[ A. CALL TO ORDER] [00:00:04] I WILL CALL TO ORDER THE TUESDAY, OCTOBER 21ST, 2025 MEETING OF THE EDC. IT'S 6:04 P.M. AND WE'RE GOING TO CALL THE MEETING TO ORDER. ROLL CALL. MIKE THOMPSON, PRESENT. MICHAEL CRAWFORD. PRESENT. JOSHUA HARRELL. PRESENT. ALBERT LOTT, ABSENT. SESAME MORRISON. PRESENT. AND JAMES MILLER. AND WE'LL MOVE TO THE INVOCATION. LORD, WE THANK YOU FOR THE PRIVILEGE OF SERVING THE PEOPLE OF PRINCETON AS WE MEET TONIGHT, AS WE ASK YOUR FOR FOR YOUR WISDOM TO GUIDE US, OUR IN OUR DISCUSSIONS AND OUR AND YOUR CLARITY TO SHAPE OUR DECISIONS. HELP US TO WORK TOGETHER WITH INTEGRITY, VISION AND RESPECT FOR ONE ANOTHER AND ALWAYS KEEP THE BEST INTERESTS OF OUR COMMUNITY AT HEART. MAY OUR HEART, MAY OUR EFFORTS AND OUR FUTURE AND THE FUTURE OF PRINCETON AND REFLECT THE VALUES THAT WE HOLD DEAR. AMEN. PLEDGE OF ALLEGIANCE. AT THIS POINT, WE HAVE PUBLIC APPEARANCE. MEMBERS OF THE PUBLIC ARE ALLOWED THREE MINUTES TO SPEAK THE ECONOMIC DEVELOPMENT CORPORATION IS UNABLE TO RESPOND OR TO DISCUSS ANY ISSUES THAT ARE BROUGHT UP DURING THIS SECTION, OR THAT ARE NOT IN THE AGENDA, OTHER THAN TO MAKE STATEMENTS AS SPECIFIC FACTUAL INFORMATION IN RESPONSE TO PUBLIC INQUIRY, OR TO RECITE EXISTING POLICY IN RESPONSE TO THE INQUIRY. AT THIS POINT, WE HAVE NOBODY PRESENT FOR THAT, SO WE'LL MOVE TO THE PUBLIC REPORT ITEMS. [ F. PUBLIC REPORT ITEMS] NEXT REGULAR PEDC MEETING IS TUESDAY, NOVEMBER 18TH AT 6 P.M. AND THE REGULAR PCDC MEETING IS WEDNESDAY, NOVEMBER 19TH AT 6 P.M. AS WELL. THE NEXT CITY COUNCIL MEETING IS MONDAY, OCTOBER 27TH, AND THEN NOVEMBER 10TH, BOTH AT 6:30 P.M.. STAFF REPORT ITEMS ARE, CEO JIM WEHMEIER WILL UPDATE US ON OPERATIONAL, [ G. STAFF REPORT ITEMS] OUR OPERATIONAL UPDATE AND OUR FINANCIAL REPORT. SORRY, JIM. REALLY? HOW LONG HAVE WE KNOWN EACH OTHER? A COUPLE OF THINGS REAL QUICK BEFORE I GET INTO THE MEAT AND POTATOES OF IT. NUMBER ONE, YOU STARTED TO YOU KIND OF TOUCHED ON IT IN THE PUBLIC REPORT ITEMS. BUT THE NOVEMBER AND DECEMBER EDC MEETINGS WILL BE ON THEIR REGULAR DATES IN THOSE MONTHS BECAUSE BOTH OF THEM FOUGHT FALL THE WEEK BEFORE ANY OF THE HOLIDAYS. SO WE'RE GOING TO GO AHEAD AND STAY ON SCHEDULE. NOW IN RELATION TO THAT FOR CITY COUNCIL, THEY ONLY HAVE ONE MEETING, NOVEMBER AND DECEMBER AT THE END OF THE YEAR, SO THEY'RE NOT HAVING THEIR SECOND MEETING OF THOSE TWO MONTHS. AND SO AS WE, I, AND BREE