1 1 2 NASSAU COUNTY LOCAL ECONOMIC 3 ASSISTANCE CORPORATION 4 and 5 NASSAU COUNTY INDUSTRIAL 6 DEVELOPMENT AGENCY 7 Board of Directors Meeting 8 Thursday, September 17, 2020 - 6:30 p.m. 9 -----------------------------------------------x 10 (Remotely taken via Zoom) 11 September 17, 2020 12 6:30 p.m. 13 LOCAL ECONOMIC ASSISTANCE CORPORATION 14 Richard Kessel, Chairman 15 Anthony Simon, 2nd Vice Chairman (Excused) 16 Timothy Williams, Secretary 17 Amy Flores, Treasurer 18 John Coumatos, Assistant Treasurer 19 Christopher Fusco, Assistant Secretary 20 Lewis M. Warren, Vice Chairman 21 Harry Coghlan, Chief Executive 22 Officer/Executive Director 23 Anne LaMorte, Chief Financial Officer 24 Thomas D. Glascock, Agency Counsel 25 Andrew Komaromi, Bond/Transaction Counsel Rich Moffett Court Reporting, Inc. 1 2 2 INDUSTRIAL DEVELOPMENT AGENCY 3 Richard Kessel, Chairman 4 Anthony Simon, 2nd Vice Chairman (Excused) 5 Timothy Williams, Secretary 6 Amy Flores, Treasurer 7 John Coumatos, Assistant Treasurer 8 Christopher Fusco, Assistant Secretary 9 Lewis M. Warren, Vice Chairman 10 Harry Coghlan, Chief Executive 11 Officer/Executive Director 12 Danielle Oglesby, Chief Operating 13 Officer/Deputy Executive Director 14 Anne LaMorte, Chief Financial Officer 15 Catherine Fee, Director of Business 16 Development/Chief Marketing Officer 17 Colleen Pereira, Administrative Director 18 Carlene Wynter, Compliance Assistant 19 Nicole Gil, Administrative Assistant 20 Thomas D. Glascock, Agency Counsel 21 Andrew Komaromi, Bond/Transaction Counsel 22 23 24 25 Rich Moffett Court Reporting, Inc. 1 3 2 CEO COGHLAN: Good evening. 3 My name is Harry Coghlan and I am 4 the Chief Financial Officer of both 5 the Nassau County local Economic 6 Assistance Corporation and the 7 Nassau County Industrial 8 Development Agency, on behalf of 9 our Chairman, members of the board 10 and staff, I welcome you to today's 11 open meetings of the Board of 12 Directors. Today is September 17, 13 2020 and the time is now 6:30 P.M. 14 Given the ongoing COVID-19 15 public health crisis and related 16 Executive Orders issued by Governor 17 Andrew Cuomo, this public meeting 18 is being conducted using telephone 19 conference and video conference. 20 Participants have accessed this 21 public meeting through a Zoom 22 registration or by watching the 23 livestream on our YouTube channel. 24 If you are participating via 25 Zoom, the agency encourages all Rich Moffett Court Reporting, Inc. 1 4 2 interested parties to participate, 3 and as such has reserved certain 4 points in today's meeting for 5 public comment. If you choose to 6 make a comment you will do so by 7 selecting the "Raise Hand" icon on 8 your device. Once you select the 9 "Raise Hand" icon, you will have 10 the opportunity to speak when your 11 name is announced. When 12 commenting, it is requested that 13 remarks be limted to three minutes 14 per speaker, and please start by 15 stating your full name with 16 spelling and address for the 17 record. 18 Please note that this is a 19 moderated meeting and at times you 20 may hear us speaking directly to 21 our moderator, Catherine Fee, Chief 22 Marketing Officer and Director of 23 Business Development for the 24 Agency. 25 Please note that this hearing Rich Moffett Court Reporting, Inc. 1 5 2 is being both livestreamed and 3 recorded. 4 In addition, we have a 5 stenographer present who will be 6 transcribing the meetings so we can 7 add the transcripts of these 8 meetings to the public record. 9 Interested parties may also 10 submit written comments which will 11 be included within the public 12 meeting records. Written comments 13 may be sent to my attention, Harry 14 Coghlan, Chief Executive Officer at 15 One West Street, 4th Floor, 16 Mineola, New York 11501, or via 17 email at [email protected]. 18 At this time I ask that all 19 attendees please mute your 20 microphones until such time you 21 need to comment. 22 Mr. Chairman, I now turn to 23 you to commence the meeting of the 24 Local Economic Assistance 25 Corporation. Rich Moffett Court Reporting, Inc. 1 6 2 CHAIRMAN KESSEL: Thank you, 3 Harry, and I appreciate that. 4 First let's do a board roll 5 call again. Again, I always say 6 this for the public. This is a 7 roll call for our Local Economic 8 Assistance Corporation which is the 9 sister agency to the IDA. 10 The IDA meeting will follow 11 this meeting probably in around 15 12 or 20 minutes. 