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Agenda Item V, 2. July 2, 2020 PROPOSED RESOLUTION APPROVAL of ANNUAL REPORT for FISCAL YEAR ENDING MARCH 31, 2020

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Agenda Item V, 2. July 2, 2020 PROPOSED RESOLUTION APPROVAL of ANNUAL REPORT for FISCAL YEAR ENDING MARCH 31, 2020 ANDREW M. CUOMO BOARD OF DIRECTORS Governor RuthAnne Visnauskas, Chair, Commissioner of NYSHCR Robert F. Mujica Jr., Director of BUDGET SHELTON J. HAYNES Conway S. Ekpo Acting President & CEO Jeffrey R. Escobar David Kapell David Kraut Howard Polivy Michael Shinozaki Agenda Item V, 2. July 2, 2020 PROPOSED RESOLUTION APPROVAL OF ANNUAL REPORT FOR FISCAL YEAR ENDING MARCH 31, 2020 ______________________________________________________________________________ RESOLVED by the Board of Directors of the Roosevelt Island Operating Corporation of the State of New York, as follows: Section 1. that the Annual Report for fiscal year ending March 31, 2020, annexed hereto, is hereby approved and may be submitted to the Governor, the chairman and ranking minority member of the Senate Finance Committee, the chairman and ranking minority member of the Assembly Ways and Means Committee, the State Comptroller, the Authorities Budget Office, and any other governmental entity as required by law; Section 2. that the Acting President/Chief Executive Officer or his designee is hereby authorized to take such actions and execute such instruments as deemed necessary to effectuate the foregoing; Section 3. that this resolution shall take effect immediately. 591 Main Street, Roosevelt Island NY 10044 T: (212) 832-4540 F: (212) 832-4582 rioc.ny.gov [email protected] ANDREW M. CUOMO BOARD OF DIRECTORS Governor RuthAnne Visnauskas, Chair, Commissioner of NYSHCR Robert F. Mujica Jr., Director of BUDGET SHELTON J. HAYNES Conway S. Ekpo Acting President & CEO Jeffery R. Escobar David Kapell David Kraut Howard Polivy Michael Shinozaki MEMO TO: Shelton J. Haynes,Acting President/CEO and Board of Directors FROM: Muneshwar Jagdharry, Asst. CFO/Comptroller DATE: June 22, 2020 RE: Public Authority Annual Report – Fiscal Year 2019-2020 Pursuant to Public Authorities Law § 2800, attached is the Roosevelt Island Operating Corporation’s Public Authority Annual Report for the Fiscal Year April 2019-March 2020, for your approval. ANNUALREPORT FISCALYEAR2020 ANDREWM.CUOMO Governor PublicAuthorityAnnualReport Fiscal Year Ended March 31, 2020 Background ............................................................................................................................................ 2 I. MISSION STATEMENT ...................................................................................................... 2 I. (i) Performance Goals............................................................................................................ 4 I. (ii) Performance Measurement Report.................................................................................. 4 II. OPERATIONS AND ACCOMPLISHMENTS ......................................................................4 III. FINANCIAL REPORTS .................................................................................................... 11 III. (i) Audited Financials .................................................................................................................... 11 III. (ii) Grant and Subsidy Programs ..................................................................................................... 16 III. (iii) Operating and Financial Risks ............................................................................................. 16 III. (iv) Bond Ratings ...................................................................................................................... 16 III. (v) Long-term Liabilities ........................................................................................................ 16 III. (v)(a) Lease Obligations ....................................................................................................... 16 III. (v)(b) Unearned Revenue .............................................................................................. 17 III. (v)(c) Post-employment Benefits Other Than Pensions ................................................ 17 IV. DEBT SCHEDULE ........................................................................................................... 18 V. COMPENSATION SCHEDULE ...................................................................................... 18 V. (i) Biographical Information ............................................................................................. 19 VI. PROJECTS ....................................................................................................................... 19 VII. (i) Real Property Disposition ...................................................................................... 19 VII. (ii) Real Property Acquisition .................................................................................. 20 VII. (iii) Real Property Owned........................................................................................... 20 VIII.CODE OF ETHICS ................................................................................................................... 21 IX. ASSESSMENT OF THE EFFECTIVENESS OF INTERNAL CONTROL STRUCTURE AND PROCEDURES .................................................................................................................................... 21 X. ENABLING LEGISLATION ................................................................................................ 21 XI. AUTHORITY AND ITS BOARD STRUCTURE ............................................................ 21 XI. (i) Board Committees ..................................................................................................................... 21 XI. (ii) Board Meetings and Attendance .................................................................................................. 21 XI. (iii) Major Authority Units ........................................................................................................ 21 XI. (iv) Number of Employees ............................................................................................................. 21 Page 1 XII. CHARTER AND BY LAWS .................................................................................................. 21 XIII. ATERIAL CHANGES IN OPERATIONS AND PROGRAMS ............................................... 21 XIV. FINANCIAL PLAN ................................................................................................................. 22 XIV. (i) Current and Projected Capital Budget .................................................................................... 22 XIV. (ii) Operating Budget Report – Actual vs. Budgeted ................................................................. 22 XV. BOARD PERFORMANCE EVALUATION ................................................................................. 22 XVI. NON-COMPETITIVE ACQUISITIONS........................................................................................ 22 XVII. ATERIAL PENDING LITIGATION ........................................................................................ 22 Background The Roosevelt Island Operating Corporation of the State of New York ("RIOC") is a public benefit corporation and a political subdivision of the State of New York. RIOC was created by the New York State legislature, in 1984, to take responsibility, pursuant to a General Development Plan (“GDP”), for the development and operation of the 147 acres comprising the former Welfare Island, located in New York City's East River. RIOC assumed the role of the New York State Urban Development Corporation as lessee under a 99-year Master Lease (running until 2068) from the Cityof New York. The GDP, which has been amended from time to time, provides for the development of housing, shops and community facilities for a mixed income, wheelchair accessible, residential neighborhood. As an island community, Roosevelt Island requires specialized operations and capital infrastructure maintenance such as an Aerial Tramway, a comprehensive garbage compacting system, and seawall improvements. RIOC supplements the very basic services provided bythe Cityof New York, and provides specialized operations and capital improvements. Pursuant to its enabling legislation, the RIOC Board of Directors is composed of nine members including the Commissioner of the New York State Division of Housing and Community Renewal, who serves as the chair; the New York State Director of the Budget; and seven public members nominated by the Governor of the State of New York with the advice and consent of the New York State Senate. Of the seven public members, two members are recommended by the Mayor of New York City, and five members must be residents. Throughout the Fiscal Year ended March 31, 2018, there were two vacancies on the RIOC Board of Directors. I. MISSION STATEMENT Created by the State of New York as a public benefit corporation, it is the mission of the RIOC to plan, design, develop, operate, maintain and manage Roosevelt Island. Page 2 Public Benefit The Corporation is a political subdivision of the State of New York and additional stakeholders include the City of New York, residents, students, developers and commercial operators, workers and visitors to Roosevelt Island (the “Island”). The Corporation’s stakeholders benefit from the development, and preservation of properties and open spaces, as well as sharing in the economic growth of the Roosevelt Island community. RIOC accomplishes its mission by practicing the following core values, which were adopted December 14, 2011: • Service We are committed to providing services that enhance the Island’s mixed-use
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