The Roosevelt Island Operating Corp (RIOC) Real Estate Development Advisory Committee will meet on Monday. According to RIOC:
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Monday, July 18, 2011 at 6:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.
AGENDA
1. Introduction of New Committee Member
2. Selection of Committee Chair
3. Chair’s Motion for Executive Session to:
a. Review and Discuss Terms of the Main Street Commercial Master Lease; and
b. Review the Status of Privatization/Affordability Plan and Ground Lease Extension for Island House
Upon learning of this meeting, I inquired of RIOC President Leslie Torres:
I noticed an Agenda Item for July 18 RIOC Real Estate Committee meeting included an Executive Session review and discussion of Main Street Commercial Master Lease terms.
a. Review and Discuss Terms of the Main Street Commercial Master Lease
My understanding was that the RIOC Board had already approved the Master Lease and that all that remained was to finalize some 'technical" and/or "legal" terms of the agreement. Why is it now necessary for the Real Estate Committee to review and discuss further the terms of the Master Lease?
Has something new happened since the Board approved the Master Lease Agreement? If so, what are the additional issues to be discussed?
The issues regarding the Main Street Master Leaseholder are of great concern to Roosevelt Island residents. Why does Real Estate Committee meeting discussion on this issue have to be in closed session without the public being able to attend? Is it possible to have this meeting in the open so that the public can know what is going on? For that matter, why can't the Island House privatization issues be open to the public as well?
This
previous post reported on the circumstances when a RIOC Board Meeting Executive Session closed to the public is appropriate.
... (h) the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
Will opening this Real Estate Committee meeting up to the public affect the value of these transactions? If not, it should not be in Executive Seesion.
This will be the first RIOC Real Estate Committee meeting since the
June appointment of real estate conflict ridden, non-resident, non-elected Child School Executive Director Sal Ferrera to the RIOC Board. Mr. Ferrera is replacing Jonathan Kalkin who was the Chair of RIOC's Real Estate Development Advisory Committee as well as the Operations Committee.
I am concerned of the possibility that without Mr. Kalkin's business knowledge, expertise and dilligence, the RIOC Board Real Estate Committee will return to what it had always been prior to Mr. Kalkin's tenure - a rubber stamp for whatever Roosevelt Island real estate deal the RIOC staff wants to accomplish. Examples of past questionable Roosevelt Island real estate deals rubber stamped by the RIOC Board include the Roosevelt Island Racquet Club
License Agreement and it's
approximately $4 sq. ft 2007 extension as well as the $6 sq. ft. annual lease (
RIOC 2011 -12 Budget Page 11) for the Child School's premises on the waterfront promenade facing Manhattan.
I hope that these type of give-away real estate deals do not return to Roosevelt Island.
UPDATE 7/18 - Received this response on 7/15 from RIOC Board Real Estate Committee Member Fay Christian:
As you have stated, “...the Master Lease has been approved”. The final contract is being reviewed. The same holds true for Island House.
Real Estate Committee
I replied:
Thank you for your answer.
But that's my point - if the Agreements are just being reviewed why is the discussion in Executive Session without the public being allowed to attend?
According to the NY State Department of State Open Government Committee, it is appropriate to conduct a meeting in Executive Session when:
... (h) the proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof.
Will anything being discussed under these reviews substantially affect the value of these Agreements? If not, the Committee meeting should be open to the Public and not in Executive Session.