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PEDC Board Meeting Minutes November 25, 2019 Page 2 of 4 demolition. Our total expenses for October were $85,703.45 and our cash balance was $4,238,927.59. Dr. Hashmi made a motion to approve the October 2019 financials. Mr. Hamill seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and aossibly a grove revised incentives for J. Skinner. Mr. Paris requested that the Board table J. Skinner since we have not received all the information from them. J. Skinner is considering the prospect of expansion, so the PEDC may be enhancing the performance agreement. Dr. Hashmi made a motion to table discussion of the incentives for J. Skinner. Mr. Hamill seconded the motion. Vote was 4 -ayes to 0 -nays. American S iralWeld Pie U date: • Construction. Construction cannot go forward on the Brownfield until the VCP process is done. The application for the VCP process should happen tomorrow and it will most likely be January before we have clearance on that process. We must maintain our liability because the Master Agreement states that it must be ready for construction before we convey everything to ASWP. • Phase II Transfer of the Brownfield to ASWP. We should be transferring in the next couple of weeks. The environmental aspect is lingering. The TCEQ volunteer cleanup process should be wrapping up sometime in January or February of 2020. At that time construction can begin on the Brownfield. • Phase III Wetlands Progress. The Wetlands are completed. We have gone through the thirty -day notice with the Tulsa Corp of Engineers and they have not responded. We are about four months ahead of schedule on the Wetlands. • Rail Development. The agreement has been red -lined and returned to Kiamichi Rail. We are expecting a response back from them in a couple of weeks. Our part of the rail will go out for bids once the agreement is signed. The rail will take approximately six to eight months to complete. Mr. Hernandez asked if this meets the deadlines of the Master Agreement and Mr. Paris said that he will go back a verify whether it does. Questions. Dr. Hashmi asked who is responsible if there is a delay in the project. Mr. Paris stated that our responsibility is to American SpiralWeld per the Master Agreement. At this point we have met the conditions of the Master Agreement. The Brownfield was to be transferred in October, but American was notified six months ago that the environmental was going to take longer. At the same time we found out the Wetlands would be reconditioned and a new application would be submitted. This sped up the Wetlands finalization. At that point American agreed to transfer everything at once. This was a delay to the October deadline, but expedited the Wetlands. Mr. Paris stated that we are in communication with American SpiralWeld throughout the process. Dr. Hashmi asked why there was a delay in the Brownfield. Mr. Paris answered by saying that all the work to clean up the Brownfield was more than we expected, but has only delayed us six to eight weeks. Dr. Hashmi asked what part caused the delay. Mr. Paris explained that the separation between the Wetlands and the Brownfield did not cause the delay. The environmental cleanup, removal of the test wells and removal of two unexpected tanks at Superior Switch delayed us about two months. Dr. Hashmi said that the person responsible for the delay was the one who was responsible for fixing the wells and giving us a time estimate. Mr. Paris stated that the demolition was not delayed; the environmental was delayed because of the conditions for removing bad soil and examining ground water under the test wells. The unexpected items found during the demolition created more work and caused the