WEBVTT 1 "jspaeth@cityofutica.com" (2656624896) 00:00:00.000 --> 00:00:15.869 We could at least pass the minute so I should have to sit through that as well. 2 "jspaeth@cityofutica.com" (2656624896) 00:00:15.869 --> 00:00:33.630 Get a motion to approve the minutes 19 November 2025. Oh, second. So. 3 "jspaeth@cityofutica.com" (2656624896) 00:00:33.630 --> 00:00:50.490 We're gonna have to talk about the resolution. It's ok, we're gonna wait to see if it's up there. 4 "jspaeth@cityofutica.com" (2656624896) 00:00:50.490 --> 00:01:07.691 Yeah sure we get it approved NO matter which way it goes, you know, we gotta do the lease. Yeah, exactly. And that's how they wrote that too. You know, we'll have to say perfect. Okay. 5 "Bob Murray/Melanie Marotto" (524300288) 00:01:07.691 --> 00:01:21.354 Would it be helpful to talk about the status of the MVG contracts as of right now where we stand, and then we can get into more detail when Alicia gets there? 6 "jspaeth@cityofutica.com" (2656624896) 00:01:21.354 --> 00:01:24.719 Yeah, why don't you go ahead with that and. 7 "Bob Murray/Melanie Marotto" (524300288) 00:01:24.719 --> 00:01:45.020 Okay, so we have two contracts with MVG. The 1st is for lots one and two, the vacant land. 2nd is for the 1933 building. The agreements have been reviewed by Rob's attorney and by air Speech in consultation with the. 8 "Bob Murray/Melanie Marotto" (524300288) 00:01:45.020 --> 00:02:05.010 In and the consultants and we were very close to finalizing them and then recently we learned that the 1st contract for the vacant land lots one and two may need to be restructured as a front loaded land lease for the term of 15 years. 9 "Bob Murray/Melanie Marotto" (524300288) 00:02:05.010 --> 00:02:25.010 So yesterday we spoke with Rob's council, explained that we may have to do some, make some changes to that 1st agreement for the 1st contract, and he asked us to simply hold on making any changes. He wanted. 10 "Bob Murray/Melanie Marotto" (524300288) 00:02:25.010 --> 00:02:56.681 To talk to Rob directly and see if Rob will basically confirm what Rob's thoughts were on switching from a purchase sale agreement to a land lease temporarily. The initial response was that Rob is hoping to not do that. And there's some reasons we we have to do that, but I think we're gonna hold on discussing those reasons until Alicia's in the room. Maybe. 11 "jspaeth@cityofutica.com" (2656624896) 00:02:56.681 --> 00:03:13.842 So the action, so the resolution will end up being that then would be authorized to site either the PSA, the two PSAs or a PSA and a land lease agreement. Right yes. 12 "Bob Murray/Melanie Marotto" (524300288) 00:03:13.842 --> 00:03:14.795 Yeah, that's correct. 13 "jspaeth@cityofutica.com" (2656624896) 00:03:14.795 --> 00:03:18.799 Melody, have you heard back from the bank's attorney? Thank you to. 14 "Bob Murray/Melanie Marotto" (524300288) 00:03:18.799 --> 00:03:26.513 I've never heard from anybody there. I've called, I've left voicemail messages and email messages. 15 "jspaeth@cityofutica.com" (2656624896) 00:03:26.513 --> 00:03:43.562 All right. MBT asked me today if we could give them the 25 grand from the LDC because the sign of good faith or share of that buy down of the loan. Right. 16 "Bob Murray/Melanie Marotto" (524300288) 00:03:43.562 --> 00:03:53.035 I, I guess I don't see a problem with making a payment to MBT so long as they adjust the draft agreement that you'll sign once authorized. 17 "jspaeth@cityofutica.com" (2656624896) 00:03:53.035 --> 00:04:01.470 Okay, good. I I agree. I think to sign of good faith with them. They've been good. They've been working with us so. 18 "jspaeth@cityofutica.com" (2656624896) 00:04:01.470 --> 00:04:22.050 I mean the only thing we got is the release versus the buy, right? Yeah. 19 "jspaeth@cityofutica.com" (2656624896) 00:04:22.050 --> 00:04:41.729 Well, you got you got a resolution for you to be able to sign the NBT out, you got a resolution to sign thank you yeah I think the I think those two are the two new ones, so. 20 "jspaeth@cityofutica.com" (2656624896) 00:04:41.729 --> 00:04:59.069 Sorry who made it when you were to go? I didn't realize you didn't have a form without being here personally. Yeah, and you have to have your location. 21 "jspaeth@cityofutica.com" (2656624896) 00:04:59.069 --> 00:05:19.069 Available to the public and listed in the agenda that went out. Is that an authority one? Yeah, so they can all come to their office. Right. We should've come. Coffee. 