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PEDC Board Meeting Minutes August 18, 2020 Page 2 of 4 Mr. Bray introduced the PEDC's newest Board Member, Stephen Terrell, who was appointed at the last City Council meeting. Mr. Terrell thanked everyone for the opportunity to serve on the Board. Discuss and Consider Ratification of Action Taken at the July 21 2020 PEDC Board Meetin Mr. Bray stated that actions taken between the Board's last meeting and the City Council meeting need to be ratified. The PEDC internal counsel and the City Attorney felt it was in our best interest to ratify the actions taken at our last meeting with one exception, the appointment of a Council Member to our Board which did not happen. This will create a seven -member hoard. Mr. Pankaj made a motion to ratify the Board actions taken at the July 21, 2020 Board meeting as to Agenda Items 5,8, 9, 10, 11 and 15. Dr. Hashmi seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Approval of Minutes of the Regular Meeting held Jule 21 2020 Mr. Bray asked for a motion to approve the minutes. Dr. Hashmi made a motion to approve the July 21, 2020 Minutes. Mr. Pankaj seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Approval of the July 2020 Financial Statements Mr. Bray stated that the July financials were not ready. Dr. Hashmi made a motion to table the July 2020 financials until the September meeting. Mr. Coleman seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Acceptance of the 2018-2019 Audit Report as Presented by Brittany Martin of McClanahan and Hohnes Mr. Bray stated that Ms. Martin would go through the audit for the Board. Ms. Martin said that the reason for the audit is to issue our opinion on whether your financial statements are fairly stated. The major things that happened in the PEDC for the 2018-2019 fiscal year were cash paid out to American SpiralWeld and new debt related to the cash paid out. The PEDC is indebted to the bank for $1.5 million and $87,000. Dr. Hashmi asked why there are two individual funds listed. Ms. Martin stated that the PEDC has two funds: the debt service fund and the general fund. The general fund is for normal operations and the debt service fund shows what we owe. Mr. Bray commended the Board for a good budget. Mr. Coleman made a motion to accept the 2018-2019 Audit Report. Mr. Pankaj seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Action on the Mocldn bird Solar Pro'ect - Presented by Jordan Shantz„ Protect Development Manager, and Jake Alm mist Pro'ect Developer, for Orate Mr. Shontz gave an overview of the Mockingbird Solar Project. He stated it is a proposed solar farm development of approximately four hundred megawatts of power in the western pari of Lamar County. The solar farm would be on 3,500 acres of land and would be a $406.5 million capital investment in the County. Construction would start in March 2022 and be completed March 2023. There would be 280-350 jobs created for construction of the project that would last approximately a year_ Mr. Shontz asked the Board for a resolution to support the project publicly as they move forward with the school board agreements and tax abatements. Dr. Hashmi made a motion to direct our Counsel to write a resolution of support for the Mockingbird Solar Project. Ms. Bills seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Action on the ❑near Easement Agreement for the ASWP Pro'ect Ms. Hammond stated there is an easement agreement drafted by dncor and reviewed by our legal counsel. American is ready for power to their facility and have a deadline of September 1 st for ❑ncor to complete. dncor approached the PEDC last month on behalf of American with an agreement granting them right-of-way to bring in electrical power to American. Mr, Stout pointed out that most of the land the power crosses is owned by American, but we own a very small strip of rail that sits between the two properties. Dr. Hashmi made a motion to approve the dncor easement agreement. Mr. Pankaj seconded the motion. Vote was 6 -ayes to 0 -nays.