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12/10/2024 MinutesEXAS � O' MIC IDEVEILOPM t C � I� OR STI 11, f„ x a t --its R ea f„ f f(„ f rl, igf,"i er PARIS ECONOMIC DEVELOPMENT CORPORATION COMBINED MONTHLY MEETING Depot Community Room 1125 Bonham St. Paris, Texas 75460 Tuesday, December 10, 2024 5:30 P.M. MINUTES Board Members Present: Josh Bray, Chairman Curtis Fendley, Vice Chairman Chase Coleman, Secretary/Treasurer Erik Roddy Mark Homer Dr A.J. Hashmi Stephen Terrell rnii to nrAnr Staff Present: Maureen Hammond, Executive Director Adam Cawthon, Executive Assistant Sarah Moore, Project Coordinator Legal Council: Casey Gain, PEDC Attorney Chairman Josh Bray called the monthly board meeting of the Paris Economic Development Corporation to order at 5:30 p.m. on Tuesday, December 10, 2024. Inunrntinn Mr. Roddy 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 October 15, 2024, Meeting Minutes Chairman Bray presented the October 15, 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 Page 1 of 4 EXAS � O' MIC IDEVEILOPM t C � I� OR STI rip ra 115 rr :rrir Reach rac 1 i f"'j .jl°„ Discuss and Consider Approval of the September and October 2024 Financial Statements Secretary and Treasurer Chase Coleman presented financial reports ending September 30 and October 311 2024. Total assets were reported to be $9,804,171. Total liabilities were reported to be $2,852,012, leaving the PEDC with a total net position of $6,952,159. Mr. Coleman noted that total cash and equivalents were reported to be approximately $1,700,000, which included the PEDC operating expense account and EDA Grant account. He explained that a reimbursement from the Treasury Department of approximately $575,000 was not reflected in this report, and that the PEDC would be requesting to have this total adjusted. Mr. Coleman continued with the income statement for the month, citing the reported total revenue as $207,983. He concluded the financial report for the month of September by presenting total expenditures and net income for the month. Mr. Coleman continued by providing a brief report on year-end encompassing the last twelve months. Total revenues were reported to be $2,703,058. Total expenses were reported to be $1,508,547, leaving the PEDC with a total net income of $745,603. He provided commentary, noting that both revenue and net income for the fiscal year were well ahead of budget, while expenses were well under budget. Mr. Coleman concluded his report by stating that 2024 was a good year for the PEDC and that, upon review, there appeared to be no discrepancies in the year-end financial statements. Mr. Coleman opened the floor to questions regarding the September financial reports. There were no questions. Mr. Fendley made a motion to approve the September 2024 financial statements as presented. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Dr Hashmi made a motion to approve the October 2024 financial statements. Mr. Coleman seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Action on Interlocal Agreement Between PEDC and Ark -Tex Council of Governments Ms. Hammond reminded the board that the Ark -Tex Council of Governments (ATCOG) handled administrative responsibilities for the EDA grant secured by the PEDC in 2023. She noted that, in an effort to pursue additional grant funding for infrastructure improvements to additional PEDC properties, she was seeking to renew the interlocal agreement between the PEDC and ATCOG for grant management and administrative services. Ms. Hammond explained that an agreement with a Council of Governments would allow full project disclosure and eliminate the procurement services required for grant writing. Mr. Bray opened the floor to questions regarding the interlocal agreement between the PEDC and Ark - Tex Council of Governments. There were no questions. Dr. Hashmi made a motion to approve the interlocal agreement as presented. Mr. Roddy seconded the motion. Vote: 7 -ayes to 0 -nays Page 2 of 4 EXAS � O' MIC IDEVEILOPM t C � I� OR STI 11, f„ x a t --its R ea f„ f f(„ f rl, igtj er Report and Updates by Executive Director Maureen Hammond NW Industrial Park EDC Grant: Ms. Hammond reported that the PEDC is expected to close out the EDA Grant within 90 days. She noted that the grant had remaining contingency funding, and that the PEDC was looking to utilize these funds to install fiber internet in the NW Industrial Park. She stated that more information would be forthcoming. Campbell's Workforce Development Advisory Group: Ms. Hammond reported that the PEDC has had several meetings with Campbell's to discuss the workers that will be impacted by future layoffs. She noted that the advisory group had included Texas Workforce Solutions as well as the Workforce Solutions Northeast Texas, and Paris Junior College. She explained that there may be a possibility of Ametsa Packaging and Universal Fabricating joining Campbell's in participating in a joint grant. Delco Community Advisory Board: Ms. Hammond reminded the board that the PEDC is the fiscal agent and convenor of the Delco community advisory board. She noted that the board had a meeting in November, and that approximately ten individuals at various school districts had been trained and are currently working for industries such as American SpiralWeld and Turner Industries Pipe. She noted that training funds will be released once documentation has been received from the ISDs. Texas Economic Development Council Workforce Development Committee: Ms. Hammond reported that she had been asked to chair the Workforce Development Committee for the Texas Economic Development Council. She emphasized the significance of the committee's responsibility to monitor issues related to workforce development and advocate programs enhancing the readiness and capabilities of the Texas workforce. Ms. Hammond expressed her excitement and commitment to contributing to the committee's efforts in workforce development. Ms. Hammond opened the floor to questions regarding her report. The board congratulated Ms. Hammond on her appointment. There were no questions. Convene into Executive Session: 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 Blue Fire b) Project Fancy Dirt c) Project Gold Grill d) Project Low Carbon Conversion Page 3 of 4 EXAS � O' MIC IDEVEILOPM t C � I� OR STI 11, f„ x at," -its Reach f rl, igf"'j er II. 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 officer or employee personnel. Chairman Bray convened the Board into Executive Session at 5:40 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 6:00 p.m. Dr. Hashmi moved to update and approve the Executive Director, Maureen Hammond's, contract, with an effective date of January 1, 2025, as discussed during the Executive Session, and authorize Board Chairman Bray to execute said document. Vote: 7 -ayes to 0 -nays Discuss Future Agenda Items Chairman Bray opened the floor to discuss future agenda items. No items were brought forward for discussion. Closing Remarks None Adjourn Mr. Homer made a motion to adjourn the meeting. Mr. Coleman seconded the motion. Vote: 7 -ayes to 0 -nays Chairman Bray declared the meeting adjourned. The meeting was adjourned at 6:07 p.m. Respectfully submitted, /� 0, 1010 ��° Adam Cawthon Executive Assistant Paris Economic Development Corporation Page 4 of 4