North Country Grown RBEG
5,697.96
483 · N/R - ATL - Tamarack Building
3,581.25
497 · N/R - High Peaks W inery RBEG
2,540.80
499 · N/R - Fockler Equip Lease
30,870.54
502 · N/R- SL Brewing Equip Lease
35,000.00
Total Notes Receivable (N/R)
Total Other Assets
TOTAL ASSETS
77,690.55
403,225.88
8,848,514.45
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
2100 · Deposit - Rental
Total Other Current Liabilities
Total Current Liabilities
5,699.57
5,699.57
5,699.57
Long Term Liabilities
Mortgage Payable
651 · M/P - GMEDF GM Vendor Project
Total Mortgage Payable
183,456.19
183,456.19
Notes Payable (N/P)
655 · N/P - SLRVRA CIB Loan
662,849.63
654 · N/P - SLCIDA-LDC CIB Loan
674,677.96
Total Notes Payable (N/P)
500 · Emp Compensated Time Accruals
501 · PostEmpBenft Other Than Pension
Total Long Term Liabilities
Total Liabilities
1,337,527.59
209,484.16
589,003.00
2,319,470.94
2,325,170.51
Equity
3700 · Investment in Capital Assets
2,570,981.55
3800 · Net Assets - Assigned
2,000,000.00
3900 · Net Assets - Unassigned
2,072,873.69
Net Income
-120,511.30
Total Equity
TOTAL LIABILITIES & EQUITY
Page 13
6,523,343.94
8,848,514.45
St. Lawrence County Industrial Development Agency
2016 Budget
Feb-16
OPERATING REVENUE- Other
2400 - Late Fees Received
2409B - Interest Income - Banking
2409L - Interest Income - Loans
2421 - St. Lawrence County Revenue
2422 - IDALDC Administrative Revenue
2423 - GMEDF Administrative Revenue
2999 - Miscellaneous Revenue
Total OPERATING REVENUE
Canton Industrial Building - CIB(SL Brewery)
2450 · Rental Income - CIB
Total Revenue for CIB
YTD
Balance
250.00
720.00
9,500.00
200,000.00
200,000.00
7,200.00
250.00
417,920.00
0.00
3.38
1,256.87
0.00
0.00
0.00
0.00
1,260.25
0.00
6.63
1,998.24
50,000.00
0.00
0.00
0.00
52,004.87
250.00
713.37
7,501.76
150,000.00
200,000.00
7,200.00
250.00
365,915.13
33,111.00
33,111.00
0.00
0.00
0.00
0.00
33,111.00
33,111.00
2,500.00
5,257.00
2,000.00
9,877.00
50,621.00
70,255.00
0.00
0.00
0.00
836.47
0.00
836.47
0.00
0.00
0.00
847.97
0.00
847.97
2,500.00
5,257.00
2,000.00
9,029.03
50,621.00
69,407.03
Total Canton Industrial Building
Canton Industrial Park
6456408 · Maintenance Expense - CIP
6456411 · Insurance Expense - CIP
6456499 · Miscellaneous Expense - CIP
Total Expenditure for CIP
(37,144.00)
(836.47)
(847.97)
(36,296.03)
500.00
1,263.00
250.00
2,013.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
500.00
1,263.00
250.00
2,013.00
Total Canton Industrial Park
Gouverneur Industrial Park
6486408 · Maintenance Expense - GIP
6486411 · Insurance Expense - GIP
6486499 · Miscellaneous Expense - GIP
Total Expenditure for GIP
(2,013.00)
0.00
0.00
(2,013.00)
1,000.00
66.00
250.00
1,316.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,000.00
66.00
250.00
1,316.00
6455408 · Maintenance Expense - CIB
6455411 · Insurance Expense - CIB
6455416 · Utility Expense - CIB
6455500 · Interest Expense - CIB
6455510 - Depreciation Expense - CIB
Total Expenditure for CIB
Total Gouverneur Industrial Park
(1,316.00)
0.00
Massena Lot 20 Building (OpTech- Now Capital Purchase and budget section will be "0" out)
2490 · Rental Income - Massena Lot 20 Bldg
35,780.00
0.00
Total Revenue for Massena Lot 20
35,780.00
0.00
0.00
(1,316.00)
0.00
0.00
35,780.00
35,780.00
6470510 - Depreciation Expense - Massena Lot 20 Bldg
Total Expenditure for Massena Lot 20
17,888.00
17,888.00
0.00
0.00
0.00
0.00
17,888.00
17,888.00
Total Massena Lot 20 Bldg
Potsdam Commerce Park (Clarkson)
2495 · Rental Income - PCP Bldg
Total Revenue for Potsdam Commerce Park
