On the agenda: Bushnell meeting — Data Center (Mar 23)

SUMTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY

Chairman - John Calandro
Seat 1 - Jeremy Scott
Seat 2 - Vacant
Seat 3 - Gerard Lachnict
Seat 4 - Christine Ciavardini Devine
March 23, 2026
4:00 PM
PLEASE TURN OFF ALL CELL PHONES AND ELECTRONIC DEVICES
ANY PERSON WHO MAY FEEL THE NEED TO APPEAL A SUMTER COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY DECISION IS HEREBY NOTIFIED THAT IT WILL BE NECESSARY FOR
YOU TO PROVIDE YOUR OWN VERBATIM RECORDING OF THIS MEETING OR ANY PORTION
THEREOF FOR PURPOSES OF THE MEETING
Any person requiring reasonable accommodation at this meeting because of disability, physical
impairment or interpretation needs should contact the County Administrator's Office,
7375 Powell Road, Wildwood, FL 34785 (352) 689-4400 at least two days before the meeting.
The Villages Sumter County Service Center (7375 Powell Road, Room 102, Wildwood, FL 34785)

AGENDA
1. Call to Order
2. Determination of Quorum
3. Proof of Publication
Documents:
Proof of Publication.pdf
4. Public Forum
5. New Business
a. Minutes - March 24, 2025 (Staff Recommends Approval).
Documents:
Minutes March 24, 2025.pdf
b. County Attorney Update Regarding Open Records, Open Meetings, Etc. (For
Information Only)

Documents:
Minutes March 24, 2025.pdf
b. County Attorney Update Regarding Open Records, Open Meetings, Etc. (For
Information Only)
Documents:
Sunshine Law Public Records Training.pdf
c. Economic Development Update (For Information Only)
Documents:
Economic Development Division Update March 26.pdf
d. Global Tire Recycling 1st Quarter Balance Sheet 2025 (For Information Only)
Documents:
GTR 1st Quarter 2025.pdf
e. Global Tire Recycling 2nd Quarter Balance Sheet 2025 (For Information Only)
Documents:
GTR 2nd Quarter 2025.pdf
f. Global Tire Recycling 3rd Quarter Balance Sheet 2025 (For Information Only)
Documents:
GTR 3rd Quarter 2025.pdf
g. Global Tire Recycling 4th Quarter Balance Sheet 2025 (For Information Only)
Documents:
GTR 4th Quarter 2025.pdf
6. Adjourn
Contact Us:
[email protected]

0

&‫}ן‬te6\lill�e§

DAILYSUN
Published Daily
State of Florida
County Of Sumter

NOTICE OF MEETING
Monday, March 23, 2026
NOTICE IS HEREBY GIVEN
that • th e I Sumte r Cou‫ח‬ty
l‫ח‬dustrial Developme‫ח‬t
�uth�rity Cou‫ח‬ci l will h‫ס‬ld a
meet‫חו‬g cit The Villag es Sumt er
Cou‫ח‬ty Service Ce‫ח‬t�r. 7375
P·owell Road, Room ‫ ד‬0-2
Wildwood, FL 34785 ‫חס‬
Monday, March 23, 2026, a t
4:00 p.m.

Affidavit of Publication
Before the undersigned a.utl1ority perso11ally
Appeared Amber Sevison who on oatl‫ ו‬says tl1at
l‫ב‬e or sl1e is Legal Ad Coo1·dinato1· of the Villages
DAIL Y SUN, a daily newspaper published in
S111nter Co1mty, Florida with circ11lation in Lake,
S11mter and Ma1·ion Co1111ties; that the attached
copy of advertisement, being a Legal Ad # 01298719
in the matter of

NOTICE OF MEETING
was p11blished in said newspaper i11 the issues of

N‫ס‬t(ce is given if ar:iy person
des‫ו‬res to app eal any actio‫ח‬
take‫ ח‬by the Sumter Cou.nty
lndustrial D-evel‫ס‬.p mer‫ר‬t
Authority (IDA)· at the above
meeting, verbatim record of the
proc�edi‫ח‬gs may be•necessary
and ‫ו‬s not prepared or furnished
by the IDA.
Persons ne eding s pecial
assistance gaini‫ח‬g access to
the m eeting or to be heard at
the meeting should call 352689-4400 to make any special
arra‫ח‬gements.

MARCH 16, 2026

The publi c is- invited and
encour a ged to attend.
_

Affiant further says that the Daily Sun is a newspaper
tl‫ו‬at complies with all legal require1nents for publication i11
cl‫ו‬apter 50, Florida Statutes.

SUMTER COUNTY BOARD
OFCOUNTY
COMMISSIONERS
INDUSTRIAL .DEVELOPMENT
AUTHORITY COUNCIL
#01298719 • March 16, 2026

( SigifatureOfA
Swom to and subscribed before me this _/_]____
2026.

;;x;h� 2�

� vil

���
obinLBa1hwieler, Notary

________or
Personally Known _____�
Production Identificatio11 -----------Type of ldentification Produced

---

1
ER
·;OBIN L. BALDESCHWIEL r1da \
:.....;P&�
Flo
of
te
Sta
lic.
Notary Pub
It [fim
8770
• • �
C‫ס‬mmiss\o‫ ח‬# HH 58‫ו‬O, 2028 a
«i
Expires ‫ס‬ct
.
mm
Co
My
'
�j ---��‫ס‬
Ass‫ח‬. 1
ough Natio‫ח‬a\ :‫י‬-lotary
‫ ו‬......F.�Bonded thr

=

��-\

Regular Meeting of the Sumter County Industrial Development Authority

March 24, 2025

The Sumter County Industrial Development Authority (IDA) convened for a regular meeting on Monday,
March 24, 2025, at 4:00 P.M. at The Villages Sumter County Service Center, located at 7375 Powell Road,
Room 102, Wildwood, FL 34785, with the following members present to wit: Gerard Lachnicht, John
Wilkinson, Jeremy Scott and Christine Ciavardini Devine. The following individuals were also present:
Kristy Russell, Sumter County Economic Development Director, Jennifer Rey, Esq., of the Hogan Law Firm
and Jarrod Prater, Esq., of the Hogan Law Firm.
1. Gerard Lachnicht, Vice Chairman, called the meeting to order
2. Gerard Lachnicht, Vice Chairman, made a determination of a quorum
3 . Pledge of Allegiance
4. Proof of publication of the notice of the meeting was entered into the record
4. Public Forum
NONE
5. New Business
a. Minutes of Meeting held on February 1, 2024
John Wilkinson made the motion to approve the meeting minutes
of February 1, 2024, with a second by Christine Ciavardini Devine.
The motion passed unanimously.

b. Sunshine Law Public Records Training 2025 briefing by Jennifer Rey, Esq.
(For Information Only)
c. Economic Development Update briefing by Kristy Russell, Economic Development
Director (For Information Only)
d. Global Tire Recycling first Quarter 2024 Balance Sheet (For Information Only)
e. Global Tire Recycling second Quarter 2024 Balance Sheet (For Information Only)
f. Global Tire Recycling third Quarter 2024 Balance Sheet (For Information Only)
g. Global Tire Recycling fourth Quarter 2024 Balance Sheet (For Information Only)
6. Adjourn – 5:23 PM
John Wilkinson made the motion to adjourn, with a second by
Christine Ciavardini Devine. The motion passed unanimously.

SUNSHINE LAW and
PUBLIC RECORDS

The Laws

• Florida Sunshine Law
• Article I Section 24 Constitution of the State of Florida
• Florida Statutes Ch. 286 – Open Meetings Law

• Florida Public Records Law
• Article I Section 24 Constitution of the State of Florida
• Florida Statutes Ch. 119 – Public Records Law
The Hogan Law Firm, LLC

Art. I, Sec. 24 of the Florida Constitution

• All meetings of any:

• of any collegial public body of a county, municipality, school district or
special district,

• at which official acts are to be taken, or
• at which public business of such body is to be transacted or
discussed,

• shall be open and noticed to the public.
Any discussion or deliberation, formal or casual, between two or more elected
members about a matter on which the elected body might foreseeably take action,
including but not limited to workshops, telephone conversations, e-mail
communications, seeing each other in places or gatherings around town.
The Hogan Law Firm, LLC

3

Art. I, Sec. 24 of the Florida Constitution

• every person has the right to inspect or copy
• any public record
• Made or received in connection with the official business
• of any public body, officer, or employee of the state or
persons acting on their behalf,

• except with respect to certain exempted records.
The Hogan Law Firm, LLC

4

Sunshine Law Requirements
• Minutes must be recorded and open to public inspection.
• Minutes are not verbatim--but brief summary of meeting’s events. However,
verbatim transcripts and/or verbatim audio recordings are encouraged.
Audio recordings must be retained.

