[A. CALL TO ORDER]
[00:00:03]
ALL RIGHT. WE'LL CALL TO TO ORDER THE.
AND WE'LL MOVE TO THE INVOCATION.
HEAVENLY FATHER, WE'VE COME BEFORE YOU TODAY WITH GRATEFUL HEARTS FOR THE OPPORTUNITY TO SERVE OUR COMMUNITY. WE ASK FOR YOUR GUIDANCE AND WISDOM AS WE MAKE DECISIONS THAT IMPACT THE GROWTH AND WELL-BEING OF PRINCETON.
HELP US WORK TOGETHER WITH INTEGRITY, VISION AND PURPOSE.
BLESS OUR CITY, OUR BUSINESSES, AND ALL THOSE WHO CALL PRINCETON HOME.
AMEN AND PLEDGE OF ALLEGIANCE.
AND NOW WE MOVE TO A PUBLIC APPEARANCE.
MEMBERS OF THE PUBLIC ARE ALLOWED THREE MINUTES TO SPEAK. THE ECONOMIC DEVELOPMENT CORPORATION IS UNABLE TO RESPOND OR DISCUSS ANY ISSUES THAT ARE BROUGHT UP DURING THIS SECTION THAT ARE NOT ON THE AGENDA, OTHER THAN TO MAKE STATEMENTS OF SPECIFIC FACTUAL INFORMATION IN RESPONSE TO PUBLIC INQUIRY, OR TO RECITE EXISTING POLICY AND RESPONSE TO ANY INQUIRY.
[F. PUBLIC REPORT ITEMS]
AND WE'LL MOVE TO PUBLIC REPORT ITEMS. NEXT REGULAR PDC MEETING IS MONDAY, MAY 5TH AT 6 P.M..CITY COUNCIL MEETING MONDAY, MAY APRIL 14TH AND MONDAY, APRIL 28TH, BOTH AT 630 AND PRINCETON.
DAY OF SATURDAY, MAY 3RD FROM 8 A.M.
TO 4 P.M. AND WE'LL MOVE TO THE STAFF.
[G. STAFF REPORT ITEMS]
REPORT ITEMS PRESENTED BY CEO, EDC, CDC.JIM. GOOD EVENING CHAIRMAN BOARD.
I WILL GO THROUGH THESE FAIRLY QUICKLY TO SHAWN, IF YOU CAN OPEN UP THE BUDGET DOCUMENT FIRST.
JUST TO SHOW THERE'S NOTHING EXTRAORDINARY THIS PAST MONTH, THE LARGEST EXPENSE, WHICH WAS 3590, WAS REIMBURSEMENT OF MY MOVING EXPENSES, BRINGING ME UP TO PRINCETON.
WE ARE STILL AT ABOUT 72% OF BUDGET AVAILABLE FOR THE REST OF THE YEAR, AND WE ARE MORE THAN 30% THROUGH THE YEAR.
SO WE'RE IN A GOOD SPOT BUDGET WISE.
OUR BALANCE SHEET BEHIND THAT JUST DENOTES THAT WE SIT IN A GOOD FINANCIAL POSITION, WITH THE TOTAL ASSETS OF ABOUT $9.2 MILLION.
AND WE ALSO HAVE STARTED HANDING OUT YOU HAVE WON THIS MEETING.
WE TALK ABOUT BUDGET, WE TALK ABOUT EXPENDITURES, WE TALK ABOUT DEBT SERVICE.
BUT I DON'T THINK YOU'VE EVER GOTTEN AN ACTUAL DEBT SCHEDULE FOR THE EDC.
DESHAWN OH, YEAH, IT'S AT THE BACK.
AND WE'LL HIT THIS TOWARDS THE END OF THE MEETING AS WELL.
BUT WE HAVE A DEBT PAYMENT OF $75,000 PER YEAR.
THAT ROLLS OFF THE EDC IN 2014.
PARTICIPATED IN A CITY BOND WHICH PAID FOR STREETS, PARKS AND THINGS LIKE THAT AND COMMITTED $75,000 PER YEAR.
BUT $75,000 ISN'T A BIG ENOUGH DEBT SERVICE PAYMENT TO EFFECT ANYTHING THAT WE WOULD EVER WANT TO DO. SO IT'S PRETTY MINIMAL, BUT IT DOES GO THROUGH 2036.
