[PAGE 1] In-Person Hybrid Meetings: The IURA no longer conducts Public Meetings exclusively remotely. Meetings must be conducted in person, complying with NYS Open Meeting Law, which applies to all IURA Board and Committees. Members of the public who would like to deliver VERBAL comments at a meeting (3-min. max.) are strongly encouraged to do so using the Zoom link and log- 108 E. Green St. on credentials listed on the agenda, although they are welcome to do so in person at City Hall. WRITTEN public comments may Ithaca, NY 14850 (607) 274-6565 be submitted before the meeting, using the instructions listed on the agenda. Pls. refer to the IURA Public In-Person/Hybrid Meetings Policy for more detailed information and further instructions. LIVE-STREAM VIDEO: A non-interactive YouTube live- stream of the meeting can also be viewed at: https://www.youtube.com/channel/UC7RtJN1P_RFaFW2IVCnTrDg. Because of a AGENDA slight delay in launching the live-stream, the video may begin a few minutes before the meeting is formally convened. IURA ECONOMIC DEVELOPMENT COMMITTEE (EDC) 3:30 P.M., Tuesday, February 10, 2065 Common Council Chambers, Third Floor 108 E. Green St., Ithaca, NY 14850 Join Zoom Meeting: https://us02web.zoom.us/j/89042784433?pwd=Wmlqd2FHQUZVdHE0cEJXMUhOSTVpUT09 Meeting ID: 890 4278 4433 Passcode: a13iha Dial by Your Location: +1 646 558 8656 US (New York) Meeting ID: 890 4278 4433 Phone Passcode: 408442 I. Call to Order PUBLIC COMMENTS: WRITTEN public comments may be e- mailed until 12:00 p.m., the day of the meeting to: cpyott@cityofithaca.org. Members of the public who would II. Agenda Additions/Deletions prefer to deliver VERBAL comments at the meeting (3-min. max.) should either appear in person or use above Zoom link III. Public Comments (3 min. max.) and log-in credentials (for video) or dial-in number and log- in credentials (for telephone). IV. Review of Meeting Minutes: November 18, 2025 V. New Business A. Review of the Density District Priority Business Loan Program – discussion VI. Other/Old Business A. IURA grant disbursement, loan and lease receivable reports – December 2025 B. Staff Report C. Next Meeting Date: Tuesday, March 10, 2026 (review of HUD Entitlement applications) VII. Adjournment If you have a disability and require accommodation in order to fully participate, please contact the CITY OF ITHACA CLERK’S OFFICE at 274-6570 at least 72 hours prior to the meeting. [PAGE 2] Approved/Adopted: x/x/25 108 E. Green St. Ithaca, NY 14850 (607) 274-6565 DRAFT MEETING MINUTES ITHACA URBAN RENEWAL AGENCY Economic Development Committee (EDC) 3:30 P.M., Tuesday, November 18, 2025 Common Council Chambers, 108 E. Green St., Ithaca, NY 14850 Present: Robert G. Cantelmo (Mayor); Derek Adams; Siobhan Hull, Chair; Donna Fleming; Leslie Ackerman, Vice-Chair Excused: Chuck Schwerin Staff: Nels Bohn; Charles Pyott [virtual] Guests: Rod Rotondi, Shared Kitchen Ithaca, Inc. (SKI) I. Call to Order Acting Chair Fleming called the meeting to order at 3:34 P.M. II. Agenda Additions/Deletions None. III. Public Comments (3-minute max. per person) None. IV. Review of Meeting Minutes: August 12th, 2025 (postponed) V. New Business A. Steamboat Landing Sublease: Request from Ithaca Farmers Market Cooperative, Inc. to Authorize Parking Agreement with Cayuga Medical for Up to 75 Parking Spaces Bohn explained that he received a written request from Ithaca Farmers Market Cooperative, Inc. (“the Farmers Market”) for permission to enter into a Parking Agreement with Cayuga Medical to lease 75 spaces for parking to serve its nearby medical facility. The income would help the Farmers Market pay off the remaining funding gap from their parking lot improvement project. The agreement would require that the spaces be open to the public for low-impact recreational uses when the market is not in session, and leasing 75 of the 225 total spaces would leave plenty available for casual, public use. He noted that any change in the sublease would require approval by the Common Council. Hull asked where the 75 spaces are located. Bohn explained that while the spaces of interest are located closest to Cayuga Medical’s site, a defined location has not yet been identified. Hull asked if the proposed agreement would interfere with other public events. Bohn responded that he believed the Farmers Market coordinates those events. [PAGE 3] EDC Meeting Minutes November 18, 2025 Page 2 of 5 Adams asked how much the Farmers Market would charge for parking. Bohn responded that many details are not known because they are seeking permission to proceed with negotiations, but he would invite them to attend the IURA Board meeting to provide more information. Fleming moved, seconded by Adams: Authorize Parking Agreement with Cayuga Health at Steamboat Landing WHEREAS, the Ithaca Farmers Market Cooperative, Inc. (“IFM”) seeks approval for a 75-vehicle parking agreement with Cayuga Medical at the City-owned Steamboat Landing site, and WHEREAS, as of 2010, the City leases the 5.8-acre Steamboat Landing site (“Leased Property”) to the Ithaca Urban Renewal Agency (IURA) and the IURA subleases the Site to the Ithaca Farmers Market Cooperative, Inc. to operate a producer-to-consumer market of locally grown and crafted goods, and WHEREAS, the Leased Property contains a large market pavilion, a dock, and over 300 parking spaces developed and maintained by IFM, and WHEREAS, the Leased Property is authorized for (1) A producer-to-consumer market featuring local grown and crafted goods at least two days per week for at least six month of the year, (2) rental of the pavilion to others for occasional events, (3) a 50-vehicle park’n’ride operation, and (4) any other, additional use by IFM subject to the consent of the IURA and Mayor; however the Leased Property shall remain open at times the market is not in operation for use by the general public for passive, non- exclusive, low impact and low intensity recreational uses, and WHEREAS, IFM currently operates a farmers’ market on weekends, April through November and recently completed a project to upgrade the 225-space parking facility, and WHEREAS, the leases specify that neither the City, nor the IURA is under any obligation to maintain any internal roads and parking areas, including snow removal, and WHEREAS, the Economic Development Committee considered this matter at their November 18, 2025 meeting and recommended the following action; now, therefore, be it RESOLVED, that the Ithaca Urban Renewal Agency Ithaca hereby approves an amendment to the IURA sublease of the Steamboat Landing site to the Ithaca Farmers Market Cooperative, Inc., to authorize their requested use of up to 75 spaces in the existing 225-space parking lot by Cayuga Health to support parking needs at 401 Cayuga Park Lane facility and financially support the investment in the parking facility, and be it further RESOLVED, that the IURA Chairperson, subject to review by the IURA legal counsel, is hereby authorized to execute any and all documents to implement this resolution. Carried Unanimously: 5-0 [PAGE 4] EDC Meeting Minutes November 18, 2025 Page 3 of 5 B. HUD Entitlement Grant 1. Shared Kitchen Ithaca (Project #11, 2023 CDBG): Request for Time Extension Rotondi remarked that Shared Kitchen Ithaca (SKI) overestimated the number of new members eligible for the IURA grant. It took time to recruit a sufficient number of members, but the goal was to reach 16 by the end of the first year of operation, and it was reached in the fifth month. He stated that it took a while to get operations going, but they now have approximately five qualified members, and he believed they would be able to disburse the grant by the end of June 2026. Bohn added that the operation did not open until spring of 2025, but they are now operating, and $9,000 in vouchers are pending from a $32,500 award. If the deadline is not met by June 2026, staff could approve up to a 90-day extension. He reported that the project is making good progress, and he acknowledged that the agency is working with its accountant and SKI on how best to document a discount on services, since the contractual agreement requires that 51% of participants be City of Ithaca residents, and currently, none of the participants are City residents. Rotondi added that all beneficiaries are doing business in the City of Ithaca. Hull moved, seconded by Adams: Contract Modification — Time Extension for 2023: Project #11, Shared Kitchen Ithaca WHEREAS, the City of Ithaca 2023 Annual Action Plan (AAP) allocated $32,500 in Community Development Block Grant (CDBG) funding for Project #11 “Shared Kitchen Ithaca to provide discounts to ten (10) eligible low- and moderate-income microenterprise participants, and WHEREAS, the contract expiration date was September 30, 2025, and WHEREAS, SKI requests a time extension until June 30, 2026 due to delays in start-up of the new enterprise, and WHEREAS, SKI opened in May 2025, and WHEREAS, SKI is currently assisting 5 LMI IURA-eligible microenterprises and has over a dozen member businesses, and WHEREAS, SKI has vouchered for over $9,000, but anticipates full expenditure of CDBG funds will require approximately 12 months from initial start-up, and WHEREAS, any extension over 120 days must be reviewed and approved by the IURA Board, and WHEREAS, the URA Economic Development Committee reviewed this matter at their November 18, 2025 meeting and recommended the following action; now, therefore be it, [PAGE 5] EDC Meeting Minutes November 18, 2025 Page 4 of 5 RESOLVED, that the IURA hereby authorizes the Director of Community Development to modify the contract via a letter agreement to extend the expiration date of 2023 Project #11 “Shared Kitchen Ithaca” to June 30, 2026. Carried Unanimously: 5-0 2. CDBG Timeliness Work Out Plan, Options for Reprogramming – Review Bohn explained that the agency was not on track to meet the grant spenddown requirements and that a workout plan was created to address the issue. The internal goal to spend $75,000 per month on average is not on target, and reprogramming of funds is needed since some project sponsors declined funding. He noted that $30,000 was available for reprogramming for the Public Services category, which would be split among multiple projects and, if less than $25,000, would not require a public hearing, a 30-day comment period, and Common Council approval. Projects included as Alternative Projects were in the categories of housing, Public Facilities, or Economic Development, for which funding would exceed $25,000 and would require a public hearing, 30-day comment period, and Common Council approval. He reported that the Neighborhood Investment Committee (NIC) reviewed the list of five proposed Projects and ranked the top replacement projects as the SSCC Fire Panel Replacement, 215 Cleveland Avenue, and the Cass Park Restrooms + Pavilion. Two additional projects under consideration are Homeless Services Enhancement and Handicapped Parking near TC Mental Health. Adams asked about the distinction for Review Status on the Alternative Projects list. Bohn responded that the distinction was related to identifying well-defined projects, which do not have implementation issues and would not trigger an extensive NEPA (National Environmental Policy Act) Review. Hull asked how the Homeless Services Enhancement project could be completed by January 2026. Bohn responded that an expenditure to purchase the unit could be made and disbursed, but the installation and public benefit could take longer. Hull commented that she would be in favor of the Homeless Services Enhancement (HSE) even with uncertainty around how the project would be implemented. Adams asked whether the agency would distribute funds among all five projects. Bohn responded that proposed allocation of funds is possible. Fleming asked if there was a specific number of units to be purchased for the HSE project. Bohn responded that the City’s Advisory Committee, working on the project, proposed that a micro-shelter facility be developed, of which the $75,000 enhancement would be a part. On average, each micro-shelter costs about $25,000. Fleming asked whether the funds could be reprogrammed for completed or existing projects, rather than as a small part of something new, such as the Code Blue Shelter. Bohn responded that the County’s Code Blue shelter is opening soon, and County resources provided by NYS were used to upgrade the facility. VI. Old/Other Business A. IURA Grant Disbursement, Loan, & Lease Receivable Reports: March 2025 [PAGE 6] EDC