07/28/2011 MINUTES - Laserfiche WebLink

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PEDC Board Meeting Minutes July 28, 2011 Election of officers for 2011 -12. Chairman Burkhart asked for nominations to serve as PEDC Chairman for 2011 -12. Doug Wehrman made a motion that Pike Burkhart remain as Chairman; seconded by Rick Poston. Motion Carried 5 -0. Chairman Burkhart asked for nomination to serve as PEDC Vice - Chairman for 2011 -12. Rick Poston made a motion to nominate Kenny Dority; seconded by Bruce Carr. Motion Carried 5 -0. Chairman Burkhart asked for nominations to serve as PEDC Secretary /Treasurer. Bruce Carr made a motion that Rick Poston remain as Secretary/Treasurer; seconded by Doug Wehrman. Motion Carried 5 -0. Discussion and possible action regarding line of credit for Paris EDC. Steve reported that all eight (8) lending institutions had been contacted via certified mail requesting a quote for a Revolving Line of Credit for the Paris EDC in the amount of $2 million. Of those, two declined: First Bank of Roxton and First Federal Community Bank; and three did not respond: Peoples Bank, Guaranty Bond Bank and Bank of America. Received quotes from Liberty National Bank: 4.25% annual interest rate subject to a satisfactory review of PEDC's financial statements and the completion of loan documentation acceptable to the bank; Lamar National Bank: one year fixed rate of 4% subject to due diligence and final approval by their Board of Directors; and Capital One: one year at Prime Rate minus 1.96% resulting in a current rate of 1.29% (attached). Steve stated that the Prime Rate had been at 3.25% for the last year and that this line of credit was subordinate to PEDC's existing indebtedness. It was agreed that Steve pursue loan documents from Capital One Bank. No formal action was taken at this time. Discussion and possible action regarding the proposed Plan of Work for 2011 -12. Steve provided those present a copy of the proposed Plan of Work for Fiscal Year 2011 -12. He would like to get the Board to approve a Plan of Work prior to October 1 st. He highlighted various topics: PEDC Report Card (what you measure is what you do); the Plan also includes ideas related to PEDC's efforts to interface with, and support opportunities for improvement in the City. Due to the Board members not seeing the proposed Plan of Work prior to the meeting, a Work Shop Session needs to take place prior to adopting it. No formal action was taken at this time. The Board convened into executive session at 3:55 p.m. pursuant to Section 551.072 and Section 551.087 of the Texas Government Code to discuss and deliberate on the following: A. Section 551.072 — Real Property B. Section 551.087 — Economic Development Negotiations Executive session ended at 6:50 p.m. The Board reconvened into open session. As a result of executive session discussion, the Board took the following action: Bruce Carr made a motion to authorize a sub - committee of the Paris EDC Board consisting of. Pike Burkhart, Chairman; Kenny Dority, Vice - Chairman; Edwin Pickle, Councilman and Steve Gilbert, PEDC Executive Director; to negotiate the terms of an incentive agreement for Project Tiger Tale, approval and finalization of incentive agreement to be confirmed by the whole PEDC Board; seconded by Doug Wehrman. Motion Carried 4 -0. Rick Poston had to leave the meeting prior to adjournment. Kenny Dority made a motion to adjourn at 6:51 p.m.; seconded by Doug Wehrman. Motion Carried 4 -0. Respectfully submitted, Shannon Barrentine Asst. Executive Director, Paris EDC 2