01/19/2021 Minutes - Laserfiche WebLink

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PEDC Board Meeting Minutes January 19, 2021 Page 2 of 3 Discuss and Consider Aporoval of the December 2020 Financial Statements Mr. Pankaj went through the financial statements for the Board. Mr. Pankaj pointed out sales tax for the first quarter of this fiscal year is up by $83,000.00 over the first quarter of the last fiscal year. Ms. Bills made a motion to approve the December 2020 financials. Mr. Coleman seconded the motion. Vote was 7 -ayes to 0 -nays. Discuss and Consider Action on Purchasin an Economic Im act Modeling Tool Ms. Hammond presented information on economic impact modeling tools. She led the report by stating that the PEDC does not have an economic impact tool to help in the evaluation of projects. Hammond explained that the models assist in showing direct and indirect impact including household spending, real estate, tax revenue and other relevant data. At this point, two models were presented and discussed. The first tool considered was Impact Dashboard at a cost of $5,000.00 per year with a 5% increase per year. Applied Economics was the second company discussed with a development cost of approximately $5,000.00. There is not a yearly fee associated with this model, only nominal fees to update the software when needed. Following discussion, Mr. Fendley made a motion to approve the use of Applied Economics as an economic impact modeling tool. Dr. Hashmi seconded the motion. Vote was 7 -ayes to 0 -nays. Pro'ect U dates: American SpiralWeld Pipe — The track was reinspected yesterday and is ready for service. All the rail work for American has been completed and paid to date. J. Skinner—The track rehab for Skinner is complete and was inspected. 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 • Project Highway Chairman Bray convened the Board into Executive Session at 5:55 p.m. Reconvene into O en Session and Consider Action on Items Discussed in Executive Session Chairman Bray reconvened the Board into Open Session at 6:11 p.m. Dr. Hashmi made a motion to approve changes and execute the agreement for Project Yellowstone. Mr. Pankaj seconded the motion. Vote was 7 -ayes to 0 -nays. Discuss Future Agenda Items Mayor Clifford mentioned the possibility of the City loaning money to the PEDC at a lower interest rate than the banks.