[CALL TO ORDER]
          [00:00:05]
          NOW. GOOD MORNING. WELCOME TO THE MCKINNEY ECONOMIC DEVELOPMENT CORPORATION BOARD MEETING. IT'S TUESDAY, OCTOBER THE 15TH, 2024. WE'RE IN THE COUNCIL CHAMBERS AT 222 NORTH TENNESSEE STREET IN MCKINNEY, TEXAS. AT THIS TIME, I'LL CALL THE MEETING TO ORDER. THE MEETING IS BEING BROADCAST LIVE ON SPECTRUM CHANNEL 16. AT&T U-VERSE CHANNEL 99 AND ONLINE. 
          OUR FIRST ITEM ON THE AGENDA IS PUBLIC COMMENTS ON ANY AGENDA ITEM FOR NON PUBLIC HEARING ITEMS. IS THERE ANYBODY THAT WOULD LIKE TO ADDRESS THE BOARD ON ANY OF THESE ITEMS? SEEING 
          [Election of Officers]
NONE, WE WILL GO ON TO SPECIAL AGENDA ITEM. 24 2081 ELECTION OF OFFICERS. ANYBODY I WOULD LIKE TO MAKE A MOTION TO KEEP THE OFFICERS THE SAME AS PRIOR YEAR. I WILL. OKAY. MISS WILLIAMS. NOPE. MOTIONS. WE HAVE A SECOND. DOUBLE. SECOND. DOUBLE. SECOND. DOUBLE. SECOND. OKAY. MY IPAD IS NOT COOPERATING. I HAVE NOTHING. ALL IN FAVOR? ALL IN FAVOR? OPPOSED? OKAY. MOTION PASSES. 
          [CONSENT ITEMS]
NEXT, WE HAVE CONSENT ITEMS. THESE ARE ITEMS THAT ARE CONSIDERED NONCONTROVERSIAL OR HOUSEKEEPING ITEMS REQUIRED BY LAW. THEY MAY BE CONSIDERED INDIVIDUALLY, BUT IN MOST CASES ONLY HAVE ONE. SO WE'RE ONLY CONSIDERING IT INDIVIDUALLY. AND THAT WOULD BE THE MINUTES OF MCKINNEY ECONOMIC DEVELOPMENT CORPORATION MEETING OF SEPTEMBER 17TH. IF THERE'S NO QUESTIONS, I'LL ENTERTAIN A MOTION ON THAT. MOVE TO APPROVE. SECOND. IT'S MY DAD. SECOND BY MARK. YEAH. ALL IN FAVOR? AYE. ALL SAID, I. MOTION PASSES. UNANIMOUS. UNANIMOUS. BOARD AND LIAISON 
          [Board and Liaison Updates
	City of McKinney
	Chamber of Commerce
	Community Development Corporation
	Visit McKinney
	MEDC Committee Updates
	Board Chairman]
UPDATES. FIRST, WE HAVE CITY MCKINNEY. MR. GRIMES. GOOD MORNING, MR. CHAIRMAN. MR. PRESIDENT, MEMBERS OF THE BOARD. MY NAME IS PAUL GRIMES, CITY MANAGER. A FEW THINGS TO SHARE WITH YOU THIS MORNING. FIRST THING I WANTED TO NOTE IS THAT BOARD MEMBER KEENE IS WEARING HIS NAME TAG, AND IT'S A SHARP LOOKING NAME TAG, AND I WOULD HAVE THOUGHT EVERYBODY ELSE WOULD HAVE WORN THEIR NAME TAG HERE, BUT THAT IS A SHARP. I HAVE A PEN. DOES THAT COUNT? IT IS. THAT WAS WEIRD. THAT'S RIGHT. THAT'S RIGHT. GREAT. I WILL CALL OUT BOARD MEMBER KEENE FOR FOLLOWING THE RULES. THANK YOU VERY MUCH, SIR. ANYWAY. OKA. WHERE'S YOUR NAME TAG? OH, WELL, TO IT, LIKE AS I SAY MY NAME. DO AS I SAY. IT'S SOMEWHERE. SOMEWHERE? OKAY. WE ARE PLEASED TO NOTE THAT WE HAVE GOVERNOR ABBOTT APPOINTED JIM PARISH, OUR HUMAN RESOURCES DIRECTOR, TO THE TMRS BOARD OF TRUSTEES. SO WE WILL BE REPRESENTED VERY CLOSELY ON THE BOARD OF TRUSTEES. JIM, OF COURSE, WILL DO A GREAT JOB REPRESENTING ALL OF MUNICIPAL ORGANIZATIONS. BUT WE'RE VERY EXCITED TO HAVE OUR VERY OWN PERSON ON THAT BOARD. THIS PAST WEEK, I TRAVELED TO HOUSTON TO FOR THE ANNUAL TEXAS MUNICIPAL LEAGUE. WE HAD AN OPPORTUNITY TO ATTEND A NUMBER OF BREAKOUT SESSIONS, OF COURSE, AND MEET A NUMBER OF FOLKS. AND THE THEME, THE THEME THAT SEEMS TO BE PREVALENT. THESE DAYS IN ALMOST EVERYTHING. IT'S SOMEWHAT PERVASIVE IS AI, ARTIFICIAL INTELLIGENCE, AND THE APPLICATIONS AND LOCAL GOVERNMENT. THERE MUST BE BETWEEN THE ICMA ABOUT A MONTH AGO AND NOW THE HTML. THERE MUST HAVE BEEN A DOZEN WORKSHOPS ON SOME FORM OF ARTIFICIAL INTELLIGENCE, WHICH OF COURSE IS APROPOS TO THE DAY THAT IS HEADY TECHNOLOGY AND HEADY STUFF THAT WE'RE ALL TRYING TO GET OUR ARMS AROUND AND FIGURE OUT HOW IT CAN HELP US AND BE AWARE OF THE WAYS IN WHICH IT MAYBE IS NOT SO HELPFUL. I MADE ANOTHER NOTE HERE THAT I WANTED TO SHARE WITH YOU. IF I COULD FIND MY NOTES. THERE WE GO. WE DID RECEIVE CONFIRMATION A COUPLE WEEKS AGO THAT THE NCAA HAS EXTENDED MCKINNEY'S CONTRACT FOR THE NCAA DIVISION TWO NATIONAL CHAMPIONSHIP FOR FOOTBALL. THAT WILL BE FOR YEARS 26 AND 2027. 
