07/10/2012 MINUTES - Laserfiche WebLink

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PEDC Board Meeting Minutes July 10, 2012 Executive session ended at 5:12 p.m. The Board reconvened into open session. As a result of executive session discussion, the Board took the following action: Approved entering into an agreement with Texas Manufacturing Assistance Center (TMAC) and the Texas Engineering Extension Services (TEEX) of Texas A &M University not to exceed $100,000 to provide the following services and deliverables for Project Jewel. These costs will be repaid by the company as part of a 24 -month loan agreement. • Research and secure additional intellectual property associated with expressing therapeutic proteins beyond those already licensed. • Complete a comprehensive economic analysis, marketing plan and updated business plan. • Complete engineering requirements and initial design for the Paris, Texas R &D and commercial production facility. • Secure access to implement technical training curriculum from both Texas A &M and the University of California at San Diego for certificate training, 2 -Year and 4 -Year degree programs. This effort will include programs at Paris Junior College and Texas A &M - Commerce. • Develop partnership agreement with Texas A &M AgriLife Research for on -going additional research, development and product testing. 2. Directed staff to identify and negotiate funding sources for a 24 -month loan to expand animal studies designed to demonstrate the efficacy of Project Jewel's mammary amyloid A technology in an amount not to exceed $150,000. Legal counsel will draft an agreement to be brought back to the Board for final approval. The total loan agreement will not exceed $250,000, including the TMAC /TEEX funding and the R &D funding. Paris EDC staff was directed to work with the City of Paris to determine the proposed facility's zoning requirements, permitting and licensing requirements, as well as the impact on the City's wastewater system. 4. In other action after the executive committee meeting, the Paris EDC Board recommended that the staff coordinate an introduction with the owners of a local manufacturing company (Project Sparkle) to work with the Red River Region Business Incubator (R3bi) and the Paris Small Business Development Center (SBDC) to finalize a business and marketing plan for a potential expansion. The Paris EDC is very interested in the success of local small businesses and wants to provide support to companies with solid plans for expansion and new job creation. It is expected that the Board will consider financial incentives upon completion of the business and marketing plan. At that time, the name of the company will not be made public. Bruce Carr made a motion to approve the above list of items /objectives; seconded by Toni Clem. Motion Carried 4 -0. There being no further business, Bruce Carr made a motion to adjourn at 5:17 p.m.; seconded by Toni Clem. Motion Carried 4 -0. Respectfully submitted, Shannon Barrentine Asst. Executive Director, Paris EDC