THE LAST I'LL LEAVE IT TILL THE END OF THE AGENDA, BUT THERE WILL BE AN ACTION ITEM RELATED TO OUR DEBT SCHEDULE AT THE END OF THE MEETING.
DESHAWN, IF YOU CAN PULL UP THE SALES TAX.
SORRY FOR MAKING THE JUMP BACK AND FORTH.
WE ARE SOMEWHAT BACK ON THE HORSE.
WE WERE DOWN 11%, BUT THEN WE'VE HAD TWO MONTHS IN, IN THE BLACK OR GREEN AS IT SHOWS ON THIS SPREADSHEET.
TWO MONTHS AGO, UP 39% LAST MONTH, UP 6%.
WE ARE UP 12% TO DATE OVER LAST YEAR.
SO WE'RE IN PRETTY GOOD SHAPE THERE AS WELL.
[00:05:01]
I WOULD EXPECT US TO PROBABLY FINISH THE YEAR SIMILARLY.I WOULD SAY PROBABLY 10 TO 12% UP IF IF THINGS HAPPEN THE WAY I WOULD EXPECT IT.
AND I BELIEVE THAT IS THE END OF MY REPORT.
UNLESS ANYBODY HAS ANY QUESTIONS, I'M MORE THAN HAPPY TO ANSWER ANY QUESTIONS.
THANKS, JIM. WE'LL MOVE TO THE BOARD.
REPORT ITEMS. EDC BOARD OF DIRECTORS REPORT ABOUT ITEMS OF COMMUNITY INTEREST IN WHICH NO ACTION WILL BE TAKEN. DOES ANYBODY HAVE ANYTHING? GOOD. OKAY, WE'LL MOVE TO THE CONSENT AGENDA.
[I. CONSENT AGENDA]
ALL CONSENT AGENDA ITEMS LISTED ARE TO BE CONSIDERED ROUTINE BY THE ECONOMIC DEVELOPMENT CORPORATION AND WILL BE ENACTED IN ONE MOTION.THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER SO REQUESTED, IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED IN ITS NORMAL SEQUENCE IN THE AGENDA.
AND WE HAVE THE MINUTES FROM OUR MARCH 3RD MEETING, REGULAR MEETING MINUTES, AND THEN THE FINANCIAL STATEMENT THAT JIM HAD JUST DISCUSSED. SO WE'LL NEED A MOTION AND A SECOND TO MOVE FORWARD WITH ACCEPTING THOSE.
I'LL MAKE A MOTION TO APPROVE THE CONSENT AGENDA.
ALL RIGHT. AND THAT PASSED SEVEN ZERO.
[J. REGULAR AGENDA]
AND WE'LL MOVE TO THE REGULAR AGENDA.THE FIRST ITEM IS 2025007 THE EDC FACADE.
GRANT. CONSIDER, JUST CONSIDER, DISCUSS AND ACT ON DISCONTINUING THE EDC INVOLVEMENT IN THE FACADE GRANT PROGRAM AND ALLOWING THE PRINCETON CDC TO TAKE OVER THE PROGRAM. AND DO YOU WANT TO COME ON THAT? I KNOW THE THE INTENTION WAS IT WAS NOT REALLY IN OUR AREA, BUT I'LL LET YOU EXPLAIN IT BETTER THAN I CAN.
SURE. AND AGAIN, THERE'S A COUPLE GRANT PROGRAMS WE'RE GOING TO DISCUSS A LITTLE BIT TONIGHT QUITE HONESTLY.
THE FACADE GRANT PROGRAM FITS MORE APPROPRIATELY UNDER THE CDC'S AUTHORITY THIS MONTH. NORMALLY, THE CDC MEETS AND THEN THE CDC MEETS.
WELL, THIS MONTH. THE FIRST WAS LITERALLY ON THE DATE OF THE CDC MEETING.
SO THEY MET FIRST. THEY'VE IF YOU PASS THIS ITEM, THEY HAVE ALREADY AGREED TO PICK UP THE FACADE GRANT PROGRAM AND RUN IT UNDER THE CDC. HOWEVER, THEY ARE GOING TO LOOK AT THAT PROGRAM AND THE OTHER CDC CURRENT CDC PROGRAM AND LOOK AT MAKING SOME AMENDMENTS AND ALTERATIONS TO MAKE IT MORE USER FRIENDLY AND MAKE SURE WE'RE GETTING KIND OF WHAT WE'RE TRYING TO DO.