          THE GAME, OF COURSE, TAKES PLACE AT THE ISD STADIUM. THIS YEAR, IT WILL BE ON SATURDAY, DECEMBER 21ST AT 1 P.M. AND THERE WILL BE A FAN FEST AS USUAL THE NIGHT BEFORE OR THE DAY BEFORE AT TUFTS AND OF COURSE, TUFTS NEW LOCATION, WHICH WILL PROVIDE A LOT MORE ROOM FOR THE BAND. THE BAND, THE BATTLING BANDS BLOWING THEIR HORNS IN OUR EARS AND A VERY TIGHT QUARTERS. AT LEAST THERE WILL BE A LITTLE MORE SPREAD OUT. SO THAT IS THAT. ALSO TONIGHT WE HAVE WORK SESSION AND CITY COUNCIL MEETING. AT THE WORK SESSION WE WILL HAVE A CONVERSATION ABOUT USE OF SOME POTENTIAL USED COUNCIL, A REQUEST FOR USE OF SOME PARKLAND CITY PARKLAND. 
          ALSO SOME CITY LAND ON ANOTHER AREA INVOLVING SOCCER. WE HAVE IT'S GOING TO BE AN ACTIVE WORK SESSION TONIGHT. WE HAVE 5 OR 6 ITEMS ON THERE. SO IF YOU WANT TO TUNE IN OR ATTEND IN PERSON IF YOU CHOOSE. AND FINALLY, WE DO HAVE AN INTERESTING GEE WHIZ ITEM TONIGHT ON THE AGENDA AS AN 
          [00:05:08]
ITEM FOR PRECONSTRUCTION SERVICES RELATED TO THE ROY AND HELEN HALL LIBRARY. WE HAVE A REIMAGINING PROJECT UNDERWAY. THIS IS WORKING WITH THIS WOULD BE WORKING WITH CROSS LAND CONSTRUCTION COMPANY FOR PRECONSTRUCTION SERVICES TO REIMAGINE THE HALL LIBRARY, BECAUSE THIS ALL PART OF THIS REDEVELOPMENT AREA FOR THIS BUILDING, THE BUILDING ACROSS THE STREET AND THE OTHERS AND THE WHOLE LIBRARY IS GOING TO BE AN IMPORTANT PART OF THAT, AND WE WILL BE MOVING FORWARD WITH IMAGINING WHAT THAT'S GOING TO LOOK LIKE AND THEN MOVING FORWARD WITH THE CONTRACT, HOPEFULLY IN ABOUT ANOTHER YEAR. SO STAY TUNED. BUT THAT'S AN IMPORTANT FIRST STEP MILESTONE AND I WILL STAND FOR ANY QUESTIONS. THANK YOU. OKAY SIR. 
          THANK YOU. I DON'T SEE LISA HER. I DON'T SEE CINDY HERE. I DON'T SEE AARON HERE. NOBODY CAME. NO ONE CAME TODAY. AARON, IS IT A CONFERENCE? HE'S WHAT? HE'S AT A CONFERENCE. A CONFERENCE? OKAY. 
          AT LEAST HE'S REPRESENTING. OKAY. AND SO, MEDICI COMMITTEE UPDATES MARKETING, MARKETING, MARKETING MET. WE HAD A GREAT DISCUSSION ABOUT PR AND WEBSITE. SOME EXCITING THINGS GOING ON. 
          SO STAY TUNED. REAL ESTATE. REAL ESTATE MET LAST WEEK AND WE HAVE SEVERAL ITEMS FOR YOU TODAY IN THE EXECUTIVE SESSION. FINANCE. INNOVATION. WE MET AND THE OUTPUT OF THAT MEETING WILL BE PRESENTED BY MR. WILKS SHORTLY. GOOD GOVERNANCE MET AS A FOLLOW UP TO OUR REVIEW OF MR. KOSKI, AND WE WILL BE VOTING TODAY ON A CONTRACT FOR EXECUTIVE SESSION. SO THAT'S THAT. SO LAST COMMENTS. I HAVE A COUPLE OF THINGS. JUST THAT OCCURRED IN THE LAST MONTH. WE HAD A GREAT MEETING LUNCHEON WITH AARON EMERSON, WHO IS WITH THE GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENT. MR. KOSKI CAN TALK MORE ABOUT THAT. WE HAVE SOME UPCOMING EVENTS. WE HAVE THE DYNACRAFT TOUR ON FRIDAY, OCTOBER 18TH AT 1030, AND I HAVE ON MY CALENDAR TUBS COMPLETION EVENT ON OCTOBER 23RD. SO A LOT HAPPENING RIGHT NOW AS WE GO INTO THE FALL. I WANTED TO MAKE A BRIEF COMMENT AS QUICKLY ON THE PASSING OF BOB THOMAS, MEMBER OF OUR COMMUNITY, WHO'S JUST BEEN AN INCREDIBLE PERSON, VOLUNTEER, PHILANTHROPIST, AND, YOU KNOW, HE'S GOING TO BE MISSED. WE HAD THERE'S A VISITATION TONIGHT AND A FUNERAL TOMORROW AT 2:00 AT THE AT THE FIRST UNITED METHODIST. BUT OUR PRAYERS GO OUT TO BARBARA AND HIS FAMILY AT THIS TIME. THAT'S ALL I HAVE. I'LL JUST ADD A FEW THINGS, MR. CHAIRMAN. SO, MR. THOMAS CERTAINLY HAS A GREAT LEGACY IN MCKINNEY. AND BEYOND, BUT HE ALSO SERVED ON THE MEDICI BOARD, SO HIS STAMP, HIS LEGACY IS BEYOND THE AUTOMOTIVE INDUSTRY, OF COURSE. AND YOU MENTIONED HIS PHILANTHROPY AND WHATNOT. SO AS A REMINDER, YOU KNOW, WE ALL HAVE A GREAT PART TO PLAY IN THIS. AND ANOTHER PERSON WHO, YOU KNOW, HIS LEGACY WILL LIVE ON FOREVER. AND THEN I'LL JUST TOUCH ON MR. AARON EMERSON. HE IS THE PRESIDENT OF THE TEXAS EDC. HE WAS IN TOWN FOR A CONFERENCE, AND WE INVITED HIM TO TAKE A TOUR OF MCKINNEY. WE HAD A GREAT LUNCHEON. THE MAYOR JOINED US WITH MR. LOCKMILLER AND SOME OTHER CITY LEADERSHIP. WHAT WAS GREAT ABOUT IT? HE GOT TO SHOW OFF WHAT'S HAPPENING IN MCKINNEY TO SOMEBODY FROM THE STATE OFFICE. I GOT TO SHOW THE CITY HALL PROJECT. I GOT TO WALK THROUGH THE DOWNTOWN REDEVELOPMENT AREA. HE'S VERY, VERY IMPRESSED. SO AGAIN, AS PART OF OUR SYSTEM TO STAY TOP OF MIND WITH PEOPLE WHO HELP US MAKE THINGS GREAT IN TEXAS. SO THANK YOU. AND THAT'LL JUST DOVETAIL INTO 24 208 FOR YOUR ORGANIZATIONAL REPORTS. 
