The Economic bevelopmentCorporation of Weslaco

Board of birectors Meeting

Regular Meetingbecember 18, 2013

Attachment A

Minutes of Special Meetingbecember 6 2013

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THE ECONOMIC DEVELOPMENT CORPORATION OF WESLACOMINUTES OF THE SPECIAL MEETING

December 4, 2013

On this, the fourth (4th) day of December 2013 at 6:00 PM, The EconomicDevelopment Corporation of Weslaco convened its annual meeting at theBusiness-Visitor & Event Center Board Room located at 275 South KansasAvenue, Weslaco, Texas.

The following members were present:Rob Peterson, PresidentGerardo Tafolla, Vice PresidentAdrian Farias, Secretary-TreasurerJohn F. Cuellar, Board Member (6:04-8:25)David Fox, Board Member (6:06-8:25)

The following also were present:Jesus Ramirez Legal CounselLeonardo Olivares Interim Executive DirectorAlicia Aguilar Director of Marketing and Business Retention

I. CALL TO ORDER

Mr. Peterson called the meeting to order at 6:01 PM.

II. ESTABLISHMENT OF QUORUM

Mr. Peterson noted that three (3) members were present, and a quorumwas established.

Ill. PUBLIC COMMENTS

Mr. Peterson noted that there were no public comments.

IV APPROVAL OF MINUTES

A Special Meeting, September 16, 2013B Regular Meeting, October 23, 2013C Annual Meeting, November 20, 2013

Mr. Tafolla made a motion that the Board of Directors approve theminutes of the Special Meeting of September 16, 2013, and the RegularMeeting of October 23, 2013, as presented, and the Annual Meeting ofNovember 20, 2013, with the following correction: to delete Mr. RichardS. Talbert’s comments from item Ill. PUBLIC COMMENTS. Mr. Fariasseconded the motion. Motion carried unanimously. President RobPeterson voted yea.

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EDCW BOARD MEETINGDecember 4, 2013

V OLD BUSINESS

A Executive Director SearchDiscussion and consideration of the status of the search for a newExecutive Director and the selection process. Possible action.

Mr. Cuellar made a motion that the Board of Directors requestPresident Rob Peterson to contact the seven (7) current membersof the Executive Director Search Committee; appoint a new five(5) member committee from the seven (7); request the new fivecommittee to convene at least once prior to the holidays; andreport to the regular January meeting to be held January 15, 2014.Mr. Tafolla seconded the motion. Motion carried unanimously.President Rob Peterson voted yea.

VI NEW BUSINESS

A Time of MeetingDiscussion and consideration of changing the time of boardmeetings. Possible action. Requested by Rob Peterson.

Mr. Tafolla made a motion that the Board of Directors change thetime of the meeting to 5:30 PM. Mr. Farias seconded the motion.Motion carried unanimously. President Rob Peterson voted yea.

B General Legal CounselDiscussion and consideration of retaining general legal counsel forthe EDCW. Possible action.

Mr Tafolla made a motion that the Board of Directors contractwith Eloy Sepulveda to be the attorney of record for The EconomicDevelopment Corporation of Weslaco. There was no second. Mr.Tafolla rescinded his motion.

Mr. Cuellar made a motion that the Board of Directors request theInterim Executive Director to contact local Weslaco attorneys whomight be interested in serving as the General Legal Counsel forThe Economic Development Corporation of Weslaco and report tothe regular December meeting scheduled to be held on December18, 2014. Mr. Tafolla seconded the motion. Motion carriedunanimously. President Rob Peterson voted yea.

C AuditDiscussion and consideration of engaging the firm of Garcia &Pena, CPAs, to conduct the annual audit of The EconomicDevelopment Corporation of Weslaco for fiscal year October 1,2012 through September 30, 2013. Possible action.

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EDCW BOARD MEETINGDecember 4, 2013

VI C Audit [Continuedi

Mr. Tafolla made a motion that the Board of Directors authorizethe Interim Executive Director to enter into a contract with the firmof Garcia & Pena, CPAs, to conduct the annual audit of TheEconomic Development Corporation of Weslaco for fiscal yearOctober 1, 2012 through September 30, 2013. Mr. Fox secondedthe motion. Motion carried unanimously. President Rob Petersonvoted yea.

Prior to entering into Executive Session, Mr. Peterson made the followingannouncement:

The Board of Directors of The Economic Development Corporation ofWeslaco will now convene in a closed session to discuss those mattersreflected on the posted agenda as Executive Session items, pursuant toone or more of the following provisions of Chapter 551 of the GovernmentCode, as applicable:

a. Section 551.071, Consultations with Attorneyb. Section 551 .072, Deliberations Regarding Real Propertyc. Section 551 .074, Personnel Matters, and/ord. Section 551.087, Deliberations Regarding Economic Development

Negotations

It is 6:48 PM, and the Board is now in Executive Session.

VII EXECUTIVE SESSION

A Real Property SaleDiscussion and consideration of authorizing the sale of Mid-ValleyIndustrial Park 4, Lot 1, to a regional food manufacturer.

B InfrastructureDiscussion and consideration of assisting with infrastructureimprovements to twenty (20) acres of land at Expressway 83 andMilanos Road to assist the economic development of the area.

