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PEDC Board Meeting Minutes May 11, 2021 Page 2 of 3 Discuss and Consider Aooroval of the Minutes of the Regular Meeting held April 20,,.2021 Dr. Hashmi made a motion to approve the April 20, 2021 meeting minutes. Mr. Coleman seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and Consider Acce tance of the 2019-2020 Audit Report as Presented hy.Brittany Martin of McClanahan and Holmes Ms. Martin presented the 2019-2020 audit report to the Board. As of September 30, 2020, total assets came to $6.3 million. The total liabilities of $1.5 million show mainly debt to the local banks. The total net position was $4.8 million. Ms. Martin informed the Board the yearly sales tax revenue was up approximately $75,000.00. The Net Change in Fund Balances shows a negative ($661,000.00). This was due to the $700,000.00 transfer of land to American SpiralWeld that was not cash. Mr. Fendley made a motion to approve the 2019-2020 audit report. Mr. Coleman seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and Consider Action on Updates from Land Committee Ms. Hammond stated that the Land Committee has met three times to discuss land inventory and potential sites. The committee is studying site readiness and reviewing bids for Phase I environmental on all sites that have not completed a Phase I study. Mr. Fendley made a motion to approve Ms. Hammond and the Land Committee to make a contingent offer for land upon Board approval and to approve spending up to $10,000 on Phase I environmental surveys on properties that still require them. Dr. Hashmi seconded the motion. Vote was 4 -ayes to 0 -nays. 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 • Project Blue Fish • Project Mustang Chairman Bray convened the Board into Executive Session at 5:42 p.m. Reconvene into Open Session and Consider Action on Items Discussed in Executive Session Chairman Bray reconvened the Board into Open Session at 6:34 p.m.