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TEXAS <br />P R Is <br />Economic Development Corporation <br />MEMORANDUM <br />TO: Paris, Texas City Council <br />FROM: Paris Economic Development Council <br />Michael Paris, Executive Director <br />DATE: October 24, 2016 <br />RE: Request from Paris City Council to expend PEDC funds from the undesignated <br />fund balance to finance the construction of the building at 2305 NW Loop 286. <br />(PEDC Bylaws, Section 4.12) <br />Two conditions will be incorporated in the request for approval: <br />A) The spec building cannot be leased without the approval of the Paris City Council <br />B) The spec building cannot be sold without the approval of the Paris City Council <br />PEDC seeks a total of $774,260 from Paris City Council: <br />Bid: $738,380 <br />Construction Contingency: $ 25,000 <br />Bid Bond $ 10,880 <br />Total Request: $774,260 <br />1125 Bonham Street • Paris, Texas 75460 •903.784.6964 • Fax 903.784.2503@parisedc@paristexasusa.com <br />www.paristexasusa.com • www.facebook.com /paristexasusa • twitter: @paristexasusa <br />