C IncentiveDiscussion and consideration of an incentive for modernization ofa facility on FM 1015.

D IncentiveDiscussion and consideration of an incentive for the administrativeoffices of a regional educational institution to locate in Weslaco.

E Consultation with Legal CounselConsultation with legal counsel relating to threatened or potentiallitigation pertaining to all mailers concerning Phase 2 of theBusiness-Visitor & Event Center.

Page 3 of 5

EDCW BOARD MEETINGDecember 4, 2013

Following the Executive Session, Mr. Peterson made the followingannouncement:

It is 8:20 PM and the EDC Board is now out of Executive Session andresuming the meeting in open session in accordance with the postednotice.

VII ACTION ON EXECUTIVE SESSION ITEMSPossible action concerning discussion on Executive Session items.

A Real Property Sale

Mr. Tafolla made a motion that the Board of Directors authorizethe accountant to segregate the Ten Thousand Dollar($10,000.00) escrow payment from Mase Global, if it is comingledwith other monies, and authorize the Interim Executive Director torequest estimates for the removal and storage of the personalproperty (steel) of Mase Global from MVIP 4-1, to modify thecurrent Sales Contract according to the terms stated, to includestipulation of a title company for closing and to enter into a SalesContract with La Real Michoacana USA Inc. Mr. Fox secondedthe motion. Motion carried unanimously. President Rob Petersonvoted yea.

B Infrastructure

Mr. Peterson announced that no action would be taken on thisitem.

C Incentive

Mr. Fox made a motion that the Board of Directors request theInterim Executive Director to refer to the City of Weslaco for astaggered tax abatement and approve job credits forDuPont/Pioneer as follows:

$407,351.00 Tax Abatement156,000.00 Job Credits Over a Five (5) Year Period

Mr. Tafolla seconded the motion. Motion carried unanimously.Rob Peterson voted yea.

D IncentiveE Consultation with Legal Counsel

Mr. Peterson announced that no action would be taken on theseitems.

Page 4 of 5

EDCW BOARD MEETINGDecember 4, 2013

VIII ADJOURNMENT

There being no further discussion Mr. Peterson adjourned the meeting at8:25 PM.

Respectfully submitted,

Alicia AguilarRecorder

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Attachment B

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EDCW Financial ReportNovember 2013

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3:23 PM ECONOMIC DEVELOPMENT CORPORATION

12/12/13 Balance SheetAccrual Basis As of November 30, 2013

Nov 30,13

ASSETSCurrent Assets

Checking/Savings1362- COMPASS BANK CKG - #2513944252(51125,000 BVEC II Construction 2.174.574111001 ‘ CB-CD#3030408 BOND RESERV FUND (Qtly. mt. pd. w/Compass Bank) 695.256421002- EDC- Petty Cash

Total Checking/Savings 2.870.13053

Accounts Receivable1100’ Accounts Receivable 35,970.67

Total Accounts Receivable 35,970.67

Other Current Assets1150- DUE FROM CITY-SALES TAX REV 217,898.721161 -Sub. Division Development 388,533.92

Total Other Current Assets 606,432.64

Total Current Assets 3,512,533.84

Other Assets0003’ NOTE RECEIVABLES (N/R Accounts)

N/R LRGVDC-Prin $1,630,000.00 (Principal on note for sale of 305W. Railroad ... 1,606,209.78N/R Downtown Prop ($130,000) (Purchase of 308-308A & 318 S. Texas Blvd bId... 120,147.10NIR Angel F. Ceballos ($20,000) (Promissory Note: Principal amt $20,000 due o... 20,000.00N/P SevilIa Cafe (Effective Jan. 1,2011 & Feb 1,2011 Int. only Then Mar. 1,2... 3,973.32N/P AC/DC $85,000 Heriberto Cas ($85,000.00 for 8,0% mt. for a period of (60) ... 39,558.08N/R Dos Logistics 9/30/11 ($95,000.00) 95,000.00N/R FRED PEREZ dba Weslaco Prof (Expires 12/31/13) 300,000.00N/P Jose’s Cafecito-12/01/13 ($5,000 Loan $5,000 Grant $10,000.00) 5,780.81N/P Maverick md 4/1116-125,000 (4/1/16 Loan for eco. dev. credits) 49,593.59N/P RGV WORD. (375,000 for 401 S. Kansas bldg. improvements) 105,959.85N/R SOl - 1,800.189.86

Total 0003 NOTE RECEIVABLES (N/R Accounts) 4,146,412.39

Total Other Assets 4,146,412.39

TOTAL ASSETS 7,658,94&23

LIABILITIES & EQUITYLiabilities

Current LiabilitiesAccounts Payable

2000’ Accounts Payable 11,465.68

Total Accounts Payable 11,465.68

Other Current Liabilities9000 ‘SECURITY DEPOSITS

Devine Treasures do Pat Rodrig 500.00JOEL NAVA DIGITAL IMAGING -$500 (308A S. Tx Bldg.) 500.002202’ PRAAT AIR SERVICE ($3,000) 3,00000

