06/21/2022 Minutes - Laserfiche WebLink

Home Browse Search

PEDC Board Meeting Minutes Tuesday; June 21, 2022 Page 2 of 4 Discuss and consider approval of the May 2022 financial statements Mr. Coleman reported on financials for May 2022. He stated that for the month of May, total assets were at $8,713,607. Roughly $2.9 million of it was in cash and cash equivalents, $2.1 million in investments, $330,000 in taxes receivable, and $3.4 million was the investment in the industrial park. Total liabilities were $2,440,784 from a loan with the City of Paris. This left a net position of approximately $6,272,823 million. On the income statement, he stated total revenues for the month were $176,680 and operating expenses were $42,145, leaving a net position for the month of $134,535 after the interest deduction. Mr. Coleman concluded by stating that the organization's financial position looks strong. Dr. Hashmi briefly inquired about May 2021 sales tax in comparison to financials presented. Ms. Hammond conveyed information and Mr. Coleman along with Mr. Bray confirmed with a brief discussion. No additional questions followed. Dr. Hashmi made the motion to approve financials for the month of May. Mr. Terrell seconded the motion. Vote: 5 -ayes to 0 -nays Discuss and Consider Approval of awarding a bid for Lot Clearing and Cleanup Services for PEDC property on SW Loop 286 Ms. Hammond opened by recapping on lot clearing and cleanup for the newly acquired land on the Southwest Loop, north of Kimberly-Clark. The request for bids opened on May 91h and in response, two bids were received from Withers Construction, LLC at $ 109,650 and Brush Tech Land Clearing at $ 177,185. Upon staff performing a review of each company's bid information and credentials, it is apparent that each company is qualified to provide the services requested per the RFB. Beyond the difference in price between each bidder, with Brush Tech being substantially higher, the key difference is the timeframe for completion of work. Both companies estimated completion of their work within the timeline established in the RFB. Ms. Hammond recommended that the bid be awarded to Withers Construction, LLC at their bid of $109,650 for the reasons stated above. Mr. Bray reaffirmed Ms. Hammond's previous statement by stating that both companies are very capable, and as a steward of taxpayer dollars, there is benefit in proceeding with Withers Construction's bid. He also noted some of the funds for this bid may possibly carry over to the 2022-2023 financial year due to the estimated time completion of work. Ms. Hammond added that there is $70,000 left in the 2021-2022 budget for industrial park maintenance. Dr. Hashmi inquired about the timeline differences between bids submitted and Mr. Bray responded with a brief discussion. No additional questions followed. Dr. Hashmi made the motion to approve the bid as presented. Mr. Coleman seconded the motion. Vote: 5 -ayes to 0 -nays Review and Discuss report from executive director. Maureen Hammond Branding/Identity Project: Ms. Hammond reported that North Star finalized their survey during the week of June 13th and sent it to members of the Branding Steering Committee for review. After review of the survey, Mr. Grayson Path, City Manager; Ms. Maureen Hammond, PEDC Exec. Director; and Paul Allen, Chamber/VCC President, released the survey through a variety of communication outlets. Since posting the survey, it has reached 6,000 individuals with 30 shares and 500 engagements. Ms. Hammond noted that there is still a need