AND GRANT TRY TO GET OUR THINGS IN FRONT OF COUNCIL, WE HAVE TWO OPPORTUNITIES BETWEEN NOW AND THE END OF THE YEAR. SO IT'S GOING TO BE COMPRESSED A BIT, BUT IT'S BECAUSE OF THE HOLIDAYS AND IT HAPPENS. IT'S VERY COMMON. I WON'T SAY IT HAPPENS EVERY YEAR, BUT IT'S VERY COMMON. BREE, IF YOU COULD PULL UP THE SALES TAX. AS YOU'LL SEE ON THE SALES TAX HAD ANOTHER GOOD MONTH RIGHT ON THE YEAR. YEAR'S AVERAGE WERE UP 12%, RIGHT AT $20,000. WE'VE GOT ONE MONTH LEFT IN THIS YEAR. JUST AS A REMINDER, ALTHOUGH WE'RE A OCTOBER THROUGH SEPTEMBER FISCAL YEAR, OUR SALES TAX REPORTS TWO MONTHS LATE. SO THE THE SALES TAX WE RECEIVED IN OCTOBER WAS ACTUALLY FOR AUGUST. AND SO WE'LL HAVE ONE MORE MONTH REPRESENTING SEPTEMBER. WE'LL CLOSE OUT THE YEAR. IT LOOKS LIKE RIGHT NOW WE'LL END UP ABOUT 12% AHEAD OF LAST YEAR, WHICH WILL BRING US IN RIGHT AT $2,256,000. I'M SORRY, RIGHT AT 2.3 MILLION. THAT'LL PUT US RIGHT AT 9.5% AHEAD OF BUDGET. SO A VERY SOLID YEAR ON THE SALES TAX. IF YOU COULD OPEN THE BUILDING PERMITS. SO THE BUILDING PERMITS ARE A SLIGHTLY DIFFERENT STORY. AND IF YOU SCROLL DOWN TO THE PAGE WITH PRINCETON ON IT, IT'S A MULTIPLE PAGE DOCUMENT. THERE WE GO. SO WE WERE AVERAGING. WE THOUGHT WE'D BE RIGHT AT 2000 PERMITS THIS YEAR. WE WERE 13% AHEAD OF LAST YEAR THREE MONTHS AGO. [00:05:04] AND THEN WE'VE HAD BACK TO BACK TO BACK MONTHS OF 55% DOWN, 40% DOWN AND 31% DOWN, BRINGING US TO 15% BEHIND LAST YEAR. I THINK THERE'S SEVERAL REASONS FOR THAT. THE OVERALL HOUSING MARKET HAS COOLED SUBSTANTIALLY. AND IF YOU LISTEN TO THE PUNDITS, THEY'RE EVEN SAYING THAT THE REAL ESTATE MARKET IS CRATERING. IT'S NOT GOING TO CRATER IN TEXAS. WE'RE BUFFERED FOR SEVERAL REASONS, THE BIGGEST OF WHICH IS THAT THE STATE OF TEXAS STILL AND HAS BEEN FOR, I THINK, 20 YEARS THE NUMBER ONE IMMIGRATION STATE IN AMERICA, WHICH MEANS WE TAKE MORE CITIZENS FROM OTHER STATES ACROSS AMERICA EVERY YEAR THAN ANY OTHER STATE. ALTHOUGH FLORIDA BRAGS ABOUT IT FROM TIME TO TIME. I THINK THEY PLAY THE GAME OF WE HAVE A HIGHER PERCENTAGE. THEY DON'T HAVE AS BIG OF A RAW NUMBER AS WE DO EVERY YEAR. BUT BEING DOWN A BIT, IT DOES SHOW THAT, YOU KNOW, A COUPLE THINGS COULD, YOU KNOW, IT COULD BE THE NATIONAL MARKET THAT COULD BE PART OF IT. PART OF IT REALLY COULD BE THE ABSORPTION AND WHERE WE ARE. AND OUR GROWTH PATTERN, YOU KNOW, I THINK AN ARGUMENT BEING A GLASS HALF FULL