13 So I'll do a roll call: 14 Richard Kessel, present. 15 Lewis Warren. 16 VICE CHAIRMAN WARREN: 17 Present. 18 CHAIRMAN KESSEL: Good 19 evening, Lewis. 20 VICE CHAIRMAN WARREN: Good 21 evening, Richie. 22 CHAIRMAN KESSEL: Good to see 23 you. 24 Anthony Simon I know is not 25 going to be attending this evening. Rich Moffett Court Reporting, Inc. 1 7 2 Tim Williams. 3 SECRETARY WILLIAMS: Present. 4 CHAIRMAN KESSEL: Tim, good 5 to see you. 6 Chris Fusco. 7 ASSISTANT SECRETARY FUSCO: 8 Present. 9 CHAIRMAN KESSEL: Good. Hi, 10 Chris. 11 ASSISTANT SECRETARY FUSCO: 12 Hi, Rich. 13 CHAIRMAN KESSEL: Amy Flores. 14 TREASURER FLORES: Present. 15 CHAIRMAN KESSEL: Hi, Amy. I 16 think it looks like you, me and 17 Harry are in the same place. 18 John Coumatos will join us 19 soon, he will join us soon. So we 20 do have a quorum for LEAC and I do 21 want to indicate that we will do 22 the pledge and several other things 23 at the beginning of the IDA meeting 24 which will follow this. 25 So we did the roll call. Rich Moffett Court Reporting, Inc. 1 8 2 Our first item of business is 3 a preliminary presentation and its 4 a preliminary resolution for the 5 Portledge School and I ask if the 6 Portledge School and their reps are 7 on the call, that they make a 8 presentation. 9 I do want to point out to the 10 public that we did have a meeting, 11 I think it was a Zoom meeting, with 12 the Portledge School recently so 13 this is something that was 14 presented to us, initially to 15 myself and the staff. 16 For the public's benefit, I 17 do want to indicate that this is a 18 preliminary resolution and we will 19 have a short presentation by the 20 Portledge School, the board will 21 then ask any questions and there 22 will be a vote whether to move the 23 project forward. There will then 24 be in the future a public hearing 25 and an approval vote by the board Rich Moffett Court Reporting, Inc. 1 9 2 if in fact we vote to go forward to 3 review this project. 4 With that, I'll hand it over 5 to the Portledge team and Andrew, 6 maybe you want to bring them in. 7 MR. KOMAROMI: Absolutely, 8 Richie. 9 So this is in front of the 10 board, is a preliminary resolution 11 for ultimately what would be a bond 12 issuance by LEAC for tax exempt and 13 possibly taxable bonds for the 14 Portledge School, and as you will 15 hear in the presentation, the 16 bonding would relate to certain new 17 capital expenditures as well as 18 some refunding of existing debt. 19 And I will hand it over to 20 Dan Froehlich who is acting as the 21 placement agent for the school for 22 this project. 23 MR. FROEHLICH: Good evening, 24 everybody. Thank you, Andrew and 25 thank you to everybody on the LEAC Rich Moffett Court Reporting, Inc. 1 10 2 board. I appreciate the 3 opportunity to present tonight. 4 There are representatives 5 from the school as well on the call 6 and they will be doing a brief 7 presentation as well so I'll 8 quickly work through the plan of 9 finance and then I'll turn it over 10 to the school to talk about the 11 project. 12 As Andrew referenced, we are 13 hoping to proceed with a tax exempt 14 issuance through LEAC. The purpose 15 would be to refinance an existing 16 taxable loan which was used for 17 capital projects on the campus and 18 that is in the amount of about four 19 and a half million dollars. 20 And the second use of the new 21 financing would be to finance an 22 athletic and wellness center on the 23 campus. The representatives from 24 the school will direct you to the 25 map that you see on the screen and Rich Moffett Court Reporting, Inc. 1 11 2 describe the project in more 3 detail, but that cost is in the 4 range of $6 million. 5 The total request is for 6 $11 million and the difference 7 would be for costs of issuance and 8 other related costs. 9 So at this time we have a 10 letter of intent from First 11 National Bank of Long Island for 12 $11 million that the school and I 13 have negotiated and we will be 14 working with them and their counsel 15 along with Andrew and the 16 corporation to create documents for 17 this transaction. 18 The refinancing is primarily 19 motivated by achieving debt service 20 savings which will help the school 21 with its operating budget in the 22 coming years.