• Votes must be publicly taken
• No secret ballots
• Roll call vote not required
• All members must vote (unless they have a conflict of interest) and the
minutes must so reflect by recording of the vote or counting a vote for each
member
The Hogan Law Firm, LLC

5

May Not Use Evasive Devices

• May not use any of the following to circumvent discussion or dialogue at a
meeting:

• Using a third-party non-board member to serve as a conduit or to facilitate
conveying information

• Circulation of written reports from one Commissioner to others;
• Circulation of emails by and between Commissioners;
• Single board member reporting to each member what the other members think
regarding an issue;

• Single board member reporting to any other member information relayed to
administrative staff.
The Hogan Law Firm, LLC

6

Public Records Requests - Generally

• Requests may be:
• verbal or written
• made by any person
• Anonymous as a requestor is not required to identify
themselves

• For any purpose – a requestor need not disclose why they are
making the request, and they are not required to show a
“legitimate” or “noncommercial interest” as a condition of
access;
The Hogan Law Firm, LLC

7

Public Records Requests - Generally

• Does not require turning records over on-the-spot to a requestor
• Entity has a “reasonable” time to respond –
• The Florida Supreme Court has stated that the only delay in producing
records permitted under the statute is the reasonable time allowed the
custodian to retrieve the record and delete those portions of the record
the custodian asserts are exempt.

The Hogan Law Firm, LLC

8

Public Records Requests - Generally

• An agency is not required to comply with a “standing” request for records
that may be created in the future.

• An agency is not required to answer questions about the public records
(other than information on how to obtain them, like the cost)

• Agency is not required to provide a verbal explanation
• An agency is not required to create a new record or the provision of records
in the format requested

Public Records Requests - Generally

• Public records cannot be withheld at the request of the agency.
• A request cannot be denied because it is “overbroad” – although
the agency County may discuss clarifications to a request;

• An agency may not deny a request on the basis that the record is
in the possession of another, e.g. contractor or a Commissioner’s
own social media account or email account.

The Hogan Law Firm, LLC

10

Public Records Requests - Generally

• Entity may charge the cost of retrieving records to the requestor if the
amount requested is voluminous; and an established policy exists;

• In addition, an agency may impose a reasonable special service charge for
the actual cost of extensive labor and information technology required due
to the large volume of a request.

Public Record Retention
• All public records must be retained in accordance with retention schedules
approved by the Department of State, even exempt or confidential records.

• Record retention requirements also apply to:
• Voicemails
• Test messages
• Email communications
• Social media content
The Hogan Law Firm, LLC

12

Advisory Boards
• The Sunshine Law applies to:
• Advisory Boards created pursuant to law or ordinances; or otherwise established by
public agencies or a single public official

• even though their recommendations are not binding upon the elected body.

• Examples: community issue advisory boards, employee or personnel
advisory boards, planning advisory boards, etc.

The Hogan Law Firm, LLC

13

Community Forums
• The Sunshine Law does not apply to a political forum sponsored by a private
civic club during which county commissioners express their position on
matters that may foreseeably come before the commission, so long as the
commissioners avoid discussions among themselves on these issues. AGO
94-62,

• Participation by two city council members in a citizens police academy does
not violate the Sunshine Law; “[t]he educational course is not changed into
a meeting of a board or commission . . . by the attendance and participation
of members of the city council in the course work of the academy”. AGO 0818

The Hogan Law Firm, LLC

14

Community Forums
• Caution should be exercised to avoid situations in which private political or
community forums may be used to circumvent the statute’s requirements.
AGO 94-62.

• A court rejected an argument that the Sunshine Law permitted
commissioners to attend a private breakfast meeting at which the sheriff
spoke and the commissioners individually questioned the sheriff but did not
direct comments or questions to each other. The court ruled that the
discussion should have been held in the Sunshine because the sheriff was a
“common facilitator” who received comments from each commissioner in
front of the other commissioners. State v. Foster, 12 F.L.W. Supp. 1194.

The Hogan Law Firm, LLC

15

Sunshine Law – Public Comment & Private
Communications
• Probable cause was found that a school board violated the Sunshine Law
and First Amendment rights by engaging in private communications about
meeting topics and improperly restricting a parent’s public comment. The
board was placed on probation, with potential salary consequences for
future transparency violations. In re Alachua County School Board, Fla. Bd. of
Educ. (Nov. 13, 2025).
The Hogan Law Firm, LLC

16

Exchanges via Email and Facebook Messenger

• Members of an advisory committee created to make
recommendations to a superintendent on school
attendance boundaries violated the Sunshine Law when
they exchange private electronic communications via
emails and Facebook messages relating to committee
business. Linares v. District School Board of Pasco
County. See also AGO 89-39.
The Hogan Law Firm, LLC

17

E-Newsletter and Facebook Page Comments

• City Commissioners may not use an electronic newsletter
to communicate among themselves on issues that
foreseeably may come before the commission. Informal
Opinion to Strykus, October 31, 2000.

• Members of a City Board or commission may not engage
on the City’s Facebook page in an engage or discussion
of matters that foreseeably will come before the board
or commission for official action. AGO 09-19.
The Hogan Law Firm, LLC

18

E-Mail Communications / Blogs
• While it is not a “direct violation” of the Sunshine Law for members to circulate
their own written position papers on the same subject as long as the board
members avoid any discussion or debate among themselves except at an open
public meeting, this practice is “strongly discourage[d].” AGO 07-35.

• City commissioner may post comment regarding city business on blog or message
board; however, any subsequent postings by other commissioners on the subject of
the initial posting could be construed as a response subject to the Sunshine Law.
AGO 08-07

• Posting of anticipated vote on blog could be construed to be subject to the
Sunshine Law. Inf. Op. to Jove, January 22, 2009.

The Hogan Law Firm, LLC

19

E-Mail Communications
• E-mail communication of information from one council member to another is a
public record but does not constitute a meeting subject to the Sunshine Law when
it does not result in the exchange of council members’ comments or responses on
subjects involving foreseeable action by the council. AGO 01-20.

• If, on the other hand, the report is circulated among board members for comments
with such comments being provided to other members, there is interaction among
the board members which is subject to Section 286.011, Florida Statutes. AGO 9003.

• While a school board member may prepare and circulate an informational
memorandum or position paper to other board members, the use of a
memorandum to solicit comments from other board members or the circulation of
responsive memoranda by other board members would violate the Sunshine Law.
AGO 96-35.
The Hogan Law Firm, LLC

20

Public Records - Email

• E-mail messages made or received by agency officers and employees in
connection with official business are public records and subject to
disclosure in the absence of an exemption. AGOs 96-34 and 01-20; Rhea v.
District Board of Trustees of Santa Fe College, 109 So. 3d 851, 855 (Fla. 1st
DCA 2013)

• Florida Statutes requires agencies that use a website and use electronic
mail to post the following statement in a conspicuous location on the
agency website: “Under Florida law, e-mail addresses are public records. If
you do not want your e-mail address released in response to a public
records request, do not send electronic mail to this entity. Instead, contact
this office by phone or in writing.” Section 668.6076, Florida Statutes.
The Hogan Law Firm, LLC

21

Public Records - Email
• E-mails sent by city commissioners in connection with the transaction of
official business are public records subject to disclosure even though the emails contain undisclosed or “blind” recipients and their e-mail addresses.
AGO 07-14.

• A trial court order found that a list of recipients of a personal e-mail sent by
mayor from her personal computer was not a public record. Butler v. City of
Hallandale Beach, 68 So. 3d 278 (Fla. 4th DCA 2011).

The Hogan Law Firm, LLC

22

Public Records - Email
• A final order found that a fire district board member violated the Sunshine
Amendment by using non-public district email lists for his personal political
campaign. Even incidental use of government data for personal benefit
constitutes an ethics violation. In re John Stevens, Fla. Comm'n on Ethics,
Case Nos. 21-017, 21-031 (Consolidated), Final Order No. 25-084 (Nov. 14,
2025).
The Hogan Law Firm, LLC

23

Public Records – Email Retention
• E-mail messages are subject to the statutory restrictions on destruction of
public records. Section 257.36(6), Florida Statutes.

