Development authority approves resolution to reconvey Milliken property, staff says documents must be completed "by the 31st"

A staff member told the board that a quick claim deed for real estate and a bill of sale for personal property must be completed "by the 31st" so those assets can be removed from the tax rolls for the tax year beginning 01/01/2026. "It's got to be done by the 31st in order to get off the tax rolls for the next tax year, 01/01/2026," the staff member said.

The staff member said the transactions for Milliken are very similar to an earlier deal for Interface and that both sets of documents were done at the same time. He said the bond issue for both Milliken and Interface was dated 12/01/2018 and that the documents are "essentially the same." The staff member described the mechanics: the company leases the project to the development authority for the bond term (noted in the discussion as 10 years) and, when the bond is paid off, the authority reconveys property back to the company.

At the end of the discussion the chair asked for a motion to approve the resolution for Milliken. The chair offered the motion, it was seconded, and, after a show-of-hands vote, the chair declared "Motion is carried." The transcript does not record a numeric vote tally.

The immediate next step, as described in the meeting, is execution of the conveyance documents by the stated deadline to ensure the property and equipment are returned to Milliken and placed back on the tax rolls. The transcript does not specify which month "the 31st" refers to, who will sign the documents, or the exact timing for recording the deed and bill of sale.