SO IT'S BEING BROUGHT TO YOU ALL SIMPLY BECAUSE I THINK IT IS MORE APPROPRIATE UNDER THE CDC PROGRAM, BUT IT'S VALUABLE ENOUGH NOT TO GET RID OF TO PUT IT UNDER THEM INSTEAD OF SHUTTING IT DOWN. AND I'M HAPPY TO ANSWER ANY QUESTIONS.
ANY QUESTIONS? IF EVERYBODY'S GOOD WITH IT, WE'LL NEED A MOTION AND A SECOND TO VOTE ON DISCONTINUING IT.
MR. CHAIR, I'LL MAKE THE MOTION TO APPROVE THE TRANSFER OF THE PRINCETON ECONOMIC DEVELOPMENT CORPORATION'S FACADE IMPROVEMENT MATCHING INCENTIVE GRANT PROGRAM TO THE PRINCETON COMMUNITY DEVELOPMENT CORPORATION.
AND FOR ALL INTENTS AND PURPOSES, AUTHORIZE THE CEO TO TAKE ANY AND ALL ACTIONS NECESSARY TO EFFECTUATE THAT TRANSFER.
SECOND. DID YOU PICK UP THAT SECOND DESHAWN. OKAY.
AND THAT WAS APPROVED SEVEN ZERO.
AND WE'LL MOVE TO THE NEXT ITEM ON THE AGENDA.
2025008 ECD EDC RESTAURANT GRANT.
CONSIDER, DISCUSS AND ACT ON DISCONTINUING THE INVOLVEMENT IN THE RESTAURANT GRANT PROGRAM. AND AS YOU ALL RECALL, THIS WAS THE PROGRAM WE WERE TRYING TO USE TO GET THE FIRST SET DOWN RESTAURANT WITH THE BAR AND EVERYTHING.
AND WE HAD DETACHED, I BELIEVE, $25,000 TO IT.
THIS BOARD, THIS IS ANOTHER PROGRAM THAT WE'VE GOT A CURRENT RETAIL, LARGE RETAIL DEVELOPMENT THAT'S GOING TO HAVE A NUMBER OF SIT DOWN RESTAURANTS IN PART OF THEIR DEVELOPMENT. IT'S ALSO A PROGRAM THAT, TO MY KNOWLEDGE, HAS NEVER BEEN USED. NOBODY'S APPLIED FOR IT.
$25,000 PROBABLY WON'T MAKE THE DIFFERENCE ON WHETHER TO OPEN A SIT DOWN RESTAURANT OR NOT.
[00:10:01]
I THINK IT'S BEST. AND QUITE HONESTLY, THIS IS ALSO A PROGRAM THAT MOST GRANT PROGRAMS FIT A LITTLE EASIER UNDER THE CDC THAN THE CDC.THE CDC IS WE HAD IN OUR TRAINING SESSION IS A LITTLE BIT MORE PRESCRIPTIVE FROM THE STATE. AND SO SINCE IT HADN'T BEEN USED, INSTEAD OF PROVIDING AN OPPORTUNITY FOR THE CDC TO PICK IT UP, MY RECOMMENDATION WOULD BE TO JUST SHUT IT DOWN.
WE ARE GOING TO HAVE SOME CONVERSATIONS IN EXECUTIVE SESSION WHICH WILL FURTHER EXPLAIN THAT AND HOW I THINK. AND AGAIN, I DON'T VOTE.
I JUST BRING YOU MY OPINION AND OPPORTUNITIES.
BUT I THINK THERE, THERE ARE WAYS TO MAKE BIGGER IMPACTS WITH THE MONEY YOU'RE BRINGING IN THAN A GRANT PROGRAM LIKE THAT.
SO THAT'S WHERE THIS IS COMING FROM.
SO MAYBE EDUCATE ME A LITTLE BIT MORE ON THE GRANT PROGRAM.
AND WHERE DOES TO THE EXTENT THAT YOU CAN.
HOW DOES THAT GET REPLACED OR REASSIGNED, OR HOW DO YOU LOOK AT THAT FROM BRINGING RESTAURANTS INTO PRINCETON? BECAUSE THAT IS A COMMON, YOU KNOW CONCERN OR OPINION.
YOU KNOW WHICH WORD YOU WANT TO USE? YEAH.
AND I'M GLAD YOU ASKED THE QUESTION, BECAUSE PLEASE KEEP IN MIND THAT IT DOESN'T HAVE TO BE PART OF A GRANT PROGRAM TO BE A PROJECT FOR EITHER BOARD.
