Laserfiche WebLink
1Paris Economic Development Corporation <br />Called Meeting Minutes <br />June 29, 2012 <br />Board Members Staff <br />Present: Pike Burkhart, Chairman Present: Steve Gilbert, PEDC <br />Rick Poston <br />Bruce Carr <br />Kenny Dority <br />Doug Wehrman <br />Ex- Officio Members <br />Present: Jon Landers, Chamber Chairman <br />John Godwin, City Manager <br />Legal <br />Counsel: Kent Mellyar <br />City Council <br />Liaison: Matt Frierson <br />Shannon Barrentine, PEDC <br />Fred Green <br />Gene Anderson, Finance Dir. <br />Guest(s) <br />Present: Toni Clem <br />Bill Harris <br />Jeff Parish, eParisTexas.com <br />Connie Beard, The Paris News <br />Kay O'Dell, NE TX WF Solutions <br />Pike Burkhart, Chairman, called the meeting to order at 1:06 p.m. He welcomed those present. <br />Discussion and possible action to provide direction to Staff regarding the following options: <br />1 To pay $1,450,000 in cash to Texas Department of Transportation (TxDOT) /Sulphur River <br />Regional Mobility Authority (SuRRMA) for Paris EDC's share of the Highway 19/24 four -lane <br />widening project (see language for Section 2.5); or <br />2. To enter into a 20 -year State Infrastructure Bank (SIB) Loan Agreement along with Lamar <br />County and the City of Cooper. The estimated annual payment is $103,700. This option will constrain <br />Paris EDC's future ability to take on additional debt based on TxDOT's requirements. <br />Steve told those present the history of the upcoming State Infrastructure Bank (SIB) Loan through the <br />Sulphur River Regional Mobility Authority (SuRRMA). Steve had been working with William `Dub' <br />Sutherland as Special Counsel for this project to review all pertinent documents. Steve said that Mr. <br />Sutherland highly recommended that the Paris EDC pay their portion of the project ($1.45 Million) upfront <br />in order to forego the constraints that SIB /TxDOT wants to place on the Paris EDC, in the future. <br />Kenny Dority made a motion to approve upfront payment to SuRRMA in the amount of $1.45 Million as <br />their portion of the project with the knowledge that if the project comes in under budget the Paris EDC <br />would not reap the benefit but that Lamar County and the City of Paris would; seconded by Rick Poston. <br />Motion Carried 5 -0. <br />Discussion and possible action regarding Revenue Bond Payments pertaining to the Paris Packaging <br />Bonds and the timeline and costs associated with the defeasance process. <br />This item was not necessary due to the action taken on item, above. <br />