EDC approves Springside audit, multiple Keating lease renewals and freight elevator repair funding

The Middletown Economic Development Committee on Nov. 18 approved multiple routine and technical items: a contractor audit for the Springside tax-deferral agreement, four lease renewals at the Keating Building, and an appropriation to repair a freight elevator.

Staff said the Springside developer agreement required an audit to validate that the developer met an investment threshold of about $37,000,000; the committee authorized roughly $6,000 from the economic development fund for a sampling audit of payment applications and related contracts. "They're gonna do a sampling to make sure of the accuracy of those documents so that we can substantiate $37,000,000 investment into the project," Director Christine Barks said.

The committee also approved lease renewals for tenants in the Keating Building, including a 2,000-square-foot renewal for Katie’s K and D/Chop Shop (rate stated in staff materials), a 1,000-square-foot renewal for The Refuge restaurant (with a stated annual increase), a 4,000-square-foot renewal for Super 40 and a 500-square-foot renewal for Good Vibes Kettle Corn; staff said start dates were to be amended to Feb. 1, 2026 where paperwork currently lists earlier dates.

Finally, the committee approved the added resolution to use LOSEP/LOSUP funds to repair the freight elevator at the Keating Building (staff cited approximately $228,776.28). The motion passed by voice vote; committee members noted they did not have the LOSEP account balance in the meeting but understood funds were available.

No roll-call vote totals were recorded in the transcript; actions were approved by voice vote during the meeting. The committee instructed staff to document the audit procurement, update lease paperwork to reflect amended start dates, and proceed with required procurement steps for the elevator repair.