[I. CALL TO ORDER AND ANNOUNCE A QUORUM PRESENT]
[00:00:07]
AHEAD AND CALL THE MEETING TO ORDER AT 12:03 P.M. THANKS TO MR. HUNTER. WE HAVE A FULL QUORUM TODAY. FIRST ITEM IS OPEN FORUM. IS THERE ANYBODY WITH THE PUBLIC THAT WOULD LIKE TO SPEAK TODAY? SEEING NONE, WE WILL CLOSE THE PUBLIC FORUM. NEXT UP IS EXECUTIVE SESSION AS
[III. EXECUTIVE SESSION]
AUTHORIZED BY SECTION 551.07, ONE OF THE TEXAS GOVERNMENT CODE. THE REGULAR MEETING MAY BE CONVENED INTO CLOSED EXECUTIVE SESSION FOR THE PURPOSE OF SEEKING CONFIDENTIAL LEGAL ADVICE FROM THE ATTORNEY ON ANY AGENDA ITEM LISTED HEREIN. WILL BE UNDER SECTION 551.071551.074 AND 551.087. SO WE WILL MOVE INTO EXECUTIVE SESSION AT WE ARE COMING OUT OF EXECUTIVE AT 1:53 P.M. WE'VE GOT ONE ITEM FOR ACTION OUT OF THE EXECUTIVE SESSION. SO ITEM ONE OF 551.07 FOR DISCUSSION REGARDING CDC PRESIDENT'S EMPLOYMENT CONTRACT. WITH REGARDS TO HIS PERFORMANCE BONUSES. ANYBODY WANTS TO MAKE A MOTION. SO JEFF WILL HAND IT TO YOU. I'LL MAKE A MOTION TO PROVIDE PRESIDENT AND EMPLOYMENT INCENTIVE ON THE TERMS AS DISCUSSED IN EXECUTIVE SESSION. SECOND. MOTION BY RYAN.SECOND BY ANDREW. DID IT PASSED? OKAY. MOVING ON TO ACTION ITEMS. OH, THERE IT IS. ACTION ITEM A
[IV.A. Consider and act to approve an Administrative Services Agreement between the City of Celina and the CEDC.]
CONSIDER AN ACT TO APPROVE AN ADMINISTRATIVE SERVICE AGREEMENT BETWEEN THE CITY OF SALINA AND THE CDC. ALL RIGHT. THANK YOU. BOARD. SO THIS AFTERNOON WE'RE GOING TO WALK THROUGH THE UPDATED INTERLOCAL AGREEMENT. THE ADMINISTRATIVE SERVICE AGREEMENTS ALSO CALLED BETWEEN THE CITY AND THE EDC. SO LOTS OF CHANGES FROM THE PREVIOUS ONE THAT WAS ADOPTED TWO YEARS AGO. WE'LL HIT THE MAJOR POINTS RIGHT NOW. SO AGAIN WHAT WHAT IS AN ADMINISTRATIVE SERVICES AGREEMENT DO? IT DEFINES THE ADMINISTRATIVE RELATIONSHIP BETWEEN THE CITY AND THE CDC. THIS ONE WILL ADDRESS PERSONNEL PAYROLL, FINANCIAL ADMINISTRATION AND PROCUREMENT. ESTABLISHES OUR OFFICE SPACE AND OUR ADMINISTRATIVE SERVICE ARRANGEMENTS. IT FORMALIZES DEVELOPMENT COORDINATION AND NAVIGATOR SUPPORT AND REPLACES IN FULL THE PRIOR ADMINISTRATIVE SERVICES AND OFFICE SPACE AGREEMENT. SO FOR THE GOVERNANCE AND REPORTING STRUCTURE, THE CDC BOARD RETAINS RESPONSIBILITY FOR STRATEGIC PRIORITIES AND CORPORATE ACTIONS. THE BOARD MAINTAINS AUTHORITY OVER PROJECTS, PROGRAMS, BUDGETS, CONTRACTS AND FINANCIAL POLICIES. CITY COUNCIL APPROVAL REMAINS WHERE THAT'S APPLICABLE. CITY MANAGER SUPERVISES THE CITY EMPLOYEES THAT ARE ASSIGNED TO SUPPORT THE CDC. THE PRESIDENT MANAGES DAILY CDC OPERATIONS AND IMPLEMENTS BOARD APPROVED ACTIONS, AND THE PRESIDENT REMAINS ADMINISTRATIVELY, ADMINISTRATIVELY ACCOUNTABLE TO THE CITY MANAGER WHEN IT COMES TO PERSONNEL AND PAYROLL. THE CITY WILL ADMINISTER THE PAYROLL TAXES, RETIREMENT INSURANCE, LEAVE AND PERSONNEL RECORDS. THE CDC WILL FUND THOSE PERSONNEL COSTS THAT ARE ASSIGNED TO THE CORPORATION.THOSE FUNDING ASSIGNMENTS AND PERCENTAGES HAVE BEEN IDENTIFIED IN EXHIBIT A. NOTE THAT THOSE EXHIBITS CAN BE CHANGED. WE CAN'T ADD NEW POSITIONS OR ANYTHING LIKE THAT.