AND SO IF, IF WE HAVE GOT A RESTAURANT THAT WE'VE HEARD HAS SOME INTEREST IN THE COMMUNITY, THERE'S A GAP IN WHAT WOULD HELP MAKE IT HAPPEN, WHETHER IT BE INFRASTRUCTURE, PARTICULARLY FOR SOMETHING LIKE THAT, BECAUSE WE ALSO HAVE TO BE VERY CAREFUL DOING RETAIL AND RESTAURANTS.
IF THERE'S GENERALLY SOME INFRASTRUCTURE THAT WOULD ASSIST THEIR PROJECT, THAT'S THE SAFEST WAY FOR US TO DO A PROJECT LIKE THAT.
BUT WHAT I WOULD DO IS I WOULD GIVE IT A PROJECT NAME.
I WOULD BRING IT HERE AS AN INDIVIDUAL PROJECT.
WE'D BE ABLE TO NEGOTIATE WHAT THE NEED IS BECAUSE QUITE HONESTLY, IF IT'S AN INFRASTRUCTURE PROJECT, $25,000 ISN'T.
IT'S NOT GOING TO MAKE A DIFFERENCE.
IT'S ROUNDOFF ERROR. SO IT MAY BE A LARGER NUMBER THAN THAT.
BUT IF WE PARTICIPATE, IT MAY ALSO ASSIST THREE OR 4 OR 5 OTHER BUSINESSES. AND SO WE'RE LOOKING FOR BIG PICTURE INSTEAD OF JUST PART OF A GRANT PROGRAM. IT BECOMES PART OF OUR RECRUITING PROGRAM.
IS THAT DOES THAT ANSWER YOUR QUESTION. AND JUST TO CONFIRM, BECAUSE I'VE, I'VE BEEN ON BOARD A YEAR AND A HALF, ALMOST TWO YEARS NOW, AND I DON'T RECALL ANYBODY COMING FORWARD WITH ANYTHING ON THE RESTAURANT GRANT APPLICATION. AND, MISS WALKER, YOU MAY KNOW BETTER.
HAS ANYBODY EVER APPLIED FOR THAT GRANT? AND HOW? WHEN WAS THIS PUT IN PLACE? I THINK YOU SAID 2020, 22. OKAY, OKAY. I SAID NO, I WAS JUST CURIOUS.
SO OVER THE LAST TWO AND A HALF YEARS, IT HASN'T RECEIVED A SINGLE APPLICATION.
OKAY. THANK YOU. LET ME TALK AND CUT ME OFF.
WE'LL NEED A MOTION AND A SECOND TO VOTE ON THIS.
I'LL MAKE A MOTION TO APPROVE THE DISCONTINUATION OF THE PRINCETON ECONOMIC DEVELOPMENT CORPORATION'S RESTAURANT GRANT PROGRAM FOR ALL INTENTS AND PURPOSES, AND AUTHORIZE THE CEO TO TAKE ANY AND ALL NECESSARY ACTIONS TO EFFECTUATE SAD DISCONTINUATION.
AND THAT PASSED SEVEN ZERO AS WELL.
WE'LL MOVE TO THE NEXT ITEM ON THE AGENDA.
2025009 EDC BYLAWS. CONSIDER, DISCUSS, AND ACT ON THE APPROVAL AND RECOMMENDATION TO COUNSEL FOR THE SECOND AMENDED BYLAWS OF THE EDC.
DO YOU WANT TO PUT THOSE UP? THAT'S MINE.
WE BRING THIS TO YOU FOR A COUPLE OF REASONS.
I'VE OUTLINED SEVERAL IN THE MEMO.
SO I'LL GO OVER THAT, AND THEN I WILL DIRECT YOUR ATTENTION TO THE ACTUAL RED LINE. WHAT WE WILL GENERALLY DO IF THERE'S A CONTRACT OR A ANY KIND OF A LEGAL DOCUMENT THAT WE'RE CHANGING, NOT A NEW DOCUMENT.
I WILL GENERALLY BRING TO THIS BOARD A CLEAN COPY, BUT I'LL ALSO BRING YOU THE RED LINE SO YOU DON'T HAVE TO READ THROUGH THE CLEAN COPY AND TRY TO GUESS WHAT THE CHANGES ARE TO MAKE IT VERY EASY TO JUST GET THROUGH THOSE.
