Note to site Visitors: As PARC's mission winds down, press releases will be fewer and fewer. Nevertheless, this page will continue to publish, sequentially, minutes of the meetings of the Board of Directors as they are approved. The minutes are posted as the bottom items on the page beginning with the January 2006 summary. Recent news items will continue to appear at the top of the page. For a "chronological review of events and activities at PARC" from its establishment in 1995 through 2005, please scroll down the page to the heading: Milestones.

231 New York Road

Plattsburgh , NY 12903
For Immediate Release

Date: April 3, 2006

Contact: Dennis R. Doyle
Tel.: (518) 561-0232

PLATTSBURGH -- The Plattsburgh Airbase Redevelopment Corp. (PARC) has contributed nearly $3 million in taxes to local taxing jurisdictions since its voluntary Payment-in-Lieu-of-Taxes (PILOT) program went into effect in calendar 2001 and PARC began paying special district taxes on New Base property three years ago.

A report compiled by PARC's Finance Department, issued today at a meeting of the organization's Board of Directors, shows that the Plattsburgh City and Peru Central School Districts , the City of Plattsburgh and Clinton County have shared in $1,867, 405 in tax monies generated via the PARC PILOT. Since 2004, meanwhile, PARC has paid $959,781 in special district taxes to the Town of Plattsburgh , which ratified the PILOT agreement but does not receive payments under it. Virtually all of the New Base lies within Town boundaries.

Only properties owned, occupied or leased by PARC produce tax revenue under the PILOT. The total does not reflect additional and substantial tax proceeds collected by the taxing entities from businesses operating at PARC that own their land and buildings or from residential property owners and landlords who live on or rent former base property.

“We believe that PARC's accomplishments in expanding and improving the community's tax base will be a cornerstone of its legacy,” commented Board Chairman Gilbert Duken, “so we asked for a review of PILOT data up to the current time. We feel the information demonstrates in another tangible manner that PARC has met its longstanding commitment to strengthen the North Country economy.

“Some may forget that PARC took the initiative in negotiating the PILOT agreements with the local taxing jurisdictions,” Duken continued. “The result of that effort is a new and ongoing stream of revenue from property that had never before been on the tax rolls.”

According to the report, PILOT payments are made in mid-year annually to the Peru and Plattsburgh school districts and annually to the City and County towards the end of the year.

PARC PILOT payments totaled $170, 638 in 2001, $382,711.94 in 2002 and peaked at $423,928.95 in 2003. They totaled $375, 896.53 in 2004, $337,952.19 in 2005 and $176,277.74 thus far in 2006, with payments to the City and County due before the end of the year.

The gradual decline, Duken said, reflects the upward trend in property sales and transfer to new owners. However, he added, the drop in no way diminishes the overall tax impact since businesses and developers who purchase property at PARC automatically assume the tax burden.

A breakdown shows that the Peru Central School District is the leading beneficiary of PARC PILOT payments with $959,585.43 in receipts covering the period of January 1, 2001 through June 30 th of this year. The Plattsburgh City School District has received $403,697.32 over the same span while payments to the City and County -- excluding those due at the end of 2006 -- have totaled $504,122.60.

PARC makes its special district tax payments to the Town near the beginning of the year. They totaled $316,622 in 2004, $309,420 in 2005 and rose to $333,379 for the current year.

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231 New York Road

Plattsburgh , NY 12903
For Immediate Release

Date: Monday, July 24, 2006

Contact: Dennis R. Doyle

Tel.: (518) 561-0232

PLATTSBURGH – As the mission of the Plattsburgh Airbase Redevelopment Corp. (PARC) winds down, more details about its long-term economic impact on the regional community are coming into focus.

That was the central theme today at the July meeting of PARC's Board of Directors, where Board members and PARC administrators discussed the results of two internal studies.

One shows that the City of Plattsburgh and Town of Plattsburgh combined gained $73 million in the assessed value of former federal property placed on their tax rolls over a 10-year period through PARC's economic development efforts. The second illustrates that PARC invested and managed more than $24 million in airport maintenance and capital improvements from 1996 until 2005, when Clinton County assumed responsibility for airfield operations.

During his remarks, Gilbert Duken, PARC's Board Chairman, said that, as of May 1, 2005 , property sales and new development within city boundaries had generated $52 million in new assessments. The tally for New Base property within the Town -- exclusive of the airfield -- was $21 million, he said.

The base closed in September of 1995. None of the property comprising the 5,000-acre federal complex had ever before been on the tax rolls.

During his report to the Board, Marc Poirier, PARC's chief financial officer, pointed out that the assessment information on the City was provided by the Clinton County assessor. Data on the Town came from that municipality's assessor.

“The greater part of the assessed value of former base property within the city can be attributed to residential sales,” Poirier said. “The assessed value of New Base property in the Town is based almost exclusively on sales to commercial and industrial tenants.

“We expect that value will increase dramatically,” he continued, “as we sell and close on more buildings and we are able to market and sell vacant parcels and others that will come on line after current and planned demolition projects end. We look forward to continuing our mission and to helping the City and Town improve their overall assessed values.”

During its nearly 10-year term as caretaker of the aviation complex, PARC oversaw the expenditure of more than $13 million to maintain and operate Plattsburgh International Airport, including for upkeep, repairs and upgrades to facilities within the Public Benefit Conveyance (PBC) now occupied by tenants. An additional $11 million was spent on capital improvements, and they included expansion and renovation of aircraft hangars and nosedocks, installation of a fuel farm, construction of a tail enclosure facility for the large hangar, and the acquisition of additional assets for airfield operations.

“Our goal,” Duken said, “was to maintain the airfield as near as possible to FAA standards until Clinton County could take it over for posterity. PARC not only met that objective, it also conveyed a property that was turning a considerable profit at the time.”

Poirier noted that the funds spent by PARC in the PBC came from grants from the Economic Development Administration, the Empire State Development Corporation and from tenant income generated by PARC.

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Milestones

A chronological review of events & activities at PARC from fall 1995 through 2005

1995

* PAFB closes on September 29. Plattsburgh Intermunicipal Council dissolves as PARC is created to manage redevelopment of the former base.
* Seven-member Board of Directors (appointed by elected officials on the national, state and local levels) established to oversee redevelopment effort
* Board retains David Holmes as PARC's first President & CEO; Holmes recruits senior staff (attorney, administrative assistant, finance officer, marketing specialist) and caretaker staff (PARC's payroll, at one point in the early stages of its existence, exceeded 130 employees)
* PARC receives initial grants from New York State and the Office of Economic Adjustment
* PARC negotiates fire support contracts with City of Plattsburgh Fire Department (Old Base) and South Plattsburgh Fire Department (New Base)

1996

* Comprehensive Base Reuse Plan and Final Environmental Impact Statement completed
* PARC, USAF negotiate initial caretaker agreement
* Aviation feasibility study initiated
* Wood Group Aero leases former Test Cell for repair/overhaul of industrial & aviation jet engines; becomes PARC's initial aviation-related tenant
* Marc Barie appointed CEO (succeeding Holmes)
* PARC receives NYSDOT grants to begin certification of airfield for charter and general aviation operations

1997

* Air Force Record of Decision designates PARC as the planning LRA (local reuse agency)
* Community debates Authority issue
* PARC holds first auction to dispose of surplus Air Force property; similar auctions would occur in 2001, 2003 and twice during 2004; all auctions combined generated $728,896.20 for investment in PARC's redevelopment efforts
* PHISH concert in August attracts thousands; has significant economic impact but creates major airfield cleanup headache for PARC

1998

* Authority initiative fails; CCIDA designated “eligible applicant” for Economic Development Conveyance (EDC)
* Ice Storm support (PARC provides machinery, equipment, vehicles and supplies for relief effort; opens dormitories and gymnasia that eventually house more than 1,000 National Guard troops, utility workers, Red Cross personnel and other volunteers)
* Central Heat Plant closes; PARC negotiates with USAF to convert 25 buildings to independent heating systems; NYSEG brings natural gas to the former base
* PARC designated as Economic Development Zone (EDZ)
* Rail link project funded by PARC-negotiated NYSDOT grant
* Marc Barie resigns; Dan Wieneke appointed CEO (Wieneke creates PARC “management team” concept)
* 15 Capehart residences on Old Base demolished, paving the way for groundbreaking for Lake Forest Senior Retirement Community
* USAF Thunderbirds headline two-day Air Show; event loses money but proves to be valuable marketing tool

1999

* Select Group memorandum of understanding (MOU) signed
* Hamilton Street and Arizona Avenue gates open
* PARC hosts 1 st community open house program
* Groundbreaking for 1 st new industrial building (76,500 s.f. structure occupied today by Multina Corp.); four others – including the 50,000 s.f. spec building that houses Ayerst Labs' warehouse operation and the 80,000 s.f. Cornell Trading building – would follow
* PrimeLink agrees to bring fiber optic technology to PARC and its tenants, providing a major boost to PARC's marketing efforts
* Rail link constructed
* PARC maintains NASA certification as inactive runway for space shuttle support
* Former bowling alley renovated (largely in-house) for occupancy by Northern Parts & Service
* Above-ground heating pipe removal and asbestos abatement project begins
* Macro International joins PARC's tenant fold
* Pratt & Whitney delivers signed lease to PARC on Christmas Eve

