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PEDC Board Meeting Minutes Monday, February 15, 2022 Page 2 of 5 Discuss and Consider Approval of the 2020-2021 Audit Report as Presented by Brittany Martin of McClanahan and Holmes Ms. Martin presented the 2020-2021 audit report to the Board. As of September 30, 2021, total assets came to $6.6 million. The total liabilities amounted to $1.2 million. The total net position was $5.4 million with a positive unrestricted net position. Ms. Martin informed the Board that the cash flow increased due to less business incentives going out for the year. She continued by stating Land Development costs decreased with the final land transfers of 2021. She also showed that sales tax revenue increased compared to last year and expenses were up due to personnel changes and hiring of a replacement. At this point, Ms. Martin concluded her report and Chairman Bray opened the floor for questions and discussion. Following discussion, Mr. Roddy made a motion to accept the 2020-2021 audit report as presented. Mr. Coleman seconded the motion. Vote: 6 -ayes to 0 -nays. Discuss and Consider Approval of Resolution for Application of Economic Development Administration (EDA) Grant Ms. Hammond discussed the continuous process of making PEDC properties site -ready and the funding of infrastructure improvements. Following the board approval during last month's meeting, the PEDC will be applying for an EDA grant. The PEDC entered an Interlocal Agreement with the Ark -Tex Council of Governments (ATCOG) to assist with the management and administrative services of the grant process. Additionally, the Board approved EST inc. as the engineering firm of record to conduct the PER (Preliminary Engineering Report). She continued by stating EST Inc. has completed the PER for the road and infrastructure improvements to be made in the remaining acreage of the NW Industrial Park on NW Loop 286. The completed PER will be used to complete the information needed for various components of the EDA grant application process. Ms. Hammond asked Shawn Napier of EST Inc. to present his findings. Shawn Napier presented a PER (Preliminary Engineering Report) draft to the board and gave a preliminary overview of the renderings provided along with estimations of cost and scope of work. Ms. Hammond concluded by stating that if the EDA grant is awarded, the PEDC does not have to accept the grant. The grant is highly competitive, but she believes that the PEDC has a great opportunity at obtaining an award. Ms. Hammond made the recommendation for the board to approve the following through the proposed resolution: 1. The Board formally authorizes the completion and submission of the EDA grant application. 2. The Board designates the ATCOG to act as the administrators for the grant, 3. The Board designates EST Inc. to provide engineering services for the process, and 4. The Board authorizes the Executive Director as a Representative to act on the Board's behalf on all matters related to the grant, and 5. The Board authorizes the application for an estimated $ 1.5 million, with 80% of the grant would be requested from EDA with a remaining 20% responsibility of the PEDC at $ 300,000.00.