[A. CALL TO ORDER]
[00:00:03]
I'D LIKE TO CALL TO ORDER THE EDC SPECIAL MEETING FOR THURSDAY, AUGUST 6TH, 2026.
IT IS 6:06 P.M.. ROLL CALL MIKE THOMPSON PRESENT.
ALBERT LOTT? PRESENT. SESAME MORRISON? PRESENT.
JOSHUA HARRELL'S ABSENT. JAMES MILLER? PRESENT.
ALLAN RASQUINHA IS NOT HERE. AND DESHAWYNA WALKER? PRESENT. AWESOME. AND WE'LL MOVE TO INVOCATION.
AMEN. AMEN. PLEDGE OF ALLEGIANCE. I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS. ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.
AND WE'LL MOVE TO PUBLIC APPEARANCE. MEMBERS OF THE PUBLIC ARE ALLOWED FIVE MINUTES TO SPEAK.
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 ANY PUBLIC INQUIRY, OR TO RECITE EXISTING POLICY IN RESPONSE TO ANY PUBLIC, ANY INQUIRY.
AND WE DON'T HAVE ANYBODY. SO WE'LL MOVE TO THE REGULAR AGENDA.
[F.1. Consider, discuss, and act on the approval of the Princeton EDC FY26/27 budget and recommend to City Council its final approval.]
ITEM F.1. CONSIDER, DISCUSS AND ACT UPON THE APPROVAL OF THE PRINCETON EDC FY 26-27 BUDGET AND RECOMMEND TO CITY COUNCIL ITS FINAL APPROVAL. MR. WHITMIRE.GOOD EVENING. FIRST OFF, THANK YOU ALL FOR TAKING THE TIME TO COME TO A SPECIAL MEETING. WE TRY TO KEEP THESE TO A MINIMUM, BUT THIS ONE AROSE BECAUSE THE CITY HAD TO MOVE CONDENSE ITS BUDGETING TIMELINE BECAUSE THEY MAY BE LOOKING AT A REQUESTED TAX INCREASE FROM THE PUBLIC. IN ORDER TO GET THAT ON THE NOVEMBER BALLOT, THEY HAD TO PUSH THE FINAL BUDGET APPROVAL UP ALMOST A MONTH.
BECAUSE I THINK YOU ALL KNOW THE COUNCIL CANNOT ADOPT OUR BUDGET UNTIL YOU ADOPT OUR BUDGET.
WE'RE GOING TO GO OVER THE SUMMARY, THE BUDGET SUMMARY.
AND THAT INCOME IS SHOWING AT 2.9. IF YOU, KERRY WOULD TAKE IT DOWN TO THE EXPENSES.
SO A SLIGHT DISCLAIMER AND I'M NOT SAYING THIS BECAUSE THERE'S ANYTHING WRONG WITH THE BUDGET BECAUSE THERE'S NOT, BUT I, THIS, I DIDN'T DO THE BUDGET. THIS WAS DONE BY ALLISON AND KELLY WHILE I WAS OUT.
IT IT'S IN A LITTLE DIFFERENT FORMAT THAN WHAT WE DID LAST YEAR.
SO WHAT I'D LIKE TO DO IS JUST GO OVER THE BUDGET SUMMARY. AND THEN IF YOU HAVE ANY SPECIFIC LINE ITEM QUESTIONS, WE CAN TALK ABOUT THOSE. FIRST OFF THE THERE'S A MODEST INCREASE IN PERSONNEL NOT ONLY FOR ANY RAISES, BUT INSURANCE COSTS ARE GOING UP. OUR TML OR TMRS EXPENSES ARE GOING UP.
AND SO THE NOT JUST THE SALARY. KEEP IN MIND THAT PERSONNEL IS NOT JUST SALARY.
THAT'S ALL THE EMPLOYMENT COSTS WITH HEALTH INSURANCE VISION, ALL OF THAT THAT THE CITY PROVIDES A MODEST INCREASE JUST TO HANDLE THE INCREASED THE OPERATING EXPENSES IS SHOWING A HUGE INCREASE.
