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PEDC Board Planning Session Minutes February 3, 2021 Page 2 of 3 in the future that ownership of the rail may make the agreement unnecessary, this agreement would ensure that service to ASWP would not be interrupted before the facility begins operations, Mr. Pankaj made a motion to approve the operating rights agreement between the PEDC and Kiamichi Railroad. Ms. Bills seconded the motion. Vote was 6 -ayes to 0 -nays. Roundtable Discussion with PEDC Board R _ AgArd:ing Pers ectives on Economic Development Each of the Board Members were given time to speak to the group on an economic development topic. Topics presented were: • An overview of the PEDC history • Creating a vision for the community • Taking care of industry, grow what we already have and add new to our community • Health, safety and quality of life are very important to attracting industry • Being proactive • Onboarding of each Board Member • Creating a positive perception of the PEDC Discussion of Meeting Protocol The PEDC attorney, Mr. Gain, explained meeting protocols to the Board. He also went through making motions, seconding motions, and giving authorization to execute contracts. A discussion of conflict of interest and how to know if you have a real conflict of interest ensued. The City attorney, Ms. Harris, told the Board that their personal devices are subject to public information requests. Discussion and Possible Action on Financial Position and Forecastin a) Financial Position: Revenue Liam a nd Incentive Commitments Mr. Pankaj discussed the PEDC financial position. He reminded the Board of the timetable for preparing and presenting the next fiscal year's budget to the City Council is July. Monthly sales tax has been trending up by a significant amount each month since the pandemic started. b) Forecasting: Cash Position and Lon term Incentive Fund Allocations Mr. Coleman stated the long-term financial goals for the PEDC. While we would have a small remainder of cash left over if all current potential obligations were required to be paid, it would be highly unlikely for this to occur. Over a ten-year term, the PEDC should be in a good position based on the projected sales tax revenue and overhead. This being the case, Mr. Coleman reiterated that the PEDC must be wary of spending too much on incentives in any given year as it would take time to recoup our former position. Overviewm Discussion and Possible Action on PEDC Land Invento Ms. Hammond explained the Industrial Park land inventory was depleted when American SpiralWeld came to Paris. The Gene Stallings Business Park is ready for business with TxDOT being the first business to occupy the new park.