2000

* PARC staff complete and submit first EDC application
* Aircraft operations begin; PARC and Clinton County launch discussions on future airport move
* Caretaker agreement extension approved by USAF
* Nexia Biotechnology moves into former weapons storage facilities
* Pratt & Whitney moves into newly renovated main hangar and nearby maintenance building
* Site Selection magazine names Plattsburgh as #7 on its list of America 's Top 100 Small Cities for Corporate Facilities, identifies PARC as the catalyst for the ranking
* PARC initiates PILOT agreement negotiations with five local taxing jurisdictions
* Select Group rehab project begins
* Clinton Community College announces plans to occupy two former PAFB dorms by fall
* Heritage Trail opens along shoreline of historic Lake Champlain
* Two-square-mile area at PARC designated as Empire Zone
* PARC reports it has achieved financial self-sufficiency
* PrimeLink and Northeast Group occupy facilities at PARC
* Massive subdivision of Old Base and New Base properties begins

2001

* CCIDA approves PILOT, its straight-lease agreement with PARC and a Lease in Furtherance of Conveyance with AFBCA
* PARC takes title to first parcels of former base, transfers land and buildings to Select Group
* Demolition (financed by proceeds from the Select Group housing sale) begins on dilapidated housing on both the Old Base and New Base
* Plattsburgh moves up to #5 on Site Selection magazine's list of America 's Top 100 Small Cities for Corporate Facilities
* PARC reaches agreement with CVPH to lease (and subsequently acquire) the former Fitness Center for conversion to a physical therapy facility
* Charter aircraft land at PARC in support of ORDA-sponsored winter sports activities
* PILOT agreement reached; PARC makes first payment ($77,000) to local taxing jurisdictions in April; payment total would reach $400,000 before the end of the year
* Workforce Investment Board announces plans to open a business-employment resource center (known today as “OneWorkForce”) in Building 104 on Old Base
* Select Group launches Phase I (116 units) of its housing sale in a community renamed “Lake Country Development, LLC”; project sells out in less than one month
* 2000-acre FTZ established at PARC
* Pratt & Whitney adds 747 aircraft to its jet engine testing fleet
* Peru Central School closes Northside School ; moves faculty and students to Peru campus
* In wake of terrorist attacks on 9/11, PARC loses $2.5 million in state funding

2002

* City of Plattsburgh takes over Old Base infrastructure; moves its Public Works Department to the New Base Vehicle Maintenance Building (to allow Bombardier to expand operations)
* Clinton Community College announces plans to open second dorm, convert former base library to satellite student union & cafeteria facility
* Developers purchase 17-acre site on Old Base for Heritage Heights housing project
* Pending approval of the subdivision of 70 parcels on 350 acres, Town of Plattsburgh makes clear its intent to take of the New Base infrastructure by January 1, 2003 ;
* Brownstones go on the market as centerpiece of Planned Unit Development; attract bids ranging to $2 million
* Phase II of Select Group housing sells out in a matter of weeks
* The City of Plattsburgh adds Sailors Beach and Marina to its recreational inventory
* The Battle of Plattsburgh Association and PARC ink agreement allowing BOPA to take over one building on the Old Base with an option to lease eight more of historical significance
* Clinton County opts to apply for Public Benefit Conveyance to take possession of PARC airfield
* Oval West LLC of Burlington , Vt. Wins bid for Planned Unit Development (including 17 Brownstones)
* For the 4 th consecutive year, PARC shows an increase in rents, profits and net assets as well as a clean audit report
* Clearing of land begins for nine-hole expansion at the Barracks Golf Club

2003

* Seton Catholic Central School announces plans to purchase former Northside School
* PARC and the Town sign agreement on the transfer of the New Base infrastructure, effective January 1, 2004
* Plans to move Canadian-Pacific rail yard from downtown Plattsburgh to New Base solidified, clearing the way for waterfront revitalization
* City of Plattsburgh takes ownership of Old Base gym, chapel and US Oval
* Plattsburgh advances to #3 on the Site Selection list
* Clinton County takes deed to flight line
* PARC reaches sale agreement with private developer for 22 US Oval; begins planning for move to Southside School to make room for new City Court and office facilities
* BOPA exercises its option to expand its holdings on the Old Base as well as adjacent land
* Town of Plattsburgh approves subdivision plan for 350 acres on New Base
* Last of renovated base housing in Select Group project (316 units total) is sold
* PARC creates $100,000 scholarship endowment fund with the Plattsburgh College Foundation
* Cornell Trading announces plans to build an 80,000 s.f. warehouse and product distribution center on the west side of the airfield at PARC

2004

* PARC invites Clinton County and representatives of other local taxing jurisdictions to participate in negotiations with Precision Jet Management (PJM) to open a proposed full-service, one-stop aviation center (e.g., aircraft refurbishing & painting, aircraft sales, refueling, pilot & mechanic training) on the airfield; project would dominate PARC operations as well as regional news coverage throughout most of 2004
* Seton Catholic breaks ground for new gym adjoining former Northside School
* PARC board authorizes demolition contract to remove Capehart housing on southeastern side of Old Base to spur development of Pine Harbour project (a proposed 60-unit “enriched-living center and memory-care facility” planned jointly by Lake Forest and CVPH)
* Homeland Security announces plans to station surveillance aircraft at PARC
* PARC and Clinton County sign MOU with PJM
* PARC petitions state for revision of Empire Zone boundaries
* PrimeLink purchases former communications building on Kansas Avenue
* City Court relocates to PARC
* PARC makes first installment in three-year, $50,000 gift to the Clinton Community County Foundation Scholarship Fund
* PARC named “Economic Development Partner of the Year” by the Plattsburgh- North Country Chamber of Commerce
* PARC implements employee retrenchment program; downsizes from 56 to 36 staff immediately and shrinks to fewer than 25 within a year's time
* Lake Forest purchases its 15-acre complex
* Plattsburgh occupies the #2 spot on Site Selection magazine's list of top small cities for economic development largely on expansion at PARC, specifically the Ayerst Labs and Cornell Trading projects
* PARC donates hundreds of items of surplus medical equipment and supplies to the Plattsburgh-base Mission of Hope project
* Cornell Trading formally dedicates its new facility; opens with 42 employees
* County rejects PJM deal
* PARC and NYSEG complete agreement for takeover of New Base utilities
* County ends contract with PARC to market the flight line
* Homeland Security begins Plattsburgh mission in October
* Final audit of caretaker agreement between PARC and AFBCA is declared free of all abnormalities

2005

* In January, Board approves transfer of 25 properties on former base to new owners
* PARC outlines $9.3 million in projects remaining to complete its mission (they include asbestos abatement and demolition of the former base hospital and central heating plant and the demolition of four dormitories and 81 residential buildings)
* PARC advertises and initiates public sale of remaining Air Force surplus property via bid procedure
* PARC announces plans to move Clyde Lewis Park to east side of Route 9; budgets more than $200,000 to support the move and establishes $50,000 annuity for upkeep by the City of Plattsburgh
* Larkin Realty of Burlington undertakes renovation of former ROTC building on Old Base for luxury condominiums
* PARC contributes $50,000 -- payable over two years -- to the North Country Cultural Center for the Arts in support of the Strand Theater restoration project
* The Barracks Golf Club opens new nine holes
* PARC dedicates significant portion of state funding to support proposed Pratt & Whitney expansion of main aircraft hangar
* Clinton County takes over marketing of flight line
* PARC and Clinton County reach agreement on terms for land sales within EDC2 boundaries
* Dan Wieneke resigns as PARC CEO; Board implements shared leadership structure
* PARC initiates a second phase of staff reductions with the intent to downsize to fewer than 15 employees by October of 2006
* Four additional residential properties on Old Base go on sale at asking prices ranging from $200,000 to $575,000
* Pine Harbour breaks ground for new facility on former Old Base property

Minutes of the January 2006 Meeting

of the PARC Board of Directors

January 17, 2006

Directors Present: Gil Duken

Directors Present by Speaker Phone: Marion Bourdeau, Donald Garrant

Directors Excused: Henry Fortin, Jr., Steven Bouyea, James King, Esq., and Kevin Carroll

[Due to lack of a quorum, no official business was transacted. The meeting was held for informational purposes only.]

Others Present: R. Bruce Steadman, Marc Poirier, Kenneth Hynes, Dennis Doyle, Randall Beach, and Bob Davis

Call to Order: Chairman Duken opened the meeting at 8:15 a.m. Mr. Duken stated that Board members Marion Bourdeau and Donald Garrant were standing by for the meeting via speaker phone, but noted that Kevin Carroll, who had planned to attend, had fallen ill and would therefore be unable to participate. He pointed out that, lacking a quorum, the meeting would proceed as informational only to focus on items of importance to the group, and then continue in Executive Session. Approval of the minutes from the November meeting and from this meeting would be delayed until the April meeting.

Pledge of Allegiance:

Chairman’s Comments: Mr. Duken conveyed his best wishes “for all the best in 2006" to his Board colleagues, the PARC management team and staff, and friends and associates in the community. He noted that PARC is off to a good start in what is projected to be a very busy new year. The previous week, he said, PARC and Pine Harbour closed on Old Base property that will be the site of an assisted living facility for seniors, including those afflicted with Alzheimer and other forms of dementia. Looking ahead, he continued, and thanks to a quick turn-around by the Air Force, PARC anticipates continuation of an accelerated pace negotiating and scheduling property closings throughout the remainder of this year and beyond. He said that PARC obtained title to 50 properties during the course of 2005, with most in the pipeline for transfer to new owners in the coming weeks and months, and that PARC expects to receive another 30 titles as the current year progresses.

