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[00:00:01]

IT'S 6:00. WE'LL CALL THE MARCH 17TH, 2026 EDC MEETING TO ORDER.

[A. CALL TO ORDER]

AND I'LL BEGIN WITH ROLL CALL. MIKE THOMPSON, PRESENT.

ALLAN RASKINH., PRESENT. DESHAWYNA WALKER. PRESENT.

SESAME MORRISON. PRESENT. JOSHUA HARRELL. ALBERT LOTT.

PRESENT. AND JAMES MILLER. AND WE'LL MOVE TO THE INVOCATION.

HEAVENLY FATHER, WE PAUSE WITH GRATITUDE FOR THIS OPPORTUNITY TO SERVE THE CITY OF PRINCETON.

GUIDE OUR CONVERSATIONS THIS EVENING WITH WISDOM AND PURPOSE.

HELP US ACT WITH INTEGRITY, THINK WITH CLARITY, AND WORK TOGETHER IN A SPIRIT OF COOPERATION.

MAY THE DECISIONS WE MAKE BENEFIT OUR COMMUNITY TODAY AND IN THE YEARS AHEAD.

AMEN. AND PLEDGE OF ALLEGIANCE.

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 IN RESPONSE TO PUBLIC INQUIRY.

WE DO NOT HAVE ANYBODY. SO WE'LL MOVE TO PUBLIC REPORT ITEMS. DO WE NOT HAVE ANY? AND WE'LL MOVE TO STAFF REPORT ITEMS THEN.

[G. STAFF REPORT ITEMS]

CEO JIM WEHMEIER WILL UPDATE US ON OUR BUDGET, OUR FINANCIALS AND BALANCE SHEET FOR FEBRUARY.

GO AHEAD. VERY GOOD. THANK YOU, MR. CHAIRMAN.

I WILL START WITH THE FINANCIALS. IT WAS A VERY BORING MONTH FOR OUR FINANCIALS.

AS YOU CAN SEE ON THE PERIOD ACTIVITY, THE ONLY EXPENDITURES WERE EMPLOYMENT EXPENDITURES.

AND AT THE BOTTOM, THAT IS OUR TRANSFER OUT TO THE CITY.

WE WILL ALSO PROBABLY NEXT MONTH, WE'VE GOT A DEBT SERVICE PAYMENT THAT WILL COME OUT, BUT THIS MONTH IT'S ONLY THE TRANSFER OF THE CITY AND EMPLOYMENT, NO OTHER EXPENSES.

AND THEN IF YOU LOOK AT THE BALANCE SHEET AS WE SIT TODAY, $11.5 MILLION IS IN THE BANK FOR THE EDC.

I'LL BE HAPPY TO ANSWER ANY QUESTIONS BEFORE I GO ON TO THE NEXT THING.

ANYBODY? JIM, DID WE DISCUSS SETTING ASIDE THE MONEY WE'VE ALLOCATED FOR PROJECTS, AND I DON'T WANT TO IDENTIFY WITH THE PROJECT SO MUCH.

BUT I WAS JUST THINKING, LIKE, THIS MONEY IS ALLOCATED, SO WE DON'T THINK WE HAVE $10 MILLION. RIGHT.

AND WE WILL BE DOING THAT. FINANCE IS GOING TO BE SETTING UP.

THEY GOT IT DONE. IT'LL BE SHOWING ON I BELIEVE NEXT MONTH'S FINANCIALS.

BUT THE PROJECTS, TO WHAT THE CHAIRMAN IS MENTIONING, WE TALKED LAST MONTH.

THE PROJECTS HAVE BEEN APPROVED BY BOTH THE BOARD AND COUNCIL. THEY'LL BE GETTING A LINE ITEM ON THE BUDGET WITH THAT MONEY ENCUMBERED, SO IT DOESN'T SHOW LIKE IT'S SITTING IN OUR FUND BALANCE WHEN IT'S ALREADY REALLY COMMITTED.

WE DON'T KNOW WHEN IT'S GOING TO BE SPENT, BUT WE HAVE A PRETTY STRONG FEELING IT'S GOING TO BE SPENT. SO HOPEFULLY THAT'LL SHOW IN NEXT MONTH'S BUDGET.

