Town of Hempstead
LOCAL DEVELOPMENT CORPORATION
March 28, 2019 10:00 AM
Pavilion, 1 Washington Street/350 Front Street, Hempstead
BOARD MEETING

Agenda:   Presentation and Consideration and Adoption of an Inducement Resolution for Adelphi University, Consideration and Adoption of the 2018 Mission Statement, Consideration and Adoption of the 2018 Measurement Report, Consideration and Adoption of the Self Evaluation Policy & 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 2018, 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 the Contract/Compliance Officer, Consideration of the RFQ for Bond/Transaction Counsel, Consideration of the RFQ for Agency Counsel  CEO Report, 2018 Compliance Review,  Consideration and Approval of the Minutes of February 28, 2019, Adoption of the 2018 Audited Financial Statements, Adoption of the 2018 Annual Financial Report, Financial Statements and Expenditure List: February 22, 2019  – March 20, 2019.

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, CEO	
                                      Edie M. Longo, Deputy Executive Director/CFO
                                      Michael Lodato, Corporate Administrator
                                      Barry Carrigan, Nixon Peabody, Transaction Counsel
                                      John E. Ryan, Corporation Counsel            
                                                                         
Excused:                        Gerilyn Smith, Treasurer     
                                      William Weir, Nixon Peabody, Transaction Counsel

The Meeting was called to order at 10:45 a.m.       
The Chairman confirmed a quorum was present. 

Presentation and Consideration of an Inducement Resolution for Adelphi University: 
Peter Curry from Farrell Fritz and James Perrino from Adelphi University made a presentation on behalf of the University which seeks to expand the 74,272, square foot University Center by 24,164 square feet. This expansion is for the student dining center, a new school store and larger meeting spaces for student organizations. There also will be an adding an enhanced art gallery with state of the art technology. Adelphi seeks to refund $21,000,000 from the 2009 LDC Bond Series, as well as another $7,000,000.00 in new monies through the LDC for the expansion and renovation.
A motion was made by Florestano Girardi to adopt an Inducement Resolution for Adelphi University. This motion was seconded by James Marsh. All were in favor. Motion carried.

Consideration and Adoption of the 2018 Mission Statement: 
A motion was made by Florestano Girardi to adopt the 2018 Mission Statement for the LDC. This motion was seconded by James Marsh. All were in favor. Motion carried.

Consideration and Adoption of the 2018 Measurement Report: 
A motion was made by John Ardito to adopt the 2018 Measurement Report as presented by the Audit Committee. This motion was seconded by James Marsh. All were in favor. Motion carried.

Consideration and Adoption of Self Evaluation Policy and Procedures: 
A motion was made by Florestano Girardi to adopt the Self Evaluation Policy and Procedures. This motion was seconded by James Marsh. All were in favor. Motion carried.

Consideration and Adoption of Investment Policy and Guidelines: 
A motion was made by Florestano Girardi to re-adopt the Investment Policy and Guidelines as presented by the Investment/Finance Committee. This motion was seconded James Marsh. All were in favor. Motion carried.

Consideration and Adoption of Property Disposition Policy: 
A motion was made by John Ardito to re-adopt the Property Disposition Policy as presented by the Governance Committee. This motion was seconded Eric Mallette. All were in favor. Motion carried.

Consideration and Adoption of Operations and Accomplishments of 2018: 
A motion was made by John Ardito to adopt the Operations and Accomplishments of 2018 as presented by the Governance Committee. This motion was seconded James Marsh. All were in favor. Motion carried.

Consideration and Adoption of Assessment of Effectiveness of Internal Controls: 
A motion was made by Florestano Girardi to re-adopt the Assessment of Effectiveness of Internal Controls as approved by the Finance/Investment Committee. This motion was seconded Eric Mallette. All were in favor. Motion carried.

Consideration and Adoption of the Purchasing Guidelines: 
A motion was made by John Ardito to adopt the Purchasing Guidelines. This motion was seconded Florestano Girardi. All were in favor. Motion carried.

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

Consideration and Adoption of a resolution appointing the Contracting/Compliance Officer: 
A motion was made by James Marsh to adopt a resolution appointing Edie Longo, as the LDC Contracting/Compliance Officer. This motion was seconded Florestano Girardi. All were in favor. Motion carried.

Consideration of the RFQ for Bond/Transaction Counsel: 
A motion was made by Florestano Girardi approving the RFQ for retention of Bond/Transaction Counsel for the LDC. This motion was seconded by James Marsh. All were in favor. Motion carried. Proposals are set to be received by 4/19.

Consideration of the RFQ for Corporation Counsel: 
A motion was made by Florestano Girardi approving the RFQ for retention of Corporation Counsel for the LDC. This motion was seconded by John Ardito. All were in favor. Motion carried. Proposals are set to be received by 4/19.

CEO Report:
The Board was furnished with the CEO report regarding the pending LDC projects. 

2018 Compliance Review: 
The Board was furnished with a copy of the current compliance for all LDC projects. All projects are in full compliance and any pending litigation matters have been forwarded to Counsel John Ryan.

Minutes of the February 28, 2019 Meeting: A motion was made by James Marsh waive the reading of the minutes and to adopt the minutes of the February 28, 2019 meeting. This motion was seconded by John Ardito. All were in favor. Motion Carried. 

Consideration and Adoption of 2018 Audited Financial Statements: 
A motion was made by Florestano Girardi to adopt the 2018 Audited Financial Statements. This motion was seconded James Marsh. All were in favor. Motion carried.

Consideration and Adoption of the 2018 Annual Financial Report: 
A motion was made by Florestano Girardi to adopt the 2018 Annual Financial Report. This motion was seconded 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 February 22, 2019 – March 20, 2019.

With all business concluded Florestano Girardi made a motion to adjourn the meeting at 11:15 a.m.  This motion was seconded by James Marsh.  All were in favor.  Motion carried. 

________________________________________
Eric Mallette, Secretary, April 17, 2019