Ruston’s Board of Aldermen got some additional details at last night’s meeting on the plans for land, building construction, and economic incentives for Monster Moto, a manufacturer of mini bikes and go carts that is set to locate in Ruston.
Monster Moto has several trademarked products and was founded in 2013, according to Bloomberg Business.
As we had reported, the city will deed a parcel of land at the old Ruston Airport on South Farmerville Street to an entity called the Lincoln Economic Development Council (LEDC).
Formed in 2010 as a non-profit, LEDC lists the following individuals as officers: Dudley Holland, Benjamin Denny, Drake Mills, Les Guice, and Lewis Love.
LEDC will in turn lease the property to a private company,
Excellence Started, LLC, managed by Mark Graham. The Graham family has extensive business interests in the area, including Lincoln Builders, Inc.
Excellence will then construct a 100 thousand square foot manufacturing building that will be occupied by Monster Moto, and will be leased to them for a term of 25 years. Excellence will hold title to the building until the lease expires or is otherwise terminated. At that time, the title would revert to LEDC.
However, the City of Ruston is obligated to guarantee the lease payments to Excellence should the tenant (Monster Moto) fail to pay the rent.
District Two’s Angela Mayfield asked for how long would the city be obligated, and District Four’s Jim Pearce asked about the price tag.
Replied City Attorney Bill Carter, “The lease is for 25 years, the guarantee will be in effect during the term of that lease.”
When Pearce asked about the monthly cost, Carter said that it hadn’t been finalized.
Pearce: “OK. The item’s going to be a guarantee, but we don’t know what we’re guaranteeing?”
Carter: “It’s approximately $34 thousand a month.”
Pearce also inquired as to the financial particulars of Monster Mojo. Mayor Ronny Walker noted that Louisiana Economic Development (LED) had done the due diligence.
The Cooperative Endeavor Agreement for the land, and the Resolution regarding the rent guarantee passed unanimously.