06 - Boards & Commissions - Minutes

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PEDC Board Meeting Minutes Tuesday, September 28, 2021 Page 2 of 3 Discuss and Consider A:roval of the AuSust 2021 Financial Statements Mr. Coleman reported on financials ending August 2021. He stated for the month of August cash and cash equivalents are approximately $2.1 million and investments are at $2.1 million. Reporting on year-to-date totals, he acknowledged sales tax revenue collections at $1.7 million, expenses totaling $1.1 million and net cash at $211,000. Mr. Coleman added that August was a strong month for sales tax revenue totaling $177,000. He closed with asserting that the PEDC Is currently spending less than budgeted and is over budget in sales tax revenue. Mr. Homer made a motion to approve the August 2021 Financials, Mr. Roddy seconded the motion, Vote: 5 -ayes to 0 -nays. .,Receive ma.nd Discuss the ..A..._nnual Re porte w Executive Director Maureen reenHammond w Ms. Hammond presented an annual report to members of the board, conveying information on economic trends, committee work, business attraction, and business retention and expansion. Ms. Hammond stated there is a high level of economic growth for Paris and Lamar County considering this occurred during the pandemic and in the midst of great uncertainty and challenges that have ensued. She noted increased sales tax revenue from $1.2 million in 2011 to $1.7 million in fiscal year 2020-2021, as well as stable trends in new commercial and residential development. Ms. Hammond gave remarks on several new local business and retail projects for the year and anticipates coming out strong for 2021. She also noted that Lamar County had a 1% growth in net new jobs of 286 from first quarter 2020 to first quarter 2021 in comparison to other benchmarked areas. Overall economic trends demonstrate steady population, growth in jobs and labor force, growth in sales tax, increased average wages, and growth in manufacturing. Ms. Hammond also highlighted work by board members which included committee work on Land Review, Marketing, and Incentive Review committees. She went on to discuss projects both open and closed, including current and in negotiations; followed by the recent announcement of Besser Pro in the NW Industrial Park. She covered various retention efforts from local businesses such as American SpiralWeld, Turner Industries, J. Skinner, Metro Gate Manufacturing Co., and Texas Department of Transportation. She also stated overall job impacts led to 270 jobs that have been retained and or created with an estimated payroll of $13 million and an economic impact of $82 million per year. Ms. Hammond concluded the annual report by expressing appreciation for the engagement and support received from PEDC board members, City staff, Paris City Council, Paris Junior College and Lamar County Chamber of Commerce. Project Updates Ms. Hammond highlighted the following on Besser Pro: • Family-owned manufacturing company • Besser acquired 30,000 SF in NW Industrial Park • Added 30 new jobs at average wage of $18 per hour • Growth opportunities and currently expanding footprint with an additional 30,000 SF • PEDC and Besser have executed an Option Agreement on 14 acres in NW Industrial Park Convene 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.