KIND OF GUY, I THINK A PRETTY POSITIVE ARGUMENT CAN BE MADE FOR OUR MARKET COOLING A LITTLE BIT, PARTICULARLY RIGHT BEFORE WE COME OUT OF A MORATORIUM. I THINK IT MAY HOLD BACK THE IMPACT OF THE MORATORIUM A LITTLE BIT TIMING WISE. BECAUSE, OF COURSE, YOU KNOW, A DEVELOPER IS NOT GOING TO MOVE FORWARD UNTIL THE MARKET IS READY FOR HIS PRODUCT. AND IF THERE'S ENOUGH ON THE MARKET AT WHICH WE'RE STILL GOING TO GROW, I MEAN, I'M STILL PREDICTING WE'RE GOING TO GROW OVER 5000 NEW RESIDENTS THIS YEAR INSTEAD, BUT THAT'S INSTEAD OF 6. BUT 5000 IS REALLY, REALLY STRONG GROWTH FOR A CITY OF, YOU KNOW, 45, 46,000 PEOPLE. SO THAT WAS UNEXPECTED TO ME. NOW I'LL BE VERY INTERESTED TO SEE WHAT HAPPENS THE NEXT THREE MONTHS TO FINISH OUT THE YEAR. BUT IF WE FINISH AROUND 15% DOWN WE'RE STILL GOING TO BE IN A VERY STRONG POSITION. OKAY, LET'S GO AHEAD AND GO TO THE FUN STUFF. CAN YOU PULL UP THE POLOS? I FORGOT TO DO THIS AT THE CDC MEETING. SO I DIDN'T WANT TO FORGET IT TWICE. WE'RE TO THE POINT. WE'RE GOING TO BE REORDERING SOME POLOS FOR STAFF BOARD THAT TYPE OF THING. LAST YEAR WE DID BLACK AND WHITE. I THOUGHT IT MIGHT BE A GOOD IDEA TO AT LEAST ASK YOU ALL WHAT YOUR THOUGHTS ARE. SHOULD WE GO WITH SOMETHING A LITTLE BIT DIFFERENT? YOU SHOULD ALL HAVE EITHER A BLACK OR WHITE OR BOTH, AND POSSIBLY LOOK AT A GREEN, LOOK AT ONE OF THE GRAYS. ONE OF THE FEMALE BOARD MEMBERS ON THE CDC KIND OF LIKE THE LIGHTER GREEN FOR WOMEN. AND SO WE CAN DO A DIFFERENT COLOR FOR THE WOMEN SHIRT. IF IF YOU WOULD LIKE SESAME BUT WE'D LIKE TO JUST THIS IS NOT A VOTING ITEM, BUT WE'D LIKE TO GET SOME DIRECTION ON KIND OF WHAT YOU ALL LIKE, AND THEN WE'LL START PUTTING TOGETHER ORDERS FOR THE FUTURE. ALSO, IF YOU HAVE NOT RESPONDED TO HER AND GIVEN HER YOUR SHIRT SIZES, PLEASE DO THAT TONIGHT BEFORE YOU LEAVE. AND I DON'T KNOW IF YOU EVEN REMEMBER OF ANYBODY ON THIS BOARD THAT YOU MIGHT NOT HAVE, BUT WE NEED THAT SO WE CAN PLACE THE ORDER. SO ANY THOUGHTS? I LIKE THE UNDER ARMOR, TOP LEFT. YOU LIKE WHICH? THE UNDER ARMOR, THE TOP LEFT ONE. OKAY. THE GREEN. ANY OTHER COMMENTS? I'M JUST DOWN FOR A GREEN COLORED ONE. WHAT'S THAT? I SAID, I'M JUST DOWN FOR A GREEN COLORED ONE SO IT COULD BE THE FOREST GREEN. IT COULD BE THE SLIGHT GREEN. I JUST THINK GREEN WOULD BE, YOU KNOW, ESPECIALLY IN OUR IN OUR LOGO. YOU DON'T SEE TOO MANY PEOPLE WALKING AROUND WITH THE GREEN, SO