* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. YES. THANK [00:00:01] YOU. YOU'RE WELCOME. [Special (EDC) Board Meeting] ALL RIGHT. YOUR TIME IS SIX THIRTY TWO AND I CALL THIS SPECIAL CALLED HUDDLE ECONOMIC DEVELOPMENT CORPORATION, TYPE A AND TYPE B BOARD DIRECT DIRECTOR'S MEETING TO ORDER. ROLL CALL CHAIRMAN ARIS MENDEZ, VICE CHAIR CARLSON ROSA. SECRETARY CLANCY. HERE. TREASURER LUCAS. HERE. BOARD MEMBER SNYDER. HERE. BOARD MEMBER CLARK. HERE. BOARD MEMBER COLEMAN PRESENT. EXCELLENT. WHAT DO HAVE A QUORUM? PRESENT AND TIME FOR THE PLEDGE, UH, PLEDGE ON YOUR TO THE FLAG OF THE UNITED STATES OF AMERICA. AMERICA REPUBLIC FOR STANDS. ONE NATION UNDER GOD. INDIVIDUAL WITH LIBERTY AND JUSTICE. HONOR THE TEXAS FLAG. TEXAS FLAG PLEDGE. LEAD US TO PLEDGE STATE. GOD, DO THIS ONE. IT HAS A LITTLE DELAY. TONGUE ITEM FOUR, PUBLIC COMMENT. UH, IS THERE ANYBODY SIGNED UP AND SEEING NONE? WE'LL MOVE ON TO ITEM FIVE ONE. CONSIDER AN APPROVED CORPORATE MINUTES FOR ITS REGULAR MEETING ON JANUARY 9TH, 2023, AND A SPECIAL CALLED JOINT MEETING WITH COTTONWOOD DEVELOPMENT CORPORATION ON JANUARY 17TH, 2023. EVERYBODY HAVE AN OPPORTUNITY TO LOOK AT THE MINUTES? YEP. YEP. YES. OKAY. I'LL MAKE THE MOTION TO APPROVE FIVE ONE. OKAY. AS PRESENTED. OH, SECOND. ALL RIGHT. WE HAVE A MOTION FROM TREASURER LUCAS, A SECOND BY SECRETARY CLANCY AND GET ROLL CALL BOARD MEMBER SNYDER. AYE. BOARD MEMBER CLARK AYE. BOARD MEMBER COLEMAN. AYE. VICE CHAIR CARLSON AYE. SECRETARY CLANCY AYE. TREASURER LUCAS? AYE. ALL RIGHT. MOTION PASSES. SIX ZERO. ALL RIGHT. ITEM SIX ONE, APPROVE A RESOLUTION, UH, APPROVING A SALES TAX FUNDING AGREEMENT BETWEEN THE CORPORATION AND THE CITY OF HUTTO, TEXAS IN THE AMOUNT OF $6 MILLION FOR USE IN THE ACQUISITION OF 250 ACRES OF LAND CURRENTLY OWNED BY THE COTTONWOOD DEVELOPMENT CORPORATION. UH, BO, AS YOU KNOW, UH, WE'VE HAD NUMEROUS DISCUSSIONS ABOUT THE POSSIBLE, UH, TRANSFER OF OWNERSHIP FOR THE COTTONWOOD FORMER PERFECT GAME SITE, UM, TO THE, TO THE COMMUNITY, UM, IN ORDER TO FACILITATE ITS DEVELOPMENT. UH, AS PART OF THAT DIALOGUE, UM, A DISCUSSION, WE COULD RAISE A CERTAIN AMOUNT OF MONEY FROM A LOAN. WE HAD A CERTAIN AMOUNT OF MONEY THAT EDC WAS WILLING TO PUT INTO A RESERVE FUND, UM, FOR THE LOAN, AND THERE WAS A DELTA OF $6 MILLION, UH, NECESSARY TO CLOSE THE DEAL AT THE PRICE POINT THAT WE WERE ABLE TO, UH, NEGOTIATE. SO THE 6 MILLION HAS BEEN TALKED ABOUT BY, UH, COUNCIL BY EDC. THIS SIMPLY WOULD TAKE THE POSITION OF GOING AHEAD AND AUTHORIZING A TRANSFER OF FUNDS IN ORDER TO FACILITATE THAT PROJECT. MOTION TO APPROVE SIX. WHEN IS PRESENTED? I'LL SECOND. SECOND. SO WE HAVE A MOTION BY BOARD MEMBER, UH, SNYDER. A SECOND BY TREASURER LUCAS, I'M GONNA ROLL CALL. I'M SORRY. SECRETARY CLANCY. AYE. VICE CHAIR CARLSON AYE. BOARD