You've got to call them to all.

It's on already.

Okay, we'll go ahead and call a meeting to order.

This is the um April 23rd, 2026 meeting of the Industrial Development Board of the Parish of St.

Charles.

Would everyone please rise for a moment of silent prayer, followed by the pledge.

And to the Republic.

For which it's one nation under God.

Indivisible.

Okay, the first order of business is to approve the minutes from December 22nd, 2025.

Motion.

Okay, we got a motion in the second.

Sam and any discussion.

All those in favor signify by aye.

Aye.

Any opposed, motion carried.

Next is resolution number two thousand twenty-six one.

A resolution to approve amendment number one to resolution number two thousand twenty-four-two.

Adopted December 5th, 2024, which approved the lease agreement, an agreement to issue bonds dated as of September 1st, 2024.

By and between the Industrial Development Board of the Parish of St.

Charles, Louisiana Incorporated, and Randa Properties LLC to adjust the targeted avalorum tax used to calculate the Avalorum tax supplemental non-pilot rent.

This is a public hearing.

If anybody would wish to address the board, please come forward now.

Seeing none we're going to board discussion.

You put the mic on, please.

All right.

So the getting used to this.

So the uh the pilot agreement with RANDA uh was done in 2024.

It had a 700,000 dollar uh targeted avalanum tax, basically mean inventory tax for them, but they had to pay at least 700,000 per year to avoid uh effectively to avoid uh penalties.

Um the reality was that the last 10 years there's only been one time they've been above 600 even.

And uh I think it's hardware I don't have it in front of me.

I believe by the way if it had been 500, they'd never been above more than once.

And it was just that the in 2024, they were at 730 or something, but the year prior it was like 300 something.

I think it was really mostly about the timing of the inventory taxes, and for some reason they put this deal together uh and accepted it, not looking at the historicals, but only the prior year.

Um so this was basically the pilot in effect for 2026 was going to penalize them more than if they had not had the pilot at all.

So they were losing more than they were savings in property taxes.

So it became a pretty clear uh issue there.

And then um they asked for it to be uh fixed and and we settled a 500 because that really is uh approximating their average for the last 10 years.

It's just underneath their average.

And and that's the goal, right?

Is that they're uh we're not gonna see a loss of operations in them keeping this leaseholder then actually moving all their business up elsewhere.

This keeps them paying taxes and keeping employees here.

Um and as y'all probably know with RANDA, um this is one of the very key reasons they are still here.

Um as a distribution center, which uh over 90 percent, I think they would even say over 95 percent of what they distribute leaves Louisiana, that's not just this region.

So they're distributed from here by truck into Arkansas and Texas and other places.

Um the consolidation that's happening to all these equity fund owned companies.

This is probably saving this entire business being in St.

Rose.

So uh with that any questions or I I know I believe we may have spoken.

Right, okay.

And even with this agreement, they paid 550,000 in property taxes for 2025.

That's right.

So that's also been paid.

That's what they paid.

Yeah.

Yeah.

And which puts them within that assuming this passes, right?

Puts them within that threshold.

So there's no penalty for not meeting it.

Okay.