BOARD OF DIRECTORS MEETING
Chautauqua County Capital Resource Corporation
201 West Third Street, Jamestown, NY
2nd Floor Board Room
Fredonia Technology Incubator
214 Central Avenue, Dunkirk, NY
1st Floor Conference Room
October 25, 2022
Gary Henry Secretary
Steven Thorpe Member
Sagan Sheffield- Smith Member
Jay Churchill Member
Rhonda Johnson Member
Dan Heitzenrater Treasurer
Also in attendance:
Mark Geise Administrative Director/CEO
Richard E. Dixon Chief Financial Officer
Milan K. Tyler, Esq. Counsel
Greg Peterson Counsel
Crystal Almeter Counsel
Kristine Morabito CCIDA Staff
Crystal Erhard CCIDA Staff
Jeanette Lo Bello CCIDA Staff
Rosie Strandburg CCIDA Staff
Kayla Strandburg CCIDA Staff
Jason Toczydlowski CCIDA Staff
Nate Aldrich CCIDA Staff
Monica Simpson CCIDA Staff
Absent Board Member(s):
Michael Metzger Chairman
Brad Walters Member
Kevin Muldowney Member
Meeting was called to order by Mike Metzger, Chairman, at 11:10 a.m.
I would like to call to order the Chautauqua County Capital Resource Corporation Board of Directors Meeting. We are at both the Fredonia Technology Incubator – 214 Central Avenue, Dunkirk NY, 1st Floor Conference Room, and the BWB Building – 201 West Third Street, 2nd Floor Board Room, Jamestown, NY. It’s October 25, 2022 and the time is approximately 11:10 a.m. I will have a roll call as we do have quorum. Let the record show we have seven members in attendance. We have quorum. You have received the May 24, 2022 minutes previously. Thank you Jeanette. I would like to entertain a motion for approval of the May 24, 2022 minutes.
Motion made by Steven and seconded by Brad. Thank you. Any discussion, corrections or questions? Hearing none, all those in favor?
Aye – Unanimous.
Opposed, abstained, motion carried unanimously.
Now, we move again to the Approval of the 2023 Budget.
So, as you remember the CRC for the new members, was created because there was a portion of the IDA law that allowed the IDA to issue Tax Exempt Bonds to certain not-for-profits. That law sun settled, it was not renewed by the State so under the auspices of George Cregg of Hodgsen Russ we created the Capital Resource Corporation that allowed us to help our not-for-profits. So, this was created with the assistance of the County and we are allowed to do the tax exempt financing and anything else the County may want us to do out of the CRC. As we talked previously about not a big demand for loans from the bank, my polling of not-for-profits and talking to them – I don’t see a bond in site. People that are going to do things have cash and people that want to do things and have no cash and they don’t want to borrow it. With interest rates rising, you would think that tax exempt financing would be more appealing because as the spread goes higher between the tax exempt and the taxable bonds they save more money. That still means their interest rate is going up. I know if nothing so the budget is zero and zero Mike and that’s what I’m going to report because I honestly don’t see a bond in site here.
Will this be killed some day or is it just going to lay around?
No, no because we have bonds outstanding that we’ve issued and I need to report on this as a separate. This has a separate PARIS report. I do three PARIS reports – CCIDA, CREC and CRC. This one is fairly easy because it’s only bonds outstanding. I think there are four under the CRC Kayla?
Yes. I think so.
There are three under the IDA that were there from before.
Even when those bonds close or cease – the setting up of this corporation is a lot easier than – once it’s set up then having to have the ability in the future.
This has some advantages over the IDA doing the bond. When the IDA there is a thing from the state called a Bond Issuance Charge where they get their cut. The CRC does not have to pay that to the state. This is actually more conducive for people to use this facility than the IDA anyway.
That’s interesting. I didn’t know that.
Same with the Dormitory Authority. They have to pay that. Milan, does the Dormitory Authority pay the Bick?
I don’t believe so. We don’t talk a lot about the Bick because it’s almost an oversite and everyone is hoping that no one ever talks about it.
We do have to approve a zero budget. I accept a motion to approve the budget as presented.
Motion made by Brad and seconded by Gary. Any further discussion? Hearing none, all those in favor.
Aye – Unanimous.
Opposed, abstained? Motion carried unanimously. Anything else to come before the CRC?
Meeting adjourned at 11:15 a.m.
(Vice) Secretary (vice) Chairman