BUT THANK YOU FOR REMINDING ME. SO ENJOY THAT $11.5 MILLION WHILE YOU'RE SEEING IT, IT WON'T BE THAT DIFFERENT. ANY OTHER QUESTIONS ON THE BUDGET? BREE, COULD YOU PUT UP SALES TAX? IF YOU REMEMBER, LAST MONTH WE HAD A SLIGHT DECREASE.

I EXPLAINED TO THE BOARD, FOR THE NEW MEMBERS.

DESHAWYNA, YOU UNDERSTAND. ALLAN, THIS IS THE FIRST TIME YOU'RE SEEING THIS REPORT.

EVERY MONTH, WE TRACK SALES TAX FOR A FIVE YEAR PERIOD.

AND SALES TAX IS A CYCLICAL INCOME. AND SO THE SAME MONTHS, IF YOU LOOK ACROSS THIS SHEET, THE SAME MONTHS WILL GO UP AND DOWN FROM YEAR TO YEAR.

SO WHEN YOU LOOK AT SALES TAX, YOU DON'T LOOK AT MONTH AFTER MONTH.

YOU LOOK AT SAME MONTH PREVIOUS YEAR. AND SO WE MATCH THOSE UP TO KIND OF SEE WHERE WE ARE FINANCIALLY STANDING.

BECAUSE SALES TAX IS ESSENTIALLY OUR ONLY INCOME, EXCEPT WE'LL BE SELLING A PIECE OF LAND AND THERE WILL BE $600,000 PUT IN OUR ACCOUNT, HOPEFULLY AT THE END OF THIS MONTH. BUT SALES TAX OR SALES TAX SUPPORTED CORPORATIONS.

SO LAST MONTH WE WERE DOWN 4%. I FEEL MORE COMFORTABLE IN SAYING NOW, LIKE I MENTIONED LAST MONTH, THAT THAT WAS BECAUSE THE SAME MONTH, PREVIOUS YEAR MUST HAVE HAD A SALES TAX AUDIT.

IT WAS EXTRAORDINARILY HIGH. IT WAS OUT OF ALIGNMENT WITH WHAT IT NORMALLY WOULD BE.

[00:05:03]

WE DID BOUNCE BACK THIS MONTH, 8% UP OVER SAME MONTH LAST YEAR.

SO THAT STILL TAKES US TO 4% AHEAD OF LAST YEAR AND AHEAD OF BUDGET.

AND IF THERE'S ANY QUESTIONS ON THAT, I'LL BE HAPPY TO ANSWER THEM.

OKAY. THE LAST THING, WE ALSO HAD A 33% DISCOUNT.

I'M SHOPPING. WE HAD A 33% DECLINE IN SINGLE FAMILY BUILDING PERMITS.

WE ALSO TRACKED SINGLE FAMILY BUILDING PERMITS SAME WAY, SAME MONTH PREVIOUS YEAR, SEE WHERE WE ARE.

WE WERE 33% DOWN LAST MONTH. WE WERE 68% UP THIS MONTH.

WE ARE AHEAD YEAR TO DATE. WE ARE FILLING SOME SPOTS IN OUR DEVELOPMENT SERVICES CREW AND THAT WILL HELP US I THINK START CATCHING UP.

I'M SURE WE STILL HAVE A BACKLOG OF PERMITS THAT ARE GOING THROUGH, BUT THIS TIME OF YEAR THAT SPEEDS UP.

YOU START GETTING INTO THE BUILDING SEASON FOR THESE DEVELOPERS.

AND SO THOSE ARE PICKING UP AS WELL. I EXPECT US TO BE 1600 PLUS AT THE END OF THE YEAR LIKE WE WERE LAST YEAR.

AND WITH THAT, I WILL ANSWER ANY QUESTIONS ON THAT.

AND AGAIN, IF YOU WATCH THAT, YOU'LL SEE TO AN EXTENT THAT REPORT AND OUR SALES TAX REPORT WILL MIRROR EACH OTHER.

WE DON'T HAVE A LOT OF INDUSTRIAL SALES TAX GENERATORS HERE.

IT'S ALL CONSUMPTION. AND SO, AS OUR POPULATION GROWS, OUR SALES TAX IS GOING TO GROW.

