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Joint City Council /PEDC Meeting September 15, 2014 Page 16 valuation in the amount of $30,290. Mrs. Clifford said her calculation was they were being taxed at 3.9% of fair market value. Mrs. Clifford reported the appraisal also noted review of the Lamar County website records which reflected there were unexplained variances for this property. The appraised value of this property in 2007 was $1,106,800. In 2008 it was $1,118,670. For the years 2009, 2010, and 2011 the appraised value was a constant $43,970 with improvements in the amount of $1,960,700 which were reflected in 2007 and 2008 appraised value; however, these improvements were not reflected in the following years. The appraisal reflected the market value (as quoted) as is for all combined HWH properties located at or near 1401 3rd tract and the buildings located thereon. Had all the HWH properties on this particular tract been combined on the appraisal district website, the amount would have resulted in a valuation of approximately 1.3 million dollars, 16.77% of fair market value. Mrs. Clifford said the loan document and guaranteed collection was very specific that the appraisal was to have been on 1401 3rd Street, not the entire complex. She said even in the appraisal that was provided in the booklet provided by Mr. Harper listed out 9 different account numbers with the current assessed value of $1,322 910, which equates only to 5.05 per square foot and this is far below the estimated market value as is. Mrs. Clifford said this was an advantageous assessment for them. Mr. Grubbs wanted to know what Mrs. Clifford was reading from and she told him from the report and appraisal that Mr. Harper provided to all of them referencing Rodgers Wade. He asked her if her point was the property was undervalued on the tax rolls. Mrs. Clifford said there were two points; one was that it was undervalued and secondly, the guaranteed collection reflects one of the properties and in the appraisal he uses nine properties according to the Defenbaugh report. Mr. Brockman said for simplicity he did not list nine addresses, but listed the entire legal description of the nineteen acres. He also said the address listed was their headquarters. Mrs. Clifford said she was not an investigator and the report said differently. Mr. Brockman said he would like to make a motion that the PEDC recommend... Mr. Wilson said he had one other thing he would like to bring up and it was addressed to Mrs. Clifford, who stood in this meeting, went to the board meetings and she said she could not give a written report, yet when they talked to Mr. Defenbaugh, that he said to Mrs. Clifford that she told him not to give a written report. Mr. Turner objected to this statement saying this was coming right out of executive session and they were not supposed to talk about what was discussed in executive session. Mrs. Clifford said the executive session was to only have been about personnel but Mr. Wilson brought up they had discussed the report, which obviously deviated from the executive session. A Motion that the PEDC recommend to the City Council that they take no further action on the Defenbaugh report was made by Mr. Brockman and seconded by Mr. Wilson. Motion carried, 3 ayes -2 nays, with Mrs. Clifford and Mr. Turner casting the dissenting votes. A Motion to adjourn PEDC made by Mr. Brockman and seconded by Mr. Grubbs. Motion carried, 5 ayes — 0 nays. PEDC adjourned their meeting at 7:24 p.m. Council Pickle inquired if it was legal to move into executive session at this point and Mr. Mellyar told him it was not posted that way. He asked Mr. McIlyar if a Council Member