Benbrook EDD BENBROOK ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING MINUTES TUESDAY, JANUARY 21, 2025 911 WINSCOTT ROAD, BENBROOK, TEXAS WORK SESSION: The Benbrook Economic Development Corporation (BEDC) Board of Directors met at 6:30 p.m. to discuss the agenda items and review staff updates. The Work Session was held in the Benbrook City Hall Central Conference Room. The Work Session recessed at 6:50 p.m. Board Members in Attendance: Gary A. Lindsay Place 1 Dr. Danyelle Ackall Place 2, BEDC Secretary Kristen Melton Place 3 Thomas Casey Place 4, BEDC Vice President Kent Williams Place 5, BEDC President Omar P. Aguilar Place 7 Board Members Not in Attendance: Phyllis Harkins Place 6 Staff Present: Jessica James, Director of Economic Development and Marketing and Breanna Bowen, Manager of Economic Development and Marketing REGULAR SESSION - CONVENED INTO THIE COUNCIL CHAMBERS I. CALL TO ORDER The BEDC Regular Board Meeting was called to order at 7:00 p.m. on Tuesday, January 21, 2025, in the Benbrook City Hall Council Chambers, located at 911 Winscott Road, Benbrook, Texas. II. CITIZENPS PUBLIC FORUM President Williams opened the Citizen' S Public Forum to allow citizens to comment on any agenda item. There were no citizen comments. III. ACTION ITEMS A. Approve the December 16, 2024, Regular Board Meeting Minutes. Mr. Lindsay made a motion to approve the December 16, 2024, Regular Board Meeting Minutes as presented. Mr. Casey seconded the motion. The motion passed; 6-0. B. Election of 2025 BEDC Officers (President, Vice President, and Secretary). Mr. Williams requested nominations for the 2025 BEDC Board President. Mr. Casey nominated Mr. Williams to serve as the 2025 BEDC Board President. Mr. Aguilar seconded the motion. The motion passed; 5-0; Mr. Williams abstained. BEDC Regular Board Meeting Minutes January 21, 2025 Page 1 of3 Benbrook EDA Mr. Williams requested nominations for the 2025 BEDC Board Vice President. Mr. Lindsay nominated Mr. Casey to serve as the 2025 BEDC Board Vice President. Dr. Ackall seconded the motion. The motion passed; 5-0; Mr. Casey abstained. Mr. Williams requested nominations for the 2025 BEDC Board Secretary. Ms. Melton nominated Dr. Ackall to serve as the 2025 BEDC Board Secretary. Mr. Aguilar seconded the motion. The motion passed; 5-0; Dr. Ackall abstained. IV. DIRECTOR'S REPORT Receive Monthly Financial Report for Period Ending December 31, 2024. Presentation Highlights: Liquid assets as of December 31, 2024 o Checking account: $2,763,630.36 o Checking account interest earned: $4,090.40 O TexPool account: $4,097,087.11 TexPool account interest earned: $15,809.76 o Total liquid assets: $6,860,717.47 Total revenue for December 2024: $200,378.26 This amount includes: o Sales tax revenue for December 2024: $179,384.74 Interest earned on account: $19,900.16 o BKV North Texas, LLC: $1,093.36 Encumbered Funds as ofI December 31, 2024: $3,099,863.02 This amount includes: o Total current and pending projects: $3,057,026.50 O Total operating expenses for December 2024: $42,836.52 Fund balance as of December 31, 2024: $3,760,854.45 V. EXECUTIVE SESSION The Board convened into Executive Session at approximately 7:10 p.m. to discuss the items below. Pursuant to the Texas Open Meetings Act: A. Section 551.072 - Deliberations Regarding Real Property. Deliberate the purchase, exchange, lease, or value of real property, as deliberation in an open session would have a detrimental effect on the position of governmental body negotiations with a third person. DISCUSS PROPERTY LOCATED AT 610 WINSCOTT. B. Section 551.087 - Deliberation Regarding Economic Development Negotiations. (2) Deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1). DISCUSS MAD BENBROOK, LLC'S INCENTIVE. DISCUSS URGO PROJECT. BEDC Regular Board Meeting Minutes - January 21, 2025 Page 2 of3 Benbrook EDD VI. RECONVENE INTO OPEN SESSION The BEDC Board reconvened into open session at 7:36 p.m. VII. TAKE ANY NECESSARY OR APPROPRIATE ACTION AS A RESULT OF CLOSED EXECUTIVE SESSION VIII. ADJOURNMENT The meeting adjourned at approximately 7:36 p.m. APPROVED: Kawul KENT WILLIAMS PRESIDENT ATTEST: DRSANYELEE 4 C MAb SECRETARY BEDC Regular Board Meeting Minutes January 21, 2025 Page3of3