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Peekskill incubator project faces a roughly $1.7 million shortfall, board told
Summary
Staff told the Peekskill IDA/PFDC that the kitchen incubator project has about $4.2M in funding on hand but an estimated shortfall near $1.7M; city loan, federal reimbursements and upcoming RFPs were discussed as cash-flow and risk points.
Abby gave a detailed breakdown of the kitchen incubator’s finances and said the project shows a funding shortfall. "So that's about 1.7, million," she said when summarizing the gap between projected costs and committed funds. She reported the project has approximately $4.2 million in identified funding on hand and total expenditures to date of about $117,592.
Board members and staff discussed the cash-flow strategy: Abby said the project needs approximately $700,000 on hand to take the work to bid and that some expenses will be reimbursable by federal grants but not by the state grant until project completion. Committee members urged caution about bid variability and schedule risks; one member warned, "If the bids come in at 6,000,000, forget it," underscoring how high bids could threaten the project. Members agreed to a working session to map cash flow and RFP timing before finalizing budget entries.
The presentation covered sources of funds, which staff described as a mix of federal and state grants, local matching and a proposed short-term city loan split into two disbursements. Staff emphasized that some reimbursements will be received only after project milestones or completion and that the board will revisit budget assumptions at the next meeting.
