MINUTES REGULAR. JOINT MEETING TUESDAY, MAY 16, 2023, 5:30 P.M.  HEATH MUNICIPAL, BENEFITS CORPORATION (HMBC) and HEATH ECONOMIC DEVELOPMENT CORPORATION (HEDC)  ATTENDING:  JUSTIN SAUNDERS, PRESIDENT KELSON ELAM, MAYOR, EX OFFICIO BRENT WEAVER, CITY COUNCILAPPOINTBE  JIM CHESTER MICHAEL ZILINSKAS  1. President Justin Saunders called the Heath Economic Development Corporation (HEDC) and Heath Municipal Benefits Corporation (HMBC) meeting to order at 5:30 p.m.  2. Public Comments:  There were: no public comments. 3. Items for Individual Consideration  3.a Discussion and. Action Regarding the Minutes oft the March 21, 2023, Regular  Meeting.  MOTION: MOTION MADE: SECONDED: APPROVED:  ACCEPT MINUTES FROM MARCH 21, 2023, REGULAR MEETING.  ZILINSKAS WEAVER UNANIMOUS4-0  3.b Presentation and Discussion Regarding 1st Quarter FY 2022-2023 Financial Report. Director of Finance Jay Ayres stated thel budget was on track, with the HEDC currently having a fund balance of $3,096,684 and HMBCof $3,497,236. Sales tax collections represent 94.91% ofthe anticipated total revenue and are already at 61% oft the budget. Interest rates are also performing well, with TexPool The one-time per year transfer of $148,000 per fund to the CIP Parks Fund for] projects approved by the City Manager. Aretha. Adams added that the final payment for the Southridge project loan was received in  (J.Ayres)  rates at 4.61% and' TexStar rates at 4.6066%. HEDC/HMBC Board have been made.  April. The loan is now] paid backi ini full, one. year ahead oft time. 3.C Council, Staff: and Board Member Reports:  Brooke reported that the Blue Koi Japanese Bistro was open, and that the Terry Park Sunset Swings project, funded by both PATH and Park CIP contributions, was underway and should be completed by the end of Assistant City Manager Kevin Lasherinformed the Board that the Towne Center Park renovation project put on aj pause following the results ofar recently completed Fire Station studyindicating that one, possibly two, newi fire stations were needed to meet public safety needs. At the same time, the Financial advisor reported the City's bonding capacity to bel lower than anticipated due to rising interest rates. Because the "need" of public safety must bei ranked above the "want" of quality-of-life amenities such as thej park, all: from  May.  May 16, 2023- -H Heath Economic. Development & Municipal. Benefits Corporation- - Minutes  Page 1of2    management to council felt it was wise toj put the park project on hold as funding for public safety facilities 3.d Discussion and Action Regarding HEDC/HMBC: FY: 2022-2023 Project Focus, including Marketing Campaign and Publication ofl Development Standards for' The Reserve. Brooke provided an update on ongoing marketing activities for The Reserve, noting ai recent social media post had attracted residents who are developers and were interested ini more: information. The call led to a Four, possibly five, proposals are working their way through the process with the Leaderahip/development She requested that thel Board "bless" using funds from the promotional line item approved in the FY: 2022- 2023 budget for marketing activities, including placing an advertisement in thei national publication, Shopping Center. Business. The publication represents a good value ini terms of an ad buy with at targeted There is a current balance of $13,403.00 and $13,553.00 respectively in the promotional line. She suggested using upi to $6,000 to use: for some broader advertising. The Board indicated their support of this marketing  iss secured.  meeting with these residents. team towards thel board.  readership of the development and commercial brokerage industry.  expenditure  4.  CONVENE EXECUTIVE SESSION  At6 6:02 p.m., President Saunders recessed the meeting tol Executive Session (closed meeting) stating that ina accordance with' Texas Government Code Chapter 551, Subchapter D, the Boards oft the HMBCand the HEDC recessed into Executive Session (closed meeting) to discuss the following: S 551.087: To discuss ord deliberate regarding commercial orf financial information that the HMBCand the HEDChavei received from a business prospect that the HMBC and HEDC seek tol have locate, stay, or expand in the City of Heath and with which thel HMBCandi HEDC: are conducting economic development negotiations; and/or to deliberatei thec offero ofai financial or otherinentivetothe. business prospectregarding: Project Reserve.  5. RE- CONVENE OPEN SESSION  At 6:37p.m., President Saunders closed Executive Session and reconvened the meeting into open session  stating that no action was taken in the Executive Session.  6. ADJOURN  At 6:371 p.m., President Saunders adjourned the meeting.  APPROVED: JOSTINS SAUNDERS - PRESIDENT  SUZANNEEROOKE BOARD. LIAISON  Ae  May 16, 2023- - Heath Economic. Development & Municipal. Benefits Corporation- - Minutes  Page 2 of2