17,892.00
0.00
0.00
17,892.00
16,800.00
16,800.00
3,997.50
3,997.50
5,996.25
5,996.25
10,803.75
10,803.75
6497408 · Maintenance Expense - PCP Bldg
6497411 · Insurance Expense - PCP Bldg
6497499 · Misc Expense - PCP Bldg
6497510 - Depreciation Expense - PCP Bldg
Total Expenditure for PCP
500.00
3,191.00
500.00
22,263.00
26,454.00
422.00
0.00
0.00
0.00
422.00
422.00
0.00
0.00
0.00
422.00
78.00
3,191.00
500.00
22,263.00
26,032.00
Total Potsdam Commerce Park
(9,654.00)
3,575.50
5,574.25
Page 14
(15,228.25)
2015 Budget
Feb-16
YTD
Balance
Massena Lot 17(NY Power Tools)
2475 · Rental Income - Massena Lot 17 Bldg
Total Revenue for Massena Lot 17
22,800.00
22,800.00
3,800.00
3,800.00
5,700.00
5,700.00
17,100.00
17,100.00
6480408 · Maint Expense - Massena Lot 17 Bldg
6480411 · Insurance Expense - Massena Lot 17 Bldg
6480416 · Utility Expense - Massena Lot 17 Bldg
6480510 - Depreciation Expense - Massena Lot 17 Bldg
Total Expenditure for Massena Lot 17
500.00
4,834.00
3,500.00
10,200.00
19,034.00
4,296.00
0.00
36.68
0.00
4,332.68
4,296.00
0.00
160.26
0.00
4,456.26
(3,796.00)
4,834.00
3,339.74
10,200.00
14,577.74
3,766.00
108,491.00
136,960.00
(28,469.00)
100,972.00
72,503.00
(532.68)
7,797.50
5,591.15
2,206.35
0.00
2,206.35
1,243.74
11,696.25
5,726.23
5,970.02
0.00
5,970.02
2,522.26
96,794.75
131,233.77
(34,439.02)
100,972.00
66,532.98
10,000.00
4,375.84
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,212,475.84
Total Massena Lot 17
Total Building Revenues
Total Building Expenditures
Total Building Net Income
Total Building Depreciation
Building Net Income without Depreciation
Miscellaneous Projects
2413 · Project Fees
2420 · PILOT Payment Received (ATL-Tam)
2424 · NF Rail NBRC Revenue
2425 · NG Marketing Initiative Revenue
2499 · Canton Industrial Park Revenue
2455 · NF Rail Rehab Revenue
6499 - Miscellaneous Income
Total Revenue for Misc Projects
10,000.00
5,251.00
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,213,351.00
0.00
437.58
0.00
0.00
0.00
0.00
0.00
437.58
0.00
875.16
0.00
0.00
0.00
0.00
0.00
875.16
6420430 - NG Marketing Initiative Expense
6420434 - Accounting Expense - Misc Projects
6420501 - Railroad Interest Expense
6420617 - NF Rail Rehab Expense
6420618 - NF Rail NBRC Expense
6420620 - J&L Expense
6490613 · PILOT Payment Expense (ATL-Tam)
Total Expenditure for Misc Projects
0.00
2,000.00
50,000.00
8,672,000.00
235,000.00
0.00
5,251.00
8,964,251.00
0.00
1,800.00
0.00
2,449.53
0.00
5,135.96
437.58
9,823.07
0.00
1,800.00
0.00
2,449.53
0.00
5,135.96
875.16
10,260.65
(1,750,900.00)
(9,385.49)
Total Miscellaneous Projects
Page 15
0.00
200.00
50,000.00
8,669,550.47
235,000.00
(5,135.96)
4,375.84
8,953,990.35
(9,385.49) (1,741,514.51)
2015 Budget
IDA General Operating Expenditures
6460408 · Maintenance Expense
6460411 · Insurance Expense
6460416 · Utilities Expense
6460418 · Underwriting/Credit Report Expense
6460420 · Office Supplies Expense
6460421 · Office Equipment Expense
6460422 · Equipment Repair Expense
6460423 · Telephone Expense
6460424 · Postage Expense
6460425 · Printing & Copying Expense
6460426 · IT Expense
6460427 · Professional Associations Expense
6460432 · Other Legal Expense
6460433 · Legal Expense - Retainer
6460434 · Accounting Expense
6460436 · Promotion/Marketing Expense
6460440 · Auto Expense
6460441 · Subscriptions & Periodical Expense
6460442 · Meeting Expense
6460443 · Mileage Expense
6460444 · Education Workshops Expense
6460445 · Other Travel Expense
6460499 · Miscellaneous Expense
6460501 - Interest Expense
