06 - Boards & Commissions - Minutes

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PEDC Board Meeting Minutes February 16, 2021 Page 2 of 3 _ Discuss and Consider cder Approval of the January 2021 Financial Statements Ms. Hammond presented the January financials. She stated the PEDC cash position is at $1.8 million. The industrial commitments are up-to-date and show exactly what is owed. The PEDC's portion of sales tax increased again for January 2021. Dr. Hashmi made a motion to approve the January 2021 financial statements. Mr. Fendley seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss Allocation of Proceeds from Texas Departmentof Transition ,&T)(l)OTLand Sale Ms. Hammond stated that we closed on the sale of 37 acres to TXDOT in the amount of $240,000. All the proceeds for the sale were used to pay down the principal of the Southwest Business Park loan. The loan balance is now at $374,413. She added that the land sale to TXDOT supported the retention of 160 jobs with an average wage of $60,000 and kept TXDOT's district office here in Paris. Discuss and Api.woint Board Committees., as Follows: + Finance Committee— Mr. Coleman, Mr. Fendley, Mr. Pankaj • Incentive Review Committee— Mr. Bray, Mr. Coleman • Land Committee —Mr. Fendley, Mr. Pankaj • Marketing Committee— Ms. Bills, Dr. Hashmi, Mr. Pankaj, Mr. Terrell Mr. Bray appointed members to each committee. He asked Ms. Hammond to call each meeting and to head each of the committees. Discuss and Consider Action onRefinanan Existin Debt and_Frnancinl Future Debt Mr. Bray reported that Mayor Clifford had suggested that, provided it is legal, the PEDC consider refinancing its existing and future debt through the City. The general idea is that the City would loan funds to the PEDC at an interest rate lower than the organization's current bank loan, and that the rate would offer a higher yield than the City's current reserve/market account, benefiting both parties. Mayor Clifford mentioned that the City staff is determining the legality of the City loaning money to the PEDC. Following discussion, Dr. Hashmi made a motion to approve the item, provided that the City Attorney determines it is legal. Mr. Coleman seconded the motion. Vote was 5 -ayes to 0 -nays. Proiec# gpdates: American SpiralWeld Pipe — Hammond reported that the startup team is in place and that additional hiring would coincide with equipment installation. She noted that the rail work was complete and mentioned that she and the PEDC attorney were discussing a lease agreement with ASWP as part of the Master Agreement. • Metro Gate —The contract was executed, project announced in February and construction has begun. Conyene into Executive Session: 1) Pursuant to Section 551.072 of the Texas Government Code to discuss and deliberate the purchase, exchange, lease, or value of real property. 2) 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