Hey, good good afternoon, everybody.

It's four o'clock.

Great.

Somebody says something in your own.

Good afternoon.

It's four o'clock.

We'll get today's meeting going.

Good to see you, buddy.

Yeah.

Listen.

Following today's um, please go ahead and record your attendance by pushing the appropriate button.

Sorry to interrupt the party.

All right, we do have a quorum.

Um next step is approval of minutes from the Tuesday, April 14th, 2026 meeting.

Approved unless there's a noted change.

Second.

I motion second.

Any comments or questions on if not, please record your vote on whether or not to approve.

First item under new business is a municipal lien.

So I'll just read it by title only.

It's resolution 26047.

Resolution by the City Council City of Jonesburg, Arkansas, to place the municipal lien on property located at 1603 South Matthews, Parcel 01-144-214-06900, owned by Trevor Anderson in the amount of 465 dollars.

Move forward to full council.

Second.

Any questions or comments on the committee?

Anything from staff or the public in attendance.

Y'all care about this municipal lien?

No.

Okay.

Um if there's no questions or comments, please record your vote on whether or not to forward it to full council.

It got floated to you.

Maybe probably hitting your buttons again.

Not working.

We're gonna have to voice vote.

Voice vote.

All right.

All those in favor of forwarding resolution um 26047 to full council, please say aye.

Aye.

Any opposed?

All right.

Wow, just like the good old days.

All right, next up is resolution 26048.

Um, I will go ahead and read it in its entirety.

So please bear with me.

Um, a resolution authorizing the entry into an agreement to issue bonds for the purpose of assisting in the financing of industrial facilities with within the city of Jonesville, Arkansas to be leased to Nishurae.

How do you sorry?

Nitchare Global Foods LLC, a wholly owned subsidiary of Innovation Cuisine Enterprises Incorporated or their affiliate pursuant to the authority of the laws of the state of Arkansas, including particularly amendment 65 to the Arkansas Constitution and the municipalities and counties industrial development revenue bond law.

Whereas the City of Jonesford, Arkansas is authorized under the provisions of Amendment 65 to the Arkansas Constitution and the municipalities and counties industrial development revenue bond law, Arkansas Code annotated 14-164-201 to own, acquire, construct, equip, and lease facilities to secure and develop industry and to assist in the financing thereof by the issuance of bonds payable from the revenues derived from such facilities.

And whereas Nisara Global Foods LLC, a wholly owned subsidiary of innovative in in a innovation.

Um I'm not stroking out, I promise.

Umis enterprises incorporated or their affiliate collectively by the company as evidence and is as evidence its interest in acquiring constructing an equipment and industrial facility within the city if permanent financing can be provided through the issuance of bonds under the authority of the act, and whereas the city desires to assist the company in order to secure and develop industry within the city and to aid in the financing thereof under the provisions of the act, and whereas it is desirable that the city enter into an agreement to issue bonds for the for such purpose.

Now therefore be it resolved by the city council of the city of Jonesville, Arkansas that section one, the mayor and city clerk are hereby authorized to enter into an agreement to issue bonds and substantially the form and substance attached as exhibit A.

Section two, subject to compliance with the statutory notice requirements of payment in lieu of taxes agreement shall be considered for approval at the meeting of the city council at which the or ordinance authorizing the issuance of the bonds is considered for approval.

Section three of the city shall hold a public hearing on the question of the issuance of the bonds on May 19, 2026.

The city clerk and bond council shall coordinate the publication of the notice of public hearing.

Section 4, severability in the event any title section, paragraph, item, sentence, clause, phrase, or word of this resolution is declared or judged to be invalid or unconstitutional.

Such declaration or adjudication shall not affect the remaining portions of this resolution, which shall remain in full force and uh and effect as if the portion so declared or a judge invalid or unconstitutional was not originally a part of this resolution.

Section five repealer uh ordinance is or resolutions of the city in conflict here with or hereby repeal to the extent of such conflict.

Moving forward to full counsel.

Second.

Well, motion stated forward full counsel.

Any questions or comments from the committee?

This is a pretty standard bond issue in Mr.

Chairman.

I just had a as Miss Michelle and I were just talking, and just if you don't care to just explain it like you explained it to me just for the general public, I think that'd be and even for anybody else that may have a question.

I think those explanation was helpful.

So first of all, I do want to recognize two of the gentlemen that are in charge.

Welcome.

Sorry, I pronounced it wrong.

I had my moments.

So this is to authorize this is one of the another instance where the city is incentivizing and encouraging a company in this instance to come and make an investment of 180 million dollars in your community.

And how we implement that is through advalorum tax abatement, the issuance of industrial development revenue bonds.

So the city is serving as a conduit issuer.

