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01/16/2024 Minutesf is" �ffIff r ECroW>uAM CAVEA PARIS ECONOMIC DEVELOPMENT CORPORATION MONTHLY MEETING Paris City Council Chambers 107 East Kaufman St. Paris, Texas 75460 Tuesday, January 16, 2024 5:30 P. M. MINUTES Board Members Present: Josh Bray, Chairman Chase Coleman, Secretary/Treasurer Dr. A.J. Hashmi Stephen Terrell Erik Roddy Mark Homer Ex -Officio Members Present: Reginald Hughes, Mayor Mihir Pankaj, Mayor Pro Tem Grayson Path, City Manager Robert Vine, Assistant City Manager Clayton Pilgrim, City Council Liaison Call to Order Staff Present: Maureen Hammond, Executive Director Lauren Trejo, Economic Dev. Specialist Legal Counsel: Casey Gain, PEDCAttorney Guest(s) Present: Mary Madewell, The Paris News Chairman Josh Bray called the monthly board meeting of the Paris Economic Development Corporation to order at 5:30 p.m. on Tuesday, January 16, 2024. I nvncatinn Mr. Terrell gave the invocation. Welcome and Opening Remarks Chairman Bray opened by expressing appreciation to everyone in attendance including the Mayor, City Council and Staff, and Mrs. Madewell. Citizens' Input Chairman Bray invited those present to speak during the Citizens' Input. No one came forward, and Chairman Bray closed citizens' input. Page 1 of 4 f is" �ffIff r ECroW>uAM CAVEA Discuss and Consider Approval of the December 5, 2023, Combined Meeting Minutes Chairman Bray presented the December 5, 2023, meeting minutes for review and discussion. Mr. Terrell made a motion to approve the minutes as presented. Mr. Roddy seconded the motion. Vote: 5 -ayes to 0 -nays Discuss and Consider Approval of the September, October, November, and December 2023 Financial Statements Secretary and Treasurer Chase Coleman recalled the approved financial reports ending September 30, 2023, and October 31, 2023, highlighting the fiscal year 2022-2023 budget. He began by reporting the September statement, the report for the fiscal year end. The income for the fiscal year 2022-2023 was $2,471,827 compared to the budgeted amount of $1,700,000. The expenses for the fiscal year 2022- 2023 totaled $1,801,746 compared to the budgeted amount of $2,300,000. Mr. Coleman provided commentary, expressing that the PEDC had a good year with revenue over budget and expenses under budget. Mr. Coleman completed the September financial report by stating that the PEDC purchased land with a portion of the excess revenue and opened the floor to questions regarding the September report. With no questions regarding the September or October financial reports, Mr. Coleman proceeded by reporting the financial report ending November 30, 2023. Total assets were reported to be $9,960,213 and total liabilities were reported to be $2,267,202, leaving the PEDC in a total net position of $7,693,011. Mr. Coleman reported total revenue being $507,744, and total expenditures for the month totaled $44,964 which left a total net income for the month being $458,793. Mr. Coleman opened the floor to questions regarding the November financial report. With no questions regarding the November financial report, Mr. Coleman proceeded by reporting the financial report ending December 31, 2023. Total assets were reported to be $9,685,720 and total liabilities were reported to be $2,254,918, leaving the PEDC in a total net position of $7,428,637. Mr. Coleman reported total revenue being $183,963, with sales tax revenue totaling $165,733, and interest earned totaling $18,230. Total expenditure for the month totaled $63,297, with interest expense totaling $3,965, which left a total net income for the month being $116,701. Mr. Coleman opened the floor to final questions over the financial reports. There were no questions regarding the financial reports for the months September through December 2023. Dr. Hashmi moved to approve the September, October, November, and December 2023 financial reports. Mr. Homer seconded the motion. Vote: 6 -ayes to 0 -nays Report and Updates by Executive Director Maureen Hammond EDA Grant for NW Industrial Park: Ms. Hammond recalled the previous board meeting held on December 5, 2023, where the PEDC board accepted the bid from J&L Paving as the most qualified and lowest bidder. The acceptance of the bid required concurrence from the Economic Development Administration (EDA), which was received earlier that afternoon. Ms. Hammond concluded the update by stating that a pre -construction meeting is expected to take place in early February, with construction beginning in late March or early April, weather permitting. Page 2 of 4 f is" �ffIff r ECroW>uAM CAVEA 2023 Audit: Ms. Hammond informed the PEDC Board that McClanahan and Holmes have begun the 2023 Audit with expected completion in March. 123 Acres ESA: Ms. Hammond relayed to the PEDC Board that a Phase 1 Environmental Assessment had been ordered through Terracon for the newly acquired 123 -acre site. The results of the assessment were clean with no Recognized Environmental Conditions (REC). Ms. Hammond concluded this update by noting that this assessment was a necessary step towards getting the parcel "site ready", with the exception of utilities. Planning Meeting: Ms. Hammond provided an update for a previously discussed planning meeting, with a goal of conducting this meeting in the first quarter of 2024. She informed the board that a doodle poll would be sent out to gather all board members' availability. Ms. Hammond requested additional topics from the board for the meeting. There were no questions following the report and updates by Executive Director Maureen Hammond. 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: a) Project Vine to Paris b) Project Peacock c) Project Lightening 2) Pursuant to Section 551.072 of the Texas Government Code to discuss and deliberate the purchase, exchange, lease, or value of real property. 3) Pursuant to Section 551.074 of the Texas Government Code: 1) to deliberate the appointment, employment, evaluation, reassignment, duties, discipline, or dismissal of a public officer or employee: or 2) to hear a complaint to charge against an officer or employee personnel. Chairman Bray convened the Board into Executive Session at 5:38 p.m. Reconvene into ODen Session and Consider Action on Item(s) Discussed in the Executive Session Chairman Bray reconvened the Board into an Open Session at 6:30 p.m. Chairman Bray opened the floor to consider action discussed in Executive Session. Dr. Hashmi made a motion to authorize the Executive Director to proceed with Project Lightening as discussed in Executive Session. Mr. Coleman seconded the motion. Vote: 6 -ayes to 0 -nays Page 3 of 4 f is" �ffIff r ECroW>uAM CAVEA Discuss Future Agenda Items Dr. Hashmi recalled a discussion held when he served on the Paris City Council regarding the creation of a new office for the PEDC on Loop 286 in the PEDC-owned Northwest Industrial Park. He continued by stating that while this is not urgent, he would like for it to be considered and discussed by the board in the future. Mr. Terrell and Mr. Homer expressed interest in discussing the construction of a new office for the PEDC. Chairman Bray noted this future agenda item. No additional questions/comments followed. Closing Remarks None Adjourn Dr. Hashmi made a motion to adjourn the meeting. Mr. Homer seconded the motion. Vote: 6 -ayes to 0 -nays Chairman Bray declared the meeting adjourned. The meeting was adjourned at 6:32 p.m. Respectfully submitted, Lauren Trejo Economic Development Specialist Paris Economic Development Corporation Page 4 of 4