[A. Call to Order]
[00:00:09]
THURSDAY, JUNE 11TH, THE PRESENT TIME IS 621 AND THE DESOTO DEVELOPMENT CORPORATION BOARD MEETING WILL BEGIN AT THIS TIME. AND LET'S OPEN UP AND HAVE A CALL TO ORDER. WITH PRESENT BEING MICHAEL BALDWIN, MYSELF AND AKILAH WALLACE, PRESENT. MARK JONES PRESENT.
MICHAELA HERNDON. PRESENT. THANK YOU VERY MUCH. AT THIS TIME, WE'LL INVOCATION, IF YOU WILL. DEAR GOD, THANK YOU FOR ALLOWING US TO ASSEMBLE. WE ASK THAT YOU WOULD GUIDE US, LEAD US, DIRECT OUR PATH, OPEN UP OUR MINDS FOR THE DIRECTION OUR CITY NEEDS TO GO IN. LORD, WE THANK YOU. WE GIVE YOU PRAISE, WE GIVE YOU HONOR, AND WE GIVE YOU GLORY. AMEN, AMEN. THANK YOU, DIRECTOR MARK JONES FOR THAT WONDERFUL WORD. WE ALWAYS NEED THAT. AND GOING FORWARD,
[C. Consent Agenda]
RIGHT NOW, WE'LL TAKE A LOOK AT OUR CONSENT AGENDA. HOPEFULLY, EVERYONE HAS HAD AN OPPORTUNITY TO REVIEW THE CONSENT AGENDA. AND IF IF SO, I'LL TAKE A A MOTION. AND SECOND FOR ACTION TO APPROVE THE MINUTES OF MAY 14TH, 2026, OUR REGULAR BOARD MEETING, AND TO CONSIDER ACTION TO APPROVE THE FINANCIAL STATEMENTS FOR APRIL 2026. MOTION. AND SECOND, PLEASE GIVE A MOTION THAT WE ACCEPT THE MINUTES AND A MOTION TO ACCEPT THE. WHAT WAS THE OTHER THING WE WERE OUR FINANCIAL STATEMENTS. EXCUSE ME FOR APRIL 23RD, SECOND. THANK YOU VERY MUCH. IT'S BEEN MOTIONED BY DIRECTOR JONES TO ACCEPT. AND SECOND, BY AKILAH WALLACE, DIRECTOR WALLACE, TO APPROVE THE CONSENT AGENDA. ALL IN FAVOR, I ANY NAYS? HAS BEEN APPROVED. THANK YOU VERY MUCH. AS WE PROGRESS FORWARD WE'RE GOING TO GO TO NOW OUR NEW[D.1 . Receive Finance Status Report for April 2026]
BUSINESS AND ITEMS FOR DISCUSSION AND POSSIBLE ACTION AND BEGINNING WITH TO RECEIVE A FINANCE STATUS REPORT FOR APRIL 2026 FROM FROM OUR ASSISTANT DIRECTOR OF FINANCE, FINANCIAL SERVICES, ANYA PENTON. ANYA, HOW ARE YOU DOING THIS EVENING? GOOD EVENING. I'M GOOD. GOOD.THANK YOU. GOOD MORNING. GOOD MORNING. THANK YOU. GOOD EVENING. BOARD. TONIGHT, I'M PRESENTING YOUR APRIL 2026 FINANCIAL REPORT FOR THE MONTH OF APRIL. THE DDC DID MEET REVENUE EXPECTATIONS. THE BUDGETED REVENUE IS AT $3,006,000 $6,250. OUR YEAR TO DATE REVENUE IS $1,611,567. THIS REPRESENTS 53.6% OF OUR BUDGET, COMPARED TO LAST YEAR'S 46.9%. OUR SALES TAX IS TRENDING HIGHER THAN LAST YEAR, AND OUR INTEREST REVENUE IS ON TRACK. THAT'S LARGELY DUE TO LADDERING OUR CDS. SO EVEN THOUGH THERE'S A RATE DROP, WE STILL HAVE CDS THAT ARE MATURING OVER 4%. OUR BUDGETED EXPENDITURES ARE $4,304,001.
