July 2023 Meeting Summary
Summary of COMIDA Meeting for July 18th, 2023Observed by Deborah Rice Gordon
This COMIDA meeting can viewed at: https://www.youtube.com/watch?v=n5YvAwjeuXM
Monitoring Reports:
A local labor monitoring report was given by Kevin Loweke. In June, the residency of 814 workers was checked with 24 workers having a non-compliance issue. As of June 30st, all monitored sites were compliant at the time of inspection. The percentage of local laborers at the Amazon Manitou site was 73.4%.
A local labor exemption report was discussed by Brian Lafountain. Five exemptions related to the LiCycle project were related to local union members that did not reside in the local COMIDA area although they did live in New York State.
The financial report for June was discussed. At half way through the fiscal year, over $5 million has been generated for the Workforce Development Program over the past 2 years. Of that, almost $3.2 million has been committed.
COMIDA is the conduit for the RG&E infrastructure project grant in Webster but fee revenue for COMIDA will not be generated until the project application is submitted.
Project Application Reviews:
Requests for sales tax exemptions, recording tax exemptions and/or real property tax abatements were approved by the Board for the following projects:
- Jay’s Acquisitions II, LLC for the rehabilitation of existing buildings at 20-30 East Avenue in downtown Rochester (Triangle building) to provide mixed use, substantially below market commercial rental space for use by the Colgate Rochester Crozier Divinity School. The residential portion will be available to Eastman School of Music students.
The following modification requests were approved:
- WR Greece Senior LLC is acquiring Greece Senior Living located in Greece and is requesting approval for the sale and re-assignment of the property tax abatement.
- Cooper Vision, Inc. is acquiring a renovated buildings at Erie Park Drive and is requesting approval for the sale and re-assignment of the property tax abatement.
- Erie Station 241 LLC has renovated the buildings for Cooper Vision and is requesting an extension of the sales tax exemption through December 31st of this year.
- Riverwood Tech Coampus LLC for the Henrietta project is requesting an extension of the sale tax exemption through December 31, 2024.
Finance Committee Report:
The Committee was asked to estimate cash flow for the next 18 months and investigate options for investing. The outcome was that staff will work with M&T bank to purchase US treasury bills which will mature at different times (3, 6, 9 months, etc.).
Executive Director Items:
- Affordable housing bond deals are subject to the federal internal revenue codes and caps. COMIDA receives a $30 million annual cap and currently has two bond deals – Sycamore Green and Andrews Terrace. Sycamore Green accounts for $22 million and Andrews Terrace for $193 million. Sycamore Green will close leaving a positive balance of $8 million but there is a significant gap to close Andrews Terrace. There is a high demand for these funds. COMIDA is requesting $80 million from the state and plans to negotiate with other IDAs to transfer unused funds to COMIDA. The state is asking COMIDA to commit to use 2024 - 2025 funds for this as well. For housing projects that may come before the Board in this time frame, taxable bonds will be issued with provisions that if the volume cap becomes available bonds will be called back and non-taxable bonds issued. A motion to approve the dedication of funds was passed.
- Representatives from the Rochester Downtown Development Program discussed an ambassador program, which is a hospitality effort similar to a concierge, for visitors to the area. Six to eight positions would be created in a 12 month pilot program. A motion to approve an amount not to exceed $300,000 for one year to help support this program passed.
- A representative from Next Corps presented information on an accelerator program that will train software developers using advanced systems known as no code development platforms. A motion for $400,000 for one year through the Workforce Development Plan passed.
- COMIDA is facilitating a construction project information session for a major potential project in the Town of Webster (Fairlife Project) on July 27th. Local labor unions and representatives will learn about this project and related construction needs.