Mr. Duken noted that, as Mayor Dan Stewart’s board representative, he wished to commend the PARC staff for coming to the aid of the City of Plattsburgh Public Works Department in December to help install Santa Claus on the B47 aircraft in Clyde Lewis Park. PARC, he said, had stored and maintained the 30-foot effigy from base closure in 1995 through the end of 2004, continuing a holiday tradition initiated by the Air Force three decades ago. The tradition passed to the City last summer when Clyde Lewis Park and its contents moved to the Old Base Historic District, and the City assumed the responsibility for Santa’s upkeep. However, because of scheduling conflicts, the City wasn’t able to install Santa, so PARC’s veteran Santa crew responded to a call for help. PARC will repair the aging and weather-beaten Santa figure before turning it over to the City later this year.

Public Welcome and Invitation to Comment: None

COO’s Report: Mr. Steadman asked for Department reports.

Tenant Services Department Report: Ken Hynes summarized the sale of PARC’s personal property, equipment and vehicles. He reported that property screening was conducted from April 4, 2005 through May 2, 2005, and that bills of sale issued to date total $272,540. Monies collected as of January 13, 2006, total $271,857. Tenant Services staff continue to review bids and issue bills of sale accordingly.
Mr. Hynes stated that PARC’s maintenance staff continues to provide outstanding support to tenants. Demolition of sub-station #1 by electric and plumbing personnel began in late December and is about 50% complete. Larry Dominic, Wayne Clark and Rollie McGee continue to relocate personal property from various buildings as PARC prepares to demolish them or re-core them to the Airport Master Key System. A list of Tenant Services major work projects was included in the Board packets.

Construction/Environmental Department Report:

Bob Davis stated that the Clinton County Empire Zone Administrative Board submitted its draft Zone Development Plan (ZDP) to Albany for review and comment just before Christmas (ahead of the January 1, 2006 deadline). The ZDP includes a reconfiguration of the zone and its sub-zones into no more than six distinct and separate contiguous areas, in compliance with new regulations. PARC awaits feedback from Albany.

Mr. Davis said that installation of an elevator and other improvements in Building 610 is under way. The elevator shaft is 90% complete; the elevator is currently being manufactured with delivery expected within two weeks. Outside building facade and sidewalk work are complete. He reported that Catamount Environmental is removing asbestos at the former base hospital, with ESPC monitoring progress. Only landscaping remains to be completed at the new Clyde Lewis Park, and that will occur in the spring. Temporary lighting for the aircraft display is in place, but permanent, underground lighting will be installed after the frost is out of the ground.

Mr. Davis said that the Town of Plattsburgh Planning Board approved four new subdivided lots at its December meeting, adding that PARC will be submitting three new sub-divisions of existing parcels. Chairman Duken asked about the demolition timetable for the hospital. Mr. Steadman replied that the schedule depends upon completion of asbestos abatement, but a mid-April start is possible.

CFO’s Report:

Mr. Poirier stated that the Finance Committee met the previous Thursday to review outstanding rents and future cash flows. For the current month (December), he said, PARC is just under 90% in rents collected. Rental income had increased since the meeting, so the figures are higher than reported. After six months and cumulatively for the fiscal year, PARC had billed just under $1.4 million which, Mr. Poirier said, is right on budget, and rental income collected standing at 93%. On the grant side, PARC is waiting a large reimbursement request from Empire State. Over $700,000 was submitted in mid-December; however, because of the holidays, reimbursement isn’t expected until the end of January or early February. Mr. Poirier noted that two more monthly payments to the Air Force would be made in the coming week. They will end PARC’s payment association with the Air Force for any outstanding charges. He mentioned the Pine Harbour closing, adding that others are scheduled to occur before the end of January. The Finance staff is currently working on budgeting and PUD II sales. In December all the PUD II agreements were finalized for buildings sold (i.e., two-and four-plex units and the hotel). One is scheduled before the end of this month and two more in February. Finance is also preparing the normal year-end calendar reports, W-2s, 1099s, etc.

Chairman Duken stated that Finance Committee members had also discussed the economic impact that growth and development at PARC has had on the school districts, the City of Plattsburgh, Town of Plattsburgh and Clinton County relative to property sales and other aspects of redevelopment. Mr. Poirier responded that the Finance staff is preparing a report showing the amount in PILOTs that have been billed to PARC over the last four years and implementation of the PILOT agreements with the five local taxing jurisdictions. It will include a breakdown by year and by taxing jurisdiction. A preliminary analysis indicates that assets added to the tax rolls because of PARC’s successes in redevelopment will exceed 170 million dollars. Chairman Duken commented that it will be a very interesting report for the public to see. Mr. Poirier stated that the report should be available by the April board meeting.

Legal Report:

Randall Beach said he didn’t have resolutions to present at the January meeting. However, he added, pending resolutions will be circulated to Board members by facsimile in the next week or so for passage by unanimous consent. He reiterated Mr. Poirier’s comments that several closings are being lined up for consummation on an as-soon-as-possible basis. Since the November meeting, Mr. Beach said, PARC’s legal staff has compiled a list of all parcels transferred by the Air Force. Subsequently, all affected parties have been notified that property titles have been conveyed and that PARC will proceed with closing one them one by one.

COO’s Additional Comments:

Mr. Steadman said that the PARC Management Team has developed two resolutions for 2006. He read them for the record.
(Atch 1)

On a side note regarding the “Santa” matter, Mr. Steadman stated that the movement of Santa from where it was being stored to where it sat atop the B-47 involved all three municipalities. In particular, he thanked the County Airport people who helped store the Santa and then prepared it for transport to Clyde Lewis Park. He also thanked the City Public Works Department personnel for their help and for agreeing to install Santa next year. He went on to say that PARC receives input and help from these professionals on a daily basis as well as their counterparts in the City Municipal Lighting and Water and Sewer Departments, those who work for the County at the airport, and those who work in the Town Water and Sewer Department. Working relationships are sound, especially at the field level.

Addressing the Chairman, Bruce stated there were other items to discuss, but they would be held for the executive session.

General Comment:

Marion Bourdeau suggested that the Board send a letter of thanks to Andy Abdallah, who was about to step down as Supervisor of the Town of Plattsburgh, acknowledging his many contributions to PARC and the redevelopment effort. She also recommended that a letter of congratulations be sent to Bernie Bassett, Abdallah’s successor. All present agreed. Mr. Steadman stated that he had invited Abdallah to PARC last week to review several open items and items related to PARC that he plans to pass along to the new Supervisor. He said the meeting was very positive, and that he thanked Supervisor Abdallah personally for all his help over the past several years. Mr. Steadman said that Abdallah had been a good friend to PARC. Once the letters are written, the Board members will receive copies.

Old Business:

None

New Business:

None

Public Comment:

None

Mr. Duken stated that the meeting would stand adjourned. It would continue as a private informational meeting, replacing the Executive Session, due to the lack of a quorum.

-0-

Minutes of the April 2006 Meeting

of the PARC Board of Directors

April 3, 2006

Directors Present: Gil Duken, Kevin Carroll, Stephen Bouyea, Marion Bourdeau, Jim King
Directors Present by speaker phone: Don Garrant and Henry Fortin
Others Present: Bruce Steadman, Marc Poirier, Ken Hynes, Dennis Doyle, Bob Davis, Randall Beach, and Candis Luck
Call to Order: Chairman Duken called the meeting to order at 8:10 a.m.
Pledge of Allegiance:

Public Welcome and Invitation to Comment: There was no comment.

Prior Minutes:

Chairman Duken asked for a motion to approve the minutes of both the November 7, 2005 Board meeting and the January 6, 2006 informational meeting. Motion by Mrs. Bourdeau; second by Mr. Carroll. All in favor thereof.

Chairman’s Report:

Mr. Duken reminded the Board of a Finance Department study (requested by the Board and discussed briefly during the January meeting) that would show precisely how much tax revenue PARC has generated since its voluntary Payment in Lieu of Taxes (PILOT) program went into effect in 2001 and PARC began paying special district taxes on new base property three years later. He said that the study is complete and that Marc Poirier, PARC’s CFO, would report on the highlights later in the meeting. Also, he said, the findings had been summarized in a press release (copy attached) prepared for local and regional news media.. Quoting from the release, Mr. Duken said he felt that PARC’s accomplishments in expanding and improving the community’s tax base will be a cornerstone of its legacy. He continued: “It doesn’t seem that long ago that many in our community, if not most, feared base redevelopment would fail, and the region’s taxpayers would be stuck with an economic albatross of immense proportions. Results of this study demonstrate clearly that the exact opposite has occurred.”

COO’s Report: Since there were no committee reports, Mr. Steadman asked for Department reports.

Tenant Services Department Report: Ken Hynes summarized the sale of PARC’s personal property, equipment and vehicles saying that property screening was conducted from April 4 through May 2 of 2005 and that bills of sale issued to date total $289,000. Monies collected as of March 28, 2006, total $272,000. Tenant Services support staff continue to review bids and issue bills of sale accordingly.

Mr. Hynes stated that PARC’s maintenance staff continues to provide outstanding support to tenants. PARC’s electricians have been working on the deconstruction of two substations under terms of the NYSEG transfer agreement. Sub-station 1 is about 98% complete; site clean-up is on-going; and PARC staff have been working closely with the Airport personnel. Sub-station 3 is about 95% complete. The City’s Municipal Lighting Department will make a decision mid-spring regarding the reuse of the transformer at this site. Five transformers from the hospital property have been transferred to NYSEG.