6460503 - Payroll Expenses
503A - Salaries & Wages
503B - Employee Benefits
503C - Post Employment Benefits Expense
503D - Payroll Tax Expense
503E - Payroll Processing Fees
6460599 - Depreciation Expense
Total IDA General Operating Expenditures
Feb-16
YTD
Balance
4,000.00
12,000.00
6,000.00
250.00
5,000.00
5,000.00
2,500.00
6,000.00
1,800.00
1,500.00
5,000.00
2,500.00
10,000.00
6,500.00
5,700.00
50,000.00
4,000.00
500.00
1,000.00
2,500.00
3,000.00
10,000.00
500.00
5,747.00
64.45
1,403.00
597.22
0.00
62.15
0.00
0.00
578.28
100.00
0.00
167.25
175.00
0.00
0.00
0.00
596.47
441.32
0.00
132.31
0.00
0.00
30.01
0.00
526.45
94.90
1,433.00
793.90
0.00
132.91
0.00
0.00
890.49
182.96
0.00
1,812.85
175.00
67.50
1,750.00
0.00
5,771.47
216.49
200.24
132.31
0.00
450.00
30.01
6.50
533.79
3,905.10
10,567.00
5,206.10
250.00
4,867.09
5,000.00
2,500.00
5,109.51
1,617.04
1,500.00
3,187.15
2,325.00
9,932.50
4,750.00
5,700.00
44,228.53
3,783.51
299.76
867.69
2,500.00
2,550.00
9,969.99
493.50
5,213.21
366,555.00
171,835.00
140,500.00
27,353.00
3,500.00
4,410.00
865,150.00
32,676.21
7,373.50
0.00
2,363.61
254.56
0.00
47,541.79
61,218.95
88,177.66
0.00
4,389.65
640.12
0.00
169,100.70
305,336.05
83,657.34
140,500.00
22,963.35
2,859.88
4,410.00
696,049.30
Total Operating Revenue
Total Building Revenue
Total Miscellaneous Revenue
Total Revenues
417,920.00
108,491.00
7,213,351.00
7,739,762.00
1,260.25
7,797.50
437.58
9,495.33
52,004.87
11,696.25
875.16
64,576.28
365,915.13
96,794.75
7,212,475.84
7,675,185.72
Total Operating Expenditures
Total Building Expenditures
Total Miscellaneous Expenditures
Total Expenditures
865,150.00
136,960.00
8,964,251.00
9,966,361.00
47,541.79
5,591.15
9,823.07
62,956.01
169,100.70
5,726.23
10,260.65
185,087.58
696,049.30
131,233.77
8,953,990.35
9,781,273.42
Net Operating Income
(447,230.00)
Net Building Income
(28,469.00)
Net Miscellaneous Income (1,750,900.00)
Total Net Income (2,226,599.00)
Page 16
(46,281.54)
2,206.35
(9,385.49)
(53,460.68)
(117,095.83)
(330,134.17)
5,970.02
(34,439.02)
(9,385.49) (1,741,514.51)
(120,511.30) (2,106,087.70)
St. Lawrence County Industrial Development Agency
Cash and In Time Report
February 2016
Type of Account
Bank
Interest Rate
Amount
Money Market
Rental Deposits
Checking
Key Bank
NBT Bank
NBT Bank
0.01%
0.02%
0.02%
$ 2,127,575.83
$
5,699.57
$
70,215.76
Payroll Account
Savings
NBT Bank
NBT Bank
0.00%
0.02%
$
34,722.13
$ 2,144,891.20
$ 4,383,104.49
($2,000,000.00)
$ 2,383,104.49
Reserve
Total Cash accounts
Page 17
St. Lawrence County Industrial Development Agency
Balance Sheet
As of March 31, 2016
Mar 31, 16
ASSETS
Current Assets
Checking/Savings
200 · Cash
23,541.90
200P · Cash - Payroll Checking Account
201 · Cash in Time Deposits
203 · Cash - Rental Deposits
Total Checking/Savings
35,692.13
2,272,467.03
5,699.57
2,337,400.63
Other Current Assets
206 · Accrued Accounts Receivable
211 · Special Reserve
220 · Due from Affiliate Agencies
Total Other Current Assets
Total Current Assets
168,308.97
2,000,000.00
3,421.55
2,171,730.52
4,509,131.15
Fixed Assets
111 · Gouverneur Industrial Park
111-A · Gouverneur Industrial Park
Total 111 · Gouverneur Industrial Park
74,139.65
74,139.65
112 · Vehicles
112-A · Vehicles
39,577.50
112-B · Vehicles Depreciation
Total 112 · Vehicles
-31,223.00
8,354.50
119 · Massena Industrial Park-Lot 12
40,963.08
122 · Furnishings
122-A · Furnishing
27,096.04
122-B · Furnishing Depreciation
Total 122 · Furnishings
-23,773.32
3,322.72
126 · Potsdam Commerce Park
126-A · Potsdam Commerce Park Bldg
