Meeting Minutes from Monday, October 29, 2007

NEDERLAND ECONOMIC DEVELOPMENT CORPORATION

Minutes
October 29, 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 Board Member Nick Phillips.

QUORUM

Board members present: Debby Griffin, Mike Guidry, Stuart Kieschnick, Billy Neal, Nick Phillips, Bert Rogers and Eric Shaw. Absent: None. Others present: Jim Wimberley, NEDC Attorney; Tracie Killian, Executive Director and Marlinda Eastberg, Secretary, NEDC.

MINUTES

A motion was made by Bert Rogers and seconded by Billy Neal to approve the minutes of the September 25, 2007.
Motion carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None Absent: None

NEW BOARD MEMBERS

Tracie Killian introduced Debby Griffin and Stuart Kieschnick as the new NEDC members to replace retiring board members Larry Ducharme and R. A. "Dick" Nugent. Ms. Killian also introduced Eric Shaw as a new NEDC board member to replace board member Paul Baker who resigned.

ELECTION OF OFFICERS

A brief discussion was held concerning the following open positions for NEDC Executive Board; they are President, Vice President and Secretary/Treasurer.
A motion was made by Bert Rogers and seconded by Billy Neal to nominate Nick Phillips as President.
Motion Carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

A motion was made by Billy Neal and seconded by Nick Phillips to nominate Mike Guidry as Vice President.
Motion Carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

A motion was made by Bert Rogers and seconded by Nick Phillips to nominate Billy Neal as Secretary/Treasurer.
Motion Carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

ALL PRO AUDIO

Tracie Killian reported that on July 24, 2007 the board approved an incentive of twenty nine thousand five hundred dollars and no/100 ($29,500.00) to All Pro Audio, Inc. for the development of a retail audio store. Ms. Killian reported she contacted Mr. Miller and do to a down turn in the car audio business he has decided not to open a store in Nederland.

Motion made by Bert Rogers and seconded by Debby Griffin to rescind the grant previously awarded on July 24, 2007 in the amount of twenty nine thousand five hundred dollars and no/100 ($29,500.00) to All Pro Audio, Inc.
Motion Carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

FINANCIAL REPORTS

The board reviewed the income and expenses for the NEDC ending September 30, 2007.

EXECUTIVE SESSION

The regular meeting was recessed at 5:55 p.m. by President Nick Phillips 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 Nick Phillips at 7:50 p.m. President Nick Phillips announced no action is needed on Texas Government Code, Chapter 551.071 to discuss litigation and/or legal advice or Texas Government Code, Chapter 551.072, to discuss acquisition, exchange, and/or release of property.

President Nick Phillips announced that the following action is needed on Texas Government Code, Chapter 551.087, to discuss and/or deliberate concerning financial and/or commercial information received from potential business prospects regarding potential economic development incentive.

Tracie Killian reported Juxtapose, Inc. has exceeded expectations and fulfilled their obligations to the NEDC through the monitoring process. Juxtapose, Inc. received an incentive of ten thousand dollars and no/100 ($10,000.00) on January 21, 2002 with a payback of 4.8 years. Ms. Killian recommended that the monitoring of the above mentioned client be closed.
A motion was made by Mike Guidry and seconded by Eric Shaw to close the monitoring process for Juxtapose, Inc. Motion carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

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.

Ms. Killian made the following announcements and encouraged all board members to attend:

• Nederland Chamber of Commerce monthly coffee to be held at Central Middle School on Tuesday, November 13, 2007 at 8:00 a.m.
• Task Force Meeting - November 13, 2007, from 9:00 a.m. to 11:00 a.m. at the Nederland EDC office,

ADJOURN

There being no further business, a motion was made by Billy Neal and seconded by Nick Phillips that the meeting be adjourned at 8:00 p.m. Motion carried.
Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers and Shaw.
Noes: None. Absent: None.

END Meeting Minutes from Monday, October 29, 2007