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IDA approves vetting for "Project Resort" contingent on commission and operating-agreement details (5–1)
Summary
The IDA authorized completion of vetting with AMLER for a prospect labeled "Project Resort," contingent on Jay Shott identifying who will receive a 20% acquisition commission in documents from Bill Friday at HBF Capital and on Shott producing a draft operating agreement with AG America; the motion passed 5–1.
The board narrowly authorized staff to complete vetting with AMLER for a potential development labeled "Project Resort," but placed two conditions on the authorization: Mr. Jay Shott must identify the recipient of a 20% commission shown in financial documents provided by Bill Friday at HBF Capital, and Mr. Shott must produce a draft operating agreement between AG America and the Tazewell County IDA. The motion passed 5–1.
Minutes do not record which member voted against the measure. Board members said the conditions were intended to ensure transparency about commissions and the proposed operating structure before staff proceeds with further vetting. The vetted documentation will be considered in subsequent meetings as part of due diligence for potential project support.