BUT AS SITUATIONS MIGHT ARISE WHERE THOSE EXHIBITS NEED TO BE UPDATED, THE PRESIDENT AND THE CITY MANAGER HAVE THE AUTHORITY TO CHANGE THAT AS NECESSARY. POSITIONS MAY BE FUNDED THROUGH DIRECT CDC ACCOUNTS OR MONTHLY REIMBURSEMENT. BOARD APPROVED PERFORMANCE INCENTIVES WILL BE ADMINISTERED THROUGH CITY PAYROLL. SO CURRENTLY IN EXHIBIT A, THE POSITIONS ASSIGNED TO THE CDC ARE AS FOLLOWS. THE PRESIDENT, VICE PRESIDENT, DIRECTOR OF COMMUNITY DEVELOPMENT AND DOWNTOWN SERVICE, DIRECTOR OF STRATEGY AND PARTNERSHIPS, OUR BUSINESS INTELLIGENCE ANALYST, BUSINESS DEVELOPMENT ASSOCIATE, AND THE DEVELOPMENT NAVIGATOR ROLE THAT WILL COME ON NEXT FISCAL YEAR. CDC FISCAL POLICY. SO CDC EXPENDITURES REMAIN SUBJECT TO APPLICABLE LAW AND APPROVED BUDGET. THE BOARD APPROVED FISCAL AND PROCUREMENT POLICIES GOVERN THOSE OPERATING PROCEDURES. POLICIES WILL ADDRESS PURCHASING CARDS, BUSINESS EXPENSES, BANKING AND APPROVALS. THE CDC MAY MAINTAIN PURCHASING CARD ACCOUNTS, AND THE CDC MAY RETAIN INDEPENDENT PROFESSIONAL SERVICES THAT'S PROVIDED FOR IN THE BYLAWS FOR FINANCIAL ADMINISTRATION. THE CITY FINANCE DEPARTMENT WOULD BE RESPONSIBLE NOW FOR ADMINISTERING THE FOLLOWING. OUR TREASURY BANKING AND GENERAL LEDGER ACCOUNTING
[00:05:04]
ACCOUNTS RECEIVABLE. INVOICING, RECEIPTS AND DEPOSITS. RESTRICTED FUND TRACKING AND PAYMENT PROCESSING. OF COURSE, AS WE MENTIONED, OUR PAYROLL ADMINISTRATION, PAYROLL ADMINISTRATION, ACCOUNT RECONCILIATION, FINANCIAL REPORTING, AUDIT SUPPORT, AND THEN CDC FUNDS AS REQUIRED BY LAW WOULD REMAIN SEPARATELY IDENTIFIED. THROUGH THIS PROCESS. THE CITY MAY NOT COMMIT CDC FUNDS WITHOUT AUTHORIZATION, SO THERE ARE SOME ANNUAL CITY SERVICE COSTS FOR THE OFFICE SPACE THAT WE CURRENTLY OFFICE. OUT OF, THOSE PAYMENTS ARE MADE QUARTERLY FOR A TOTAL OF 6000 ANNUALLY. AND THEN THERE'S A HUMAN RESOURCES AND PAYROLL SERVICES AT 15,000 ANNUALLY, AND THEN FINANCIAL SERVICES AT 15,000. THE AGREEMENT TERMS THIS TERM IS FOR FIVE YEARS. THE AGREEMENT DOES AUTOMATICALLY RENEW FOR SUCCESSIVE ONE YEAR TERMS. EITHER PARTY MAY TERMINATE 90 DAYS WRITTEN NOTICE. INDIVIDUAL SERVICES MAY ALSO BE TERMINATED AT 90 DAY NOTICE. ANNUAL EXHIBITS MAY BE UPDATED. AS I MENTIONED, FOLLOWING APPROVAL OF THE CITY AND THE CDC BUDGETS, AND THEN ANY MATERIAL CHANGES REQUIRE CITY COUNCIL AND CDC BOARD APPROVAL. AND WITH THAT, I AM HAPPY TO ANSWER ANY SPECIFIC QUESTIONS ON THE UPDATED ILA. THERE. ANY QUESTIONS FROM THE BOARD? OKAY.SEEING NONE, DO I HAVE A MOTION? MAKE A MOTION TO APPROVE THE CEDC FISCAL POLICY RESOLUTION AS IT'S PRESENTED HERE TODAY. GOT A MOTION BY CODY. DO I HAVE A SECOND? SECOND BY ROCKY.
