Commission approves engagement letter with London Whitty to support Prometheus Energetics incentive structure

The Greene County Redevelopment Commission voted 4–0 to approve an engagement letter with London Whitty that outlines legal services in support of a proposed tax-remission incentive for Prometheus Energetics.

Marvin (last name not specified in the transcript), addressing the commission, circulated the engagement letter and described the planned structure: an unfunded bond-like arrangement to remit a portion of real and personal property tax receipts to Prometheus over a multi-year period. Marvin said the arrangement would be documented and secured by a bond instrument; he explained the letter helps clear conflicts-of-interest and legal representation matters ahead of a future bond closing.

Marvin described how the incentive would operate in practice: the redevelopment commission would receive a portion of the tax collection while Prometheus would be remitted a larger share for a set period. At the meeting Marvin said, “The redevelopment commission receives 20% of the tax collection, and Prometheus is remitted 80% of the tax collection as the first part the first installment of their incentive to be here.” The commission discussed whether that 80–20 split had been formally documented; meeting discussion recorded that Prometheus had agreed verbally to the split and that formal documentation would be part of the bond-closing process.

Commissioners asked questions about timing and who pays legal fees. Marvin and staff said the customary practice is to have the developer (Prometheus) pay closing-related fees as part of the financing; the engagement letter sets a fixed fee for specific advisory work. Commissioners also discussed conflict-of-interest language in the letter and asked for a correction to one page (page 6) before final signature.

Commissioner Joshua moved to approve the engagement letter subject to the page-6 correction; Scott seconded. The motion carried by voice vote (aye) and was recorded as passing 4–0.

The engagement letter approval does not, by itself, finalize any incentive; it authorizes the commission to retain legal counsel to prepare documentation for the proposed unfunded bond and related agreements. Commissioners repeatedly stressed that any incentive payment schedule and split would be formalized in later documents and at bond closing.