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PEDC Board Meeting Minutes Monday, November 22, 2021 Page 2 of 3 Discuss and Consider Approval of the September and October 2021 Financial Statements Mr. Coleman reported on financials for September and October 2021. He stated for the month of September our statement showed total assets totaling $6.6 million. Of the $6.6 million; $2 million was in cash, $2 million was in investments, $1.2 million was in real estate holdings within Paris Industrial Park and $330,000 was from taxes receivable, with a net cash position of $5.4 million. Mr. Coleman completed review for the month of September stating the total Net -Income was $79,098. Mr. Coleman reported on financials for October 2021. He stated cash and cash equivalents are approximately $6.7 million and investments are at $2.1 million. Current liabilities consist of real estate debt of $1.2 million leaving a net position of $5.5 million. Mr. Coleman added that October sales tax revenue totaled $137,559 with a fund balance of $60,897 after a job incentive disbursement of $51,000 to Metro Gate & Manufacturing Company. Following review and discussion of financial statements, Mr. Roddy made a motion to approve the September and October 2021 Financials. Mr. Terrell seconded the motion. Vote: 7 -ayes to 0 -nays. Discuss and Consider Action on Loan with the City of Paris to Refinance Debt Mr. Bray made the motion to postpone till after executive session. Dr. Hashmi made a motion to approve the motion. Mr. Fendley seconded the motion. Vote was 7 -ayes to 0 -nays. 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 Iron Horse • Project Rocket X • Project Candy Cane • Project Pecan Grove • Project Red Maple 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 5:39 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 6:44 p.m.