[IV.B. Consider and act on a resolution approving the CEDC Fiscal Policy.]
WE'RE GETTING GOOD AT THIS ACTION ITEM B CONSIDER AN ACT ON A RESOLUTION APPROVING THE CEDC FISCAL POLICY. ALL RIGHT. SO MOVING ON TO THE FISCAL POLICY. SO AS YOU AS A BOARD IS WHERE WE ALREADY HAVE A FISCAL POLICY, THIS FISCAL POLICY IS BEING UPDATED AGAIN TO ACCOUNT FOR THAT TRANSFER OF MAINLY OF OUR FUNDS OVER TO THE CITY. SO THIS UPDATED FISCAL POLICY IS NEW. IT WILL COMPLETELY REPLACE THE BOARD'S CURRENT POLICY. IT IS ATTACHED AS A RESOLUTION AS EXHIBIT A, AND IT DOES BECOME EFFECTIVE FOLLOWING BOARD APPROVAL. IT ALIGNS ADMINISTRATION WITH THE CDC, C, E, D, C AND CITY ADMINISTRATIVE SERVICES AGREEMENT, AS WELL AS OUR BYLAWS. SO FINANCIAL ROLES AND RESPONSIBILITIES. SO THE BOARD ESTABLISHES POLICY, BUDGET AND DELEGATED AUTHORITY. THE TREASURER ROLE PROVIDES THAT FINANCIAL OVERSIGHT.PRESIDENT ADMINISTERS A BUDGET AND DAILY FINANCIAL OPERATIONS. CDC STAFF MANAGE DOCUMENTATION AND COMPLIANCE. CITY FINANCE PROVIDES AGAIN THAT ACCOUNTING, PAYMENT, PAYROLL AND REPORTING SERVICES. AND CDC DOES MAINTAIN ITS SEPARATE FINANCIAL IDENTITY. THESE OPERATIONAL NET SAVINGS ARE NOT MOVING. THEY'RE THEY'RE DUPLICATED OVER FROM THE CURRENT FINANCIAL POLICY. THE TARGET FOR FY 2,715%, FY 2,820%, FY 29 AND THEREAFTER AT 25%. AND THESE TARGETS ARE BASED ON OPERATING REVENUES AND EXPENSES. NON-OPERATING SOURCES ARE END USES ARE EXCLUDED. AND WE DID THAT WHEN WE UPDATED THE WAY OUR BUDGET IS PRESENTED FOR THIS UPCOMING FISCAL YEAR FOR PROCUREMENT AUTHORITY, WE WE MATCHED THE CITY'S PROCUREMENT POLICY AS CLOSE AS POSSIBLE FOR AUTHORITY LEVEL. AND SO THE PRESIDENT HAS THE AUTHORITY TO FOR PURCHASES $25,000 AND BELOW BOARD APPROVAL IS REQUIRED FROM 25,000 TO 100 000. AND BOARD AND CITY COUNCIL ARE REQUIRED FOR AMOUNTS OVER $100,000. COMMITMENTS MUST BE LAWFUL AND APPROVED WITHIN THE CDC ANNUAL BUDGET. CDC MADE MAY USE DIRECT SELECTION QUOTES, COMPETITIVE SOLICITATION, COOPERATIVE CONTRACTS, ON CALL AGREEMENTS, OR OTHER LAWFUL METHOD. A SPECIFIC NUMBER OF QUOTES OR FORMAL RFP IS NOT REQUIRED UNLESS REQUIRED BY LAW OR A FUNDING SOURCE OR THE BOARD.
