STATE OF TEXAS 8 COUNTY OF BURNET 8 On this the 18th day of March 2025, the Burnet Economic Development Corporation of the City of Burnet convened in Regular Session, at 3:00 p.m., at the Burnet City Council Chambers, 2402 S. Water Street, Burnet, with the following members present, to-wit: Board Members: President Cary Johnson, David Vaughn, Philip Thurman, Ricky Langley, Josh Milam, Keith McBurnett, Habib Erkan, Jr. Guests: Adrienne Feild, Alan Bryan, Kimberly Hodde CALL TO ORDER: The meeting was called to order by Board President Cary Johnson at 3:00 p.m. and a quorum was established. CONSENT AGENDA: Approval of the February 11, 2025 BEDC Regular Meeting Minutes Approval ofthe February 25, 2025 BEDC Special Meeting Minutes Board Member Philip Thurman moved to approve the consent agenda as presented. Board Member Keith McBurnett seconded. The motion carried unanimously. ACTION ITEMS: Discussion and consider action: Related to the potential sale of all or portions ofThe Crossings at 281 South Commercial Park: Board Member David Vaughn relayed to the Board that a permanent solution for the detention pond has yet to be finalized, however, possible options will cost approximately $350,000. Mr. Vaughn also reported that he contacted Marcus Dawes with H-Tea- - to confirm his continued interest in the property. He is currently awaiting a final response. Mr. Vaughn confirmed that the Marriott Hotel's groundbreaking ceremony is still on schedule for March 26, 2025. Mr. Vaughn also reported that the hotel developers made contact with Atmos Energy to inquire about gas service for the hotel. The estimate for service was $175,000 and due to the large price tag, the hotel will likely proceed strictly with electrical service fori their operation. No action taken. Discussion and consider action: Related to the potential sale of all or portions of 118 E. Polk Street Properties: Board Member David Vaughn reported that two developers have reached out to him regarding the property, however the initial verbal offers have been significantly below the Board's current financial investment. No action taken. Discussion and consider action: Related to the potential sale ofall or portions ofEastside Commercial Park located on Highway 29 East: Board Member David Vaughn reported that Kelly Shaw, a developer representing Goodwill of Austin, approached him regarding 2.5 acres on the property. A Goodwill building would cost approximately $4.5 million dollars to build, and the business itself would potentially generate a substantial profit in sales tax. No action taken. Discussion and consider action: Unimproved Property Contract with Roaring 7] Development, LLC for the purchase ofLots 7-D-1 and 7-D-2 of Eastside Commercial Park: Kimberly Hodde and Alan Bryan, developers with Roaring 7 Development, approached the Board with an offer of $449,000 for lots 7-D-1 and 7-D-2, approximately 3.4 acres, located behind the Scott & White Clinic. Their plan for the property is to open a sports themed restaurant and bar that would serve hamburgers, sandwiches, and fire-roasted pizzas. The restaurant would also include a fenced outdoor area and at present, the target date for opening would be 2026. In additional phases, the developers would continue to improve the land with additional buildings much like those of a strip mall. Board Member Philip Thurman made a motion to approve the contract as presented. Board Member Josh Milam seconded the motion. The motion carried unanimously. Discussion and consider action: Fiscal Year 2024/25 Financial Report: Board Member David Vaughn provided a brief budget update to the Board. Sales tax revenue has increased 9% over the last year, payments have been made for the Badger building and Beall's S property, and the budget is currently at a good financial place. No action taken. Discuss and consider action: Burnet Community Coalition: Board Member Philip Thurman reminded the Board that the first Jackson Street Jams concert is scheduled for Saturday, March 22nd. . The concert begins at 7:00 p.m. and will feature Wade Hayes and Moe Bandy. No action taken. CONVENE TO EXECUTIVE SESSION: None. The Board of Directors of the Burnet Economic Development Corporation shall convene in executive session to: 4.1) Pursuant to Section 551.072 Texas Government Code deliberate the purchase, exchange. lease, or value of real property in order to minimize the detrimental effect of such discussion in open session on the position of the Board in negotiations with third parties for property located at 236 South Main St.. Burnet: D. Vaughn: No action taken. REQUESTS FROM BEDC FOR FUTURE REPORTS: None. h. ADJOURN: There being no further business, a molion to adjourn was made by Board President Cary Johnson at 4:11 p.m. and seconded by Board Member Philip Thurman. The motion carried unanimously. ATTEST: Cary Johnson! President Burnet Economic Development Corporation Maria Gonzales, City Secretary