126-B · PCP Bldg Depreciation
Total 126 · Potsdam Commerce Park
890,509.28
-204,075.03
686,434.25
127 · Massena Lot 17
127A · Massena Lot 17 Building
507,238.03
127-B · Massena Lot17 Bldg Depreciation
-73,100.00
Total 127 · Massena Lot 17
434,138.03
128 · Canton Industrial Park
128B · Canton Industrial Park - Improv
572,994.00
128A · Canton Industrial Park - Land
166,250.00
Total 128 · Canton Industrial Park
739,244.00
129 · Canton Industrial Building
129-A · Canton Industrial Building
129-B · Canton Industrial Bldg Improv
129-C · Canton Ind Bldg - Depreciation
Total 129 · Canton Industrial Building
Total Fixed Assets
2,024,824.19
40,650.27
-161,261.08
1,904,213.38
3,890,809.61
Other Assets
Page 18
St. Lawrence County Industrial Development Agency
Balance Sheet
As of March 31, 2016
Mar 31, 16
Capital Lease Receivable
590 · L/R - Capital Lease OpTechLot20
Total Capital Lease Receivable
325,535.33
325,535.33
Notes Receivable (N/R)
450 · N/R - North Country Grown RBEG
5,460.54
483 · N/R - ATL - Tamarack Building
1,889.11
497 · N/R - High Peaks W inery RBEG
2,540.80
499 · N/R - Fockler Equip Lease
29,370.08
502 · N/R- SL Brewing Equip Lease
35,000.00
Total Notes Receivable (N/R)
Total Other Assets
TOTAL ASSETS
74,260.53
399,795.86
8,799,736.62
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
2100 · Deposit - Rental
Total Other Current Liabilities
Total Current Liabilities
5,699.57
5,699.57
5,699.57
Long Term Liabilities
Mortgage Payable
651 · M/P - GMEDF GM Vendor Project
Total Mortgage Payable
179,719.60
179,719.60
Notes Payable (N/P)
655 · N/P - SLRVRA CIB Loan
660,182.74
654 · N/P - SLCIDA-LDC CIB Loan
672,865.25
Total Notes Payable (N/P)
500 · Emp Compensated Time Accruals
501 · PostEmpBenft Other Than Pension
Total Long Term Liabilities
Total Liabilities
1,333,047.99
209,484.16
589,003.00
2,311,254.75
2,316,954.32
Equity
3700 · Investment in Capital Assets
2,570,981.55
3800 · Net Assets - Assigned
2,000,000.00
3900 · Net Assets - Unassigned
2,072,873.69
Net Income
-161,072.94
Total Equity
TOTAL LIABILITIES & EQUITY
6,482,782.30
8,799,736.62
Page 19
St. Lawrence County Industrial Development Agency
2016 Budget
Mar-16
OPERATING REVENUE- Other
2400 - Late Fees Received
2409B - Interest Income - Banking
2409L - Interest Income - Loans
2421 - St. Lawrence County Revenue
2422 - IDALDC Administrative Revenue
2423 - GMEDF Administrative Revenue
2999 - Miscellaneous Revenue
Total OPERATING REVENUE
Canton Industrial Building - CIB(SL Brewery)
2450 · Rental Income - CIB
Total Revenue for CIB
YTD
Balance
250.00
720.00
9,500.00
200,000.00
200,000.00
7,200.00
250.00
417,920.00
0.00
0.00
96.05
0.00
0.00
0.00
0.00
96.05
0.00
6.63
2,094.29
50,000.00
0.00
0.00
0.00
52,100.92
250.00
713.37
7,405.71
150,000.00
200,000.00
7,200.00
250.00
365,819.08
33,111.00
33,111.00
0.00
0.00
0.00
0.00
33,111.00
33,111.00
2,500.00
5,257.00
2,000.00
9,877.00
50,621.00
70,255.00
0.00
0.00
0.00
833.49
0.00
833.49
0.00
0.00
0.00
1,681.46
0.00
1,681.46
2,500.00
5,257.00
2,000.00
8,195.54
50,621.00
68,573.54
Total Canton Industrial Building
Canton Industrial Park
6456408 · Maintenance Expense - CIP
6456411 · Insurance Expense - CIP
6456499 · Miscellaneous Expense - CIP
Total Expenditure for CIP
(37,144.00)
(833.49)
(1,681.46)
(35,462.54)
500.00
1,263.00
250.00
2,013.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
500.00
1,263.00
250.00
2,013.00
Total Canton Industrial Park
Gouverneur Industrial Park
6486408 · Maintenance Expense - GIP
6486411 · Insurance Expense - GIP