Total 9000’ SECURITY DEPOSITS 4,000.00

2054’ Incentives Payable 13,500.002100 ‘ Payroll Liabilities

2209’ Family Health Insurance 5,527.752100’ Payroll Liabilities - Other 415.98

Total 2100’ Payroll Liabilities 5,943.73

2200’ Escrow Deposit SaleJorge A Marquinez d/b/a Constr (MVIP#4 Lots 1,3,4 & 13) 10,000002200’ Escrow Deposit Sale - Other 10,000.00

Total 2200’ Escrow Deposit Sale 20,000.00

Total Other Current Liabilities 43,443.73

Page 1

3:23 PM ECONOMIC DEVELOPMENT CORPORATION12112)13 Balance SheetAccrual Basis As of November30, 2013

Nov 30, 13

Total Current Liabilities 54.90941

Long Term Liabilities2400 Deferred Rev,-N/R

DRJGRANDE VLY BLDR MVIP SLOT 2 (VALLEY GRANDE BUILDERS MVIP ... 13,500.00DIR LRGVDC (Purchase of 305W. Railroad St bIdg- BVC) 1,630,000.00DIR Downtown Properties dba J.N (306A plus) 120,137.47DIR Sevilla Cafe $8,000-811113 (8/01/1 3) 5,436.69DIR JosWs Cafecito $10,000 ($5,000 Loan $5000 Grant 12)01/13) 7,392.21DIR Dos Logistics 930111 ($95,000.00) 95,000.00DIR Fred Perez-Weslaco Prof. P1 300,000.00DIR RGV WORD. Loan (375,000 for 401 S. Kansas bldg. improvements) 202,629.71DIR SDI Loan 1,800,189.86

Total 2400 Deferred Rev.-N/R 4,174,285.94

Total Long Term Liabilities-

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4,174,285.94

Total Liabilities 4.229.195.35

Equity3002 Reserved for Bond Service 822,847.193902 Retained Earnings 2.340.242.63Net Income

- 266.661,06

Total Equity- 3,429,750.88

TOTAL LIABILITIES & EQUITY 7,658,946.23

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3:24 PM ECONOMIC DEVELOPMENT CORPORATION

12/12113 Revenues & Expenditures (Accrual Basis)Accrual Basis November2013

Nov13 Oct-Novl3

Ordinary Income/ExpenseIncome

BVEC (New) Reservation Fees (275 S. Kansas, Ste “A”) 1,112.50 2237.5040151/2 CENT SALES TAX REVENUE 237.03178 450.341,494031 ‘CORP. PROGRAM INCOME

4025’ PROPERTY LEASE INCOMEChamber of Commerce Rent 1.00600 2,012.00Praat Air Service Income Rental (Hangar) 2,031.00 4,062.00Valley Striping do Mr. Lupe Sa (Expires: July 31, 2011 month to month rent f... 840.00 1,680.00

Total 4025 PROPERTY LEASE INCOME 3,877.00 - 7,754.00

Total 4031 CORP. PROGRAM INCOME 3,877.00 7,754.00

4098 ‘SALE OF PROPERTY PROCEEDSDowntown PropertiesdbaJoel Nava (306A,) 787.34 1,569.79

Total 4098 - SALE OF PROPERTY PROCEEDS 787.34 1,569.79

4190’ Reimbursed Income Expense (Reimbursed Expenses) 0.00 19,924.005052- LATE FEES I Loans-Rents 236.17 496,097008- INTEREST REVENUE

LRGVDC- Int $1,630,000.00 (Interest on $1,630,000.00 note effective 611/13) 6,039.31 12,094.58Downtown Prop-Int ($130,000) (Purchase of 308.308A-318 S. Texas Blvd & Second ... 755.78 1,516.45CB- Checking Acct. lnt.-lncome 222.81 434.057007- CB-CD#003030408 Int. (Qtly) (Compass Bank nt, pd. to EDC qtly.) 1,745.83 1,745.83DOS LOGISTICS-mt ($95,000) (Int due beginning 11/5110-1015115 then principallint .. 498.75 973.75ACIDC-lnt. lncome-($25,000) (Loan for warehouse of $25,000)

ACIOC-Int. lncome-($85,000) 273.45 - 556.50

Total AC/DC-lnt. Income-($25,000) (Loan for warehouse of $25,000) 273.45 556.50

Jose’s Cafecito - mt. (Effective January 1,2011 thru Dec. 1,2013) - 2.20 5.28

Total 7008 INTEREST REVENUE- 9,538.13 17,326.44

Total Income 252,582.92 499,649.31

Gross Profit 252,582.92 499,649.31

Expense100 BUSINESS DEVELOPMENT ACTIVITIES

Landscaping Project- Expense (Payne Dealer landscaping partnership) 951.14 1,150.485006- MID VALLEY AIRPORT PROJECTS

EDC funding MVAirport (painting, new furniture, new sign, ground maintenance) 239.11 -- 478.22

Total 5006- MID VALLEY AIRPORT PROJECTS 239.11 478.22

EXPWY MAINT & BEAUTIFICATIONMo. Contract Fee (Guerra Const) ( mainL of Exp. 83 & Texas Blvd.) 6,666.68 6,666.68