I. AND THAT'S REALLY OUR COLOR. I MEAN, GREEN IS ONE OF OUR LOGO COLORS. AND OUR LOGO LOOKS REALLY, REALLY GOOD ON GRAY, LOOKS GOOD ON BLACK AND WHITE. BUT AGAIN, I LIKE THE GREEN AS WELL. IT'S A LITTLE BIT DIFFERENT. MR. MILLER, DO YOU HAVE ANY THOUGHTS ON IT? SURE. OKAY, SO I THINK OUR, AND WE CAN AS WE GET FEEDBACK FROM THE CDC. BREE IF THE LADIES ON THAT BOARD, SINCE SESAME IS OKAY WITH EITHER ONE OF THE GREENS, IF THEY WOULD PREFER THE LIGHT GREEN, WE'LL JUST, YOU KNOW, WE'LL FIGURE THAT OUT. AWESOME. THANK Y'ALL. ALL RIGHT, NOW THE FINANCIALS NOW ARE THE REALLY GOOD NEWS. [00:10:09] THE SALES TAX WAS KIND OF GOOD NEWS. THE FINANCIALS ARE REALLY GOOD NEWS. THERE YOU GO. THERE YOU GO. SO WE FINISHED THE YEAR WITH 60% REMAINING OF OUR BUDGET, MEANING WE SPENT 40% OF THE BUDGETED. I'M ALWAYS PRETTY CONSERVATIVE, AND I GENERALLY, I, AS A MATTER OF FACT, IN MY CAREER, I'VE NEVER SPENT ALL OF BUDGET. NOW, THERE ARE TIMES THAT WE MAY COME TO YOU WITH A BIG PROJECT AND DO A BUDGET AMENDMENT, ADD TO THE BUDGET JUST FOR THAT PROJECT. BUT I THINK THIS IS, PLUS THE FACT THAT, YOU KNOW, WE HAD SOME MONTHS WHERE WE WEREN'T EVEN PAYING TWO EMPLOYEES. I MEAN, THERE'S A LOT THAT GOES INTO THAT. BUT THE REALLY FIRST OFF, THIS PAST MONTH, THERE ARE NO EXTRAORDINARY EXPENDITURES. IT WAS SALARY AND SOME OTHER A COUPLE OF VERY SMALL MARKETING EXPENDITURE. AND I THINK A INSURANCE, PROPERTY LIABILITY INSURANCE PAYMENT, THAT WAS VERY SMALL. SO WE ENDED THE YEAR WITH, YOU KNOW, OVER 1.2 MILLION IN RETAINED EARNINGS. AND IF YOU'LL OPEN THE BALANCE SHEET, IT'LL SHOW YOU THE REALLY GOOD NEWS. WHICH MEANS BECAUSE OF THAT, WE CURRENTLY ARE LOOKING AT ABOUT $10.2 MILLION IN RETAINED EARNINGS. AGAIN, WE ALL KNOW THERE'S SOME BIG PROJECTS THAT WE'RE LOOKING AT OUT THE WINDOW. AND SO IT'S GOOD TO HAVE THAT CASH ON HAND. BUT THE GOOD NEWS IS WE DO HAVE THAT CASH ON HAND AND WE'RE READY FOR SOME OF THOSE THINGS. AND WITH THAT AND BREE, UNLESS I OVERLOOKED. OH, MY WRITTEN REPORT, I'M NOT GOING TO GO THROUGH WITH YOU. YOU'RE MORE THAN WELCOME TO OBVIOUSLY READ THAT. I PROVIDED IT TO YOU EVERY MONTH, AND WE PROVIDE IT IN ADVANCE. AND SO I'LL LET YOU READ THAT. AND YOU I'M HAPPY TO ANSWER ANY QUESTIONS ON IT, BUT WE'RE GOING TO HAVE SOME CONVERSATIONS IN EXECUTIVE SESSION MAY TAKE A LITTLE WHILE TONIGHT. SO I DON'T THINK I NEED TO GO THROUGH IT WITH YOU, BUT I AM