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Commission reviews proposed amendment to MBV‑AL project agreement replacing guaranties with mortgage
Summary
The county packet described a proposed amendment to the 2021 project agreement with MBV‑AL (formerly Manna Beverages & Ventures) that would release two guaranties, replace them with a mortgage in favor of the IDB on specified lots, and extend project deadlines by 18 months; the background notes one guarantor died in 2025 and his estate seeks release.
The Montgomery County Commission considered a proposed first amendment to a 2021 local government project agreement with MBV‑AL, LLC (f/k/a Manna Beverages & Ventures) that would change how the county and related authorities secure recapture obligations tied to project incentives.
County Attorney Connie Walker’s memo in the meeting packet said the company purchased the project site in May 2023 and subdivided it into lots (2A and 2B, later further subdividing 2A into 2A‑1 and 2A‑2). MBV‑AL has constructed a warehouse and distribution center on lot 2A‑1 and plans to sell that lot; lots 2A‑2 and 2B would remain subject to the original project agreement. Two indirect owners — Ulysses L. Bridgeman Jr. and Kevin R. Attkisson — had previously executed guaranty agreements securing recapture obligations. Walker’s memo notes Bridgeman died in March 2025 and his estate has asked that the guaranty be released to allow probate of the estate.
The proposed amendment described in the packet would release both guaranties and replace them with a mortgage in favor of the Industrial Development Board (IDB) on lots 2A‑2 and 2B to secure any recapture payment obligations under the Project Agreement. The same amendment would provide the company an 18‑month extension of the deadlines in the Project Agreement. The packet materials include the proposed amendment language and related mortgage documents.
The item appeared on the commission agenda for consideration; the packet language requests placement on a future agenda for final action and includes the proposed amendment documents for review.
