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PEDC Board Meeting Minutes Tuesday, October 19, 2021 Page 2 of 3 Discuss and Consider Action on Speculative Buildings Discussion ensued on the need for speculative buildings as originally requested by Dr. Hashmi. Mr. Bray expressed interest in understanding free cashflow, ability to service the debt and optimal size desired by provide potential prospects. Dr. Hashmi mentioned that he initially opposed the notion of the PEDC building speculative buildings but due to the changing nature of needs by prospects, he currently believes it is worth exploring if found to be financially feasible. Ms. Hammond added that over the last five years, thirty percent of the RFPs have asked for an existing building ranging between 50,000 to 100,000 square feet, which is consistent with what she has heard from site consultants. Ms. Hammond provided examples from her EDC counterparts in other communities that have had positive outcomes including generating additional income. Mr. Bray stated he would like for the board to reconvene on the matter during the January board after Hammond has had time to research. Ms. Hammond agreed to research and report back findings in January. No action was taken on this item. 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. 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 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 Fast Track • Project Iron Horse • Project Mustang • Project Rocket X • Project Candy Cane • Project Pecan Grove 3) 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. Chairman Bray convened the Board into Executive Session at 4:36 p.m. Reconvene into Open Session and Consider Action on Item(s) Discussed in Executive Session Chairman Bray reconvened the Board into Open Session at 5:33 p.m. No action was taken on items from executive session. Discuss Future Agenda Items No future agenda items were brought forward to discuss.