MEMBER COLEMAN. AYE. BOARD MEMBER CLARK AYE. BOARD MEMBER SNYDER. AYE. TREASURER LUCAS. AYE. MOTION PASSES 60 ITEM SIX TWO. DISCUSS AND CONSIDER ACTION TO SELECT A SECOND CITY COUNCIL MEMBER TO SPONSOR FOR THE NATIONAL I C S C EVENT. SO AT THE LAST MEETING, Y'ALL WANTED TO SPONSOR TO, UH, CITY COUNCIL MEMBERS TO GO TO I C S C, UM, AND DIRECTED US TO EXTEND THAT INVITATION TO COUNCIL MEMBER THORNTON AND COUNCIL MEMBER KOLAR. UH, COUNCIL MEMBER THORNTON IS GOING TO BE JOINING US, UH, BUT UNFORTUNATELY COUNCIL MEMBER KOLAR WAS NOT ABLE TO ATTEND. SO I WANTED TO SEE IF THE BOARD WANTED TO EXTEND THAT INVITATION TO ANOTHER CITY COUNCIL MEMBER OR FORGO THAT OPPORTUNITY. WHO WOULD BE, UM, OPEN OR WHO ELSE WOULD BE AVAILABLE WITH SNYDER GOING, WELL, THAT'S A LITTLE BIT OF A PICKLE BECAUSE WE DO HAVE ELECTIONS, SO IT'S HARD TO SAY. YEAH, THAT'S WHAT I WAS ASKING. YEAH. SO THAT, THAT BEGS THE QUESTION. SO I JUST DIDN'T KNOW IF THERE WAS SOMEONE THAT YOU THOUGHT YOU'D WANT TO INVITE AND SPONSOR OR JUST HOLD OFF. I MEAN, RANDALL, ARE YOU NOT ABLE TO ATTEND OR ARE YOU ATTENDING? IS HE ATTENDING? I THOUGHT HE DIDN'T KNOW YET. UM, I CAN'T COMMIT AND I DIDN'T WANNA WASTE THE FUNDS IF THEN I HAVE TO BACK OUT OF THE TRIP DUE TO, UM, SOME FAMILY COMMITMENTS THAT MAY BE COMING UP AT THAT TIME. OKAY. SO WHO WOULD THAT LEAVE? LEFT . THERE'S FOUR. ONE IN FOUR. UH, YEAH, SO IT'D BE TWO, WHICH THAT'S [00:05:01] A NO. OH, EXCUSE ME. I TWO IS A YES. THREE IS A NO, FIVE IS A NO. A VACANCY. THAT'S RIGHT. AND THEN A SIX IS YOU CAN'T GO AND THEN YOU'RE ALREADY GOING, SO THERE'S EFFECTIVELY NO ONE. YEAH, SO I, I WOULD JUST SAVE IT WITH ONE. OKAY. DO WE NEED A MOTION FOR THAT OR I DON'T EVEN KNOW. DO WE NEED A MOTION FOR THAT OR MM-HMM. M NO, NO. ACTION. ALL RIGHT. THERE IS NO ACTION ON SIX TWO. ALL RIGHT. ITEM SEVEN, EXECUTIVE SESSION. THE BOARD WILL NOW RECESS THE OPEN MEETING AND RECONVENE AN EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE SECTION 5 51 DO OH SEVEN ONE ATTORNEY CONSULTATION 5 51 0 8 7 ECONOMIC DEVELOPMENT AND 5 51 0 7 2 RIO PROPERTY TO DELIBERATE AND SEEK LEGAL ADVICE REGARDING PROJECT PREMIER PROJECT STRAT THREE, PROJECT V AS IN VICTOR, PROJECT N, Q2, PROJECT GRACELAND PROJECT, E S L O PROJECT, TITAN PROJECT SKYBOX PROJECT POLY PROJECT, CHICAGO PROJECT E AS IN EDWARD, PROJECT CP TWO, THE MEGASITE PROJECT ACQUISITION AND COTTONWOOD DEVELOPMENT CORPORATION PROPERTIES, AND ANY NEW PROSPECTS FOR POTENTIAL INCENTIVE EVALUATION AND CONSIDERATION. ALL RIGHT. WE ARE ENTERING EXECUTIVE SESSION AT 6 38. OKAY. ALL RIGHT. THE TIME IS 9 0 7 AND WE HAVE RETURNED FROM EXECUTIVE SESSION ONTO ITEM EIGHT. ONE DISCUSSIONS. CONSIDER ACTION TO APPROVE A RESOLUTION AUTHORIZING THE CORPORATION TO ENTER INTO A FUNDING AND REFUNDING AGREEMENT WITH THE CITY OF