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Regular Council Meeting August 10, 2020 Page 4 limited to land, other in-kind assets, and to the extent allowed by law, if any, the extension of the Corporation's credit to another entity or person. Mayor Clifford said he placed item b on the agenda to better define what they had previously approved. Council Member Pilgrim said he placed item a on the agenda. Council Member Savage inquired as to how long PEDC had been in existence and whether or not there had always been five directors. City Attorney Stephanie Harris said the election was in 1993 and since the board had been in existence, there had always been five directors. Council Member Knox said she thought the reason PEDC requested to expand to seven board members was so they could form committees. Ms. Harris confirmed that PEDC had to have a minimum number of five directors, but could have more. Council Member Pilgrim said the past and the present PEDC board directors had reached out asking that the number of directors be increased to seven. He said seven minds were better than five minds, and that the PEDC had a lot going on. Council Member Stone said there had been communication issued within the PEDC and expressed concern that adding two more directors might add to the communication issues. Council Member Hughes said he served on the PEDC Board and five was fine. Council Member Savage asked them to help him to understand after thirty years why now they wanted to increase the number of Directors. PEDC Board Member Mihir Pankaj asked if he could address the Council and Mayor Clifford said that was fine. Mr. Pankaj said they had many projects at the time and increasing the number to seven would allow them to form committees. He said they really needed more help. Council Member Pilgrim asked about the number of new projects. Mr. Pankaj said the PEDC had two or three companies wanting to gets deals done and a couple of more prospective companies. Council Member Stone inquired if other board members felt the same way. Mr. Pankaj answered yes, and said former board member Marion Hamill was present at the meeting to speak. Mr. Hamill asked what it would cost to have two more board members? He said the biggest concern was always having a quorum because there were five members and seven would make it better. Mr. Hamill also said being on the board took a lot of time. Council Member Hughes said he believed people contacted Council Member Pilgrim about this but he had not received any phone calls. Council Member Stone said she never gets calls from anyone. Council Member Hughes said he trusted Josh Bray and they had been friends a long time and he was surprised that Josh had not called him. City Attorney Stephanie Harris reminded City Council this item was brought to them on June 22 because PEDC unanimously requested that City Council increase the board to seven members. Council Member Knox said she was at the PEDC meeting when they unanimously voted to increase the number to seven, and she was going to support the PEDC Board. Council Member Portugal said she was also at the meeting where PEDC unanimously voted to increase the number to seven. PEDC Board Member Josh Bray said Derrick Hughes was correct, and they had known each other for twenty-five years. Mr. Bray said he did not call anyone about this. He also said he would love to go from five to seven, because seven minds were still better than five minds. Carol Hufnagel said yesterday was gone and business trends change, and that having seven members was good for their future. Council Member Savage said the future is important but you