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EXAS � O' MIC IDEVEILOPM t C � I� OR STI 11, f„ x at," -its Reach f rl, igf"'j er Discuss and Consider Approval of the December 10, 2024, Meeting Minutes Chairman Bray presented the December 10, 2024, meeting minutes for review and discussion. Mr. Fendley made a motion to approve the minutes as presented. Mr. Roddy seconded the motion. Vote: 6 -ayes to 0 -nays Discuss and Consider Approval of the Corrected September, Corrected October, November, and December 2024 Financial Statements Secretary and Treasurer Chase Coleman reminded the board that the financial reports ending September 30, 2024 and October 31, 2024 did not reflect a reimbursement from the Treasury Department on the EDA Grant account. He noted that the balance had since been corrected to show a total of $588,033, and that there were no other changes to report. Mr. Coleman continued his report by presenting the financial reports ending November 30, 2024. Total assets were reported to be $9,925,264. Total liabilities were reported to be $2,087,651, leaving the PEDC with a total net position of $7,837,613. Mr. Coleman continued with the income statement for the month, citing the reported total revenue as $201,591. He concluded the financial report for the month of November by presenting total expenditures and net income for the month. Mr. Coleman opened the floor to questions regarding the November financial reports. There were no questions. Mr. Coleman continued his report by presenting the financial reports ending December 31, 2024. Total assets were reported to be $10,023,210. Total liabilities were reported to be $2,071,903, leaving the PEDC with a total net position of $7,951,307. He elaborated on the PEDC's assets, reporting total cash to be approximately $1.9 million and total investments to be approximately $2.4 million. Total investments to the Paris Industrial Park were reported to be approximately $5 million. He reported the PEDC's loan to the City of Paris to total approximately $2 million and the Restricted for Industrial Incentives to total approximately $2 million. Mr. Coleman opened the floor to questions regarding the December balance report. There were no questions. Mr. Coleman continued with the income statement for the month, citing the reported total revenue as $194.,012. He concluded the financial report for the month of December by presenting total expenditures and net income for the month. He also added that the PEDC's loan with the City of Paris would be adjusted from an interest rate of 2.14% to 5.32% effective January 2025. Mr. Roddy asked if the interest rate would be adjusted annually. Mr. Coleman noted that the adjustment would take place every three years. Mr. Coleman opened the floor to questions regarding the December financial reports. There were no questions. Mr. Homer made a motion to approve the financial statements as presented. Mr. Terrell seconded the motion. Vote: 6 -ayes to 0 -nays Page 2 of 4