HAPPY TO ANSWER ANY QUESTIONS. WE'RE GOOD. BOARD REPORT ITEMS WOULD BE NEXT. OKAY. I JUST WANT TO MAKE SURE IT'S 60 AND ALBERT ARRIVED, SO WE RECORD THAT, AND THEN 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? OKAY, WE'LL MOVE TO THE CONSENT AGENDA. [ I. CONSENT AGENDA] ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE ECONOMIC DEVELOPMENT CORPORATION, AND WILL BE ENACTED BY ONE MOTION. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER SO REQUESTS IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED AS NORMAL SEQUENCE ON THE AGENDA. WE HAVE THE MINUTES THAT WE NEED TO APPROVE THIS FROM OUR PREVIOUS MEETING OF AUGUST 19TH AND THEN THE FINANCIAL STATEMENT DISCUSSION ACTION REGARDING THE PEDC FINANCIAL STATEMENT THROUGH SEPTEMBER 30TH, 2025. SO WE NEED A MOTION AND A SECOND, THEN VOTE. I'LL MAKE THE MOTION TO APPROVE THE MINUTES FROM THE AUGUST 19TH MEETING, AND AS WELL AS THE PEDC FINANCIAL STATEMENT THROUGH SEPTEMBER 30TH. SECOND. AND THAT PASSES 6-0. THANK YOU. THEN WE'LL MOVE TO OUR REGULAR AGENDA. [ J. REGULAR AGENDA] 2025-018. ELECTION OF THE PEDC SECRETARY. CONSIDER, DISCUSS, AND ACT ON THE ELECTION OF A NEW SECRETARY FOR THE EDC BOARD. SO WE NEED TO SINCE MARCUS HAS RESIGNED. I ASSUME EVERYBODY IS AWARE OF THAT NOW. AND WE'LL NEED TO ELECT A NEW SECRETARY. YES, SIR. MR. CHAIRMAN, JUST REAL QUICK. THE CITY COUNCIL WILL BE ACCEPTING OFFICIALLY THE RESIGNATION ON MONDAY AT THEIR NEXT MEETING. AS A REMINDER, THERE WASN'T AN ISSUE. HE JUST HAD AN ISSUE OF BEING ABLE TO MAKE MEETINGS WITH HIS SCHEDULE. WITH THE NEW DATE BEING ON A WEDNESDAY AND WITH SOME NEW BUSINESS STUFF THEY'VE GOT GOING ON. [00:15:03] SO IT WAS WORK RELATED. HE DID SAY THAT. OBVIOUSLY HE WISHED US WELL, AND HE ALSO WOULD STAY INVOLVED, NOT ONLY A COMMUNITY, BUT WHEN HE GETS A CHANCE, HE'D LOVE TO THE OPPORTUNITY TO SERVE AGAIN. BUT WE DO NEED A SECRETARY. DO YOU, JIM, DO YOU HAVE WHO IS NOT CURRENTLY IN A ROLE LIKE ALREADY? IT MAY TELL US WHO'S AVAILABLE. YEAH. DO YOU HAVE THE. I KNOW, WHO'S THE TREASURER. THERE YOU ARE. OBVIOUSLY YOU AND MICHAEL. CHAIR. VICE CHAIR. JOSHUA IS THE TREASURER. AND THEN SO THE SECRETARY WILL BE AMONGST THREE SMILING VOLUNTEERS UP ON THE DAIS. IT IS NOT A DIFFICULT OFFICE. BREE DOES THE WORK OF A SECRETARY. BUT IT IS AN EXECUTIVE OFFICE. YOU'LL BE ABLE TO SIGN DOCUMENTS, SIGN MINUTES, THINGS LIKE THAT. YOU WILL