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589 <br /> <br /> A motion was made by Director Michael Dunn, seconded by Director Don Wall;, <br /> for approval of the financial report. The motion carried unanimously. <br /> <br /> Director Guest asked Mr. Gary Vest to give the Executive Director's Report. <br /> Mr. Vest reported that they have had ten ad responses from their magazine <br /> advertisement program. They have had one lead from the Department of <br />-- Economic Development and that came in this morning. Mr. Vest reported that <br /> after the last meeting he and Director Don Wall met with representatives of the <br /> Southwest Foundry. Mr. Vest advised that he gave them a letter and listed all <br /> the things that the Board of Directors had requested, such as the additional <br /> financial information, a plan for salvage, and all the things that were discussed <br /> in the meeting. He said they went over that information with them and toured <br /> the plant. Mr. Vest advised the board that he received a letter from Southwest <br /> Foundry on November 7, 2000 and it stated, that at this time they had made the <br /> decision to withdraw their request for a loan guarantee and will seek other <br /> alternatives for their capital needs. Mr. Vest said they were very interested to <br /> learn the possible interest by a company to construct a warehouse on some of <br /> their land, and they asked to be kept appraised of any development on that topic. <br /> Mr. Vest said each year they have to file the comptroller's report, it has been <br /> received and he will have it at the next meeting for the board. Mr. Vest <br /> explained that what the report does is takes average cities around the state and <br /> compares them with what kind of income they have, what type projects they <br /> spend their money on and that type information. Mr. Vest also said he and <br />-- Director Don Wall went to the Highway 24 Association meeting and this project <br /> is moving forward really fast. Mr. Vest said he attended the Texas Economic <br /> Sales Tax Association meeting in Dallas yesterday and that organization is <br /> moving along very well. This organization is trying to protect our sales tax and <br /> lobby the legislature to see that nothing is changed on the sales tax. Mr. Vest <br /> advised the board that there is another piece of legislation that is being proposed <br /> which is a welfare item. He said they want to take economic development sales <br /> tax funds and use them for welfare programs such as childcare, job training <br /> assistance, which is all for welfare recipients. Mr. Vest explained that what <br /> they want to do was to go ahead and do that by tapping PEDC's funds for these <br /> type programs without having to go back to the voters, and they are going to <br /> <br /> <br />