Meeting Minutes November 18, 2025 Page 5 of 5 Bohn reviewed the Grants Summary, explaining that the left-hand “On Schedule” column calls out any projects (with a ) that are not progressing on schedule and may need attention, noting that Anisa Mendizabal is closely monitoring them. He reported that all loan and lease payments are current as of today. Bohn shared that Historic Ithaca had decided to exit the job placement activity due to staffing changes. B. Staff Report None. C. Executive Session to Discuss Proposed Acquisition, Sale, or Lease of Real Property When Publicity Would Substantially Affect Value Thereof (no action requested) — EXECUTIVE SESSION — VII. Adjournment The meeting was adjourned by consensus at 4:45 P.M. — END — Minutes prepared by S. Dean, edited by C. Pyott/N. Bohn. [PAGE 7] 108 E. Green St. City Hall ) Ithaca, NY 14850 MEMORANDUM To: IURA Economic Development Committee Date: February 5, 2026 From: Nels Bohn, IURA Director of Community Development Subject: Review of the Downtown Density District Priority Business Loan Fund I recommend the EDC restart its process to re-examine and update the IURA’s Downtown Density District Priority Business Loan Fund (PB-LF) that includes a specific listing of eligible business types and categories first identified in 2007. Please find included the following documents for review: • The IURA Economic Development Loan Policy • Excerpts from the minutes of the March 2023 EDC meeting • Preliminary recommendations from the draft Ithaca Retail Market Study and Strategy The IURA offers two primary small business loan products. The mainstay has been the Community Development Revolving Loan Fund (CD-RLF) that is available citywide to businesses that pledge to create jobs. A downtown focused loan product – the Downtown Density District Priority Business Loan Fund (PB-LF) was established in 2007 to better assist targeted business categories in the downtown. Loan funds are capitalized with Community Development Block Grant (CDBG) funds and must show at least one FTE job for every $35,000 of loan assistance. At least 51% of the jobs created must be held by low- and moderate-income persons at the time of hire (<$67,400 for one-person household). The CD-RLF is best positioned to provide modest gap financing when a project lacks sufficient equity/loan funds to cover the full project cost. The CD-RLF caps loans at $100,000 for retail businesses and $150,000 for non-retail businesses. The CD-RLF also prohibits loans to businesses that derive more than 35% of their revenues from the sale of alcoholic beverages. The PB-LF allows for larger loans to targeted businesses and underwriting is generally more Page 1 of 2 [PAGE 8] flexible regarding collateral and risk given the greater public benefit derived from a targeted business operating in the community. Certain businesses that feature alcohol sales are eligible for loan assistance through the PB-LF. Many years have passed since the IURA recalibrated the list of businesses eligible for the PB- LF. When the EDC last discussed this topic in 2023 with the Downtown Ithaca Alliance, EDC Chairperson Proulx suggested the IURA focus on the objective statement for the PB-LF rather than trying to list each desirable business to be eligible for the program. The common business categories targeted to be assisted through the program appeared to fall into five general categories: • Retaining retail • Diversifying the economy • Essential services for downtown residents • Supporting underrepresented business owners • Succession planning for existing successful downtown businesses The current PB-LF Objective statement reads as follows: Objective: Induce the creation and start-up and expansion of specific priority business enterprises that have been defined by the community as highly desirable and/or enterprises that substantially increase foot traffic thereby strengthening the real estate market in the Density District to support businesses that provide daily goods and services to local residents. The program intends to meet this objective through direct financing to businesses with the understanding that attracting such business enterprises is likely to require stronger incentives than are available from other private and public sources and are likely to involve higher than normal risk and flexible lending policies to accomplish its objective. The City commissioned a study of the Ithaca retail market in collaboration with the Downtown Ithaca Alliance. While only preliminary recommendations are available, excerpts from the draft report offer some insights into the retail sector and some recommendations to maintain economic vitality. Upon the EDC proposing a framework for revisions to the PB-LF, staff can invite input from the Downtown Ithaca Alliance and other stakeholders. Page 2 of 2 [PAGE 9] Latest revision: 12/18/14 IURA ECONOMIC DEVELOPMENT FINANCING POLICY GUIDELINES AND OPERATING PLAN SECTION 1. GENERAL 1.1 Policy Guidelines and Operating Plan. The Ithaca Urban Renewal Agency (IURA), acting on behalf of the City of Ithaca, provides financial assistance for the purpose of effecting economic development activity within the City. The “Policy Guidelines and Operating Plan” (the "Plan") is adopted by the IURA and is intended to serve as the primary administrative document for the IURA's provision of direct financing for economic development activities, including, but not limited to the following financial assistance programs: (a) Community Development Revolving Loan Fund (CD-RLF) Program; (b) Economic Development Project Loan Program; (c) Cayuga Waterfront Trail Business Loan Program; (d) Ithaca Density District Priority Business Loan Program; and, (e) Micro-enterprise Revolving Loan Fund. Any changes to the Plan must also be adopted by the IURA. 1.2 Objectives. The primary objectives of the IURA's provision of direct financing for economic development activities are to create employment opportunities, facilitate the expansion of business activity within the City of Ithaca, encourage micro-enterprise development, and expand the City's commercial and industrial tax base. 1.3 Form of Assistance. For for-profit businesses, the IURA will provide assistance only in the form of secured loans. For nonprofit businesses, the IURA may provide assistance in the form of secured loans or grants as appropriate. In all cases, the form of assistance provided must be consistent with the objectives, financial needs, public benefit, and other requirements, guidelines, and provisions of the Plan. SECTION 2. ELIGIBILITY REQUIREMENTS 2.1 Eligible Activities. (a) The principal business activity which will be primarily impacted by the IURA financing must be located within the City of Ithaca. IURA Financing Guidelines Rev 12/18/14 Page 1 [PAGE 10] (b) The activity to be undertaken with financing from the IURA may involve any business enterprise including, but not limited to manufacturing, warehousing, retail trade, wholesale trade, contracting, real estate development and services, and micro-enterprises. (c) The activity to be undertaken with financing from the IURA must have a direct impact on the growth or viability of the business to be assisted. (f) If Federal Community Development Block Grant (CDBG) funds will be utilized for any portion of the IURA financing, then the activity to be undertaken with such financing must be eligible for assistance under the Community Development Block Grant (CDBG) program and be consistent with all applicable Federal regulations governing the CDBG program. (g) If CDBG funds will be utilized for any portion of the IURA financing, then the business activity to be undertaken with financing from the IURA must directly result in the creation or retention of employment positions or prevent or eliminate slum or blight consistent with the Federal regulations governing the CDBG program. 2.2 Eligible Borrowers. Eligible borrowers include sole proprietorships, partnerships, and corporations. Loans may also be provided to individuals acting as principals of an eligible entity and who will rent or lease assets to an otherwise eligible borrower. 2.3 Eligible Uses of IURA Funds. IURA funds may be used for any justifiable business purpose including, but not limited to fixed assets, current assets including inventory and accounts receivable, permanent working capital, acquisition of land and/or buildings, and for costs related to micro-enterprise start-ups. The use of IURA funds must also be eligible pursuant to the Federal regulations governing the CDBG program if CDBG funds are to be utilized for any portion of the IURA financing. 2.3 Eligible Uses of IURA Funds. The use of IURA funds must be eligible pursuant to the Federal regulations governing the CDBG program if CDBG funds are to be utilized for any portion of the IURA financing. CDBG funds may be used for the following activities: (a) Private for-profit entities: IURA funds may be used for any justifiable business purpose including, but not limited to fixed assets, current assets including inventory and accounts receivable, permanent working capital, acquisition of land and/or buildings, and for costs related to micro- enterprise start-ups. IURA Financing Guidelines Rev 12/18/14 Page 2 [PAGE 11] (b) Not-for-profit entities: IURA funds may be used for commercial or industrial improvements, including acquisition, construction, rehabilitation, or installation of commercial or industrial buildings or structures and other related real property equipment and improvements, including railroad spurs or similar extensions. SECTION 3. PROGRAM STANDARDS 3.1 Employment/Cost Ratio. Generally, the maximum amount of IURA financing may not exceed the ratio of $35,000 for each employment opportunity to be created or retained. For the purposes of calculating employment opportunities, the following will apply: (a) Only permanent jobs will be counted; temporary and construction jobs will not be counted. (b) Jobs of 35 or more hours per week will be considered as one full-time job. Part-time permanent jobs of less than 35 hours per week will be converted to full-time equivalent jobs by dividing the number of part-time hours by 40. (c) Seasonal jobs will be considered to be permanent jobs if the duration of the working period is long enough to classify the job as the employee's principal occupation. (d) Projected employment must be reasonably expected to occur as a direct result of the expanded business activity, and such projection may in no instance extend beyond 36 months from the completion of the expansion. (e) The limit of $35,000.00 of IURA financing per employment position may be exceeded up to level of $50,000.00 per employment position in individual instances where the IURA determines that the expanded business activity will effect an extraordinary degree of other public benefit and the total portfolio of loans still results in an overall employment/cost ratio not exceeding $35,000.00 per job. 3.2 IURA Financing Amount. Consistent with the Federal regulations governing the CDBG program, IURA financing must be no greater than the minimum amount necessary to effect the business activity. Applicants must therefore demonstrate that all other private and public sources of debt and equity have either been maximized or are inappropriate, unaffordable, or otherwise unavailable. IURA Financing Guidelines Rev 12/18/14 Page 3 [PAGE 12] 3.3 Minimum Amount of IURA Financing. Generally, IURA financing will not be considered where the loan requested is less than $5,000.00, except in the cases involving micro-enterprises. On loans for less than $10,000.00, the IURA may require that the applicant receive ongoing business counseling. 3.4 Maximum Amount of IURA Financing. The Plan does not establish a policy regarding the maximum amount of IURA financing. However, the IURA will, from time to time at its discretion, establish maximum amounts of financing based on the total amount of funds available for economic development activities and the demand for such funds. SECTION 4. LENDING POLICIES 4.1 Term of Loans. For fixed asset loans the IURA loan term will generally be consistent with the life of the assets being financed, with such periods being consistent with standard commercial lending policies and in no instance exceeding 15 years. For term working capital loans, the loan term may not exceed 10 years. For all loans, the term will be determined by the IURA based upon such factors as the structure of other related loans, the nature of the collateralized assets, and the borrower's projected ability to repay the loan. 4.2 Interest Rate. The IURA will evaluate individually each application for economic development loan assistance. The interest rate for each loan will be negotiated separately, based on the lending criteria described in this document, on the applicable HUD regulations, and on the ability of the project to support a given level of loan repayments. 