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PEDC Board Meeting Minutes August 23, 2016 Page 2 of 2 bonding. Mr. Manning asked if the bids would need to be resubmitted if we requested bonding. Mr. Wilson said they did not need to be resubmitted. He also stated that once the contractor gives us a price for the bonding we may decide we don't need to bond. Ms. Harris, City Attorney, pointed out that there was enough difference in the two bids; even adding a bond, Bobby Smallwood would still be the lowest bidder. According to Mr. Wilson bonding will run between 1' /2% and 3% of the bid. Mr. Banks was looking over the Smallwood & Archer bid and said they already had a Performance Bond listed for $12,876. It was a reference point as to what a bond could cost. Mr. Paris asked the Chairman for more time for due diligence to get all aspects of this in order to present. Mr. Wilson asked Mr. Paris to get comparisons on Builders' Risk insurance. If the contractor carries the insurance it is cancelled when the contract is finished. If the PEDC carries the insurance we can extend it forward. Mr. Paris recommended that we continue to do due diligence on this and bring it back to another meeting; at the latest our September monthly meeting. Ms. Harris suggested that the Board vote to table the item and bring it back at a future meeting. Mr. Brockman made a motion to table it. Mr. Wilson seconded the motion. The vote cast was 4 -ayes to 0 -nays. Adiourn Mr. Banks made a motion to adjourn. Mr. Wilson seconded the motion. Vote was 4 -ayes to 0 -nays. The meeting was adjourned at 4:09 p.m. Respectfully submitted, Paula Brownfield Administrative Assistant Paris Economic Development Corporation