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6 6 '8 __ Minutes of PEDC Regular Meeting August 22, 2001 Page 4 new equipment and expand, he said they would add anywhere from 30 to 50 new jobs. Mr. Vest requested permission to continue to negotiate with Mr. Owens for incentives within the guidelines of the flexible incentive plan. A motion was made Director Jay Guest, seconded by Director Curtis Fendley, authorizing Mr. Vest to continue negotiations with Earthgrains, get with City Attorney Schenk to draw up an agreement, and bring it back to the Board for approval. The motion carried unanimously. Under the Director's report, President Rhodes said he did receive financials from Southwest Foundry and they are in their seventh month of profitability. He felt they are in the process of trying to get recapitalized by seeking venture capital or by taking on another partner. He felt they were going to make it and be a long-term "citizen". Mr. Vest advised that since the meeting in July, response to the advertising campaign had not been fantastic. He stated that there had been only seven inquiries. During the summer months, he reported, PEDC places fewer ads. He said they were running ads in the Houston Chronicle on the Oliver Rubber Company building and that they have run ads in the Dallas Morning News and the Mercury News, which is a newspaper on the west coast, and they will continue in that effort. Mr, Vest reported on his attendance at the Northeast Economic Development Round Table meeting in Gilmer on August 15th, 2001. From July -18th through the20th, he attended the Texas Economic Development Council's summer meeting, which was in Abilene. Mr. Vest said he would like each Board Member to be a member of the Texas Economic Development Council and represent PEDC. This would mean that each director would get the newsletters so they would know what is going on with the Texas Economic Development - Council. 4