Middletown Industrial Development Agency reviews financials and updates on PolyCraft

The City of Middletown Industrial Development Agency convened its regular meeting on May 20, 2025, to discuss various financial reports and updates on local projects. The meeting commenced with a roll call, confirming the presence of several members, while others were noted as absent.

The first order of business was the approval of minutes from the previous meeting held on March 18, 2025. A motion was made by Mr. Hawkins and seconded by Mr. Kentoli, with the minutes subsequently approved unanimously.

Following the approval, the financial report was presented by Leonora, detailing account balances as of April 30, 2025. The report indicated total deposits of $205,472.28 in the pilot checking account, with total withdrawals amounting to $205,410.13, resulting in an end balance of $178.78. Other accounts, including savings and money market accounts, were also reviewed, showing a total income of $10,758.36 against expenses of $273, yielding a net profit of $10,485.36. The board accepted the financial report after a motion by Mr. Dissefano and a second by Mr. Seegeman.

Executive Director Ms. Bruney provided an update on compliance reports, confirming that the annual and Paris reports were submitted on time and that the agency remains in compliance with local labor regulations, achieving 97% compliance in March and 100% in April. There were no committee reports or unfinished business to address during this meeting.

The agency reviewed two bills for payment: a Federal Express bill for $106.17 and an annual audit fee from RBT totaling $4,750, which was noted to be consistent with the previous year. Both bills were approved for payment following a motion by Mr. Seegman and a second by Mr. Hawkins.

In new business, a brief update was provided regarding PolyCraft, which is awaiting utility hookups from Orange and Rockland. The company is expected to commence operations shortly after these connections are established.

The meeting concluded with a motion for adjournment, which was moved by Mr. Hawkins and seconded by Mr. Arnimitz. Overall, the meeting focused on financial oversight and compliance, with positive updates on local business developments.