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PEDC Board Meeting Minutes December 15, 2020 Page 2 of 3 Discuss mand wConsiderAiroval of themmNovember 2020 Financial Statements with presentation yb Linda Kapp of Wells & Kapp, CPAs Mr. Bray asked Ms. Kapp to present the financials. Ms. Kapp stated the first two pages of the financials are what we would see in the annual audit report. The cash flow report will reflect both the monthly and year-to-date expenditures. Dr. Hashmi commented that this is a significant improvement to the financials. Mr. Bray told the Board this will help with projecting our cash flow by year. Mr. Pankaj made a motion to approve the November 2020 financials as presented. Mr. Coleman seconded the motion. Vote was 7 -ayes to 0 -nays. Discuss and Consider Action on Board Planning Session and SchedulmgLocationITAlternatives Mr. Bray opened the discussion of a Board planning session and asked for ideas on how to meet in person while being socially distanced. Mr. Fendley asked if the middle of January was the time frame for the meeting. Board members agreed an in-person planning session is needed. Mr. Bray asked that Ms. Hammond reach out to the Civic Center or another large facility to inquire about dates. Pro,iect gp#tes American SpiralWeld Pipe The production team is in place and production should start in the first quarter of 2021. Hiring will be ramping up in January. The rail is almost complete. We are waiting on Bottom Line to complete American SpiralWeld's portion, so the PEDC's portion of rail may be tied in. The rail should be complete by the end of December. J. Skinner In May 2020 we entered a contract with Skinner to help with costs to rehab the rail for their retention on 190 employees. The rail work has started. Our obligation will be $300,000.00. Convene into Executive Session: 1) Pursuant to Section 551.087 of the Texas Government Code to (1) discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations; or (2) to deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1), to wit: • Project Yellowstone Chairman Bray convened the Board into Executive Session at 5:54 p.m. Reconvene into Open Session and Consider Action on Item Lpiscussed in Executive Session Chairman Bray reconvened the Board into Open Session at 6:13 p.m. Dr. Hashmi made a motion to approve the performance agreement as discussed. Mr. Coleman seconded the motion. Vote was 7 -ayes to 0 -nays. Discuss Future Agenda !terns No future agenda items were discussed.