THERE IS NO THRESHOLD SPENDING, SO THIS IS SIMILAR TO THE CITY'S PURCHASING, WHERE THE PAYMENTS AND CONTRACTS CAN'T BE DIVIDED UP TO AVOID THOSE APPROVAL LEVELS AND THEN SPECIAL TRANSACTIONS. IF THERE'S INCENTIVES, REAL ESTATE OR DEBT FINANCING, UNBUDGETED EXPENDITURES AND MATERIAL NEW PROGRAMS, THOSE ARE REQUIRED BOARD OR COUNCIL APPROVAL.
REGARDLESS OF THAT AMOUNT. SO PAYMENT AND FINANCIAL CONTROLS, CDC STAFF VERIFY COMPLIANCE BEFORE PAYMENT. CITY FINANCES CITY FINANCE PROCESSES APPROVE PAYMENTS. THERE'S EXPEDITED PROCEDURES TO ADDRESS TIME SENSITIVE PAYMENTS. AND THAT WILL BE US WORKING WITH FINANCE.
BANK ACTIVITIES REQUIRE APPROPRIATE VERIFICATION AND DUAL CONTROLS. AND SEGREGATION OF DUTIES, OF COURSE, WILL BE HELPFUL TO REDUCE RISK, BUSINESS EXPENSES AND PURCHASING CARDS. STAFF WILL USE CDC ISSUED PURCHASING CARDS. EXPENSES MUST SERVE AND AUTHORIZE CDC PURPOSE. EXTERNAL BUSINESS MEALS AND HOSPITALITY MAY BE PAID AT ACTUAL COST.
[00:10:05]
THAT'S OUR BUSINESS DEVELOPMENT PIECE. ALCOHOL IS LIMITED TO AUTHORIZED EXTERNAL BUSINESS SETTINGS. STAFF EXPENSES REQUIRE A PRESIDENT OR DESIGNEE APPROVAL. PRESIDENT INITIATED EXPENSES REQUIRE BOARD APPROVAL. REPORTING AND ACCOUNTABILITY. SO QUARTERLY FINANCIAL REPORTS WILL BE MADE TO THE BOARD. MONTHLY ACCOUNT RECONCILIATIONS ON STAFF SIDE ANNUAL INDEPENDENT AUDITS STILL REMAINS THE DOCUMENTATION AND RECORDS RETENTION REQUIRED.STILL, REQUIREMENTS STILL REMAIN. THERE'S CONFIDENTIALITY SAFEGUARDS FOUND WITHIN THE FISCAL POLICY POLICY, AS WELL AS ETHICS AND FRAUD PREVENTION CONTROLS AND ONGOING BUDGET TO ACTUAL MONITORING. AND WITH THAT, I'M HAPPY TO ANSWER ANY SPECIFIC QUESTIONS ON THE UPDATED FISCAL POLICY. SO, ROBERT, I KNOW THAT THE ALCOHOL, ESPECIALLY FOR THE MARKETING SIDE OF THIS, HAS BEEN DISCUSSED IN SOME DETAIL ALREADY. LOOKING THROUGH PARAGRAPH 6.2, THAT'S NOT CALLED OUT. SPECIFICALLY. IT TALKS ABOUT BUSINESS MEALS AND HOSPITALITY, REFRESHMENTS AND CATERING, STUFF LIKE THAT. IS THERE ANYTHING THAT NEEDS TO BE PUT IN PLACE TO DEFINE THAT MORE CLEARLY FOR THE EDC STAFF, SO THAT THEY'RE NOT IN VIOLATION OF CITY POLICIES FOR THAT? YEAH, WE HAVE A INTERNAL ESSENTIALLY MEMO THAT INDICATES THAT THE EDC IS ALLOWED TO MAKE THE PURCHASES IN ACCORDANCE. I'M LOOKING AT. THAT'S NOT IT.
