Town of Hempstead
LOCAL DEVELOPMENT CORPORATION
June 22, 2017 10:00 PM
Town Hall Pavilion, 1 Washington Street, Hempstead
MEETING

Consideration and Adoption of an Authorizing Resolution for The Academy Charter School, A resolution authorizing amendments to the Series 2011 Loan Agreement between the LDC and The Academy Charter School to update the School’s financial covenants. A resolution authorizing amendments to the Series 2013 Loan Agreement between the LDC and The Academy Charter School to update the School’s financial covenants. Executive Director’s Report, Consideration and Approval of the Minutes of May 18, 2017, Financial Statements & Expenditure List May 12, 2017 – June 15, 2017

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

                                       

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

 

The Meeting was called to order at 10:00 a.m.  
The Chairman confirmed a quorum was present. 

Consideration and Adoption of an Authorizing Resolution for The Academy Charter School: A motion was made by William Hendrick to adopt an Authorizing Resolution for the Academy Charter School to develop a high school on their existing property. The motion was seconded by Flo Girardi. All were in favor. Motion carried.   

A resolution Authorizing amendments to the Series 2011 Loan Agreement between the LDC and The Academy Charter School: A motion was made by Eric Mallette to adopt a resolution Authorizing amendments to the Series 2011 Loan Agreement between the LDC and Academy Charter School. The motion was seconded by Flo Girardi. All were in favor. Motion carried.   

A resolution Authorizing amendments to the Series 2013 Loan Agreement between the LDC and The Academy Charter School: A motion was made by Flo Girardi to adopt a resolution Authorizing amendments to the Series 2013 Loan Agreement between the LDC and Academy Charter School. The motion was seconded by William Hendrick. All were in favor. Motion carried.   

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

Minutes of the May 18, 2017 Meeting: A motion was made by William Hendrick to adopt the minutes of the May 18, 2017 meeting. This motion was seconded by Flo Girardi. 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 May 12, 2017 – June 15, 2017.

With all business concluded, Eric Mallette made a motion to adjourn the meeting at 10:10 a.m.  This motion was seconded by John Ferretti, Jr.  All were in favor.  Motion carried.

________________________________________
Eric C. Mallette, Secretary, July 27, 2017