          YES, THE TEAM WILL SPEAK TO THAT IN ONE MOMENT. I JUST WANT TO GIVE A PUBLIC SHOUT OUT TO SOMEBODY WHO'S WORK SOMETIMES GOES UNDERAPPRECIATED. SO OUR ATTORNEY, MARK HAUSER, HAS BEEN DOING SOME INCREDIBLE WORK THE PAST MONTH. AND WHAT I MEAN BY THAT IS, EVEN ON VACATIONS WITH HIS FAMILY, HE'S TAKEN TIME OUT TO DO SOME WORK. DOES NOT GO UNNOTICED, DOES NOT GO UNDERAPPRECIATED. MR. HAUSER, HE WORKS ON WEEKENDS. SO AGAIN, THERE'S A LOT OF STUFF THAT HAPPENS BEHIND THE SCENES THAT MAKES THIS ENGINE GO. AND MR. HAUSER IS A KEY COG IN THE WHEEL. SO THANK YOU FOR ALL YOUR EXTRA EFFORT, I APPRECIATE IT. THANK YOU. I VOTE WE SEND HIS WIFE FLOWERS, THEN. SO WITH THAT, I'LL ASK MR. TALLEY TO SPEAK ABOUT OUR ORGANIZATIONAL 
          [Consider/Discuss MEDC Monthly Reports]
REPORT AND KPIS. HEY. GOOD MORNING, BOARD. BOARD CHAIR AND MR. PRESIDENT, MICHAEL TALLEY, SENIOR VICE PRESIDENT, MEDC. QUICK UPDATE ON PROJECTS. WE HAVE 26 TOTAL WITH 16 
          [00:10:01]
TRADITIONAL TEN BEING THAT OF INNOVATION. STILL ON PACE TO MORE THAN DOUBLE THE APPLICATION NUMBERS OVER 2023. JUST AND REALLY JUST BETTER QUALITY LEADS, BETTER QUALITY APPLICATIONS AS WELL. GOT A BUSY TIME COMING UP HERE IN THE NEXT FEW WEEKS. WE'RE HEADED TO SMART CITIES WITH MYSELF, MR. JANKOWSKI AND MR. WILKES. WE'RE GOING TO STOP BACK THROUGH LONDON AND PARTNERS AND MEET WITH THEM WITH A STARTUP GROUP THERE. AND THEN ON TO WEB SUMMIT. I WANT TO TOUCH ON THAT FOR JUST A MOMENT, BECAUSE WEB SUMMIT RUNS ONE OF THE LARGEST STARTUP EVENTS IN THE WORLD. WE WERE ABLE TO GET IN AS AN INVESTOR THIS YEAR, WHICH IS A BIG CHANGE BECAUSE BASICALLY CURATED MEETINGS WITH THE STARTUPS. I THINK THAT'S A IT'S A BIG DIFFERENCE. WE'VE BEEN THE LAST THREE YEARS TO THEIR EVENT IN TORONTO, WHICH HAS BEEN A GREAT SUCCESS. BUT THE INVESTOR LEVEL IS COMPLETELY DIFFERENT. AND IT'S THEY EVEN GO THROUGH THE INVESTORS AS WELL. SO JUST TO GIVE YOU AN IDEA HOW THEY DO THE STARTUPS, THERE WERE 17,000 APPLICATIONS LAST YEAR TO GO TO LISBON AS A STARTUP. I THINK THEY APPROVED ABOUT 2600. SO THEY DO THEIR DUE DILIGENCE ON THEIR SIDE. SO IT'S GOING TO BE A BIG CHANGE AS FAR AS BEING ABLE TO GET IN FRONT OF THE RIGHT PEOPLE. SO WITH THAT, I'LL STAND FOR ANY QUESTIONS. ANY QUESTIONS. THANK YOU. NO MAJOR UPDATES ON THE MARKETING SIDE, MR. CHAIRMAN. SO WE'LL UPDATE 
          [Consider/Discuss/Act on Proposed Updates to the MEDC’s Innovation Fund]
THE TEAM IN THE NEXT MEETING. SO WE ARE REGULAR AGENDA. WE HAVE 24 2085 CONSIDERED DISCUSS ACT ON PROPOSED UPDATES TO THE MEDICIS INNOVATION FUND. MR. WILKES? YEAH, I'LL TEE IT UP, IF I MAY, MR. CHAIRMAN. SO WE'RE ALWAYS LOOKING TO ADVANCE WHAT WE'RE DOING SPECIFICALLY WITH THE INNOVATION FUND. AS WE KNOW, IT'S ABOUT FOUR YEARS OLD AT THIS POINT, AND WE'RE LOOKING TO REFRESH ONE KEY COMPONENT. MR. WILKES WILL WALK US THROUGH THAT. I WILL SPOTLIGHT ONE FACT. 
          WE ARE LOOKING TO CREATE A EVERGREEN PRESENTATION. SO THIS PRESENTATION WE'RE HOPING WE CAN KEEP REFINING OVER THE COMING WEEKS AND MONTHS THAT WE CAN USE AS A BASELINE TO PROMOTE MCKINNEY AND WHAT WE DO. SO YOUR FEEDBACK ON THE PRESENTATION WOULD BE APPRECIATED. BUT WE'RE ALSO ASKING FOR ACTION TO ADJUST A CERTAIN COMPONENT ON OUR GROWTH FUND. SO, MR. WILKES? ABSOLUTELY. THANK YOU, MR. KOSKI. SO GOOD MORNING, EVERYONE. IT'S NICE TO SEE YOU ALL AGAIN. JULIE. THANK YOU FOR COMING TO OUR TECH AND TRUCKS. I APPRECIATE IT. WE'RE HERE. LIKE MR. KOSKI SAID, BECAUSE OF SOME FEEDBACK WE'VE GOTTEN FROM OUR PARTNERS, OUR FOUNDERS AND OUR PORTFOLIO, THE COMMUNITY ECOSYSTEM MEMBERS. AND WE WANT TO MAKE OURSELVES BETTER. WE WANT TO IMPLEMENT THESE CHANGES AND THESE UPDATES TO CONTINUE TO HEAD IN THE RIGHT DIRECTION. AND SO THAT'S WHAT BRINGS US HERE THIS MORNING. SO FIRST THINGS FIRST, I'M NOT UP HERE VERY OFTEN. SO WHEN I AM UP HERE I THINK IT'S IMPORTANT TO CELEBRATE WHAT WE'RE DOING. 
