RIOC 2019-20 Budget, Public Purpose Funds, New CFO, Historical Documents Transfer Among Agenda Items For Roosevelt Island Operating Corp December 13 Board Of Directors Meeting - Public Comment Session Prior To Start Of Board Meeting Too

The Roosevelt Island Operating Corp (RIOC) Board of Directors will meet 5:30 PM Thursday, December 13 at the Cultural Center (548 Main Street).

Image From RIOC

Among the items on the Agenda are:

• Approval of Proposed 2019-20 RIOC Budget,
• Approval Of Public Purpose Funds Expenditures,
• Appointment of new RIOC Chief Financial Officer and
• Transfer of Roosevelt Island Historical Documents to  NY State Archive

Prior to the start of the RIOC Board meeting, there will be a public comment period. Sign up here to speak at the meeting.

According to the Proposed RIOC 2019 - 20 Budget:

RIOC’s Proposed Budget FY 2019‐20 projects revenues of $30,700,000 a decrease of $23,170,123 or 43.01 % over the Approved Budget FY 2018‐19 amount of $53,870,123. RIOC generates most of its revenues from long‐term ground leases to developers of housing projects on the Island. These leases specify the manner in which the ground lease revenues are derived, including amounts, timing, and escalation of ground lease payments, specifically residential fees, ground rents, and public safety fees. In addition, RIOC generates revenues from its Tramway transportation system, Motorgate parking garage, metered street parking, commercial leases, interest income, and other revenues. Other revenues mostly consist of permitting fees collected for activities that take place in the Sportspark sports facility, the Cultural Center, the Sports Fields, and third party construction on the Island.

Residential fees are projected to increase by $937,000 or 63.18 %. This is mainly due to two factors: (1) TEP payments from Southtown Building 9 in the amount of $134,000, and (2) the Sponsor Sales from Westview in the amount of $750,000.

Ground rents are projected to decrease by $23,570,123 or 61.82 % mainly due to the anticipated payment of the State’s contribution for Cornell in FY 18‐19.

Commercial rents are projected to increase by $57,000 or 3.63 % due to contractual escalations.

Tramway revenues are projected to decrease by $806,000 or 14.70 %, due to reduced ridership and downtime for long‐term overhauls.

Public Safety revenues are projected to increase by $57,000 or 2.83 % due to contractual escalations.

Transport/parking revenues are projected to decrease by $568,000 or 18.00 %, mainly due to the elimination of night‐time paid parking and over‐projection of the revenues in the FY 18‐19 budget.

Interest revenues are projected to increase by $16,000 or 4.58 % due to gradual increases in interest rates.

Other Revenues is projected to increase by $707,000 or 41.81 %. Most of the increase is due to projected revenues from FEMA for restoration of damages to the seawall from Hurricane Irene....

Click here for the full RIOC Proposed 2019-20 Proposed Budget included in December 13 Board Materials package as well as supporting material for other Agenda items.

AGENDA

DECEMBER 13, 2018 MEETING OF THE ROOSEVELT ISLAND OPERATING CORPORATION BOARD OF DIRECTORS THE CULTURAL CENTER THEATER, 548 MAIN STREET, ROOSEVELT ISLAND, NEW YORK 5:30 P.M.1

I. Call to Order

II. Roll Call

III. Approval of Minutes
1. October 18, 2018 Board Meeting (Board Action Required)
2. November 20, 2018 Special Board Meeting (Board Action Required)

IV. Old Business

V. New Business
1. Designation of Keith Thompson to Serve as Records Management Officer of the Roosevelt Island Operating Corporation (Board Action Required)

2. Approval of the Proposed RIOC Budget for Fiscal Year 2019-20 (Board Action Required)

3. Appointment of John O’Reilly to the Position of Chief Financial Officer and Vice President for Financial Affairs of the Corporation (Board Action Required)

4. Authorization to Transfer RIOC Archival Records of Historical Value to NYS Archives (Board Action Required)

5. Approval of Schedule of 2019 Meetings of the Roosevelt Island Operating Corporation Board of Directors (Board Action Required)

6. Authorization to Amend the Expenditure of Public Purpose Funds for Fiscal Year 2017-18 (Board Action Required)

7. Authorization of Expenditure of Public Purpose Funds for Fiscal Year 2018-19 (Board Action Required)

8. President’s Report

9. Committee Reports
a. Audit Committee
b. Governance Committee
c. Operations Advisory Committee
d. Real Estate Development Advisory Committee

10. Public Safety Report

VI. Adjournment

1 The RIOC Board Meeting will commence following a public comment period. The public comment period is not part of the meeting.