[*This meeting was joined in progress* ]
[II. OTHER BUSINESS]
[00:00:10]
IT'S GOT TO BE DONE BY THE 31ST IN ORDER TO GET OFF THE TAX ROLLS FOR THE NEXT TAX YEAR.
JANUARY 1ST OF 2026. ANY QUESTIONS THAT YOU'VE HAD BE GLAD TO ANSWER? THERE'S GOING TO BE A QUITCLAIM DEED WITH REGARD TO THE REAL ESTATE, AND THEN A BILL OF SALE WITH REGARD TO THE PERSONAL PROPERTY, ALL GOING BACK TO MILLIKEN TO GET BACK ON THE TAX ROLLS. OKAY.
ANY QUESTIONS FROM THE BOARD? SO IT SOUNDED LIKE THE DECEMBER WITH WITH INTERFACE. THAT'S WHAT YOU'RE SAYING. THIS IS SOMETHING SIMILAR TO THAT. IT'S VERY SIMILAR. YEAH. THE TRANSACTIONS WERE ACTUALLY THEY WERE BOTH DONE AT THE SAME TIME. AND BACK IN DECEMBER 1ST OF 2018 WAS THE BOND ISSUE FOR BOTH MILLIKEN AND INTERFACE. THE DOCUMENTS ARE ESSENTIALLY THE SAME. OR CANCELING THE THE LEASE. AS YOU ALL KNOW, THE WAY THIS TYPICALLY WORKS IS THAT THE COMPANY LEASES THE PROJECT TO THE AUTHORITY FOR THE TERM OF THE BOND, WHICH WOULD BE TEN YEARS, AND AT THE END OF THE TERM, THE BOND IS PAID OFF AND THE PROPERTY IS RECONVEYED FROM THE DEVELOPMENT AUTHORITY TO THE THE COMPANY. AND WHATEVER VALUE IS LEFT IN THAT PROPERTY.
OBVIOUSLY THERE'S VALUE IN THE REAL ESTATE, BUT WHATEVER VALUE IS LEFT IN THE PERSONAL PROPERTY THAT WAS SECURED BY THE DEAL AND LEASED TO THE DEVELOPMENT AUTHORITY GETS BACK ON THE TAX ROLLS AS WELL. ANY OTHER QUESTIONS? OKAY. CAN I GET A MOTION TO APPROVE THE RESOLUTION FOR MILLIKEN? OFF THE MOTION. SECOND. BEEN MOVED AND SECONDED. WE APPROVE THE RESOLUTION FOR MILLIKEN. ALL IN FAVOR? BY A SHOW OF HANDS. ALL OPPOSED BY THE SAME SIGN.
MOTION IS CARRIED. I GET A MOTION TO ADJOURN. MAKE A MOTION TO ADJOURN. SECOND. BEEN MOVED AND SECONDED. WE ADJOURN. ALL IN FAVOR? BY SHOW OF HANDS. ALL IN FAVOR BY THE SAME SIGN.
MOTION IS CARRIED. NOW, WE DON'T GET MUCH OVERTIME TODAY, DO WE? YEAH. YOU'RE RIGHT.
* This transcript was compiled from uncorrected Closed Captioning.