Speaker numbers apply only to this recording.
The Industrial Development Board of the Parish of St. Charles, Louisiana, Inc. met on Monday, October 26, 2026, at 11:30 AM in the Council Chambers, Courthouse, Hahnville, LA. The meeting included a prayer and pledge, approval of prior minutes, review of financial statements, and action on three resolutions. Key decisions included approval of a Payment in Lieu of Tax (PILOT) arrangement for Rio Morando, LLC, a property conveyance, and adoption of a public records fee schedule.
Go ahead and call the order the meeting of the Industrial Development Board of the Parish of St. Charles Incorporated. Today is October 26, 2026 at 11 30 a.m. Would everyone please rise for a prayer and pledge. I pledge allegiance to the flag of the United States of America. And to the Republic for which it stands. One nation under God, indivisible liberty. Okay, the first item of business is to approve the minutes of the July 27th, 2026 meeting. Do we have a motion? Motion by Mr. Raymond. Second by Mr. Bosco. Any discussion? All those in favor signify by aye. Aye. Any opposed? Motion carried. Next item is uh review of the financial statement January 1st through September 30th. Our auditors have requested that each time the board has a meeting that we get an updated financial statement. So we just need to document this in the minutes that the board received the statement. Next item is resolution number 2026, a resolution approving the form of and authorizing the execution of a lease agreement and agreement to issue bonds in any and all additional documents and certificates deemed necessary in connection with the granting of a favorable payment in lieu of tax arrangement and a potential issuance of not exceeding $13,750,000 in aggregate principal amount of taxable and our tax exempt revenue bonds of the industrial development board of the parish of St. Charles, Louisiana, Incorporated for the benefit of Rio Morondo LLC and providing for other matters with respect to the foregoing. This is a public hearing. Anyone wishing to address the board, please feel free to do so. And at this time, we'll ask Patrick to give us an overview of the proposal. Yes, so this is the same uh pilot agreement that was introduced at the last IDB meeting we had. There's no substantial changes to it as far as the business terms of it go. Um while there's a lot of language in here about bonding, there is no intention of the parish to issue any bonds or to back any bonds. There's no borrowing, there's no credit capacity. None of that is happening on the uh from the parish's side. It's a requirement of the IDB and uh the enabling legislation of the industrial development board that we have that language in there, um, but it would still require mutual agreement and further action to go into effect. And so what this really does is the tax exemption on the improvements to the uh land in question, it is not the land itself, but it's just the building on it, and that building will have the 50% reduction. It's a net of a 40% reduction from their current taxes projected for the next 10 years. And that is the uh arrangement for an AB and if you have specific questions about numbers or anything else, we can speak to that. We also have Mr. Andrew Marcus here, who is representing as the uh I believe principal for Adriacos, the owner of uh Rio Gorado LLC, um the developer for the site. Okay. Thank you, Patrick. Um we also have Philip Sherman here with uh law firm that um representing the board. If we have any questions for either one of those gentlemen. Any questions? If not, uh, would entertain a motion to approve. I'll make a motion to approve motion by Mr. Bosco. They have a second.