4.3 Repayment Terms. The IURA will determine the schedule of loan repayments on a case-by-case basis based on the applicant's projected ability to repay the loan, the projected value of the collateral and other security, and the overall risk assumed by the IURA. Repayment terms may involve standard forms of loan amortization, periods of accruing interest or interest only payments, extended amortization schedules with balloon payments of principal, and/or such other terms as may be determined by the IURA to be appropriate. 4.4 Security. The IURA will determine the required security for each loan on a case- by-case basis based on such factors as the risk of default, the nature and value of the security, and the position of the IURA in relation to other lenders. In determining the appropriate security, the following will apply: (a) The IURA will generally require a security interest in all assets financed with IURA funds. Collateralization of additional assets of the borrower may be required at the IURA's option. IURA Financing Guidelines Rev 12/18/14 Page 4 [PAGE 13] (b) For loans to corporations, the IURA may require the personal guarantee of all owners and their spouses of at least 20% of the voting stock of the company. (c) For loans to closely-held corporations, the IURA may require collateralization of selected personal assets of one or more of the owners. (d) For loans to individuals, partnerships, or corporations which have affiliated interests and/or identities of ownership with other business entities, the IURA may require additional guarantees. (e) For loans to businesses which have a dependence upon specific individuals for their continuing viability, the IURA may require an assignment of insurance on the lives those persons. 4.5 Subordination. (a) The IURA will generally allow a subordination of IURA debt and collateral to private institutional lenders where necessary to facilitate the maximum financial participation by the private lenders. (b) The standing of the IURA's financing relative to other public or quasi- public lenders will be negotiated on a case-by-case basis. (c) The IURA will generally require a subordination to IURA financing of notes payable to any officer, owner, or similarly affiliated party to the borrower where such subordination is appropriate and feasible. (d) The IURA will generally require the execution of intercreditor agreements in instances where multiple lenders exist. The use and form of such agreements shall be the responsibility of the IURA Attorney. SECTION 5. MICRO-ENTERPRISES 5.1 Definition of Micro-enterprises. The IURA defines a micro-enterprise as any business employing five or fewer people, including the owner(s), measured by full time equivalents. For lending purposes, the definition applies at the time of the submission of a complete application for funding, and is not meant to discourage a micro-enterprise from expanding employment during the term of the loan. IURA Financing Guidelines Rev 12/18/14 Page 5 [PAGE 14] 5.2 Regulations for Micro-enterprise Lending. The IURA recognizes the importance of micro-enterprises as a source of new employment in the local economy. U.S. Department of Housing and Urban Development regulations treat micro-enterprises in a less restrictive manner than other economic development activities. The IURA’s policy will be to use the relevant HUD regulations for micro- enterprise development. 5.3 Micro-enterprise Revolving Loan Fund. (a). The IURA will administer a separate “Micro-enterprise Revolving Loan Fund” for micro-enterprise lending. Funds used to capitalize the Micro-enterprise Revolving Loan Fund will be accounted for separately from other IURA revolving loan funds. (b). The IURA’s designated review committee will be responsible for overseeing the Micro-enterprise Revolving Loan Fund, including making recommendations to the IURA regarding policies governing implementation of the fund. (c). Each Micro-enterprise Revolving Loan Fund application will be evaluated based on the information detailed in Section 6.3. The IURA understands than many micro- enterprises will have limited financial and other data available. The IURA’s designated review committee may, at its discretion, waive the requirement for certain application information. (d). The IURA’s designated review committee, in reviewing Micro-enterprise Revolving Loan Fund applications, may grant waivers or establish conditions in specific underwriting criteria on a loan-by-loan basis. The purpose of the waivers and conditions is to provide flexibility in meeting the needs of micro-enterprise entrepreneurs. Underwriting criteria, however, must be within accordance with HUD regulations and the Agency must be clearly informed of the waivers granted or conditions established. 5.4 Job Creation Micro-enterprises assisted through the Micro-enterprise Revolving Loan Fund must meet the job creation requirements outlined in Section 3.1 of this Plan. Under HUD regulations, 51% of jobs created must employ individuals from households meeting HUD’s income guidelines for low and moderate incomes. However, if the owner(s) of the micro-enterprise meets HUD’s guidelines for low and moderate incomes, the low and moderate job creation requirement will be deemed to have been met. For micro- enterprises meeting the criteria of 51% low and moderate job creation, the loan agreement will specify this requirement as a condition of the loan. IURA Financing Guidelines Rev 12/18/14 Page 6 [PAGE 15] SECTION 6. APPLICATION PROCESSING 6.1 Loan Applications. Applications for IURA financing must include all of the information required by the IURA Application Form (attached hereto as Exhibit A), and any additional information as may be reasonably requested by the IURA. 6.2 Application Fee. There is a $50.00 non-refundable application fee which must be submitted with the application. The intent of the fee is to partially defray processing costs. For micro-enterprises, the IURA may reduce or waive the amount of the fee at the discretion of the IURA’s Review Committee. The applicant will be responsible for all costs associated with third party expenses such as credit bureau reports and other related expenses. For approved loan applications, a commitment fee, based on a fee schedule adopted by the IURA, must be submitted with the return of the applicant’s signature on the IURA commitment letter. 6.3 Application Processing. The processing of loan applications will be the responsibility of the IURA's Director of Community Development and will generally consist of the following: (a) Review of applications for completeness and procurement of appropriate additional information. (b) Review for IURA program eligibility criteria and, if applicable, eligibility pursuant to Federal CDBG regulations. (c) Determine economic feasibility, perform credit analysis, and assess risk. (d) Review of specific employment opportunities projected to be created or retained, including information on whether employer-paid or subsidized, health care benefits will be provided, and whether “living wages,” as defined by the City of Ithaca (see Exhibit E), will be paid to full-time employment positions to be created. (e) Determine amount and terms of IURA financing, including appropriate security. (f) If applicable, perform appropriateness review in conformance with HUD guidelines. (g) Prepare written report to the IURA Loan Committee summarizing the review process and providing recommendations as appropriate. IURA Financing Guidelines Rev 12/18/14 Page 7 [PAGE 16] 6.4 Economic Development Committee. The IURA has established an Economic Development Committee to review loan applications and to make recommendations. No loan application may be presented to the IURA for action without a review and recommendation(s) by the Economic Development Committee. The Loan Review Committee will also be responsible for reviewing and making recommendations to the IURA as appropriate regarding loan portfolio management issues (see Section 8). Members of the Economic Development Committee shall be appointed by the Mayor and shall serve at the pleasure of the Mayor. 6.5 Loan Review. Each loan application will be evaluated based upon the information detailed in Section 6.3. In addition, the Economic Development Committee, or any IURA designated review committee, and the IURA will consider the following criteria: (a) Number of jobs created; (b) Quality of the jobs created (including full/part-time status of jobs created and opportunities for promotion); (c) CDBG funds per job created; (d) Funding commitments from other sources; (e) Public benefit; (f) Impact on tax base; (g) Neighborhood impact; (h) Whether the compensation package (including wages and benefits) offered to new full-time employment positions is competitive within the regional labor market for the peer industry sector; and addresses the City’s “living wage” policy (attached hereto as Exhibit E); (i) Owner equity contribution; (j) Amount of private funds leveraged; (k) Level of commitment to hire local youth, minorities and other groups with elevated unemployment rates; and, (l) Consistency with City of Ithaca and IURA plans and policies. 6.6 Loan Approval. The IURA shall have sole authority to approve IURA loans, except in instances where the IURA has delegated such authority or where local law, rules, regulations, policies, or similar authorities require additional approval by the City of Ithaca. The IURA's authority shall include the commitment to lend IURA funds, the interest rate(s) to be charged, the repayment terms, and the requisite security for the loan. The application of other appropriate conditions of lending and covenants of the borrower shall be the responsibility of the IURA Attorney with input from IURA staff and the Economic Development Committee. 6.7 Loan Disapproval. IURA Financing Guidelines Rev 12/18/14 Page 8 [PAGE 17] (a) Loan applications may be disapproved by the IURA's Director of Community Development based on a lack of application completeness or a failure to meet the eligibility criteria pursuant to Sections 6.3(a) and 6.3(b) of this Plan respectively. In such instances, the applicant will be notified in writing of the reason(s) for disapproval. (b) Loan applications may be disapproved at the direction of the Economic Development Committee if the Committee determines that IURA financing is clearly inappropriate based on the reviews conducted in accordance with Sections 6.3(c), 6.3(d) and 6.3(f) of this Plan. In such instances, the applicant will be notified in writing of the reason(s) for disapproval. (c) Loan applications may be disapproved by the IURA for any reason or reasons which represent a reasonable determination that the approval of the IURA application would not meet the objectives of the IURA program and/or would not represent an appropriate or prudent use of IURA funds. In such instances, the applicant will be notified in writing of the reason(s) for disapproval. SECTION 7. POST-APPROVAL PROCESS 7.1 Commitment Letter. Within ten calendar days from the date of the IURA's approval of an IURA loan (or from the City's approval if applicable), a commitment letter shall be sent to the applicant which includes, at a minimum, the information listed below (see sample at Exhibit B). The applicant will have 10 calendar days within receipt of the commitment letter to sign and return the letter to the IURA. (a) The amount of the loan approved, the applicable interest rate, the term of the loan, the terms of repayment, and the expiration date of the commitment. (b) The required use of the loan funds. (c) The IURA's requirements for collateral and additional security - including guarantees, pledges of assets, assignment of life insurance, etc. (d) Summary information regarding employment requirements. (e) Any other conditions of lending. (f) A listing and explanation of any fees to be charged and other closing costs which will be the responsibility of the borrower. IURA Financing Guidelines Rev 12/18/14 Page 9 [PAGE 18] (g) A listing of those conditions and requirements of the borrower which must be fulfilled precedent to a loan closing. (h) Any other information which could reasonably be expected to influence the borrower's decision to accept the terms of the loan commitment. 