Larry Dominic, Wayne Clark and Rollie McGee continue to relocate personal property from various buildings as PARC prepares to demolish them or re-core them to the Airport Master Key System.

Construction/Environmental Department Report:

Bob Davis reported that the Construction/Engineering Department is beginning its busy season. PARC is still waiting for Albany’s approval of the Empire Zone Development Plan. Regarding installation of a Limited Usage Limited Access elevator (LULA) in building 610, PARC awaits delivery of the unit from Connecticut, where it is being constructed. A LULA is primarily for ADA compliance.

Davis said that Catamount Environmental had finished removal of friable asbestos in the former base hospital and that demolition of the building would begin this week by John Chadwick, Inc., the low bidder. The project should be completed by mid-May. The aircraft display ground lighting in Clyde Lewis Park is installed and landscaping and seeding will follow. The display will become property of the City.

PARC is advertising for bids to raze 41 former base housing units and to install 2,400 feet of road and 3,500 feet of water line at the south end of Willow Drive.

On March 15th a water main break occurred in front of the Murfy building at 3:45 p.m. The Town discovered another break on Connecticut Road almost simultaneously and, around midnight, a third rupture was found on Idaho Ave. PARC staff worked closely with the Town and City Water Departments through the night and into the next day. Mr. Davis acknowledged the assistance of Northern Snow and Dirt Inc. and Jeff Pitcher for supplying work crews that worked through the evening and into the early morning hours to fix the breaks. Chairperson Duken asked whether numerous water line breaks are typical at this time of year. Mr. Davis replied that the system had to be shut down when the first break occurred. He explained that when valves are shut down in a system as old as the one at PARC, reopening the valves causes a shock to the system that finds its weakest links. That particular day three weak links were discovered. Mr. Steadman expressed the opinion that although four or five disparate parties may have suspected that responsibility for the breaks belonged to one or more of the others, they all worked together to get the project done.

Finance Department Report:

Mr. Poirier reported that the Finance Committee met recently to review rental income to date for the current year. Rent billing totaled slightly less than $1.8 million, with collections at $1,750,000 for a very healthy 98%. He said that $1.4 million in the NYS budget for this year should be approved soon. Also, outstanding reimbursement requests total $600,000, but there are no outstanding issues. There are no payments due to the Air Force and none will be forthcoming. All dealings between PARC and the USAF are finalized. Based on a review of the Statement of Earnings for the first eight months of the year combined with projected income for the last four months, the Finance Committee projects another healthy year in fiscal 2005-06.

Mr. Poirier provided historical information in introducing the results of PARC’s in-house Payment in Lieu of Taxes (PILOT) study. He said that in 2000 PARC offered to start paying taxes to the municipalities that had a stake on the base (the Peru School District, City School District, Town of Plattsburgh, City of Plattsburgh and Clinton County). However, arriving at an agreement as to what constituted a “fair share of taxes” proved to be a laborious process requiring many months of negotiations. The agreement that was put in place covered buildings utilized by PARC and those occupied by tenants with consideration for what they do (e.g., manufacturing, office space, retail/commercial) with tax obligations computed on a sliding scale (e.g., 10% in the first year escalating gradually to 25% and to today’s 50% rate of normal taxes). Buildings used by PARC were to be tax exempt. As PARC transferred properties to third parties, those buildings would go on the tax rolls similar to any in the community. It was assumed that new owners would pay 100% of taxes unless they successfully petitioned the IDA or the County and worked out their own PILOT program. This agreement applied to the City School District, the Peru School District, the City of Plattsburgh and Clinton County. Mr. Poirier said that the fifth party, the Town of Plattsburgh, does not have a real estate tax per se. Rather, the Town charges formula-based special district taxes (i.e., for water district, sewer district, fire district, ambulance district). During the first three years following adoption of the PILOT agreement, the Town received no income from PARC because PARC still had a Caretaker Agreement with the USAF that covered those issues. The Town took over the maintenance of the base in 2004, except for utilities, so PARC started paying a full share of special district taxes at that point.

Mr. Poirier used slides to illustrate the remainder of his presentation on PARC’s PILOT history. The major points in his presentation are summarized as follows:
• In all situations, PARC receives the bills from the Taxing jurisdictions, and PARC bills back to tenants where leases stipulate they are responsible for tax payments.
• PARC’s PILOT payments in 2001 totaled $170,000. The Plattsburgh City and Peru Central School Districts shared in the bulk of the payments.
• Based on a sliding scale ranging from 10% to 25% to 50% over the first three years of the program, PARC’s PILOT payments increased from $170,000 to $382,000 to $423,000.
• Special district taxes in the first year (2004) exceeded $300,000.
• Tax payments declined to $653,000 in 2005 (as PARC transferred more property to private owners that assumed responsibility for all taxes), and it is projected that PARC will pay more than $600,000 before the end of 2006.
• The six-year total in tax payments by PARC, exclusive of payments on parcels that have been transferred during that period, is $2,950,000.
• PARC’s tax payment breakout, by jurisdiction, since the PILOT program went into effect: City School District, $400,000; Peru School District, $959,000; the City of Plattsburgh, $122,000; Clinton County, $480,000; and Town of Plattsburgh, $988,000.

Chairman Duken complimented Mr. Poirier for a “very good report.” He went on to say that, as he looks back on his eight years on the PARC Board, the PILOT issue was one of many hurdles the Board and the administration of PARC had to cross. He noted the presence of Randy Beach at the meeting and his role as Board Chairman when the PILOT was established. The process went on for months, he recalled, and represented a very difficult challenge. He thanked Randy for “being there for PARC at a time when the Board faced that challenge and so many others. He further stated that the various jurisdictions that receive tax monies from PARC and also directly from those that have acquired property on the former base are the beneficiaries of a significant economic boost to the area. Mr. Duken thanked both Mr. Poirier and Mr. Steadman for putting together the report.

COO Comments:

1. Mr. Steadman thanked the Peru School District, City School District, the City, County and the Town and any others who provided input for the PILOT study. He advised the Board that a copy of the press release summarizing the PILOT study highlights was included in the Board member packets. Also included, as an item of interest, was a news article from the Business Council of New York State citing NYS as a beneficiary of globalization and its role in bringing jobs to the state.

2. Mr. Steadman reported that PARC had met twice with Mike Sorel and some Air Force representatives over the previous two weeks. The first group visited as part of a national study of closed bases designed to develop strategies for future base closure communities. The second group visited to inspect leases. Mr. Steadman pointed out that PARC continues to lease a number of properties from the Air Force, and that PARC, in turn, subleases them. He said that the Air Force routinely inspects properties still under lease. The USAF team provided a list of required data, then met with PARC staff to talk about the leased properties, environmental issues and related issues. The meeting went very well, according to Mr. Steadman, and the Air Force team seemed satisfied with the information furnished to them. Afterwards, Mr. Sorel reported that the team was impressed with the cleanliness and high level of maintenance of the former base.

Legal Report: None

Final Comments: Mr. Duken asked Mr. Poirier if the Finance Office had received the final the Air Force audit and if it had been approved. Mr. Poirier replied in the affirmative to both parts of the question.

Old Business: None

New Business: Mr. Garrant asked if there were a state budget, and, if so, did it include an allocation for PARC. Mr. Duken responded saying an article in the paper stated that monies were awarded to various organizations, but money for PARC was not included at that point. However, he said that PARC is hopeful that the state will continue to award construction dollars to offset the cost of its many projects.

Public Comment: None

Chairman Duken asked for adjournment to retire to Executive Session. Motion by Mr. King, seconded by Mr. Bouyea. All in favor thereof.

Call to Order: On a motion by Ms. Bourdeau, seconded by Mr. Bouyea, Mr. Duken reconvened the public meeting.

Mr. Fortin moved to adopt a resolution on the topic of Premium Lean Meats. Seconded by Ms. Bourdeau. Motion approved unanimously

Ms. Bourdeau moved to adopt a resolution on the Marian Calabro proposal. Seconded by Mr. King. Motion adopted by a 6-1 vote.

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Minutes of the May Meeting

of the PARC Board of Directors

May 22, 2006

Directors Present: Gil Duken, Kevin Carroll, Stephen Bouyea, Marion Bourdeau, Henry Fortin, Don Garrant
Directors Absent: Jim King
Others Present: Bruce Steadman, Marc Poirier, Ken Hynes, Dennis Doyle, Bob Davis, Randall Beach, and Candis Luck
Call to Order: Chairman Duken called the meeting to order at 8:00 a.m.
Pledge of Allegiance:

Public Welcome and Invitation to Comment: There was no comment.

Prior Minutes:

Chairman Duken asked for a motion to approve the minutes of the April 3, 2006. Motion by Mr. Garrant, seconded by Mr. Fortin. All in favor thereof.

Chairman’s Report:

Mr. Duken discussed the transformation that has been taking place at the intersection of Route 9 and New York Road. He noted the installation of the round-about and the move of Clyde Lewis Park and its contents from New York Road to its new permanent site on the east side of Route 9. Now, he said, the former base hospital, a landmark in the community, has been flattened, and its ruins are disappearing day by day. He added that the project is on schedule and that it will soon become a pristine 20-acre parcel that should rank among the most marketable properties still available at PARC. He noted that the project proceeded without a hitch and pointed out that “proficiency is the name of the game in managing demolition projects at PARC.” He said that mostof the remaining dilapidated structures on the former base will be gone by the end of this year, and that he expects them to vanish “quietly, efficiently and with great care.” He said that PARC takes every precaution in managing demolition projects, insisting on safety procedures that far exceed the strictest safety, environmental requirements. He lauded the PARC management team, with a special nod to Bob Davis in Engineering, saying: “These professionals ensure that there is no such thing as a sloppy job at PARC. They help make PARC oversight a breeze, and make the PARC Board look good.”