          WE'VE GOT TWO COMPANIES THAT ARE JUST CRUSHING IT AND REVIEW WAVE AND BOOK IO. I WANT TO TAKE THIS PUBLIC MOMENT TO GIVE A SHOUT OUT TO THEM WHO ARE RAPIDLY PERFORMING. AND THAT IS THE BASIS OF THE SUCCESS OF THIS FUND, IS COMPANIES DOING THINGS LIKE THIS HIRING LOCALLY, SECURING OUTSIDE INVESTMENT, GROWING THEIR COMPANY, GROWING IN REVENUE AND SO I JUST WANTED TO BRIEFLY TAKE THIS MOMENT TO RECOGNIZE REVIEW WAVE. NOW. ALOHA AND BOOK IO FROM OUR PORTFOLIO. SO MIKE, THAT'S TERRIFIC. THAT'S THAT'S REALLY HARD TO DO TO FIND A SMALL COMPANY THAT WILL RELOCATE TO MCKINNEY AND WILL DEMONSTRATE THE KIND OF GROWTH THAT THESE PEOPLE HAVE DEMONSTRATED. THAT'S LIKE LOOKING FOR A NEEDLE IN A HAYSTACK. SO THAT'S THAT'S REALLY GOOD WORK. WELL, THANK YOU, SIR. AND WE WILL CONTINUE TO TRY TO FIND COMPANIES LIKE THESE. WE DO SO THROUGH GROWTH EXPANSION AND RECRUITMENT FUND. OUR GROWTH FUND IS $50,000 GRANT WHERE WE ACTUALLY GIVE UP FRONT NON-DILUTIVE CAPITAL TO THESE STARTUP COMPANIES. AND WE DO LIKE TO JUST IN THE BEGINNING, GIVE A GENERAL UPDATE FOR OUR INNOVATION FUND. WE'RE COMING UP ON OUR FIFTH YEAR IN 2020. THIS PROGRAM WAS STARTED, AND NOW WE HAVE 45 COMPANIES THAT WE HAVE AWARDED OUR GRANT. THIS IS RESULTING IN 931 PROJECTED JOBS CREATED AT ABOUT AN $80,000 AVERAGE SALARY. WE MADE MONUMENTAL STRIDES WITH THIS PLUG AND PLAY MCKINNEY. AS THEY'RE TAKING OUR STARTUPS, THEY'RE PUTTING THEM IN FRONT OF THE DECISION MAKERS AT THESE BIG CORPORATIONS, AND WE ARE SEEING THE IMPACT THAT I WILL CONTINUE TO GET INTO. SO INTERESTING NOTE OF THE 45 DEALS WE'VE DONE A LOT OF GROWTH DEALS, NINE EXPANSION, THREE RECRUITMENT. INTERESTING NOTE OUT OF THE LAST TWO YEARS, 100% OF OUR DEALS HAVE BEEN USING THE $50,000 GROWTH FUND TO GIVE YOU AN IDEA OF WHAT THAT LOOKS LIKE, DA BOT AI IS A PRE-SEED GROWTH FUND STAGE COMPANY. THEY ENTERED THE FUND A YEAR AGO. TWO EMPLOYEES, A PRODUCT THAT HAD A LITTLE BIT OF FUNCTIONALITY, BUT IT REALLY WASN'T MARKET READY. A LITTLE BIT OF OUTSIDE CAPITAL. OUR CAPITAL INJECTION CAME IN AND REALLY SUPPORTED NO REVENUE. AND THEN A YEAR LATER THEY'VE TAKEN 
          [00:15:01]
THESE STEPS, GROWN AS A COMPANY AND DE-RISKED CERTAIN ASPECTS. THEY GOT ENGAGED WITH PLUG AND PLAY, WHO AGAIN PUT THEM IN FRONT OF THE RIGHT PEOPLE. GOT THESE PILOTS GREAT, ASSISTED IN THE RAISING OF OTHER OUTSIDE CAPITAL. SO IF YOU TAKE A GENERAL LOOK AT THESE, THEY ENTERED THE FUND AS A HIGHER RISK COMPANY. AND THROUGH OUR RESOURCES AND THROUGH THE THINGS WE'RE DOING IN MCKINNEY, THEY'VE FOUND INITIAL SUCCESS AND ARE NOW LOWER RISK. BUT THE THING IS, NOT EVERY PRE-SEED STARTUP HAS ACCESS TO OUR RESOURCES. TO GIVE YOU AN IDEA HERE A PRE-SEED STARTUP. WHAT IS THAT, A SMALL TEAM, A LITTLE BIT OF REVENUE OR NO REVENUE? A LITTLE BIT OF OUTSIDE CAPITAL. IT'S GENERALLY THE FIRST YEAR, YEAR AND A HALF IN THE COMPANY'S LIFE CYCLE, AND THEY'VE GOT A LONG WAY TO GO UNTIL THEY SUCCEED UP AT THE TOP SUCCESS RATE. THIS IS SUCCESS OF MOVING TO THE NEXT STAGE AND AT THE BOTTOM, A UNICORN CHANCE PERCENT. IT'S LESS THAN 1% THAT THEY WILL GROW INTO THE BILLION DOLLAR COMPANY. NOW WHY IS THE REST GRAYED OUT? IT'S BECAUSE OUR GROWTH FUND IS FOCUSED ON TARGETING THE PRE-SEED. AS A COMPANY GROWS INTO SEED AND SERIES A AND SERIES B, THE TEAM GROWS THE REVENUE, GROWS THE VALUATION, AND AT THE END OF THE LIGHT, YOU START TO SEE THE BIG PRESS RELEASE. NEWS STORIES THAT YOU MIGHT SEE, BUT GENERALLY NOT AT THE PRECEDING. OH, SORRY. SO WHAT IF WE TOOK IT A STEP FURTHER AND EXPANDED OUR RANGE INTO THE SEED STAGE? WHAT ARE SOME OF WHAT DOES THAT MEAN? SIMPLY, IT MEANS THAT THESE ARE FURTHER ALONG COMPANIES. THEY'RE AT THAT NEXT STEP OF THE COMPANY MATURITY INDUSTRY WIDE. THERE'S A LOWERED RISK OF A COMPANY NOT PERFORMING AND FAILING. THEY DO THIS BECAUSE THEY HAVE PAST PERFORMANCE DATA FOR INVESTORS TO LOOK OVER MONTH ON MONTH, REVENUE GROWTH AND TRACTION, ACTUAL CUSTOMER TRACTION, CUSTOMERS THAT ARE VALIDATING THE QUALITY OF THE