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02/20/2024 MinutesI S WAY uW 1 �r III �'"'�u, AS PARIS ECONOMIC DEVELOPMENT CORPORATION MONTHLY MEETING Paris City Council Chambers 107 East Kaufman St. Paris, Texas 75460 Tuesday, February 20, 2024 5:30 P.M. MINUTES Board Members Present: Josh Bray, Chairman Curtis Fendley, Vice Chairman Chase Coleman, Secretary/Treasurer Dr. A.J. Hashmi Stephen Terrell Erik Roddy Mark Homer Ex -Officio Members Present: Reginald Hughes, Mayor Grayson Path, City Manager Clayton Pilgrim, City Council Liaison Staff Present: Maureen Hammond, Executive Director Lauren Trejo, Economic Dev. Specialist Adam Cawthon, Executive Assistant Legal Counsel: Casey Gain, PEDCAttorney Guest(s) Present: Mary Madewell, The Paris News Abdul Waheed, Guest of Dr. Hashmi Call to Order Chairman Josh Bray called the monthly board meeting of the Paris Economic Development Corporation to order at 5:31 p.m. on Tuesday, January 20, 2024. Invocation Mr. Terrell gave the invocation. Welcome and Opening Remarks Chairman Bray opened by expressing appreciation to everyone in attendance. Citizens' Input Chairman Bray invited those present to speak during the Citizens' Input. No one came forward, and Chairman Bray closed citizens' input. Discuss and Consider Approval of the January 16, 2024,Meeting Minutes Page 1 of 4 fSWAY 1 ,�r III �'"'�u, S Chairman Bray presented the January 16, 2024, meeting minutes for review and discussion. Dr. Hashmi made a motion to approve the minutes as presented. Mr. Terrell seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Approval of the January 2024 Financial Statements Secretary and Treasurer Chase Coleman presented the approved financial reports ending January 31, 2024. Total assets were reported to be $9,806,542 and total liabilities were reported to be $2,205,938, leaving the PEDC in a total net position of $7,600,604. Mr. Coleman continued with the income statement for the month of January, citing the reported total revenue to be $193,503, of which sales tax totaled $175,340 and interest earned totaled $18,163. Mr. Coleman provided commentary, stating that sales tax continues to be strong. Mr. Coleman proceeded by presenting total expenditures, reported to be $52,637, along with interest expense reported at $3,943, leaving the PEDC with net income for the month totaling $136,923. Mr. Coleman then referenced a line item for fiduciary funds, clarifying this line item to be the PEDC's EDA Grant and stating that the Board recognizes monthly expenses to this grant of $1,630 in January, resulting in the PEDC's net income totaling $135,293. Mr. Coleman opened the floor to questions regarding the January financial report. Dr. Hashmi asked a question regarding the amount of interest paid toward the PEDC's loan with the City of Paris. Mr. Coleman provided response, stating that he did not have those numbers available at the time. Ms. Hammond added to Mr. Coleman's response, stating that the requested information could be made available for Dr. Hashmi. Dr. Hashmi continued with an additional question, asking if the interest paid toward the loan with the City of Paris was a monthly expense, to which Ms. Hammond responded that it was being paid monthly. Mr. Coleman clarified that the aforementioned interest expenses of $3,943 included the interest paid toward the City of Paris loan. Mr. Bray gave commentary, stating that since the loan's inception, it had been beneficial to both parties involved. Mr. Roddy asked an additional question regarding the loan's maturity, to which Mr. Coleman responded that the loan would adjust at the end of the current year. Mr. Bray opened the floor to further questions related to the January financial report. There were no further questions. Mr. Bray took a motion to approve the January financial report. Dr. Hashmi made a motion to approve the financial report as presented. Mr. Fendley seconded the motion. Vote: 7 -ayes to 0 -nays Report and Updates by Executive Director Maureen Hammond Personnel update: Ms. Hammond expressed excitement in introducing the newest member of the PEDC team, Adam Cawthon. She explained that Mr. Cawthon would be joining as the Executive Assistant. Ms. Page 2 of 4 I S WAY uW 1 �r III �'"'�u, S Hammond provided information on Mr. Cawthon's background, stating that he was bringing a wealth of experience from his role at The Paris News, A4 Media, and PJ Trailers. Ms. Hammond concluded this update by welcoming Mr. Cawthon to the team. EDA Grant: Ms. Hammond relayed that the PEDC held a pre -construction meeting with J&L Paving a couple of weeks prior, having executed all necessary agreements. Ms. Hammond explained that J&L Paving is currently putting together their submittals and that construction is anticipated to begin in early March. Ms. Hammond also relayed that the PEDC is currently working on the EDA sign to be displayed in the Industrial Park. She explained that the sign must meet EDA specifications, and that the sign will contain both the PEDC and EDA logos. 2023 Audit: Ms. Hammond provided an update for the 2023 Audit, stating that McClanahan & Holmes had completed the audit and that the audit is currently under review. Ms. Hammond relayed that Brittany Martin would be presenting the 2023 Audit during the next PEDC Board Meeting to be held in March. 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 Lightening c) Project Lighthouse 2) Pursuant to Section 551.071 of the Texas Government code, Consultation with Attorney, to receive legal advice from Board's Attorney about (1) pending or contemplated litigation and/or (2) on matters in which the duty of an attorney to his client under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflict with this chapter. Chairman Bray convened the Board into Executive Session at 5:37 p.m. Reconvene into Open Session and Consider Action on Item(s) Discussed in the Executive Session Chairman Bray reconvened the Board into an Open Session at 6:14 p.m. Chairman Bray expressed that no action was needed on items discussed in Executive Session. Discuss Future Agenda Items Page 3 of 4 fSWAY 1 ,�r III �'"'�u, S Chairman Bray opened the floor to discuss future agenda items. No items were brought forward for discussion. Closing Remarks None Adjourn Mr. Fendley made a motion to adjourn the meeting. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Chairman Bray declared the meeting adjourned. The meeting was adjourned at 6:15 p.m. Respectfully submitted, Adam Cawthon Executive Assistant Paris Economic Development Corporation Page 4 of 4