Meeting Minutes from Tuesday, July 24, 2007

NEDERLAND ECONOMIC DEVELOPMENT CORPORATION

Minutes
July 24, 2007

MEETING

A meeting of the Nederland Economic Development Corporation was called to order at 5:37 p.m. at the Nederland Economic Development Corporation Office, 1903 Atlanta Avenue, by President Larry Ducharme.

QUORUM

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

MINUTES

A motion was made by Nick Phillips and seconded by Billy Neal to approve the minutes of June 18, 2007. Motion carried.
Ayes: Baker, Ducharme, Neal, Phillips and Rogers.
Noes: None. Absent: Guidry and Nugent.

PUBLIC HEARING

The regular meeting was recessed at 5:40 p.m. by President Ducharme for the purpose of conducting a public hearing regarding the potential expenditure of funds for an economic development incentive to All Pro Audio, Inc.

Mr. Duane Miller reported All Pro Audio has been in business since 1985 and currently has a store in Beaumont. His plans are to build a three thousand square foot (3000) metal fabricated building on Highway 69 between Texas Off Road and Suspension and Umphrey Insurance Agency in Nederland, Texas. Mr. Miller stated All Pro Audio sells and installs audio equipment in homes, cars and boats. The Nederland location will begin with three full time equivalent employees, and he will manage the Nederland Store until such time as he can hire a manager. His plans are to break ground by August 2007 and be open by December 2007.

ALL PRO AUDIO, INC.

Mrs. Killian reported that the Impact Analysis Committee (IAC) has met and recommended that the NEDC approve an expenditure of funds not to exceed twenty-nine thousand five hundred dollars ($29,500.00) with a payback period of two (2) years to All Pro Audio, Inc. for the development of a retail audio store to be located on Highway 69, Nederland, Texas.

A motion was made by Nick Phillips and seconded by Bert Rogers to approve the expenditure of funds, not to exceed twenty-nine thousand five hundred dollars ($29,500.00) with a payback period of two (2) years to All Pro Audio, Inc. for the development of a retail audio store to be located on Highway 69, Nederland, Texas, contingent upon the proper financial statements released and projected numbers met through the recovery period. Motion carried.
Ayes: Baker, Ducharme, Neal, Phillips and Rogers.
Noes: None. Absent: Guidry and Nugent.

FINANCIAL REPORTS

The Board reviewed the income and expenses for the NEDC ending June 30, 2007.

EXECUTIVE SESSION

The regular meeting was recessed at 5:45 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 551.087, 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.

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.

A discussion was held concerning the proposal received from Salenga Construction in the amount of nineteen thousand nine hundred sixty three dollars ($19,963.00) for a front parking lot at the D. Bob Hinson City Building located at 1903 Atlanta Avenue, Nederland, Texas. The repairs are needed due to drainage issues such as flooding of the parking lot when it rains and the fact that it is hazardous when backing out onto the road. Hearing no objections Ms. Killian will move forward with this project.

ADJOURN

There being no further business, a motion was made by Nick Phillips and seconded by Paul Baker that the meeting be adjourned at 7:00 p.m. Motion carried.
Ayes: Baker, Ducharme, Neal, Phillips and Rogers.
Noes: None. Absent: Guidry and Nugent.

END Meeting Minutes from Tuesday, July 24, 2007