ONE OF THE BIG REASONS FOR THAT IS THE CITY IS LOOKING TO DO AN UPDATE TO WHAT YOU CALL A UDC OR UNIFIED DEVELOPMENT CODE, OR SOMETIMES IT'S CALLED A UDO UNIFIED DEVELOPMENT ORDINANCE.
AND WHAT THAT IS, IS THAT'S THE BIBLE FOR ALL DEVELOPMENT THAT HAPPENS IN THE CITY.
IT GOES EVERYTHING FROM ZONING TO CODE ENFORCEMENT TO DRAINAGE TO BUILDING STANDARDS.
EVERYTHING AND OURS NEEDS AN UPDATE. THAT'S A HALF $1 MILLION STUDY.
SO THE CITY HAS ASKED EACH BOARD TO KICK IN JUST $85,000 TO COMBINE.
THE TWO BOARDS WOULD PAY FOR 25% OF THIS UDO.
I SUPPORT IT. WE DESPERATELY NEED IT. AND THE CITY'S, CITY COULD USE THE HELP, I'LL PUT IT THAT WAY.
THE OTHER LINE ITEMS. BUSINESS RELO/RETENTION.
THESE ARE PLACEHOLDER NUMBERS LIKE WE'VE DONE IN THE PAST.
AND I WANT TO REMIND THE BOARD REALLY, OTHER THAN MARKETING AND JUST FOR NEW MEMBERS WELL, I THINK BECAUSE DESHAWYNA WAS ON STAFF LAST TIME WE DID IT, OTHER THAN THE OTHER BOARD MEMBERS, SHE KNOWS, WE'RE ALLOWED TO DO 10% OF OUR ANNUAL INCOME TAX, NOT OUR TOTAL INCOME, BUT OUR SALES TAX INCOME A YEAR PUT
[00:05:03]
IT IN A MARKETING FUND. WE DON'T PLAN ON SPENDING THAT MUCH, BUT WE PUT IT IN THAT FUND BECAUSE WE'RE ONLY ALLOWED TO PUT 10% IN.BUT WE'RE ALLOWED TO CARRY OVER UNEXPENDED MONEY FROM YEAR TO YEAR.
UNLIMITED. THE REASON THAT'S IMPORTANT, PARTICULARLY, SAY, I'LL USE AN EXAMPLE, BRINGING ON THE CORPS PARKS, WHICH THE CITY IS GOING TO LEASE THREE CORPS PARKS, START MAINTAINING THEM, START MARKETING THEM.
IF THE CITY DOES SAY A WAYFINDING PROGRAM, LIKE YOU SEE ALL THE REALLY NICE NEW SIGNS ALL OVER MCKINNEY GIVING DIRECTIONS, THOSE COST HUNDREDS OF THOUSANDS OF DOLLARS. WE CAN ONLY HELP OUT WITH WHAT IS IN OUR BUDGET.
WE CAN'T GO OUTSIDE THE MARKETING BUDGET FOR A MARKETING EXPENSE.
ALL IT'S DOING IS RAISING THE LIMIT OF WHAT WE'RE ALLOWED TO SPEND IN MARKETING.
SO IT JUST GIVES US FLEXIBILITY TO ASSIST THE CITY IF THEY DO REBRANDING, IF THEY DO WAYFINDING, THOSE TYPES OF THINGS. WE'LL NEVER SPEND A HALF $1 MILLION JUST MARKETING THE EDC, I WOULDN'T THINK, BUT WE WOULD WE COULD SPEND A LARGE AMOUNT OF MONEY DOING WAYFINDING PROGRAM.
SO THAT'S WHY WE DO THAT. AGAIN, JUST BECAUSE WE BUDGETED DOESN'T ENCUMBER IT.
SAY WE SPEND IT'S 241,000. SAY WE SPEND 100 000 OF IT.
THAT 141,000 COULD BE ROLLED OVER IN THE PREVIOUS BUDGET YEAR AND GO INTO OUR RETAINED EARNINGS, BUT IT'S NOT ENCUMBERED. ALL THAT IS, IS A NUMBER TO SAY, WELL, IN THE BUDGET IT SHOWS YOU HAVE $700,000 IN MARKETING.
ALL THAT SHOWS IS THAT WE CAN SPEND UP TO THAT AMOUNT IN MARKETING ON A PROGRAM LIKE THAT.