WE'VE GOT SOME EXCITING RETAIL STUFF THAT'S GOING TO BE HAPPENING LATER THIS SPRING AND IN THE SUMMER. BY NEXT YEAR, THERE'LL BE ANOTHER REASON FOR THAT TO GROW EXPONENTIALLY.

BUT RIGHT NOW IT'S KIND OF TRACKING WITH OUR POPULATION GROWTH.

ANY QUESTIONS ON THAT? THE ONLY THING. I'M GOING TO LET YOU ALL READ MY REPORT. YOU'VE GOT IT. WE EMAIL IT TO YOU IN ADVANCE AND I BELIEVE YOU'VE GOT IT AT THE DAIS.

THE VICE CHAIR WAS NOT REAPPOINTED TO THE BOARD.

I JUST WANTED TO PUBLICLY THANK HIM FOR HIS SERVICE. HE WAS ALWAYS A GREAT BOARD MEMBER.

FOR DESHAWYNA AND I AND NOW BREE, MICHAEL WAS THE KIND OF PERSON THAT.

HE WAS VERY ANALYTICAL, WHICH IS DIFFERENT THAN ME.

I'M MORE OF A STRATEGIC CREATIVE THINKER, WHICH WAS A LOT OF FUN FOR ME.

HE ASKED A LOT OF QUESTIONS, BUT A LOT OF TIMES WHEN HE ASKED THE QUESTIONS, IT WAS BECAUSE HE WANTED THE PUBLIC TO KNOW THE ANSWER.

HE MIGHT HAVE ALREADY KNOWN THE ANSWER, BUT HE THOUGHT IT WAS IMPORTANT TO GET IT OUT THERE.

SO HE WAS ON MY HIRING COMMITTEE. SO I APPRECIATE HIM AND I ENJOYED HAVING HIM ON THE BOARD.

AND I JUST WANTED TO PUBLICLY SAY I APPRECIATE HIM.

THE LAST THING I'M GOING TO GET INTO IS, WE HAD DISCUSSED STRATEGIC PLANNING AND I THINK WHAT WE MAY DO. AND I'LL LET CHAIRMAN THOMPSON CHIME IN AS WELL.

HE HAD AN IDEA OF HAVING EACH BOARD KIND OF DO THEIR OWN CHARETTE, AND THEN GET TOGETHER WITH BOTH BOARDS AND COUNCIL AND GO THROUGH THEM.

AND I THINK REALLY THE HIGH POINTS TO HIT WHEN WE DO OURS.

AND I THINK WE CAN DO THIS DURING NEXT MONTH'S BOARD MEETING, WE WON'T HAVE TO HAVE A SPECIAL MEETING IS TO DO A SWOT ANALYSIS.

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS.

WE'LL BRING SOME PAPER OUT. WE'LL LIST THOSE OUT, WE'LL TALK THROUGH SOME OF THOSE THINGS AND JUST KIND OF TALK ABOUT A FEW FOCUS AREAS.

AND I DON'T NECESSARILY MEAN FOCUS INDUSTRIES, BUT LITERALLY FOCUS ECONOMIES.

THERE'S DIFFERENT ECONOMIES IN TOWN THAT WE NEED TO DEVELOP.

380 ONLY BEING ONE OF THEM. AND WE CAN GET INTO SPECIFIC INDUSTRIES AND THINGS.

I MEAN, THIS IS YOUR STRATEGIC PLANNING THREAD.

I'M JUST GOING TO BE THE VANNA WHITE WRITING ON THE BOARD, EITHER ME OR BREE AND KIND OF GUIDING YOU THROUGH THE PROCESS.

BUT I THINK IF WE CAN ACCOMPLISH THOSE TWO THINGS AND GET SOME THINGS IN GENERALITY, IS WHAT WE'RE THINKING.

THEN I THINK IF WE GET THOSE FROM BOTH BOARDS, THE GOAL IS, AND THIS IS GOING TO SOUND VERY REPETITIVE TO DESHAWYNA, IS FOR BOTH OF THE BOARDS TO REALIZE HOW THEY CAN LEVERAGE ONE ANOTHER, BECAUSE WE HAVE TWO BOARDS THAT ARE VERY SIMILAR, BUT THEY'RE DIFFERENT AS WELL. THE TYPE B HAS MORE LEEWAY IN WHAT THEY CAN DO, AND THEY CAN DO SOME OF THE COMMUNITY DEVELOPMENT.