NOT BE EXPECTED TO TAKE MINUTES OR, YOU KNOW, SO IT'S NOT LABOR INTENSIVE. DO WE HAVE A VOLUNTEER? SESAME? I MEAN, DID SOMEBODY SAY SESAME? I HEARD SESAME. WOULD YOU LIKE TO DO, OR JAMES. NO, I HEARD SESAME AS WELL. OKAY, OKAY, OKAY. I'LL ACCEPT. THANK YOU. THERE YOU GO. SO WE NEED TO VOTE. WE'LL MAKE A MOTION FOR SESAME, AND THEN WE'LL VOTE. I'LL BE AT ALL THE MEETINGS. I PROMISE I'LL I MAKE A MOTION THAT WE ELECT SESAME MORRISON AS NEW SECRETARY OF THE EDC. SECOND. THERE WE GO. AND CONGRATULATIONS. THAT PASSED 6-0. THANK YOU. AND THANK YOU. THANK YOU. I'M HONORED. CONGRATULATIONS. WE'LL MOVE ON TO 2025-019, PEDC CONTRACT FOR SERVICES. CONSIDERED, DISCUSS AND ACT ON THE APPROVAL OF A CONTRACT FOR SERVICES BETWEEN THE CITY OF PRINCETON AND PRINCETON EDC. MR. CHAIRMAN, IF YOU COULD OPEN MY MEMO FIRST, PLEASE. WE SENT THIS TO YOU IN ADVANCE WITH THE HOPES THAT SOME OF THE MORE DETAILED THINGS YOU WOULD TAKE THE OPPORTUNITY TO TRY TO LOOK AT IN ADVANCE. IT'S A LARGE CONTRACT. I'M NOT GOING TO GO THROUGH EVERYTHING THAT'S IN THE CONTRACT. WE DID DISCUSS IT LAST MEETING. HOWEVER, WE TALKED ABOUT SOME OF THE ELEMENTS OF THE CONTRACT. I BELIEVE IT WAS THE CHAIR THAT HAD ASKED TO SEE A 2 OR 3 YEARS PREVIOUS OF WHAT WE HAD SPENT. NOW, THERE'S A COUPLE THINGS THAT HAVE CHANGED SINCE I FIRST BROUGHT IT TO YOU. I HAD ORIGINALLY SHOT THEM AT $20,000 NUMBER. I WAS NOT SUCCESSFUL AT THAT $20,000 NUMBER. PARTICULARLY AFTER LOOKING AT LAST YEAR'S BUDGET AND NOTICING THAT LAST YEAR WE PAID 170,000, BUT WE ARE AT 65,000 PER CORPORATION. AND AGAIN, THAT COVERS OFFICE SPACE, OFFICE EQUIPMENT, USE OF FINANCE, RUNNING ALL OF OUR FINANCIALS. WE USE HR FOR ALL HR THINGS HAVING ACCESS TO, EXCUSE ME, DEVELOPMENT SERVICES, PUBLIC WORKS, ALL THE DEPARTMENTS. AND THEN ON TOP OF THAT, $10,000. I THINK IN THE PAST WE HAVE PROVIDED $4,000 WORTH OF SUPPORT TO THE MARKETING DEPARTMENT. I HAVE RECOMMENDED INCREASING THAT TO TEN FOR A COUPLE REASONS. BUT MOST IMPORTANTLY, LITERALLY EVERYTHING THE MARKETING DEPARTMENT FOR THE CITY DOES SUPPORTS WHAT WE DO. EVERY TIME THEY MARKET THE CITY, IT HELPS US MARKET THE CITY. SO OUR WE ARE TOTALLY ALIGNED. PLUS THE FACT THAT IF WE DO, IF I BUY AN AD IN DALLAS BUSINESS JOURNAL OR IN A MAGAZINE, IT'S THE MARKETING DEPARTMENT THAT DOES ALL THE ART FOR US. THEY LAY EVERYTHING OUT. THEY DO ALL THE BACK END WORK. SO IT'S A VERY GOOD