Authentic Holdings Inc (AHRO)

[chaostrader]

LEDA FUNDS Steve informed the Council that in order to formalize the LEDA funds for Global Technologies an ordinance and some agreements will have to be adopted. He explained the required documents.

First Global Fashion Technologies must fill out a LEDA application which will identify who they are and what
their business is etc. St. Then, the Project Participation Agreement is an agreement between Global Fashion Technologies and the City of Belen which will dictate how the funds will be disbursed and secured.

Steve informed the Council that the City will place a lien on the Solo Cup Building as security against the two million dollars. Steve informed the Council that they will put an insurance policy on that as part of their financial package. He further explained that Global Technologies will be earmarking two million dollars that cannot be spent without the states prior approval.

The money will go towards improvements to the building and partial payment towards the purchase.

The proposed Ordinance identifies the prior two documents and the fourth document which is an
Intergovernmental Agreement between the New Mexico Economic Development Department and the City of
Belen. The Ordinance states that all of the documents are in compliance and have been completed.

The final agreement is the Intergovernmental Agreement between the State and the City of Belen, and all
documents must be approved before this document can be submitted. The agreement basically states that the 2
million dollars that the State is funding will be directly to the City of Belen, and the City will hold that in
escrow and disbursed by the City.

Steve added that the LEDA funds from the State, in the amount of 2 million dollars, was based off the promise of
employing a minimum of 300 people.

Councilor Carter asked if there will be a committee that makes sure

Global Technologies is complying with the agreement and approves distribution. Steve answered that a
committee can be put together. Councilor Ortega asked about the job fair that will be held for Global
Technologies.

Steve answered that Global Technologies is working together with Workforce Solution on the
job fair. Councilor Darleen Aragon asked what the deadline is for having all this approved. Steve answered as
soon as possible, and added that the LEDA funds must be used up by June. Jay agrees that a small committee
would be beneficial. Steve reiterated and stressed what Councilor Gallegos said earlier, the City is not putting
up any funds for Global Technologies.

More postings to follow on this matter..

Minutes of the City Counsel Meeting December 1st, 2014
http://www.belen-nm.gov/departments/city_council/minutes/December%201%202014.pdf


JUST MY OPINION