• An e-mail communication of “factual background information” from one
city council member to another is a public record and should be retained in
accordance with the retention schedule for other records relating to
performance of the agency’s functions and formulation of policy. AGO 0120.

The Hogan Law Firm, LLC

24

Public Records – Email Retention
• To the extent that the information on the city’s Facebook page constitutes
a public record, the city is under an obligation to follow the public records
retention schedules established in accordance with Section 257.36(6),
Florida Statutes. AGO 01-20

• City council members who post comments and emails relating to the
transaction of city business on a privately owned and operated website
“would be responsible for ensuring that the information is maintained in
accordance with the Public Records Law”. AGO 08-07

The Hogan Law Firm, LLC

25

Public Records – Text Messages
• A public official or employee’s use of a private cell phone to conduct public
business via text messaging “can create an electronic written public record
subject to disclosure” if the text message is “prepared, owned, used, or
retained . . . within the scope of his or her employment or agency.” O’Boyle
v. Town of Gulf Stream, 257 So. 3d 1036, 1040-1041 (Fla. 4th DCA 2018).

• A “city commissioner’s text messages may be a public record,” although a
private communication by a municipal official “falls outside the definition
of public record.” City of Sunny Isles Beach v. Gatto, 338 So. 3d 1045 (Fla. 3d
DCA 2022).
The Hogan Law Firm, LLC

26

Public Records – Text Messages
• In order to comply with the requirements of the Public Records Act, “the
governmental entity must proceed as it relates to text messaging no
differently than it would when responding to a request for written
documents and other public records in the entity’s possession—such as
emails—by reviewing each record, determining if some or all are exempted
from production, and disclosing the unprotected records to the requester.”
O’Boyle v. Town of Gulf Stream, 257 So. 3d 1036, 1040-1041 (Fla. 4th DCA
2018).

The Hogan Law Firm, LLC

27

Public Records – Text Messages
• The retention periods for text messages and other electronic messages or
communications “are determined by the content, nature, and purpose of
the records, and are set based on their legal, fiscal, administrative, and
historical values, regardless of the format in which they reside or the
method by which they are transmitted.” See General Records Schedule GS1SL for State and Local Government Agencies, Electronic Communications
• The same retention rules that apply to e-mail should be considered for
electronic communications including SMS communications (text
messaging), MMS communications (multimedia content), and instant
messaging conducted by government agencies. Inf. Op. to Browning, March
17, 2010.
The Hogan Law Firm, LLC

28

Unconstitutional Discrimination in Social Media
• In Bear v. Escambia County, the plaintiff sued the county seeking to compel the

disclosure of public records from a commissioner’s personal social media pages
under Florida’s Public Records Act and he claimed that the commissioner blocked
him or denied him full access to the social media accounts in violation of his First
Amendment free speech rights. The court found in favor of the plaintiff on the
issue of public records but found in favor of the commissioner on the first
amendment claim.

• Public official engaged in unconstitutional viewpoint discrimination by blocking

certain users from access to his Twitter account, which is otherwise open to the
public at large and “used for all manner of official duties,” because he disagreed
with their speech. Knight First Amendment Institute v. Trump, No. 18-1691 (2d Cir.
July 9, 2019).
The Hogan Law Firm, LLC

29

Public Records – Retention of Social Media
• The determination as to whether a list or record of accounts which have
been blocked from posting to or accessing an elected official’s personal
Twitter feed is a public record involves mixed questions of law and fact
which cannot be resolved by the Attorney General’s Office. Inf. Op. to
Shalley, June 1, 2016.
• “If the tweets the public official is sending are public records [because they
were sent in connection with the transaction of official business] then a list
of blocked accounts, prepared in connection with those public records
‘tweets,’ could well be determined by a court to be a public record.” Inf. Op.
to Shalley, June 1, 2016.
The Hogan Law Firm, LLC

30

Condominium Transparency – Online Records
Portal
• Condominium associations with 25 or more units must maintain a secure
online portal for owners and post specified records, including financial
statements, structural integrity reports, and meeting minutes, to promote
transparency and access to critical information. Fla. Stat. § 718.111(12) (HB
913), eff. July 1, 2025; digital portal reqs. Jan. 1, 2026.

The Hogan Law Firm, LLC

31

Public Records – Exemptions
• Exemptions must be specifically provided for by statute.
• Certain personnel information; not necessarily the document but the information
contained therein. Automatic for employer, not third parties. Third party holders of
exemption information must be given notice with a request to exempt information.

• Certain cybersecurity information and critical infrastructure plans are exempt from
public records disclosure to protect against security threats, limiting access to
sensitive system and operational details. Fla. Stat. § 119.0725 (2025).

• Denial of production based on exemption must specify the specific statutory
exemption.
The Hogan Law Firm, LLC

32

Public Records – Reasonable Response Time
• The First District Court of Appeal held that the Executive Office of the
Governor was not liable for unreasonable delay in producing public records
related to the 2022 migrant flights, where the volume and complexity of the
requests justified the response timeline. Florida Center for Government
Accountability v. Executive Office of the Governor, 402 So. 3d 115 (Fla. 1st
DCA 2025).
The Hogan Law Firm, LLC

33

Issues with Various Types of Records Request
• General Requests
• Subpoena Duces Tecum with deposition
• Subpoena Duces Tecum without deposition
• Request for Production served during litigation
• Navigating HIPAA Privacy Protections in production of records.
The Hogan Law Firm, LLC

34

• Penalties

Remedies and Penalties
Sunshine Law Violations

• It is a second-degree misdemeanor to knowingly violate Sunshine
Law
• A person convicted of a second-degree misdemeanor may be
sentenced to a term of imprisonment not to exceed 60 days
and/or fined up to $500.
• Removal from position, permanent record of offense.

• Remedies

• Declaratory and injunctive relief

• Award of reasonable attorneys’ fees
• Action taken at illegal meeting invalid
The Hogan Law Firm, LLC

35

• Penalties:

Remedies and Penalties
Public Records Law Violations

• A public officer who knowingly violates 119.07(1) is subject to
suspension and removal, or impeachment, and commits a
misdemeanor of the 1st degree, punishable by criminal penalties of one
year in prison or a $1000 fine, or both.
• Generally, violations of Ch. 119 are noncriminal infractions punishable
by a fine not exceeding $500

• Remedies:

• A person denied the right to inspect or copy records may bring civil suit
against the agency, may seek mandamus, or an injunction.
• Reasonable attorney’s fees and costs.
The Hogan Law Firm, LLC

36

www.sumterbusiness.com

Sumter County Economic Development
(SCED)
All Roads LeadMarch
to Sumter
County
2026

Sumter County
Economic Development
Sumter County Economic Development

is proud to support local businesses. The
team is committed to being a resource for
employers and entrepreneurs, always here
to provide guidance, tools, and connections
that help businesses thrive.

www.sumterbusiness.com

Sumter County Economic Development Services
(Consolidated Services with All Five Cities)
•
•
•
•
•
•
•
•
•

Business Development
Industrial Development Authority (IDA)
Financial Resources
Demographic Data
Site and Building Locator
Liaison with State/Federal Agencies
Local Permitting and Regulatory
Assistance
Workforce/Training Programs
Marketing Sumter County

•
•
•
•

Educational Partnerships
Infrastructure Improvements
Financial Incentives
Additional Services

www.sumterbusiness.com

SCED Reaccreditation
Achieved July 2024
The Accredited Economic Development
Organization (AEDO) program recognizes the
professional excellence of economic
development organizations (EDOs) and provides
independent feedback on their operations,
structure, and procedures.

