Treasurer outlines escrow balances, transfer and longstanding payment obligation to City of Poughkeepsie

Treasurer Randall Johnson reported the IDA’s escrow and checking balances and described a longstanding payment obligation the agency holds with the City of Poughkeepsie.

Johnson said the escrow account for 34 Cannon Street has a balance of $9,810.59 and that the board planned to transfer $68.25 into the regular checking account to pay Shepstone (cost-benefit analysis vendor). He said Rip Van Winkle’s escrow balance is $5,000. Johnson stated the IDA’s regular checking account balance was $203,126.66; he said transfers and recent receipts would change that balance.

Johnson reviewed a negotiated payment the IDA owes the city that dates back several years. He said the original amount was $443,252; a payment of $150,252 in 2019 left a balance of about $293,000. After a negotiated forgiveness the remaining balance was about $192,000–$193,000, he said. The board agreed to pay the city 20% of administrative fees collected on project closings; Johnson said the IDA received an administrative fee of $39,000 last year and that 20% of that fee—about $7,800—will be paid to the city at the next meeting as part of that obligation.

Board members asked whether bank statements were available; Johnson said copies are available on request. He said the debt relates to legacy matters tied to past leases and projects on Main Street and that counsel has handled some unresolved receivables as bad debt in the past.