THE GENERAL FUND TRANSFER, THAT IS A CONTRACT WE SIGNED WITH THE CITY.
THAT'S $75,000 PER YEAR FOR ALL OF OUR, FOR OUR OFFICE USE, FOR OUR ACCESS TO FINANCE, PUBLIC WORKS AND ALL THOSE, ALL THOSE GROUPS. SO AGAIN, THE OPERATING INCLUDES 85,000 FOR A UD, REQUEST BY THE CITY FOR A UDC WHICH I ACTUALLY SUPPORT. THERE WILL BE EXTRA MONEY IN THAT.
THAT'S A PRETTY BIG INCREASE. BUT AGAIN, AND IN ADDITION, AS YOU LOOK AT OUR FINANCIALS, WHEN WE HAVE A MEETING THIS COMING MONTH, YOU'LL NOTICE THAT WE ARE 80% THROUGH THE YEAR AND WE HAVE NOT SPENT 80% OF OUR BUDGET.
THE OTHER THING TO MENTION IS THAT AS WE GO THROUGH THE YEAR, IF WE'VE GOT BUSINESS RELOCATION FOR AND WE IN A RETENTION AND RELOCATION AND WE HAVE $1 MILLION IN LAND ACQUISITION, SAY WE HAVE AN OPPORTUNITY TO BRING IN A MASSIVE PROJECT AND BUSINESS RELOCATION, AND WE NEED MORE THAN $1.3 MILLION.
ONCE YOU APPROVE THE FINAL BOTTOM LINE BUDGET, WE CAN MOVE MONEY AROUND WITHIN THE BUDGET.
WE JUST CAN'T ADD MONEY IN TO THE BUDGET FROM OUR RETAINED EARNINGS OR FUND BALANCE.
SO AND AS YOU KNOW, WE PRESENT OUR FINANCIALS AT EVERY MONTHLY MEETING.
SO WE DO THAT VERY TRANSPARENTLY. WITH THAT, I WILL BE MORE, IF ANYBODY HAS QUESTIONS ABOUT SPECIFIC LINE ITEMS. AGAIN, KEEPING IN MIND, I WILL TRY TO EXPLAIN THESE, BUT THESE WEREN'T MY INITIAL NOTES, NOR WERE THEY MY NUMBERS, BUT I HAVE LOOKED AT IT. THE NUMBERS ARE DEFINITELY ENOUGH.
I KNOW THERE ARE A COUPLE LINES WHERE I DON'T THINK WE'LL NEED THAT MUCH, BUT IF WE DON'T NEED IT, I'M NOT GOING TO SPEND IT. DOES THAT MAKE SENSE? ANYBODY HAVE ANY QUESTIONS MRS. WALKER? [LAUGHTER] I DO.
SHE ALREADY GAVE ME THE HIGH SIGN, SO I KNEW IT WAS COMING.
SO, YOU KNOW, IF WE HAVE THE 1.3 IN THE IN A LAND ACQUISITION AND THEN ANOTHER IN ANOTHER MILLION IN ANOTHER LINE ITEM, WE CAN MOVE IT. WE JUST CAN'T MOVE MONEY FROM OUR GENERAL FUND.
WE CAN'T MOVE IT FROM OUR FUND BALANCE. OKAY.
BUT ONCE YOU APPROVE THIS, THE IMPORTANT NUMBER ON THIS BUDGET IS 3.157 MILLION.
RIGHT? WE CAN'T, WE CAN NEVER MOVE MONEY THAT'S UNDER PERSONNEL, EVER.
WE CAN'T TOUCH IT. RIGHT? THOSE ARE LOCKED IN.
[00:10:02]
OKAY, SO HERE'S MY QUESTION. I KNOW AT THE LAST MEETING I CAN'T DISCUSS IT, BUT WE DID TALK ABOUT SOME THINGS.DO YOU FEEL LIKE IN THAT LAND ACQUISITION THAT 1 MILLION IS GOING TO BE ENOUGH SHOULD SOMETHING COME UP SO THAT I'D LIKE TO MOVE MORE INTO THAT IF WE CAN.
I THINK WE CAN. WE DON'T KNOW WHAT THAT IS YET.
