IDA approves minutes, budget, multiple check ratifications and enters executive session; no action taken

The Chemung County Industrial Development Agency approved routine minutes and the budget, ratified a set of previously paid vendor checks, and voted to enter executive session to discuss the financial history of a person or corporation and the proposed acquisition, sale or lease of real property. The board reported no action came from the closed session.

On finance, staff reported receipt of a $400,000 payment identified as “CVS” in other income. Staff said an additional project closing that had been expected in April was anticipated to close in May and would add about $200,000 to revenues. For April the agency reported net income for the month of roughly $149,000 and a year-to-date deficit of about $600,000. Liquid assets were reported at just under $1.2 million as of April 30; staff noted fixed assets on the balance sheet will require review during the upcoming audit period.

The board ratified multiple vendor checks that had already been paid. Items the board listed included (amounts as stated in meeting): Digi Lehi for $82,572 for two Visionmax LED video screens; Ice Builders for $5,744 for poly sheets and bleacher board; a corrected Markertek invoice (amounts quoted in the transcript were inconsistent and are not specified here); Eastern Shore Broadcasting (amount as stated in transcript unclear); Capital Resource Corp for $31,803.14 for repair and maintenance; and an additional check to Capital Resource Corp for miscellaneous LeCom event center bills (amount as stated in the transcript was unclear). Board members said some of the LED-screen-related expenses are being pursued for ARPA funding and that the total ARPA requests related to these items were roughly $200,000; staff estimated additional LED and marquee expenses could bring that total toward $300,000–$400,000 with a half-million-dollar balance remaining in the IDA account.

The board moved into an executive session by motion to discuss a particular person or corporation’s financial history and the proposed acquisition, sale or lease of real property; the motion passed by voice vote. After returning from executive session, the chair announced “No action in executive session.” The meeting then adjourned. The associated Chemung County capital resource corporation meeting that followed did not present a financial report because the audit work was still in progress.

Votes noted on the record during the meeting were taken by voice vote; the meeting audio does not include a roll-call tally for these items.