07/29/2016 MINUTES - Laserfiche WebLink

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PEDC Board Meeting Minutes July 29, 2016 Page 2 of 2 3. Council: Explain the $25,000 Increase in Marketing. PEDC Discussion: ROI Lead Generation is the reason for the increase. Mr. Paris will be submitting a summary of ROI and the related costs in the City Council packet. The $50,000 is for Mr. Paris' travel for marketing events and also any travel related to meeting with new business prospects. 4. Council: Contract Services Legal Fees, some Council Members wanted all of the money taken out of this particular line item. PEDC Discussion: $3,000 was left in Legal Fees. The PEDC might have need for an outside lawyer to help with an incentive agreement. Ms. Harris, City Attorney, would need to give the okay for another lawyer to handle a matter for the PEDC. 5. Council: Spec Building Land. City Council feels it should be included in overall cost. PEDC Discussion: The PEDC presented the 2014 -15 Amended Budget to City Council on September 21, 2015, it clearly showed money was spent for the Spec Building. All the Council Members at the meeting voted to accept the Amended Budget. At this same meeting the Council voted on the PEDC 2015 -16 Budget which included $50,000 in Capital Expenses (2305 NW Loop 286) for the Spec Building. Again the City Council voted all ayes for the Budget. As you can see, PEDC has been more than transparent on this project. We have some obstacles to get through; but the PEDC is determined to move forward on projects that will benefit our community, create jobs in our community and be good stewards to the taxpayers' money at the same time. Mr. Wilson stated that companies are looking for existing buildings to move into, instead of building from the ground up. This is our best opportunity to have an existing building. Daisy Dairy was added to the Direct Business Incentives; their incentive agreement has 2017 as the start date for the payout of the first incentive amount of $94,900. With a change in the numbers there is an increase of 6% in the 2016 -17 Budget. Mr. Hughes made a motion to approve the revised budget as stated by Mr. Paris. This motion was seconded by Mr. Brockman. Vote 5 -ayes and 0 -nays. (See the attached 2016 -2017 Budget approved by the PEDC at this meeting and approved by the Paris City Council on August 8, 2016.) Adjourn: A motion to adjourn was made by Mr. Banks. Mr. Wilson seconded the motion. The vote was 5 -ayes and 0 -nays. Respectfully submitted, Paula Brownfield Administrative Assistant Paris Economic Development Corporation