WE DID WE'RE DOING IT FOR SEVERAL REASONS. WE'RE BRINGING IT TO YOU FOR SEVERAL REASONS.
THE FIRST ONE JUST VERY SIMPLY, IS TO FIX SOME GRAMMATICAL ERRORS THAT WERE IN THERE. THE FIRST SEVERAL CHANGES WERE GRAMMATICAL AND IN NATURE.
[00:15:03]
THE OTHER ONE, WHICH I THINK IS KIND OF THE BIGGEST, IS TO TIE OUR BOARD PROCEDURES TO STATE LAW INSTEAD OF BEING TOO SPECIFIC.AND I'LL GIVE YOU AN EXAMPLE OF THAT.
THERE'S A PLACE IN THE BYLAWS THAT STATES THAT THE EDC BOARD WILL MEET ON THE FIRST MONDAY OF EACH MONTH. THAT'LL BE AT 6:00, AND IT'LL BE IN THESE CHAMBERS.
WHAT WE HAVE ESSENTIALLY IN OUR OUR ATTORNEY ASSISTED ME WITH THIS.
SO DON'T TRUST ME ON THE WORDING.
WE WORK TOGETHER ON THIS DOCUMENT, BUT ESSENTIALLY IT JUST SAYS IT FOLLOWS STATE LAW AND THAT WE WILL MEET MONTHLY AT A PLACE WITHIN TEXAS STATE LAW AT A TIME TO BE DECIDED BY THE CHAIR OR ANY FOUR MEMBERS OF THE BOARD.
AND WHAT THAT WILL DO IS, IF YOU REMEMBER, DURING THE TRAINING SESSION, WE TALKED ABOUT THE POSSIBILITY, AND I'M NOT BRINGING THAT TO YOU TONIGHT.
I'M NOT ASKING YOU TO CHANGE THE DATE OF ANY MEETINGS, BUT WE TALKED ABOUT THE POSSIBILITY OF MOVING THE MEETINGS BACK TO, SAY, THE THIRD WEEK OF THE MONTH.
THAT WAS LITERALLY AGAINST OUR BYLAWS.
I COULDN'T EVEN PUT THAT ON THE AGENDA, BECAUSE I CAN'T PUT SOMETHING ON THE AGENDA THAT SPECIFICALLY BREAKS OUR BYLAWS.
SO THIS GIVES YOU JUST MORE FLEXIBILITY IN YOUR OPERATION, BUT IT DOES TIE IT TO STATE LAW.
THE OTHER THING IT DOES A LITTLE BIT IS IT, IT HAD DENOTED AND THERE IS A PARAGRAPH IN THERE DESCRIBING THE CEO'S ROLE.
THERE ARE A COUPLE AREAS WHERE FURTHER IN THE CONTRACT WHERE IT SHOULD HAVE INCLUDED THE CEO AND AN AUTHORITY, AND IT JUST DIDN'T BECAUSE IT WAS BRAND NEW.
SO WE CAN GO THROUGH THIS A LITTLE BIT.
WE DON'T NEED TO LOOK AT EVERY RED LINE.
AGAIN. IF YOU'RE LOOKING THROUGH THE RED LINE PORTION OF IT.
AND DESHAUN IS GETTING THAT UP ON THE SCREEN LITERALLY IF WE MAKE A SPACING CHANGE IT'S GOING TO BE A RED LINE.
SO ON THE FIRST PAGE, THOSE ARE ALL JUST SPELLING ERRORS THAT WE'VE CHANGED. THERE'S LITERALLY NOTHING SUBSTANTIVE ON PAGE TWO.
THERE IS A THERE'S A MEANING CHANGE, NOT REALLY A SUBSTANTIVE CHANGE.
AND IT IT CHANGES THE WORDING OF THE BOARD MANAGES THE CORPORATION.
IT CHANGES FROM THAT TO THE BOARD GOVERNS THE CORPORATION BECAUSE IT'S LITERALLY WRITTEN IN MY JOB DESCRIPTION THAT I MANAGE THE CORPORATION.
SO WE DID THAT FOR CLARIFICATION PURPOSES.
THE BOARD HAS TO HAVE BY STATE LAW, HAS TO HAVE AT LEAST SEVEN MEMBERS.
BUT IT'S IT IS AGAINST OUR BYLAWS.
THE NEXT PAGE IS REALLY THE MEAT AND POTATOES OF THIS.