6486499 · Miscellaneous Expense - GIP
Total Expenditure for GIP
(2,013.00)
0.00
0.00
(2,013.00)
1,000.00
66.00
250.00
1,316.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,000.00
66.00
250.00
1,316.00
6455408 · Maintenance Expense - CIB
6455411 · Insurance Expense - CIB
6455416 · Utility Expense - CIB
6455500 · Interest Expense - CIB
6455510 - Depreciation Expense - CIB
Total Expenditure for CIB
Total Gouverneur Industrial Park
(1,316.00)
0.00
Massena Lot 20 Building (OpTech- Now Capital Purchase and budget section will be "0" out)
2490 · Rental Income - Massena Lot 20 Bldg
35,780.00
0.00
Total Revenue for Massena Lot 20
35,780.00
0.00
0.00
(1,316.00)
0.00
0.00
35,780.00
35,780.00
6470510 - Depreciation Expense - Massena Lot 20 Bldg
Total Expenditure for Massena Lot 20
17,888.00
17,888.00
0.00
0.00
0.00
0.00
17,888.00
17,888.00
Total Massena Lot 20 Bldg
Potsdam Commerce Park (Clarkson)
2495 · Rental Income - PCP Bldg
Total Revenue for Potsdam Commerce Park
17,892.00
0.00
0.00
17,892.00
16,800.00
16,800.00
598.75
598.75
6,595.00
6,595.00
10,205.00
10,205.00
6497408 · Maintenance Expense - PCP Bldg
6497411 · Insurance Expense - PCP Bldg
6497499 · Misc Expense - PCP Bldg
6497510 - Depreciation Expense - PCP Bldg
Total Expenditure for PCP
500.00
3,191.00
500.00
22,263.00
26,454.00
0.00
0.00
0.00
0.00
0.00
422.00
0.00
0.00
0.00
422.00
78.00
3,191.00
500.00
22,263.00
26,032.00
Total Potsdam Commerce Park
(9,654.00)
598.75
6,173.00
Page 20
(15,827.00)
2015 Budget
Mar-16
YTD
Balance
Massena Lot 17(NY Power Tools)
2475 · Rental Income - Massena Lot 17 Bldg
Total Revenue for Massena Lot 17
22,800.00
22,800.00
2,300.00
2,300.00
8,000.00
8,000.00
14,800.00
14,800.00
6480408 · Maint Expense - Massena Lot 17 Bldg
6480411 · Insurance Expense - Massena Lot 17 Bldg
6480416 · Utility Expense - Massena Lot 17 Bldg
6480510 - Depreciation Expense - Massena Lot 17 Bldg
Total Expenditure for Massena Lot 17
500.00
4,834.00
3,500.00
10,200.00
19,034.00
7.50
0.00
356.98
0.00
364.48
4,303.50
0.00
517.24
0.00
4,820.74
(3,803.50)
4,834.00
2,982.76
10,200.00
14,213.26
Total Massena Lot 17
Total Building Revenues
Total Building Expenditures
Total Building Net Income
Total Building Depreciation
Building Net Income without Depreciation
Miscellaneous Projects
2413 · Project Fees
2420 · PILOT Payment Received (ATL-Tam)
2424 · NF Rail NBRC Revenue
2425 · NG Marketing Initiative Revenue
2499 · Canton Industrial Park Revenue
2455 · NF Rail Rehab Revenue
6499 - Miscellaneous Income
Total Revenue for Misc Projects
3,766.00
108,491.00
136,960.00
(28,469.00)
100,972.00
72,503.00
1,935.52
2,898.75
1,197.97
1,700.78
0.00
1,700.78
3,179.26
14,595.00
6,924.20
7,670.80
0.00
7,670.80
586.74
93,896.00
130,035.80
(36,139.80)
100,972.00
64,832.20
10,000.00
5,251.00
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,213,351.00
5,950.00
437.58
0.00
0.00
0.00
0.00
0.00
6,387.58
5,950.00
1,312.74
0.00
0.00
0.00
0.00
0.00
7,262.74
4,050.00
3,938.26
235,000.00
25,000.00
0.00
6,937,600.00
500.00
7,206,088.26
6420430 - NG Marketing Initiative Expense
6420434 - Accounting Expense - Misc Projects
6420501 - Railroad Interest Expense
6420617 - NF Rail Rehab Expense
6420618 - NF Rail NBRC Expense
6420620 - J&L Expense
6490613 · PILOT Payment Expense (ATL-Tam)
Total Expenditure for Misc Projects
0.00
2,000.00
50,000.00
8,672,000.00
235,000.00
0.00
5,251.00
8,964,251.00
0.00
0.00
0.00
1,763.02
0.00
1,768.96
437.58
3,969.56
0.00
1,800.00
0.00
4,212.55
0.00
6,904.92
1,312.74
14,230.21
0.00
200.00