HUTTO, TEXAS FOR AN AMOUNT OF UP TO $12 MILLION TO BE USED FOR THE ECONOMIC DEVELOPMENT INFRASTRUCTURE. UH, IMPROVEMENTS TO THE MEGASITE SPINE ROAD CONSTRUCTION IS DISCUSSED IN AN EXECUTIVE SESSION AND AUTHORIZING THE CHAIR TO EXECUTE THE AGREEMENT. MR. VICE CHAIR, I'LL MAKE THAT MOTION ON EIGHT ONE TO APPROVE AS STATED AND DISCUSSED IN EXECUTIVE SESSION. I'LL SECOND. ALL RIGHT. WE HAVE A MOTION BY TREASURER LUCAS, A SECOND BY SECRETARY CLANCY. WE CAN GET A ROLL CALL BOARD MEMBER CLARK AYE. BOARD MEMBER SNYDER AYE. TREASURER LUCAS AYE. SECRETARY CLANCY. AYE. VICE CHAIR CARLSON AYE. BOARD MEMBER COLEMAN AYE. MOTION PASSES SIX ZERO ITEM EIGHT TWO. DISCUSS AND CONSIDER ACTION APPROVING A RESOLUTION AUTHORIZING THE CORPORATION TO ENTER IN AN ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT AND A PURCHASE AND SALE AGREEMENT FOR PROJECT VER ROMERO UNDER THE TERMS DISCUSSING EXECUTIVE SESSION AND AUTHORIZING THE CHAIR TO EXECUTE ALL NECESSARY CLOSING DOCUMENTATION IF APPROVED AS TO FORM BY CORPORATE COUNSEL TO COMPLETE THE SALE. STILL MOVED. I'LL SECOND THEN. ALL RIGHT. WE HAVE A MOTION BY MEMBER CLARK, A SECOND BY TREASURER LUCAS, WE CAN GET A ROLL CALL BOARD. MEMO MEMBER MEMBER COLEMAN. AYE. VICE CHAIR CARLSON. AYE. SECRETARY CLANCY. AYE. TREASURER LUCAS AYE. BOARD MEMBER SNYDER. AYE. BOARD MEMBER CLARK. AYE. MOTION PASSES 60 ITEMS 83 84 AND 85 WILL HAVE NO ACTION AND I'D LIKE TO MAKE A MOTION ON EIGHT. OKAY. TO MAKE A MOTION THAT WE APPROVE AND THEN, I DON'T KNOW WHAT YOU'D CALL IT. IS IT INCENTIVE, WE DEBATED IT SO MUCH AN INCENTIVE AGREEMENT THAT WOULD PAY OUT $20,000 EACH YEAR THAT THEY ATTAIN 3 MILLION IN GROSS SALES NOT TO EXCEED FOUR YEARS IN A ROW. SOUND UHHUH. I'M GONNA, I'M GONNA HAVE TO BRING THAT BACK IN A DOCUMENT FOR YOU TO SIGN ONCE YOU SEE IT. DIRECT STAFF TO BRING THAT BACK LIKE THAT. OKAY. BUT IS THAT KIND OF WHAT I WAS WHAT I WAS THINKING, ? THAT'S NOT WHAT I WAS THINKING. THAT'S MY UNDERSTANDING OF WHAT YOU WERE THINKING. . SO IS THAT A BRING BACK? THERE'S NOT A MOTION. YEAH. THIS IS A, YEAH, IT'S A MOTION TO DIRECT STAFF. STAFF. OH, THE MOTION. YEAH. THEN I'LL SECOND THAT. IF YOU DOT THE ONLY AND I WANNA MAKE THE MOTION FED IS SO THAT IF THEY'RE WATCHING, THEY CAN SEE THAT WE'RE THE WRONG HEADED TOO. YEAH, I AGREE. POTENTIALLY, UNLESS WE VOTE NOW. ALL RIGHT. SO BOARD MEMBER SCHNEIDER HAS [00:10:01] MOTIONED THAT STAFF RETURN WITH A, UH, PERFORMANCE AGREEMENT. AND THAT HAS BEEN SECONDED BY, UH, TREASURER LUCAS. WE CAN GET A ROLL CALL SECRETARY CLANCY. AYE. VICE CHAIR CARLSON. AYE. BOARD MEMBER COLEMAN. AYE. BOARD MEMBER CLARK AYE. BOARD MEMBER SNYDER AYE. TREASURER LUCAS AYE. MOTION PASSES 60 AND WITH NO FURTHER BUSINESS WE ARE ADJOURNED AT NINE 11. YEP. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.