Mr. Duken stated that the Finance Committee met during the previous week and that Marc Poirier would report on that meeting. There were no other committee reports.

COO’s Report: Mr. Steadman requested Department reports.

Tenant Services Department Report:

Ken Hynes summarized the sale of PARC’s personal property, equipment and vehicles saying that property screening was conducted from April 4 through May 2 of 2005, and that bills of sale issued to date total $305,000. Monies collected as of May 19, 2006 total approximately $300,000. Tenant Services support staff continue to review bids and issue bills of sale accordingly.

Mr. Hynes stated that PARC’s maintenance staff continues to provide outstanding support to tenants. PARC’s electricians have shut down sub-stations 1 and 3 in accordance with the NYSEG agreement. Additionally, at the request of NYSEG, they have hooked up the parking lot lights adjacent to building 2640 (130 Arizona Ave) to the building’s power grid.

Staff continue to relocate personal property from various buildings as PARC prepares to demolish them or re-core them to the Airport Master Key System. PARC will be phasing out Murfy’s at the end of June so the facility will be available. It is one of the last personal property large areas PARC has for storage. HVAC (Heat Shop) personnel have started cleaning PARC boilers with a July 1, target completion date.

Construction/Environmental Department Report:

Bob Davis gave the status of the projects listed below:
• The elevator for building 610 should be delivered this week or early next week. Installation will follow.
• Aircraft display: The lighting and landscaping is complete.
• The removal of buildings on Lots 5, 6, 10, and 51 is progressing. Abatement is completed and foundation removal is nearing completion.
• An invitation to bid for the remaining 41 houses was advertised and bids awarded. Work will begin within 60 days.
• The Town of Plattsburgh Planning Board approved the subdivision of Lot 96, creating 6 new lots totaling approximately 38 acres. Willow Drive will expand by 2,500 feet.
• Bids have been awarded for the removal of ACM from the four remaining dorms on Connecticut Road and the former Central Heating Plant. The ACM work will be completed by the end of September and the structures will be razed in spring 2007.

COO Comments: Mr. Steadman pointed out that the work being done in building 610 is part of PARC’s partnering with the Clinton County Historical Association in recent years. PARC has helped with upgrading the building, including installation of an elevator – a project that is being held up by the manufacturer. The Historical Association is happy with PARC’s help in getting the building ready for occupancy.

Mr. Duken asked about the results of the bid on the Central Heating Plant project. He was informed that the asbestos-removal component of the bid came in a slightly lower than expected. The project will be under way in a matter of weeks.

Finance Department Report:

Mr. Poirier reported that PARC anticipates many closings over the next 30-60 days. The Multina closing will occur first.

He said that the Finance Committee reviewed rental income for the past month, and it totaled just over $225,000. The year-to-date figure is slightly less that $2.3 million with 98% collected. Mr. Poirier stated that PARC shows “a very clean receivable listing.” Two larger, outstanding amounts are on buildings that are scheduled to close soon. Rental amounts for the two have been added to the closing statements, leaving no issue with collections.

PARC awaits reimbursement of slightly more than $550,000 from Empire State. The next reimbursement request will be submitted within 30 days. Grant 11 from the Governor’s budget is expected by mid-June.

At its May 17th meeting, the Finance Committee reviewed cash flow issues in anticipation of PARC’s fiscal year on June 30, specifically:
• Budgeting updates
• Cash flow projections
• Closings
• Preparation for the annual audit

The audit should be under way by the time the Board meets in July. A meeting with the auditors is scheduled for June. Since PARC no longer receives federal funding, audit requirements are fewer. The annual meeting is tentatively scheduled for the third week of September.

Legal Report: None

COO Additional Comments: Mr. Steadman stated that PARC hosted a meeting in April attended by representatives of most members of the Clinton County Board of Realtors. PARC displayed maps and handed out packets of data that listed and described all of the remaining parcels left for sale. The realtors were told that where the original subdivision included between 120 and 125 parcels, only about 20 remain available. They were asked to place the properties in their inventories and advised that PARC saw no perceived impediments to selling them. It was a positive meeting and a number of good questions were raised. The meeting concluded with a tour of the parcel locations. Since the meeting, PARC has received several requests for additional information and two MOU’s have been drafted.

Mr. Duken asked how many acres were left to sell out of the 5,000 acres PARC inherited from the Air Force. Mr. Steadman estimated the number at about 200. Mr. Poirier made the point that, during the meeting PARC organized for local realtors, it was made clear that – as opposed to speculation – property purchases would have to be tied to job creation.

Mr. Steadman said that Clyde Lewis Park is nearly ready to be given over to the City of Plattsburgh formally. The final cleanup of the grounds will take place in the next couple of weeks. Mr. Garrant asked about signage. Mr. Steadman replied that the temporary construction signs will be replaced by a permanent sign. He added that the FB-111 will be painted in the next couple of weeks and that the Santa Claus icon had been renovated for city takeover. During a recent visit, Mr. Lewis stated he was very pleased with the appearance of the Park looks and the way the move was handled.

Final Comments: Mr. Duken stated that PARC has entered into agreement to compil a history of PARC and that he felt the final product will be very helpful for the community. He said that Mr. Carroll has agreed to be liaison with the party that’s writing the history, then asked Mr. Garrant if he would assist Mr. Carroll in this undertaking. Mr. Garrant agreed.

Old Business: None

New Business: None

Public Comment: None

Chairman Duken asked for adjournment and to reconvene in Executive Session. Motion by Mr. Garrant, seconded by Mrs. Bourdeau. All in favor thereof.

Call to Order: On a motion by Mr. Garrant, seconded by Mr. Fortin, Mr. Duken reconvened the public meeting.

Mrs. Bourdeau moved to adopt a resolution on the topic of Brockway. Seconded by Mr. Carroll. Motion approved unanimously.

Mr. Garrant moved to adopt a resolution on the topic of Fesette. Seconded by Mr. Bouyea. Motion approved unanimously.

Mrs. Bourdeau moved to adopt a resolution on the topic of the EZ new contract year. Seconded by Mr. Carroll. Motion approved unanimously.

Mr. Garrant moved to adopt a resolution on the topic of HOCMEC. Seconded by Mr. Bouyea.
Motion approved unanimously.

Mr. Bouyea moved to adopt a resolution on the Seancony MOU. Seconded by Mr. Garrant. Motion approved unanimously.

Mr. Garrant moved to adopt a resolution on the Platform RG MOU. Seconded by Mrs. Bourdeau. Motion approved unanimously.

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Minutes of the July Meeting
of the PARC Board of Directors

July 24, 2006

Directors Present: Gil Duken, Kevin Carroll, Stephen Bouyea, Marion Bourdeau, Henry Fortin, Don Garrant, Jim King
Directors Absent: None
Others Present: Bruce Steadman, Marc Poirier, Ken Hynes, Dennis Doyle, Bob Davis, Randall Beach, and Candis Luck
Call to Order: Chairman Duken called the meeting to order at 8:00 a.m.
Pledge of Allegiance:

Public Welcome and Invitation to Comment: There was no comment.

Prior Minutes:

Chairman Duken asked for a motion to approve the minutes of the May 22, 2006 meeting. Motion by Mr. Garrant, seconded by Mr. Fortin. All in favor thereof.

Chairman’s Report:

Mr. Duken reflected on his eight years serving on the PARC Board and the positive changes that have occurred in that time frame. When he joined the Board, he said, naysayers in the community were in favor of giving the former base property back to the Air Force because they felt it would bankrupt the area. He noted, however, that “some wonderful things have happened based on cooperation from people such as Air Force representatives, our political representatives, the PARC Board and the magnificent staff we’ve had here at PARC.”

In a prepared statement, Mr. Duken observed that Board members “sit on several PARC committees and get to ask questions about what’s happening and how well management is achieving its mission.” Their questions zero in on issues of local interest that may be related to PARC in some way. That happened recently, he said, when the local focus was on property assessments and the proposed development at Plattsburgh International Airport.

PARC’s research on these topics, he continued, shows that the City of Plattsburgh and the Town of Plattsburgh have gained $73 million in assessed value of former Air Force property now owned privately. The breakdown showed the City gaining $52 million and the Town $21 million. Also, he said, PARC directed more that $13 million to operate and maintain the aviation complex over a nearly 10-year term. An additional $11 million was spent on aviation on capital improvements including expansion and renovation of aircraft hangars and nose docks, installation of a fuel farm, construction of a tail enclosure for the large hangar, and the acquisition of new assets for airfield operations.

Mr. Duken further noted that “some great things are happening” at the airport under Clinton County management. He stated that PARC’s goal from Day One was to maintain the airfield as near as possible to FAA standards until the County could take it over for posterity. PARC not only met that objective, he continued, it also conveyed a property that was turning a considerable profit at the time. He concluded by saying that “PARC will have a lasting economic impact on the North Country.”

Mr. Duken said that the Finance Committee met on July 20th for a extensive review of PARC’s financial status. Marie Winterkorn, community representative, Don Garrant and Kevin Carroll were also present. He said that Marc Poirier would report on the committee meeting.