22 "jspaeth@cityofutica.com" (2656624896) 00:05:19.069 --> 00:05:51.974 For sure. All right, so we have three potential resolutions here. Yes, ok. I talked to the wanna go through the resolutions? 23 "Bob Murray/Melanie Marotto" (524300288) 00:05:51.974 --> 00:06:18.649 We didn't really talk did you ok what we would recommend doing then is and and you're the board so you you you whatever whatever's better for you guys, but Paul, were you were you prepared to give like a bigger picture review of the status because the three resolutions that we have before the board today, which are they're not in writing, that's ok. They're very broad because they have to be the. 24 "Bob Murray/Melanie Marotto" (524300288) 00:06:18.649 --> 00:06:39.273 Because we're missing a lot of pieces of information, so the resolutions are going to be very broad from the board authorizing and giving Ben as president authority to negotiate and execute documents, you know, in consultation with council, but it it might make more sense Paul, but if i'm wrong I don't care, we can just go through them one at a time. 25 "jspaeth@cityofutica.com" (2656624896) 00:06:39.273 --> 00:06:59.569 I can try, you know, it's gonna be a little bit more layman probably. So, you know, we, the, the board or the LDC had a long term debt with MBT. Ben was able to negotiate that debt from 750000. 26 "jspaeth@cityofutica.com" (2656624896) 00:06:59.569 --> 00:07:20.359 To a half million dollars and MBT is willing to take the half million dollars and close the the the loan so this year. Yeah, but that was important because at Aroundex commitment required that to be taken care of. 27 "jspaeth@cityofutica.com" (2656624896) 00:07:20.359 --> 00:07:42.329 So so that's great news, but we the board had since the board has not given been the authority that paperwork's not in Vince hands yet and the board has not given the authority to have been signed that this document payoff agreement so yeah that payoff agreement. So, I'll put that aside. 28 "jspaeth@cityofutica.com" (2656624896) 00:07:42.329 --> 00:07:57.629 The bank of the headeronic Bank was financing the danzy work did not want to finance the MBT bank payoff, so that's why Bank of Eudica is entering. 29 "jspaeth@cityofutica.com" (2656624896) 00:07:57.629 --> 00:08:15.209 The Bank of Eunica is gonna he's gonna pay off MBT Bank be $475000 of the amount with the 25000 coming from the LDC. Now the LDC currently has assets. 30 "jspaeth@cityofutica.com" (2656624896) 00:08:15.209 --> 00:08:35.209 Has 250000 somewhat more than that in the bank and has the anticipated proceeds from the mvg's deals which are another 450. So that all works with regard to revenue and costs when this is all done, there's still like $75000 question, but. 31 "jspaeth@cityofutica.com" (2656624896) 00:08:35.209 --> 00:08:53.939 In any case. What's the term for. The mannote. Thank you. Yep. Anteronic, the board has already took action on. 32 "jspaeth@cityofutica.com" (2656624896) 00:08:53.939 --> 00:09:09.629 I don't know there's probably not a need there. There's NO need for new resolution but we just wanted this is on here to clarify the ateronic Bank wanted the GDA, the grant dispersement agreement from. 33 "jspaeth@cityofutica.com" (2656624896) 00:09:09.629 --> 00:09:29.629 And the Danzy said it's not gonna be signed quick. It just doesn't it's gonna take a few more months for the GDA to get in front of it. But they are willing to give some kind of letter which they call the letter. Yeah, and there's a letter that Danzie will produce that basically. 34 "jspaeth@cityofutica.com" (2656624896) 00:09:29.629 --> 00:09:51.829 Simply says they call the grand ready letter. It's a grand ready letter that says basically that all the paperwork is in with Dasney and accepted and now it's just going through what Dasney called the washy machine. It'll come back out and be. 35 "jspaeth@cityofutica.com" (2656624896) 00:09:51.829 --> 00:10:12.959 So as a GDA. Is that acceptable viarandeck? That that we have setting up a call right with to do that soon this week. So hopefully that's gonna be acceptable. I there's really NO choice. I don't know what else you know they're gonna have to accept that. So I don't, there's NO resolution there, right? 36 "jspaeth@cityofutica.com" (2656624896) 00:10:12.959 --> 00:10:32.009 So the other resolution, so that's Anurag. Let me know if I lose any and the other the other solution needed has been needs to be able to sign. 37 "jspaeth@cityofutica.com" (2656624896) 00:10:32.009 --> 00:10:52.009 What we thought was to purchase sales agreement for MBG. It might still be that's being investigated by MBG, whether they can somehow get special permission to own that property, but we're gonna, we're gonna do a resolute with the intention here so the board does a resolution. 38 "jspaeth@cityofutica.com" (2656624896) 00:10:52.009 --> 00:11:07.379 In case it comes back as a front loaded lease lease type agreement that Ben can also sign that. So, I I think these, so let's make sure everybody understands because I know this is where where am I getting? So ironic paint. 39 "jspaeth@cityofutica.com" (2656624896) 00:11:07.379 --> 00:11:22.769 The $1.5 million home that supports the dancing work, the dancy's doing the ground improvements and site utilities for the new building that's eventually gonna be there. So that's kind of like one deal. 40 "jspaeth@cityofutica.com" (2656624896) 00:11:22.769 --> 00:11:37.799 The Bank of Utilica is taking care of the MBT debt. That's, you know, those two banks are involved in basically they're given us 4705, but we owe 500000. 41 "jspaeth@cityofutica.com" (2656624896) 00:11:37.799 --> 00:11:57.799 The collateral, yeah, the collateral fordict to support the dasy work is the is the dasy grant itself. So the grant paperwork becomes the collateral for Bank of Uniqua to pay off the MVT debt, you can look at as the collateral is being. 42 "jspaeth@cityofutica.com" (2656624896) 00:11:57.799 --> 00:12:17.159 The MBG deal. So the MVG deal is like 450000 most of the half million dollars payoff. And you and we have enough in reserves in the bank? Yes. Yes, with with about $75000 extra in the bank, you know, between. What was the MV two? 43 "jspaeth@cityofutica.com" (2656624896) 00:12:17.159 --> 00:12:37.159 Yeah, The. So why is there so much remaining there? What didn't we get repay or done? Pay the interest during COVID and all that. Get that forgiven? 44 "jspaeth@cityofutica.com" (2656624896) 00:12:37.159 --> 00:12:55.289 Kinda. Well, this is mostly principle but we did pay them $760000 of interest yeah because of everything slowed down. Yeah. Yeah. 45 "jspaeth@cityofutica.com" (2656624896) 00:12:55.289 --> 00:13:15.289 I'll just I'm just kind of following because I know it's a lot, at least I wanted to do some kind of graphic, but. 46 "jspaeth@cityofutica.com" (2656624896) 00:13:15.289 --> 00:13:39.739 The more difficult one is how we're gonna handle two. So two lots. The 33 is. Well, couldn't we give you like parameters to negotiate, not above, not below, would that be helpful in the resolution other than trying to figure it out today? How to be able to either close the sale or how does that happen right now. 47 "jspaeth@cityofutica.com" (2656624896) 00:13:39.739 --> 00:14:07.339 Because we need it to for to finance the next long. So it's not like it can't happen. I guess why regarding the land, why do we potentially have to reach it as opposed to paying it? Say you can't sell the land for 15 years if they give you the grain. So what they said to me is like cause we said, so what we said to them was wait a minute ESD does this all the time. It's always been. 48 "jspaeth@cityofutica.com" (2656624896) 00:14:07.339 --> 00:14:35.629 And they they redline it out, so we have the same thing for us? And they said can do that because they're getting allotments from the state budget. They, every work that does is by that. That's why they need site control. So they can't, the LDC has to and they don't get so they have a collateral on the bottom. So what why when I'm. 49 "jspaeth@cityofutica.com" (2656624896) 00:14:35.629 --> 00:14:54.389 Question is, why when we're ready to switch this all over as it happening now? Why didn't we ever know that before? It's very frustrating because it's the gives you a call center and that call center works with you and that finally gives you a great administrator. 50 "jspaeth@cityofutica.com" (2656624896) 00:14:54.389 --> 00:15:09.959 That great administrator works you do and then finally and somewhere in the process they gave a bunch of questions for the LDC to answer and one of them was will you Will you hold the property for ten or 20 years improvements improvements? 51 "jspaeth@cityofutica.com" (2656624896) 00:15:09.959 --> 00:15:26.129 Or like, well, of course not, that's not what we're doing. Then only then when we raise we raise their issue, then we get to talk to higher UPS and what to look like. 52 "jspaeth@cityofutica.com" (2656624896) 00:15:26.129 --> 00:15:42.929 So forgive me if you already addressed this, but just so I'm clear, so from a cash flow perspective though, whether it's a lease or a sale, are we still good with what we have to do it on prepay the lease effectively with those purchase price? 53 "jspaeth@cityofutica.com" (2656624896) 00:15:42.929 --> 00:16:02.929 Then a 15 year for a buck. Okay. You just sign it over until it's guaranteed. Guarantee you will have to guarantee that he's got the least for saying he'll be able to 15 years buy it for a dollar that's guaranteed that'll be part of the agreement sell until what's the negative. 54 "jspaeth@cityofutica.com" (2656624896) 00:16:02.929 --> 00:16:20.099 On his end. He understand has you guys explained all this to him? He's trying to push the doors yet. He doesn't like it, but. 55 "jspaeth@cityofutica.com" (2656624896) 00:16:20.099 --> 00:16:40.099 He couldn't do it either way. I mean we give him a 15 year lease, we give him a 99 year lease. That's not the problem. It's just getting his head rep through. Would we hold off on these bank agreements until we know that leases or that's gonna be moving forward because without that. 56 "jspaeth@cityofutica.com" (2656624896) 00:16:40.099 --> 00:17:03.000 Those dollars coming in, we couldn't fulfill the bank of you to go. So are we holding back on these until We still the bank of you to go on to the site of the agreement, so everything goes in the right queue. Okay. Yeah, and and and Melody as far as you know, I mean it should be ok for MBG to hold the hold the mortgage and everything. This is not uncommon, right? This type of lease arrangement or not. 57 "Bob Murray/Melanie Marotto" (524300288) 00:17:03.000 --> 00:17:16.434 You mean that for Rob to mortgage his leasehold if that's what he's doing? Yes, lenders can take a mortgage on a leasehold interest. So that that's not uncommon. 58 "jspaeth@cityofutica.com" (2656624896) 00:17:16.434 --> 00:17:34.439 So I just He knows That's all you can do everybody's informed. Right. So somebody has to make promotions, any other any other questions? Nope. 59 "jspaeth@cityofutica.com" (2656624896) 00:17:34.439 --> 00:17:54.439 All right, let's take them one at a time MBT bank. We need a resolution for me to sign the payoff agreement and payment of $500. Can we make these resolutions contingent on Financing being fulfilled. If we have that, I'll make I'll make that one. 60 "jspaeth@cityofutica.com" (2656624896) 00:17:54.439 --> 00:18:04.294 Bob and Melanie are you'll be preparing these, the wording for these resolutions. 61 "Bob Murray/Melanie Marotto" (524300288) 00:18:04.294 --> 00:18:28.177 No Jack, Jack, I want, I don't I don't want, why don't we do it right here on the spot? I've got some, some template language I can read and the board can accept it, but I don't I don't want to like backfill. There's not gonna be written resolutions. There's, there's this is going to be tucked into the meeting minutes and that's fine great as secretary, you can certify. 62 "jspaeth@cityofutica.com" (2656624896) 00:18:28.177 --> 00:18:30.659 Why can't it be? Why can't it be written? 63 "Bob Murray/Melanie Marotto" (524300288) 00:18:30.659 --> 00:18:45.833 Because I don't have it in writing right now, right? We we we you don't have it like I normally we do try to prepare resolutions but but it's perfectly ok to express the resolutions orally. 64 "jspaeth@cityofutica.com" (2656624896) 00:18:45.833 --> 00:18:50.197 So go ahead. Go ahead then you guys. 65 "Bob Murray/Melanie Marotto" (524300288) 00:18:50.197 --> 00:19:30.054 What I, what, what I had prepared in advance was the the you know with the motion in a second, the res there's two resolutions with respect to the MBT bank item. The 1st is it's resolved that the president is authorized to negotiate and execute in consultation with the council, the NDT bank debt payoff agreement subject to such terms and conditions as generally described herein during this meeting, and as the president determines to be in the best interest of the corporation. So that was my baseline resolution. It it looks like there was some dialogue about putting some guardrails on that but that you guys can. 66 "jspaeth@cityofutica.com" (2656624896) 00:19:30.054 --> 00:19:38.042 The subject to the financing. Subject to financing. 67 "jspaeth@cityofutica.com" (2656624896) 00:19:42.434 --> 00:20:03.975 Really everybody. Well, maybe how about a subject to fulfillment of the financing package of this project or something like that? Because there's four, there's like many parts and all the way back to Rob's. Yep. Right? If we don't get desds, do we do the other two, right? Can't do the other two. 68 "Bob Murray/Melanie Marotto" (524300288) 00:20:03.975 --> 00:20:30.153 Terms and conditions as generally described in and as the president determines being the best interest, I think that kind of captures it, right? So this is trying to be really broad on purpose. So if we have similar, very broad resolutions for the MBT bank action and the Bank of Euica action, I think we've we've covered the world, then has full discretion. 69 "jspaeth@cityofutica.com" (2656624896) 00:20:30.153 --> 00:20:34.493 It will be captured in the minutes I think that's fine. Okay. 70 "Bob Murray/Melanie Marotto" (524300288) 00:20:34.493 --> 00:20:54.619 Okay then I want to add one more resolution. This also will will expand the authority. Resolve the officers of the corporation are further authorized and directed forward in the name and on behalf of the corporation to do all acts and things required. 71 "Bob Murray/Melanie Marotto" (524300288) 00:20:54.619 --> 00:21:22.473 Required in the negotiate, execute, and deliver all such certificates, instruments and documents to pay all such fees, charges and expenses, and to do all further acts and things as maybe necessary or in the opinion of the officer acting desirable and proper to affect the purposes of the foregoing resolution and to cause compliance by the corporation with all the terms covenants, and provisions of the documents executed for and on behalf of the corporate. 72 "jspaeth@cityofutica.com" (2656624896) 00:21:22.473 --> 00:21:25.674 Can you. 73 "Bob Murray/Melanie Marotto" (524300288) 00:21:25.674 --> 00:21:32.774 Yeah, I will, I will email this language to you, but it's important that it's captured in the, in the meeting minutes. 74 "jspaeth@cityofutica.com" (2656624896) 00:21:32.774 --> 00:21:38.737 Yeah, yeah, that's what i'm waiting for because there's NO way that I could write that. 75 "Bob Murray/Melanie Marotto" (524300288) 00:21:38.737 --> 00:21:44.076 Younger. 76 "jspaeth@cityofutica.com" (2656624896) 00:21:44.076 --> 00:21:53.296 So do you need a separate resolution for that one? 2nd part. 77 "Bob Murray/Melanie Marotto" (524300288) 00:21:53.296 --> 00:21:56.555 You can straight. 78 "jspaeth@cityofutica.com" (2656624896) 00:21:56.555 --> 00:21:59.635 Okay, so we're still on the MBT resolution, correct? 79 "Bob Murray/Melanie Marotto" (524300288) 00:21:59.635 --> 00:22:05.774 Yeah, both those both of those paragraphs I read you can you can approve them together. 80 "jspaeth@cityofutica.com" (2656624896) 00:22:05.774 --> 00:22:15.003 Question. Second. Bye. Second. Thank you, Rica. Go bye. Okay, so. 81 "Bob Murray/Melanie Marotto" (524300288) 00:22:15.003 --> 00:22:34.969 That was MBT Bank of Eudica, very similar result that the president is authorized to negotiate and execute in consultation with the council. That certain loan commitment or term sheet with Bank of Eudica subject to such terms and conditions as generally described herein during the course of this meeting, and as the present. 82 "Bob Murray/Melanie Marotto" (524300288) 00:22:34.969 --> 00:23:00.139 Determines to be in the best interest of the corporation and resolve. The offices of the corporation are further authorized and directed foreign in the name and on behalf of the corporation to do all acts and things required and to negotiate, execute and deliver all such certificates, instruments, and documents to pay all such fees charges and expenses and to do all such further acts and things as maybe necessary or in the opinion of the. 83 "Bob Murray/Melanie Marotto" (524300288) 00:23:00.139 --> 00:23:16.592 Also acting desirable and proper to affect the purposes of the foregoing resolution and to cause compliance by the corporation with all of the terms covenants, and provisions of the documents executed for and on behalf of the corporation. 