They're gonna provide access to implement a sale lease back transaction.

Essentially, the company is gonna sell their facility to the city and then immediately lease it back.

Now, whenever you do your normal bonds, you sell those to the public.

We probably all have them in our 401k.

In this instance, that that is not the intent.

The company is gonna lend itself the money.

So it would be similar to you borrowing money from your 401k and then paying yourself back.

Um but we do it that way because that's what Arkansas law requires.

So as I was explaining to Mr.

McClain, this does not result in a financial obligation to the city.

There is the taxing authority, none of the assets, none of that is pledged.

The sole security for this transaction is the facility and the rents that will be paid percent to that.

So the tax um abatement terms are 65 percent, which is what y'all typically do, what we've done on all the transactions, and then a period of 30 years.

Here they're starting with a green field and building a brand new state-of-the-art facility.

So I can answer any more questions, Mr.

McClain, if there's something else you want me.

If if and I asked the question just a minute ago, what if there's a default for some reason?

So if there is a default, again, none of the assets of the city are at risk.

The sole risk is to the facility itself.

So it would be like having a mortgage.

If you don't pay your your mortgage payment, then people can foreclose on your house.

Similar here.

Does anybody have any questions for the gentleman about um timing?

Anything else that y'all might be interested in?

Y'all are just happy there.

I'd like to hear it, yeah.

They'll talk, yeah.

If they like to talk about the project, feel free.

Hi guys, I met some of you already.

My name is Joe Kent.

I'm the president, CEO of Innovation Cuisine, innovation.

It's gonna be a test after this.

Uh Nietzsche Day is our parent company.

Uh they're an 85-year-old uh frozen food company based in Tokyo, um, roughly five and a half billion dollar company.

I don't think we'll default, so I think we're good there, but um, we are extremely excited to be here.

And I was sharing with Brian earlier that it's not the first rodeo for us, or especially for me.

We were here about three and a half years ago looking at doing a project that didn't get off the ground.

So it took three years to come back.

We're glad to be here.

We're planning to build a hundred and seventy-five thousand square foot facility that will produce chicken and rice products.

You got a lot of rice here, so that's good.

Um it's out in Craighead Industrial Park.

We have hired Mr.

Glenn Scott early on.

We want to be part of the community, so he's gonna be moving here at the beginning of next year.

So we're excited about it.

Thank you for having us.

Any any questions?

Understand you're gonna break ground this summer later and possibly be open in 2027.

Is that correct?

I would like that.

Um we're hoping to break ground at the end of August is our target right now.

I think that the facility will be fully functional around the beginning of 2028, January, February.

It's a target.

Yeah.

We're projected to when fully operational, have about 200 new jobs.

So we're excited.

Will average salary be out there?

Well, the average wage that we agreed to with the state on average is gonna be 22 something dollars was part of the covenants.

Um certainly we have a lot of different folks that are gonna be in there from finance to manufacturing.

When you talk about everyday you know, production workers, that's gonna be uh hourly wages, but you have you know mechanics, you've got QA, RD, we're building an RD center, which is exciting, so we can bring customers in, showcase our products.

Thank you very much.

Well, thank you.

Appreciate being here.

Look forward to seeing you next week.

Thank you.

Anything else from staff or the committee or the any public in attendance?

If not, um please do we still need to do we can try this.

They want to try electronic.

Please um press the appropriate button on whether or not to forward resolution 26048 to full council.

It is not registered.

All right, all those in favor of forwarding resolution 26048 to full council, please say aye.

Any opposed?

All right, that was the last item under new business.

Um under pending items.

I know at the last meeting, um, there were I guess maybe two or three things brought up.

Um, one was the update on bidding of our bank accounts.

Um I know that a meeting was held by the revenue um committee.

Depository committee, I'm sorry, last Friday, and that they are working on getting the publicate the notice put in the paper and all that.

Um so that should be happening fairly soon with the next what two or three weeks, probably, Steve.

Is there anything you want to add to it?

Any anybody have any questions about it?

All right.

The other two things that were asked about were a discussion on the performance of tournaments, maybe a little bit more from from Mr.

Stearns, and then a discussion on performance of the shooting range.

So, Jim, are you ready to are you prepared to talk about that stuff today?

We said that we could do it at this meeting, so I'll do my best.

Well, I mean, I don't I'd rather you not wing it if you're not fully prepared, but I know that was one thing that was asked at the last meeting, so I think at the next finance meeting, please be ready to prepare for that um or present that information.

I I definitely do not want you to wing it.

All right, does anybody have any other business for the committee?

All right.

At that point, we'll move to public comments.

Anything from the public about something we haven't already discussed on today's agenda.

All right, if not, next items adjournment.

All in favor say aye.

Aye.

Any opposed?