PARKS, INFRASTRUCTURE, ENTERTAINMENT, THINGS LIKE THAT THAT THE EDC CANNOT DO.

AND SO IT'S IMPORTANT THAT THOSE TWO ARE ABLE TO PLAY OFF OF ONE ANOTHER AND LEVERAGE EACH OTHER'S OPPORTUNITIES.

SO THAT'S MY THOUGHT. MR. CHAIRMAN, I'LL LET YOU CHIME IN IF YOU WANT TO DO IT DIFFERENTLY OR IF THAT'S OKAY.

IT'S NOT ON AS AN ACTION ITEM, BUT WE CAN JUST TAKE DIRECTION, IF THAT SOUNDS GOOD TO YOU.

I DON'T THINK THAT'LL TAKE THAT LONG TO DO. YEAH, I THINK MY THOUGHT WAS, IS IF WE PUT OUR THOUGHTS TOGETHER AND WHAT WE WANT TO DO AS A BOARD AND THEN TRY TO SEE WHERE THEY COMPLEMENT ONE ANOTHER AND THEN WE CAN WORK TOGETHER. BUT THAT GIVES THIS GROUP AN OPPORTUNITY TO COME WITH SOME IDEAS AND THINGS.

[00:10:08]

AND THEN WE CAN DO THE SWOT ANALYSIS AS WELL, BECAUSE I KNOW WE HAVE, YOU KNOW, THAT ONE BIG THING HANGING OUT THERE THAT WE HOPE COMES TO PASS, BUT THAT'S REALLY, YOU KNOW, THE LAST PIECE THAT WE´RE REALLY FOCUSED ON OTHER THAN WE KIND OF SEGMENTED INTO INDUSTRIES WE WANTED, WE FOCUSED ON HEALTH CARE THIS YEAR. AND WE'VE DELIVERED.

SO YOU'LL FIND OUT ABOUT IT WHEN WE GET TO EXECUTIVE SESSION.

SO IT'S A GOOD OPPORTUNITY, I THINK, TO REALLY FOCUS ON WHAT'S IMPORTANT TO US.

THANKS, JIM. AND WITH THAT, I'M DONE, MR. CHAIRMAN, UNLESS THERE'S ANY QUESTIONS.

ANY QUESTIONS, ANYBODY? GOOD? OKAY. THANK YOU.

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.

[H. BOARD REPORT ITEMS]

AND I'LL REMIT IT TO YOU. ANYONE? I'M SORRY.

MR. CHAIRMAN, MIKE, I WOULD LIKE TO TAKE THIS OPPORTUNITY TO REITERATE SOME THINGS IN REGARD TO OUR EDC CDC CHAIR, MR. JIM. JUST LIKE YOU SPOKE ABOUT WITH THE HEALTH CARE, WE ARE VERY APPRECIATIVE OF YOUR SERVICE SO FAR.

WE ARE SO THANKFUL THAT YOU ARE TAKING THE CHANCE AND LISTENING TO US AS IN THE COMMUNITY.

BECAUSE, YOU KNOW, WHEN WE'RE SPEAKING, WE'RE SPEAKING ON BEHALF OF PRINCETON, OF COURSE, THERE'S A LOT OF THINGS THAT WE HAVE TO COMPLAIN ABOUT IN THE CITY, BUT DEFINITELY HEALTHCARE WAS ONE OF OUR TOP PRIORITIES.

AND WE'RE SO GLAD THAT YOU MADE THAT A PRIORITY.

AND YOU REALLY SAW AFTER TRYING TO GET US DEAL AFTER DEAL AFTER DEAL, SO.

I WOULD ALSO CHIME IN JUST TO THANK MICHAEL CRAWFORD FOR HIS TIME ON THIS BOARD.

AND LIKE JIM SAID, THE UNIQUE PERSPECTIVE HE BROUGHT AS VICE CHAIR, AND WE ALWAYS TEASED HIM ABOUT FINDING MISSING PERIODS IN DOCUMENTS AND THINGS. BUT HE WAS SO DETAIL ORIENTED IN THE CONTRACTS THAT WE GOT INTO OR GETTING INTO.