7.2 Loan Closings. The IURA Attorney shall have the responsibility to prepare and/or require the preparation of all appropriate closing documents. IURA staff will prepare the draft legal documents. The borrower shall be required to pay all closing costs incurred by the IURA. The IURA Attorney shall determine the appropriate closing documents to be executed based upon the terms and conditions of the loan approval and standard commercial lending policies. Such documents shall generally include the following: (a) A loan agreement which includes a description of the loan terms and security, appropriate representations and warranties, the conditions of lending, affirmative and negative covenants - including compliance with applicable federal laws and regulations, requirements regarding employment creation and reporting, default provisions, and any other provisions which may be appropriate. (b) A note or notes to evidence the indebtedness and the terms of repayment. (c) The appropriate documents to evidence and record mortgages, liens, guarantees, and such other security as may be required by the terms of the loan. (d) Other appropriate documents as determined by the IURA Attorney. 7.3 Security. The IURA Attorney will be responsible for perfecting all of the IURA's security interests including, where appropriate, the execution of security agreements, the filing of financing statements, the execution and filing of mortgage documents, the execution of guarantees, and any other appropriate actions to adequately protect the IURA's security interests. Inter-creditor agreements should be executed where appropriate to further protect the IURA's interests and to facilitate the processing of defaults and foreclosures. 7.4 Loan Disbursements. The disbursement of loan proceeds shall be the responsibility of the Director of Community Development. For such disbursement, the following guidelines shall generally apply: IURA Financing Guidelines Rev 12/18/14 Page 10 [PAGE 19] (a) Subject to the borrower's compliance with the terms and conditions of the loan agreement, all documents evidencing and securing the loan, and other guidelines for disbursement as described in this Section 7.4, the IURA may disburse loan proceeds upon the borrower's presentation of vouchers and other such evidence satisfactory to the IURA which represent paid or accrued expenses of the borrower and which are eligible costs as determined by the IURA. (b) Where other debt or equity financing is to be used in conjunction with the IURA financing, such debt or equity must, in the opinion of the Director of Community Development, be firmly committed for such use. Evidence of the commitment(s) must be submitted by the borrower. (c) Where other debt or equity financing is to be used in conjunction with the IURA financing, the IURA will, at its discretion, determine an appropriate draw schedule for IURA funding. The manner and terms of the disbursement of the IURA financing should normally be included in the approval of the financing by the IURA. However, in instances where the IURA has not prescribed a draw schedule, the Loan Review Committee may approve a draw schedule. SECTION 8. LOAN MANAGEMENT 8.1 Loan Service. A loan servicing agency will provide administration and servicing of loans. Duties executed by the agency will include all collection, remittance, accounting, loan debtor's failure to perform, delinquencies, collection and foreclosures. 8.2 Delinquencies. The loan servicing agency for the IURA will contact the borrower within 14 days of any delinquency of payment to inform the borrower of the delinquency and to determine if there is a need to procure additional information or to provide technical assistance. Delinquencies which continue for 90 days will be referred to the IURA Attorney for further action. 8.3 Annual Financial Review. The Director of Community Development will conduct an annual financial review for all borrowers based primarily on the annual financial statements submitted by the borrower. The Director of Community Development also may request quarterly financial statements or any other information as appropriate. The reviews will be presented to the Loan Review Committee for further action or recommendations as appropriate. 8.4 Adjustment of Terms and Conditions. Requests by the borrower for adjustment of any of the terms and conditions of the loan will be reviewed by the IURA Financing Guidelines Rev 12/18/14 Page 11 [PAGE 20] Director of Community Development to determine whether the adjustment is in the best interests of the IURA. Requests will be processed in accordance with the following: (a) Requests to adjust the interest rate, term of the loan, or security for the loan will be reviewed by the Director of Community Development, presented to the Loan Review Committee for review and recommendations, and presented to the IURA for action. Any such adjustments will require approval of the IURA. (b) Requests to accrue interest or to pay interest only may be approved by the Director of Community Development for a period not to exceed 60 days. The Loan Review Committee will have the authority to extend such a period to 180 days. Extensions for any longer period will require the approval of the IURA. (c) Requests for changes respecting any covenants or conditions of a financial nature must be approved by the Loan Review Committee as to content and the IURA Attorney as to form. (d) Requests for any other changes to the covenants or conditions of the loan including, but not limited to such areas as reporting requirements, cost documentation, and maintenance of records may be approved by the Director of Community Development or referred to the Loan Review Committee at the Director’s discretion. SECTION 9. SPECIFIC PROGRAM ELIGIBILITY REQUIREMENTS, STANDARDS AND LENDING POLICIES FOR INDIVIDUAL PROGRAMS 9.1 Community Development Revolving Loan Fund (CD-RLF). (a) Maximum Amount of Financing. $100,000.00 for a retail business; $150,000.00 for non-retail business for expansion, startup or job retention resulting in the creation of multiple jobs, particularly jobs which will provide for higher wages, benefits and training, and which will lead to the diversification of Ithaca’s economic base. The above listed maximum amount of financing may be exceeded in instances where the IURA determines that the expanded business activity will likely result in an extraordinary degree of public benefit. (b) Ineligible Activities. Financial assistance shall not be undertaken to an “adult entertainment establishment,” as defined by City of Ithaca municipal code, or any business that derives more than 35% of IURA Financing Guidelines Rev 12/18/14 Page 12 [PAGE 21] revenues from the sale of alcoholic beverage to consumers. Furthermore, financial assistance to restaurants, nightclubs, bars and similar businesses are not eligible activities to be undertaken with financing unless such activity scores at least 100 points on the “CD-RLF Worksheet for Determining Eligibility for Restaurants” as determined by the IURA (see Exhibit D – CD-RLF – Loan Eligibility Policy for Restaurants and Similar Businesses). (c) CDBG National Objective. Assisted activities must meet at least one of the following national objectives of the CDBG program: (1) Benefit low- and moderate-income persons, or (2) Prevent or eliminate slums or blight. Assisted activities benefiting low- and moderate-income persons include, but are not limited to, the creation or retention of at least one employment opportunity meeting the requirements outlined in Section 3.1 of the Plan. Assisted activities preventing or eliminating slums or blight must document that the assisted activity will result in the elimination or prevention of slums or blight and, if addressing slum/blight on a spot basis, that the assisted activity was limited to addressing specific condition(s) that posed a public health and safety threat to the public in general, including but not limited to remediating brownfield conditions. (d) High-tech businesses. The start-up and growth of high-tech businesses leveraging Cornell University research and other innovative technologies will diversify and strengthen the local economy and create skilled production employment positions with the potential for significant additional job growth, but traditional loan underwriting does not satisfactorily analyze risk and reward of early stage high-tech businesses. Due to the unique characteristics and opportunities of pre-revenue high- tech businesses, the following special guidelines shall apply to early stage high-tech business loan applications: (1) Term: not to exceed 5 years (2) Interest Rate: transaction specific depending on risk, may range up to 10%, plus warrants (3) Match Funding: a minimum 3:1 match of equity investments from other qualified, professional investors in the business (4) Security/Collateral: Transaction specific, no minimum loan-to-value standard is required. Personal guarantees may be sought when appropriate. (5) Living Wage: Required for all full-time jobs created as result of the loan (6) Portfolio Risk: Loan balances to early-stage high-tech businesses shall not exceed 25% of the IURA’s CDBG loan portfolio IURA Financing Guidelines Rev 12/18/14 Page 13 [PAGE 22] (7) Other Underwriting Considerations: Applicant’s past record of obtaining early stage financing, including competitive federal and state funding. Linkage to Cornell University research and resources. Strategy for retaining economic benefits in the City of Ithaca in the event the company is relocated by private investors. Stage of development for commercializing technology is appropriate for debt financing: prototyping, product development, pilot production, full volume production. 9.2 Economic Development Project Loan (EDPL) Program (a) Objective. The fund seeks to create a flexible and responsive financing tool, working in conjunction with other City planning and economic development initiatives, to provide secured loans to facilitate the expansion of business activity within the inner city core business areas of the City of Ithaca resulting in the creation of at least 12 employment opportunities and leveraging at least $550,000.00 of new private investment. The target area includes the Downtown Central Business District, the West State Street corridor, the West End, and Inlet Island. (b) Eligibility. The loan applicant must own or lease property located within the Economic Development Project Loan Fund (EDPL) Target Area (see Exhibit F) where the business activity to be financed will occur. The EDPL target area boundary is co-terminus with the City of Ithaca adopted Density Abatement Zone, which was established to identify to the Tompkins County Industrial Development Agency (IDA) the appropriate areas of the City to grant real property tax abatements for new investments. (c) Eligible Uses of EDPL funds. Uses of funds shall comply with policies established in Section 2 of the Plan. (d) Job Creation. Assisted activities must result in the creation or retention of employment opportunities meeting the requirements outlined in Section 3 of the Plan. At least 51% of the jobs created as a result of CDBG financial assistance must be held by, or made available to, low- and moderate-income persons. (e) Minimum Amount of Loan Financing: $40,000.00. (f) Maximum Amount of Loan Financing: none. IURA Financing Guidelines Rev 12/18/14 Page 14 [PAGE 23] (g) Interest Rate: Generally, approximately 75% of the prime rate published in the Wall Street Journal, except where the IURA determines risk or extraordinary degree of public benefit of the financed activity warrants a different interest rate. (h) Program Income. Loan repayments received shall be deposited in the Community Development Revolving Loan Fund to provide loan financing to assist small businesses throughout the City. 9.3 Cayuga Waterfront Trail Business Loan Program (a) Objective. Induce businesses and property owners along the Cayuga Waterfront Trail corridor to undertake economic development projects that create jobs and address deteriorated, unsightly, or underutilized areas controlled by multiple property owners to result in an enhanced experience by trail users and better realize the business potential from proximity to the trail. (b) Eligible Borrowers. The loan applicant must own or lease property in the target area where the business activity to be financed will occur. (c) Eligible Projects. All projects must include a significant site improvement component, which is environmentally friendly, and demonstrate collaboration with adjoining businesses and/or property owners to jointly address a common problem. (d) Eligible Uses of Loan Funds. Funds may be used for any justifiable business purpose, including, but not limited to fixed assets, site improvements, current assets including inventory and accounts receivable, permanent working capital, acquisition of land and/or buildings, and costs related to business start-up. Project must include a significant site improvement component. (e) Target Area. Areas adjacent to or in close proximity to the Cayuga Waterfront Trail within the City of Ithaca. Parcels located within 100 feet of the Cayuga Waterfront Trail shall be considered to be located within the target area. (f) Job Creation. At least one FTE job for every $35,000 of loan assistance. (g) CDBG national objective test. Low/mod jobs benefit - 51% of all jobs created must be held by, or made available to, LMI persons. IURA Financing Guidelines Rev 12/18/14 Page 15 [PAGE 24] (h) Maximum Amount of Financing. $50,000, not to exceed 50% of project cost. (i) Term. 5 years. (j) Interest Rate. 0% (k) Repayment. Repayment due after 5 years, however no repayment required subject to project completion and satisfaction of job creation objective. The principal balance shall decrease by 20% on the anniversary of disbursement of loan funds and shall be fully forgiven after 5 years. (l) Security/Collateral. For an operating business, a lien on business assets, or other satisfactory collateral. For a landlord, a subordinate mortgage lien on the project property, or other satisfactory collateral, and be it further. 