Development Corporation of Mercedes, Inc. Special Called Meeting Wednesday, July 31, 2024 11:30AM Board Members Present: Fred Gonzalez- President Marcos Garcia -Vice President Peggy Marie Chavez Yanez- Treasurer Tony Garza - Member Roel Villanueva Member Board Members Absent: Lou Huerta Secretary Joe Flores - Member EDC Staff Present: Melissa Ramirez - Executive Director Zefra Mascorro - Administrative Coordinator EDC Staff Absent: Mario Salinas - Marketing Specialist Mark Sossi - DCM Attorney City Staff Present: Alberto Perez- City Manager Others Present: 1. Call Meeting to order Fred Gonzalez called the meeting to order at 11:32AM 2. Executive Session: Section 551.087: Economic development negotiations with Project M30 and Section 551.071: pending legal issues, delinquent loans and on any regular agenda item requiring confidential, attorney-client advice necessitated by the deliberation or discussion of said item as needed. The Board went into Executive Session at 11:32AM The Board went into Open Session at 12:09PM 3. Discussion and Action: item #2 Tony Garza motioned to proceed as discussed in Executive Session with Project M30 by offering a 2-million-dollar upfront incentive with 70% or up to 75% of a sales tax rebate if needed or to authorize Melissa Ramirez, Executive Director to engage the original incentive disbursement. Seconded by Marcos Garcia. All voted aye. 4. Adjourment12.09PM4 A hh 1 A Fred Gonzalez, President Joe Flores, Jr., Member huupk K Marcos Garcia, Vice-President Tony Garza, Member Vlgy Vmariy Char-Naiay PegbyMarie Chavez-Manez, Treasurer RoelWillanueva, Member Lou Huerta, Secretary