Meeting Minutes from Wednesday, November 14, 2007

NEDERLAND ECONOMIC DEVELOPMENT CORPORATION

Minutes
November 14, 2007

MEETING

A meeting of the Nederland Economic Development Corporation was called to order at 5:00 p.m. at the Nederland Economic Development Corporation Office, 1903 Atlanta Avenue, by President Nick Phillips.

QUORUM

Board members present: Debby Griffin, Mike Guidry, Stuart Kieschnick, Billy Neal, Nick Phillips, Bert Rogers and Eric Shaw. Others present: Jim Wimberley, NEDC Attorney; Tracie Killian, Executive Director and Marlinda Eastberg, Secretary, NEDC. Guest present was Wade Meriwether, President of Allied Plywood & Lumber, Inc.

MINUTES

A motion was made by Bert Rogers and seconded by Nick Phillips to approve the minutes of October 29, 2007. Motion carried. Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, Rogers. Noes: None Absent: Shaw

PUBLIC HEARING

The regular meeting was recessed at 5:03 p.m. by President Phillips for the purpose of conducting a public hearing regarding the potential expenditure of funds for an economic development to Allied Plywood & Lumber, Inc. for their expansion and relocation to 320 Twin City Highway, Nederland, Texas.

Mrs. Tracie Killian introduced Mr. Wade Meriwether, president of Allied Plywood & Lumber, Inc. Mr. Meriwether stated that he started a wholesale building material business in 1983 located on Spurlock road and currently employs approximately thirteen (13) employees. Mr. Meriwether reported he has purchased the HEB Building located at 320 Twin City Highway, Nederland, Texas, and will move his existing business to the new location and expand to carry surplus products. His projected opening date is February 1, 2008 and will employ an additional three (3) full time employees.

There was a brief discussion regarding the existence of a retail store at the new location. With no more questions and/or comments, President Phillips adjourned the Public Hearing at. 5:07 p.m.

ALLIED PLYWOOD & LUMBER, 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 seventy four thousand five hundred dollars ($74,500.00) with a payback period of (2.2) years to Allied Plywood & Lumber, Inc. for the expansion and relocation to be located at 320 Twin City Highway, Nederland, Texas.

A motion was made by Bert Rogers and seconded by Debbie Griffin to approve the expenditure of funds, not to exceed seventy four thousand five hundred dollars ($74,500.00) with a payback period of 2.2 years (26 months) to Allied Plywood & Lumber, Inc. for their expansion and relocation to be located at 320 Twin City Highway, Nederland, Texas, contingent upon the proper financial statements released and projected numbers met through the recovery period . Motion carried. Ayes: Griffin, Guidry, Kieschnick, Neal, Rogers. Noes: None Absent: Shaw Abstain: Phillips

FINANCIAL REPORTS

Ms. Killian reported the financials for October 2007 were not ready, but noted that on the next statement the Board would see that a check for Nederland Hospitality, LLC in the amount of seventy five thousand dollars and no/100 ($ 75,000.00). This amount was held from the incentive awarded to them until the obligation of a swimming pool was fulfilled. Ms. Killian also reported that the incentive check for Sew-N-Sew's in the amount of seven thousand dollars and no/100 ($7,000.00) has been paid and will also be reflected on the next financial report.

EXECUTIVE SESSION

T The regular meeting was recessed at 5:10 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 7:00 p.m. President Nick Phillips announced no 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, Texas Government Code, Chapter 551.071 to discuss litigation and/or legal advice or Texas Government Code or 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.

Ms. Killian reported the Strategic Planning Committee met on Tuesday, November 13, 2007. The attendance was low but the committees were formed and they are moving forward with Nederland's ten year plan.

ADJOURN

There being no further business, a motion was made by Billy Neal and seconded by Nick Phillips that the meeting be adjourned at 7:05 p.m. Motion carried. Ayes: Griffin, Guidry, Kieschnick, Neal, Phillips, and Shaw. Noes: None Absent: Rogers

END Meeting Minutes from Wednesday, November 14, 2007