9.4 Ithaca Density District Priority Business Loan Program (a) Objective. Induce the creation and start-up and expansion of specific priority business enterprises that have been defined by the community as highly desirable and/or enterprises that substantially increase foot traffic thereby strengthening the real estate market in the Density District to support businesses that provide daily goods and services to local residents. The program intends to meet this objective through direct financing to businesses with the understanding that attracting such business enterprises is likely to require stronger incentives than are available from other private or public sources and are likely to involve higher than normal risk and flexible lending policies to accomplish its objective. (b) Eligible Borrowers. Both for-profit and nonprofit entities legally established to conduct business in New York State. (c) Eligible Projects. The IURA has identified the following list of priority businesses desired in the density district: pharmacy; family shoe store; family apparel retail; groceries; IURA Financing Guidelines Rev 12/18/14 Page 16 [PAGE 25] unrepresented restaurants; under-represented medical practitioners, such as family medicine, general internal medicine, pediatrics and/or adolescent medicine offices, obstetrician/gynecologist; geriatrician and alternative medical practitioners; business owned and operated by underrepresented groups, including a minority-owned business; tourist attractions (Wine Center, Museum Store); brewpub; live entertainment venues (jazz, comedy, performing arts); businesses that primarily provide essential goods and services, such as evening drop-in childcare, that will be readily available in the greater downtown neighborhood; and any other business that directly supports a Common Council-endorsed strategic plan that is targeted for, or includes, the density district, and enhances the urban core, as determined by the IURA. Only projects that qualify under the above list are eligible for this loan program. (c) Eligible Uses of Loan Funds. Funds may be used for any justifiable business purpose including, but not limited to, fixed assets, current assets including inventory and accounts receivable, permanent working capital, acquisition of land and/or buildings, and for costs related to micro- enterprise start-ups. (d) Use of funds by nonprofit borrowers is limited to commercial or industrial improvements, including acquisition, construction, rehabilitation, reconstruction, or installation of commercial or industrial buildings or structures and other related real property equipment and improvements (Note: working capital and inventory uses are not eligible). (e) Target Area. Projects must be located within the “Density District” within the City of Ithaca (see Exhibit G), or any successor area within the City of Ithaca eligible for temporary tax abatement assistance through the Tompkins County Industrial Development Agency. (f) Job Creation. At least one FTE job for every $35,000.00 of loan assistance. IURA Financing Guidelines Rev 12/18/14 Page 17 [PAGE 26] (g) CDBG National Objective Test. Either low/mod jobs benefit - 51% of all jobs created must be held by, or made available to, LMI persons, or a neighborhood business serving a predominantly LMI neighborhood. (h) Maximum Amount of Financing. $250,000.00, not to exceed 60% of project cost, nor more than the minimum amount necessary to effect the business activity after maximizing other private and public sources of debt and equity or finding that such other sources are inappropriate, unaffordable, or otherwise unavailable. (i) Term. Not to exceed 10 years, unless secured with real property. (j) Interest Rate. Transaction specific depending on need and risk, may range from 0% to the 10-year US Treasury rate. (k) Repayment. Repayment terms shall be transaction specific. Projects shall be underwritten to fully repay the IURA loan. (l) Security/Collateral. Collateral to secure the loan shall be transaction specific; no minimum loan-to-value standard is required and security may be limited to a first or second lien position on inventory and furnishings, fixtures and equipment or other satisfactory collateral. END IURA Financing Guidelines Rev 12/18/14 Page 18 [PAGE 27] List of Exhibits Exhibit A – IURA Application Form (referenced in Section 6.1) Exhibit B – Sample Loan Commitment Letter (referenced in Section 7.1) Exhibit C – Business Improvement District Map (referenced in Section 9.2) Exhibit D – CD-RLF, Loan Eligibility Policy for Restaurants and Similar Businesses (referenced in Section 9.1) Exhibit E – City of Ithaca Living Wage Policy (referenced in Sections 6.3 and 6.5) Exhibit F – Economic Development Project Loan Fund Target Area Map (referenced in Section 9.2) Exhibit G - Ithaca Density District Priority Business Loan Fund Target Area Map (referenced in Section 9.4) IURA Financing Guidelines List of Exhibits [PAGE 28] EEEEEEEEEAAAAAAAAASSSSSSSSSTTTTTTTTT MMM MMMMMMAAAAAAAAARRRRRRRRRSSSSSSSSSHHHHHHHHHAAAAAAAAALLLLLLLLLLLLLLLLLL SSS SSSSSSTTTTTTTTTRRRRRRRRREEEEEEEEEEEEEEEEEETTTTTTTTT UUU NNNIII VVV UUU EEE NNN RRR IIIVVV UUU SSS EEE NNN III TTT RRR III VVV YYY SSS EEE III AAA TTT 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TTT LLL UUU AAA RRR CCC NNN EEE EEERRR PPP TTT LLL UUU AAA RRR CCC NNN EEE EEERRR PPPLLLAAACCCEEE u S n t 8 y 0 D D CCCCCC i CCC HHH OOO g HHH OOO HHH OOO III LLL PPP III a LLL PPP LLLIII LLL PPP LLLLLL UUU i LLL UUU LLL LLL UUU LLL LLL t LLL MMM EEE VVV t MMM EEE VVV MMM EEE VVV a AAA III BBB u AAA III BBB AAA EEEIII BBB EEE SSS EEE III SSS III SSS WWW AAAIII l WWW AAA AAA WWW AAA m AAAAAA NNN SSS PPP NNN SSS PPP NNN P SSS PPP TTT TTT LLL TTT TTT LLL TTT TTT LLL RRR AAA RRR AAA SSS RRR AAA SSSSSS l EEE CCC EEE CCC TTT EEE CCC TTT a TTT EEE EEE RRR EEE EEE RRR EEE EEE RRR 0 TTTTTT EEE TTT EEE n EEEEEEEEEEEETTTTTTTTT imetric Ma f 5 p e 0 e 1 0 9 t B C D P B 9 u i e t r o 1 i y n o l u - d s p 2 o n i i e n f 0 t d y r g I 0 a t t s y h D 5 r 1 a i i e , s c 0 s t a 0 ri 0 ct Map Prepared by: GIS Planning, City of Ithaca, NY, 22 August 2007. [PAGE 37] Excerpted Recommendations from Draft Ithaca Retail Market Study and Strategy The Ithaca Retail Market as a Whole - Action Items *Create, market and maintain an up-to-date citywide list of storefront vacancies * Create and maintain an (internal) citywide succession-planning database, to identify merchants planning to retire, close and/or sell and if so, on what timeline and terms, so that preemptive steps might be taken * Align retail incentives with the tenanting strategies outlined in the ensuing chapters * Develop an information-clearinghouse function, providing data sets that can be difficult and/or cost-prohibitive for smaller landlords, brokers and merchants to assemble and/or procure on their own * Produce retail market reports that paint a broader picture of current conditions and emerging trends, as well as "rapid-rebuttal" briefs which advance data-driven counternarratives in response to negative news * Develop retail tenanting brochure(s) that creatively (re)frame the city and/or one of its districts as a compelling retail location in the minds of tenants, brokers and investors, along with an extensive "roadshow" that proactively makes the case for the opportunity * Unearth, research and vet prospective retail tenants, then present or pitch them as alternatives to consider for landlords and brokers * Update and refine the "Doing Business in Ithaca" guide developed by the City's Office of Economic Development, including proactive distribution and marketing to further increase awareness among aspiring entrepreneurs * Explore the feasibility of establishing and managing new brick-and-mortar entrepreneurial platforms (e.g. fashion-truck pods, shipping-container villages, etc.) * Create and coordinate an advisory panel of Gen Z'ers and Gen Alpha's that can provide guidance on how habits and tastes are evolving among young people, to inform positioning, tenanting and visitor marketing efforts going forward * Tweak visitor branding and marketing to better reflect Ithaca's psychographic positioning, with a more explicit appeal as a destination for the arts in the near term * Convene major stakeholders on a regular schedule to brainstorm possibilities for and consider the feasibility of new "game-changing" anchors * Redouble efforts to elevate Ithaca's curb appeal with additional "cleaning and greening" as well as facade/signage enhancements * Center the needs, experiences and anxieties of the business community in discussions about policy and resource allocation, particularly as they relate to perceived safety and order in the public realm [PAGE 38] Downtown Ithaca - Visitors comprise a critically important submarket, accounting for 54% of Downtown's foot traffic. Their median household income -- exceeding $100,000-- is considerably higher than the MSA's ($72,000), and they tend to be more impulse-driven in their spending. They also help to backfill demand during the summer months when schools are not fully in session. They are likely less aware of and deterred by the negative perceptions that predominate locally. And inasmuch as they are staying at Downtown hotels, they are not as concerned about the inconveniences of parking. - Downtown can leverage additional tenanting opportunities within select niches: 1) arts and crafts; 2) vintage and consignment; 3) destination food and beverage; and 4) diversified entertainment. It will be more challenged, however, to attract the convenience-oriented businesses considered essential to the "15-minute city" - most notably, a full-service grocer. - The prevalence of independent merchants in the Downtown, including the cluster of arts-related businesses, conveys something meaningful about the overall Ithaca brand and ought to be reinforced. This should include the creation of additional "entrepreneurial platforms" that provide market access for talented yet undercapitalized operators. Tenanting efforts, however, should also encompass regional or national "chain-lets" (defined by a relatively small number of existing locations), and can even incorporate opportunistic pursuit of select brands that align with the community's psychographic profile. - Considering the 2019 parking utilization levels in the context of what has changed since then, the current supply of parking spaces in Downtown remains more than adequate to meet the demand. That said, the City could experiment with a more aggressive market-based pricing system that charges for on-street spaces on the basis of supply-versus-demand and increases the discount for stalls in the underutilized Green and Cayuga Street facilities. Downtown Ithaca - Action Items * Initiate prospecting