Total EXPWY MAINT & BEAUTIFICATION 6.66668 6,666.68

Southwest Community Investment (Women’s Business Center)- 0.00 7,500.00

Total 100- BUSINESS DEVELOPMENT ACTIVITIES 7,856.93 15,795.38

6018- Search Committee-Expense 48.93 209.106450- BVEC Operations Cost

Office Supplies-BVEC 0.00 63.16Toiletries & Maintenance-BVEC 161.62 2,689.13Promotional ltems-BVEC 4.14800 4,148.00Contract Labor-BVEC (Contract Labor) 216.25 414.00

Total 6450 BVEC Operations Cost 4,547.87 7,314.29

Heart of WeslacoSANTOS JIMENEZ-Contract Labor (To clean up Central Bus. Dist. from US Bus 833... 400.00 800.00Heart of Weslaco - Other 0.00 81.98

Total Heart of Weslaco 400.00 881.98

5010 STAFF INS. BENEFITS6191 - Health/Medical Ins. (Pd. to City of Weslaco) 1,970.74 4,337.136192- Life Insurance 50.72 114-12

Reporting presentation used for Governmental Units Page 1

124PM ECONOMiC DEVELOPMENT CORPORATION12112113 Revenues & Expenditures (Accrual Basis)Accrual Basis November 2013

Nov13 Oct-NovlS

Total 5010 STAFF INS. BENEFITS 2021.46 4,451.25

5080- DIRECTOR TRAVELMembership Fees 500.00 500.00Travel Reimbursement 0.00 193.056009 Hotel 0.00 682.636011 Pier Diem

— -— - 0.00 - 400.00

Total 5080- DIRECTOR TRAVEL 500.00 1,975.68

5130- Office ExpenseBroadband Internet Service (Time Warner Cable) 243.15 485.986250- Package Service & Delivery -21.68 29.186274 Rental Fees 400.92 400.926751 MONTHLY FEES 976.60 2,078.205130- Office Expense -Other 0.00 58.98

Total 5130 Office Expense 1,598.99 3,053.26

6790 Office Supplies (EDC) 148.90 396.930102 MARKETING Alfresco PROJECTS-A4

Advertising 1.194,60 2,856.75Music 1.000,00 1.600,00Rentals 2,202.44 4,718.16Misc Expense 0.00 200.00

Total 0102- MARKETING Alfresco PROJECTS-tA 4,397.04 9,374.91

5183 WESLACO MERCHANTS CAMPAIGN-GenMDigital Billboard Sign 2,100.00 4.200,00Christmas Parade 118.83 118.835183 WESLACO MERCHANTS CAMPAIGN-GenM - Other 3,810.00 9,710.00

Total 5153 WESLACO MERCHANTS CAMPAIGN-GenM 6,025.83 14,028.83

Website Hosting & Management 2,481.00 4,462.005148 Misc. 0.00 55.005186 AUTOMOBILE EXPENSE 130.85 267.145197- STAFF EDUCATION 128.00 128.006002- FEES & OTHER COSTS

5001 - Bank Fees & Service Charges 38.16 73.166160- Duesl Banquets! Subscriptions

6006 - Sponsorships/Contributions (EDC 275.00 1,575.006160 ‘ Dues! Banquets! Subscriptions - Other 105.46 205.46

Total 6160- Oues/ Banquets! Subscriptions 380.46 1,780.46

6002- FEES & OTHER COSTS - Other 0.00 5.00

Total 6002- FEES & OTHER COSTS 418.62 1,858.62

6017 Board ExpenseBoard Travel 766.14 2,315.346017 Board Expense- Other 118.88 255.35

Total 6017- Board Expense 885.02 2.570,69

6180 INSURANCEInstallment Fee 7.00 21.00BVEC Real Estate Pkg. 3,752,64 3,752.645133’ BVCenter (Property!Fire Policy) (Property coverage) 0.00 0.005134- Directors!Officers Liab, & Fide 554.28 1.128566111 Auto Ins. Commercial Policy 169.50 508.506112 Property Insurance-Liberty Mutu 223.50 670,506186 Commercial Sen. Liab. Property 218.17 654.51

Total 6150- INSURANCE 4,935.09 6,735.71

6270 PROFESSIONAL FEES6161 Shreading Service 0.00 177.756280 Legal Fees

01(111 -Retainerl3 3,020.00 3,020.00

Total 6280 Legal Fees 3,020.00 3,020.00

Reporting presentation used for Governmental Units Page 2

3:24PM ECONOMIC DEVELOPMENT CORPORATION

12112113 Revenues & Expenditures (Accrual Basis)Accrual Basis November 2013

Nov13- Oct-Nov 13

6650 CPA Fees 1000.00,_ 3,800.00

Total 6270 PROFESSIONAL FEES 4,020.00 6,997.75

6272 Alarm/Security Service Maint. 83.93 421.796300 REPAIRS & MAINTENANCE

5168’ Maint. Contracts5119 Cleaning Service 1,650.00 3,300.005175’ Mc. Contract Fee -TLC

- 1,159.44 2,31&88

Total 5168 Maint. Contracts 2,809,44 5,618.88

6170 - Equipment Rental (Equipment Rental) 1,500.00 1,500.006311 Building Misc. 185.50 371.006330 Equipment Repairs 215.98 215.986810 Maint. Expenses

