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S'T IE X A 5 r ' yud'VGnwI..d11Upmi N'r' *:'.N:" nPOPA r'"ON Ms. Hammond requested authorization to establish a new noninterest -bearing account at Liberty National Bank and specifically dedicated to receiving the funds from the EDA grant. Following a brief discussion, Mr. Roddy made the motion to approve opening a noninterest -bearing account at Liberty National Bank for the EDA grant and to authorize current PEDC signers as signers on this new account. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Report by Executive Director Maureen Hammond LionsHead Specialty Tire & Wheel, LLC.: Ms. Hammond provided a brief update on LionsHead by stating the construction process has started at the NW Industrial Park site. She went on to note a groundbreaking has been scheduled for June 14th at 10:00 AM with the invitation and details forthcoming. Universal Fabricating USA, Inc.: Ms. Hammond stated that the company has started production on conveyors and currently has 20 employees with the goal of ramping up to 60 employees by fall. She noted that they are still looking to hire and asked members of the board to refer any potential candidates to the PEDC office. Housing Study: Ms. Hammond informed the board that Catalyst Commercial and Freese and Nichols will be working with the city to conduct the study and will be in town this week to start focus groups. She went on to note that the first phase will inform the scope of service for phase two. Legislative Bill Updates: Ms. Hammond provided a brief update on House Bill 5; she went on to notify the board that an e-mail will be sent containing information on House Bill 5 received from TEDC. Convene into Executive Session: 1) Pursuant to Section 551.087 of the Texas Government Code to (1) discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations; or (2) to deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1), to wit: a) Project Clydesdale b) Project Padlock 2) Pursuant to Section 551.072 of the Texas Government Code to discuss and deliberate the purchase, exchange, lease, or value of real property. Chairman Bray convened the Board into Executive Session at 5:41 p.m. Reconvene into Open Session and Consider Action on Item(s) Discussed in Executive Session