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PEDC Board Meeting Minutes March 16, 2021 Page 2 of 3 Discuss and Consider ALroval of the February 2021 Financial Statements Mr. Pankaj informed the Board that we have $1.6 million in cash on hand, while the PEDC overall liabilities Is shown at $1.5 million. The Direct Business Incentives were $338,648.00 for February, which consisted of $298,000.00 to J Skinner for rail and $40,000.00 to Metro Gate. Sales tax income for February 2021 came in at $183,332 as compared to $159,000 received February 2020. Pankaj added that YTD sales tax revenue is ahead by $128,000. Mr. Bray stated that overall liabilities are less than stated on the financials because the payment from the land sale to TxDot has not been booked. Dr. Hashmi expressed that the PEDC marketing budget has not shown carry over of the unused amount of marketing dollars from prior years. Discussion ensued regarding carry over and allocation of future unused marketing dollars to be designated additional marketing funds in the following year's budget. Dr. Hashmi made a motion to approve the February 2021 financial statements. Mr. Coleman seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss and Consider Action on Timeline for In -Person PEDC Board Meetings Mr. Bray asked for the Board's input on going back to in-person meetings. All of the comments were positive for returning to in-person meetings. Mr. Fendley made a motion to go back to in-person Board Meetings. Mr. Terrell seconded the motion. Vote was 6 -ayes to 0 -nays. Discuss.and Consider U. *date from Marketin Committee Ms. Hammond stated that the Marketing Committee held its first meeting in March. Discussion included existing marketing assets, review of the last five years of marketing expenses, and direction goingforward. Dr. Hashmi added that the committee had a great brainstorming session and in time will give the Board its recommendations. 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 Highway • Project Rocket X • Project Firefly 2) Pursuant to Section 551.071 of the Texas Government Code, Consultation with Attorney, to receive legal advice from the PEDC Attorney about (1) pending or contemplated litigation and/or (2) on matters in which the duty of an attorney to their client under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflict with this chapter, regarding potential loan to Paris Economic Development Corporation by the City of Paris. Chairman Bray convened the Board into Executive Session at 5:52 p.m.