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507.50 957.50

Total 6300 - REPAIRS & MAINTENANCE 5,218.42 8.66336

6340 TelephoneWireless Cell Phone (956-998-6539) 812.13 952.676340 - Telephone - other 90.50 400.45

Total 6340 Telephone 902.63 1.353,32

6390’ UTILITIES6400 - Electricity

275 S. Kansas - Electricity 1,622.32 3,244.64

Total 6400 Electricity 1,622.32 3,244.64

Total 6390 UTILITIES 1,622.32 3,244.64

6451 EMPLOYEE EXPENSES6560- Payroll Expenses 13,252.73 26,957.026561 Simple IRA Retirement Contribut 294.85 578.06

Total 6451 - EMPLOYEE EXPENSES 13,547.58 27,535.08

7040 WESLACO 100 PROPOSAL Downtown (100% occupancy of bldgs. in the Centra...6902’ PARKING LOT RENTALS

Weslaco Antiques Mall ($4,800) (Subsidized lease of (WAM) located at 431 S. Tx r... 40000 800.00AGO, LP dba Anabell Cardona (Parking lot rental) 600.00 1,200.00David Hernandez-dba WesMer Prop (David Hernandez Lots 25,26,27 on Missouri ... 516.67 1,03334

Total 6902- PARKING LOT RENTALS 1,51667 3,033.34

Total 7040 - WESLACO 100 PROPOSAL Downtown (100% occupancy of bldgs. in the ... 1,516.67 3033.34

4191 -FACADE BUS. IMP. GRANTS (EDC Grants for Bus. Imp,)Phoenix 080 LLC $2,000 (536 S. TEXAS BLVD.) — 1,939.87 1,939,87

Total 4191 FACADE BUS. IMP. GRANTS (EDC Grants for Bus. Imp,) 1,939.87 1,939,87

6900 -GRANT FUNDING PROJECTSSouth Texas College (537,248) (50/50 with COW. @ $18,624) 000 - 37,248.00

Total 6900 GRANT FUNDING PROJECTS 0.00 37,248,00

6950- INCENTIVE CONTRACT PMTS.PAYNE DEALER GROUP (Dev. Agreement Incentive -Chevrolet, GMC Buick, Ford D... 0.00 27,500.00Motion Industries/Ziwa ($56,000 ($56,000 Incentive - 7131/12-2017 w/lst pmt of 56,0... 7,500.00 7,500.00

Total 6950’ INCENTIVE CONTRACT PMTS. 7,500.00 35,000.00

6980- DEBT SERVICESCompass Loan Int. (51,300000.) 2,454.89 4,716 14Compass Loan Prin ($1,300,000) 12,552.22 25,104.44SWAP-Int. Compass Bk $1,300,000 (Electronic debit- Maturity Date: 5/6/2016) 796.04 1,642.99

Total 6980- DEBT SERVICES 15,803.15 31,463,57

7001 ‘CAPITAL OUTLAY0007’ New BVEC-Installation Services 0.00 1,011.00

Total 7001-CAPITAL OUTLAY 0.00 1,011.00

8010 - Other Expenses (Other Expenses)

Reporting presentation used for Governmental Units Page 3

3:24PM ECONOMIC DEVELOPMENT CORPORATION

12112113 Revenues & Expenditures (Accrual Basis)Accrual Basis November 2013

Nov13 Oct-NovlS

City Expense - - 0.00 1,517.76

Total 5010• Other Expenses (Other Expenses) 000 —

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1,517.76

Total Expense 88.68210 —- 232,958.25

Net Ordinary Income 163,900.82 266,661.06

Net Income 163900.52 266,661.06

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3:24PM ECONOMIC DEVELOPMENT CORPORATION

12)12)13 Profit & Loss (Accrual Basis)Accrual Basis November 2013

Nov13 Oct-Novl3

Ordinary Incom&ExpenseIncome

BVEC (New) Reservation Fees (275 S. Kansas, Ste A9 1.11250 2,237.504015’ 112 CENT SALES TAX REVENUE 237,031.78 450341.494031 - CORP. PROGRAM INCOME

4025- PROPERTY LEASE INCOMEChamber of Commerce Rent 1,006.00 2,012.00Praat Air Service Income Rental (Hangar) 2Q31 .00 4.062,00Valley Striping do Mr. Lupe Sa (Expires: July 31, 2011 month to month rent ... -- 840.00 - 1,680.00

Total 4025 PROPERTY LEASE INCOME - 3,877.00 7,754.00

Total 4031 CORP. PROGRAM INCOME 3,877.00 7,754.00

4098- SALE OF PROPERTY PROCEEDSDowntown PropertiesdbaJoel Nava (308A,) 787.34 1,569.79

Total 4098 SALE OF PROPERTY PROCEEDS 787.34 1,569.79

4190- Reimbursed Income Expense (Reimbursed Expenses) 0.00 19,924,005052 LATE FEES I Loans-Rents 236.17 496.097005 INTEREST REVENUE

