Town of Hempstead
LOCAL DEVELOPMENT CORPORATION
August 23, 2018 10:00 AM
Town Hall Pavilion, 1 Washington Street, Hempstead
MEETING

Agenda:  Consideration and Adoption of an Inducement Resolution for Molloy College, 10:00 a.m. Presentation, Consideration and Approval of the Minutes of July 26, 2018, Presentation of Preliminary Draft Budget for 2019, Financial Statements & Expenditure List July 20, 2018 – August 16, 2018

Those in attendance: 	  Florestano Girardi, Chairman
                                      James G. Marsh, Esq. Vice Chairman
                                      Eric C. Mallette, Secretary  
                                      John A. Ardito, Esq. Member
                                      Jack Majkut, Member

                                       

Also in attendance:       Frederick E. Parola, Executive Director/CEO	
                                      Edie M. Longo, Deputy Executive Director/CFO
                                      Michael Lodato, Corporate Administrator    
                                       John E. Ryan, Corporation Counsel            
                                      William Weir, Nixon Peabody, Transaction Counsel
                                      Alan Wax, Todd Shapiro Associates

Excused:                       Gerilyn Smith, Treasurer     
                                      Richard DeBrosse, Esq. Member,  

 
                                                                                                                                                            
The Meeting was called to order at 9:27 a.m.  
The Chairman confirmed a quorum was present. 

Consideration and Adoption of an Inducement Resolution for Molloy College, 10:00 a.m. Presentation: Molloy College made a presentation to the LDC Board. The proposed project includes the construction of a 27,000 square foot three story, 95 bed resident hall adjacent to the exterior quad area, landscape improvements, construction of a single story expansion to the existing kitchen area in the public square building and ancillary parking improvements to support the proposed additions. The site of the project is currently a parking lot and green space. The project is approximately 20 million in tax exempt bonds. A motion was made Florestano Girardi to adopt an Inducement Resolution for Molloy College. The motion was seconded by John Ardito. All were in favor. Motion carried.   

Minutes of the July  26, 2018 Meeting: A motion was made by Florestano Girardi to adopt the minutes of the July 26, 2018 meeting. This motion was seconded by James Marsh. All were in favor. Motion carried.

Preliminary Draft Budget: The Board was furnished with a copy of the Preliminary Draft. The Board will review and discuss any changes with Staff before this goes to the final Draft at the September Board Meeting. 

September Board Meeting Date: The Board discussed moving the LDC Board Meeting Date from September 27th, to September 18th. A motion was made by Florestano Girardi to move the September LDC Board Meeting Date. The motion was seconded by James Marsh. 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 July 20th, 2018 – August 16, 2018.

With all business concluded, Florestano Girardi made a motion to adjourn the meeting at 9:42a.m.  This motion was seconded by James Marsh.  All were in favor.  Motion carried.

________________________________________
Eric C. Mallette, Secretary, September 18, 2018