04/19/2022 Minutes - Laserfiche WebLink

Home Browse Search

PEDC Board Meeting Minutes Tuesday; April 19, 2022 Page 2 of 4 Ms. Hammond opened the discussion by providing a brief introduction on how she connected with Mr. Doddridge and Mr. deSaracho, who offered to present on spec buildings after multiple conversations with Maureen about the topic. Ms. Hammond went on to briefly discuss statistics related to the building requirements of prospective businesses over the last five years. Out of 143 projects, 32% percent had an existing building requirement, and we qualified to submit on only 13 projects. She added that there was a jump in projects in the last year (62), but the statistics for projects requiring existing buildings were similar. Additionally, she noted that the size requirements for most of the buildings were 100,000 SF or less. Ms. Hammond concluded her comments by discussing current inventory of available buildings. Only one building is available that is over 50,000 SF and very few available that are less than 50,000 SF. Dr. Hashmi interjected briefly by mentioning that while he thought that a spec building was not a viable project in the past, present conditions compelled him to recommend a new discussion of the subject since it might make more sense to develop a spec building in the current business climate. Mr. deSaracho and Mr. Doddridge began their presentation on spec buildings. Mr. Doddridge started the discussion by mentioning that COVID-19 has exposed things in the market and has made it difficult for EDCs across the state to keep up with building demand. Mr. deSaracho continued the discussion by mentioning while there is risk present, there are several alternatives that can give the PEDC options while mitigating the risk of construction of a spec building. Mr. deSaracho also emphasized the difference between a spec building, which is a building set up to allow a variety of projects to utilize the space, compared to a build -to -suit, which is built with a specific project's requirements from the start. The team presented floor plans for projects that were modular in nature, meaning that the designs could be scaled up or down to meet a project's requirements with little down time. Designs also incorporated features such as "punch -out" sections that would allow the placement of dock doors or other elements with little difficulty. Along with potential building renderings, the team presented timeframes and cost estimates for design and permitting work, which could shorten timeframes for fast-moving projects considerably. "Plug -and - play" design plans such as these could shorten the PEDC's turnaround on projects without requiring a building to be constructed. Mr. Doddridge concluded the discussion by mentioning the importance of a quick turnaround, stating that the volatility of the current market trends makes locking in prices important, and getting design done quickly makes that part of the process easier. The trends for building sizes are currently 75-100,000 SF. Dr. Hashmi asked how they charge for design, and they responded that fees are dependent on the square footage of the designed facility. The team fielded several questions from board members, and the consensus from this discussion was that the most valuable aspect of this process would likely be the value that an existing design would provide for being able to respond to prospects quickly. No action was taken on this item. Discuss and Consider Approval of the Minutes of the Regular Meeting held March 21, 2022 Mr. Bray asked for discussion and approval of the minutes. Dr. Hashmi made a motion to approve the March 21, 2022, minutes. Mr. Terrell seconded the motion. Vote was 7 -ayes to 0 -nays Discuss and consider approval of the March 2022 financial statements Mr. Coleman reported on financials for March 2022. He stated for the month of March, total assets were at $8,523,343. Roughly $2.7 million of it was in cash, $2.1 million in investments, $330,000 in taxes receivable, and $3.4 million in the industrial park. Total liabilities were $2,464,515, from a loan with the City of Paris. This left a