HE REALLY WOULD FIND THE OTHER SIDE TO KIND OF BRING THINGS TO OUR ATTENTION WE HADN'T THOUGHT OF.

SO IF YOU WATCH THIS, MICHAEL, THANK YOU. ANYONE ELSE? OKAY. WE'LL MOVE TO THE CONSENT AGENDA. CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE ECONOMIC DEVELOPMENT CORPORATION AND WILL BE

[I. CONSENT AGENDA]

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 IN ITS NORMAL SEQUENCE ON THE AGENDA.

SO WE HAVE OUR MINUTES FROM FEBRUARY 17TH, 2026 REGULAR MEETING AND THE FINANCIAL STATEMENT THAT WE'LL NEED A MOTION TO APPROVE, IF EVERYBODY'S GOOD WITH IT. MR. CHAIRMAN, I'LL MAKE A MOTION TO APPROVE THE MINUTES AND THE FINANCIAL STATEMENT FROM FEBRUARY 2026 PEDC MEETING.

I SECOND.

THAT'S APPROVED 5-0. AND WE'LL MOVE TO THE REGULAR AGENDA.

[J. REGULAR AGENDA]

WE'LL GO TO 2026-004 MARKETING. HEAR UPDATE AND DISCUSS THE PDEC MARKETING BUDGET AND WE'LL PASS THAT TO CEO. OKAY. ONCE AGAIN, I PROBABLY SHOULD HAVE HELD MY COMMENTS ABOUT MICHAEL BECAUSE THIS WAS ACTUALLY A REQUEST OF HIS LAST MEETING. HE JUST WANTED TO GET AN IDEA. WE DO HAVE AN ITEMIZED MARKETING BUDGET.

OUR BUDGET OVERALL IS $226,500. TO REMIND THE BOARD, WE'RE ALLOWED TO HAVE 10% BUDGETED FOR MARKETING TO OUR BUDGETED INCOME EVERY YEAR.

THEN WE'RE ALLOWED TO ROLL OVER UNEXPENDED FROM THE PREVIOUS YEAR'S WITHOUT LIMIT.

SO THE $226,500 WILL BE ADDED TOO WHEN WE DO OUR MID-YEAR BUDGET AMENDMENT.

FINANCE WILL ROLL THAT FORWARD. SO THAT WILL ALSO AFFECT WHAT THE FUND BALANCE SHOWS RIGHT NOW.

BUT JUST TO GIVE YOU AN IDEA HOW WE BREAK IT OUT, WE'RE GOING TO COMPLETELY REBUILD OUR WEBSITE FOR BOTH CORPORATIONS.

THIS BOARD AND THE CDC HAVE APPROVED UPPING SOME OF OUR SUPPORT FOR THE CHAMBER OF COMMERCE, $10,000 A YEAR. DALLAS BUSINESS JOURNAL IS KIND OF A TARGET MARKET OF OURS.

I THINK A LOT OF WHAT WE'RE GOING TO GET IS FROM BEING IN THE DALLAS METRO.

SO WE WILL PROBABLY DO SOME ADVERTISING WITH THEM.

[00:15:01]

DALLAS REGIONAL CHAMBER DOES ECONOMIC DEVELOPMENT PUBLICATIONS WE PARTICIPATE IN, AS DOES THE STATE OF TEXAS.

WE'LL ORDER PROMOTIONAL ITEMS, OTHERWISE KNOWN AS SWAG.

PUBLIC NOTICES, WE HAVE TO PAY IF WE'RE GOING TO HAVE A PUBLIC HEARING.

SO THAT'S JUST NEWSPAPER STUFF. AND THEN WE ALL WILL ALWAYS HAVE PRINTED MATERIALS DONE, WHETHER IT BE A COMMUNITY PROFILE, ANNUAL REPORT, MAPS, THOSE TYPES OF THINGS. I WILL SAY AGAIN, LIKE I'VE ALWAYS SAID TO THE BOARDS, I NEVER PLAN ON SPENDING ALL OF ANY OF MY BUDGETS, BUT THAT'S GENERALLY HOW WE HAVE IT BROKEN OUT.