efforts on behalf of landlords and brokers, focusing on the aforementioned niches and operator types * Orient available incentives towards anchor/catalytic uses on a "but-for" basis (including partnerships with owners of historic buildings to help pay for kitchen infrastructure), while recognizing that highly-coveted operators might justify the benefit as a form of enticement * Explore the introduction of new brick-and-mortar entrepreneurial platforms * Position and promote the Downtown as the publicly-facing center of an nationally prominent "arts town" as well as a broader "arts archipelago" * Leverage the potential of the Commons as Ithaca's "Central Social Place" with various low-cost "informal entertainment(s)" - even in the colder winter months -- and al fresco dining/imbibing * Address both the reality and the perception of antisocial behavior on and near the Commons * Complete a formal parking study that updates utilization levels of the existing Downtown supply as well as considers the wisdom and practicalities of a more aggressive performance-based pricing scheme * Develop a more systematic approach to curbside planning that considers the practical needs and concerns of its many user groups 2 [PAGE 39] West State Street - West State Street is Ithaca retail at its most contemporary and dynamic. It centers on a number of food and beverage concepts that speak to a particular kind of Millennial, the "neo-hipster" - an upwardly-mobile, knowledge-industry professional (or postgraduate student) who celebrates creativity, fetishizes craftsmanship and skews socially progressive. Yet Millennials are aging: many of them are now raising families, spending less time and money on food and beverage. Zoomers are following in their footsteps - in some respects, but certainly not all (e.g. far lower levels of alcohol consumption), and the district's mix of offerings will need to stay ahead of such trends. - Generally speaking, food and beverage will remain the most promising kind of tenancy along West State Street. On the other hand, there is simply not enough existing foot traffic during the daylight hours to support shops, except for ones which are able to draw as destinations and/or generate significant revenue from other sources besides the walk-in trade. - In planning documents, West State Street is said to "lack consistent character, with a mix of building types" as well as offer a "unique capacity for growth as evidenced by a mix of... underutilized and redevelopable properties." It is envisioned as a favorable location for the sort of high-density housing that Ithaca sorely needs. Yet while affordability is no doubt a legitimate concern that must be addressed, it has also resulted in a kind of blind spot. After all, the underutilization of the building envelope(s) and the inconsistency in the built form is precisely what gives West State Street the lived-in eclecticism and the affordable "second-generation" retail space that appeals to - and is affordable to -- its current crop of neo-hipster businesses. Redevelopment, on the other hand, not only displaces existing ground-floor tenants, but also tends towards a more polished aesthetic as well as a less forgiving rent structure - all of which could imperil the distinctive vibe that has been attracting such operators and their customers. West State Street - Action Items * Retain the ground-floor retail requirement along West State Street from Plain Street to Meadow Street (as well as Geneva Street to Albany Street, for the Block 14 site), while allowing greater flexibility between Albany Street and Plain Street but still with guidelines insisting on "retail-ready" design at street level * Design, fund and install streetscape enhancements that specifically reflect and project West State Street's distinct identity * Revamp directional signage along NY 13 to steer Downtown-bound motorists towards West State Street * Undertake periodic updates of on-street parking utilization rates while also replacing existing (coin-operated) meters with modern ones which accept credit cards and offer pay-by-mobile convenience * Consider the formation of a membership-based merchants association for West State Street while exploring the possibility of a Business Improvement District (perhaps in concert with the West End) if/as assessed value increases with property redevelopment 3 [PAGE 40] The West End * Businesses are largely interested in - and generate sales from -- locations along the NY 13 couplet as a result of its high visibility to and easy access for large numbers of passing motorists. Unless the NYSDOT is willing to release the couplet from its role as an arterial thoroughfare, it will continue to be valued far more for its cars than its pedestrians, with auto-oriented tenants likely to pay higher rents than ones focused on the foot traffic. * For the NY 13 couplet, the City envisions a twosome of boulevard-like "Complete Street(s)" on which automobiles drive slower while pedestrians and bicyclists feel safer, and along which rise mixed-use projects with street-level storefronts below affordably-priced housing units. Yet pedestrian-oriented retail bays as part of new construction in the West End, then, is likely to sit vacant, suffer from frequent turnover or fill with different kinds of businesses than the ones envisioned. Due to sight lines, businesses flush with (rather than set back from) the sidewalk have a much shorter window in which to make an impression on passing motorists, while drivers are less likely to stop if they cannot see on-site parking in front or on the side. * In addition to its many convenience-oriented tenancies (e.g. gas stations, bank branches, quick-service food and beverage concepts), the district features a number of independently-owned restaurants, bars and even some boutiques due to its preponderance of older "second-generation" buildings. No one would develop such structures today, and the retail rents are, on their own, not enough to cover the carrying costs of these properties. Indeed, some of the tenants might owe their inexpensive spaces to the possibility of redevelopment, currently in a holding pattern until the numbers pencil, and/or plans for disruptive roadwork by the State Department of Transportation (NYSDOT). Once either commences, their tenure there could be in jeopardy. * The amount of retail space which can be realistically sustained along the waterfront appears to have been overstated, as the location implies heavy reliance on destination trade. This points to two or three food and beverage offerings. Without loyal followings, shops and galleries would likely struggle with inadequate foot traffic, especially in the colder months. And to the extent that a critical mass did materialize, it would almost certainly vie with Downtown for patronage and prospective tenants. Finally, the number of rooftops, even if all of the existing development proposals are built as planned, would still fall well short of the minimum needed to support publicly-facing, convenience-oriented businesses on site. The West End - Action Items * Offer grants to property owners along the NY 13 couplet to beautify their frontages with low-cost improvements to landscaping, lighting, facades and signage, while encouraging other kinds of activations on underutilized portions of their logs, like food trucks * Work with existing businesses soon or likely to be displaced by redevelopment to identify possible "refugee" space(s) in Downtown Ithaca or other districts * Continue with ongoing efforts to better manage the unhoused population camping in the City-sanctioned encampment known as the "Jungle * Consider the formation of a membership-based merchants association for the West End while exploring the possibility of a Business Improvement District (perhaps in concert with West State Street) if/as assessed value increases with property redevelopment 4 [PAGE 41] Collegetown * Collegetown's market share has likely been impacted by Cornell University's prioritization of the on-campus experience in recent years, with residency and meal-plan requirements for both freshmen and sophomores as well as a growing number of eateries and cafes within its footprint. At the same time, student preferences in dining and nightlife have been shifting, with the steep decline in alcohol consumption as well as the upscaling of tastes and sensibilities, resulting in greater leakage to Downtown and Restaurant Row. * Collegetown's retail mix, without any sort of intervention, is likely to continue along its current trajectory, with competitive positioning that points mostly to quick-service/casual food and beverage concepts as well as select convenience-oriented businesses catering to the dense, captive student submarket, especially its sizeable Asian/Asian American contingent. It will be hard-pressed to match the more diversified customer base available in Downtown for destination-oriented eating and drinking establishments or for specialty shops selling apparel, gifts, home decor or other comparison goods. * That said, Collegetown's customer base should be able to support some updates to and upgrades in the existing retail mix, moving beyond basic quick-service food and drink. Opportunities - still focused on meals, snacks and beverages in casual spaces -- include additional "fast-casual" eateries, offering healthier and/or higher-quality ingredients in more upmarket environs, and coffeehouse concepts, with novel flavors and styles along with ample seating and late hours; as well as uber-trendy franchises straight from Asia. * As the biggest stakeholder in Collegetown and the one with the greatest impact on the district's prospects, Cornell University needs to be engaged in the district's retail revitalization. At the same time, such efforts would seem to align with the university's own self-interest, given the proactive role(s) that some of its peer institutions - like Yale University or, on a much smaller scale, Bucknell University -- have taken in recent decades, as part of the fierce competition for the best faculty, researchers and students. Its willingness to participate in the new Collegetown Community Collective is an encouraging sign. * Some have argued that Collegetown's struggles to draw a broader audience from across the city and beyond can be attributed to parking. However, complaints on the subject can also obscure deeper challenges with the businesses themselves. After all, a consumer's willingness to tolerate the hassle, inconvenience and/or cost rises or falls in direct proportion to the appeal of their ultimate destination. If it is compelling enough, and if the overall supply of spaces is adequate, motorists will find a way. They may not be happy about it, but ultimately, that should not prove decisive. Collegetown -Action Items * Draw on the new Collegetown Community Collective as a platform upon which to develop a coordinated retail vision and tenanting scheme for Collegetown, and through which to collaborate more closely with Cornell University on possible master lease(s) for retail space(s), funding for district-specific tenant incentives and the future of East Hill Plaza (as potential competition), among other initiatives * Identify and pursue opportunities for additional outdoor spaces which can be activated with informal entertainments (e.g. grassy area in front of Cascadilla Hall) * Upgrade the Collegetown aesthetic with a bit of polish, while, making sure to add some much-needed color and dynamism as well as a touch of whimsy and irreverence that would likely resonate with a student demographic * Reexamine the 2018 Collegetown Design Guidelines to ensure that the ground floors of new and existing development along the commercial stretches are designed optimally for retail tenancy, while also exploring opportunities to permit such uses on contiguous blocks where they could be viable 5 [PAGE 42] * Complete a formal parking study that updates utilization levels of the existing Collegetown supply as well as considers the wisdom and practicalities of a more aggressive performance-based pricing scheme, while also developing a more systematic approach to curbside planning 6 [PAGE 43] November 2025 ON TOTAL TOTAL Total Expenditures SCHEDULE HUD ENTITLEMENT ACTIVITIES SPONSOR BUDGET EXPENDED UNEXPENDED % SPENT December 2021 HOME ARP Activity ok 24.0 HOME-ARP Admin IURA 182,001.75 87,870.43 94,131.32 48% $8,201.21 HOME ARP-Formula funds (Activities TBD) 1,031,343.25 0.00 1,031,343.25 0% $0.00 Total 1,213,345.00 87,870.43 