Summary by Futu AI
On July 23, 2024, Safe and Green Development Corporation, a company registered in Delaware and listed on the Nasdaq Stock Market under the symbol SGD, announced the formation of a joint venture with Milk & Honey LLC. The joint venture, named Sugar Phase I LLC, will focus on developing and constructing single-family homes on five parcels of land in Edinburg, Texas. Safe and Green Development Corporation will contribute $100,000 in capital, while Milk & Honey will contribute land valued at $317,500. The joint venture agreement stipulates that Safe and Green Development Corporation will hold a 60% interest and Milk & Honey a 40% interest, with net profits distributed 45% and 55% respectively. Safe and Green Development Corporation will manage the venture, overseeing the project's planning, development, and construction, while Milk & Honey will handle the construction and development aspects. Decisions on borrowing, loans, property acquisition, and significant expenditures require mutual consent. In case of a deadlock on material issues, provisions are in place for one joint venturer to buy out the other's interest.