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IRA reports loan repayments, lease changes and funding updates; shared kitchen and homeowner rehab face timing and flood-insurance issues
Summary
The IRA committee reviewed loans, leases and grant projects and highlighted timing constraints for homeowner rehab work and an upcoming lease termination tied to a city pump-station project.
The IRA committee reviewed financial reports, lease statuses and grant-funded projects and flagged timing issues for homeowner rehabilitation projects due to contractor availability and new floodplain insurance considerations.
Staff member reported that loans are mostly current and that loan repayments have been generating roughly $150,000–$180,000 per year in repayments (figure cited in discussion). One downtown lease—the RIBS facility at 530 West Buffalo Street, occupied by Southside Community Center—will terminate in January to allow the city to construct a subterranean pump station; RIBS has a temporary relocation to a smaller building owned by Finger Lakes Reuse. Staff said the lease termination is to enable a needed sewer/pump modernization project.
Staff discussed homeowner rehabs funded through grant programs: pandemic-era backlogs and contractor shortages have slowed some owner-occupied rehab work. In addition, updated floodplain maps and regulations have triggered new flood-insurance requirements that affect whether larger rehab projects must carry insurance to protect federal funds; staff clarified that under federal rules, flood insurance need only cover the federal funding amount (for example, a $25,000 federal grant would require flood insurance that covers the $25,000 exposure, not the entire property value).
On grants and development, staff updated the committee on the Sherritt Kitchen shared food-incubator project: the project secured private fundraising and an IDA allocation for equipment and a recent Appalachian Regional Commission grant of about $109,000; staff said the kitchen plans to open in spring and that the IRA’s funding is intended to subsidize reduced hourly rates for low- and moderate-income entrepreneurs. Staff reported the incubator has a waiting list of roughly 40 businesses, though actual usage levels remain to be seen.
Staff also discussed action-plan and spend-down timing: agency staff reminded the committee that the federal program year close is around May 31 (spend-down deadline), and that larger loan commitments can limit flexibility when meeting spend-down requirements.
Ending: Staff will continue monitoring loan repayments and lease transitions, advance the Sherritt Kitchen drawdowns in spring, and provide guidance on flood-insurance questions for homeowner rehab applicants.
