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<br />Discuss and Consider Approval of the Minutes of the Annual Meeting held July 18, 2023
<br />Chairman Bray presented the July 18, 2023, meeting minutes for review and discussion.
<br />Dr. Hashmi made a motion to approve the July 18, 2023, minutes. Mr. Coleman seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Discuss and Consider Approval of the June and July 2023 Financial Statements
<br />Secretary/Treasurer Chase Coleman presented financial reports ending June 30, 2023. Mr. Coleman reported
<br />total assets of $9,141,689, total liabilities of $2,291,624, and a total net position of $6,845,878. He presented
<br />sales tax revenue for the month of June, which was $189,836, with total expenses at $420,371 for the month.
<br />After the deduction of interest expenses totaling $4,096, the PEDC had a net loss for the month of June of
<br />$234,631.
<br />Mr. Coleman went on to note that expenses were higher for the month of June due to a $300,000 incentive
<br />payment for American Spiral Weld for their job creation and growth. To date, the PEDC has paid American
<br />Spiral Weld $1,000,000 in job incentives, concluding the PEDC's payment obligation for this incentive.
<br />Secretary/Treasurer Chase Coleman continued by presenting financial reports ending July 31, 2023. Mr.
<br />Coleman reported total assets of $9,178,889, total liabilities of $2,279,448, and a total net position of
<br />$6,899,441. He presented sales tax revenue for the month of July which was $193,292. After the deduction of
<br />interest expenses totaling $4,047, the PEDC had a net income of $53,562 for the month of July.
<br />Mr. Coleman noted that under direct business incentives, there was an expense of $75,000 for Universal
<br />Fabrication. He added that Universal is another success story for the PEDC. He continued the report by briefly
<br />summarizing the ten months to date ending July 31St
<br />Chairman Bray and Mr. Coleman briefly discussed recent land purchases.
<br />Chairman Bray asked the board if there were any additional questions or comments regarding the Financial
<br />Statements as presented. No additional questions/comments followed.
<br />Dr. Hashmi moved to approve the June and July 2023 financial reports. Mr. Homer seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Report and Updates by Executive Director Maureen Hammond
<br />Ms. Hammond opened her report by providing commentary on the recent announcements.
<br />Universal Fabricating: Ms. Hammond stated that on August 91", Universal Fabrication hosted the PEDC Board
<br />of Directors at their newly renovated facility in Sumner. She highlighted the extensive renovations that
<br />transformed the interior of the building, completely altering its overall appearance. Additionally, she
<br />conveyed her excitement about the state-of-the-art equipment and the high volume of automotive sector
<br />orders being fulfilled. While visiting the facility, Mr. Neil Harms, President of Universal Fabricating, informed
<br />the group that the company has ramped up to 80 employees to date, 40 being full-time employees and the
<br />other 40 employees being contract employees.
<br />Ms. Hammond encouraged the Board to provide additional comments. Chairman Bray and Mr. Homer
<br />provided brief commentary regarding the level of technical work being performed at the facility.
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