Syracuse IDA approves clean 2024 audit, grants local‑access waivers and schedules public hearing for Salina First project

The Syracuse Industrial Development Agency on Wednesday accepted an unmodified audit of its 2024 financial statements, approved three waivers of the agency’s local access policy for downtown tenant build‑outs and authorized a public hearing to consider changes to the Salina First LLC project.

The audit was presented by Mike Lisonbee, who told the board the firm issued “an unmodified clean audit opinion,” and that internal‑control and investment‑policy reports were also clean. The auditors said the agency had about $4.2 million in cash at year end, $1.6 million in disclosed commitments and roughly $3.4 million of unrestricted cash available for future needs.

The board voted unanimously to accept the audited financial statements. The auditors said the final reports would be submitted to the State by March 31.

Why it matters: A clean audit affirms the agency’s year‑end financial reporting and internal controls and clears the way for required State filings. The waivers affect downtown development projects and the public‑hearing authorization advances a residential conversion that will change the scale of a previously approved project.

The audit Mike Lisonbee, the lead auditor presenting the financials, said the audit “went extremely well” and that the firm issued “an unmodified clean audit opinion,” meaning no audit exceptions were reported. He told the board the agency’s revenues were driven primarily by financing fees (about $946,000 reported in the presentation) and that net position at year end was about $4.4 million.

Lisonbee said disclosed commitments and agreements totaled about $1.6 million and reiterated the State filing deadline: the audited reports must be submitted by March 31. Board members thanked staff for their preparation; the board then voted to accept the audited financial statements.

Local‑access waivers for downtown projects The board considered and approved three separate requests for waivers to the agency’s local access policy for contractors outside the agency’s six‑county local labor area.

- City Center (400 South Salina Street): Nick DiCresi, a project manager with Hayner Hoyt (filed in the transcript as Hainer Hoyt), described a tenant build‑out for UBS Financial Services involving a specialized demountable partition system. DiCresi said the project’s construction documents listed three qualified vendors, all outside the six‑county area; the selected contractor’s bid best fit the client’s budget and product specifications. Board members were told the contract amount for that specialized work is $123,000, which project materials estimated to be roughly 8% of the overall build‑out cost. The board voted to grant the waiver.

- Chimes Building (applied coatings and spray foam): Steven Prieta, a project manager with Hayner Hoyt, described two companion waiver requests for the Chimes Building project for fluid‑applied air‑barrier coatings and closed‑cell spray foam insulation. Prieta said one local bidder (Driscoll, from Skaneateles Falls) was more than $400,000 higher than the selected contractor and that switching scopes during design led to a revised approach using the sister companies. The board approved separate waivers for Upstate Foam (contract noted at $109,240) and for Applied Coatings (contract amount and related figures recorded in project correspondence). The IDA attorney recommended approval of both waivers; each motion carried on voice vote.

Salina First LLC: public hearing authorized Staff asked the board to authorize a public hearing on proposed changes to the project listed in materials as “Celina First LLC” (variously spelled in the transcript). Staff said the project was originally approved in 2017 and has undergone design changes and delays tied to the COVID‑19 pandemic, inflation and construction cost increases. The project sponsor described converting commercial space to residential units because of market demand; what was previously a 24‑unit project is now a 32‑unit project after converting office space into eight additional units.

Emmanuel Henderson, the applicant’s representative, told the board the team intends to proceed first with the residential phase and return later to address the light‑manufacturing component. The board approved a motion to schedule a public hearing; staff said the hearing is expected at the agency’s April meeting, which may move from April 15 to April 22 depending on scheduling.

Other business and executive session The board then recessed into an executive session to discuss property disposition. Members voted to enter executive session and said no further action would be taken afterward except a motion to adjourn. Following the executive session, the board moved to adjourn.

Votes at a glance - Approval of minutes from Feb. 25: motion carried. - Acceptance of audited financial statements for 2024: approved (unanimous voice vote). - Waiver of local access policy for 400 South Salina (City Center, demountable partition): approved. - Waiver for Upstate Foam (Chimes Building, spray foam): approved. - Waiver for Applied Coatings (Chimes Building, fluid‑applied air barrier): approved. - Authorization to hold public hearing for Salina First LLC project changes (conversion to 32 units): approved. - Motion to enter executive session for property disposition: approved.

The board chair closed the meeting after the executive session. The IDA indicated staff would circulate any date changes for the April public hearing once confirmed.