Chief Operating Officer: Mr. Steadman said he would deviate from the agenda to recognize two individuals who have been “very good friends to PARC over the years.” Although they are still going to be in the area, they are leaving their posts where they’ve been so instrumental in helping PARC. The first to be recognized was former New York State Assemblyman Chris Ortloff. Mr. Steadman presented Mr. Ortloff with a framed resolution passed by the PARC Board of Directors praising Ortloff for his ongoing support. It stated in part, “Mr. Ortloff has been a positive influence in the redevelopment of the former Plattsburgh Air Force Base since its closure in September 1995 – directly by supporting legislative measures designed to promote reuse initiatives and speed the economic recovery of a community devastated by the loss of a major military installation, and indirectly by appointing talented and conscientious citizens to the Board of Directors of the PARC to oversee management activities and protect the interests of the people of the Empire State.” The resolution cited Mr. Ortloff’s accomplishments during his public career and concluded by wishing him success in all future endeavors.

Assemblyman Ortloff: Mr. Ortloff acknowledged the honor and talked about matters he and others first discussed in deciding what was best for redevelopment of the facility. He praised PARC for its performance and mentioned, in particular, former CEOs Dan Wieneke, Mark Barie and David Holmes. He also complimented current staff who will pursue PARC’s mission until the end. He referred to the former base as a tremendous asset. He thanked the Board and PARC management for their accomplishments on behalf of the community. He said he was grateful for the resolution, but added that it didn’t stand for half as much as the legacy PARC helped to create. He concluded by saying that the future of this entire region depends greatly on the proper and beneficial reuse of the former base facility.

Other Comments: Board member King pointed out that he had worked with Chris Ortloff in the Assembly for five years, adding that, in his opinion, “there was no more articulate, intelligent or forceful member of the Assembly (than Ortloff)”. Mr. Garrant said that he appreciated the fact that Mr. Ortloff had appointed him to the Board. He said that the only thing Mr. Ortloff asked of his appointee was to keep him totally informed as to what was going on. Assemblyman Ortloff, Mr. Garrant said, was always very positive about PARC. Mr. Duken added that Mr. Orloff always worked well with the Board and consistently supported the PARC mission.

Chief Operating Officer: Mr. Steadman said the second presentation was intended to honor former City of Plattsburgh Mayor Dan Stewart. Since Mr. Stewart was unable to attend the meeting, Mr. Steadman read the resolution into the record and said that a formal presentation would be made at a later date. The resolution, in part, cited the former mayor’s role “in effecting the transfer of utilities and infrastructure to the City, removing barriers to public access and significantly enhancing recreational opportunities for City residents, and consistently applying his expertise, creativity and political wisdom and influence to help PARC confront, interpret and resolve issues critical to progress in base redevelopment.” It stated further that, “Due to Mayor Stewart’s understanding of the long-range economic potential in supporting PARC’s redevelopment mission, he launched an ongoing dialog with the PARC Board and its management team based on openness, trust and mutual respect. His administrative talents and spirit of cooperation help set the standard for developing sound business practices with other municipalities and brought tax revenue to the City.” The resolution also lauded his many achievements to revitalize the downtown area of the City and concluded by wishing him success in all future endeavors.

Chairman: As Mayor Stewart’s representative to the PARC Board, Mr. Duken stated the only thing the mayor asked of him was to get as much property on the tax rolls for the City of Plattsburgh as possible during this development stage. Mr. Stewart, a shrewd negotiator, and Dan Wieneke worked together on the infrastructure issues and the PILOT program that brought revenue to the five tax jurisdictions affected by PARC. Mr. Duken thanked both Mayor Stewart and Assemblymen Ortloff for all their support.

Chief Operating Officer: Mr. Steadman requested Department reports.

Tenant Services Department Report:

Ken Hynes summarized the sale of PARC’s personal property, equipment and vehicles saying that property screening was conducted from April 4 through May 2 of 2005, and that bills of sale issued to date total approximately $314,000. Monies collected as of July 20, 2006 total $311,000. The Tenant Services support staff continue to review bids, bid offers and issue bills of sale accordingly.

Mr. Hynes stated that PARC’s reduced maintenance staff continues to provide outstanding support to tenants. The electric shop has complied with all the requirements of the NYSEG agreement and has disposed of unneeded property. The two remaining transformers will be picked up by the City’s Municipal Lighting Department. Staff continue to relocate personal property from buildings in the Public Benefit Transfer area as PARC re-cores keys to airport use.

PARC has been advised that we need to relocate personal property stored in Nose Dock 7 by the end of August as the County will be using the building for a short-term project. HVAC personnel have completed season cleaning all of PARC-owned boilers. Two members of the HVAC staff left service at the end of June leaving one person to handle the workload. However, the workload should decline as PARC disposes of more property. Board packets contain a full list of Tenant Services projects.

Construction/Environmental Department Report:

Mr. Davis gave the status of the projects listed below:
• Demolition of the hospital is complete.
• Aircraft display: The FB111A has been painted. The decal and stenciling work is in process.
• The removal of houses on Lots 5 & 6 is complete.
• 41 housing units still need to be taken down and 20 foundations need to be removed. Contracts for this work will be issued soon.
• Two major abatement projects are under way: Work on the Central Heating Plant is being done by SMAC of Patterson, NJ; abatement in four dorms on Connecticut is being done by Catamount.
• Design work continues on the new PARC Place building on Connecticut on Lots 48 & 49
• Bid packages for a subdivision amendment at the corner of New York Road and Route 9 for the Glens Falls National Bank project should be out soon.
• New sanitary water lines are being installed out of the MURFY building prior to ARC taking over the facility.

Finance Department Report:

Mr. Poirier reported that the Finance Committee met on July 20th. Attendees reviewed the month of June, which marked the end of PARC’s fiscal year. He stated that the annual audit is scheduled for the week of August 14th, adding that the auditors do not envision any problems. They have scheduled only three days of field work. Abbott, Frenyea, Russell & Coffey PC will conduct the audit. Additional highlights of Mr. Poirier’s report:

• At the end of the fiscal year, rent collections are just over $2.5 million with 98% collected as of June 30th. Additional rents collected since the end of June are expected to be over 99%.

• On the grant side, PARC has one reimbursement request outstanding with Empire State for just under $500,000. Another reimbursement request for approximately $230,000 is pending.

• There were four closings in June: Multina, Nuarms, Duquette, and LeClair. Three more are scheduled this week.

• Two HVAC personnel and one electrician left service as of June 30th. This reduction in staff is part of PARC’s phase down process. Current staff total 16 full time and two part time employees.

Mr. Poirier commented on Mr. Duken’s earlier remarks regarding assessed values. He reiterated that the assessments generated in the City of Plattsburgh total $52 million. The bulk of the assessments is residential property and Lake Forest. However, he said, the number does not reflect the expansion under way at Lake Forest. In the Town of Plattsburgh, the $21 million assessment figure reflects a number that is going to grow substantially over the next two or three years as PARC closes on properties. For example, he said, the Multina closing last week was close to $2.5 million, so that property will now go on the tax rolls. Another $1 million in closings may occur in the City, but the bulk of property left to transfer is inside Town boundaries. Regarding the airport property, the $24 million PARC expended on the flight line was “help oriented”. Monies received from the Air Force and the Empire State were used diligently on all the projects that were completed. When PARC turned the facility over to the County, it was generating a profit of over a million dollars a year based on rental income. The Pratt Whitney and the Homeland Security leases were very lucrative to PARC and now to the County. PARC is still contributing to the development of the airport via rentals paid to the County. He ended by saying “we’re very proud with what we’ve done with the airport, and, hopefully, future projects envisioned by the County will come to fruition.”

Chief Operating Officer: Mr. Steadman commented that the assessment data and airport expenditure information Mr. Duken mentioned in his comments as well as what Marc’s referred to in his remarks have been summarized in a press release that Dennis Doyle will provide to news media right after the meeting.

Legal Report: None

Old Business: None

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Minutes of the Annual Meeting

of the PARC Board of Directors

September 18, 2006


Directors Present: Gil Duken, Kevin Carroll, Stephen Bouyea, Marion Bourdeau, Henry Fortin, and Jim King

Directors Absent: Don Garrant

Others Present: Bruce Steadman, Marc Poirier, Ken Hynes, Dennis Doyle, Bob Davis, Randall Beach, and Candis Luck

Call to Order: Chairman Duken called the meeting to order at 8 a.m.

Pledge of Allegiance:

Public Welcome and Invitation to Comment: There was none.

Prior Minutes:

Chairman Duken asked for a motion to approve the minutes of the July 24, 2006 meeting. Motion by Mrs. Bourdeau, seconded by Mr. King. All in favor thereof.

Chairman’s Report: Mr. Duken reflected on the events and decisions the Board had made during the previous 12 months, beginning when a vacancy occurred in the PARC presidency and the Board needed to act decisively in order to sustain continuity. He said the Board decided to take a chance on shared leadership by two vice presidents. Bruce Steadman, he said, had demonstrated his effectiveness as PARC’s second-in-command, and Marc Poirier had proven his skills with PARC’s finances. The record shows, he continued, that the decision was sound. The transition in management was seamless, and PARC hadn’t missed a beat on its march toward the finish line. He concluded by saying that the reports that Mr. Steadman and Mr. Poirier would give during the annual meeting would serve to validate his comments.

Mr. Duken noted that two very good friends of PARC had retired recently: Doug Fage, manager of flight operations for Pratt and Whitney, and Mike Sorel, site manager for the Air Force Real Property Agency. He said that both men played key roles in PARC’s evolution and both contributed to progress at PARC by fostering cooperation and good will. Although both had shunned the spotlight when PARC asked them to attend the meeting to accept public recognition, Mr. Duken honored them in absentia by reading Board resolutions outlining their achievements.

