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HomeMy WebLinkAboutEstablishment June 3, 2014 Page 10 Southold Town Board Meeting 2014-480 CATEGORY. Committee Appointment DEPARTMENT. Town Attorney Creation and Appointments to LDC WHEREAS, it is a public and governmental purpose for the Town of Southold (the "Town"), in the County of Suffolk, to promote economic development, to reduce unemployment and promote job creation, to provide health, educational and cultural opportunities, provide assistance for the needy, and to foster the delivery of goods and services to the citizens of the Town; and WHEREAS, not-for-profit organizations perform many important roles in the Town, including creating jobs, providing educational and health care facilities, providing affordable housing, assisting the elderly, assisting the needy, supporting the arts, providing sports and recreational facilities, assisting businesses, and generally easing the burdens of government; and WHEREAS, Section 1411 of the Not-For-Profit Corporation Law of the State of New York authorizes any one or more counties, cities, towns or villages of the state to cause not-for-profit corporations to be incorporated by public officers or private individuals, and that in carrying out the purposes set forth in Section 1411 of the Not-For-Profit Corporation Law such corporations will be performing an essential governmental function; WHEREAS, the Town believes that it is necessary and desirable to support not-for-profit organizations located in the Town by providing access to the capital markets (including both Page 10 June 3, 2014 Page 11 Southold Town Board Meeting taxable and tax-exempt markets) for such not-for-profit organizations to assist these entities in (i) maintaining operations in the Town, (ii) improving, replacing or expanding operations within the Town and (iii) establishing new operations within the Town; and WHEREAS, in order to promote and achieve the objectives of the Town set forth above, it is in the interests of the Town to establish a not-for-profit local development corporation pursuant to Section 1411 of the Not-For-Profit Corporation Law of the State of New York; NOW THEREFORE, the Town Board of the Town of Southold hereby resolves and directs as follows: 1. On behalf of the Town of Southold there shall be formed, under Section 1411 of the Not-For-Profit Corporation Law of the State of New York, a not-for-profit local development corporation (the "Corporation") which shall be named Southold Local Development Corporation or such other name as may be approved by the Town Board, that shall act as a governmental issuer of debt (the interest on which may be either taxable or non-taxable) for the purpose of providing assistance in financing projects of not-for-profit organizations to be located partially or entirely within the Town, and for providing such other tax exemptions and benefits as may be available under federal law and the laws of the State of New York. The Corporation shall be an instrumentality of the Town. 2. The Corporation shall have one class of members. The Town shall be the sole member(the "Sole Member"). Actions on behalf of the Town as the Sole Member shall be taken by the Town Board or its designee, including but not limited to the Supervisor of the Town. 3. The Corporation shall be managed by a board of directors (the "Board"). The Board shall consist of not more than seven (7) nor fewer than three (3) directors. 4. The Town Board of the Town of Southold hereby approves the following individuals as the initial directors of the Corporation: Jeanne Kelley, Stephen Latham, Noreen McKenna, John Schopfer, and Rona Smith 5. Obligations of the Corporation (including debt obligations) shall not be a debt or liability of the Town, nor shall the Town be a guarantor of any obligations (including debt obligations) of the Corporation. 6. The Corporation shall have all of the powers and authority provided under the Not- For-Profit Corporation Law of the State of New York to not-for-profit corporations formed under Section 1411 of such law, including but not limited to the power to borrow money and to issue negotiable bonds, notes and other obligations therefore in furtherance of its corporate and governmental purposes. 7. In performing its duties the Corporation shall be performing an essential governmental function. ✓Vote Record-Resolution RES-2014-480 D Adopted Yes/Aye No/Nay Abstain Absent ❑ Adopted as Amended ❑ Defeated Robert Ghosio Voter 0 ❑ ❑ ❑ ❑ Tabled James Dinizio Jr Mover 0 ❑ ❑ ❑ ❑ Withdrawn William P.Ruland Seconder 0 ❑ ❑ ❑ ❑ Supervisor's Appt Jill Doherty Voter 0 ❑ ❑ ❑ ❑ Tax Receiver's Appt Louisa P.Evans Voter D ❑ ❑ ❑ Page 11 June 3, 2014 Page 12 Southold Town Board Meeting ❑ Rescinded Scott A.Russell Voter El ❑ ❑ ❑ ❑ Town Clerk's Appt ❑ Supt Hgwys Appt ❑ No Action ❑ Lost Comment regarding resolution 480 COUNCILMAN GHOSIO: I know that I wasn't on the Board when you folks started this but process to do this but having worked for several non-profits in my life, I am proud to be on the Board that ultimately set this up. This is going to be a great opportunity for the non-profits in town to continue doing what they do and definitely shows the town board support for all the work that they do in the community. I just wanted to say that, I also wanted to say that the folks that interviewed and volunteered their time to serve on this Board where extremely qualified and we are very lucky to have people like that in this community willing to volunteer their time to take on a role such as this. Page 12