•

AEDO’s must become
accredited every three years

•

SCED currently one of only six
AEDOs in the State of Florida

www.sumterbusiness.com

FL SBDC at UCF-Sumter County
SCED maintains the contract with the University of Central Florida (UCF) to provide the
Small Business Development Center (SBDC) locally
FY 24/25
• Capital Obtained: $2,912,698
• Assisted with the creation of 30 new businesses
• Added 52 new jobs
• $75K annual cost to Sumter County and the space/use provided at The Villages Sumter
County Service Center
First Quarter,10/1/2025-12/31/2025
• 39 clients, 212 consulting hours

CareerSource Central Florida
SCED serves as a conduit and referral agency for an array of employer services, training
programs and incentives through CareerSource Central Florida
•
•
•
•
•
•

Talent recruitment
Job fair/hiring events
Summer youth internships
Adult internships
Employer upskilling
Incumbent worker training

•
•
•

On-the-job training (OJT)
Apprenticeship events
Labor market information

*Future satellite office location
at the Sumter County Fairgrounds

Economic Activity Centers
•

Carves out areas of
commercial and industrial
development opportunities

•

Three primary and two
secondary activity centers
that consist of
approximately 11,400 acres,
combined

Primary EAC 1
•
•
•
•
•

I-75 SR 44 Corridor
Pike 75
Monarch Ranch
Gov. Rick Scott Industrial
Park
Rep. Marlene O’Toole
Industrial Park

Primary EAC 2
•

I-75 C 470 Corridor

Primary EAC 3
•

US 441 NE border of Lake
and Marion Counties

Secondary EAC 1
•

Beville’s Corner

Secondary EAC 2
•

Tarrytown

Industrial Park Development Focus with Duke Energy
• Governor Rick Scott Industrial Park (Duke Energy Certified Site Ready)
• Zoned/Water/Sewer/Electric/Gas/Rail
• Duke Energy Advancing Sites Infrastructure Grant (ASIF) $10K

• Pike 75 Industrial Park (Duke Energy Certified Site Ready)
• Zoned/Water/Sewer/Electric/Gas
• Duke Energy Foundation Economic Development Grant $7K

• Rep. Marlene O’Toole Industrial Park (Site Readiness Program - February 2023)
• Zoned/Water/Sewer/Electric/Gas
• Amendment to the Coleman Ridge Development Agreement +121 acres

• Monarch Ranch (Super Site – Site Readiness Program - February 2023)
• Benderson Development and The Villages®Developer
• Pending zoning/water/sewer/electric/gas/rail

Changes to the Economic Development Incentives 2/25/25
Sumter County adopted target-industry business cash incentives for new and existing companies
locating and/or expanding their operations
•

Manufacturers: minimum building capital investment of $1M*, incentive of 5% for new manufacturers or 10% for existing

manufacturers of the building capital investment not to exceed $1M per year for three years starting at certificate of occupancy
(CO)

•

Large Fulfillment Center (>800k SF): minimum building capital investment of $100M* for the incentive of 2% of the

building capital investment not to exceed $1M per year for three years starting at CO

•

Small Fulfillment Center (= 100k up to 800k SF): minimum building capital investment of $10M* for the incentive

of 2% of the building capital investment not to exceed $500K per year for three years starting at CO

•

Data Center (=/> 100K SF): minimum capital investment of $10M* for the incentive of 2% of the building capital

investment not to exceed $1M per year for three years starting at CO

•

Agribusiness R&D: minimum building capital investment of $300K*, up to 10% for new R&D building not to exceed $500K

per year for three years starting at CO

*Capital investment does not include the cost of land

Current Targeted Business Expansions/Recruitment
• Charlotte Pipe & Foundry, $20M+/-, additional manufacturing expansion
• Trademark Metals Recycling, $78M+, manufacturing recruitment
• Certificate of Occupancy issued July 23, Payments of $1M per year for three years
• Great Southern Wood, additional manufacturing expansion
• Third incentive payment issued October 2025 ($334K)
• Support provided for combination of properties, CR 527 vacation and access to natural gas
• C 470 at CR 527S roundabout to align with future expansion plans in design phase

Current Targeted Business Expansions/Recruitment
•

Old Dominion Freight Lines trucking terminal, distribution recruitment
• Coordinated partnership for signalization at SR 44 and CR 231

• Werner Trucking, distribution recruitment
• Coordinated partnership includes trigger for the signalization as SR 44 and CR 229
• SECO, small fulfillment center recruitment, $ 256M headquarter expansion
• 301 Industrial LLC, manufacturing/fulfillment center recruitment, $21M +/investment
• Irby Company LLC small fulfillment center recruitment, $18M +/- investment

Targeted Business Expansions/Recruitment
•

Florida Commerce
• Project Trelleborg

•

Project Parrott

• Project Spartan

•

Project Summer

• Project Hydrofoil
• Project Lightspeed

•

AUTOMATE Expo (May 2025)
•

robotics and automation

• Upcoming MODEX 2026 Supply Chain Expo
• supply chain/logistics
• advanced manufacturing

Sumter County Economy Overview

Top 50 counties with the highest migration interest:
1. Brunswick County, North Carolina
2. Horry County, South Carolina
3. Washington County, Tennessee
4. Sumter County, Florida
5. Marion County, Florida

Source: Lightcast, January 2026;
U.S. News & World Report,
2025 Relocation Map,
January 29, 2026

Sumter County
Inflow/Outflow Job Counts

Source: USCB, January 2026

Sumter County Tourism
•
•
•
•
•

•

SCED maintains the Tourism Strategic Plan
SCED maintains the DiscoverSumterFl.com
website and its content
SCED provides Farm City Week Event support
SCED supports Agritourism
VisitFL reported visitor spending in Sumter
County for 2024 was $570.2M dollars, -1.4%
from 2023 ($154M Lodging, $153M Food &
Beverage, $105M Entertainment &
Recreation as the top 3 categories)
Funding from the Tourist Development Tax
formerly funded the development and
maintenance of the website

New website launched March 3, 2025

www.discoversumterfl.com

Sumter County Housing Services
Providing safe, decent, affordable housing for income-eligible residents of Sumter County through
the use of State Housing Initiatives Partnership (SHIP) Program funding
Housing assistance can improve quality of life, strengthen families, and promote economic growth. Access to quality
affordable housing is a crucial aspect of maintaining a sustainable community.
The Local Housing Assistance Plan (LHAP) Strategies are:
 Emergency Home Repair
 Demolition-Reconstruction
 Purchase Assistance
 Disaster Assistance
 Multi-family Rental Development
Interlocal Service Boundary Agreement: Workforce Housing Service Delivery Sub-Agreement states the county shall serve as
the single unified point of service for workforce housing services in unincorporated areas of the county and within the cities.
The county shall provide the staffing and resources for promoting and facilitation the provision of workforce housing.

Sumter County Housing Services
Funding
 State Housing Initiatives Partnership (SHIP) is funded by the Sadowski Affordable Housing Trust Fund which generates
revenue by documentary stamp tax on real estate transactions. Funds are distributed to 67 counties and 52 entitlement
cities in Florida using a population-based formula. The funding is allocated by the State Legislature and the Governor.
 Monthly mortgage repayments from previous housing recipients.
 Affordable Housing Fund: The net profit from the sales of code enforcement foreclosure sales.
Governance
 SHIP - Florida Statutes § 420.907-9079 and Administrative Rule 67-37
 Affordable Housing Fund - Florida Statutes § 125.379
 Local Housing Assistance Plan (LHAP)
FY 24/25 Statics
 Purchase Assistance - $140,000 – Seven first time homebuyers
 Demolition/Reconstruction - $1,168,058 – Eight replacement homes
 Emergency Repair - $68,425 – Six home repair projects

(©

4

1
20 1 lndustria
1201
Industriall Drive
Wildwood, FL 34785
Phone: (352) 330-22
13
330-2213
14
Fax: (352) 330-22
330-2214

�·•.. ·•:·.•._,,
g

�

�■

le1e1el)

_ _

ism =

April 21, 2025
Bradley Arnold
Sumter County lndustrial
Industrial Development Authority
7375 Powell Road
Wildwood,, FL 34785
Wildwood
Re
Re::

Sumter County lndustrial
Industrial Development Authority
Global Tire Recycling of Sumter County, lnc.,
Inc., Borrower

Arnold:
Dear Mr. Arnold:
Enclosed is the compiled Profit & Loss Statement along with the Balance Sheet for the 1
st Quarter of 2025.
1st
2025.
(
to ensure
reviewed a/1
all financial transactions for the period from January 1, 2024 to March 31
31,, 2025 (to
‫ו‬I have reviewed
)
that all
and certify that:
all final numbers were properly updated)
updated and
1. The enclosed financial
financial statements fairly present in
in all
all material
material respects the financial condition and
and
p
p
results
results of operations for the period
eriod presented
resented..