50,000.00
8,667,787.45
235,000.00
(6,904.92)
3,938.26
8,950,020.79
(1,750,900.00)
2,418.02
(6,967.47) (1,743,932.53)
Total Miscellaneous Projects
Page 21
2015 Budget
IDA General Operating Expenditures
6460408 · Maintenance Expense
6460411 · Insurance Expense
6460416 · Utilities Expense
6460418 · Underwriting/Credit Report Expense
6460420 · Office Supplies Expense
6460421 · Office Equipment Expense
6460422 · Equipment Repair Expense
6460423 · Telephone Expense
6460424 · Postage Expense
6460425 · Printing & Copying Expense
6460426 · IT Expense
6460427 · Professional Associations Expense
6460432 · Other Legal Expense
6460433 · Legal Expense - Retainer
6460434 · Accounting Expense
6460436 · Promotion/Marketing Expense
6460440 · Auto Expense
6460441 · Subscriptions & Periodical Expense
6460442 · Meeting Expense
6460443 · Mileage Expense
6460444 · Education Workshops Expense
6460445 · Other Travel Expense
6460499 · Miscellaneous Expense
6460501 - Interest Expense
6460503 - Payroll Expenses
503A - Salaries & Wages
503B - Employee Benefits
503C - Post Employment Benefits Expense
503D - Payroll Tax Expense
503E - Payroll Processing Fees
6460599 - Depreciation Expense
Total IDA General Operating Expenditures
Mar-16
YTD
Balance
4,000.00
12,000.00
6,000.00
250.00
5,000.00
5,000.00
2,500.00
6,000.00
1,800.00
1,500.00
5,000.00
2,500.00
10,000.00
6,500.00
5,700.00
50,000.00
4,000.00
500.00
1,000.00
2,500.00
3,000.00
10,000.00
500.00
5,747.00
336.45
30.00
594.79
0.00
347.03
0.00
0.00
797.09
96.33
0.00
118.00
0.00
360.00
0.00
0.00
6,119.92
206.62
0.00
124.92
63.56
1,125.00
599.08
6.50
515.97
431.35
1,463.00
1,388.69
0.00
479.94
0.00
0.00
1,687.58
279.29
0.00
1,930.85
175.00
427.50
1,750.00
0.00
11,891.39
423.11
200.24
257.23
63.56
1,575.00
629.09
13.00
1,049.76
3,568.65
10,537.00
4,611.31
250.00
4,520.06
5,000.00
2,500.00
4,312.42
1,520.71
1,500.00
3,069.15
2,325.00
9,572.50
4,750.00
5,700.00
38,108.61
3,576.89
299.76
742.77
2,436.44
1,425.00
9,370.91
487.00
4,697.24
366,555.00
171,835.00
140,500.00
27,353.00
3,500.00
4,410.00
865,150.00
25,044.34
6,251.92
0.00
1,792.00
246.97
0.00
44,776.49
86,263.29
94,429.58
0.00
6,181.65
887.09
0.00
213,877.19
280,291.71
77,405.42
140,500.00
21,171.35
2,612.91
4,410.00
651,272.81
Total Operating Revenue
Total Building Revenue
Total Miscellaneous Revenue
Total Revenues
417,920.00
108,491.00
7,213,351.00
7,739,762.00
96.05
2,898.75
6,387.58
9,382.38
52,100.92
14,595.00
7,262.74
73,958.66
365,819.08
93,896.00
7,206,088.26
7,665,803.34
Total Operating Expenditures
Total Building Expenditures
Total Miscellaneous Expenditures
Total Expenditures
865,150.00
136,960.00
8,964,251.00
9,966,361.00
44,776.49
1,197.97
3,969.56
49,944.02
213,877.19
6,924.20
14,230.21
235,031.60
651,272.81
130,035.80
8,950,020.79
9,731,329.40
Net Operating Income
(447,230.00)
Net Building Income
(28,469.00)
Net Miscellaneous Income (1,750,900.00)
Total Net Income (2,226,599.00)
Page 22
(44,680.44)
1,700.78
2,418.02
(40,561.64)
(161,776.27)
(285,453.73)
7,670.80
(36,139.80)
(6,967.47) (1,743,932.53)
(161,072.94) (2,065,526.06)
St. Lawrence County Industrial Development Agency
Cash and In Time Report
March 2016
Type of Account
Bank
Interest Rate
Amount
Money Market
Rental Deposits
Checking
Key Bank
NBT Bank
NBT Bank
0.01%
0.02%
0.02%
$ 2,127,575.83
$
5,699.57
$
23,541.90
Payroll Account
Savings
NBT Bank
NBT Bank
0.00%
0.02%
$
35,692.13
$ 2,144,891.20
$ 4,337,400.63
($2,000,000.00)
$ 2,337,400.63
Reserve
Total Cash accounts
Page 23
