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IDA accepts minutes and financials, sets deadline for JBF assignee documentation
Summary
The board approved prior meeting minutes and November financials, reviewed the micro-enterprise grant, discussed and carried a motion requiring an assignee of the JBF facility to provide documentation and assume obligations by a board-set deadline (January timeframe).
The board handled routine governance items and acted on a contentious property-assignment matter. Speaker 2 moved to accept previous meeting minutes and public-hearing minutes; both motions were seconded and the board voted 'aye' to approve the minutes. Speaker 1 presented the November financials, reported final payments on solar projects and said the agency’s finances are in good shape; the financial report was moved, seconded and approved.
In the JBF matter, counsel and staff said a default letter had been sent to Mr. Pellmeier and the operating entity; counsel described a recent response from the seller’s counsel. Board members discussed conditions for assignee approval — including assuming recapture obligations, job commitments and other covenants — and expressed concern about the lack of timely responses from the buyer’s attorney. The board directed staff to reach out to the parties and set a firm deadline (board discussion referenced Jan. 20 and 30-day timing) for submission of required documents; a motion to require assurances and documentation by the agreed deadline was made, seconded and carried.
Other administrative items: Speaker 5 updated members on the micro-enterprise grant (about $200,000 remaining) and active applications; staff described outreach with SBDC, Cornell and the chamber. The board also reviewed a proposed small-projects application and a reduced fee schedule intended to ease application burden for smaller businesses.
Quotes: Speaker 1 said of the finances, “we're pretty close to closing out our bare excavating that we've done in February. ... Everything is on track to keep this moving at a good pace.” On JBF, counsel explained that any assignee must “assume all the obligations under the original documents, including the recapture grama, including jobs, and non supporting obligations.”
Next steps: Staff will follow up with the JBF parties, set the documentation deadline and report back; staff will continue to market the micro-enterprise grant and bring fee-schedule documents forward for final approval.
