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PEDC Board Meeting Minutes Monday, January 18, 2022 Page 2 of 5 Discuss and Consider Approval of the November and December 2021 Financial Statements Mr. Bray stated December 2021 financials will not be presented due to late closing on recent land acquisition and minor inaccuracies on monthly report. Mr. Bray acknowledged revised December 2021 financials would be presented during the next PEDC board meeting for review. Mr. Coleman reported on financials for November 2021. He stated for the month of November our statement showed total assets of $6.8 million. Of the $6.8 million, $2.4 million was reported in cash, $2.1 million in investments, $330,000 from taxes receivable and $1.9 million was in real estate holdings within Paris Industrial Park. Total liabilities are $1.2 million, leaving a net cash position of $5.6 million. Mr. Coleman completed review for the month of November stating that the Sales Tax Revenue was $173,562, with a total Net-Income of $126,578. Following review and discussion of financial statements, Mr. Homer made a motion to approve the November and Financials. Dr. Hashmi seconded the motion. Vote: 7-ayes to 0-nays. Discuss and Consider Approval of the Interlocal Agreement between ATCOG and Paris Economic Development Corporation Ms. Hammond discussed the procedure of applying for an EDA grant in an effort to make PEDC properties site- ready and fund infrastructure improvements related to current prospects. Ms. Hammond discussed different approaches to applying for an EDA grant and explained rationale for engaging Ark-Tex Council of Governments (ATCOG) for management/administrative services of the grant. She elaborated on administrative cost structure of consultants versus ATCOG as well as the importance of aligning the grant application with the CEDS, a regional planning strategy developed by ATCOG in partnership with regional economic developers. She added that if approved, the PEDC staff will be working jointly with ATCOG on application of this grant to the EDA and receive support from ATCOG via administration and management if the grant is awarded. All fees to ATCOG will be dispersed through the grant if awarded. Following review and discussion of the Interlocal Agreement between ATCOG and PEDC, Dr. Hashmi made a motion to approve the execution of the agreement. Mr. Roddy seconded the motion. Vote: 7-ayes to 0-nays. Discuss and Consider Approval of the Procurement Process and Bid Selection of an Engineering Firm to develop a Preliminary Engineering Report for EDA Grant Application Ms. Hammond stated that a Preliminary Engineering Report (PER) to describe the details and costs associated with the project is required when submitting a grant application to the EDA. She stated the PEDC had gone through the required procurement process and requested qualifications from a number of engineering firms. The PEDC accepted responses through January 3, 2022, and as a result Statements of Qualifications from three firms were received. The three firms are EST Inc., Hayes Engineering, Inc. and MTG Engineers & Surveyors, Inc. Ms. Hammond explained that each of the submitted proposals were subjected to a specific review process wherein each firm was scored in reference to their demonstration of experience with municipal construction, state and federally-funded construction projects, the competitive bidding process, and other elements of project management.