05/16/2023 Minutes - Laserfiche WebLink

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S'T IE X A 5 r ' yud'E wI..d1PMi N't' *:'.N:" nPOPA t'"ON Welcome and Opening Remarks Mr. Bray opened by congratulating newly elected Mayor Reginald Hughes. He continued by thanking former Mayor Paula Portugal and former Councilwoman Linda Knox for all the support they have provided not only to the community but to the PEDC over the years. On behalf of the PEDC, Ms. Hammond presented former Mayor Paula Portugal and former Councilwoman Linda Knox awards as a token of appreciation for their unwavering support and invaluable contributions to the PEDC during their terms. Citizens' Input Chairman Bray invited those present to speak during the Citizens' Input. No one came forward and the Citizens' Input was closed. Discuss and Consider Approval of the Minutes of the Regular Meeting held April 18, 2023 Mr. Bray presented April 18, 2023, meeting minutes for review and discussion. Dr. Hashmi made a motion to approve the April 18, 2023, minutes. Mr. Homer seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Approval of the April 2023 Financial Statements Secretary/Treasurer Chase Coleman presented financial reports ending April 30, 2023. Mr. Coleman reported total revenue of $1,298,506 dollars for the seven months ending in April, which is an increase of about 21% over where we were this time last year. He continued by stating sales tax is 11% higher for April compared to this time last year. Dr. Hashmi briefly provided commentary by stating that the PEDC overheads are very low, which is fantastic. Mr. Bray asked the board if there were any additional questions or comments regarding the finances as presented. No additional questions/comments followed. Mr. Fendley moved to approve the April 2023 financial reports. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Action to Establish a New Bank Account for the Management of EDA Grant Funds Ms. Hammond briefly recapped that on April 4, 2023, the PEDC was awarded $1.3 million in federal funding from the U.S. Economic Development Administration to support infrastructure improvements in the PEDC- owned Northwest Industrial Park. She went on to note that progress is being made with getting the administrative side set up in accordance with EDA regulations. Ms. Hammond continued by stating that EDA regulations require grant recipients to have a noninterest - bearing account for the grant funds to be deposited. The current PEDC account with Liberty Bank is an interest-bearing account.