4A Wichita Falls Economic Development Minutes - 12/15/2022 MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
December 15,2022
Present:
Leo Lane,President § WFEDC Members
Phyllis Cowling, Secretary-Treasurer §
Darron Leiker §
Brent Hillery §
Stephen Santellana, Mayor § Mayor&Council
Paul Menzies,Assistant City Manager § City Administration
Blake Jurecek,Assistant City Manager §
Kinley Hegglund, City Attorney §
Stephen Calvert, Senior Budget Analyst §
Chris Horgen,Public Information Officer §
Paige Lessor,Recording Secretary §
Ron Kitchens, CEO § Wichita Falls Chamber of Commerce
Taylor Davis, Dir of Bus Retention&Expansion §
Matt Anderson § Sherrill&Gibson,PLLC
Absent
David Toogood, Vice President § WFEDC Member
1. Call to Order
Mr. Leo Lane called the meeting to order at 2:30 p.m.
2. Consent Agenda
a. Approval of Minutes (November 17, 2022)
Mr. Leiker moved to approve the minutes. Seconded by Mr. Hillery,the motion carried 4-
0.
b. Financial Report
Mr. Menzies addressed the Board, stating that the Board had a healthy fund balance early
in this fiscal year. The sales tax report came out last week. Sales tax is reporting 5.5% ahead of
this time last year. We wish we could see it a little higher, considering inflation and CPI. The end-
of-the-year revenue totaled$5.2 million,the most this corporation has ever had.
Mr. Hillery moved to approve the financial report. Seconded by Ms. Cowling, the motion
carried 4-0.
WFEDC Minutes 12/15/2022
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3. Executive Session
Mr. Lane adjourned the meeting into executive session at 2:32 p.m. pursuant to Texas
Government Code §§ 551.087, 551.071,and 551.074. He announced the meeting back into regular
session at 3:06 p.m. The subjects posted in the Notice of Meeting were deliberated, and no votes
or further actions were taken on the items in executive session.
4. Discussion and possible action related to authorizing board president to execute a
contract with Panda Biotech, LLC, regarding contract term date.
Mr. Matt Anderson addressed the Board and discussed the proposed extension agreement
reached between the Corporation and Panda Biotech,LLC.This proposal would extend the current
extension agreement, which has expired. The material components of the second extension
agreement are that no payments would be made until March 15, 2023, then monthly payments of
$70,000 commence until the note is paid in full,which should be by the end of 2023.As additional
security Robert W. Carter,chairman of Panda Biotech, LLC, executed a personal guaranty.
Mr. Leiker moved to allow President Leo Lane to engage, sign, and ratify regarding an
eleven-month maturity date extension between Panda Biotech, LLC and WFEDC, with increased
monthly payments of$70,000, beginning March 15, 2023, and a personal guaranty by company
owner Robert W. Carter with continued accrual of interest at the rate of 5%. Seconded by Ms.
Cowling,the motion carried 4-0.
5. Adjourned.
The meeting adjourned at 3:06 p.m.
Leo Lane, President
WFEDC Minutes 12/15/2022
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