Meeting Minutes from Monday, January 15, 2007

NEDERLAND ECONOMIC DEVELOPMENT CORPORATION

Minutes
January 15, 2007

MEETING

A meeting of the Nederland Economic Development Corporation was called to order at 5:30 p.m. at the Nederland Economic Development Corporation Office, 1903 Atlanta Avenue, by President Larry Ducharme.

QUORUM

Board members present: Paul Baker, Larry Ducharme, Mike Guidry, Billy Neal, R.A. Nugent, Nick Phillips and Bert Rogers. Others present: Jim Wimberley, NEDC Attorney; Tracie Killian, Executive Director and Marlinda Eastberg, Secretary, NEDC.

MINUTES

A motion was made by Dick Nugent and seconded by Nick Phillips to approve the minutes of October 2, 2006. Motion carried.
Ayes: Baker, Ducharme, Guidry, Neal, Nugent, Phillips and Rogers.
Noes: None.

FINANCIAL REPORTS

The Board reviewed the income and expenses for the NEDC ending December 31, 2006.

Mrs. Killian reported that International Specialty Products (ISP; former Ameripol Synpol) received their third (3rd) of five (5) payments in the amount of ten thousand and no/100 dollars ($10,000.00). Port Neches EDC sent documentation showing ISP employs twenty three (23) Nederland residents with an average payroll of fifty eight thousand, four hundred twenty one and no/100 dollars ($58,421.00).

EXECUTIVE SESSION

The regular meeting was recessed at 5:34 p.m. by President Larry Ducharme for the purpose of conducting an Executive Session as authorized by the Texas Government Code, Chapter 551.087, to discuss the offer of an incentive to a business prospect; Texas Government Code, Chapter 551.071 to discuss litigation and/or legal advise; and Texas Government Code, Chapter 551.072, to discuss acquisition, exchange, and/or release of property.

RECONVENE

The regular meeting was reconvened by President Larry Ducharme at 6:50 p.m. President Larry Ducharme announced no action is needed on Texas Government Code, Chapter 551.072, discuss potential acquisition, exchange, and/or release of property, Texas Government Code, Chapter 551.071, to discuss contemplated litigation.

President Larry Ducharme announced the following actions on Texas Government Code, Chapter 551.087, to discuss the offer of an incentive to a business prospect.

A motion was made by Nick Phillips and seconded by Bert Rogers to close the files on the following clients due to bankruptcy:

1. Timmist Carpet and Cleaning
2. Brisket Room on the Bayou
3. Celebration's Bakery & Café
4. Precious Peas
5. Colichia's Italian Restaurant

COMMUNICATION

Tracie Killian presented the Board with a written Executive Director's Report with each item detailing activities of the NEDC office since the last board meeting.

Mrs. Killian made the following announcements and encouraged each member to attend.

• Nederland Chamber of Commerce Annual Banquet - January 18, 2007 at the Pompano.
   
• City of Nederland Appreciation Dinner - January 23, 2007 at the KC Hall in Nederland
   
• Nederland Heritage Festival Mixer - February 6, 2007 at the Heritage Festival pavilion.
   

ADJOURN

There being no further business, a motion was made by Dick Nugent and seconded by Nick Phillips that the meeting be adjourned at 7:12 p.m. Motion carried.
Ayes: Baker, Ducharme, Guidry, Neal, Nugent, Phillips and Rogers.
Noes: None.

END Meeting Minutes from Monday, January 15, 2007