and how we saw all those matters today was supposed to be the closing date but george hall our town council is going to walk through exactly what will take place today in effect a closing by closing in escrow and what  and we're going have a motion to agree to that closing some proposed closing in escrow to a date certain george trash can walk through exactly what what's taken place since the last time we met  extended this to until today so we have been progressing toward a successful closing the one issue that has come up this week is delay in getting from the  corporate headquarters of starbucks in seattle washington the final approval of the lease which is integral to the transaction between the star and toll brothers for the sale of that property we are waiting on the parties are waiting on that to happen starbucks is obviously a very large company with many sites that it deals with leases on and they moved on their own schedule we had hoped to have that by today it looks like it will be a little bit longer hopefully no more than a few business days but you know that's not something that's entirely within the parties so what has been proposed is that that is an escrow closing and what that means is that the parties will deliver to the attorney who is going to take it's these transactions there are two instructions the agreement is that all of the signed documents dated today or were previous to that to today including the land development agreement which will have an effective date up today will be delivered to  mark that that includes both the the town transaction the sale of the parking lot and the star transaction the sale of the the four properties that comprise the rest of the christian village development site will all be delivered to marcab black today toll will be wired to mr cabot lack all of the funds necessary to complete both transactions ted by the close of business today  and so that essentially mark is ready to go to the registry of deeds record the documents and disperse the funds as soon as he's given the go ahead to do so the terms of the escrow letter allow  toll to wait to give that go ahead until it receives the starbucks lease back but that will be the last remaining contingency that the instructions do require that all attorneys for all legal counsel say everything's good to go that includes me so if i detect any mistakes in documents or anything like that i can withhold my consent until let's fixed and the attorneys have the same ability but the purpose of this is to to to allow told to wait until it has the lease agreement from starbucks in hand and so what happens sure that somebody didn't sneak in five minutes before hand and sell the property is somebody else i mean that's that's how real real estate closings work so mr campbell x job he's issuing the title policy on this openness to handling the title so his job is to record all of this he will be recorded normally he would have done that either by the end of the day today or first thing monday morning but because we're waiting on this lease we've given him these written instructions to say wait longer than you normally would until you hear that it's ok to close the school letters also say that if you if this does not happen by the twenty first any of the it more or less narrows the issues down to the starbucks lease it means there'll be no further active negotiation on any of the other documents because they've been signed and delivered to the astro libert agent and  the numbers would have all been worked out ok are they being apportioned as of today or as of the closing date of the payment in lieu of taxes which is what the town that gets for the parking lot is being a portion town was receive one hundred percent of the taxes due on the private property this book regardless ok i mean you know of course this is frustrating because we'd like to know that by the end of today the funds would have been wired to our account right ok which is which is in effect where the delay is being focused it's when the funds get wired to our account the purchase price fonts you know the million dollars less an credits and and plus any additional costs so that is that is very frustrating but what's encouraging is that at least we have gotten to a point you know certain where we are closing in escrow so so we have focused the issues and the open matters considerably so so that is that is encouraging gentleman i think i think you all know i'm frustrated i've always been frustrated yeah i don't see why it should take three weeks you know to get a lease executed but a corporate protocol is corporate protocol i guess where i am on this is i'm encouraged by the escrow closing it's something we as real estate attorneys do do all the time i'm not happy that told won't be putting any hard money on the table i'd be more comfortable to say if they said give us until the twenty first of october on or before which is what they're saying but if we don't close here's one hundred thousand or two hundred thousand that the town gets anyways ok i certainly would feel more comfortable if that were the case i feel that we have made a great leap and it would be a shame for us not to support the deal and risk pushing square being in its current condition for eight years or ten years or however long it takes to be redeveloped so i think that would be you know a big concern i would have as an executive of this town so what i'm going to do is i'm going to support this extension but i'm also going to say that if toll or any of the other parties come to us and request one additional day beyond the twenty first i will not support that so i am i am telecast needs approval by starbucks it's not a toll issue it's not a star issue it's a starbucks issue and toll brothers is unable to move starbucks ahead quicker in part because of actions that starbucks took on behalf of the of the deal prior to this and so i think we can expect the the starbucks lease to be signed in the ordinary course of business  congress i think the point is in we should also say if we don't we didn't agree to this closing escrow today that in fact a deal would die so i support your comments and yours jim as well that you know we need to do this we've been told by bill love it then told brothers local that they are in agreement in principle with starbucks on the lease that it's now in seattle washington we're going to sway through its corporate offices for final approval correct correct i and states right because as as optimistic as the parties are that can happen faster i guess i've learned to hope for the best but plan for something less than the best so that's why three weeks was the joy we thank instructions dated september thirtieth two thousand and sixteen provided by town council and appended to this motion and at the time for performance of the transaction a set forth in the purchase and sales agreement for the said property as amended be extended only insofar as necessary