OUR YEAR TO DATE EXPENDITURES ARE 2,749,000 AND $824. THAT REPRESENTS 63.9% OF OUR BUDGET, COMPARED TO LAST YEAR'S 23.8%. THE EXPENDITURES FOR THIS MONTH, AS YOU KNOW, ARE SALARIES WILL BE LOWER THAN EXPECTED AS WE HAVE NEW STAFF COMING ON BOARD, BUT THE BULK OF THE INCREASE IS DUE TO THE FIRST OF TWO LOAN PAYMENTS THAT WE MADE TO CNBC BAPTIST CHURCH. I'M SORRY, IN THE AMOUNT OF $2,325,000. ALSO, I DO HAVE YOUR BALANCE SHEET. THE CURRENT FUND BALANCE FOR THE DDC IS $10,022,204.32. I'M HAPPY TO ANSWER ANY QUESTIONS. THANK YOU. COULD YOU GIVE
[00:05:10]
LIKELY HAVE FORGOTTEN AT THIS POINT, CAN YOU JUST GIVE A LITTLE BIT MORE CONTEXT REGARDING THE THE LOAN PRINCIPAL PAYMENT? SURE. THE DDC HAS A PROMISSORY NOTE WITH THE COMMUNITY MISSIONARY BAPTIST CHURCH. I APOLOGIZE IF I'M GETTING THOSE SAYING IT INCORRECTLY THE NAME OF THE CHURCH, BUT WE ARE SCHEDULED TO MAKE TWO PAYMENTS APRIL 2026 AND APRIL 2027 FOR TO COVER THAT 4 MILLION AND $650,000 PROMISSORY NOTE THAT WE DID SIGN WITH THE CHURCH. SO IT WAS BASICALLY SELLER FINANCE FOR THAT PORTION. THANK YOU. AND I JUST WANT TO BE CLEAR. SO IT WAS NOT IN THE FINAL AMENDED BUDGET. I THINK I'M JUST LOOKING AT. YES. SO INITIALLY IT WAS IN LAND PURCHASE, THE ESTIMATED $2,375,000. BUT IT WAS MORE APPROPRIATE TO HAVE IT AS LOAN PRINCIPAL PAYMENT. SO THAT'S WHERE WE RECORDED THE TRANSACTION. OKAY. THANK YOU, THANK YOU. THANK YOU MAYOR. THANK YOU. THANK YOU. OKAY. AS WE PROGRESS FORWARD NEXT, WE'RE GOING TO HAVE DISCUSSION ON THE OPPORTUNITY ZONE DESIGNATIONS.THANK YOU, CHAIRMAN BALDWIN. THANK YOU, SIR. WE'RE GOING TO HAVE.
THANK YOU, CHAIRMAN. THANK YOU. AND BOARD MEMBERS JOSH MEJIA. AS PER THE REQUEST OF THE CITY MANAGER, I BELIEVE HE ASKED IF WE CAN DO CLOSED SESSION FIRST BEFORE PRESENTING OPEN SESSION ITEMS. I WAS UNAWARE OF THAT. BUT WE CAN WE CAN DO THAT. WE JUST WE JUST NEED A MOTION. YEAH. OKAY. SO WE'RE GOING TO MOTION TO CHANGE TO GO TO CLOSED SESSION. SO AT THIS TIME THE BOARD WILL CLOSE THE OPEN SESSION PUBLIC SESSION AND GOING. TO REARRANGE ITEMS. D AND E. WE'RE GOING TO TAKE D TWO AND E RIGHT. OKAY. SO WE NEED A MOTION TO REVISE AND CHANGE ITEMS D TWO. THE DISCUSSION OF OPPORTUNITY ZONE DESIGNATIONS AND E AND MOVING E THE EXECUTIVE SESSION UP. SO WE'LL REVERSE THAT. AND MAY I GET A MOTION. AND A SECOND I GOT A MOTION THAT WE CHANGE THE DISCUSSION OF OPPORTUNITY ZONES TWO TO E EXECUTIVE SESSION.
FIRST I GET A SECOND. SECOND, IT'S BEEN MOTION. AND SECOND, TO MAKE THE REVERSE OR THE CHANGE TO D TWO AND EXECUTIVE SESSION. AT THIS TIME, BOARD WILL GO INTO EXECUTIVE SESSION.
AND I'M SORRY. RIGHT. OKAY. AT THIS TIME THE BOARD WILL GO INTO EXECUTIVE SESSION UPON THE
[E. Executive Session]
VOTE. ALL IN FAVOR SAY AYE AYE AYE. NAYS. AYES HAVE IT NOW CLOSED FOR EXECUTIVE SESSION.THANK YOU. REMEMBER TO DO THE TIME. THE TIME CURRENTLY IS 6:29 P.M. SO ITEM E THE DESOTO DEVELOPMENT CORPORATION SHALL CONVENE INTO EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE. SECTION 551.087 ECONOMIC DEVELOPMENT DELIBERATION REGARDING COMMERCIAL AND FINANCIAL INFORMATION THAT THE BOARD HAS RECEIVED FROM A BUSINESS PROSPECT THAT THE BOARD SEEKS TO HAVE, LOCATE, STAY OR EXPAND IN OR NEAR THE TERRITORY OF THE BOARD WITH WHICH THE BOARD IS CONDUCTING ECONOMIC DEVELOPMENT NEGOTIATIONS AND OR TO DELIBERATE THE OFFER OF A FINANCIAL OR OTHER INCENTIVE TO THAT BUSINESS PROPOSED TO IT.
DISCUSSION OF POTENTIAL INCENTIVES. PROJECT ROVER DISCUSSION OF POTENTIAL
[00:10:04]
INCENTIVES. PROJECT WINTER. DISCUSSION OF POTENTIAL INCENTIVES. PROJECT LIME.DISCUSSION OF POTENTIAL INCENTIVES. PROJECT PARKER. DISCUSSION OF POTENTIAL INCENTIVES. PROJECT BREW. UPDATE ON PROJECT PGA AND. AGAIN AT THIS TIME IT'S AT
* This transcript was compiled from uncorrected Closed Captioning.