SUNY RF NFX 2018 2019

NY Creates Board of Directors

A familiar name as chair. 

NY Creates Established

REF: https://esd.ny.gov/esd-media-center/press-releases/esd-suny-announce-establishment-nycreates

From 2018 FRMC Annual Audit Report

Taken from 2018 FRMC Annual Audit Report.  $336,899,665 bond payment due in 2019?  $297.7 million extended until May 2013?

Ref:  https://static1.squarespace.com/static/5602b341e4b0d1b0b3ffa84b/t/5cd07f6515fcc08b1a853ee9/1557167973117/Fuller+Road+Management+Corporation+Audit+Report+2018.pdf

Above from 2015 FRMC Annual Audit Report.  Huge payment due in 2019 for $255million

Ref: https://static1.squarespace.com/static/5602b341e4b0d1b0b3ffa84b/t/5c759b278165f58a82b154c9/1551211304488/FRMC+Audit+Report+6-30-15+Final.pdf 

Fallout: Rochester Kodak Building Sold

Fuller Road Mgmnt Company sells building (Canal Ponds) for $1.5 million.  It was purchased for $2.6 million in 2013. 

Ref:  https://www.democratandchronicle.com/story/news/politics/albany/2019/11/12/suny-poly-sells-former-kodak-facility-after-failed-promises/2576102001/

Fallout: Buffalo Billion Writedown

Value is 94.8 million (land/building/equipment) instead of 1.2 billion. 

Network has struggled since Kaloyeros resigned?   Everything was falling apart before he resigned; it just takes time for everyone to figure out that "smoke and mirrors" is not reality.

Ref:   https://www.wsj.com/articles/new-york-state-writes-down-value-of-tesla-plant-in-buffalo-11573159578

Fallout: NY-Creates

NY-Creates to replace Fuller Road and Fort Schuyler Management Corporations by the end of 2019.  Headed by Doug Grose, former CEO of GlobalFoundries.

"However, Fuller Road will be operating this school year on razor-thin margins, expecting a surplus of just $255,956 on a budget of $69 million. At Fort Schuyler, the margins are even thinner, with a surplus of just $24,612 expected on a budget of $19 million."

ref: https://www.timesunion.com/business/article/New-SUNY-Poly-entity-ready-to-launch-by-end-of-14449387.php

Fallout: Fuller Road Management to Cover Losses to keep Cafe open over the summer

Cafe on the Albany campus to be kept open for the summer at $10,000/month loss.  Fuller Road Management will cover loss.

Ref: https://www.timesunion.com/business/article/SUNY-Poly-to-keep-cafe-open-through-summer-14036685.php

Fallout: AIM Photonics Building in Rochester to be Sold

Fuller Road to sell empty AIM Photonics building in Greece, NY (near Rochester).   Turkey was found nesting outside (not in) the building.

Ref: /https://www.whec.com/news/no-turkey-here-photonics-industry-employs-up-to-18000-people/5409376/

SUNY Poly Foundation Corporate Member of FSMC and FRMC

ref: https://sunypoly.edu/sites/default/files/foundation/SUNY-Polytechnic-Institute-Foundation-FS2017.pdf