Good morning, welcome to the Schmuck County Industrial Development Agency meeting of April 15th, 2026. I'd like to call the meeting to order. First order of business, I want to welcome Ann Welliver, a new appointment to the board. We need to vote on this before the beginning of the meeting, so I'd like a nomination for Ann Welliver. Can I have a nomination please, Mike? And a second, Marty? Okay. Any other questions, any discussion at all? Yeah, the only thing I'd like to say is I've known Ann for a long, long time. Obviously, Ann is well over construction. She heads that organization up. So I thought from her background and experience, she would be a great, great addition to our board of directors. So I'm just excited to have her on based on our experience. Her resume is through the roof, so she'll be a great addition for us, for sure. All right, thank you. Anything else? Okay, clerk, please call the roll. Mike Contando. Yes. Marty Chalk. Yes. Mike Collins. Yes. Mark Margeson. Yes. Warren Roman. Yes. Okay, we're all set. Welcome. Thank you. It was unanimous. Excellent. Let the games begin. Okay, Joe. And next up, we have Mary Robb. and Larry Kramer on. They are from Incentives Group. It's a national incentive firm that works with obviously incentives and tax credits and many other things. So we've been working with this consultant and Rural King on this project. I'm going to allow them to present the project today. And the reason why we're doing it sooner than later in the agenda is because they have some other commitments. I want to get them on right away so they can present the project. I will say this is a great, great project for the city of Elmira. for Chemung County and our south side. It takes that old Topps Plaza completely. He's going to renovate that entire area with a very, very quality company in there. So with that, Larry or Mary, you're free to go. Can you hear me, Joe? Yes. Nobody can hear you, but unfortunately not great. It's as loud as it can go. All right, Larry, you're just going to have to talk loudly. That's all. Not really. Can you turn up the volume on the TV? Maybe on the TV mic for you, though. Try it now, Larry. How is that? Perfect. Mike, I'll hug you later. Thank you for considering our client's project. Our client, as you know, I think you have the applications, is Rural King. Rural King is a large retailer, a prominent retailer, particularly in rural communities, but not always in rural communities. They have very large stores that are considered location destination centers. So their centers, their stores attract customers from 30 plus miles away, and that's great for communities where they locate. When people travel that far, customers travel that far, they not only spend time shopping at rural centers, but they will spend a better part of a day in the community. shop at other retailers, go to restaurants, they use fuel centers and so forth. So they bring a lot of other business in the communities where they locate. They currently have over 150 stores in the eastern part of the US in 16 states. This would be the first store in the state of New York. So this is a new endeavor for them, moving up into New York. This particular project, would be an acquisition and renovation of the former top supermarket in the downtown Elmira. I think you're probably all familiar with that location. The investment would be about $6.3 million total. That includes store renovations of about just over $3.2, $3.25 million. store and fixturing, store fixturing of about 1.3 and then the rest on the acquisition of the shopping center. This would bring about 45 full-time equivalent employees to the to the community. Jobs, I should say, those include part-time jobs and full-time jobs. The full-time jobs are given The employees are given a very good benefits package as well. We are seeking your approval for a 50% 10-year tax exemption in addition to the property taxes that will be generated by the project improving the vacant store. And we're not sure what those are yet because we have to wait for the assessed value. the store would generate about just over $1.4 million annually in sales taxes coming to the community and to the town. So that's a significant number, we feel, and that will be ongoing indefinitely. In fact, they have an inflator they use for sales that typically occurs at their stores. So that's a quick overview of of our project of the company, I'd be happy to answer questions that you may have. Questions from the board for Larry or for Mary? What's the timeline on your project? Well, the store has been, this was an acquisition. The store has already been acquired. They would like to get underway in May. possible with the renovations to the store. So one of the things on the timing, and I discussed this with Steve as well as the company, we may have to have a special meeting towards the end of April, because we have to have this meeting where we hopefully will accept the application. Then we have to wait 10 days for a public hearing. And then after that public hearing, then in turn we can formally vote in the project. So, you know, based on our time frames, and I'll have to talk further with them, I think we're going to probably be looking for a meeting towards the end of April. It would be basically a five or ten minute meeting to formally approve the project, but we're probably going to have to do that outside of our May meeting to get these guys going. So, okay. Okay. You know, the other thing, Larry, if you could touch on for me, too, in your write-up it mentions about, you know, you talked about people coming to the area, spending the day there. shopping at other retail locations. I found it very interesting that you said, based on the experience from Rural King across the country, sometimes, in some cases, other retailers will follow where a Rural King location is. So can you touch on that a little bit? Because that's pretty significant. Yeah. For instance, when they purchase facilities and they have outlets, oftentimes they can attract, they have relationships with key national retailers, restaurant chains, and so forth. So in some cases, they're able to have those other companies follow them. And it's mainly because of the amount of customers they draw into a location. And let me introduce, I see he just joined, Zach Lewinsky, who's a manager with Rural King Realty, which is the real estate arm of Rural King. Zach, can you hear us? Yes, thanks, Larry. Hello, everybody. Thank you very much for inviting me to this. You know, if there's any additional questions that Larry can't cover, I'm happy to chime in. But appreciate your time and appreciate the support of the project. So thank you. Are there other questions from the board, Mike? Just a statement. We had the pleasure of meeting with... some members of Rural King a couple months ago. So we appreciate you coming to the city of Elmira, really taking that property and putting something fantastic over there. And, you know, we have a good working relationship already with our co-department and, you know, everybody's been very supportive of this. So we truly appreciate it from the perspective of the city of Elmira. So thank you. Thank you. I appreciate those comments. Sure, sure. Other questions, comments from the board? Good question. And I don't know what the value of that property is right now. I don't know if you know what it is, Mike. It doesn't matter. But you're looking at improving the value of this particular building so when it does go back on the tax rolls, and even if it's a 50% basically tax abatement, we're still going to be ahead of the game based on values associated with the building, I'm assuming. Is that pretty much correct? Well, let me mention this, because speaking with Joe, our request was to have a 50% on the entire value, so the existing and the incremental value on the building. Right, but to Mark's point, though, in the end, the property taxes are paid on that property. As a result of your project, the property taxes will increase on that property. And yet, meaning, not that your taxes are going to- Over and above what currently is being accepted on that property. So you're still going to be getting a benefit, but it's still going to be overall more taxes that are currently being paid on that site right now. Because right now, Mike, it's not much. So does that make sense, Mark? Yeah, yeah. That's an important point to always try. And that's why, because, you know, people are going to ask. Absolutely. And that's why I wanted to make sure that we're in a better position with this project, even though there's going to be a tax abatement on it, we're still going to be ahead of the game. Right. So if you want numbers. So the total tax revenue over ten years with the pilot that we're estimating is a million bucks. little over a million bucks, the total tax revenue over 10 years without the project taking place is about half that, a little over $500,000. So you're nearly doubling the property taxes on that site. That's what I wanted to know. Go ahead, Marty. I look at these projects a couple different ways, not only as an IDA member, but as a legislator and the money that it produces in sales tax revenue. And that to me is very important. That's a big one, Marty, for this one. You know, I can appreciate that this will bring a lot of sales tax revenue. Yep. So the combination of the two makes sense, and that's what I was getting at. Right, and another thing, too, Larry, and maybe you can talk to us a little bit about this. People, obviously, from Chemung County will come here to shop at this store, but there's also something in your write-up that talks about additional people from outside the area, Roughly about 30% somewhere in that range will actually come in from outside the area to shop here. Can you touch on that a little bit? Yeah, as I mentioned early on, this typical store will attract customers from over 30 miles, okay? And that represents probably 30 to sometimes as high as 40% of their customer base. So that's gonna generate, and again, when they come into the community, more time shopping at other retailers that'll drive other dollars for the community for the other business in the community. Restaurants and fuel centers and so forth. So they'll have a significant impact we feel on the community of Elmira. Thank you, thank you. Anything else? Yeah, I think we're good. I think we're all set. Larry, Mary, and Zach, thank you very much. We appreciate everything. Thank you. Okay, we will talk soon. Yeah, I'll be in touch this week. I'll be in touch this week. I'll be in touch this week, Larry, okay? All right. Thank you, Joel. Thank you. Thank you very much. Take care. Take care. All right, so I have the resolution here to read for the board. The initial resolution, resolution of the Chemung County Industrial Agency, one, accepting an application with respect to a certain project. Two, authorizing a public hearing with respect to the project, and obviously we're talking about the Rural King project. And three, describe the forms of financial assistance being contemplated by the agency with respect to the project. Okay, can I have a motion, please? Okay, Warren, a second, Mike, thank you. Any questions? Okay, please call the roll. Mike Contando? Yes. Marty Chalk? Yes. Mike Collins? Yes. Mark Margeson? Yes. Warren Roman? Yes. Ann Welliver? Yes. Thank you. Resolution passes. Okay. All right. Now, Joe, do you want to go back to public comment? There's been no request for public comment. Okay. All right. Let's see. The minutes of the last meeting were sent out. I'd like a motion to approve the minutes of the March 12, 2026 meeting. Can I have a motion, please? Mike, thank you. Second. Lauren, thank you. Any discussion changes? All in favor, aye. Aye. Opposed? Okay, motion carried. Financial report. I hope you can hear me. I'm sorry. I'm trying to best account my voice. So I did sit down again with Kevin Groff from LGSS. I also have to, as you know, the IDA is currently going through its audit. I've got to sit down with our auditors, especially on some of the balance sheet stuff, but just to go through this quickly at a high level. The nice thing with the current assets and the cash, our cash position right now at $488,000, so we're starting to climb back a little bit here. I do also anticipate, if I talk about the income side for the IDA, this year should be a very, very good year financially for us for pilot revenue. We have a lot of projects out there, so we should generate well above what we projected for the budget at $270,000 for revenue. Some of the other things on the lease receivable, that's Carrington Aviation for 319, the 812, that's Bucher, and it's interesting that's carried out for the four years that they're out there. So there's some of those interesting things that we have on the balance sheet. I'll also mention some of the other stuff in terms of the security deposit for utility. Also bear in mind we are still paying on First Arena, and I'll get to that a little bit, and we also have some ratifications later. The real concern I have, as I mentioned earlier, is not really on our non-current assets, it's the fixed assets. Some of the stuff you see there, we still have land for First Arena. We don't have that anymore. I also think IDA land, the first one, valued at $744,000. I think that's a little bit of an overstatement in terms of the value of some of our properties. So as I've always said to this board, I think our balance sheet is going to shrink a little bit. Also, if you look at the second to last line building, First Arena, valued at $4.2 million. So that balance sheet number, the $11 million, is going to go down, I dare say, I don't clean it up, it's going to go down for sure. I want the board to be aware of that. On the positive side, if you look at our liabilities, our liabilities are pretty low compared to our assets. So I think we're good there. The other important thing to mention, just as a highlight, under liabilities, if you look at notes and loans, IDA loan payable to Street Act 1.3 million, that's a loan that we took out for Apricot Park South years ago for the water that we ran out there. Just at our last Street Act meeting, Steuben County and Jamie Johnson got a similar level of assistance for his site out there in Willowana. Street Act forgave his note. So we will be in line next to get ours forgiven. So this is something that I'm hopeful to get off our balance sheet. With that, as I jump over to the income statement. On the income statement, if you look at governmental revenue, the pilot revenue, right now we're at zero. But again, you've known all the projects that you've approved so far. You just did another one. We will be well above budget, in my opinion, after this year is over. So I'm not very concerned about that. It's a timing thing. Agency fee income, the 375 that you see there, that is the final and last payment from CVS as our bond repayment. The reason why we got those payments, so everyone knows on this board, was that when this project was done 15 years ago, the industrial development team at the time spent literally millions of dollars on that site to prepare that site for CVS. So what they agreed to at the end of the agreement after the 15 or 16 years, the idea would be get reimbursed that money. So that's why that's there, and that's our last one that we get for that. IDA rental income, that is Carrington Aviation, and that money continues to roll in. So overall, you know, for the month, it's a pretty good month for us in terms of the revenue. In terms of the expenses, I really don't have too many concerns on the expense side. You know, everything pretty much lines up. We do, if you look under building expenses, you still see that we still have some cleanup from the arena. As you know, we sold the arena in February, but as I made this board aware, there's going to be months and months of cleanup as we get this asset of ours, you know, off the table and it's part of the agreement. So you see some of that down there that are not budgeted for, but were part of that final closing agreement. If I bump over to the extra page, anything I want to say? If you look at the second line here, IDA 17 Aviation Drive, $14,000. We did not budget for this, and I got to do a better job budgeting for this, but this really is the survey insurance for 17 Aviation Drive. Very recently we did a survey out there. I think, as you all know, we're working on a sale of that property to Carrington Aviation. So we'll have to make some adjustments for that budget line. Besides that, as you look through the line items, I don't know if there's any questions, but overall financially, it's been a pretty healthy month for us on the income statement and the balance sheet. It continues to get cleaned up, and we'll continue to be in a better cash position as these projects come in, and we continue to pay down on the arena. I'll also get some ratifications for this month on some of those payouts to the arena that we had to do. Okay, Joe. Yeah, go ahead, Steve. Just really quick, I was going to say, when you were talking about pilot revenues, we just last week closed the 414 Davis and Hopkins Place project, so we'll be cutting checks for the IDA. I think that's close to a total of like 75 grand, so that'll be coming to you guys within this week or early next. That's great. Thank you, Steve. Appreciate it. Okay. Thank you. So are there any other questions on the financials? Okay. As you know, as Joe just brought up, we are working on the Carrington project. And everything is at a standstill right now. And we're trying to work with the county executive and the attorney to put together the land lease, which is the last piece of the puzzle. The land lease, as you know, you can buy property on the airfield, but you can't own the land. So in order to buy the property, you have to lease the land from the county. So we have the offer in hand. We have the survey done. We have a tenant already. They've invested close to a million dollars into the property and fixed the door. They've done an enormous amount of work there. And the only thing that's being held up is the land lease from the county. So, think about this. The IDA would pick up 2.5 million. The county would pick up the land lease, which is about 65,000 a year for 99 years. The building would go on the tax rolls for 2.5 million. And the county would have access to 1.2 million of Sikorsky funds that have been designated to maintain the building. So I ask you, what's wrong with that deal? So my concern is it's still sitting there. We're working with a very, very top-notch company that is from outside the area, but they've decided to invest in our area. They house five aircraft there. They buy fuel there. So there's fuel tax revenue. So I'm just confused as to why this is being held up. We received some questions from the county executive and they've been answered. I'm not sure where this sets now. And it's very, very disturbing that we can't move this tremendous opportunity for the community forward. So I wanted to bring that up because I'm not sure how else that we can talk about it. Because we're at a standstill. So I've asked Joe to continue to work with the county executive and to get this deal done, because we've had the offer since December. So, any other questions? Can I have a motion to accept the financials as presented? I'll make a motion. Mike, and a second. Marty, all in favor, aye. Aye. Opposed? Motion carried. Under new business, Joe? Under new business, are we already done with 299 South Main Street? Check ratifications we have for item B. The check ratifications, just to go through the list, the first one is, and I'll just round these numbers off and take off the cents, basically. So the first one is we have $25,000 and $25,000 for a Greco. That is payments for the temporary ice plant, that we had out there. So that's the first two payments. The next one is for NYSEG. This is for 17 Aviation Drive facilities, 9,960. Bear in mind, in the 17 Aviation Drive utilities, 70% of that is paid by Carrington Aviation. So I have a question on that. In the past, over the past number of years since the IDA has owned that building, have you utilized the Sikorsky funds to pay for the utility bills? In the past we have, now we don't. All the time. Correct. And now we don't. Right. Because the county executive froze those funds for us to use those funds on that building. We're not able to use those funds on the building. Thank you. Moving on, the next one is Siemens, $23,532. That's for work that was done on the arena in terms of some of the rooftop units. $11,599, $11,500, sorry, $11,559, that's for NYSEG. That's for ARENA. That's paying down some of the utility bills that we were responsible for while we were closing out that project and the closing with Starman. Next one is AGRECO, $13,046. That was the final payment to AGRECO for that temporary ice plant. $12,500 is to Insaro and Company for the IDA's audit. $6,441 to NYSEG. Again, that's 17 aviation drive facilities. Bear in mind, we'll get reimbursed 70% of that. And the last one is Mark Toda. Mark Toda did some work on the LED screen at the arena. That total bill was $40,000. The total, $167,040 that we need to pay. As the arena shuffles through, we close this out. As they teleport, we're going to have more of these, but they're going to get less and less and less as time goes on. Okay. I have a motion to ratify the checks. Mike, a second, please. Okay. Thank you, Ann. Any questions? Please call the roll. Mike Contando. Yes. Warren Chuck. Yes. Mike Fallins. Yes. Mark Margeson. Yes. Warren Roman. Yes. Ann Williver. Yes. Okay. Motions pass. Any old business? Any other business? Motion to adjourn. Marty, in a second, Warren. All in favor, aye. Aye. Opposed? We can adjourn. Great. Thank you, everyone. Thank you. Let me turn off the Take care, guys. Thank you, Steve. See you.