Town of Hempstead
LOCAL DEVELOPMENT CORPORATION
March 30, 2017 12:00 PM
Town Hall Pavilion, 1 Washington Street, Hempstead
MEETING

Agenda:  Consideration and Adoption of a Preliminary Inducement Resolution for Hofstra University, 12:00 PM Presentation, Consideration and Adoption of the 2016 Mission Statement, Consideration and Adoption of the 2016 Measurement Report, Consideration and Adoption of the Self Evaluation Policy and Procedures, Consideration and Adoption of the Investment Policy and Guidelines, Consideration and Adoption of the Property Disposition Policy, Consideration and Adoption of the Operations and Accomplishments of 2016, Consideration and Adoption of the Assessment of Effectiveness of Internal Controls, Consideration and Adoption of the Purchasing Guidelines, Consideration and Adoption of the Code of Ethics, Consideration and Adoption of a Contract//Compliance Officer, 2016 Compliance Review, Executive Director’s Report, Consideration and Approval of the Minutes of February 16, 2017, Adoption of the 2016 Audited Financial Report, Adoption of the 2016 Annual Financial Report, Financial Statements & Expenditure List: February 10, 2017 – March 23, 2017

Those in attendance: 	  Arthur J. Nastre, Chairman
                                        William Hendrick, Vice Chairman
                                        Florestano Girardi, Treasurer    
                                        Eric C. Mallette, Secretary
                                        John Ferretti, Member
                                        Steven Raiser, Member

                                        
Also in attendance:       Frederick E. Parola, Executive Director/CEO	
                                      Michael Lodato, Deputy Agency Administrator    
                                      Edie M. Longo, Deputy Executive Director/CFO
                                      William Weir, Nixon Peabody, Transaction Counsel
                                      John E. Ryan, Corporation Counsel            
                                                                         
Excused:                        Gerilyn Smith, Member

                                 
                                                                                                                           
The Meeting was called to order at 12:20 p.m.  
The Chairman confirmed a quorum was present. 

Consideration and Adoption of a Preliminary Inducement Resolution for Hofstra University: A motion was made by John Ferretti to adopt an Inducement Resolution for Hofstra University. The motion was seconded by William Hendrick. All were in favor. Motion carried.   

Adoption of Mission Statement: A motion was made by John Ferretti to adopt the Mission Statement. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Adoption of Measurement Report 2016:  A motion was made by Steve Raiser to adopt the Measurement Report. This motion was seconded by John Ferretti. All were in favor. Motion carried.

Adoption of Self Evaluation Policy & Procedures: A motion was made by Eric C. Mallette to adopt the Self Evaluation Policy and   Procedures. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Adoption of Investment Policy & Guidelines: A motion was made by Steve Raiser to adopt the Investment Policy &Guidelines. This motion was seconded by Florestano Girardi. All were in favor. Motion carried.

Adoption of Property Disposition Policy: A motion was made by Steve Raiser to adopt the Property Disposition Policy. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Adoption of the Operations and Accomplishments of 2016: A motion was made by Eric C. Mallette to adopt the 2016 Operations and Accomplishments. This motion was seconded by Steve Raiser. All were in favor. Motion carried.

Adoption of Assessment of Effectiveness of Internal Controls: A motion was made by Eric C. Mallette to adopt the Assessment of Effectiveness of Internal Controls. This motion was seconded by Florestano Girardi. All were in favor. Motion carried.

Adoption of Purchasing Guidelines: A motion was made by Steve Raiser to adopt the Purchasing Guidelines. This motion was seconded by John Ferretti. All were in favor. Motion carried.

Adoption of Code of Ethics: A motion was made by Eric Mallette to adopt the Code of Ethics. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Appointment of Contract/Compliance Officer: A motion was made by Florestano Girardi to appoint the LDC Contract/Compliance Officer Edie Longo. This motion was seconded by William Hendrick. All were in favor. Motion carried.

2016 Compliance Review:
The Board was furnished with the 2016 Compliance Review document including any shortfalls and pending litigation of the LDC’s projects. A motion was made by William Hendrick to approve the 2016 Compliance Review. The motion was seconded by Eric C. Mallette.

Executive Director’s Report:
The Board was furnished with the Executive Director’s Report. 

Minutes of the February 16, 2017 Meeting: A motion was made by Eric C. Mallette to adopt the minutes of the February 16, 2017 meeting. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Adoption of 2016 Audited Financial Statement: A motion was made by Steve Raiser to adopt the 2016 Audited Financial Statement. This motion was seconded by William Hendrick. All were in favor. Motion carried.

Adoption of 2016 Annual Financial Report: A motion was made by William Hendrick to adopt the 2016 Annual Financial Report. This motion was seconded by John Ferretti. All were in favor. Motion carried.

Financial Statements & Expenditure Report: The board was furnished with a copy of the Financial Statements and Expenditure List for February 10, 2017 – March 23, 2017.

With all business concluded, Steve Raiser made a motion to adjourn the meeting at 12:40 a.m.  This motion was seconded by William Hendrick.  All were in favor.  Motion carried.

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Eric C. Mallette, Secretary, April 27, 2017