2.
and related
related unavailable cash,
Company had not been
2. Due to the continued lower level
level of sales and
cash , the Company
been
able to remit the past due Class 12 bondholder distribution payments·
payments· to the Trustee
Trustee..
3. Other than noted above, I‫ ו‬have obtained
3.
‫ חס‬knowledge
obtained no
knowledge of the occurrence of any condition, event or
act which could constitute an event of default under any of the 2005 Documents or the lndentures.
Indentures.
I‫ ו‬will continue to monitor financial transactions, reconcile
reconcile all
all bank accounts, develop all
all financial
financial statements
and
and submit all
all periodic reports
reports for the foreseeable future.
�������

{~
Ind pendent
lnd
pendent Accountant; and,
Act‫ו‬ng Controller & Chief Administrative Officer
Acting

C:
Ms Terri Pulley, Assistant Vice President, BOK Financial,
Financial, N.A.

GTR m
eans groun
d tire rubber
means
ground

{Jc=ven
{} ~~~
APe z 2 2025E~
2025
I/
'�
Q\I

�

Global Tire Recycling

Profit & Loss Statement
For the 3 months
months ended
ended March 31, 2025
Unaudited
2025

%

Unaudited
2024

lncome
Income

Change

%

Corrected

Tip Fees
Tip
Larger
Larger Grinds
Grinds

$
$

$
S 406,290.38
401,779

$
$

379,748
244,873
244,873

26,542.38
156,906

Micro Grinds
Grinds

3rd Party Recycling
Shipping & 3rd
Total lncome
Income

$
$

33,605
841,674 100%

6,099

$
S

630,720 100%

$
$

27,506
210,954

Cost of Goods Sold
Labor
Labor & Related
Related
Material

185,360
24,905

220,977
(33,037)

maintenances, Expenses
Supplies, maintenances,
Depreciation

226,435

263,948

(35,617)
57,942
(37,513)

19,170
455,870

54%

20,978
472,866

75%

(1,808)
(16,996)

385,804

46%

157,854

25%

227,950

Total Cost of Goods Sold

Gross Profit
Operating Expenses
Salaries, Wages and
and Related
Related

69,069

75,546

Administrative Expenses
Selling Expenses
Depreciation

89,986
19,632
491

94,684

(6,477)
(4,698)

92
350

19,540
141
141

Total Operating Expenses

Ordinary lncome
Income (loss)
Other I,/, lnterest
Interest & Misc lncome
Income

21%

170,672

27%

8,506

206,626

25%

(12,818)

-2%

219,444

1,301
298,190
(296,889) -47%

11,792
14,638
(2,845)

13,093
13,093
312,828
(299,734) -36%

lnterest
Interest Expense
Total Other

Net lncome
Income (loss)

179,178

$
$

EBITDA

(93,108) -11%
239,380

Total
Total Production
Production (Lbs)

28%

$
$

(309,707) -49%
9,811

2%

$
$

216,599
229,569

3,564,000
0.05
0.13
0.05

3,083,000
0.07
0.15

481,000
(0.02)
(0.03)
(0. 03)

Admin Expense/Lb
Expense/Lb Produced
Admin
Produced

$
$
$
$
$
$

0.06

(0.01)

Total
Total Shipped
Shipped (Lbs)
Total
Total Revenue/Lb Shipped
Shipped

$
$

3,410,000
0.25

2,683,000
0.24

727,000
0.01

Total
Total Labor
Labor Cost/Lb Produced
COGS/Lb Produced
Produced

Global Tire Recycling

Profit & Loss Statement
For the
the 1st Quarter ended March 31, 2025

Jan - Mar 25

lncome
Income
4100 •• Tip Fees
Fees
$
$
4200 •• Scrap Sales
4310 •• Chip Sales/TDF
4320 •• 3/8"- 1-3mm Sales
4440 •• 1014 Mesh Sales
Sales
4460 •• 20 to 40 Microgrind Salei
4800 •• Shipping & 0th Recycling
Total lncome
Income
$
$
Cost of
of Goods So/d
Sold
5100 •• Labor
5200 •• Labor Related
5300 •• Direct Material & Costs
5400 •• Plant Supplies & Expense
5500 •• Maintenance
5600 •• Facilities
Facilities - Plant
Total Cost of
of Goods Sold
Gross Profit

Change

Jan - Mar 24
Corrected

$
$

406,290
73,818
228,782
228,782

$
$

379,748
55,130
155,123

26,543
26,543
18,687
73,659

64,560

99,180

34,620

33,605
841,674 100%

6,099
630,720 100%

152,753
32,608
24,905
49,563
109,073
86,969
455,870
385,804

54%
46%

183,747
37,230
{33,037)
(33,037)
49,043
162,567
73,315
472,865
157,855
157,855

21%
25%

45,649
29,897
94,684
92
92
351
170,673
{12,818)
(12,818)

27,505
$
$ 210,954

75%
25%

{30,994)
(30,994)
{4,622)
(4,622)
57,942
520
(53,494)
13,654
{16,995)
(16,995)
227,948

27%
-2%

10,974
{17,451)
{4,698)
19,540
140
8,505
219,444

Operating Expenses

8100 •• Salaries & Wages
8200 •• Wage Related
8600 •• Administrative Expenses
8700 •• Selling Expenses
8900 •• Depreciation & Amortizati

56,623
56,623
12,446
89,986
19,632
491
179,178
206,626

Total Operating Expense
Net Ordinary Income
‫ו‬ncome (Loss)

Income & Expence
Other lncome
Other lncome
Income
Other lncome
Income

1,301
1,301

13,093
13,093

Total Other lncome
Income

11,792
11,792
11,792

Other Expense
Other Expenses
Total Other Expense
Net Other Income
lncome
Net Income
/ncome (Loss)

$
$

312,828
312,828
(299,734) -36%
{93,108)
(93,108) -11%

$
$

298,190
298,190
{296,889)
(296,889) -47%
{309,707) -49%

14,638
14,638
{2,845)
(2,845)
$
$ 216,599

Global Tire Recycling

Balance Sheet
As of March 31, 2025

ASSETS
Current Assets

Unaudited

�

11"'

2025

Unaudited

11"
�

2024

Change

Corrected

Checking/Savings
Cash, Unrestricted

$
$

Cash, Restricted
Restricted
Total
Total Checking/Savings

2,152,995
150,385
2,303,381

$
$

1,441,647
145,560
1,587,207

$
$

711,348
4,825
716,174

Accounts Receivable
Accounts Receivable, Trade
Total
Total Accounts Receivable

285,072
285,072

237,231
237,231

47,841
47,841

2,788
85,647
88,435
2,676,888

67,418
83,528
150,946
150,946
1,975,384

(64,630)
2,119
(62,511)
701,504

4,315,656
(4,053,315)
262,341
2,939,228

4,288,373
(3,985,243)
303,130

27,283
(68,072)
(40,789)
660,714

Other Current
Curre‫ח‬t ,\ssets
Assets
lnventory
Inventory
Prepaid
Prepaid Expenses
Total
Total Other Current Assets

Total Current Assets

Fixed Assets
Property, Plant & Equipment
Accumulated Depreciation
Accumulated
Depreciation
Total
Total Fixed
Fixed Assets

TOTAL
TOTAL ASSETS

$
$

$
$

2,278,514

$
$

$
$

25,379
25,379

$
$

LIABILITIES &
& EQUITY
Current Liabilities
Accounts Payable
Accounts Payable Trade
Total
Total Accounts Payable

$
$

11,199
11,199

(14,180)
(14,180)

Other Current Liabilities
Other Payables
Withheld
Withheld Payroll
Payroll Expenses
Accrued Payroll
Accrued
Payroll Expenses
Accrued Expenses, Other
Accrued
Total
Total Other Current Liabilities

Total Current Liabilities

9,300
432
19,172
19
. 172
18,240
47,144
58,343

1,109
2,122
20,801
23,086
47,118
72,497

8,191
(1,690)
(1,629}
(1,629)
(4,846)
26
(14,154)

25,619,677
25,619,677
25,678,021

24,396,997
24,396,997
24,469,494

1,222,680
1,222,680
1,208,527

6
(22,645,694)
4
(93,108)
(22,738,792}
(22,738,792)
$
$ 2,939,228

6
(21,881,283}
(21,881,283)
4
(309,707}
(22,190,980}
(22,190,980)
2,278,514

Long Term Liabilities
Long Term Debt

Total Long Term Liabilities
Total Liabilities
Equity
Capital
Capital Stock
Retained
Retained Earnings
Treasury Stock
Net ‫ו‬ncome
Income