AND FROM BEING TOO SPECIFIC, IT SAYS REGULAR MEETINGS OF THE BOARD SHALL BE HELD ON A MONTHLY BASIS AT A TIME AND LOCATION BE DETERMINED BY THE CHAIRMAN OF THE BOARD OF DIRECTORS. LET'S SEE.
AND IT CROSSES OUT. THE DAY AND DATE MEETINGS ARE GENERALLY TO BE HELD AT CITY COUNCIL CHAMBERS AT THE PRINCETON MUNICIPAL CENTER, 2008 PRINCETON, UNLESS OTHERWISE DIRECTED BY THE CHAIRMAN OR AT LEAST FOUR MEMBERS OF THE BOARD OF DIRECTORS, PROVIDED THAT ALL MEETINGS OF THE BOARD MUST BE HELD WITHIN THE CORPORATE BOUNDARIES OF THE CITY.
STATE LAW PRESCRIBES FOR THE EDC FOR A CITY OF OUR SIZE, THAT ALL YOUR MEETINGS ARE WITHIN THE CITY LIMITS, BUT THEY CAN MOVE AROUND AND I'LL IF IF WE RECRUITED A CORPORATION, A HOSPITAL, WHATEVER. AND WHEN THEY OPEN THE BOARD SAID, YOU KNOW WHAT, LET'S LET'S KICK OFF, LET'S DO A BOARD MEETING AT THEIR NEW FACILITY AND HELP KICK THIS OFF.
ALL WE HAVE TO DO IS PROVIDE THE REGULAR LEGAL NOTICE.
WE DON'T HAVE TO GO BACK THROUGH AND AMEND THE BYLAWS AND ALL THAT STUFF.
WE'RE GETTING THAT OUT OF THE WAY ON THE FRONT END.
THROUGHOUT THE DOCUMENT, IT REFERS TO THE COORDINATOR POSITION A NUMBER OF PLACES. I GOT RID OF THAT WORD AND JUST PUT STAFF.
THERE MAY COME A DAY WHERE WE LITERALLY DON'T HAVE ANYBODY WITH THAT TITLE, AND SO THERE'S REALLY NO REASON TO LOCK THAT DOWN TO A SPECIFIC TITLE.
AND WE DID ALSO ADD THAT WE'RE ABLE TO USE ELECTRONIC MAIL IN MEETING NOTICES.
OH ON THE TERMS OF OFFICES, WE DID ADD A SENTENCE THAT I'VE ALWAYS HAD IN MY BYLAWS. THEY DIDN'T HAVE IT HERE.
IF YOU'RE GOING TO GIVE A DATE FOR SOMEBODY'S TERM TO END, YOU REALLY DON'T WANT THEM TO LEAVE UNTIL THEY'VE BEEN REPLACED.
IT JUST STUFF HAPPENS, RIGHT? THERE MAY BE PARTICULARLY BEING IN DECEMBER, WE COULD HAVE A FREEZE.
WE MAY HAVE TO CANCEL A MEETING.
YOU KNOW, YOU TRY TO CALL A MEETING AND YOU CAN'T GET A QUORUM BECAUSE THREE PEOPLE, FOUR
[00:20:02]
PEOPLE HAVE TURNED OUT. THREE TURNED OUT ONE CAN'T BE THERE.SO WE JUST ADDED THE STATEMENT, OR UPON THE ELECTION OF A REPLACEMENT TO COVER THAT. UNDER THE UNDER THE ELECTION, WE ADDED ONE TREASURER AND ONE SECRETARY.
THEY JUST HAD CHAIR AND VICE CHAIR.
UNDER SIGNING AUTHORITY FOR THE CHAIR, BASICALLY SAYS YOU CAN DESIGNATE THE CEO TO SIGN CORPORATE DOCUMENTS.
IT SAYS THAT UNDER THE CEO'S PORTION.
IT DOESN'T MERIT. SO WE ADDED IT OVER HERE.
LET'S SEE. OH, AND AS FAR AS BEING A CEREMONIAL REPRESENTATIVE, THAT IS GENERALLY THE CHAIR.
IF HE'S NOT AVAILABLE, WE GO THE VICE CHAIR, OR THEY CAN TELL ME TO DO IT.
IF IT'S SOMETHING THAT THEY CAN'T BE AT.
WE NEED TO BE PRESENT AND SHOW.
