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Colonie IDA/LDC CFO reports modest income, treasury renewals and active project permits
Summary
The IDA reported an additional roughly $64,000 in administrative income from Lincoln Avenue Phase 1B, administrative fees totaling $85,000 for the year, a $3,000 audit payment and a $7,600 accrued membership liability; the LDC reported about $470,000 in cash/equity and a small loss of about $6,800. Treasury instruments were tentatively renewed at 3.62%. Staff also updated the boards on several local development projects.
Chris, identified in the transcript as the organizations' CFO, told the IDA that there had been little financial activity since March but that the final closeout of the Lincoln Avenue Development Phase 1B project generated an additional $64,000 in administrative income (spoken in the transcript as "60 um $4,000"), bringing administrative-fee income to $85,000 for the year. Chris said the annual audit expense had been paid (about $3,000) and that the organizations carry an accrued liability of $7,600 for annual CEG membership; those dues are expected to be paid within weeks.
Chris also reported that treasury bills were being renewed at a rate of 3.62 percent; in the IDA discussion the speaker referenced renewing for "six four months" and later in the LDC discussion the renewal was described as four months at 3.62 percent. The transcript contains inconsistent phrasing on the renewal term; the reported interest rate was consistent in both presentations.
During a connected staff report, staff said Phillips phase two had unofficially withdrawn its application to the board but was proceeding with easement acquisitions for expanded power distribution and expected a building permit filing shortly. Luisi's Phase 1B had pulled a building or model permit for a warehouse, staff and an official from the supervisor's office met with a potential commercial equipment distribution applicant, and construction activity at 85 Coliseum includes work on a fire tower and progress on a New York State Insurance Fund building.
At the LDC meeting Chris reported the LDC was carrying roughly $470,000 in cash and equity and a small loss of about $6,800 so far this year; Chris said anticipated interest earnings would likely offset that shortfall. No additional budget actions or formal financings were recorded in the transcript.