IN ANY EVENT, IT'S THE KEY IS THAT IT'S FOCUSED ON EXTERNAL BUSINESS USES, RIGHT? SO AS LONG AS IT'S NOT BUYING OURSELVES ALCOHOL, IT'S GOING TO BE APPROVED. AND THE FINANCE TEAM, THE CITY FINANCE TEAM KNOWS THAT. AND THEY'LL BE THE APPROPRIATE SETTINGS ON THE THE P CARDS TO MAKE THAT WORK. SO AND THEN PIGGYBACK QUESTION ON THAT. AND THEN I WANT TO MAKE ONE CORRECTION FOR THE MINUTES IS ON THAT SAME WHEN WE TALK ABOUT THE FISCAL POLICY, IS THERE PER DIEM LIMITS THAT ARE SET WITHIN THIS OR A CITY MEMO ON TRAVEL EXPENSES OR ANY TYPE OF GUARDRAILS THAT WE HAVE TO LIMIT OURSELVES IN TERMS OF HOW MUCH WE'RE BUYING PER PERSON HEADS COSTS, THINGS LIKE THAT. WHEN WE ARE DOING THESE EXTERNAL MEALS, DOES THAT EXIST? NO, NO. SO SO THE EDC FOLLOWS THE CITY'S PER DIEM POLICY FOR WHEN WE TRAVEL TO THAT COULD BE TRAVEL TO A BUSINESS DEVELOPMENT EVENT OR A CONFERENCE. OKAY. BUT AS FAR AS A PER DIEM PER EXTERNAL BUSINESS DEVELOPMENT MEETINGS, THERE ISN'T A SET PER DIEM GUIDE. IT'S ONLY FOR INTERNAL STAFF WHEN WE TRAVEL. OKAY, SO DISCRETIONARY, WHICH IS FINE.
IT'S JUST DIFFERENT. REFLECTING ON MY BUSINESS, WE HAVE LIMITS IN TERMS OF KIND OF TOTAL COST PER MEAL PER PERSON AND KIND OF ALL THOSE OTHER THINGS. SO THANK YOU FOR THAT. AND THEN ONE CORRECTION FOR THE MINUTES, I ACCIDENTALLY MOTIONED THE WRONG THING IN TERMS OF MY WORDING. THE LAST MOTION, I ACTUALLY MOTIONED FOR APPROVAL OF THE FISCAL POLICY WHEN IT ACTUALLY NEEDS TO BE MOTIONS FOR ADMINISTRATIVE SERVICES AGREEMENT. SO JUST A CORRECTION FOR THE MINUTES. THANK YOU. AND I WOULD ALSO POINT OUT, JUST BY WAY OF CLARITY, THE LAST PARAGRAPH IN 6.2 REFERENCES THE ALCOHOL. SO REASONABLE ALCOHOLIC BEVERAGES INCIDENTAL TO AUTHORIZE EXTERNAL BUSINESS DEVELOPMENT MAY BE PAID. PERFECT. OKAY. THANK YOU SIR.