Total Equity

TOTAL
TOTAL LIABILIT/ES
LIABILITIES &
& EQUITY

$
$

(764,411}

$
$

216,599
(547,812}
(547,812)
660,714

EI
JUL 28 2025
\{"<:/

"'

7201 lndustrial Drive
Wildwood, FL 34785
Phone: (352) 330-2213
Fax: (352) 330-2274

June 23, 2025

Bradley Arnold
Sumter County lndustrial Development Authority
7375 Powell Road
Wildwood, FL 34785
Re:

Sumter County lndustrial Development Author·ity
Global Tire Recycling of Sumter County, lnc., Borrower

Dear Mr. Arnold:
Enclosed is the compiled Profit & Loss Statement along with the Balance Sheet for the 2nd Quarter of 2025.
‫ ו‬have reviewed all financial transactions for the period from January 1, 2025 to June 30, 2025 (to ensL‫ו‬re
that all final numbers were properly updated) and that:
1. The enclosed financiai statements fair!y present in all r‫וז‬ater·ial respects the financial condition and
results of operatio‫ח‬s for the period presented.
2. Due to the continued lower level of sales and reiated unavailable cash, the Company t‫ו‬ad not beer‫ו‬
able to rei‫רר‬it the past due Class 12 bondholder distributior‫ ו‬payments to the Trustee.
3. Other than noted above, ‫ ו‬have obtained no knowledge of the occurrer‫ו‬ce of any condition, event or
act which could constitute an event of default under any of the 2005 Documents or the l‫ח‬dentures.
1 will contir‫ר‬ue to monitor financial transactions, reconcile all bank accounts, develop all financial statements

and submit all periodic reports for the foreseeable future.
Sincer

Roik!j~
ln~J ndent Accountant; and,
Acting Contro/ler & Chief Administrative Officer

C:
Ms ·rerri Pulley, Assistant Vice President, BOK Financial, N.A.

GTR means ground tire rubber

Global Tire Recycling

Profit & Loss Statement
For the 6 months ended June 30, 2025
Unaudited

~025

Unaudited

2024

%

lncome

%

Change

Corrected

Tip Fees

$

Larger Grinds
Micro Grinds
Shipping & 3rd Party Recycling
Total lncome

$

814,821
730,167
56,737

$

1,601,726

$

811,559
519,172

210,995

10,327
100%

3,262.13

$ 1,341,058 100%

$

46,410
260,668

Cost of Goods Sold
Labor & Related

386,175

Material
Supplies, maintenances, Expenses
Depreciation

34,738
392,906
38,340
852,159

53%

41,955
908,513

68%

(56,354)

749,567

47%

432,545

32%

317,022

Total Cost of Goods Sold

Gross Profit
Operating Expenses
Salaries, Wages and Related
Administrative Expenses

150,771
184,265

Selling Expenses
Depreciation

19,824
981

(71,685}

457,860
(63,342}
472,040

98,080
(79,134)
(3,615)

143,203

7,568
(2,123)

186,388
164

355,842

22%

701
330,456

25%

19,660
280
25,386

Ordinary lncome (loss)
Other /, lnterest & Misc lncome

393,725

25%

102,089

8%

291,636

lnterest Expense
Total Other

630,427
(609,514)

-38%

2,703
601,641
(598,938) -45%

18,210
28,786
(10,576)

(215,789)

-13%

453,960

28%

Total Operating Expenses

Net lncome (loss)

20,913

$

EBITDA
Total Production (Lbs)
Total Labor Cost/Lb Produced
COGS/Lb Produced
Admin Expense/Lb Produced
Total Shipped (Lbs)
Total Revenue/Lb Shipped

$

(496,849) -37%
147,448

11%

$

281,060
306,512

$
$
$

7,954,000
0.05
0.11
0.04

6,905,000
0.07

0.13

1,049,000
(0.02)
(0.02)

0.05

(0.00)

$

7,589,000
0.21

6,246,000
0.21

1,343,000
(0.00)

Global Tire Recycling

Profit & Loss Statement
For the 2nd Quarter ended June 30, 2025

Apr-Jun 25

lncome
4100 • Tip Fees
$
4200 • Scrap Sales
4310 • Chip Sales/TDF
4320 • 3/8"- 1-3mm Sales
4440 • 1014 Mesh Sales
4460 • 20 to 40 Microgrind Sale~
4800 • Shipping & 0th Recycling
Total lncome

$

Cost of Goods Sold
5100 • Labor

Total Cost of Goods Sold
Gross Profit
Operating Expenses
8100 • Salaries & Wages

T‫ס‬tal Operating Expense

Net Ordinary lncome (Loss)

$

408,531
73,459
218,936
35,993
23,133
760,052

60,398
21,304
94,280
192
491
176,664
186,889

8200 • Wage Related
8600 • Administrative Expenses
8700 • Selling Expenses
8900 • Depreciation & Amortizati

Change

Corrected

165,194
35,621
9,833
51,653
57,616
76,583
396,499
363,553

5200 • Labor Related
5300 • Direct Material & Costs
5400 • Plant Supplies & Expense
5500 • Maintenance
5600 • Facilities - Plant

Apr- Jun 24

$

431,699
44,505
214,907
15,000

100%

4,228
71.0,339

52%
48%

203,754
33,129
(30,305)
48,026
103,725
77,320
435,649
274,690

23%
25%

43,995
23,662
91,705
72
350
159,784
114,906

(23,168)
28,954
4,029
20,993

100%

$

18,905
49,713

61%
39%

(38,560)
2,492
40,138
3,627
(46,109)
(737)
(39,150)
88,863

22%
16%

16,403
(2,358)
2,575
120
141
16,880
71,983

Other lncome & Expence
Other lncome

7,820
7,820

Other lncome
Total Other lncome

1,402
1,402

6,418
6,418

Other Expense
Other Expenses
Total Other Expense
Net Other lncome
Net lncome (Loss)

$

317,599
317,599
(309,780) -41%
(122,891} -16%

$

303,450
303,450
(302,048) -43%
(187,142) -26%

$

14,149
14,149
(7,732)
64,251

Global Tire Recycling

Balance Sheet
As of June 30, 2025
Unaudited
"‫י‬

ASSETS

2025

Unaudited
"‫י‬

Change

2024

Current Assets

Corrected

Checking/Savings
Cash, U‫ ח‬restricted

$

Cash, Restricted
Total Checking/Savings

2,467,492
151,474
2,618,965

$

1,632,161
146,852
1,779,013

$

835,331
4,622
839,952

Accounts Receivable
Accounts Receivable, Trade
Total Accounts Receivable

285,362
285,362

267,981
267,981

17,381
17,381

24,845
24,845
2,929,172

103,697
24,496
128,193
2,175,187

(103,697)
349
(103,348)
753,985

4,328,052
(4,072,976)
255,,076
3,184,247

4,301,671
(4,006,572)
295,099
2,470,286

26,381
(66,404)
(40,023)
713,961

Other Current Assets
lnventory
Prepaid Expenses
Total Other Current Assets

Total Current Assets
Fixed Assets
Property, Plant & Equipment
Accumulated Depreciation
Total Fixed Assets

TOTAL ASSETS

$

$

$

LIAB/LITIES & EQUITY
Current Liabilities
Accounts Payable
Accounts Payable Trade
Total Accounts Payable

$

31,919
31,919

$

83,117
83,117

$

(51,198)
(51,198)

Other Current Liabilities
Other Payables
Withheld Payroll Expenses
Accrued Payroll Expenses
Accrued Exper.ses, Other
Total Other Current Liabilities
Total Current Liabilities

10,346
158
34,240
31,920
76,664
108,583

1,196
2,350
24,699
36,765
65,010
148,127

9,150
(2,192)
9,541
11,654
(39,544)

25,937,277
25,937,277
26,045,860

24,700,281
24,700,281
24,848,408

1,236,996
1,236,996
1,197,452

6
(22,645,834)
4
(215,789)
(22,861,613)
$ 3,184,247

6
(21,881,282}
4
(496,850)
(22,378,122)
2,470,286

(4,845)