LRGVDC- ml S1,630,000.00 (Interest on $1,630,000.00 note effective 611/13) 6.039,31 12,094.58Downtown Prop-Int ($130,000) (Purchase of 308-308A-318 S. Texas Blvd & Second ... 755.78 1.516,45CB- Checking Acct. Int.-lncome 222.81 434.057007 CB-CD#003030408 mt. (Qtly) (Compass Bank nt. pd. to EDC qtlyj 1,745.83 1,745.83DOS LOGISTICS-mt ($95,000) (Int due beginning 11/5/10-1015115 then principal/mt... 49875 973.75ACIDC-lnt. Income-(525,000) (Loan for warehouse of $25,000)

AC/DC-hit. lncome-($85,000) 27345 556.50

Total AC/OC-Int. Income-($25,000) (Loan for warehouse of 525,000) 273.45 556.50

Jose’s Cafecito - hit. (Effective January 1, 2011 thru Dec. 1, 2013)

- -

2.20 5.28

Total 7008’ INTEREST REVENUE 9,538.13 17,32644

Total Income 252,582.92 499,649.31

Gross Profit 252,582.92 499,649.31

Expense100-BUSINESS DEVELOPMENT ACTIVITIES

Landscaping Project- Expense (Payne Dealer landscaping partnership) 951,14 1,150.485006- MID VALLEY AIRPORT PROJECTS

EDC funding MVAirport (painting, new furniture, new sign, ground maintenance) 239,11 478.22

Total 5006- MID VALLEY AIRPORT PROJECTS 239.11 478.22

EXPWY MMNT & BEAUTIFICATIONMo. Contract Fee (Guerra Const) ( maint. of Exp. 83 & Texas Blvd.) 6,666.68 6,666.68

Total EXPWY MMNT & BEAUTIFICATION 6,666.68 6,666.68

Southwest Community Investment (Women’s Business Center) 0.00 7,500.00

Total 100- BUSINESS DEVELOPMENT ACTIVITIES 7,856.93 15.795,38

6018- Search Committee-Expense 48.93 209,106450- BVEC Operations Cost

Office Supplies-BVEC 0.00 63,16Toiletries & Maintenance-B VEC 181.62 2,689.13Promotional Items-BVEC 4,148.00 4,148.00

Total 6450 ‘ BVEC Operations Cost 4,329.62 6,900.29

Heart of WeslacoSANTOS JIMENEZ-Contract Labor (To clean up Central Bus. Dist. from US Bus 53 ... 400.00 800.00Heart of Weslaco - Other 0.00 81.98

Total Heart of Weslaco 400.00 881.98

5010- STAFF INS. BENEFITS6191 ‘Health/Medical Ins. (Pd. to City ofWeslaco) 1,970.74 4,337.136192- Life Insurance

- 5072 114.12

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3:24 PM ECONOMIC DEVELOPMENT CORPORATION12112113 Profit & Loss (Accrual Basis)Accrual Basis November 2013

Nov13 Oct-Novl3

Total 5010-STAFF INS. BENEFITS 2,021.46 4.45125

5080- DIRECTOR TRAVELMembership Fees 500.00 500.00Travel Reimbursement 0.00 1 93056009- Hotel 0.00 882636011 - Pier Diem 0.00 4000

Total 5080- DIRECTOR TRAVEL 500.00 1,975.68

5130- Office ExpenseBroadband Internet Service (Time Warner Cable) 243.15 485986250- Package Service & Delivery -21.68 29.186274 - Rental Fees 400.92 400.926781 - MONTHLY FEES 976.60 2,078205130- Office Expense - Other

-

0.00

-

5898

Total 5130- Office Expense 1,598.99 3,053.26

6190-Office Supplies (EDC) 148.90 396.930102 - MARKETING Alfresco PROJECTS-AA

Advertising 1,194.60 2,855.75Music 1,000,00 1,600.00Rentals 2,202.44 4.718,16Misc Expense

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0.00 200.00

Total 0102- MARKETING Alfresco PROJECTS-AA 4,397.04 9,374.91

5183- WESLACO MERCHANTS CAMPAIGN-GenMDigital Billboard Sign 2,100.00 4,200.00Christmas Parade 118.83 118.835183- WESLACO MERCHANTS CAMPAIGN-GenM - Other 3,810.00

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9,710.00

Total 5183- WESLACO MERCHANTS CAMPAJGN-GenM 6,028.83 14,028.83

Website Hosting & Management 2,481.00 4,462.005148- Misc. 0.00 55.005186- AUTOMOBILE EXPENSE 130.85 267.145197 - STAFF EDUCATION 128.00 128.006002’ FEES & OTHER COSTS

6001 ‘ Bank Fees & Service Charges 38.16 73.166160- Dues! Banquets! Subscriptions

6006- Sponsorships/Contributions (EDC 275.00 1,575.006160- Dues! Banquets! Subscriptions - Other 105.46 20546

