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PEDC Board Meeting Minutes February 18, 2020 Page 2 of 3 Mr. Pankaj stated the November 2019 financials were discussed at several meetings. Mr. Pankaj made a motion to approve the November 2019 financials. Dr. Hashmi seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss andossibl a rove Januar 2020 Financials. Mr. Pankaj said that Cash Out shows a credit from Gexa Energy due to them not applying payment to the right account. Marketing was less for the month of January. The total expenses for the month were $53,245.40. Ms. Bills made a motion to approve the January 2020 financials. Dr. Hashmi seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and !q"jbl a :a grove an executive search firm for the u pose of selectin an Executive Director. Mr. Hernandez asked the Board their thoughts on the two search firms presented, The PACE Group and Baker Tilly. Dr. Hashmi stated that before we hire a firm the PEDC policies and procedures should be discussed and possibly changed. The difference in the pricing of the two firms is minimal and should not be a factor. Mr. Hernandez said he thinks The PACE Group would be good and they have represented us in the past. Mr. Pankaj added that both groups are impressive and he would feel comfortable with either firm. Mr. Pankaj made a motion to accept The PACE Group as the company we would like to search for the PEDC Executive Director. The Board will talk to them about modifying their fee structure. Dr. Hashmi seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and possibiv a rove the Lionshead Specialty Wheel perpgM#nce agreement. Mr. Hernandez stated that on Monday we had a discussion with Lionshead and we are waiting for them to come back with questions on the performance agreement. He suggested that we wait to hear back from them. Dr. Hashmi made a motion to table this item. Mr. Pankaj seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and possibiv, apgrove the bid from BottomLine for Rail Restoration and Replacement Services. Mr. Hernandez asked the Board if they read the documents. Dr. Hashmi said that one of the companies has a significant difference in the price. Dr. Hashmi made a motion to approve BottomLine. Ms. Bills seconded the motion. Vote was 4 -ayes to 0 -nays. Dr. Hashmi requested to move item # 10 down and item # 11 in its place. Dr. Hashmi made a motion to move item # 11 above item #10. Ms. Bills seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and possibly approve the purchase of iPads for the dissemination of a =enda packets to the Board of Directors. Dr. Hashmi stated that this item was presented at the last meeting with questions on if it was cost effective and what the savings would be. The savings calculations show that we would save about $3,000.00 a year. Dr. Hashmi made a motion to approve the purchase of iPads. Mr. Pankaj seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and aossibl a grove items concernin status of PEDC offices s ecificaW includin but not limited to: • the installation of furniture and redecoration of main PEDC lobby, • the renovation and installation of furniture to convert the larger office upstairs into a conference room, • the conversion of the smaller office upstairs to an office for the PEDC Chair, • the installation of new furniture and communications equipment in the Community Room, • the construction of restrooms inside the main PEDC office, or • review possible construction of new 2,200 square foot building at an estimated cost of $100 per square foot - $220,000. Dr. Hashmi stated he appreciated Ms. Portugal's input on fiscal responsibility. His example was that the City did bonds for the water and sewer lines while they were still working. When bonds were done for the streets the City still