ANY OTHER QUESTIONS OR COMMENTS FROM THE BOARD? OKAY. SEEING NONE, DO I HAVE A MOTION? AND A POWER FLICKER? A MOTION, THE CORRECT RESOLUTION, THIS TIME FOR APPROVAL OF THE CEDC FISCAL POLICY THAT WE JUST REVIEWED. AND I'LL SECOND AND ANDREW GO TO THE BOARD. MOTION PASSES SIX ZERO. ALL RIGHT. ACTION ITEM C CONSIDER AN ACT TO APPROVE FIRST AMENDMENT TO AN ECONOMIC
[IV.C. Consider and act to approve a First Amendment to an Economic Development and Performance Agreement with Local Dive Collective, LLC.]
DEVELOPMENT AND PERFORMANCE AGREEMENT WITH LOCAL DIVE COLLECTIVE, LLC. ALL RIGHT.THANK YOU. BOARD. SO THIS LOCATION OF THE ESTABLISHMENT IS 501 WEST WALNUT STREET. THIS IS FOR NOWHERE BAR. THE CDC BOARD APPROVED AN EDA WITH NOWHERE BAR IN MAY 2025. THE OWNERS AGREED TO IMPROVE THE INTERIOR SPACE FOR A BAR AND RESTAURANT AND ADD AN EXTERIOR PATIO ON THE BACK OF THE BUILDING. THE CITY AGREED AT THAT TIME TO PROVIDE $25,000 FOR QUALIFIED EXPENDITURES. 12,500 SEO, 12,500. AT THE ONE YEAR ANNIVERSARY, CDC WOULD MATCH THAT $25,000 WITH THE SAME TIME COMMITMENTS. IN JUNE OF 2026, THE OWNERS REQUESTED AN AMENDMENT TO THE EDA AND THAT AMENDMENTS WOULD PUSH BACK THE DATE TO SUBMIT THE QUALIFIED INFRASTRUCTURE FROM DECEMBER 31ST, 2025 TO SEPTEMBER 30TH, 2026, AND ALSO UPDATE THE CEO REQUIREMENT DATE TO THE SAME. WITH THAT, ALL OF THE OTHER PIECES STILL REMAIN
[00:15:01]
THE SAME. WE ARE REQUESTING THAT THOSE TWO GRANT PAYMENTS BE COMBINED INTO ONE GRANT PAYMENT. SO PREVIOUSLY IT WAS SPACED OUT OVER TWO YEARS. THE OWNERS ARE REQUESTING TWO GRANTS INTO ONE. WE ARE PROPOSING TO BRING THIS FORWARD TO CITY COUNCIL AT THEIR SEPTEMBER 8TH MEETING, AND I'D BE HAPPY TO ANSWER ANY SPECIFIC QUESTIONS. I THINK WE DISCUSSED THIS AT THE LAST MEETING. THEY'VE GOT ALL THEIR DOCUMENTATION AND EVERYTHING SUBMITTED IN IN ORDER AND READY TO GO. SO ONCE THIS IS APPROVED, EVERYTHING SHOULD. ONCE THIS IS APPROVED BY US AND COUNCIL, IT SHOULD JUST BE A DONE DEAL. THAT THAT IS CORRECT. THEY HAVE BEEN WORKING WITH STAFF. THE APPLICANT'S BEEN WORKING WITH STAFF. WE ARE VERY, VERY CLOSE.I'D SAY WE'RE ABOUT 95% THERE ON THE VERIFICATION OF THOSE EXPENDITURES. SO EXPECT THAT TO BE DONE THIS MONTH. ANY OTHER QUESTIONS OR COMMENTS FROM THE BOARD? OKAY, I'LL TAKE A MOTION.
I'LL MAKE A MOTION TO APPROVE THE FIRST AMENDMENT TO AN ECONOMIC DEVELOPMENT PERFORMANCE AGREEMENT WITH LOCAL DIVE COLLECTIVE, LLC. OKAY. MOTION BY ANDREW. DO I HAVE A SECOND, SECOND, SECOND BY RYAN. EVERYBODY SAFE? PASSES UNANIMOUSLY. ACTION ITEM D
[IV.D. Consider and act to approve a Mutual Termination and Transition Agreement between the President and the CEDC.]
