https://sleepyhollow.localarchives.org/files/original/46b180d852b7de58d1dddfc713c706d7.pdf 4284c38d12cd362674ee597ce9efe239 PDF Text Text After due notice a special meeting of the Sleepy Hollow Board of Trustees was held on Tuesday, November 25,1997. Present: Mayor Sean Treacy Trustee Morris Alter Trustee Patrick Munroe Trustee Michael Collins Trustee Mario DiFelice Trustee Jose Chevere Also present: Village Attorney Janet Gandolfo Absent: Trustee Patricia Ramsey Meeting was called to order by Mayor Sean Treacy at 8 P.M. The attached resolution was moved by Trustee Michael Collins and seconded by Trustee Jose Chevere. After discussion, the motion was carried unanimously, after discussion. Respectfully submitted, Janet Gandolfo, Acting Secretary �Meeting date: 11-25-97 Resolution # : 11-139-97 Whereas, the Town of Mount Pleasant Industrial Development Agency (the "IDA"), a public benefit corporation of the State of New York (the -State") established and existing under Article 18-A of the General Municipal Law (the "Act"), and particularly Section 927 of the Act, and General Motors Corporation, a Delaware corporation ("GM") entered Into a Lease Agreement, dated September 13,1985 (the "Lease") relating to the issuance of Industrial Development Bonds In the principal amount of $175,000,000 (the "Bonds") for the express and sole purpose of financing the renovation and expansion of a building to be used as a paint shop in the manufacturing of automobiles (the "Project", as so defined In the Lease) at GM's facility (the "Facility") located In the Village of Sleepy Hollow (formerly known as the Village of North Tarrytown), a municipal corporation of the State (the "Village"); and Whereas, GM has recently obtained a demolition permit to demolish and remove the Facility and all structures on the site; and �Whereas, the Project, as Intended in the Bond documents, Is no longer In existence; and Whereas, the Bonds mature by their terms on June 1 , 2015, which Is also the stated termination date off the Lease during which period GM Is entitled to enjoy all the benefits conferred on GM in and by the Lease, the Bonds and an Indenture off Trust, dated September 13,1985, by and between the IDA and The First National Bank off Chicago, as trustee (the "Indenture"); and Whereas, one off the benefits conferred on GM in the Issuance off the Bonds was a Payment in Lieu off Taxes Agreement, dated as off September 13,1985, by and between GM and the IDA (the "PILOT"), wherein GM, as lessee under the Lease, would pay the IDA, ffor the benefit of the applicable taxing jurisdictions, including the Village, amounts through 1995 which were substantially less than the ad valorem taxes which would be levied by the applicable taxing jurisdictions, Including the Village, were title to the Project not conveyed to the IDA in connection with the issuance off the Bonds; and Whereas, pursuant to the terms off the PILOT, the Facility was to be revalued In 1995 and periodically thereafter to determine PILOT payments from January 1 , 1996 through June 1 , 2015, the termination off the Lease; and �Whereas, In 1995 OM gave notice to the IDA and the applicable taxing jurisdictions, Including the Village, that It was closing, terminating and abandoning the Project and declaring the Project to be Its surplus property; and Whereas, In return for amending a local law entitled "Environmental Protection and Abandoned Industrial Property Reclamation Law" GM and the Village agreed in 1996 to a series off terms regarding the closure of the facility, one such term was that GM agreed to make PILOT payments in 1996 and 1997 at the same level as PILOT payments made in 1995; and Whereas, on June 28,1996 GM closed, terminated and abandoned the Project; and Whereas, on March 3,1997, an Independent appraiser engaged by GM under the terms of the PILOT delivered an appraisal of the Facility to the IDA (the "Appraisal"), which placed a value on the Facility, Including the closed, terminated and abandoned Project, which would produce PILOT payments under the terms of the PILOT worth only 17% of the PILOT payments made In 1995, and by agreement with GM, In 1996 and 1997, and reduce the Village 1998-99 fiscal year revenues by at least 30%; and �Whereas, the Village rejected the Appraisal In June 1997 and called for a second appraisal to be made of the Facility, whereupon such appraisal (the "Second Appraisal") was delivered to the Village in August 1997; and Whereas, the Second Appraisal placed a value on the Facility, including the closed, terminated and abandoned Project, which would produce PILOT payments under the terms of the PILOT worth In excess of 58% of the PILOT payments made in 1995, and by agreement with GM, in 1996 and 1997, and thereby mitigate the reduction of revenues in the Village's 1998-99 fiscal year; and Whereas, from and after August, 1997 the Village has called upon GM to discuss increasing PILOT payments in 1998 and thereafter taking In account the Second Appraisal and GM has not at any time responded to the Village's calls; and Whereas, the Village Is required to establish the taxable value of the Facility, including the closed, terminated and abandoned Project, not later than February 1,1998 for its 1998-99 fiscal year, and accepting PILOT payments based on the value of the Facility set forth In the Appraisal would cause Immediate and Irreparable fiscal distress to the village, and Jeopardize the public safety and �welfare off all persons and property within the Village, such that to prevent and mitigate such fiscal distress and secure such public safety and welfare It Is required off the governing body off the Village to take all necessary, lawful and prudent measures to terminate the Lease, terminate the benefits conferred upon GM under the PILOT, effect the conveyance of the Project to GM, and assess the Facility and the Project at its full taxable value as determined by the Village assessor. Now therefore be it resolved by the Board off Trustees off the Village off Sleepy Hollow, located in the County off Westchester, State of New York, as follows: Section 1 . The IDA is hereby requested to give notice of a public hearing and hold such hearing and thereafter to determine, upon the evidence presented at such public hearing, that Glti Is In default under the terms off the lease, In particular GM's representation in section 2.2(7) off the Lease to operate and maintain the Project as a paint shop In the manufacturing off automobiles continuously until June 1 , 2015. Section 2. The IDA is hereby requested at such public hearing to further determine that the continuation of the Lease will cause (I) economic frustration In the purposes for which the Bonds were Issued in that GM Is not now nor ever �will be conducting Industrial economic development activities at the Facility or the Project and Is, therefore, not entitled to enjoy the benefits conferred upon It In the PILOT until June 1 , 2015, (II) fiscal distress In the operation of public safety and other required operations of the Village Insofar as the Village's revenues will be reduced by over 30% in 1998 and thereafter, (III) Impairment of the public safety and welfare of persons and property In the Village, on account of such fiscal distress, and that, therefore and in addition to GM's default under the Lease, the Lease should be terminated at the earliest reasonable date. Section 3. Upon the holding of a public hearing and the making of the determinations as aforesaid, the IDA is requested and directed to (I) give written notice to The First National Bank of Chicago, as trustee, and to GM, under Section 7.2(3) of the Indenture, that on account of GM's default under the Lease, the Lease is terminated effective immediately, and (ii) execute and deliver a deed to GM conveying all the IDA'S right, title and interest in and to the Facility and the Project, to GM. �Section 4. This resolution shall be effective Immediately upon Its adoption by at least a majority of the voting strength of the Board of Trustees, and upon Its due adoption It shall be Immediately transmitted under letter of the Mayor of the Village to the IDA. i MOVED: Trustee Collins SECONDED: Trustee Chevere VOTED: 5-0 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Board of Trustees Meeting Minutes & Resolutions-1997 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource MINS_TRUST_1997-11-25 Subject The topic of the resource Board of Trustees Minutes-1997 Date A point or period of time associated with an event in the lifecycle of the resource 1997 Rights Information about rights held in and over the resource Village of Sleepy Hollow All Rights Reserved. Type The nature or genre of the resource Text