I CAN REPRESENT THE CORPORATION, BUT IT DOES GO FROM CHAIR TO VICE CHAIR.
AND THEN YOU DESIGNATE SOMEBODY AND THAT COULD BE STAFF OR ME.
UP. UNDER SECRETARY. GENERALLY THE SECRETARY WILL SIGN MEETING MINUTES.
WE ADDED INCLUDING BUT NOT LIMITED.
LIMITED. EXCUSE ME TO SIGNING BOARD MINUTES ON BEHALF OF THE BOARD.
ELECTION OF OFFICERS. WE ADDED ANNUALLY THE WORD ANNUALLY.
EXPENDITURES. OTHER THAN BUDGETED EXPENDITURES.
IT SAYS ALL OTHER PROPOSED EXPENDITURES SHALL BE MADE IN ACCORDANCE WITH, AND SHALL SET FORTH IN THE ANNUAL BUDGET REQUIRED BY ARTICLE SEVEN, SECTION TWO WE ADDED OR AS APPROVED BY THE BOARD OF DIRECTORS AND WHEN REQUIRED BY POLICY OR TEXAS STATE LAW, THE CITY COUNCIL, BECAUSE WE WILL MAKE EXPENDITURES IN OUR UNBUDGETED.
I MEAN, THAT'S IT'S KIND OF THAT'S WE'LL DO THAT MORE THAN THE CDC WILL DO THAT.
IT'S HARD TO BUDGET FOR PROJECTS THAT YOU DON'T KNOW WHETHER OR NOT THEY'RE COMING AND THAT'S IT. SO AGAIN, THE I REALLY, QUITE HONESTLY WOULDN'T CONSIDER ANY OF THEM VERY SUBSTANTIVE. MORE CLARIFICATION AND THEN ALLOWING THE BOARD TO HAVE A LITTLE BIT MORE FLEXIBILITY ON THEIR OPERATIONS.
AND I AM MORE THAN HAPPY TO ANSWER ANY QUESTIONS.
THANK YOU FOR THAT PRESENTATION. THE ONLY THING I WOULD LIKE TO DO IS CITY ATTORNEY.
ANYTHING THAT YOU WANT TO ADD TO THAT OR, OR FURTHER CLARIFY OR JUST GIVE ANOTHER OPINION ON KNOW. SO I WAS ABLE TO GO THROUGH THE BYLAWS WITH JIM.
I WENT THROUGH HIS RED LINES AND ADDED ADDITIONAL RED LINES. SO THERE'S NOTHING AT THIS TIME THAT NEEDS TO BE ADDED IN ADDITION TO WHAT YOU HAVE BEFORE YOU.
ANY OTHER THOUGHTS OR QUESTIONS? SO IF WE'RE GOOD WITH IT, THEN WE JUST NEED A MOTION AND A SECOND TO VOTE ON IT. I'LL MAKE A MOTION TO APPROVE THE RECOMMENDATIONS TO COUNCIL OF THE SECOND AMENDED BYLAWS OF THE EDC.
SECOND. AND THAT WAS THAT WAS APPROVED SEVEN ZERO.
WE'LL CONTINUE WITH THE AGENDA.
[K. EXECUTIVE SESSION]
MOVE. MOVING TO EXECUTIVE SESSION.EXECUTIVE SESSION. IN ACCORDANCE WITH CHAPTER 55, ONE OF THE TEXAS GOVERNMENT CODE, THE ECONOMIC DEVELOPMENT CORPORATION MAY ENTER INTO CLOSED SESSION OR EXECUTIVE SESSION TO DISCUSS ANY OF THE FOLLOWING.
TEXAS GOVERNMENT CODE 551.072.
DISCUSS OR DELIBERATE THE PURCHASE, EXCHANGE, LEASE OR A VALUE OF REAL PROPERTY.
AND WE HAVE A ONE REAL ESTATE DISCUSSION THERE AND THEN TEXAS GOVERNMENT CODE 551.087 DISCUSSION DISCUSS OR DELIBERATE ECONOMIC DEVELOPMENT NEGOTIATIONS.
SECTION 551.071 TEXAS GOVERNMENT CODE CONSULTATION WITH CITY ATTORNEY OR PENDING OR CONTEMPLATED LITIGATION OR SETTLEMENT OFFER IN THE MATTER IN WHICH THE DUTY OF THE ATTORNEY OR GOVERNMENTAL BODY UNDER THE TEXAS DISCIPLINARY RULES OF PROFESSIONAL CONDUCT OF THE STATE BAR OF TEXAS, CLEARLY CONFLICTS WITH THE CHAPTER ON ANY ITEM LISTED ELSEWHERE WITHIN THE AGENDA AND OR THE SUBJECT MATTER LISTED BELOW.