Mr. Duken concluded his remarks by saying that Board members had reviewed the financial audit of PARC with representatives of Abbott Frenyea Russell & Coffey PC.

Chief Operating Officer: Mr. Steadman requested Department reports.


Tenant Services Department Report:

Ken Hynes summarized the sale of PARC’s personal property, equipment and vehicles saying that property screening was conducted from April 4 through May 2 of 2005, and that bills of sale issued to date and received are valued at approximately $322,300. Tenant Services support staff continue to review bids and issue bills of sale accordingly.

Mr. Hynes stated that PARC’s downsized maintenance staff continues to provide outstanding support to tenants. He recognized Steve Mayhew and Lenny Guimond for their valued years of service to PARC and the community noting that both men will be leaving PARC at the end of this month (September) and that both will be truly missed.

Staff continue to relocate personal property from various buildings as PARC prepares them for demolition or re-coring them to the Airport Master Key System. PARC will complete the relocation of personal property from the PBC area by the end of September. Mr. Hynes thanked the airport management staff at the County for their support during this transition period. He concluded by saying that Tenant Services personnel are preparing PARC-owned boilers for the upcoming heating season.

Construction/Environmental Department Report:

Mr. Davis gave the status of the projects listed below:
• Removal of the 41 remaining houses is under way.
• Crushing of the foundations and footings will begin by early next week. Recyclable materials will be stored off Connecticut Road and will be used for future construction projects.
• Abatement of the Central Heating Plant and the four dorms on Connecticut is complete. The Invitation to Bid is out for the demolition for these five buildings and is due back on the 22nd of the month.
• Installation of the elevator in building 610 continues and should be complete by the end of the month.
• Design work continues on PARC Place.
• PARC has received approval to amend the subdivision of the hospital parcels off New York Road and Route 9. Construction of the Glens Falls National Bank branch is now underway.
• Two smaller projects are starting this week: New fencing around the military cemetery on Route 9 on the old base and replacement of the roof on building 492 which will facilitate the transfer of the building to the City.
• Bids are due for a new driveway for building 2012.

Legal Report:

Mr. Beach said he had two resolutions to bring before the Board. The first related to approval of the acts of the officers and directors in the name of or on behalf of the Corporation since the annual meeting held on September 26, 2005. Motion to approve the resolution made by Mrs. Bourdeau, seconded by Mr. King. All in favor thereof.

Mr. Beach said he would hold the second resolution until the conclusion of Mr. Poirier’s report.

Chief Operating Officer Report:

Mr. Steadman gave an in-depth PowerPoint presentation on the progress of PARC since 1995 when the Plattsburgh Air Force Base closed and PARC was created to manage redevelopment and reuse of the former base. He touched on slide material summarizing accomplishments and significant milestones year by year to the present time, then focused on tasks remaining to be completed through the remainder of 2006 and into 2007 as PARC winds down its mission. A synopsis of the latter follows:
• Demolition of remaining dilapidated housing (41 units) is under way. The contractor is approximately one-third through the project with the expectation that the job will be completed by year’s end at the latest.
• Asbestos removal and demolition of the hospital is complete and a branch office of Glens Falls National Bank is under construction on the corner of that parcel. About 22 acres at the site are being marketed to a number of different developers.
• PARC allocated $500,000 for the Laurentian Aerospace project.
• PARC has paid approximately $3 million to local taxing jurisdictions to date via PILOT’s and special district fees.
• Sales of former PAFB properties to private owners equates to $73 million in assessed values for the Town and the City.
• PARC will be receiving 31 deeds from the Air Force within the next two weeks.
• PARC spends up to $500,000 annually in Clinton County for supplies and services.
• PARC has spent approximately $40 million on new construction and upgrade projects over 10 years.
• Plans are being developed for a 40,000 sf multi-tenant spec building.
• Marketing the 22 remaining parcels to prospective tenants is under way.
• An estimated $6 million will be required to complete projects before PARC’s mission ends.
• PARC foresees closing its mission at some point between December ’07 and May ’08.
• Demolition of the four remaining dormitories will begin in the second quarter of 2007; demolition of the Central Heating Plant is projected for the 3rd quarter 2007.
• Transfer of ownership for the remaining parcels from the Air Force to PARC is expected to occur by 3rd quarter 2007. Sale of those to be negotiated.
• PARC will direct the final close-out of all financial and legal obligations.
• PARC will continue to foster excellent working relationships with County, Town, and City.

In summarizing his presentation, Mr. Steadman quoted the PARC mission statement to pledge, over the next 15-20 months, to continue to “work together to develop new jobs and new opportunities for the social and economic well-being of the north country and to do so in a financially and environmentally sound manner.”

Mr. Steadman then directed attention to several maps pointing out the parcels waiting for deeds due to environmental issues, deeds that have been received and sold, deeds received and in the process of finalizing the closure, and deeds that are pending and in the process of being transferred. He also pointed out the 22 parcels remaining to be sold, and stated there is a new marketing plan being developed to include updating the PARC website and mailings to targeted developers.

Mr. Steadman complimented Strictly Business Editor Carolee Smith and her staff for a great job in putting together the August issue of the magazine, which was devoted almost entirely to PARC matters. He noted that the magazine is published by PARC tenants Mary and Herb Carpenter, proprietors of PARC tenant Northeast Printing & Distribution.

Mr. Steadman congratulated Steve Gagnier for his new roll as site manager for the Air Force Real Property Agency, succeeding Mike Sorel, and Dave Farnsworth as the new BRAC environmental coordinator for the Air Force. He referred to Mr. Sorel as a “fantastic ally” – someone always willing to listen. Mr. Sorel carried the ball for the Air Force, Mr. Steadman said, but at the same time he was always supportive and helpful to PARC. Mr. Steadman echoed Chairman Duken’s comments about Pratt & Whitney’s Doug Fage. He described the recently retired Fage as “a first class individual who always has a smile on his face; his high energy level, enthusiasm and wonderful attitude will be missed.” Mr. Steadman wished both retirees the best of everything, saying “they will be missed.”

Chief Financial Officer Report:

Mr. Poirier reported that the annual finance meeting was held the previous week with the auditors and the Board to review financial statements and the results of what PARC had achieved over the last 12 months. He continued with a slide presentation reflecting PARC’S financial highlights for the year ending June 30, 2006. A summary follows:
• 20 commercial and 3 residential leases remain. Rental income from the commercial leases is forecast for just over $1 million and, as tenants exercise their options to purchase their buildings, income from sales will be used for future projects.
• PARC closed on 20 properties that generated just over $4 million.
• PARC’s unrestricted surplus totals $412,000.
• Grant income from New York State for the year was $2.8 million (this equates to two years’ worth of grants – 2004 and 2005 – with both received during fiscal 2006).
• PARC currently has 16 employees with two employees scheduled to leave at the end of September. The 14 remaining employees are expected to be on the payroll for the next 12 to 15 months.

Mr. Poirier reviewed the balance sheet highlights comparing the fiscal years 2006 versus 2005:
• Current assets are at $9.1 million vs $6.3 million for 2005.
• Fixed assets are $11 million vs $13.7 million, the decrease due to property sales.
• Current liabilities are $4.7 million compared to $4.6 million.
• Net assets are $18 million vs $16.8 million. The $1.2 million difference is the overall surplus generated for the year.
• The quick ratio for 2006 is 1.9 as compared to 1.4 in 2005. Anything over 1.5 is industry strong; therefore, PARC finished the year “on a good note.”

The revenue for the year totaled $8.7 million with rentals at $2.7 million, sales at just over $4 million, and grant income at $2.8 million. Operating expenses were $7.4 million. The total includes care and maintenance, $1.8 million; utilities, $300,000; redevelopment efforts, $5.1 million; and PILOT’s, $230,000. The amount spent on care and maintenance includes asbestos removal, improvements to buildings, building and equipment maintenance, waste disposal, planning and subdivision expenses, and supplies.

Mr. Poirier noted that buildings on the former air base that had been transferred to third parties increased the assessment base by $52 million for the City of Plattsburgh and by $21 million for the Town of Plattsburgh to generate a $2.5 million total in tax revenue for the two taxing jurisdictions (close to $2 million for the City and just over $500,000 for the Town). He said that PARC has worked hard to meet a mandate to put all former base properties on the tax rolls. He commented on state and federal funding sources through PARC’s history and how the dollars they provided have been replaced by rental and sales income. He pointed out that Empire State Development Corp. funds have not been used for operations since 2001. Rather, those dollars have been earmarked for capital projects such as improvements to buildings, subdivision costs, and demolition. Rental income during the year totaled just over $2.7 million, but it is expected to approximate $1.2 million next year. Replacing the rental income will be money from sales, and this funding will be used to complete remaining projects and bring PARC to the finish line.

Mr. Poirier finished his presentation by summing up the total budget for the coming year. Empire State has approved a grant totaling $1.4 million. Rental income of $1.2 million and sales of $4 million are forecast to bring the grand total to $6.6 million. Deducting anticipated revenues of $6.3 million will leave a net surplus of $300,000. He thanked his staff for a great job over the year. In closing he asked Bob Frenyea of Abbott Frenyea Russell and Coffey PC to say a few words about the audit. Mr. Frenyea reported that PARC earned a great audit and thanked the staff for helping the auditors get through the job. He added that PARC rated “an unqualified opinion,” which, he said, is the best opinion that can be given. He congratulated PARC on “another great year.”

