08/16/2022 Minutes - Laserfiche WebLink

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PEDC Board Meeting Minutes Tuesday; August 16, 2022 Page 2 of 4 Discuss and Consider approval of the July 2022 financial statements Mr. Coleman reported on financials for July 2022. He stated that for the month of July, total assets were $8,886,142, which consisted of $3 million in investments, $2 million in investments, $330,000 in taxes receivable, and roughly $3.4 million from the investment in the industrial park. Total liabilities were $2,417,020 from a loan with the City of Paris. This left a net position of approximately $6,469,122 million. On the income statement, he stated total revenues for the month were $150,297 with the sales tax consisting of $145,504 and the rest of the revenue income coming from interest earned at roughly $4,800. Mr. Coleman stated that the organization is seeing an uptick in interest rates and is actually getting a little more income for our cash investment account on a month-to-month basis. Mr. Coleman closed by stating that he did not see anything unusual in the income statement. e Mr. Homer briefly inquired about taxes receivable and after a brief response from Mr. Coleman, the discussion ended. Mr. Roddy asked for an update on Chairman Bray's question from a prior meeting concerning the organization's interest rate. Mr. Coleman responded that the current interest rate on the deposit account is 1.5%. No additional questions followed. Mr. Homer made the motion to approve financials for the month of July. Mr. Terrell seconded the motion. Vote: 6 -ayes to 0 -nays Discuss and Consider Approval of awarding a bid for Website Development for new PEDC Website Ms. Hammond opened by stating for the past year there has been a need to update the organization's website. She added that we have postponed addressing this need until the branding project reached a point that would allow us to use the work from that project for design of the new site. She noted that we have reached the point where we can select someone to begin that process. At this point, Ms. Hammond referred board members to materials in the packet. She reported that on June 2, 2022, the organization received three proposals for our Request for Proposal (RFP) for Website Development. DeadCat Media, LLC provided a proposal at $19,800, The Dealey Group at $30,000 and 365° Total Marketing at $30,500. After performing a review of each company's proposal submitted, several differences in the types of services provided by each company were noted as well as approaches to meeting the goals of the project. While their approaches to the project differ, Ms. Hammond noted that each company could provide the website development services and design elements requested by the RFP based on the references provided. After a review of these different services and accompanying rates, Ms. Hammond stated that the primary differentiating factor between each proposal has ultimately come down to pricing. She recommended awarding the project to DeadCat Media as the lowest and best bid. At this point discussion ensued and Mr. Terrell of the Marketing Committee team provided additional comments, stating that he wanted to mainly ensure that the work from the Branding Initiative was used in the website's design. Ms. Hammond concurred and provided additional comments, stating that the other firms that provided quotes such as Dealey would still be useful in other contexts such as advertising. Mr. Bray and Mr. Roddy made comments regarding their concern with making the site geared towards economic development, as it is a unique challenge compared to other types of websites but agreed that they thought DeadCat would do a good job. Ms. Hammond responded that she discussed with DeadCat the unique features and specialization of economic development websites and is confident the end product will meet the organization's needs. No additional comments or questions followed.