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08/15/2023 Minutesf J1�UI: I EXAS .a., 40,'�`„'.bro�;71N�"S:�I�.'I16 IVµ4'14^�+JV,oror9Pro-W�yf �a°m@� PARIS ECONOMIC DEVELOPMENT CORPORATION MONTHLY MEETING Paris City Council Chambers 107 East Kaufman St. Paris, Texas 75460 Tuesday, August 15, 2023 5:30 O'CLOCK P.M. Board Members Present: Josh Bray, Chairman Chase Coleman, Secretary/Treasurer Stephen Terrell Erik Roddy Mark Homer Dr. A.J. Hashmi Ex -Officio Members Present: Reginald Hughes, Mayor Dr. Pam Anglin, President PJC MINUTES Staff Present: Maureen Hammond, Executive Director Lauren Trejo, Economic Dev. Specialist Stephen Kelly, Executive Assistant Legal Counsel: Casey Gain, PEDCAttorney Guest(s) Present: Robert Vine, Asst. City Manager Gary Savage, Councilman Call to Order Chairman Josh Bray called the monthly board meeting of the Paris Economic Development Corporation to order at 5:30 p.m. on Tuesday, August 15, 2023. Invocation Mr. Roddy gave the invocation. Welcome and Opening Remarks Chairman Bray opened by expressing excitement toward the recent Huhtamaki expansion announcement. He went on to emphasize the project's significant capital investment, job retention, and plans for job growth. Chairman Bray concluded his opening remarks by expressing his appreciation to EDC staff, City Council, and County Commissioners for all their hard work on the project. Citizens' Input Chairman Bray invited those present to speak during the Citizens' Input. No one came forward, and Chairman Bray closed citizens' input. i itRI�� "TEXAS Discuss and Consider Approval of the Minutes of the Annual Meeting held July 18, 2023 Chairman Bray presented the July 18, 2023, meeting minutes for review and discussion. Dr. Hashmi made a motion to approve the July 18, 2023, minutes. Mr. Coleman seconded the motion. Vote: 6 -ayes to 0 -nays Discuss and Consider Approval of the June and July 2023 Financial Statements Secretary/Treasurer Chase Coleman presented financial reports ending June 30, 2023. Mr. Coleman reported total assets of $9,141,689, total liabilities of $2,291,624, and a total net position of $6,845,878. He presented sales tax revenue for the month of June, which was $189,836, with total expenses at $420,371 for the month. After the deduction of interest expenses totaling $4,096, the PEDC had a net loss for the month of June of $234,631. Mr. Coleman went on to note that expenses were higher for the month of June due to a $300,000 incentive payment for American Spiral Weld for their job creation and growth. To date, the PEDC has paid American Spiral Weld $1,000,000 in job incentives, concluding the PEDC's payment obligation for this incentive. Secretary/Treasurer Chase Coleman continued by presenting financial reports ending July 31, 2023. Mr. Coleman reported total assets of $9,178,889, total liabilities of $2,279,448, and a total net position of $6,899,441. He presented sales tax revenue for the month of July which was $193,292. After the deduction of interest expenses totaling $4,047, the PEDC had a net income of $53,562 for the month of July. Mr. Coleman noted that under direct business incentives, there was an expense of $75,000 for Universal Fabrication. He added that Universal is another success story for the PEDC. He continued the report by briefly summarizing the ten months to date ending July 31St Chairman Bray and Mr. Coleman briefly discussed recent land purchases. Chairman Bray asked the board if there were any additional questions or comments regarding the Financial Statements as presented. No additional questions/comments followed. Dr. Hashmi moved to approve the June and July 2023 financial reports. Mr. Homer seconded the motion. Vote: 6 -ayes to 0 -nays Report and Updates by Executive Director Maureen Hammond Ms. Hammond opened her report by providing commentary on the recent announcements. Universal Fabricating: Ms. Hammond stated that on August 91", Universal Fabrication hosted the PEDC Board of Directors at their newly renovated facility in Sumner. She highlighted the extensive renovations that transformed the interior of the building, completely altering its overall appearance. Additionally, she conveyed her excitement about the state-of-the-art equipment and the high volume of automotive sector orders being fulfilled. While visiting the facility, Mr. Neil Harms, President of Universal Fabricating, informed the group that the company has ramped up to 80 employees to date, 40 being full-time employees and the other 40 employees being contract employees. Ms. Hammond encouraged the Board to provide additional comments. Chairman Bray and Mr. Homer provided brief commentary regarding the level of technical work being performed at the facility. i itRI�� "TEXAS Ms. Hammond presented pictures from the tour of Universal's facility. She concluded the report by thanking those who participated in the tour and notifying those who were unable to participate, that a potential second visit would be scheduled in the near future. LionsHead Specialty Tire & Wheel: Ms. Hammond provided an update, stating that the LionsHead facility is continuing to make progress with site development well underway. She noted that the foundation work for the site should be starting soon, and that the occupancy date is still projected to be September 2024, pending delays due to inclement weather. Ms. Hammond presented pictures of the site's progress from July to the present day. She also mentioned that the city completed the water line installation at the site the week previous. Ametsa Packaging: Ms. Hammond gave an update by stating that Ametsa Packaging is making strides with both interior and exterior renovations at their facility, including new signage. She went on to provide updates with a picture presentation and a brief update of their current job count being 40 employees, and the potential for future job growth in the September/October timeframe. TxDOT: Ms. Hammond gave an update on the construction progress of TxDOT's new district headquarters at the Gene Stallings Business Park. She noted that despite rain -induced delays, significant progress has been made in the past few weeks explaining that installation of piers on the administration building and the warehouse has begun. Additionally, the city has started the installation of water lines for Gene Stallings Business Park following the completion of lines at the Northwest Industrial Park. EDA Grant For Northwest Industrial Park: Ms. Hammond stated that the PEDC is working with EST for a definitive timeline for bid advertisements on or around October 1, 2023. This will be followed by a pre-bid meeting on October 12, 2023, with bids opening on October 25, 2023, and open for board review and approval in November. She clarified that dates are subject to change due to the EDA review and approval process that takes place before going to bid. The previously mentioned dates are the tentative timeline as of August 15, 2023. Marketing Intern: Ms. Hammond recognized the recent PEDC Marketing Intern, Madison Routon. She highlighted that Ms. Routon has completed her 2023 internship and has moved back to UT Tyler for her third year. During her recognition, she noted various accomplishments Ms. Routon made during the internship, such as assisting with social media posts, organizing, and inputting all the data from surveys, and overseeing the cost - of -living index. Ms. Hammond conveyed to the board that it was a significant help to have Ms. Routon assist the PEDC during her 2023 PEDC summer internship. No additional questions/comments followed. 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 to 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 another incentive to a business prospect described by Subdivision (1), to wit: i itRI�� "TEXAS a) Project Vine to Paris b) Project Beaujolais 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 5:43 p.m. Reconvene into Open Session and Consider Action on Items) Discussed in the Executive Session Chairman Bray reconvened the Board into an Open Session at 6:12 p.m. Chairman Bray opened by stating that there was no action to be taken following the Executive Session. Discuss Future Agenda Items No future agenda items were brought forward to discuss. No additional questions/comments followed. Closing Remarks None Adjourn Dr. Hashmi made a motion to adjourn the meeting. Mr. Terrell seconded the motion. Vote: 6 -ayes to 0 -nays Chairman Bray declared the meeting adjourned. The meeting was adjourned at 6:13 p.m. Respectfully submitted, Stephen Kelly Executive Assistant Paris Economic Development Corporation