A meeting of the St. Lawrence County Industrial Development Agency was convened in
public session on April 15, 2016 in Canton, New York.
The meeting was called to order by the Chairman and, upon roll being called, the
following were:
PRESENT
ABSENT
MEMBER
Andrew McMahon
Lynn Blevins
John Burke
Ernest LaBaff
Mark C. Hall
Brian W. Staples
R. Joseph Weekes, Jr.
The following persons were ALSO PRESENT:
The following resolution was offered by _________ and seconded by ____________.
RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A MORTGAGE
INDENTURE AND SECURITY AGREEMENT AND RELATED DOCUMENTS IN
CONNECTION WITH CERTAIN REAL PROPERTY LOCATED AT 9483 STATE
HIGHWAY 37 IN THE TOWN OF LISBON, ST. LAWRENCE COUNTY, STATE OF
NEW YORK WHICH THE AGENCY ACQUIRED TITLE TO ON OR ABOUT
JANUARY 21, 2009 FOR THE PURPOSE OF ASSISTING BUTTERNUT ASSETS,
LLC WITH THE DEVELOPMENT OF A CERTAIN PROJECT (AS MORE FULLY
DESCRIBED IN RESOLUTION NO. 08-08-24)
Resolution No. IDA-16-04-xx
WHEREAS, the St. Lawrence County Industrial Development Agency (the “Agency”) is
authorized and empowered by Title 1 of Article 18-A of the General Municipal Law of the State of
New York as amended, and Chapter 358 of the Laws of 1971 of the State, as amended, to promote,
develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining,
equipping and furnishing of industrial, manufacturing, warehousing, commercial, research, civic,
and recreation facilities, including industrial pollution control facilities, railroad facilities and certain
horse racing facilities, for the purpose of promoting, attracting, encouraging and developing
recreation and economically sound commerce and industry to advance the job opportunities, health,
general prosperity and economic welfare of the people of the State, to improve their recreation
opportunities, prosperity and standard of living, and to prevent unemployment and economic
deterioration; and
WHEREAS, by Resolution No. 08-08-24 dated August 7, 2008 (the “2008 Resolution”),
the Agency took certain official action toward the development of a certain project (the “Project”)
located at 9483 State Highway 37 in the Town of Lisbon, County of St. Lawrence, State of New
York (the “Property”), as more fully described therein; and
WHEREAS, in accordance with the 2008 Resolution, the Agency acquired title to the
Property by deed dated January 21, 2009 and recorded in the St. Lawrence County Clerk’s Office
on March 2, 2009 as Instrument No. 2009-2959; entered into a 2008 Payment-In-Lieu of Tax
Agreement with Butternut Assets, LLC (the “Company”) dated as of December 1, 2008; and
entered into a Lease Agreement dated October 6, 2008, whereby the Agency agreed to lease the
Page 24
Property to the Company for a term commencing on December 1, 2008 and terminating on
December 31, 2018 (the “Lease Agreement”); and
WHEREAS, under the terms of the Lease Agreement, the Company has the obligation to
purchase the Property and equipment located thereon upon the expiration of the term of the Lease
Agreement; and
WHEREAS, the Company desires to obtain a loan (the “Loan”) in the amount of $268,000
from Community Bank, N.A. (the “Bank”) in order to refinance certain obligations owed by the
Company to the Bank and to pay off a certain promissory note given to the Bank by Queenaire
Technologies, Inc., an entity related to the Company which leases the Property from the Company;
and
WHEREAS, the Company has agreed to execute and deliver to the Bank a mortgage
indenture and security agreement covering the Property and securing the principal amount of
