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EXAS � O' MIC IDEVEILOPM t C � I� OR STI rip ra 115 r r :rr i r Reach rac 1 i 11 l'y'.jl°„ Discuss and Consider Approval of May 20, 2025, Meeting Minutes Chairman Bray presented the May 20, 2025, meeting minutes for review and discussion. Dr. Hashmi made a motion to approve the minutes as presented. Mr. Roddy seconded the motion. Vote 7 -ayes to 0 -nays Review and Discuss 2025-2026 Draft Budgets Mr. Coleman presented the proposed 2025-2026 PEDC Budgets. Proposed revenue included $1.9 million in sales tax and $75,000 in interest income. He reported a total estimated income of $1,975,000. Mr. Coleman continued by reporting on expenses. Most budget expenses remained the same or had slight increases or decreases. Total proposed budget expenses for 2025-2026 were reported at $1,836,507.00 in comparison to last year's budgeted amount of $3,365,095.00. Mr. Coleman noted that the decrease was primarily due to an adjustment to incentive obligations for Project Blue Fire. Mr. Coleman opened the floor to questions regarding the 2025-2026 Draft Budgets. There were no questions. Review, Discuss and Potential Action on land and Buildings Ms. Hammond briefly outlined the opportunities involving the PEDC's land inventory, noting that site readiness of newly acquired land continues to be a priority. She reported that requests for information from potential prospects continue to include a desire for existing buildings, ranging in size from 50,000 to 500,000 square feet. Mr. Bray opened the floor to questions regarding land and buildings. There were no questions. PEDC Board Member Roundtable and Discussion Chairman Bray opened discussions by noting that with the PEDC's proposed adjusted budget for 2025- 2026, the board would need to consider its priorities moving into the next fiscal year. Mr. Fendley commented that a priority should be the procurement of additional land, as well as the consideration of constructing a speculative building for future prospects. Mr. Homer commented that the rising costs of land could impact the PEDC's options for procurement, and that the organization should consider any opportunity to acquire property at lower costs. Mr. Bray asked the board if there was a preference between shovel -ready land and the construction of a spec building. Ms. Hammond suggested the option of having a virtual spec building designed, which could be submitted alongside proposals. Dr. Hashmi commented on the benefits of both land procurement and the construction of a spec building. He suggested that with the increasing costs to land, the acquisition of property should take priority moving forward. Mr. Bray suggested that the PEDC research the construction of a 25,000 to 50,000 square foot spec building to consider its costs and benefits. Page 3 of 5