Long Term Liabilities
Long Term Debt
Total Long Term Liabilities

Total Liabilities
Equity
Capital Stock
Retained Earnings
Treasury Stock
Net lncome

Total Equity

TOTAL L/ABILITIES & EQUJTY

$

(764,552)

$

281,061
(483,491)
713,961

1201 lndustrial Drive
Wi/dwood, FL 34785
Phone: (352) 330-2213
Fax: (352) 330-2274

October 20, 2025

Bradley Arnold
Sumter County lndustrial Development Authority
7375 Powell Road
Wildwood, FL 34785
Re:

OCT 27 20Z‫כ‬

Sumter County lndustrial Development Authority
Global ·1-ire Recycling of Sumter County, lnc., Borrower

Dear Mr. Arnold:
Enclosed is the compiled Profit & Loss Statement along with the Balance Sheet for the 3rd Quarter of 2025.
‫ ו‬have reviewed and made any necessary corrections to all financial transactions for the pe,·iod from
January 1, 2025 to September 30, 2025 and that:
1. The enclosed financial statements fairly present in all mate,·ial respects the fir‫ו‬ar‫ו‬cial condition and
results of operations for the period presented.
2. Due to the continued lower level of sales and related unavailable cash, the Company had not been
able to remit the past due Class 12 bondholder distribution payr‫ח‬ents to the Trustee.
3. Other than noted above, ‫ ו‬have obtained no knowledge of the occurrence of any condition, ever‫ו‬t or
act which could constitute an event of default under any of the 2005 Documents or the lndentures.
1will continue to monitor financial transactions, reconcile all bank accounts, develop all financial statements
and submit all periodic repor‫י‬ts for the foreseeable future.
Sincerely,

Rob~-,Bj‫ס‬rk

(/1-‫ר‬r-

lnd pendent Accountant; and,
Acting Controller & Chief Administrative Officer

C:
Ms Terri Pulley, Assistant Vice President, BOK Financial, N.A.

GTR means ground tire rubber

Global Tire Recycling

Profit & Loss Statement
For the 9 months ended September 30, 2025
Unaudited
2025

Unaudited
%

2024

lncome

%

Change

Corrected

Tip Fees
Larger Grinds
Micro Grinds
Shipping & 3rd Party Recycling
Total lncome

$

$

74,140
2,366,547

$

$ 1,197,114

1,239,198
1,053,209

820,760
33,160
100%

$ 2,051,034 100%

$

42,083.83
232,449
40,980
315,513

Cost of Goods Sold
Labor & Related
Material

598,195
39,023
628,413
58,174

Supplies, maintenances, Expenses
Depreciation
Total Cost of Goods Sold

Gross Profit
Operating Expenses

652,397
(105,808)

(54,202)
144,831
(75,471)

703,884

1,323,805

56%

62,359
1,312,832

64%

(4,185)
10,973

1,042,742

44%

738,202

36%

304,540

Salaries, Wages and Related

230,724

209,271

21,453

Administrative Expenses
Selling Expenses

282,879

277,373

19,943
1,472

1,786
1,059

5,506
18,157
413

Depreciation
Total Operating Expenses

Ordinary lncome (loss}
Other /, lnterest & Misc lncome
lnterest Expense
Total Other

Net lncome (loss}
EBITDA
Total Production (Lbs)
Total Labor Cost/Lb Produced
COGS/Lb Produced
Admin Expense/Lb Produced
Total Shipped (Lbs)
Total Revenue/Lb Shipped

$

535,018

23%

489,489

24%

45,529

507,725

21%

248,713

12%

259,012

904,925
(900,396) -44%

23,072
43,102
(20,029)

4,529

27,601
948,027
(920,425)

-39%

(412,701)

-17%

594,971

25%

$

(651,683) -32%
316,660

15%

$

238,982
278,311

11,724,000
0.05
$
0.11
$
0.05
$

10,470,000
0.06
0.13
0.05

1,254,000
(0.01)
(0.01)
(0.00)

10,888,000
0.22
$

14,811,000
0.14

(3,923,000)
0.08

Global Tire Recycling

Profit & Loss Statement
For the 3rd Quarter ended September 30, 2025

Jul- Sep 24

Jul - Sep 25

lncome
4100 • Tip Fees
$
4200 • Scrap Sales
4310 • Chip Sales/TDF
4320 • 3/8"- 1-3mm Sales
4440 • 1014 Mesh Sales
4460 • 20 to 40 Microgrind Sale~
4800 • Shipping & 0th Recycling
Total lncome

$

Cost of Goods Sold
5100 • Labor

Corrected

$

424,377
70,675
194,657
57,710
17,403
764,821

36,809
4,285
52,595
128,254
74,444
471,598
293,223

Total Cost of Goods Sold
Gross Profit
Operating Expenses
8100 • Salaries & Wages

65,326
14,627
98,757
119
491
179,319
113,905

8200 • Wage Related
8600 • Administrative Expenses
8700 • Selling Expenses
8900 • Depreciation & Amortizati
Total Operating Expense
Net Ordinary lncome (Loss)

$

385,668
71,838
185,496
44,141

100%

21,355
708,498

62%
38%

161,831
32,706
(20,365)
53,542
102,384
74,221
404,319
304,179

23%
15%

56,703
9,365
90,985
144
357
157,554
146,625

175,211

5200 • Labor Related
5300 • Direct Material & Costs
5400 • Plant Supplies & Expense
5500 • Maintenance
5600 • Facilities - Plant

Change

38,709
(1,163)
9,161
13,569

100°/o

$

(3,952)
56,323

57%
43%

13,380
4,103
24,650
(947)
25,870
223
67,279
(10,956)

22%
21%

8,623
5,262
7,772
(25)
134
21,765
(32,721)

Other lncome & Expence
Other lncome

Other Jncome
Total Other lncome
Other Expense
Other Expenses
Total Other Expense
Net Other lncome
Net lncome (Loss)

6,688
6,688

$

317,599
317,599
(310,912) -41%
(197,007) -26%

4,862
4,862

1.,826
1,826

$

303,284
303,284
(301,458) -43%
(154,833) -22%

$

14,315
14,315
(9,454)
(42,174)

Global Tire Recycling

Balance Sheet
As of September 30, 2025

,.. Unaudited

ASSETS

Unaudited

,..

2025

2024

Current Assets

Change

Corrected

Checking/Savings
Cash, Restricted

2,431,308
152,220

Total Checking/Savings

2,583,528

1,581,378
148,131
1,729,509

344,537
344,537

248,862
248,862

95,675
95,675

3,530
140,824
144,354
3,072,419

131,108
197,970
329,078
2,307,449

(127,578)
(57,146)
(184,724)
764,970

4,339,447
(4,093,300)
246,147

4,315,656
(4,027,332)
288,324
2,595,773

23,791
(65,968)
(42,177)

Cash, Unrestricted

$

$

$

849,930
4,089
854,019

Accounts Receivable
Accounts Receivable, Trade
Total Accounts Receivable
Other Current Assets
‫ו‬nventory

Prepaid Expenses
Total Other Current Assets

Total Current Assets

Fixed Assets
Property, Plant & Equipment
Accumulated Depreciation
Total Fixed Assets

TOTAL ASSETS

$

3,318,566

$

$

11,017
11,017

$

$

722,793

$

(29,779)
(29,779)

LIABILIT/ES & EQUITY
Current Liabilities
Accounts Payable
Accounts Payable Trade
Total Accounts Payable

40,796
40,796

Other Current Liabilities
Other Payables
Withheld Payroll Expenses
Accrued Payroll Expenses
Accrued Expenses, Other
Total Other Current Liabilities
Total Current Liabilities

10,708
147
41,257
41,040
93,152
104,169

8,352
2,446
23,122
50,446
84,366
125,162

2,356
(2,299)
18,135
(9,406)
8,786
(20,993)

26,254,876
26,254,876
26,359,045

25,003,565
25,003,565
25,128,727

1,251,311
1,251,311
1,230,318

6
(22,645,834)
4
(394,655)
(23,040,479)
$ 3,318,566

6
(21,881,281)
4
(651,683)
(22,532,954)
2,595,773

Long Term Liabilities
Long Term Debt
Total Long Term Liabilities

Total Liabilities
Equity
Capital Stock
Retained Earnings
Treasury Stock
Net lncome

Total Equity

TOTAL LIABILITIES & EQUITY

$

(764,553)

