06 - Boards & Commissions - Minutes (2)

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PEDC Board Meeting Minutes April 20, 2021 Page 2 of 3 Ms. Hammond stated the PEDC has $1.6 million in Cash, $2 million in Investments and $243,000.001n Sales Tax Receivable. The Liabilities section of the Balance Sheet shows $1.27 million which is a decrease from last month's liabilities due to the sale of land to TxDOT. The Sales Tax revenue for the month was $130,346.00 an increase of $17,000.00 over last year. Dr. Hashmi made a motion to approve the March 2021 financial statements. Mr. Coleman seconded the motion. Vote was 5 -ayes to 0 -nays. �.._ � .__ ....6 �scuss an Consider on Senate Bill 125,,,,,,, Ms. Hammond informed the Board the Texas Legislature has several bills this session that could impact Economic Development. 5enate Bill 1256 is our focus today. This bill would amend Chapter 312 of the Tax Code and prohibit ad valorem tax abatement for properties with certain renewable energy installed on the property. Solar projects in Lamar County are bringing in additional revenues to school districts. If Bill SB1256 is passed, it would not allow for these additional revenues. The second concern written in the bill is that it does not allow for manufacturers to receive tax abatements if they have even one solar panel at their facility. Dr. Hashmi asked that we check on whetherthe City can override the bill. Dr. Hashmi made a motion to approve Ms. Hammond taikingto ourlegislators about concerns we have about SB1256. Mr. Coleman seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss ander lticrw! on ecurin a Li�Cedt Mr. Bray asked for a motion to move Item #8 after Executive Session, Dr. Hashmi made a motion to move this item after Executive Session. Ms. Bilis seconded the motion. Vote was S -ayes to 0 -nays. Discuss and Consider U dates from Committees: Marketer Land Incentive and Finance Ms. Hammond updated each of the committees: • Marketing - the second meeting is scheduled for early May. Discussion of our marketing strategy including rebranding, Board liaisons to industry and updating our materials. • Land — reviewed our existing land, available site listings and a site readiness discussion. • Incentive Review—of PEDC past incentives offered, potential guidelines, cash flow, average wage comparisons and general criteria for prospects. • Finance —the committee has not met; they will meet in late April. The budgeting,processfor the 2021-2022 fiscal year will be discussed. 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 Fast Track a Project Blue Fish 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