1,125,474.57 7% 2021 HOME Activities complete 1.0 110 Auburn Street Homeowner Project INHS 24,999.00 24,999.00 0.00 100% $0.00 complete 2.0 Homeowner Rehab32 INHS 57,170.80 57,170.80 0.00 100% $0.00 complete 5.0 511 S. Plain Street For-Sale Duplex21, 31 INHS 97,850.00 97,850.00 0.00 100% $0.00 complete 6.0 Housing Scholarship Program2,40 The Learning Web 71,685.08 71,685.08 0.00 100% $0.00 complete 7.0 Security Deposit Asst for Vunerable Households Catholic Charities 74,000.00 74,000.00 0.00 100% $1,287.38 complete 23.0 2021 HOME Admin IURA 33,471.50 33,471.50 0.00 100% $0.00 2021 Home Unallocated21,32, 34,40,41,45 1,287.38 0.00 1,287.38 N/A Total 360,463.76 359,176.38 1,287.38 100% 2022 CDBG Activities ok 2.0 Homeowner Rehab INHS 136,123.31 78,855.69 57,267.62 58% $0.00 complete 3.0 Minor Repair Program INHS 40,000.00 40,000.00 0.00 100% $0.00 complete 6.0a Security Deposit Asst Delivery Catholic Charities 2,500.00 2,500.00 0.00 100% $0.00 complete 7.0 Green Job Opportunities Through ReUse Training Finger Lakes ReUse 61,934.65 61,934.65 0.00 100% $0.00 complete 8.0 Work Preserve Job Training Historic Ithaca, Inc. 67,500.00 67,500.00 0.00 100% $0.00 complete 9.0 Hospitality Employment Training Program GIAC 50,000.00 50,000.00 0.00 100% $0.00 complete 10.0 Catholic Charities Building INHS 66,170.44 66,170.44 0.00 100% $0.00 complete 11.0 West End Pedestrian Improvements City of Ithaca 55,000.00 55,000.00 0.00 100% $0.00 complete 12.0 2-1-1 Information & Referral HSC 20,000.00 20,000.00 0.00 100% $0.00 complete 13.0 Job Readiness Historic Ithaca, Inc. 20,000.00 20,000.00 0.00 100% $0.00 complete 14.0 Immigrant Services Catholic Charities 30,000.00 30,000.00 0.00 100% $0.00 complete 15.0 GIAC Computer Lab GIAC 10,689.96 10,689.96 0.00 100% $0.00 complete 16.0 Pre-Apprentice Program Work Services41 Black Hands Universal 10,650.00 10,650.00 0.00 100% $0.00 complete 18.0 2022 CDBG Admin IURA 126,666.60 126,666.60 0.00 100% $0.00 complete 20.0 FLRU Job Retention Finger Lakes ReUse 98,025.60 98,025.60 0.00 100% $0.00 complete Economic Development Loan Fund IURA 50,000.00 50,000.00 0.00 100% $0.00 2022 CDBG unallocated33, 39, 41 1,341.15 0.00 1,341.15 N/A Total 846,601.71 787,992.94 58,608.77 93% 2022 HOME Activities ok 1.0 215 Cleveland Ave. For-Sale Home INHS 50,000.00 48,600.00 1,400.00 97% $0.00 ok 2.0 Homeowner Rehab INHS 12,517.50 0.00 12,517.50 0% $0.00 complete 4.0 Aurora Street & Morris Ave. Revitalization Habitat for Humanity 70,000.00 70,000.00 0.00 100% $0.00 ok 5.0 Sears Street Development INHS 92,140.40 90,567.55 1,572.85 98% $0.00 complete 6.0 Security Deposit Asst for Vunerable Households Catholic Charities 74,000.00 74,000.00 0.00 100% $0.00 complete 19.0 2022 HOME Admin32 IURA 31,913.70 31,913.70 0.00 100% $0.00 2022 Home Unallocated21 0.00 0.00 0.00 N/A Total 330,571.60 315,081.25 15,490.35 95% 2023 CDBG Activities NO 2.0 Homeowner Rehab33 INHS 146,250.00 0.00 146,250.00 0% $0.00 complete 3.0 Minor Repair Program INHS 40,000.00 40,000.00 0.00 100% $0.00 canceled 4.0 CHT Sears Street Development39 INHS 0.00 0.00 0.00 0% $0.00 ok 8.0 Buidling Quality Career Paths Through ReUse Finger Lakes ReUse 78,595.00 78,448.28 146.72 99.80% $0.00 ok 9.0 Work Preserve Job Placements Historic Ithaca, Inc. 67,500.00 66,060.13 1,439.87 98% $0.00 ok 10.0 HETP GIAC 54,320.00 52,374.59 1,945.41 96% $0.00 ok 11.0 Shared Kitchen Ithaca Friends of Ithaca Farmers Market 32,500.00 0.00 32,500.00 0% $0.00 complete 12.0 2-1-1 Information & Referral HSC 32,000.00 32,000.00 0.00 100% $0.00 complete 13.0 Job Readiness Historic Ithaca, Inc. 13,657.00 13,657.00 0.00 100% $0.00 complete 14.0 Immigrant Services Catholic Charities 40,000.00 40,000.00 0.00 100% $0.00 complete 15.0 A Place to Stay Catholic Charities 10,000.00 10,000.00 0.00 100% $0.00 complete 16.0 2023 CDBG Admin IURA 127,542.80 127,542.80 0.00 100% $0.00 ok Economic Development Loan Fund IURA 141,182.40 1,182.40 140,000.00 1% $0.00 complete 7.0 SJCS Sober Living Reintegration Project39 St. John's Comm. Services 14,849.87 14,849.87 0.00 100% $0.00 2023 CDBG unallocated 0.00 0.00 0.00 N/A Total 798,397.07 476,115.07 322,282.00 60% 2023 HOME Activities ok 4.0 CHT Sears Street Development34, 38 INHS 100,000.00 98,719.05 1,280.95 99% $0.00 ok 5.0 312 S. Plain Street Duplex Habitat for Humanity 95,061.60 94,061.60 1,000.00 98.95% $0.00 complete 6.0 Security Deposit Asst for Vunerable Households Catholic Charities 37,500.00 37,500.00 0.00 100% $0.00 canceled 7.0 SJCS Sober Living Reintegration Services38 St. John's Community Services 0.00 0.00 0.00 0% $0.00 complete 17.0 2023 HOME Admin IURA 33,326.40 33,326.40 0.00 100% $0.00 complete 8. HQS Inspections38 Independent contractor 2,500.00 2,500.00 0.00 100% $0.00 2023 Home Unallocated41,45 0.00 0.00 0.00 N/A Total 268,388.00 266,107.05 2,280.95 99% 2024 CDBG Activities ok 4.0 Minor Repair Program43 INHS 36,508.00 28,534.33 7,973.67 78% $11,640.12 ok 5a.0 Housing Inspections for Security Deposit Assistant IURA Service Contrtactor 2,500.00 0.00 2,500.00 0%. $0.00 ok 6.0 Career & Resources Program Black Hands Universal 6,670.00 2,524.82 4,145.18 38% $1,210.82 ok 7.0 Expanded ReUse Training Opportunities Finger Lakes ReUse 137,480.00 70,197.77 67,282.23 51% $0.00 ok 8.0 Work Preserve Job Placements Historic Ithaca, Inc. 67,500.00 25,372.88 42,127.12 38% $0.00 ok 9.0 200 Cecil A. Malone Dr. Pedestrian Improvements City of Ithaca 160,000.00 0.00 160,000.00 0% $0.00 ok 10.0 DICC ADA Upgrades & Modifications DICC 20,620.00 4,939.39 15,680.61 24% $0.00 complete 11.0 2-1-1 Information & Referral HSC 17,020.00 17,020.00 0.00 100% $0.00 complete 12.0 A Place to Stay for Homeless Catholic Charities 15,000.00 15,000.00 0.00 100% $0.00 ok 13.0 Housing Scholarships Personnel Support The Learning Web 13,130.00 9,000.00 4,130.00 69% $0.00 complete 14.0 Immigrant Services Catholic Charities 20,000.00 20,000.00 0.00 100% $0.00 ok 15.0 Job Readiness Historic Ithaca, Inc. 9,500.00 9,414.47 85.53 99% $0.00 complete 16.0 Security Deposit Asst Intensive Staffing Catholic Charities 3,000.00 3,000.00 0.00 100% $0.00 ok 17.0 Collaborative Street Outreach Program OAR 20,150.00 9,918.56 10,231.44 49% $0.00 complete 18.0 2024 CDBG Admin IURA 130,406.20 130,406.20 0.00 100% $10,895.79 2024 CDBG unallocated43 3,492.00 0.00 3,492.00 N/A Economic Development Loan Fund 150,054.80 1,000.00 149,054.80 $0.00 Total 813,031.00 346,328.42 466,702.58 43% 2024 HOME Activities Canceled 1.0 The Beacon44 INHS 6,055.80 6,055.80 0.00 100% $0.00 ok 2.0 113-115 Cleveland Ave. INHS 120,000.00 0.00 120,000.00 0% $0.00 ok 3.0 Housing Scholarship Program41 The Learning Web 84,060.00 35,403.20 48,656.80 42% $0.00 ok 5.0 Security Deposit Asst for Vunerable Households Catholic Charities 85,630.00 83,670.62 1,959.38 98% $2,045.62 complete 19.0 2024 HOME Admin IURA 24,416.20 24,416.20 0.00 100.0% $0.00 2024 Home Unallocated44 2,045.62 0.00 2,045.62 N/A Total 322,207.62 149,545.82 172,661.80 46% 2025 CDBG Activities ok 1.0 209 West State Street INHS 78,968.40 0.00 78,968.40 0% $0.00 ok 2.0 610 West Court Street Habitat for Humanity 80,000.00 0.00 80,000.00 0% $0.00 Page 1 of 2 [PAGE 44] November 2025 ON TOTAL TOTAL Total Expenditures SCHEDULE HUD ENTITLEMENT ACTIVITIES SPONSOR BUDGET EXPENDED UNEXPENDED % SPENT December ok 4.0 Minor Repair Program INHS 45,000.00 0.00 45,000.00 0% $0.00 ok 6.0 ReUse, IT & Clean Energy Job Skills Training FLRU 148,540.00 0.00 148,540.00 0% $0.00 ok 7.0 Hospitality Employment Training Program GIAC 95,400.00 0.00 95,400.00 0% $0.00 NO 8.0 Work Preserve Job Placements Historic Ithaca, Inc. 67,500.00 0.00 67,500.00 0% $0.00 NO 9.0 Southside Community Center Upgrades Southside Community Center 70,400.00 0.00 70,400.00 0% $0.00 ok 10.0 ReUse Materials Access Program (ReMap) FLRU 7,300.00 0.00 7,300.00 0% $0.00 ok 11.0 2-1-1 Information & Referral HSC 18,200.00 0.00 18,200.00 0% $0.00 ok 12.0 A Place to Stay for Homeless Catholic Charities 10,000.00 0.00 10,000.00 0% $0.00 ok 13.0 Housing Scholarships Personnel Support The Learning Web 13,600.00 0.00 13,600.00 0% $0.00 ok 14.0 ISP Catholic Charities 30,000.00 0.00 30,000.00 0% $0.00 ok 15.0 Job Readiness Historic Ithaca, Inc. 17,000.00 0.00 17,000.00 0% $0.00 ok 16.0 Security Deposit Asst Intensive Staffing Catholic Charities 6,000.00 0.00 6,000.00 0% $0.00 ok 17.0 2025 CDBG Admin IURA 136,183.60 0.00 136,183.60 0% $0.00 2025 CDBG unallocated 0.00 0.00 0.00 N/A $0.00 Economic Development Loan Fund 16,826.00 0.00 16,826.00 $0.00 Total 840,918.00 0.00 840,918.00 0% 2025 HOME Activities ok 1.0 209 West State Street INHS 42,098.20 0.00 42,098.20 0% $0.00 ok 3.0 Housing Scholarship Program The Learning Web 95,340.00 0.00 95,340.00 0% $0.00 ok 5.0 Security Deposit Assistance45 Catholic Charities 96,000.00 0.00 96,000.00 0% $0.00 ok 18.0 2025 HOME Admin IURA 24,598.41 0.00 24,598.41 0% $0.00 2025 HOME Unallocated 0.00 0.00 0.00 N/A Total 258,036.61 0.00 258,036.61 0% $23,746.73 $0.00 Total Unexpended Funds $3,256.50 Unexpended CDBG Entitlement Funds 1,239,456.55 $27,003.23 Unexpended CDBG Program Income Committed to Action Plan Activities 449,054.80 $14,628.25 CDBG Revolving Loan Fund Balance (#02 Bank Balance excluding interest) 363,504.87 $38,752.48 Unexpended HOME Entitlement Funds 1,573,944.58 $25,047.21 Unexpended CDBG Program Income (included in Revolving Loan Fund Balance (#02 bank Acct Above)) 0.00 $11,990.81 CDBG Program Income Unassigned 0.00 $68,753.22 Unexpended HOME Program Income 52,140.70 $56,324.75 HOME Program Income Unassigned 52,140.70 $0.00 Unexpended HUD Funds (Excluding CV Funds) 3,176,906.00 $0.00 $0.00 1.5 CDBG Spend Down Ratio Analysis (must be less than 1.5 by June 1st of each year): $0.00 CDBG Spend Down Ratio = total unexpended CDBG funds/most recent annual CDBG award $0.00 Most Recent Annual CDBG Award: 680,918 $242,499.95 1.5 x Most Recent CDBG Award: 1,021,377 Current Unexpended CDBG Funds: 1,602,961.42 Current CDBG Spend Down Ratio: 2.3541 Compliance With 1.5 CDBG Spend Down Ratio: NO Amount Required to be Expended by 6/1 to Meet CDBG Spend Down Ratio: 581,584.42 CDBG Timeliness Monthly Expenditures (Target $75,645/month) Monthly Spend Down Required to Meet Target 75,645.04 Actual Spend Down for Current Month 27,003.23 Met Per Month Target ($75,645/month) NO YTD Spend down Required to Meet Target 378,225.19 YTD Actual Spend Down 242,499.95 Met YTD Target NO Amount Needed to Meet Yearly Expenditure Goal 665,240.51 Page 2 of 2 [PAGE 45] LOAN REPAYMENTS DUE TO IURA December 2025 Origina L l oan Year Final Du D e a te % Monthy P y mt Paid Loan B alance Status Date Pym Re t c'd HOME Entitlement Loans Cedar Creek(90K HOME/10K HODAG)2 $ 100,000 2008 2038 5 $ - $ - $ 231,428.26 Int. only pmts. due subject to cash flow N/A Breckenridge Place $ 400,000 2012 2053 1 $ - $ - $ 576,033.46 Int. only pmts. due subject to cash flow 07/16/25 Stone Quarry Apartments, LLC3 $ 370,000 2014 2045 2 $ - $ - $ 408,748.40 Int. only pmts. due subject to cash flow 5/4/2021 210 Hancock6 $ 206,923 2017 2047 2 $ - $ - $ 211,324.42 Int. only pmts. du e subje ct to cash flo w 7/29/2025 Founder's Way11 $ 199,900 2021 2053 1 $ - $ - $ 204,937.59 Annual Pmts Subject to Cash flow. N/A Cayuga Flats $ 100,000 2020 2070 0 $ - $ - $ 104,147.11 Int. only pmts. due subject to cash flow N/A TOTAL ENTITLEMENT LOANS $ 1,376,823 $ - $ - $ 1,736,619.24 CD-RLF Ithaca Coffee Roasting Facility $ 100,000 2013 2034 2.5 $ 5 37.42 $ - $ 48,780.55 Past Due - owes December 2025 11/12/2025 210 Hancock6 $ 120,000 2016 2048 3.5 $ 565.87 $ 565.87 $ 104,082.76 Current 12/4/2025 Tompkins Community Action (Harriet Giannelis) $ 84,200 2018 2039 2.5 $ 440.54 $ 440.54 $ 59,257.56 Current 12/1/2025 Tompkins Community Action Relocation Loan $ 90,960 2018 2029 2.5 $ 857.48 $ 857.48 $ 32,087.01 Current 12/1/2025 BSJ Holdings Group (Tres Leches) $ 100,000 2023 2028 5.8 $ 2,085.52 $ 2,085.52 $ 56,649.98 Current 12/1/2025 S&F Ithaca, Inc. (Franco's Pizzeria) $ 50,000 2024 2029 5.875 $ 1,023.01 $ 1,023.01 $ 36,239.22 Current 12/1/2025 Urban Core $ 200,000 2017 2038 2.5 $ 1,068.43 $ 1,068.43 $ 139,853.68 Current 12/1/2025 Scattered Site Preservation $ 160,000 2018 2051 2 $ - $ - $ 145,196.29 Int. only pmts. due subject to cash flow N/A TOTAL CD-RLF LOANS $ 9 05,160 $ 6,578.27 $ 6,040.85 $ 622,147.05 CD-RLF Priority Business State Theatre1 $ 458,500 2009 2029* 2 $ 1,741.96 $ 1,741.96 $ 258,986.82 Current 12/1/2025 Home Cooking $ 100,000 2021 2028 2.5 $ 1,306.52 $ 1,306.52 $ 40,404.79 Current 12/1/2025 Sons of Susan, LLC (Personal Best Brewing) $ 140,000 2022 2028 3.5 $ 2,546.84 $ 2,546.84 $ 68,381.91 Current 12/1/2025 GreenStar Coop $ 400,000 2019 2029 3.5 $ 3,955.43 $ 3,955.43 $ 193,977.28 Current 12/1/2025 TOTAL CD-RLF PRIORITY BUSINESS $ 1,098,500 $ 9,550.75 $ 9,550.75 $ 561,750.80 CDBG Entitlement Diane's Downtown Auto-revised 5/3/12 $ 80,000 2006 2026 4 $ 449.85 $ 449.85 $ 3,545.79 Current 12/1/2025 702 Hancock Espresso Bar Loan $ 100,000 2025 2032 5.125 $ 1,419.27 $ 1,419.27 $ 98,011.39 Current 12/1/2025 210 Hancock6 $ 130,404 2016 2048 2 $ - $ - $ 138,708.32 Int. only pmts. due subject to cash flow 7/16/2025 $ 310,404 $1,869.12 $ 1,869.12 $ 240,265.50 Non-CDBG Ithaca Downtown Assoc (Canopy Hotel)4 $ 1,375,000 2016 2037 2.24% $ 7,190.05 $ 7,190.05 $ 945,341.45 Current 12/8/2025 324 Buffalo St. Loan $ 110,000 2021 2036 2.50% $ 508.30 $ 508.30 $ 94,063.77 Current 12/2/2025 107-109 South Titus $ 578,555 2020 2035 2.50% $ 2,294.57 $ 2,294.57 $ 509,016.88 Current 12/2/2025 TOTAL NON-CDBG $ 2,063,555 $9,992.92 $ 9,992.92 $1,548,422.10 HODAG Breckenridge Place $ 6 00,000 2012 2043 2 $ 2,217.72 $ 2,217.72 $ 402,002.23 Current 12/2/2025 TOTAL HODAG LOANS $ 600,000 $ 2,217.72 $ 2,217.72 $ 402,002.23 TOTAL IURA LOAN PORTFOLIO $ 6,484,845 $ 30,208.78 $ 29,671.36 $ 5,111,206.92 Agrees to Balance Sheet for December 2025 Notes 1. State Theatre's loan was extended/balloon payment now due in March 2030 Agrees to M&T loan Statement for December 2025 2. Cedar Creek's first Interest Only payt. due 1/1/11 - yearly payt. subject to available cash flow 3. Permanent phase for Stone Quarry began 11/1/2015. Permanent phase interest rate is 2%. 