$

257,028
(507,525)
722,793

1201 l‫ח‬dustriol Drive
Wildwood, FL 34785
Pho‫ח‬e : (352) 330-2213
Fox: (352) 330-2214

January 26, 2026

Bradley Arnold
Sumter County lndustrial Development Authority
7375 Powell Road
Wildwood, FL 34785
Re:

Sumter County lndustrial Development Authority
Global Tire Recycling of Sumter County, lnc., Borrower

Dear Mr. Arnold:
Enclosed is the compiled Profit & Loss Statement along with the Balance Sheet for the 4th Quarter of 2025.
‫ ו‬have reviewed and made any necessary corrections to all f‫ו‬nancial transactions for the period January 1 to
December 31 , 2025, and that:
1. The enclosed f‫ו‬nancial statements fairly represent, ‫ח‬i all material respects, the financial condition
and results of operations for the period presented. Previous year's comparative statements were
corrected (if necessary) for any minor adjustments made after statement publication in that year.
2. Due to the continued lower level of sales and related unavailable cash , the Company had not been
able to remit the past due Class 12 bondholder distribution payments to the Trustee.
3. Other than noted above, ‫ ו‬have obtained ‫ חס‬knowledge of the occurrence of any condition , event or
act which could constitute an event of default under any of the 2005 Documents or the lndentures.
‫ ו‬will continue to monitor f‫ו‬nancial transactions, reconcile all bank accounts, develop all financial statements
and submit all periodic reports for the foreseeable future.

i {0/3~- ,

Sin~:~

Rob1

lndependent Accountant; and,
Acting Controller & Chief Administrative Officer

C:
Ms Terri Pulley, Assistant Vice President, BOK Financial, N.A.

GTR means ground tire rubber

Global Tire Recycling

Profit & Loss Statement
For the 12 months ended December 31, 2025

Unaudited
2025

Unaudited
%

2024

lncome

Change

-%-

Co‫ח‬ected

Tip Fees
Larger Grinds

$

Micro Grinds
Shipping & 3rd Pa‫ח‬y Recycling

Total lncome

$

1,578,531

$ 1,530,432

1,403,906

1,244,696

159,210

83,480
3,065,917

70,349

13,131

100%

$

$ 2,845,477 100%

$

48,099.03

220,440

Cost of Goods Sold
Labor & Related
Material

793,255
38,873
872,705

Supplies, maintenances, Expenses
Depreciation

Total Cost of Goods Sold

Gross Proflt
Operating Expenses
Salaries, Wages and Related
Administrative Expenses
Selling Expenses
Depreciation

840,492

(47,237)

29,888

8,985
62,773

809,932
79,834

68,200
1,773,033

58%

1,760,146

62%

(11,634)
12,887

1,292,884

42%

1,085,331

38%

207,553

314,812
393,843

277,191
375,445

37,621
18,398

20,345
1,962

620
1,540

19,725

730,963

24%

654,796

23%

422
76,167

Ordinary lncome (loss)
Other /, lnterest & Misc lncome

561,922

18%

430,535

15%

131,387

lnterest Expense

1,265,626
(1,230,062)

-40%

1,208,209
(1,194,997) -42%

22,352
57,417
(35,065)

(668,141)

-22%

667,648

22%

Total Operating Expenses

35,564

Total Other

Net lncome (loss)

$

EB‫ח‬DA

Total Production ( Lbs)
Total Labor Cost/Lb Produced
COGS/Lb Produced
Admin Expense/Lb Produced

$
$
$

Total Shipped (Lbs)
Total Revenue/Lb Shipped

$

13,212

$

(764,462) -27%
525,121

18%

$

96,321
142,527

13,597,000

13,391,000

0.06
0.13

0.06
0.13

206,000
(0.00)
0.00

0.05

0.05

0.00

13,254,000
0.23

12,848,000
0.22

406,000
0.01

Global Tire Recycling

Profit & Loss Statement
For the 4th Quarter ended December 31, 2025

Oct-Dec 25

Oct- Dec 24

/ncome
4100 • Tip Fees
4200 • Scrap Sales
4310 • Chip Sales/TDF
4320 • 3/8"- 1-3mm Sales

C‫ם‬rreaed

$

4440 • 1014 Mesh Sales
4460 • 20 to 40 Microgrind Salei
4800 • Shipping & 0th Recycling

Total lncome
Cost of Goods Sold

$

5100 • Labor
5200 • Labor Related

$

339,880
51,860
240,931

Totol Cost of Goods Sold
Gross Profit
Operating Expenses
8100 • Salaries & Wages

(61,040)

9,340

38,667
795,920

(29,327)
(96,024)

699,896

100%

8600 • Administrative Expenses
8700 • Selling Expenses
8900 • Depreciation & Amortizati

$

100%

159,062
29,033
113,595
44,665
45,577
55,382
447,314
348,606

64%
36%

70,505
13,583
111,104
402
491

8200 • Wage Related

6,562
144
(12,363)

118,925

50,004
126,114
78,665
449,693
250,203

5600 • Facilities - Plant

$

333,318
51,716
253,294

57,885

155,369
39,691
(150)

5300 • Direct Material & Costs
5400 • Plant Supplies & Expense
5500 • Maintenance

Total Operating Expense
Net Ordlnary lncome (Loss}
Other lncome & Expence
Other lncome
Other lncome
Totol Other lncome
Other Expense
Other Expenses
Total Other Expense
Net Other lncome
Net lncome (Loss}

Change

(3,693)
10,658
(113,745)
5,339
80,537
23,283
56%
44%

57,864

196,085
54,118

28%

7,609

1%

7,609

1%

8%

317,599
317,599
(309,990) -44%
(255,872) -37%

$

$

2,379
(98,403)
12,641
3,527

10,056
98,072
312
481
166,785
181,821

21%
23%

13,032
90
10
29,300
(127,703)

8,683
8,683

1%
1%

(1,074)
(1,074)

303,284
303,284
(294,601) -37%
(112,780) -14%

14,315
14,315
(15,389)
$ (143,092)

Global Tire Recycling

Balance Sheet
As of December 31, 2025

Unaudited
ASSETS
Current Assets

~

Unaudlted
~

2025

2024

Change

CD‫ח‬ected

Ch ecki ng/Savi ngs
Cash, Unrestricted

$

Cash, Restricted
Total Checking/Savings

2,557,230

$

1,819,527

$

737,703

153,602

149,306

4,296

2,710,832

1,968,833

741,999

270,974

319,325

(48,351)

270,974

319,325

(48,351)

Accounts Receivable
Accounts Receivable, Trade
Total Accounts Receivable
Other Current Assets
lnventory

5,590

23,388

(17,798)

Prepaid Expenses

97,961

137,021

(39,060)

Total Other Current Assets

103,551

160,409

(56,858)

3,085,357

2,448,567

636,790

Property, Plant & Equipment

4,366,128

4,315,656

50,472

Accumulated Depreciation

(4,114,282)

(4,033,655)

(80,627)

251,846

282,001

(30,155)

Total Current Assets
Fixed Assets

Total Fixed Assets

TOTAL ASSETS

$

3,337,204

$

2,730,568

$

606,636

$

22,809

$

35,426

$

(12,617)

LIABILITIES & EQUITY
Current Uabilities
Accounts Payable
Accounts Payable Trade

Total Accounts Payable

22,809

35,426

(12,617)

8,080

9,140

(1,060)

Withheld Payroll Expenses

980

171

809

Accrued Payroll Expenses

35,923

20,155

15,768

Accrued Expenses, Other

10,810

4,560

6,250

Total Other Current Liabilities

55,794

34,026

21,768

Total Current Uablllties

78,603

69,452

9,151

Long Term Debt

26,572,476

25,306,850

1,265,626

Totol Long Term Uab/1/tles
Total Uabilities
Equity

26,572,476

25,306,850

1,265,626

26,651,079

25,376,302

1,274,777

6

6

(22,645,744)

(21,881,282)

(764,462)

4
(668,141)

4
(764,462)

96,321

(23,313,875)

(22,645,734)

(668,141)

Other Current Liabilities
Other Payables

Long Term Liabilities

Capital Stock
Retained Earnings
Treasury Stock
Net lncome

Tatal Equity
TOTAL LIAB/L‫ח‬/ES & EQUITY

$

3,337,204

$

2,730,568

$

606,636