Chairman: Mr. Duken asked for a motion to approve the resolution accepting the independent auditors’ report and financial statements for fiscal year 2006. Motion by Mr. Fortin, seconded by Mr. King. All in favor thereof.

Chief Operating Officer: Mr. Steadman took a few minutes to thank the Construction and Engineering Department for all its hard work. Specifically, he cited Bob Davis for his work on mapping, and Bob Zuckerman who retired last year but returned to PARC on a part time basis to help with summer projects. He also thanked Ken Hynes for his work accomplishments during the year in spite of being hampered by a medical issue. Finally, he congratulated PARC attorney Randall Beach who had recently been promoted to partner in the law firm of Whiteman Osterman and Hanna LLP.

Chairman: Mr. Duken thanked Mr. Steadman and Mr. Poirier for their presentations. He referred to the estimates of experts, proclaimed at the beginning of the redevelopment effort in 1995, that predicted that it would take between 25 and 40 years to develop the former base property. Instead, he added, PARC’s mission will be accomplished in less than 12 years. Reminiscing about the people involved with PARC through the years, he said that the Board has much to be thankful for and concluded by commenting, “It’s nice to be part of this team.”

Old Business: None

New Business: None

Public Comment: None

Chairman: Mr. Duken asked for adjournment to retire to Executive Session. Motion by Mr. Bouyea, seconded by Mrs. Bourdeau. All in favor thereof.


Call to Order: On a motion by Mr. Fortin, seconded by Mrs. Bourdeau, Mr. Duken reconvened the public meeting.

Mrs. Bourdeau moved to adopt a resolution appointing the Chairman of the Board of Directors of the Corporation, seconded by Mr. Bouyea. 5-0 in favor thereof.

Mr. Duken moved to adopt a resolution appointing the Vice-Chairman of the Board of Directors of the Corporation, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution appointing the President and Chief Executive Officer of the Corporation, seconded by Mr. Bouyea. 5-0 in favor thereof.

Mr. Carroll moved to adopt a resolution authorizing the President and CEO of the Corporation to negotiate and execute documents, seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution approving the employment contract between the Corporation and Marc Poirier, seconded by Mr. Bouyea. 5-0 in favor thereof.

Mrs. Bourdeau moved to adopt a resolution approving the employment contract between the Corporation and R. Bruce Steadman, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the MOU/Sublease Agreement with Pharmathene, Inc., seconded by Mr. Fortin. 5-0 in favor thereof.

Mrs. Bourdeau moved to adopt a resolution on the conveyance of Lots 73, 73A and 74A to Cornell PARC Warehouse, Inc., seconded by Mr. Bouyea. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the MOU/Purchase Agreement for Lot 52 to Randall W. Whisher and Mary Ann Whisher, seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution on the conveyance of Lot 52 to Randall W. Whisher and Mary Ann Whisher, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the conveyance of 5 Club Road to Marc Poirier, seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the conveyance of Lot 54 to Precision Lean Meats, Inc., seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution on the conveyance of Lot 67 to Douglas E. Pilon, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution on the conveyance of Lots 33 and 41 to Northeast Printing & Distribution Company, Inc., seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the conveyance of Lot 31 to Northeast Printing & Distribution Company, Inc., seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution on the conveyance of Lot 66 to Mount Whitney Meadows, LLC, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the conveyance of Lot 64 to Mold-Rite Plastics, Inc., or related entity, seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mrs. Bourdeau moved to adopt a resolution on the conveyance of Lots 5 and 6 to Mold-Rite Plastics, Inc., or related entity, seconded by Mr. Bouyea. 5-0 in favor thereof.

Mr. Bouyea moved to adopt a resolution on the conveyance of Lot 11 to the City of Plattsburgh, seconded by Mr. Carroll. 5-0 in favor thereof.

Mrs. Bourdeau moved to adopt a resolution on the conveyance of Lot 46 (in the City of Plattsburgh) to the City of Plattsburgh, seconded by Mr. Fortin. 5-0 in favor thereof.

Mr. Fortin moved to adopt a resolution on the conveyance of Lot 46 (in the Town of Plattsburgh) to Advocacy and Resource Center/MRS, Inc., seconded by Mrs. Bourdeau. 4-0 in favor thereof, 1 abstain (Mr. Duken).

Mr. Bouyea moved to adopt a resolution on the MOU/Purchase Agreement with Munter Enterprises for Lots 72 and 72A, seconded by Mr. Carroll. 5-0 in favor thereof.

Mrs. Bourdeau moved to adopt a resolution on the conveyance of Lots 72 and 72A to Munter Enterprises, seconded by Mr. Carroll. 5-0 in favor thereof.

Mr. Fortin moved to approve the Corporate Investment Policy, seconded by Mrs. Bourdeau. 5-0 in favor thereof.

Mr. Fortin moved to adjourn the public session, seconded by Mr. Carroll. 5-0 in favor thereof.

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Executive Summary
of the PARC Board of Directors Meeting
November 13, 2006

Directors Present: Gil Duken, Kevin Carroll, Stephen Bouyea, Jim King
Directors Present by Speaker Phone: Don Garrant, Marion Bourdeau
Directors Available but unable to connect conference call: Henry Fortin
Others Present: Bruce Steadman, Marc Poirier, Ken Hynes, Dennis Doyle, Bob Davis, Randall Beach, and Candis Luck
Call to Order: Chairman Duken called the meeting to order at 8:15 a.m.
Pledge of Allegiance:

Public Welcome and Invitation to Comment: There was none.

Prior Minutes:

Chairman Duken asked for a motion to approve the minutes of the September 18, 2006 meeting. Motion by Mr. Bouyea, seconded by Mr. King. All in favor thereof.

Chairman’s Report:

Mr. Duken began by congratulating the victors in the 2006 elections and offering condolences to those who failed in their bids for public office. He applauded all candidates for investing their time, energy and resources to attain an appointment in government service, and acknowledged that PARC owes much of its success in redevelopment to the outstanding support it has received through the years from its elected representatives on the local, state and national levels.

Mr. Duken recalled that the PARC website had been criticized for being outdated during a recent Board meeting. PARC staff addressed the matter, he said, and found that, indeed, the site had been neglected. However, he added, an overhaul of the website is virtually complete. The centerpiece is a drastic revision of the pages devoted to “available properties’ at PARC.” The new version focuses heavily on the 22 parcels remaining to be sold from the 165 subdivided originally for redevelopment. It includes maps, drawings and text drawn from documents now in use or soon to be placed in circulation as part of a comprehensive marketing plan to sell the properties to investors or developers. He emphasized that job creation remains fundamental to PARC’s marketing strategy. Even though some “tweaking” is still taking place, Mr. Duken encouraged his Board colleagues and the general public to take another look at the site at www.parc-usa.com.

CEO’s Report: Mr. Steadman requested Department reports.

Tenant Services Department Report:

Mr. Hynes stated that October was a busy month as PARC’s maintenance and support staff transitioned to a unified shop system. The crew of four will continue to provide day-to-day tenant maintenance services as well as provide snow removal for PARC’s tenants. He remains confident that PARC will be able to provide high quality services to both internal and external customers. Final maintenance activities on the PARC hotel have been completed in making it ready for sale. Work on the boiler system in Building 610 is also completed, and the building is ready for transfer.
All PARC-owned personal property has been relocated from Nose Dock 7 to EDC storage areas, and the remaining buildings in the PBC area vacated by PARC have been re-keyed to the Airport Master Key System. All PARC’s assets are in the EDC area including Building 2640 and Building 2337 (PARC’s business location).

Construction/Environmental Department Report:

Bob Davis gave the status of the projects listed below:

• Demolition and removal of remaining base housing continues. The project is on schedule and should be completed by year’s end. Crushing of the concrete foundations will follow, and recyclable materials will be stored on Parcel 48 off Connecticut Road for use on future construction projects.
• Proposals for the razing of the Central Heating Plant and the remaining four dorms on Connecticut have been accepted, and contracts have been awarded. The project should begin early next year.
• Installation of the elevator in Building 610 is complete and inspection of the project is scheduled for this week. Once the inspection is complete, PARC will be able to turn over the building to the Clinton County Historical Association.
• 1,400 feet of fencing is being installed around the military cemetery on Route 9 on the old base and should be completed this week.
• Replacement of the roof on Building 492 is complete in preparation for transfer to the City. Work was completed by Gates Roofing.
• The driveway for Building 2012 is paved, but some drainage work still needs to be done before the project is completed.

Legal Report: None

Chief Financial Officer’s Report:

Mr. Poirier reported that rents for October exceeded 98% collected. Rental income is approximately $100,000 a month and continues to diminish. Other highlights of his report include:

• There were two closings during the month October for Lots 5 & 6, both Titherington properties. November closings will be reported at the December Finance Committee Meeting.

• Approximately $150,000 remains outstanding in Grants 9 and 10.

• A reimbursement for over $900,000 from Empire State, which was the bulk of monies still outstanding, was received earlier in the month.

• Regarding Grant 11, PARC is working on the grant application even though the formal award has not been received. Once confirmation is received, PARC will be ready to send in the application.

• PARC’s lines of credit with the bank have been renewed. The renewal is a yearly requirement and is completed each October.

• The tax return for PARC’s year end (June) has been completed.

• A four-month statement (July, August, September and October) is being prepared for the December Finance Committee Meeting.

Chief Executive Officer: