WEBVTT

1 "jspaeth@cityofutica.com" (1994798592)
00:00:03.539 --> 00:00:23.539
My name is Jack Smith, I'm with I'm the executive director for the Eudica Industrial development agency. We're on behalf here on behalf of BG warehouse, on behalf of itself and or principals of BG warehouse, LLC and or an entity formed or to be formed on behalf of any of the foregoing is applied to the agency to enter into a trans.

2 "jspaeth@cityofutica.com" (1994798592)
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Transaction of which the agency will assist in the renovation of an existing 371000 square plus or minus square foot industrial building located at a 21.81 plus or minus acre parcel of land situated at 2007 beachborough play six.

3 "jspaeth@cityofutica.com" (1994798592)
00:00:43.539 --> 00:00:46.980
New York.

4 "jspaeth@cityofutica.com" (1994798592)
00:00:46.980 --> 00:01:06.980
And the acquisition and installation of machinery and equipment in the improvements all for the purpose of upgrading and developing the improvements for at least two manufacturing tenants and to allow the primary tenant threatened technology to expand and upgrade its operations for the purpose of providing high end manufacturing.

5 "jspaeth@cityofutica.com" (1994798592)
00:01:06.980 --> 00:01:13.530
Design, assembly, delivery, and distribution of computer boards for high tech manufacturers.

6 "jspaeth@cityofutica.com" (1994798592)
00:01:13.530 --> 00:01:33.530
And the renovation and equipment equipping of the improvements referred to collectively as the project the facility will be initially leased operated in or managed by the company. The company owns the facility and leases the facility to the agency and the agency leases the facility.

7 "jspaeth@cityofutica.com" (1994798592)
00:01:33.530 --> 00:01:39.570
Back to the company. The company sub leaveses a portion of the facility to trenchen and sublesscent.

8 "jspaeth@cityofutica.com" (1994798592)
00:01:39.570 --> 00:01:58.230
Subleases portions of the facility to other manufacturing tenants. Freton will expand its operations at the facility as a result of the project. The agency and the company will amend the lease leaseback transaction and at the end of the lease term, the agency will terminate its leasehold interest.

9 "jspaeth@cityofutica.com" (1994798592)
00:01:58.230 --> 00:02:14.280
In the facility. The agency contemplates that it will provide financial assistance to the company in the form of exemptions from sales and use taxes and abatement of real property taxes for a period of five years during which time the company will make.

10 "jspaeth@cityofutica.com" (1994798592)
00:02:14.280 --> 00:02:31.260
A fixed pilot payment which proposed financial assistance represents a deviation from the agency's uniform tax exemption policy to be more particularly described in a final authorizing resolution to be adopted by the agency prior to the closing of the transactions described herein.

11 "jspaeth@cityofutica.com" (1994798592)
00:16:31.260 --> 00:16:48.432
Okay, being that there are NO comments, I'm going to close the public hearing session.