Housing Strategies Corporation board adopts procurement policy; hears updates on state funding and directors-and-officers insurance

The Syracuse Housing Strategies Corporation board voted to adopt a revised procurement policy and heard updates on two expected funding sources and on directors-and-officers insurance at its meeting.

The action: the board approved a resolution to adopt the procurement policy as revised. Michelle (staff member) introduced the resolution, noting the draft mirrors procurement policies used by other local municipal corporations and the land bank. A motion to adopt was moved and seconded and the board voice-voted “Aye”; the chair said the motion carried.

The vote matters because adopting a procurement policy establishes the corporation’s purchasing rules and ensures compliance with practices used by related local entities. Michelle (staff member) told the board the version circulated last week included small wording changes to align the policy more closely with applicable local development corporation practices; she described the revisions as clarifying rather than substantive.

In the next-most substantive item, Michelle (staff member) updated the board on two funding streams that the corporation expects to use for housing work. She said Empire State Development (ESD) is the source of a $5,000,000 commitment for the corporation and the city budget includes $2,500,000 for fiscal year 2024–25. Michelle said the full application to ESD has been submitted and the expectation is that ESD’s board will consider authorizing the funds in March; she also said ESD staff have indicated the funds could be released as five disbursements of about $1,000,000 each.

Michelle said the corporation and city are coordinating contract mechanics and that the city attorney’s office recommended channeling some municipal funds through the Syracuse Urban Renewal Agency (SURA) so SURA’s urban renewal plan mirrors the adopted housing strategy. She said the corporation will present a draft urban renewal plan to the SURA board for its February meeting; once SURA approves it, the plan must also be reviewed by the Planning Commission and the Common Council because urban renewal plans require those reviews before implementation.

On insurance, Michelle told the board the estimated annual premium for directors-and-officers coverage is below the $10,000 procurement threshold and that Brown & Brown served as the broker. She said the corporation’s bank account is active but contract execution and the arrival of budgeted funds mean the board may not have the cash on hand to pay a policy premium until April or May. Michelle said the organization could ask another local municipal corporation to advance the premium if the board did not want to wait; board members said they were comfortable deferring payment until funds were available and asked staff to confirm whether Brown & Brown could extend a policy start or receipt date if needed.

Board members asked for future drafts and updates to be shared with the group. Michelle confirmed staff will circulate the final SURA urban renewal draft for review prior to SURA’s February meeting and will continue to coordinate with city departments on contracting and timing.

Ending: The board took no additional formal action on funding or insurance at the meeting beyond approving the procurement policy; staff will return with contract documents, the SURA plan, and insurance timing details as those processes advance.