TECHNOLOGY, AND A LOT OF EXTERNAL VALIDATION COMING IN NOW WITH THE RANGE OF DEALS, WE'RE GETTING A LOT OF THESE BETTER, MORE MATURE COMPANIES TO OUR FUND. WE NEED TO RETAIN THEM AND ATTRACT THESE MORE MATURE SERIAL ENTREPRENEUR FOUNDERS WHO HAVE THE ACCESS TO CAPITAL, WHO KNOW WHAT THEY'RE DOING AND CAN DO IT VERY QUICKLY AND PLUG AND PLAY. MCKINNEY. WE WANT TO CONTINUE TO ALIGN WITH THEM. THIS IS A STEP IN THE RIGHT DIRECTION FOR ALIGNING WITH THEIR THESIS, BECAUSE A SEED COMPANY HAS A PRODUCT THAT'S MARKET READY AND PLUG AND PLAY NEEDS A MARKET READY PRODUCT TO INTRODUCE THEM TO A CORPORATION, IT WON'T DO ANY GOOD IF THE PRODUCT ISN'T MARKET READY AND IT ALSO OPENS THE DOOR TO FUTURE PARTNERSHIPS. THERE'S A LOT OF VCS THAT GENERALLY WON'T GET IN THE PRE-SEED STAGE, BUT THEY'LL START TO GET INTO SEED, OPEN THE DOOR UP FOR FUTURE PARTNERSHIPS. THE TIMING IS IMPORTANT NOW BECAUSE WE'RE DOING THESE THINGS. WE'RE HEADED IN THE RIGHT DIRECTION, BUT WE NEED TO KEEP OUR INCENTIVES MOTIVATIONAL FOR THESE FOUNDERS, WHO, AGAIN, HAVE ACCESS TO CAPITAL. OUR BUILDING LOWER RISK, MORE MATURE COMPANIES. SO WE BELIEVE NOW IS THE TIME TO INCREASE OUR AVAILABLE LEVEL OF FUNDING TO CAPTURE THESE HIGH GROWTH COMPANIES THAT WILL ELEVATE OUR INNOVATION ECOSYSTEM. WE'RE MOST THE WAY THERE. SO PLUG AND PLAY MCKINNEY. HUGE. WE'VE ATTRACTED SOME SEED STAGE COMPANIES JUST BECAUSE THEY ARE WANTING TO BE CONNECTED TO THE CORPORATE PARTNERS. PLUG AND PLAY HAS BEE IN THIS ECOSYSTEM. PILOT OPPORTUNITIES IS AN INITIATIVE WE'VE LAUNCHED THIS YEAR WHERE IF WE'RE BRINGING THIS TECHNOLOGY TO MCKINNEY, WHY NOT USE IT OURSELVES, SEE IF WE CAN MAKE OUR CITY MORE INNOVATIVE? ALL OF THIS AND THE HOURS WE PUT IN PORTFOLIO SUPPORT, THEY HELP, BUT WE'RE NOT ALL THE WAY THERE. WE NEED TO CHECK THIS LAST BOX TO REALLY EXPEDITE OUR GROWTH. 
          SO OUR ASK OF YOU TODAY IS AUTHORIZE US TO NEGOTIATE UP TO $200,000 ON GROWTH FUND DEALS UNDER OUR EXISTING STRUCTURE. AND WHEN YOU DO THIS, YOU ENABLE US TO ATTRACT THESE HIGHER QUALITY COMPANIES. WE CAN ALIGN CLOSER AND REALLY DRIVE DEEPER WITH THE PLUG AND PLAY PARTNERSHIP. WE CAN ATTRACT ADDITIONAL FUNDING AND PARTNERS AND RESOURCES FOR THESE STARTUPS TO PURSUE, ACHIEVE GREATER ECONOMIC IMPACT FASTER. AND WHAT DOES THAT MEAN THAT MEANS THAT A COMPANY THAT'S ALREADY ONE STEP FURTHER IS THAT MUCH CLOSER TO THE LIGHT AT THE END OF THE TUNNEL, THE UNICORN EXIT, THE BIG MONEY VALUATION THAT WE'RE ALL AFTER, AND WE GET TO ENHANCE 
          [00:20:02]
OUR RETURN ON THE INNOVATION FUND AS THEY ARE. THAT STEP CLOSER AND THEY ARE HIRING, MAKING THESE RAPID KIND OF SPEAR HOCKEY STICK GROWTH. SO I LEAVE YOU WITH THIS IS FEEDBACK DRIVEN FROM OUR PARTNERS, FROM OUR STAKEHOLDERS, FROM OUR ECOSYSTEM MEMBERS. AND WE WANT TO CONTINUE TO BETTER OURSELVES. SO WE'VE MET. THAT BRINGS US IN FRONT OF YOU TODAY. AND YOU HAVE OUR ASK. 
          I'LL NOW STAND FOR ANY QUESTIONS. THANK YOU. QUESTIONS? I'VE GOT A COUPLE QUESTIONS. SO YOU KEPT ON SAYING IN YOUR PRESENTATION FROM PRE-SEED IS WHERE WE PLAY NOW. AND IF I UNDERSTAND RIGHT, YOU WANT TO NOW PLAY IN THE SEED ROUND. MY QUESTION IS YOU KEPT ON SAYING THAT THEY ALREADY HAVE ACCESS TO CAPITAL. MY UNDERSTANDING IS YOU'RE ASKING US TO GIVE THEM CAPITAL. SO IF A PERSON WHO ALREADY HAS CAPITAL, WHY DO WE GIVE THEM CAPITAL? THAT'S MY FIRST QUESTION. AND THEN SECOND OF ALL IS THE REASON WHY THESE PEOPLE WANT US TO PLAY IN THE GAME IS BECAUSE WE'RE A LOWER BARRIER OF ENTRY TO GIVE THEM MONEY VERSUS THEM GOING TO THE PRIVATE SECTOR AND GETTING IT FROM A VENTURE CAPITALIST. THAT WOULD BE MORE STRINGENT ON REQUIREMENTS FOR THEM TO OBTAIN THE CAPITAL. GREAT QUESTION. SO I'LL ANSWER THE FIRST QUESTION FIRST. I BELIEVE WHAT WE DO IN ECONOMIC DEVELOPMENT IS OFTENTIMES MOTIVATIONAL. WE WANT TO MOTIVATE THESE PEOPLE TO TAKE AND TAKE UP AND RELOCATE THEIR HEADQUARTERS OR EXPAND THEIR HEADQUARTERS, WHICH IS NOT A LIGHT DECISION. AND ESPECIALLY FOR THESE COMPANIES THAT