$268,000 (the “Mortgage”) and other loan documents; and
WHEREAS, as a condition of making the Loan, the Bank has required that the Agency, as
the owner of the Property, join in the execution of the Mortgage, solely for the purpose of
subjecting its fee interest in the Property to the lien of the Mortgage, as well as an assignment of
leases and rents (the “Assignment of Leases and Rents”); and
WHEREAS, the obligations and agreements of the Agency contained in the Mortgage and
Assignment of Leases and Rents shall not give rise to any general obligation of the Agency, but
rather shall constitute non-recourse obligations payable solely from the revenues of the Agency
derived and to be derived from the lease, sale or other disposition of the Property;
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE ST.
LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY AS FOLLOWS:
Section 1. The Agency hereby finds and determines that it is in the best interest of the public
to execute and deliver the Mortgage and Assignment of Leases and Rents in order to facilitate the
further development of the Project, thereby increasing employment opportunities in St. Lawrence
County and otherwise furthering the purposes of the Agency as set forth in the Act.
Section 2. The Chairman, Vice Chairman and/or the Chief Executive Officer of the Agency
are hereby authorized, on behalf of the Agency, to negotiate, execute and deliver the Mortgage,
Assignment of Leases and Rents, and related documents necessary or incidental thereto.
Section 3. The Chairman, Vice Chairman and/or Chief Executive Officer of the Agency are
hereby authorized, on behalf of the Agency, to execute and deliver the Mortgage, Assignment of
Leases and Rents, and all documents reasonably contemplated by this Resolution or required by the
Bank in connection with the Loan (collectively, the “Closing Documents”); and, where appropriate,
the Secretary or Assistant Secretary of the Agency is hereby authorized to affix the seal of the
Agency to the Closing Documents and to attest the same, all with such changes, variations,
omissions and insertions as the Chairman, Vice Chairman and/or Chief Executive Officer of the
Agency shall approve, the execution thereof by the Chairman, Vice Chairman and/or Chief
Executive Officer of the Agency to constitute conclusive evidence of such approval; provided in all
events recourse against the Agency is limited to the Agency’s interest in the Project.
Section 4. The officers, employees and agents of the Agency are hereby authorized and
directed for and in the name and on behalf of the Agency to do all acts and things required and to
Page 25
execute and deliver all such certificates, instruments and documents, to pay all such fees, charges
and expenses and to do all such further acts and things as may be necessary or, in the opinion of the
officer, employee or agent acting, desirable and proper to effect the purposes of the foregoing
resolutions and to cause compliance by the Agency with all of the terms, covenants and provisions
of the documents executed for and on behalf of the Agency.
Section 5. This Resolution shall take effect immediately.
The question of the adoption of the foregoing Resolution was duly put to vote on roll call,
which resulted as follows:
MEMBER
Andrew McMahon
Lynn Blevins
John Burke
Ernest LaBaff
Mark C. Hall
Brian W. Staples
R. Joseph Weekes, Jr.
AYE
NAY
The Resolution was thereupon declared duly adopted.
Page 26
ABSTAIN
ABSENT