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PEDC Board Meeting Minutes Tuesday; May 17, 2022 Page 2 of 3 Discuss and consider approval ofmthme Aril_2022 financial statements Mr. Coleman reported on financials for April 2022. He stated that for the month of April, total assets were at $8,590,947. Roughly $2.7 million of it was in cash, $2.1 million in investments, $300,000 in taxes receivable, and $3.4 million was in the industrial park. Total liabilities were $2,452,660 from a loan with the City of Paris. This left a net position of approximately $6,138,287 million. He noted that the line item titled "industrial incentives" totaling $1,391,550 is understated due to the recent addition of Blossom Aerospace. This adjustment will bring the amount to an estimated $1,500,000 and will be reflected on next month's financials. Mr. Coleman resumed discussion on the income statement, stating total revenues for the month were $126,657 and expenses were $42,805, leaving a net position for the month of $79,457 after the interest deduction. He closed by stating sales tax revenues were slightly down and referenced that in prior years April has never been a high generating month for sales tax. There were no items of concern, and everything is within budget. Mr. Coleman concluded by stating that we are continuing to have a strong year financially. Mr. Terrell briefly inquired if the current April's sales tax was higher than last year's revenue. Mr. Bray and Mr. Coleman confirmed that it was with a brief discussion. No additional questions followed. Mr. Terrell made the motion to approve financials for the month of April. Mr. Homer seconded the motion. Vote: 6 -ayes to 0 -nays Review and Discuss re ort from executive director. Maureen Hammond, Branding/Identity Project: Ms. Hammond reported that North Star conducted their familiarization tour and interviews in Paris, Texas, from May 9th through May 12th. In total there were 10 focus groups with an average of 10 people per group. The groups consisted of Young Professionals, City Council, PEDC Board, Lamar County Chamber Board, Business Community, Primary Employers, Realtors/Developers, City/PEDC/Chamber Staff, and the Ministerial community. Several one-on-one interviews took place between focus groups to include nearly 30 community leaders and citizens. Ms. Hammond added that North Star reported interviews with a total of approximately 100 people and noted that they felt very welcomed during their visit and had an impactful trip. She concluded her report by thanking the board for the time they contributed to participating in the interviews and for making the branding/identity project a priority. Policy Review Committee: Dr. Hashmi, Mr. Homer, Mr. Roddy, and Ms. Hammond have completed review of the operating standards and have determined the committee needs more time to evaluate the document and ensure it is consistent with other internal policies. The committee plans to meet within the next 45 days with final review within a couple months. RFP for Lot Clearing and Cleanup of PEDC Sites: Request for bids were sent out on April 24th for the newly acquired land next to Kimberly-Clark. Two bids were received in response to our request. Ms. Hammond noted that staff needs time to evaluate the bids and will present a recommendation to the board in June. Mr. Roddy inquired about shredding land maintenance at Gene Stallings Industrial Park. Ms. Hammond responded that due to delays resulting from rains, the local company hired intends to complete work at Northwest Industrial Park first and will start Gene Stallings Park afterwards for routine upkeep. No additional questions followed these updates.