Total 6160- Dues! Banquets! Subscriptions 380.46 1,780.46

6002 - FEES & OTHER COSTS - Other, 0.00 5.00

Total 6002- FEES & OTHER COSTS 418.62 1,858.62

6017- Board ExpenseBoard Travel 766.14 2,315.346017- Board Expense - Other

-

118.88 255.36

Total 6017’ Board Expense 885.02 2.570,69

6180 - INSURANCEInstallment Fee 7.00 21.00BVEC Real Estate Pkg. 3.752,64 3,752.645133 - BVCenter (Property/Fire Policy) (Property coverage) 0,00 0.006134- Directors/Officers Liab. & Fide 564.28 1,128.566111 - Auto Ins. Commercial Policy 169.50 508.506112- Property Insurance-Liberty Mutu 223.50 670.506186- Commercial Gen. Uab. Property 218.17 654.51

Total 6180- INSURANCE 4,935.09 6,735.71

6270- PROFESSIONAL FEES6161 - Shreading Service 0.00 177.756280 - Legal Fees

DKIII -Retainer -13 3,020.00 3,020.00

Total 6280 - Legal Fees 3,020.00 3,020.00

Page 2

3:24PM ECONOMIC DEVELOPMENT CORPORATION12112113 Profit & Loss (Accrual Basis)Accrual Basis November 2013

Nov13

-

Oct-Nov 13

6550 CPA Fees 100000 3800.00

Total 6270 PROFESSIONAL FEES 4,020.00 6,997.75

6272’ Alarm/Security Service Maint. 8393 421.796300’ REPAIRS & MAINTENANCE

5168’ Maint. Contracts5119 Cleaning Service 1650.00 3,300.005175’ Mo. Contract Fee -TLC 1,159.44 2,31888

Total 5168 Maint. Contracts 2,809.44 5.618,88

6311 Building Misc. 185.50 371.006330 Equipment Repairs 215.98 215.986810- Maint. Expenses 507.50 957.50

Total 6300 REPAIRS & MAINTENANCE 3,718.42 7,163.36

6340 TelephoneWireless Cell Phone (956-998-6539) 812.13 952.876340 Telephone - Other 90.50 400.45

Total 6340 Telephone 902.53 1,353.32

6390 UTILITIES6400 Electricity

275 S. Kansas - Electricity —- - 1,622.32 — 3,244.64

Total 6400 Electricity — - - 1,622.32 3,244.64

Total 6390’ UTILITIES 1,622.32 3,244.64

6451 - EMPLOYEE EXPENSES6560 Payroll Expenses 13,252.73 26,957.026561 Simple IRA Retirement Contribut 294.85 - 578.06

Total 6451 EMPLOYEE EXPENSES 13,547.58 27,535.08

7040 WESLACO 100 PROPOSAL Downtown (100% occupancy of bldgs. in the Centr...6902’ PARKING LOT RENTALS

Weslaco Antiques Mall ($4,800) (Subsidized lease of (WAM) located at 431 5. Tx ... 400.00 800.00AGO, U dba Anabell Cardona (Parking lot rental) 600.00 1,200.00David Hernandez-dba WesMer Prop (David Hernandez Lots 25,26,27 on Missour... 516.67 1 .033.34

Total 6902 PARKING LOT RENTALS 1.51667 3,033.34

Total 7040 WESLACO 100 PROPOSAL Downtown (100% occupancy of bldgs. in the ... 1,516.67 3.03334

4191 - FACADE BUS. IMP. GRANTS (EDC Grants for Bus. Imp,)Phoenix DBD LLC $2,000 (536S. TEXAS BLVD.) 1.93987 1,939.87

Total 4191 FACADE BUS. IMP. GRANTS (EDC Grants for Bus. Imp,) 1,939.87 1,939.87

6900’ GRANT FUNDING PROJECTSSouth Texas College ($37,248) (50/50 with COW. @ $18,624) - - 0.00 37,248.00

Total 6900 GRANT FUNDING PROJECTS 0.00 37,248.00

6950’ INCENTIVE CONTRACT PMTS.PAYNE DEALER GROUP (Dev. Agreement Incentive -Chevrolet, GMC Buick, Ford .. 0.00 27,500.00Motion Industries/Ziwa ($56,000 ($56,000 Incentive -7/31/12 -2017 wilst pmt of $6,... 7.50000 — 7,500.00

Total 6950’ INCENTIVE CONTRACT PMTS. 7,500.00 35,000.00

6980- DEBT SERVICESCompass Loan Int. ($1,300,000.) 2,454,89 4,716.14SWAP-Int. Compass Bk $1,300,000 (Electronic debit- Maturity Date: 5/6/2016) 796.04 1,642.99

Total 6980’ DEBT SERVICES 3,250.93 6,359.13

8010’ Other Expenses (Other Expenses)City Expense - —- 0.00 1,517.76

Total 8010 ‘Other Expenses (Other Expenses) 000 1,517.76

Total Expense 74,411.63 204,958.81

Page 3

3:24 PM ECONOMIC DEVELOPMENT CORPORATION12112/13 Profit & Loss (Accrual Basis)AccruaT Basis November 2013

Nov13 Oct-Novl3

Net Ordinary Income 178171.29 29469050

Net Income 178,171.29 294,690.50

Page 4

I

3:44PM EDC-Monthly Fixed Assets & Debts Report12112,13 Fixed Assets & DebtsAccrual Basis As of November 30, 2013

NovSO,13 —

ASSETSFixed Assets

General Fixed AssetsFurniture and Fixtures

Accumulated Depreciation- Furn -83,645.17Furniture and Fixtures - Other 87,539.56

Total Furniture and Fixtures 3,894.39

AutomobilesAccumulated Depreciation- Auto -11495.00Automobiles - Other

Total Automobiles 14,65802

LandLand Property(Valley Striping)

-

19,709.00

Total Land 19.70900

Buildings & ImprovementsAirport Hangar 1365,145.06Airport Extension 23,463.65New BVEC Building 60,150.00Property (valley Striping) 79,013.67Accumulated Depreciation-Bldgs. -500,545.30

Total Buildings & Improvements 1,027,227.08

Construction in ProgressBvEC-New Bldg. 1,433,841.44Construction in Progress - Other

.

