4-21-26 EDC Meeting

The City of Bandera Economic Development Corporation (EDC) held a meeting on April 21, 2026, focusing on several procurement and financial management issues. Key procurement-related discussions included the expenditure and funding approval process for the Frontier Times Museum, where concerns were raised about procedural compliance and the need to restart the funding approval due to lack of proper presentation and documentation. The board also approved moving $700,000 from a bank account to a Techstar investment account to earn interest, with considerations for maintaining separate accounts for different funds. Additionally, the EDC approved reimbursement payments to the city for bond principal payments related to water infrastructure. The meeting addressed the need for updated performance agreements, audit approvals including a $6,000 payment to Donald CPAC, and the importance of establishing a purchasing policy. Discussions also covered the sale and management of EDC-owned properties, emphasizing the need for market analysis and public bidding processes. The board highlighted the necessity of hiring an administrative assistant to support operations and improve compliance with bylaws, including maintaining a web presence and proper record-keeping. A special meeting was proposed to address bond insurance renewal before its expiration. Overall, the meeting underscored the importance of procedural transparency, financial oversight, and strategic asset management to support the EDC's mission.