84 "jspaeth@cityofutica.com" (2656624896) 00:23:16.592 --> 00:23:35.119 We also want this to some agreement with MBG. But that's what we just said about the 1st NO I will say NO, I will say though that you just read included conditions subscribed here and in the meeting which I. 85 "jspaeth@cityofutica.com" (2656624896) 00:23:35.119 --> 00:23:48.514 So Yes point, as long as those conditions that we talked about are included in the minute. Yeah, but it's not gonna be it's gotta be meetings. 86 "Bob Murray/Melanie Marotto" (524300288) 00:23:48.514 --> 00:23:50.418 Sure. 87 "jspaeth@cityofutica.com" (2656624896) 00:23:50.418 --> 00:24:03.221 That describes the response. Second. Oh bye. 88 "Bob Murray/Melanie Marotto" (524300288) 00:24:03.221 --> 00:24:13.038 Okay, I didn't we I believe at your November meeting then I think we're covered with that around, I think this resolution. 89 "jspaeth@cityofutica.com" (2656624896) 00:24:13.038 --> 00:24:14.097 Should we do so. 90 "Bob Murray/Melanie Marotto" (524300288) 00:24:14.097 --> 00:24:38.489 The last resolution you need is the resolution with respect to the MVG purchase, we need to, that needs to be, we need to give you authority then to convert that into the 15 year ground lease. So I can read that and is that parcel one? Partial those are lots one and two the 1st transaction. So should I say lots one and two? Lots one and two. Okay. All right, so the resolution. 91 "Bob Murray/Melanie Marotto" (524300288) 00:24:38.489 --> 00:24:58.489 For MBG in the right because right now they're both under purchase you that we have authority under purchase sale agreements. So resolved that the president is authorized to negotiate and execute if required in consultation with council that certain ground lease agreement with MBG with respect to lots one and two, subject to sub. 92 "Bob Murray/Melanie Marotto" (524300288) 00:24:58.489 --> 00:25:18.489 Terms and conditions as generally described within this meeting, and as the president determines to be in the best interest of the corporation and resolve, the officers of the corporation are further authorized and directed for and in the name and on behalf of the corporation to do all acts and things required to negotiate, execute, deliver all such certificates, instruments and documents. 93 "Bob Murray/Melanie Marotto" (524300288) 00:25:18.489 --> 00:25:38.489 Pay all such fees charges and expenses, and to do all such further acts and things as maybe necessary or in the opinion of the officer acting desirable and proper to affect the purposes of the foregoing resolution and to cause compliance by the corporation with all of the terms covenants, and provisions of the documents executed for and on behalf of the corporation. 94 "jspaeth@cityofutica.com" (2656624896) 00:25:41.294 --> 00:25:58.229 Questions that motion? Sorry. Just the three? I say that. Yeah. 95 "jspaeth@cityofutica.com" (2656624896) 00:25:58.229 --> 00:26:17.669 By some chance this doesn't happen, the other two things don't happen. She said the queue which is like a good way to say this because we can get them, we can get the mvt's debt payoff agreement, which is great we should, but then. 96 "jspaeth@cityofutica.com" (2656624896) 00:26:17.669 --> 00:26:35.759 We go nowhere after that without mvg's agreements because the Bank of Unico won't pay that off without the MVG agreement. And Ironic doesn't go anywhere until they, they see the payoff from that. Yeah, so is there is there any chance that the MVG can get danced me to change their mind? 97 "jspaeth@cityofutica.com" (2656624896) 00:26:35.759 --> 00:26:55.759 Probably not. There's always a chance. It depends on those button to push. Now it doesn't matter. We can either do the lease so we can do the. We're, we're set to go. Really, is Rob gonna do it if it's a lease? Right, well that's a big thing, right? Maybe they can split some here and, you know, cause maybe they'll treat it like. 98 "jspaeth@cityofutica.com" (2656624896) 00:26:55.759 --> 00:27:17.359 That is a improvement, but like what was the utility type of thing. When did this all happened yesterday? It changed? Has Rob said NO to them on monday. I would phrase it as he hadn't said the end. 99 "jspaeth@cityofutica.com" (2656624896) 00:27:17.359 --> 00:27:39.599 Be 15 years or does that to be a minimum? I think that's baseline. And that's new. So it's gotta be minimum of the. He doesn't want to know. He doesn't want to list at all. Makes sense. Let me just ask you what is the reason that really hurts? 