68,073.87

Total Construction in Progress 1,501.91531

Total General Fixed Assets 2,567.403.80

Total Fixed Assets 2.567,40380

TOTAL ASSETS 2,567,403.80

LIABILITIES & EQUIWLiabilities

Long Term LiabilitiesCompass Bank -Loan 696,279.37General UT Debt Payable

STax Rev Refunding Bonds,2012 2,620,000.00Bonds Payable 2012-BVEC Phase 2 1,155,000,00Bond Sales Tax Rev Series 2011B 1,290,000.00Bonds Taxable Series 2011B-Refi 1,090,000.00

Total General LIT Debt Payable 6,155,000.00

Total Long Term Liabilities 6,851,279.37

Total Liabilities 6,851.27937

EquityAmount Avail. & lobe Provided

Amount to be provided -6.188.74180Amount Avail, in Debt Serv Fund -878.084.00

Total Amount Avail. & to be Provided -7.066.825.80

Invest. in General Fixed AssetsAccumulated Depreciation -2,871,698.90Cost Basis Removed-Assets Sold -8,076,640.45Miscellaneous 522,765.00General Obligation Bonds 8,079,446.25Special Revenue Fund - EDC 5,129.078.33

Total Invest, in General Fixed Assets 2,782,950,23

Page 1

3:44PM EDC-Monthly Fixed Assets & Debts Report12/12113 Fixed Assets & DebtsAccrual Basis As of November 30, 2013

- Nov30 13

Total Equity 4.283875.57

TOTAL LIABILITIES & EQUITY 2567,403.80

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Attachment C

Interim Executive Director’sReport and Board Comments

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Agenda ‘Th

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NOTICE OF THE REGULAR MEETING OFTHE ECONOMIC DEVELOPMENT CORPORATION OF WESLACO

NOTICE IS HEREBY GIVEN

THAT The Economic Development Corporation of Weslaco, Texas will hold its Regular Meeting in theBusiness, Visitor & Event Center Board Room, located at 275 South Kansas Avenue, Weslaco, Texas,on Wednesday, the eighteenth (18”) day of December20131 at 5:30 PM for the purpose of discussingthe following items.

NOTE: If, during the course of the meeting, any discussion of any item on the agenda should be held inexecutive or closed session, The Economic Development Corporation of Weslaco will convene suchexecutive or closed session in accordance with §551.001-551.145 of the Texas Government Code.

I. CALL TO ORDER

II. ESTABLISHMENT OF QUORUM

Ill. PUBLIC COMMENTS

IV. APPROVAL OF MINUTES

A Special Meeting, December 6, 2013 (Attachment A)

V. FINANCIAL REPORTS

A. EDCW Financial Report Novemer 2013 (Attachment B)

VI. REPORTS

A. Interim Executive Director’s Report and Board Comments (Attachment C)Sales Tax

B. Executive Director Search Committee ReportReport by President Rob Peterson

VII. EXECUTIVE SESSION

A Infrastructure (Attachment)Discussion with the Interim Executive Director regarding assisting in an economicdevelopment project to assist with infrastructure improvements to twenty (20) acres ofland at U.S. Expressway 83 and Milanos Road, as authorized by Section 551 .087 of theTexas Government Code.

B General Legal Counsel (Attachment)Discussion with the Interim Executive Director regarding qualifications of the localattorneys who have expressed an interest in serving as the General Legal Counsel forThe Economic Development Corporation of Weslaco as authorized by Section 551.074 ofthe Texas Government Code.

Page 1 of 2

EDCW REGULAR MEETINGDECEMBER 18, 2013

VII. EXECUTIVE SESSION [Continued]

C. Consultation with Legal Counsel (Attachment)Consultation with Special Legal Counsel regarding threatened or potential litigation withDK Ill Hornback pertaining to all matters concerning Phase 2 of the Business-Visitor &Event Center, as authorized by Section 551.071 of the Texas Government Code.

VIII. ACTION ON EXECUTIVE SESSION ITEMSPossible action concerning discussion on Executive Session items.

IX. ADJOURNMENT

Dated this the thirteenth (13th) day of December 2013.

MGreeneMarj Greene, Administrative AssistantEconomic Development Corporation

POSTED on this, the thirteenth (13th) day of December 2013 on a bulletin board at 255 South KansasAvenue, Weslaco, Texas, at 4:15 PM and The Economic Development Corporation of Weslaco website(www.weslacoedc.com) at 4:30 PM.

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