4. Canopy Hotel closed on 8/10/2016. Interest only pmts were due for the first 15 months. Interest rate is adjustable every five years. P&I payments began 1/1/2018. 5. 210 Hancock CDBG & HOME loans-permanent phase (commenced 12/1/2017) interest rate 2% (compounded annually); Annual payment subject to cash flow. 6. Urban Core Loan was disbursed 8/29/2017 for closing on 8/30/2017. First 6 months Interest Only payments due began 10/1/2017. Interest Rate 3.5%. P&I payments began April 2018. 7. Scattered Site Preservation Loan-Per original promissory note dated 5/16/2018 payments were not due and interest did not accrue in the construction phase. Promissory note was amended 11/15/2019 to include the accrual of interest @ 2% (compounded annually) during the construction phase. Permanent phase commenced 12/1/2021. In permanent phase pmts are subject to cash flow. Interest will accrue at 2% and compound annually. 8. Cayuga Flats-Permanent phase commenced 12/1/2021. During permanent phase 1% interest only payments will be due each anniversary of the permanent loan commencement date. Interest will compounded annually and payment will be subject to cash flow. Payments were not due and interest did not accrue in the construction phase. 9. Term for the 107-109 S.Titus Loan is 15 years but the loan is amortized over 30 years. The 15 year term includes 2 months of interest only pmts. A balloon pmt of principal & interest is due at the end of year 15 (10/1/2035). 10. Term for the 324 Buffalo St. is 15 years but the loan is amortized over 24 years. A balloon pmt of principal & interest is due in 2036 for approx. $49,518.74. 11. Permanent phase for Founder's Way began 7/1/2023. Permanent phase interest rate is 1%, compounded annually. Payments are subject to cash flow. [PAGE 46] LEASE PAYMENTS DUE TO IURA December 2025 Project M o nt hl y F e e Q u art erl y F e e Y e arl y F e e St at u s Date L P a a s y t t . Rec' d Cayuga Green Allpro Parking - air rights lease Monthly Lease $ 3 ,505.86 Past Due - owes December 2025 12/8/2025 (rate change 1/1/2025) Cayuga Green-Parcel A ground floor Monthly Lease-rate change on 2/1/2025 $ 8 ,169.18 Current 12/9/2025 Other Leases . The Seventh Art (Cinema) Monthly Lease-rate change on 10/1/2025 $ 2,288.00 Current 12/10/2025 $ 341.30 Current (small difference of $10.45 outstadning) 10/1/2025 Qrtly Maint Fee- Jan., April, July, Oct. (Maint Fee rate change on 10/1/2025) Southside Community Center-RIBS Monthly Lease -New rate 7/1/24 $ 547.70 Current - Lease Ended 1/31/2025 6/20/2025 Farmer's Market/Steamboat Landing Current - 2025 Pmt due $38,689.00/$37,694.00 Rec'd - Pmt Quarterly Lease - June, Aug., Oct., Dec. $ 9 ,672.25 Short $995.00 12/11/2024 Note: Total Delinquent $3,505.86 $10.45 Allpro $995.00 IFM [PAGE 47] Jurisdiction: City of Ithaca Jurisdictional Class: Competitive Adopted: 12/10/2025 ECONOMIC DEVELOPMENT SPECIALIST DISTINGUISHINGFEATURESOFTHECLASS:Thispositioninvolvesprofessionalworkinsupporting the Citys economic development initiatives through business outreach, data and policy analysis, projectcoordination,andinteragencycollaboration.Theincumbentservesasaprimarypointofcontact for existing and prospective businesses, providing guidance on City processes and connecting businesses with relevant resources. Responsibilities include business recruitment and retention, developmentofmarketingmaterials,coordinationofoperationalissuesinkeycommercialdistricts,and for major economic development projects and acting as the liaison for local, regional and state economic developmentorganizations.The work is performed underthe generalsupervision ofDirector of Planning and Development, with considerable leeway allowed for the exercise of independent judgment in carrying out assignments. Supervision of interns or volunteer may be assigned. Performs related work as required. TYPICAL WORK ACTIVITIES: (The following activities are listed as examples only and in no event shall an employee be limited to only those examples listed here.) Serves as a primary point of contact for new and existing businesses, providing guidance on City procedures, permitting, and available economic development resources; Conducts business recruitment and retention activities, with an emphasis on Downtown and College town, and develops related outreach and marketing materials; Works collaboratively with appropriate City staff to resolve operational and programmatic issues occurring on public property within the Commons and College town Collaborates with the Citys grant administrator to identify, pursue, and support grant opportunities for public and private economic development projects; Develops, updates, and maintains economic development data sets, indicators, and dashboards in an accessible and visually engaging format; Conducts economic analyses to inform policies, initiatives, development proposals, and strategic planning efforts, and presents findings to staff and elected officials; Serves as a liaison between the City and local, regional, and state economic development organizations, such as Ithaca Area Economic Development, Downtown Ithaca Alliance, Empire State Development, Southern Tier 8, and others as assigned; Participates in biweekly internal economic development meetings and contributes to strategic discussions and work planning; Undertakes or assists with major economic development projects (typically one to two per year), including research, stakeholder coordination, and project management tasks. FULL PERFORMANCE KNOWLEDGES, SKILLS, ABILITIES, PERSONAL CHARACTERISTICS: Good knowledge of economic development principles, business retention/recruitment strategies, and local government processes. Good knowledge of research methods, data collection, and economic or demographic analysis. Working knowledge of public-sector grant programs and funding mechanisms. Ability to interpret and explain City policies, procedures, and regulatory processes to businesses and the public. Ability to establish and maintain effective working relationships with business owners, community organizations, elected officials, and partner agencies. Ability to prepare clear, concise written reports and create engaging data visualizations and outreach materials. Effective communication and people skills. Ability to manage multiple responsibilities, meet deadlines, and exercise sound professional judgment with tact, courtesy, and professionalism. 56 [PAGE 48] Economic Development Specialist Page 2 MINIMUM QUALIFICATIONS: Either: A. Graduation from a regionally accredited or New York State registered college or university with a masters degree in City, Regional or Urban Planning, Economics, Public Administration, Business, Marketing, Real Estate or a closely related field with similar course curriculum and one (1) year of full-timepaidexperience,oritspart-timeequivalent,inimplementing economicdevelopmentplans and projects, strategic planning, business communications, real estate or business development, or a related field; or B. Graduation from a regionally accredited or New York State registered college or university with a bachelors degree in City,Regional or Urban Planning, Economics, Public Administration,Business, Marketing,Real Estate or a closely related field with similar course curriculum and three (3) years of full-timepaidexperience,oritspart-timeequivalent,inimplementing economicdevelopmentplans and projects, strategic planning, business communications, real estate or business development, or a related field; or C. An equivalent combination of training and experience as defined by the limits of (A) and (B). Note: College degrees must have been awarded by a college or university accredited by a regional, national, or specialized agency recognized as an accrediting agency by the U.S. Department of Education and/or U.S. Secretary of Education. If an applicants degree was awarded by an educational institution outside the United States and its territories, the applicant must provide independent verification of equivalency. A list of acceptable companies who provide this service can be found at https://www.cs.ny.gov/jobseeker/degrees.cfm. Applicantsareresponsible forpaymentof the required evaluation fee. 57 [PAGE 49] Please note this schedule is subject to change without advance notice. Check IURA website for most up-to-date version. 2026 CITY OF ITHACA HUD ENTITLEMENT GRANT 2/3/2026 Action Plan Schedule MILESTONE DATE/LOCATION 9:30 A.M., Wednesday, December 3, 2025, CoC Homeless & Housing PUBLIC ENGAGEMENT (VIRTUAL-ONLY OPPORTUNITY) Task Force (Virtual Only). Zoom link at: https://hsctc.org/providers/ 9:00 A.M., Thursday, December 11, 2025, NIC Mtg. & ORGANIZATIONAL MEETING(S) 9:00 A.M., Thursday, December 18, 2025, IURA Board Mtg., Common Council Chambers, City Hall (3rd Fl.) CALL FOR FUNDING PROPOSALS ISSUED MONDAY, JANUARY 5, 2026 12:00 Noon-1:00 P.M., Tuesday, January 13, 2026, Common Council PUBLIC INFORMATION & INPUT MEETING #1 (HYBRID MTG.) Chambers, City Hall (HYBRID mtg). Zoom link at: www.IthacaURA.org PUBLIC INFORMATION & INPUT MEETING #2 (IN-PERSON 5:00 P.M.-6:00 P.M., Thursday, January 15, 2026, Borg Warner Room MTG.) East, Tompkins County Public Library (IN-PERSON ONLY) INPUT, CONSULTATION & TECHNICAL ASSISTANCE (BY Contact Anisa Mendizabal for availability: REQUEST) amendizabal@cityofithaca.org or (213) 220-3522. PUBLIC ENGAGEMENT MEETINGS - ADDITIONAL IURA Staff may set additional Public Engagement Meetings. FUNDING APPLICATIONS DUE: NOON, FEBRUARY 20, 2026 1:00 P.M., Thursday, March 5, 2026 Neighborhood Investment Committee Meeting #1 Common Council Chambers, City Hall 3:30 P.M., Tuesday, March 10, 2026 Economic Development Committee Meeting #1 Common Council Chambers, City Hall 1:00 P.M., Thursday, March 12, 2026 Neighborhood Investment Committee Meeting #2 Common Council Chambers, City Hall 1:00 P.M.- 4:30 P.M., Thursday, March 19, 2026 IURA BOARD MEETING #1 ― PUBLIC HEARING #1 Common Council Chambers, City Hall 1:00 P.M.- 4:30 P.M., Thursday, March 26, 2026 IURA BOARD MEETING #2 ― PUBLIC HEARING #1 (CONT. ) Common Council Chambers, City Hall 1:00 P.M., Thursday, April 9, 2026 Neighborhood Investment Committee Meeting #3 Common Council Chambers, City Hall 3:30 P.M., Tuesday, April 14, 2026 Economic Development Committee Meeting #2 Common Council Chambers, City Hall Neighborhood Investment Committee Meeting #4 1:00 P.M., Thursday, April 16, 2026 (IF NEEDED) Common Council Chambers, City Hall 1:00 P.M.- 4:30 P.M., Thursday, April 23, 2026 IURA BOARD MEETING #3 Common Council Chambers, City Hall IURA Adoption of Draft 2026 Action Plan 9:00 A.M., Thursday, April 23, 2026 Draft 2026 Action Plan Available for 30+ Day Public 12:00 Noon, Thursday, April 30, 2026 Comment Period (at: www.IthacaURA.org) PUBLIC HEARING #2 ― Common Council Committee of 6:00 P.M., Wednesday, May 13, 2026 the Whole (COW): Special Topics Working Session Close 30+ Day Comment Period on Draft Plan 12:00 Noon., Monday, June 1, 2026 Common Council Approves 2025 Action Plan 6:00 P.M., Wednesday, June 3, 2026