AND WE HAVE 99 VISION OF BUFF AND SHINE THERE, THEN TEXAS GOVERNMENT CODE 551.074 PERSONAL MATTERS THIS THIS CHAPTER DOES NOT REQUIRE A
[00:25:01]
GOVERNMENTAL BODY TO CONDUCT AN OPEN CONDUCT, AN OPEN MEETING TO DELIBERATE THE APPOINTMENT, EMPLOYMENT EVALUATION, REASSIGNMENT DUTIES, DISCIPLINE OR DISMISSAL OF A PUBLIC OFFICER EMPLOYEE, OR TO HEAR A COMPLAINT OR CHARGE AGAINST AN OFFICER OR AN EMPLOYEE. WE HAVE EMPLOYEE REVIEW.JIM MR. MEYER AND MISS WALKER, AND THEN WE'LL MOVE TO EXECUTIVE SESSION AT 633. RETURN FROM EXECUTIVE SESSION AT 801.
THERE'S NO ACTION TO BE TAKEN.
[M. REGULAR AGENDA]
WE'LL MOVE BACK TO THE REGULAR AGENDA.ITEM NUMBER 2025-010 BUDGET AMENDMENT.
CONSIDER, DISCUSS AND ACT UPON ACT ON THE APPROVAL AND RECOMMENDATION TO THE CITY COUNCIL. A BUDGET AMENDMENT IN THE AMOUNT OF $75,000.
DO YOU WANT IT? VERY GOOD, MR. CHAIRMAN AND BOARD. BORED.
LAST YEAR EARLY IN THE YEAR OUR FINANCE DEPARTMENT WAS GOING THROUGH SOME SIGNIFICANT TURNOVER. THEY NORMALLY DO THE THE INTERGOVERNMENTAL TRANSFERS FOR DEBT SERVICE AT THE END OF MARCH. THE PERSON THAT DID THAT TASK LEFT THE CITY AT THE BEGINNING OF MARCH.
AND SOPHIE, WHEN WE HIRED HER, CAUGHT THE FACT THAT WE DIDN'T PAY LAST YEAR'S DEBT SERVICE. AND THEN OUR AUDIT CONFIRMED THE FACT THAT THERE WAS NO ACTIVITY GOING THROUGH OUR CASH POOL INTO THE CITY.
SO ALTHOUGH I DO HAVE THE AUTHORIZATION TO MOVE MONEY AROUND WITHIN THE BUDGET, I WANT TO DO A BUDGET AMENDMENT SINCE IT WAS FOR DEBT SERVICE, SO WE CAN GET IT ON THE RECORD THAT A WE DID NOT REIMBURSE THE CITY FOR OUR PORTION LAST YEAR. AND B, WE'RE TRANSFERRING IN OUT OF OUR UNRESERVED CASH POOL, $75,000 TO PAY LAST YEAR'S DEBT SERVICE AND THIS YEAR'S DEBT SERVICE.
WE'RE ASKING FOR A $75,000 BUDGET AMENDMENT.
IT WILL GO TO THE CITY COUNCIL.
OUR TOTAL PAYMENT THIS YEAR AGAIN WILL BE $150,000.
AND AS YOU SEE ON THE SCHEDULE, WE WILL HAVE A DEBT SERVICE PAYMENT EVERY YEAR FOR $75,000, EVEN THROUGH 2036.
I'M HAPPY TO ANSWER ANY QUESTIONS.
I'LL JUST NEED A MOTION TO APPROVE IN A SECOND.
THEN WE CAN VOTE. I'LL MAKE A MOTION TO APPROVE THE RECOMMENDATION TO THE CITY COUNCIL BUDGET AMENDMENT OF THE AMOUNT OF 75,002ND.
AND THAT WAS APPROVED SEVEN ZERO.
AND WE'LL MOVE TO THE NEXT ITEM, WHICH IS ADJOURNMENT.
I JUST NEED A MOTION TO ADJOURN.
ALL RIGHT. BYE BYE. THANK YOU GUYS,
803.
* This transcript was compiled from uncorrected Closed Captioning.