RIGHT. SO I WOULD, IT DOESN'T REALLY MATTER TO ME.
WE CAN PUT A MILLION IN LAND ACQUISITION AND 1.3 IN PROJECTS OR FLIP THEM.
OKAY. OR WE CAN WAIT TILL WE HAVE A PRICE TAG AND THEN MOVE THEM OVER.
OKAY. AND DO THAT. AND YOU DIDN'T, YOU WEREN'T GOING WHERE I THOUGHT YOU WERE GOING.
BUT I'LL TELL YOU BECAUSE WE'VE DISCUSSED IT.
WE'VE DISCUSSED IT AT END ABOUT ADDING STAFF.
THAT'LL BE A BUDGET AMENDMENT. AND THAT'S THE WAY FINANCE WANTS TO HANDLE IT.
THEY'D RATHER NOT JUST GUESS AND PUT DOLLARS IN THERE.
RIGHT. THEY WANT TO DO A BUDGET AMENDMENT WHEN THE BOARD DECIDES WHAT THEY WANT TO DO. OKAY, AND THAT SOUNDS GOOD. SO YEAH, IF WE COULD, I'D RATHER BE PROACTIVE AND NOT YOU KNOW, IF SOMETHING COMES UP, WE'RE PREPARED. SO YOU WANT TO TAKE HOW MUCH OUT OF BUSINESS RELOCATION AND PUT IT IN LAND ACQUISITION? SO WOULD WE HAVE TO TAKE IT FROM SOMEWHERE ELSE AND MOVE IT, OR COULD WE JUST ADD TO IT? WE CANNOT TOUCH THAT. NO, YOU CAN AT THIS POINT, YOU CAN JUST ADD MONEY TO IT.
AND AGAIN, WE DON'T WE HAVE $12 MILLION IN THE BANK.
WE DO NOT HAVE TO APPROVE A BALANCED BUDGET. OKAY.
AS A MATTER OF FACT, THE CITY I JUST LEFT, WE NEVER ONCE HAD A BALANCED BUDGET. WE WERE ALWAYS DEFICIT. BECAUSE IF YOU HAVE LARGE PROJECTS THAT CARRY OVER FROM YEAR TO YEAR, YOU'RE NEVER GOING TO SPEND IT WHEN YOU BUDGET IT. RIGHT. AND SO WHEN YOU'RE TALKING BIG NUMBERS, THAT PUTS YOU IN DEFICIT. SO IF THE BOARD WANTS TO PUT 2 MILLION IN LAND ACQUISITION OR THREE, I MEAN, YOU CAN DO THE BOARD CAN DO WHAT YOU WANT TO DO.
WE JUST HAVE TO MEMORIALIZE IT AND GET IT TO.
KELLY. SO THAT NUMBER IS A PASS BY COUNCIL. OKAY.
I'M DONE. SO YOUR CHOICE I DON'T WANT TO LEAD YOU.
YOU DO WHAT YOU THINK IS RIGHT. I DON'T DISAGREE.
JUST A THOUGHT ALONG THAT SAME LINE IS WE DO HAVE THE IMPROVEMENTS THAT WE TALKED ABOUT TO THE COTTON GIN, WHERE'S THAT GOING TO FALL? AND THEN WE KNOW THAT ONE ONE OTHER THING THAT SHE'S TALKING ABOUT.
AND THEN POTENTIALLY IF THERE WOULD BE BUDGET AMENDMENTS, IF WE BOUGHT ANOTHER PIECE OF PROPERTY, IN OTHER WORDS, THROUGHOUT THE YEAR, IT'S NOT LIKE. PROBABLY. WE DON'T HAVE TO ALLOCATE ALL OF THAT RIGHT NOW.
WELL, THERE ARE DIFFERENT WAYS TO LOOK AT IT ON LAND ACQUISITION.
I MEAN, IF WE PUT 2 MILLION OR 3 MILLION IN, THAT'S FINE.
I DON'T LIKE TO PUT TOO MUCH IN BECAUSE I DON'T LIKE PEOPLE SAYING WE GOT A LOT OF MONEY WAITING TO BUY LAND WITH AND EVERYBODY STARTS BOMBARDING US TRYING TO SELL THEIR PARCELS TO US, QUITE HONESTLY. AND THEY JACK THEIR PRICE UP BECAUSE IT'S US.