IT ALSO LEAVES ROOM, IF SOME MAJOR OPPORTUNITY COMES AROUND, THAT WE HAVE ADDITIONAL MONEY, WE CAN EITHER MOVE IT AROUND WITHIN HERE OR THERE'S A LOT OF ROOM BETWEEN THE 1335 THAT I BUDGETED AND THE 2265 THAT WE'RE ALLOWED TO SPEND.

SO WE'VE GOT SOME HEADROOM THERE. AND WITH THAT, I'LL BE MORE THAN HAPPY TO ANSWER ANY QUESTIONS.

QUESTION. SO THIS BUDGET RIGHT HERE, THE NUMBERS THAT WE SEE HERE THAT'S FOR EDC AND CDC? OR JUST THE. THIS ONE IS JUST EDC. CDC IS ON A DIFFERENT.

IT LOOKS VERY SIMILAR TO THIS. THE DIFFERENCES ARE THAT THE CDC HAS BOTH AN APPRENTICESHIP PROGRAM THEY FUND, WHICH IS $50,000, AND THEY HAVE A SCHOLARSHIP THAT THEY´RE SEED FUNDING FOR $50,000 FOR OFFICER DOMINGUEZ, FALLEN POLICE OFFICER FROM PRINCETON. BUT FOR THE MOST PART, THEY'RE VERY SIMILAR.

AND A LOT OF THIS MARKETING, TO YOUR POINT, WE'LL DO AN ADVERTISING BUY.

THE 5750 THAT SHOWS ALREADY SPENT, WE DID AN ADVERTISING BUY AND WE SPLIT IT BETWEEN THE TWO OF THEM.

ANY OTHER QUESTIONS? JUST A QUICK QUESTION ON THE CHAMBER.

I KNOW WE INCREASED IT TO THE TOP LEVEL DURING THE YEAR.

IS THIS REFLECTED HERE? YES. OKAY. YES, SIR. JIM, DO WE HAVE ALLOCATIONS FOR ICSC OR WOULD THAT BE UNDER TRAINING AND TRAVEL? IT WOULD BE. AND THAT'S A LINE ITEM THAT WE. IT WILL COME OUT OF THIS BUDGET, BUT I DON'T HAVE IT SHOWN ON HERE.

BUT YES, I MEAN, WE DO HAVE MONEY FOR THAT. AND I WAS THINKING ABOUT THAT EARLIER WHEN I WAS DOING THIS AND I DIDN'T REALLY MIX TRAVEL IN THERE.

BUT THAT'S ANOTHER THING THAT WE'VE GOT HEADROOM TO ACCOMPLISH.

THANK YOU, JIM. WE'LL MOVE TO THE NEXT ITEM IS EXECUTIVE SESSION.

[K. EXECUTIVE SESSION]

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 CITY ATTORNEY.

TEXAS GOVERNMENT CODE 551.087 DISCUSS OR DELIBERATE ECONOMIC DEVELOPMENT NEGOTIATIONS.

THAT'S GOING TO INCLUDE PROJECT 41 TONIGHT, PROJECT QUEEN, PROJECT LONE STAR, PROJECT RED, PROJECT RED, PROJECT HOME RUN, AND THEN TEXAS GOVERNMENT CODE 551.074 PERSONNEL MATTERS WITH THE CEO WILL FALL UNDER THAT THIS EVENING AND IT'S 6:19. WE´LL MOVE TO EXECUTIVE SESSION NOW.

ALL RIGHT. 7:57, WE RETURN TO EXECUTIVE SESSION.

[L. ACTION PERTAINING TO EXECUTIVE SESSION]

WE DO HAVE SOME ACTION FROM THAT. MR. CHAIRMAN, I'D LIKE TO MAKE A MOTION TO APPROVE THE DEVELOPMENT AND PERFORMANCE AGREEMENT FOR PROJECT HOME RUN AND AUTHORIZE THE CHAIRPERSON OR DESIGNEE TO EXECUTE THE AGREEMENT AND ANY AND ALL DOCUMENTS RELATED THERETO.

I SECOND. AND THAT PASSES FOUR, WITH ONE ABSTAIN.

AND THEN WE'LL MOVE TO ADJOURNMENT. ALL THOSE IN FAVOR OF ADJOURNING.

AYE. AYE. VERY WELL. WE'RE ADJOURNED. THANK YOU.

* This transcript was compiled from uncorrected Closed Captioning.