RELATIONSHIP THAT WE'VE GOT. SO I THINK THOSE NUMBERS ARE VERY, VERY FAIR. I MEAN, I DON'T THINK THEY'RE OUT OF LINE AT ALL. EXCUSE ME. LAST YEAR IT WAS 170,000 PLUS. THEY HAD BUDGETED STAFF COMPLETELY SEPARATELY. I KNOW IN THE PAST STAFF HAD REPORTED TO THE BOARD AND SO STAFF HAS BEEN NOT ONLY HAVE YOU HAD DIFFERENT LEVELS OF STAFFING, BUT THEY'VE HAD DIFFERENT REPORTING STRUCTURES IN THE PAST. AND SO THERE'S NOT A CONSISTENT WAY THAT THEY'VE HANDLED ALL THIS IN THE PAST THREE YEARS. BUT I'VE TRIED TO KIND OF SHOW YOU THE DIFFERENCES. 170 PLUS SALARIES LAST YEAR, LAST YEAR, 94.1 INCLUDING [00:20:09] THE NET OF COMP 94, NET OF COMP. I'M SORRY, THE COMP AND THEN THE YEAR BEFORE THAT 67. SO REALLY THIS IS THE LOWEST WE'VE HAD IN FOUR YEARS. AGAIN, THIS IS A DOCUMENT THAT WE HAVE TO HAVE BY LAW. IT IS A DOCUMENT THAT WE ARE OPERATING UNDER, ONE THAT WAS PASSED IN 2015 THAT JUST AUTO RENEWS EVERY YEAR UNTIL WE REPLACE IT. AND THIS ONE WILL DO THE SAME THING. IT WILL AUTO RENEW EACH YEAR. NOW THE BOARD CAN LOOK AT IT EACH YEAR. THEY CAN ADJUST IT BETWEEN THE BOARD AND THE CITY. BUT THE BASE DOCUMENT, I THINK WE'VE GOT THE DOCUMENT TO A POINT WHERE IT CAN PRETTY MUCH STAY CONSTANT NOW AND WE CAN JUST TWEAK MONEY, AND I'M HAPPY TO ANSWER ANY QUESTIONS. JIM. YES, SIR. CURIOSITY QUESTION. THERE WAS WITHOUT GIVING IT AWAY FROM EXECUTIVE SESSION, THERE WAS INTEREST IN A PIECE OF PROPERTY BY THE CITY. WOULD IT MAKE SENSE TO USE THESE TWO THINGS TO BALANCE THAT OFF, OR IS THAT OUT? I WOULD PROBABLY. THAT'S A GRANT QUESTION. I WOULD HANDLE THEM SEPARATELY. OKAY. JUST CURIOUS. JUST TO BE CLEAR, I THINK THERE'S A LOT OF INTEREST IN AUDITING THESE DAYS, AND IT'S JUST CLEANER TO KEEP THEM SEPARATE AND SHOW TWO TRANSACTIONS IN MY OPINION. ARE WE GOOD WITH IT? SHOULD WE MAKE A MOTION TO GO AHEAD AND APPROVE IT? YES, SIR. WOULD YOU MICHAEL? I'LL MAKE A MOTION TO APPROVE THE CONTRACT BETWEEN THE CITY OF PRINCETON AND THE PRINCETON EDC. SECOND. SECOND. THAT PASSES 6-0. SO WE APPROVE THAT CONTRACT, AND WE'LL MOVE ON TO EXECUTIVE SESSION. [ K. EXECUTIVE SESSION] THANK YOU ALL. EXECUTIVE SESSION IN ACCORDANCE WITH CHAPTER 551 OF THE TEXAS GOVERNMENT CODE, THE ECONOMIC DEVELOPMENT CORPORATION MAY ENTER INTO CLOSED SESSION OR EXECUTIVE SESSION TO DISCUSS ANY OF THE FOLLOWING. SECTION 551.071 TEXAS GOVERNMENT CODE CONSULTATION WITH ATTORNEY ON PENDING OR