100 "jspaeth@cityofutica.com" (2656624896) 00:27:39.599 --> 00:27:59.599 Obviously you don't own it. You're doing all the work and it's not yours, but what is the part that really turns them away that? I mean you have it in writing, but like not sell in the restaurant, but if he likes to sell it. 101 "jspaeth@cityofutica.com" (2656624896) 00:27:59.599 --> 00:28:19.729 Down the road. So it's the lease, let me ask you this question. That's the last Right, and I don't blame the question. Let me ask you this question. Is there an agreement in there that say after eight years he wanted to sell the restaurant and can he transfer the lease? I think that's what he's trying to talk to about. 102 "jspaeth@cityofutica.com" (2656624896) 00:28:19.729 --> 00:28:39.719 He's trying to go directly to them, my understanding. Okay. Last time you and I talked. Called me yesterday and said that they had a conversation with. So we would have to assign there. It's up to him to figure out if he's gonna take it or renegotiate with them. The one thing that he did say is they don't get. 103 "jspaeth@cityofutica.com" (2656624896) 00:28:39.719 --> 00:28:57.419 They're not looking at this lease. They're not, it's like just do it just it's gotta be in the ldc's name. We don't care that lease can basically say make sure the lease is works with developers banks and you know whatever whatever that needs to be, they're not gonna they don't need a deed restrictions don't need anything. They just. 104 "jspaeth@cityofutica.com" (2656624896) 00:28:57.419 --> 00:29:17.419 We're free to make the deal as anyway, yeah. So yeah that's it. Anything else? So yeah they'll never responded to my letter saying he had to 15 September or December. 105 "jspaeth@cityofutica.com" (2656624896) 00:29:17.419 --> 00:29:37.199 Which one's that? I think we put it back out, should we set up a letter telling them done? We're gonna put it if we're just if we decide we're gonna put it back out, send them a letter telling them. 106 "jspaeth@cityofutica.com" (2656624896) 00:29:37.199 --> 00:30:04.336 We're gonna put it back out, you're free to bid on it, but other people are ready to bid on it too. You're exclusive right under 15th. You might put it back out but you also might I mean don't shut your door. And because I told you this in august. I got it told you have to take the motion of? No, because it's already expired. 107 "Bob Murray/Melanie Marotto" (524300288) 00:30:04.336 --> 00:30:11.276 Well, yeah, Miss President, so Ryan helped you out here. I believe the letter that you saw. 108 "jspaeth@cityofutica.com" (2656624896) 00:30:11.276 --> 00:30:15.314 That says that you need to provide. 109 "Bob Murray/Melanie Marotto" (524300288) 00:30:15.314 --> 00:30:25.555 And if you don't, the corporation make a determination to, you know, terminate the relationship with you. Brian, you help me out Erin, are you. 110 "jspaeth@cityofutica.com" (2656624896) 00:30:25.555 --> 00:30:35.880 That's, that's what it said. It said if if the material's not received, the board is free to consider its options. 111 "Bob Murray/Melanie Marotto" (524300288) 00:30:35.880 --> 00:30:49.415 Right, so if if you want to definitively terminate any relationship with Sal, you should do that by resolution because otherwise it's still open, right? You didn't respond, but you didn't take, but you didn't take action. 112 "jspaeth@cityofutica.com" (2656624896) 00:30:49.415 --> 00:31:10.019 Alright, well, I guess. Get a motion to terminate our relationship with South. I don't know, people haven't heard. 113 "jspaeth@cityofutica.com" (2656624896) 00:31:10.019 --> 00:31:30.019 He had to do was write a letter or had the people come and say he wanted it then we gave him, we gave the letter from he gave us so we had everything that he needs. He just said it was boiled lake, he just needed to stop out. 114 "jspaeth@cityofutica.com" (2656624896) 00:31:30.019 --> 00:31:49.649 Let's, the resolution next board meeting will talk about what we're gonna do with the 17 building if we wanna hold it, we develop it ourselves for some income for the LDC or we want to list it and what thoughts people have or what we might want in there. So as Sean said earlier. 115 "jspaeth@cityofutica.com" (2656624896) 00:31:49.649 --> 00:32:09.649 We can tell them what we want, so that's all. Okay. All right. Oh, and away. 116 "jspaeth@cityofutica.com" (2656624896) 00:32:09.649 --> 00:32:15.321 Thank you. 117 "Bob Murray/Melanie Marotto" (524300288) 00:32:15.321 --> 00:32:21.440 Christmas.