ARE REALLY DRIVING, THEY'RE PUTTING A LOT OF THOUGHT INTO THE TEAM GROWTH AND HOW THEY'RE GOING TO EXPAND AND SUPPORT. WE NEED TO KEEP THE INCENTIVE MOTIVATIONAL FOR THEM AND COMPETITIVE WITH OUR FUND IS UNIQUE. HOWEVER, OTHER ECONOMIC DEVELOPMENT GROUPS ARE UNDERSTANDING THE VALUE OF WORKING WITH STARTUPS AND WORKING WITH INNOVATION AND SO WE'RE NOT THE ONLY ONES WITH AN INCENTIVE PROGRAM, IF YOU WILL. SO IF I IF I CAN JUST ADD, I THINK THE NON-DILUTIVE CAPITAL IS THE MOST ATTRACTIVE THING THAT YOU CAN OFFER, RIGHT? IF YOU'RE RUNNING A STARTUP, YOU'RE FIGHTING EVERY DAY TO NOT DILUTE THE EQUITY IN YOUR COMPANY. SO IT'S AN INCREDIBLY POWERFUL INCENTIVE. AND I THINK WHAT MIKE'S INDICATING HERE IS WE'VE EARNED THE RIGHT TO SEE HIGHER QUALITY OPPORTUNITIES, WHERE FOUNDERS HAVE THE RIGHT, THEY'VE GOTTEN FAR ENOUGH TO ASK FOR THAT KIND OF INCENTIVE. I THINK WE NEED TO BE JUDICIOUS IN WHO WE, YOU KNOW, DOLE THAT KIND OF MONEY OUT TO. BUT IT'S REALLY A, AN INDICATION THAT WE'VE PROGRESSED TO A POINT THAT WE'RE SEEING MORE SIGNIFICANT OPPORTUNITIES. AND I WOULD THINK ABOUT ABOUT IT A BIT MORE AS PLANTING SEEDS. IF YOU'VE ALREADY GOT A $25 MILLION ENTERPRISE AND YOU WANT TO MOVE TO MCKINNEY, WE'RE GOING TO GET OUR CHECKBOOK OUT, RIGHT? WHAT WE'RE DOING HERE IS PLANTING SEEDS IN 20 PEOPLE, ONE OF WHICH MIGHT END UP BEING 50 JOBS OR 100 JOBS OR 200 JOBS. SO IT'S A DIFFERENT WAY TO PLAY THE GAME. ABSOLUTELY. SO MY UNDERSTANDING IS ALSO IS THAT WE HAVE WE'VE DONE A FANTASTIC JOB ON THE PRE-SEED OF ATTRACTING THOSE PARTICULAR BUSINESSES TO COME HERE. NOW IT'S ONE OF THOSE THINGS THAT WE NEED TO STEP UP TO THE NEXT LEVEL, OR WE WILL END UP LOSING THOSE TO OUR SISTER CITIES WHO ARE SEEING THAT AND OFFERING THAT SEED ROUND FUNDING THAT WE HAVE, YOU KNOW, INVESTED IN THE PRE-SEED WITH AS YOU WERE POINTING OUT, HAS THE HIGHEST RISK. NOW IT GOES TO THE NEXT ROUND, WHICH IS LOWER RISK. AND AT THAT POINT, WE'RE KIND OF AT THIS POINT NOT IN THE GAME. AND OTHER PEOPLE ARE. AND SO WE'VE TAKEN ALL THE UPFRONT RISK. AND THEN SOMEBODY ELSE IS TAKING THE REWARD OF A LESS RISKY INVESTMENT. IS THAT WHAT YOU'RE ALSO POINTING OUT? THEY CERTAINLY COULD. THAT MARKET GAP EXISTS. NOBODY IS GETTING INTO THE SEED STAGE RIGHT NOW THROUGH A FUND, THROUGH UPFRONT NON-DILUTIVE CAPITAL. BUT THAT MARKET OPPORTUNITY EXISTS ON YOUR SECOND QUESTION, WHICH EXCUSE ME, COULD YOU REMIND ME YOUR SECOND QUESTION? IT WAS JUST COMPETING AGAINST COMPETING AGAINST THE PRIVATE SECTOR WHEN IT CAME TO THE VC SIDE. ABSOLUTELY. SO WE HAVE A 1 TO 3% ACCEPTANCE RATE OR DON'T WANT TO CALL IT PRETTY MUCH FROM APPLICATION TO WE WILL AWARD FUNDING FROM THE GRANT. IT'S 1 TO 3%, WHICH IS ABOUT INDUSTRY STANDARD. SO I WOULD SAY THAT WE OURSELVES HAVE MATURED TO THE POINT WHERE IT'S NOT EASIER IN A WAY, TO PURSUE OUR CAPITAL THAN IT IS TO RAISE. WE LOOK AT 12 DIFFERENT THINGS IN A SCREENING AND DILIGENCE PROCESS THAT CAN 
          [00:25:01]
TAKE 2 OR 3 MONTHS, AND WE HAVE AN INNOVATION COMMITTEE THAT REALLY GUIDES US, USES THEIR EXPERIENCE SOMETIMES, YOU KNOW, HAS A LOT OF SUBJECT MATTER, EXPERT TYPE EXPERIENCE THAT WE LEVERAGE. AND SO WHEN WE GET THESE DEALS, WE WANT TO PUT THEM THROUGH THE SAME EXACT PROCESS. 
          WE DON'T YOU KNOW, WE'RE NOT IN THE BUSINESS OF DOING ANYTHING OTHER THAN MAKING THE WISEST POSSIBLE DECISION. SO DID THAT ANSWER YOUR QUESTION? YES, SIR. THANK YOU. PERFECT. CAN YOU MOVE THE SCREEN OF THE SLIDES BACK TO THE DEAL THAT HAD THE DIFFERENT STAGES? CERTAINLY YOUR SCREEN, IT'S ON MINE, BUT I DIDN'T DRAW IT. CAN YOU ALL GET RID OF THAT ANNOTATION SOMEHOW? IT SHOULD BE A REMOVE ANNOTATION. OKAY, THERE WE GO I GOT IT. OH THANK YOU. I THINK THIS IS ALSO GOOD JUST TO DIVERSIFY OUR INVESTMENT PORTFOLIO. EXCUSE ME. AND INVEST IN SOME THINGS THAT ARE CLOSER TO THAT. SURE THING THAN THAN THE SEEDS. THE PRECEDES. EXCUSE ME. SO WHERE DO YOU SEE THE MONEY? REALLY GETTING APPLIED TO? I MEAN, IN THE BACK OF MY MIND, I'VE GOT A FEW BUCKETS. 