SO WHERE, WHERE'S THE COTTON GIN GOING TO FALL THEN? THE COTTON GIN COULD EITHER COME OUT OF THE LAND ACQUISITION OR OUT OF.
SO WE KNOW THAT ONE. PROFESSIONAL SERVICES. WE'RE, I'M GOING TO BE MOVING SOME FUNDS AROUND.
I'LL JUST TELL YOU IN THIS BUDGET BECAUSE AGAIN THIS WAS HANDED TO ME.
BUT IF WE END UP. I'VE ALREADY. I ALREADY FOUND OUT ONE STUDY WE DON'T NEED ON THE COTTON GIN.
THE OTHER ONE I KNOW WE DO. WE'RE WAITING TO GET BIDS.
IT'S NOT GOING TO BE A LOT OF MONEY. THE STUDIES WILL COME OUT OF PROFESSIONAL SERVICES.
THE ACTUAL WORK THE BOARD WILL HAVE TO APPROVE, AND WE'LL EITHER TAKE IT OUT OF RELO AND RETENTION OR LAND ACQUISITION AND JUST CREATE ITS OWN LINE ITEM FOR THE COTTON GIN. OKAY. SO YOU CAN AND I'M NOT GOING TO USE THE WORD PAD.
DOES ANYBODY HAVE A SUGGESTION OR DO YOU WANT TO THROW A NUMBER OUT? HOW MUCH TO INCREASE IT? BECAUSE I THINK IN THAT PROJECT THAT WE'RE TALKING ABOUT, THAT WAS AN EXECUTIVE SESSION IS GOING TO BE AROUND TWO.
SO WE PROBABLY WANT TO INCREASE THAT LAND ACQUISITION TO TO THAT NUMBER.
OKAY. I WOULD JUST ADD IT TO LAND ACQUISITION.
OKAY. SO ONCE YOU GET TO THE POINT OF MAKING A MOTION, IT'LL BE TO APPROVE THE BUDGET WITH THAT CHANGE, WHATEVER YOU WANT THAT CHANGE TO BE, AND RECOMMENDATION TO COUNCIL FOR FINAL APPROVAL.
[00:15:20]
MR. CHAIR, I MOVE TO MAKE A MOTION TO APPROVE THE CURRENT BUDGET.ALSO ADDING THE ADDITIONAL FUNDING TO THE LAND ACQUISITION PROPOSED 2026-2027 AND MOVE IT TO COUNCIL FOR APPROVAL. CAN YOU STATE THE DOLLAR FIGURE? YOU WANT AN ADDITIONAL DOLLAR FIGURE YOU WANT TO PUT IN LAND ACQUISITION? YES.
SORRY. MR. CHAIRMAN, I MOVE TO APPROVE THE CURRENT BUDGET, ADDING AN ADDITIONAL 1 MILLION TO LAND ACQUISITION AND ALSO MOVING TO COUNCIL FOR APPROVAL.
THANK YOU. JUST ACTIVATES IT FROM HIS LAPTOP.
SO THANK YOU ALL AGAIN FOR TAKING THE EXTRA TIME.
WE'VE GOT SOME FUN AND INTERESTING THINGS COMING DOWN.
SO THEY'LL HIT THE NEXT PROBABLY 2 OR 3 BOARD MEETINGS.
AND YOU SAID THERE WOULD BE A LITTLE SOMETHING EXTRA IN OUR PAYCHECK IF WE CAME TONIGHT.
YEAH, EXACTLY. I'M GOING TO DOUBLE YOUR PAY. I'LL DOUBLE YOUR PAY IF YOU'LL DOUBLE MINE.
AND I'LL COME OUT WAY AHEAD ON THAT.
AND THE BUDGET'S APPROVED 5-0. THANK YOU ALL.
AND WE'LL MOVE TO THE LAST ITEM WHICH IS ADJOURNMENT.
ALL THOSE IN FAVOR OF ADJOURNMENT. AYE. THANK YOU ALL. THANK YOU ALL.
* This transcript was compiled from uncorrected Closed Captioning.