TOWN OF BROOKHAVEN - Brookhaven IDA

The motion to accept the Operating Statement for November was made by Ms. Scheidt,
seconded by Mr. Celauro and unanimously approved.
The motion to accept the Operating Statement for December was made by Ms. Scheidt and
seconded by Mr. Rose. All were in favor.
Suffolk County National Bank (SCNB)
Mr. Braun informed the Board that Suffolk County National Bank (SCNB) has brought in a new
CEO with extensive experience, and a new CFO is expected to be announced next month. It
appears that they are back on the right track.
Emma S. Clark Memorial Library
Mr. Braun recently received a phone call from the Attorney General’s Office in connection with
this project. This was a project the IDA closed on a number of years ago. Mr. Braun explained
that when money is first raised through the bond offering for a project it sits until construction
starts, sometimes with a trustee, sometimes without one. Apparently the money was invested in
a reverse repo. The Attorney General was involved in a class action suit with Bank of America
for various derivatives. The IDA will be receiving $1,896 as a result of this which will then be
passed back to the library.
Long Island Angel Network (LIAN) – Sponsorship Request
Ms. Scheidt informed the Board that the next investor meeting will be held on January 18 th at
RXR Executive Park in Melville. Five entrepreneurs seeking financing will be making
presentations and there will be eight companies with exhibit tables. Ms. Scheidt provided details
on one of the entrepreneurs, a social media technology company that has developed a way to
attach an audio file to a Facebook posting or Twitter feed. Celebrities will be contracted to
provide personal messages. The LIAN is requesting a $5,000 sponsorship from the IDA. She
explained that Long Islanders take early stage risk in this organization in the hopes to build and
grow their company on Long Island. Mr. Braun suggested tabling this request until more defined
parameters about sponsorships are set by the Authority Budget Office. Contracts are now
necessary for these types of requests. Mr. Braun made it clear that the IDA is not making
venture capital investments, merely supporting the organization. Ms. Scheidt will provide more
information on LIAN and the DARE program to the Board as well as IDA Counsel. These are
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