          RIGHT. YOU HAVE RENT. TRY TO BRING COMPANIES HERE, YOU GOT EMPLOYEES AND YOU GOT THE TECHNOLOGY SIDE OF THE TRYING TO GROW A COMPANY. WHERE DO YOU SEE THIS MONEY REALLY BEING UTILIZED WITHIN A COMPANY? GOING FROM PRE-SEED TO SEED? ABSOLUTELY. SO USE OF FUNDS REALLY CASE BY CASE GENERALLY IT'S GOING TO BE THEY'RE LAUNCHING, THEY'RE HITTING THE MARKET, THEY'RE TRYING TO EXPAND THEIR CUSTOMERS. SO IT'S CUSTOMER ACQUISITION COSTS. THEY'RE REALLY SPENDING A LOT OF MARKETING DOLLARS. THEY MAY HAVE JUST LAUNCHED THREE MONTHS AGO. 
          IF THEY JUST SIGNED A BIG DEAL, THEY NEED TO HIRE ACCOUNT EXECUTIVES. THEY NEED TO HIRE HEADCOUNT TO SUPPORT THE DEAL. USUALLY SOME BACK END, YOU KNOW, DEVELOPERS AND SOME THINGS LIKE THAT. IF IT'S A REALLY COMPLEX, HIGHLY REGULATED PRODUCT, LIKE SOME AI THING AND LIKE LEGAL OR REAL ESTATE, WELL THEN IT'S PROBABLY GOING TO BE USED ON REALLY FINE TUNING THEIR PRODUCT. I WOULD SAY THERE'S A GOOD CHANCE, GIVEN THE NATURE OF OUR FUND, THE AVAILABILITY THAT WE HAVE FOR CO-WORKING SPACES AND SUCH, THEY'RE DEFINITELY GOING TO USE PART OF IT ON RENT AS WELL. GOOD. THANK YOU SO, MIKE, OF THE 45 THAT WE'VE BROUGHT THROUGH, HOW MANY OF THEM CURRENTLY WOULD BE CONSIDERED SEED LEVEL? THAT'S A GREAT QUESTION. MOST OF THEM. 
          MOST OF THEM NOW, NOT ALL. AND I CAN'T GIVE YOU AN EXACT STATISTIC, BUT I WOULD SAY MOST OF THEM HAVE PROGRESSED. INTO THE SEED STAGE, IF NOT FURTHER, OF THE ONES THAT WE'VE GOTTEN ABOUT A YEAR AGO, YOU KNOW, IT TAKES SOME TIME TO DEVELOP AND HAVE PLUG AND PLAY SUPPORT AND ALL BECAUSE ON A SIDE NOTE, I THOUGHT THAT THE PROGRAM LAST NIGHT AT TECH AND TRUCKS WAS REALLY GOOD. BRINGING IN THE M&A STRATEGISTS, CONSULTANT, THE AUDIENCE WAS REALLY ENGAGED. SO IT MADE ME CURIOUS KIND OF WHAT LEVEL SOME OF THEM WERE AT BECAUSE THEY HAD SOME. YEAH, MARKETERS WITH DUKE, I YEAH, I SPENT SOME TIME WITH HIM. THAT'S A SEED STAGE COMPANY THAT WE'VE GOTTEN TO OUR FUND, AND THEY ENTERED INTO OUR FUND A COUPLE OF MONTHS AGO. THESE ARE GREAT QUESTIONS. ANY MORE QUESTIONS? I JUST HAVE A COMMENT BECAUSE I THINK IT'S IMPORTANT TO POINT OUT TO THE PUBLIC THAT, YOU KNO, EVEN WITH THE INCREASED INVESTMENT, YOU KNOW, THESE PROJECTS ARE VETTED AND BY BOTH STAFF. AND THEN WE HAVE THE INNOVATION FUND SUBCOMMITTEE THAT HEARS PRESENTATIONS ON COMPANIES. AND SO THERE'S QUITE A BIT OF ANALYSIS THAT GOES INTO IT. IT'S NOT JUST GIVING 200,000 BUCKS A POP AND SAYING, HERE, GO SEE IF IT WORKS. SO I DO THINK THAT WE'VE SHOWN AN ABILITY AND, YOU KNOW, TO REALLY KIND OF GO THROUGH THIS PROCESS AND MAKE SURE THAT THAT IT IS A LOW RISK OPPORTUNITY AS WE MOVE FORWARD, SINCE, YOU KNOW, WITH THE USE OF TAXPAYER DOLLARS, THAT'S ALL I HAVE. ANYBODY ELSE I WOULD SAY THAT JUST FOR THE BOARD'S KNOWLEDGE THAT ALL THREE OF US ON THE SUBCOMMITTEE WERE 100% IN SUPPORT OF THIS, ADDING THIS TOOL. YOU KNOW, BASICALLY, WE HAVE A SMALL HAMMER, THE $50,000 LEVEL, AND THEN WE HAVE THE ABILITY TO BRING BIGGER PROJECTS IN FRONT OF THE BOARD. AND, YOU KNOW, I WAS CONVINCED THROUGH THE PRESENTATION THAT THERE IS A THERE'S A LARGE OPPORTUNITY FOR US. AND THIS GOING FROM A 0.006 SUCCESS RATE TO A 5 TO 10% SUCCESS RATE, IS A PRETTY, PRETTY LARGE. SO A GREAT OPPORTUNITY HERE FOR US TO STRIKE. AND WE DID LOSE A DEAL AS A SALESPERSON. NEVER LIKED TO HEAR THAT. WE LOST A DEAL. WE LOST A DEAL BECAUSE WE DIDN'T HAVE THIS TOOL TO MOVE, MOVE 
          [00:30:04]
QUICKLY. SOMEBODY ELSE AND I NEED A MOTION ON THIS ITEM. MOVE TO APPROVE. I'LL SECOND. NOPE. 
          NO, YOU GOT IT. YOU GOT IT. WE HAVE A MOTION. WE HAVE A SECOND. ALL IN FAVOR? ALL IN FAVOR? YEAH. ALL IN FAVOR. ALL THE HANDS WENT UP. ALL RIGHT. IT'S UNANIMOUS. ALL RIGHT, SO NEXT 
          [Consider/Discuss/Act on the August 2024 Financials]
WEEK. THANK YOU. THANK YOU VERY MUCH. GOOD PRESENTATION. NEXT IS THE FINANCE 24 2086 FOR AUGUST 2024. FINANCIALS. GOOD MORNING. CHANCELLOR COUNTY MANAGER GOING A FEW MONTHS BACK. WE'LL BE GOING OVER THE MONTH OF AUGUST. LET'S GO TO THE INCOME STATEMENT GUYS. YOU MIGHT HAVE TO MOVE IT. 
