The City of New Rochelle has published the agenda for the next IDA meeting.
Regular Meeting of the New Rochelle Industrial Development Agency
June 23, 2010 at 5:30 PM
515 North Ave. – City Hall, Conf. Rm. B-1, New Rochelle, New York 10801AGENDA
1. Roll Call/Announcements
2. Approval of March 24, 2010 and April 29, 2010 Minutes
3. Staff Administrative Action
4. New Roc Parcel 1A, LLC
a. Legal Memorandum Regarding Retail
b. Legal Claims
c. Request for Extension of Recapture Agreement
d. Request for Execution of Consolidated Mortgage
5. Other Business/Discussion Items
a. New Roc City – New Owner & Management
b. Assembly Letter – Minority and Women’s Business Enterprise Program
c. Ratification of Annual report
d. Next IDA Meeting Date
6. Adjournment
IDA meetings will not be televised until the fall so if you want to watch the IDA give away the keys to the candy store one more time you will have to make your way to the hidden IDA meeting room at City Hall on your own.
From the agenda it appears that the purpose of the meeting is to have the IDA council read legal opinions that could have been written by Louis Capelli — a best guess is that they will say that Capelli owes nothing on the various recapture agreements on parcel 1A, that even though the recapture agreement extensions expired last year, all fees owed will be waived and the recapture agreement will be extended (perhaps retroactively, if Capelli wants).
The highlight will be the discussion on the new owner and management of New Roc City. Will anyone on the board inquire as to EPT’s claims that Capelli was forced out after an unauthorized loan of $700,000 between Capelli companies? This will be the first time anyone from the City of New Rochelle will have a chance to publicly raise the issue directly to Capelli representatives since Louis Capelli “forgot” to mention it in his various discussions with City officials. According to sources familiar with the matter, the EPT claim was not discussed with the City Council at all last week when Capelli came to City Hall.