Mr. Mankiewicz asked if any of the contingencies had been satisfied. Ms. DeLaney said that by closing all would be satisfied and that SEDCO’s attorney John Black would verify same on behalf of the Board.
After some discussion Mr. Mankiewicz made a motion. Mr. Mokrzycki seconded. THE BOARD UNANIMOUSLY APPROVED A STANDBY LETTER OF CREDIT IN THE AMOUNT OF $250,000.00 BE PROVIDED ON BEHALF OF 215 WEST FAYETTE STREET ASSOCIATES LLC TO THE COMMUNITY PRESERVATION CORPORATION AS BENEFICIARY WITH STIPULATION THAT ALL CONTINGENCIES AS REQUIRED BY THE SEDCO LOAN COMMITTEE BE SATISFIED PRIOR TO CLOSING.
VII. Senior Summer Camp Program –
Mr. Walsh said SEDCO has received a request from Commissioner Patrick Driscoll to accept a donation in the amount of $4,000 from National Grid on behalf of the Parks Department to help defray the costs of the annual Senior Summer Camp Program, serving 75 seniors at the Magnarelli Community Center. Mr. Walsh noted that as a 501(c)(3) SEDCO has done this in the past.
Mr. Mankiewicz asked if the By Laws of SEDCO allowed it to accept such donations and noted that if that was not the case the By Laws might need to be amended. Mr. Walsh said that he would discuss the matter with SEDCO’s attorney who was not present during the discussion and advise the Board of his response.
Mr. Walsh asked for a motion to accept the donation. Mr. Ashkin made the motion. Mr. Bunting seconded the motion. THE BOARD UNANIMOUSLY APPROVED TO ACCEPT A DONATION FROM NATIONAL GRID IN THE AMOUNT OF $4,000.00 FOR THE ANNUAL SENIOR SUMMER CAMP PROGRAM AT THE MAGNARELLI COMMUNITY CENTER.
VIII. Syracuse Cooperative Federal Credit Union –
Ms. DeLaney said that SEDCO has received a request from the Syracuse Cooperative Federal Credit Union to guarantee a loan in the amount of $30,000 that it will in turn provide to the owner of 740 North Salina St., Roselinda Abbey. Ms. DeLaney said that Ms. Abbey who operates the African and Caribbean Central Market at that location has received a façade grant in the amount of $30,000.00 from the New York Main Street program under the auspices of the Northside Collaboratory. Ms. Abbey is providing a 25% match to the grant. As the grant is reimbursable only at project completion, Ms. Abbey needed to secure upfront funding for the $30,000.00 and applied to the Credit Union for assistance.
Due to policy, the Credit Union was unable to approve the funding without a loan guarantee from another institution. Ms. DeLaney noted that at project completion the guarantee will be released and that SEDCO will require a construction monitor and other contingencies to insure the project is completed. She also noted that this Main St. program was similar to one SEDCO had supported in the past for the North Salina St. business district and it would likely be out of the reach of the borrower to secure funding without such a guarantee.