CONTEMPLATED LITIGATION OR SETTLEMENT OFFER IN WHICH A MATTER OF THE DUTY OF THE ATTORNEY TO THE GOVERNMENTAL BODY UNDER TEXAS DISCIPLINARY RULES OF PROFESSIONAL CONDUCT OF THE STATE BAR OF TEXAS, CLARIFIES CONFLICT WITH THIS CHAPTER OR ANY OTHER ITEMS LISTED ELSEWHERE WITHIN THE AGENDA OR SUBJECT MATTER LISTED BELOW. THAT IS TEXAS GOVERNMENT CODE 551.072. DISCUSS AND DELIBERATE THE PURCHASE, EXCHANGE, LEASE OR VALUE OF REAL PROPERTY. WE HAVE FUTURE LAND OPPORTUNITIES UNDER THAT AND PRINCETON PROFESSIONAL PARK AS WELL. THEN WE HAVE TEXAS TEXAS GOVERNMENT CODE 551.087. DISCUSS OR DELIBERATE ECONOMIC DEVELOPMENT NEGOTIATIONS. WE HAVE PROJECT HOME RUN, PROJECT LOVE STAR, PROJECT RED AND PROJECT QUEEN, AND THEN TEXAS GOVERNMENT CODE 551. PERSONNEL MATTERS REVIEW CURRENT STAFF AND STAFFING NEEDS. IT'S. MR. CHAIRMAN, JUST ONE POINT OF CLARIFICATION. THAT WAS ACTUALLY A TYPO. IT'S LONE STAR, NOT LOVE STAR. IT WAS A TYPO ON OUR BEHALF. SO I SAW YOU KIND OF GET TO AND GO, IS THAT WHAT THAT'S SUPPOSED TO SAY? SO FOR THE PUBLIC, THAT IS ACTUALLY LONE STAR. VERY GOOD. SO IT'S 6:28. OCTOBER 21ST. WE'LL MOVE TO EXECUTIVE SESSION AT THIS POINT. IT'S 7:26. WE ARE RETURNED FROM EXECUTIVE SESSION, AND WE'LL TAKE ON ACTION PERTAINING TO EXECUTIVE SESSION. [ L. ACTION PERTAINING TO EXECUTIVE SESSION] AND WE HAVE PRINCETON PROFESSIONAL PARK IT'S THE FIRST ONE. MR. CHAIR, I'D LIKE TO MAKE A MOTION TO AUTHORIZE THE EDC CEO TO NEGOTIATE AND EXECUTE A LAND LEASE AGREEMENT, NOT TO EXCEED A TERM OF 50 YEARS WITH THE CITY OF PRINCETON REGARDING THE APPROXIMATE 7.4 ACRE LOT LOCATED AT THE SOUTHEAST CORNER OF THE PRINCETON PROFESSIONAL PARK. A SECOND. SECOND. AND THAT'S APPROVED 6-0. AND THE NEXT ITEM WE HAVE TO TAKE ACTION ON ARE FROM EXECUTIVE SESSION IS PROJECT QUEEN. [00:25:07] I'LL MAKE A MOTION TO APPROVE THE SENTENCE FOR PROJECT QUEEN AS DISCUSSED IN EXECUTIVE SESSION. SECOND. OKAY. THAT WAS THE LAST ONE. YEAH. ARE YOU TRYING TO GET ME TO APPROVE IT WITHOUT VOTING? IF THE SOFTWARE IS NOT WORKING, YOU CAN ALWAYS DO A ROLL CALL VOTE. OH, THERE IT GOES. YEAH. I JUST NEED TO SAY SOMETHING. THANK YOU. AND PROJECT QUEENS APPROVED. PROJECT QUEENS APPROVED 6-0 AS WELL. AND THAT WAS ALL FROM EXECUTIVE SESSION. WE'LL MOVE TO ADJOURNMENT. ALL IN FAVOR OF ADJOURNING, SAY AYE. AYE. WE'RE ADJOURNED. 07:29. * This transcript was compiled from uncorrected Closed Captioning.