          IT'S NOT LETTING ME. THANK YOU. OKAY. GOING OVER TO THE MONTH OF AUGUST, THIS IS OUR 10TH MONTH OF THE FISCAL YEAR. AND WE WILL BE LOOKING AT REVENUES. WE HAD $2.2 MILLION OF REVENUES. THE MAJORITY OF THAT CAME FROM SALES TAX REVENUE. MOVING ON TO EXPENDITURES, WE HAD OPERATIONAL EXPENSES OF 251,000, PROJECT EXPENSES OF 370,000, AND NON-DEPARTMENTAL EXPENSES OF 240,000. SO TOTAL EXPENSES FOR THE MONTH OF AUGUST WAS 855,000. CAN YOU MOVE WITH ME TO SELL OR MAYBE I CAN DO IT NOW. NO I CAN'T. ONE MORE, ONE MORE. SORRY. ALL RIGHT, THERE WE GO. 
          SALES TAX. THIS APPLIES TO JUNE SALES. WE SAW 5.4% INCREASE GOING ACROSS THE LIST. YOU CAN SEE ALAN HAD A 4.4% INCREASE. FRISCO BROKE ABOUT EVEN. AND PLANO HAD A 4.1% INCREASE YEAR TO DATE WE'RE UP TO 8%, WHICH IS A COUPLE PERCENTAGES ABOVE WHAT WE BUDGETED. SO STILL REALLY STRONG, ESPECIALLY AS WE'RE CLOSING OUT THIS FISCAL YEAR. AND WE HAVE, YOU KNOW, TEN MONTHS OF DATA GOING INTO THIS. AND JUST LOOKING AT US COMPARED TO OTHER CITIES, SISTER CITIES. 
          AND I'VE MENTIONED THIS BEFORE, BUT, YOU KNOW, DOLLAR AMOUNT WHERE THE HIGHEST YEAR OVER YEAR GROWTH AND PERCENTAGE BASE TO SO SOMETIMES IT'S NOT BOTH OF THEM, BUT WE'RE ON BOTH SIDES OF THAT SPECTRUM WHICH IS NICE. ONE MORE PAGE AND SALES TAX BY INDUSTRY AS WE DO LIKE THE VARIANCE AS A PERCENTAGE. YEAR TO DATE IT'S BEEN PRETTY CONSISTENT. SO FAR THROUGHOUT THE YEAR. WELL NOW THAT WE'RE THIS FAR INTO THE YEAR. SO WE'RE RETAIL TRADES AT 6%. IT'S BEEN LIKE THAT. IT'S JUST BEEN FLUCTUATING BETWEEN 5 TO 7% FOR THE LAST FOUR MONTHS. SO WE FEEL PRETTY SAFE THAT THAT'S KIND OF THE STANDARD RIGHT NOW. AND YOU CAN KIND OF LOOK AT THE OTHER MARKETS AND EVERYTHING ELSE HAS BEEN PRETTY CONSISTENT. SO I FEEL GOOD WITH WHERE WE'RE AT. BUT I'D BE HAPPY TO ANSWER ANY QUESTIONS ON THAT. I WILL NOTE THAT WE ARE IN THE NEW FISCAL YEAR NOW, STARTING IN OCTOBER, BUT WE ARE CLOSING OUT FISCAL YEAR 24. SO NEXT MONTH I'LL BRING YOU THE PRELIMINARY 24 NUMBERS, AND THEN IT'LL TAKE US A COUPLE MONTHS TO CLOSE IT OUT. THEN I'LL PRESENT YOU THE FINAL NUMBERS THAT ARE AUDITED AND ALL THAT STUFF. SO THAT'LL COME IN JANUARY. BUT NEXT MONTH I'LL AT LEAST GIVE YOU AN IDEA OF WHERE IT LOOKS LIKE AT YEAR END, BUT I'LL BE HAPPY TO ANSWER ANY QUESTIONS. QUESTIONS. SO I FEEL LIKE A DUMB DUMB BECAUSE I THINK I'VE ASKED THIS BEFORE. 
          BUT WHAT WHAT'S DRIVING THAT MANUFACTURING GROWTH, WHICH IS REALLY IMPRESSIVE. SO THERE'S ONE COMPANY DRIVING IT, I CAN'T, YOU KNOW, SAY THE NAME, BUT I'D HAVE TO KILL YOU. YEAH. SO THAT'S WHY I COULDN'T REMEMBER. YEAH. SO, YEAH, THERE'S A CERTAIN SUB SUB CATEGORY IN MANUFACTURING THAT'S DRIVING THAT. AND I CAN SEND YOU AN EMAIL AFTERWARDS AND KIND OF GIVE YOU AN IDEA OF WHAT THAT IS. OKAY. THANK YOU. YEP. ANY OTHER QUESTIONS THAT I CAN ANSWER. OKAY. I'LL ENTERTAIN A MOTION I MOVE TO ACCEPT AS PRESENTED. AND CHANCE, WHERE'S YOUR NAME TAG? OH, SORRY, I DIDN'T GET. THE NEXT TIME. SECOND, AT LEAST HE HAS THE RESPECT FOR THIS COMMITTEE TO WEAR A TIE. I'D LIKE TO. WE HAVE A MOTION. WE HAVE A SECOND. ALL IN FAVOR, SAY I. MOTION PASSES. ALL RIGHT. ANY PUBLIC COMMENTS REGARDING MATTERS NOT ON THE AGENDA ABOUT NAME TAGS? ANYTHIN. ALL RIGHT. ANY BOARD COMMENTS? CITY HALL IS LOOKING FANTASTIC. 
          [BOARD COMMENTS]
          [EXECUTIVE SESSION]
YEAH. ANYTHING ELSE? NOPE. ALL RIGHT. WE'RE GOING TO GO INTO EXECUTIVE SESSION AT 8:35 A.M. 
          IN ACCORDANCE WITH SECTION 551071, SUBPARAGRAPH TWO, CONSULTATION WITH THE LAWYER ON ANY ITEM AS POSTED IN THE AGENDA SECTION 551072 DELIBERATIONS ON REAL PROPERTY. SECTION 551087 DELIBERATIONS REGARDING ECONOMIC DEVELOPMENT MATTERS. PROJECT HEMISPHERE 551074 PERSONAL PERSONNEL MATTERS. THE ANNUAL EVALUATION, AND WE WILL RECESS INTO EXECUTIVE SESSION UPSTAIRS. 
          WE ARE GOING TO COVER THE MEDC PERFORMANCE EVALUATION FIRST. SO WE CAN GET THAT DONE. AND THEN 
          [00:35:03]
THAT WAY MICHAEL CAN COME IN AND BE IN FOR THE REST OF THE MEETING. SO WE'LL DO THAT REAL QUICK WHEN WE GET UPSTAIRS. THANK YOU. THANK YOU. TERRIFIC. BRING YOUR TOOTHBRUSH
* This transcript was compiled from uncorrected Closed Captioning.