CONSIDER AN ACT TO APPROVE A MUTUAL TERMINATION AND TRANSITION AGREEMENT BETWEEN THE PRESIDENT AND THE EDC. THIS IS GREAT. SO I GET TO TALK ABOUT MYSELF. SO I CURRENTLY SERVE AS PRESIDENT OF THE EDC UNDER AUGUST 2025 EMPLOYMENT AGREEMENT. DIRECT EMPLOYMENT BY THE CDC WILL END OCTOBER 4TH, 2026. THE CITY OF SALINA EMPLOYMENT WILL BEGIN THE NEXT DAY, OCTOBER 5TH, 2026. I WILL CONTINUE SERVING AS PRESIDENT, ECONOMIC AND COMMUNITY DEVELOPMENT AND THIS TRANSITION DOES ALIGN WITH THE EMPLOYMENT STRUCTURE, WITH THE CDC BYLAWS AND APPLICABLE CITY AGREEMENTS THAT WERE APPROVED LAST MONTH. THE EXISTING EMPLOYMENT AGREEMENT WILL TERMINATE BY MUTUAL AGREEMENT. TRANSITION WILL NOT BE CONSIDERED. A TERMINATION BY CDC. TRANSITION WILL NOT BE CONSIDERED. RESIGNATION BY MYSELF. BOTH PARTIES WAIVE NOTICE AND SEVERANCE OBLIGATIONS RESULTING SOLELY FROM THAT TRANSITION, AND ALL OTHER OBLIGATIONS WILL END UNLESS SPECIFICALLY PRESERVED BY THE TRANSITION AGREEMENT. CDC REMAINS RESPONSIBLE FOR COMPENSATION AND BENEFITS ACCRUED THROUGH OCTOBER 4TH. SEPARATELY APPROVED LEAVE SERVICE, CREDIT, RETIREMENT SERVICE AND BENEFITS TRANSFERS ARE NOT WAIVED. ELIGIBILITY FOR THE FY 2026 PERFORMANCE WILL CONTINUE.AFTER THAT TRANSITION, CDC BOARD WILL EVALUATE THE INCENTIVE USING THE PREVIOUSLY APPROVED FY 2026 PERFORMANCE METRICS AND BEGINNING OCTOBER 5TH, SALARY AND BENEFITS WILL BE GOVERNED BY CITY EMPLOYMENT POLICIES AND AGREEMENTS. AND SINCE THIS IS A CONTRACT MATTER, THIS WOULD GO TO CITY COUNCIL ON THE CONSENT AGENDA FOR SEPTEMBER 8TH. I'M HAPPY TO ANSWER ANY SPECIFIC QUESTIONS, AND I THINK JUST FOR CLARITY, FOR ANY OF THE GENERAL PUBLIC THAT HAS NOT BEEN TRACKING OUR NOMENCLATURE CHANGES, THAT HAS GONE FROM AN EXECUTIVE DIRECTOR POSITION THAT YOU HAVE TO THE PRESIDENT OF THE EDC. I'M NO LONGER THE PRESIDENT. I'M THE CHAIR OF THE BOARD AT THIS POINT. SO CORRECT. FULL CLARITY ON THAT. WE'RE NOT TERMINATING ME YET. SURE. ANY ADDITIONAL COMMENTS OR QUESTIONS FROM THE BOARD? OKAY. CAN I HAVE A MOTION? I MAKE A MOTION TO APPROVE THE MUTUAL TERMINATION AND TRANSITION AGREEMENT BETWEEN THE PRESIDENT AND THE CDC. I SECOND THAT, OKAY. MOTION PASSES UNANIMOUSLY TAKES US TO EVERYBODY'S FINAL ITEM AND FAVORITE ITEM ADJOURNMENT. SO WE WILL ADJOURN AT
* This transcript was compiled from uncorrected Closed Captioning.