04/28/1994 MINUTES - Laserfiche WebLink

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27 Chairman Philip Cecil stated the next item on the agenda was approval of the minutes from the previous meetings of the Paris Economic Development Corporation. Chairman Cecil asked if there were any corrections to the minutes of the previous meetings, there being none, Board member Curtis Fendley made a motion, seconded by Board member Leon Williams, to approve the minutes as presented, and the motion was approved unanimously. Chairman Cecil stated the next item on the agenda was the financial report, and asked Mr. Gene Anderson, Finance Director to go over this information. Mr. Anderson stated he had been able to obtain an Employer's Identification Number from the Internal Revenue Service which allowed him to set up a separate bank account this past week. Mr. Anderson stated for the allocation period ending February, 1994, the total payment to the City was $284,708.30, including $1,450.12 interest to date. He said this amount was transferred into an interest bearing account which may cause this financial report in future months to look slightly different than this one. Mr. Cecil stated that the trend appeared to be, that routinely they receive between $40,000.00 to $55,000.00 which lags two months before it is actually received. Mr. Anderson said there are a couple of months that will probably end up being an exception. He said he could do a projection on the other months based on the City's past history. Mr. Cecil stated he felt a projection would be very helpful to the Board. Mr. Anderson said he will be glad to do a projection month by month and have that at the next meeting. Mr. Cecil called for questions regarding the report. He said if there were none, it would be appropriate for a motion to have this report received. Board member Dick Amis made a motion, seconded by Board member Curtis Fendley, to receive the financial report as presented, and the motion was approved unanimously. Chairman Cecil advised the Board that Eric Clifford was Secretary/Treasurer and was responsible for having the agenda prepared each month as well as having a certain amount of control over the funds, and this position needs to be filled. He asked for nominations for election to the office of Secretary/Treasurer. Board member Leon Williams nominated Dick Amis for election to the position of Secretary/Treasurer, which was seconded by Board member Curtis Fendley, and the motion was approved unanimously. Mr. Cecil advised Mr. Amis that the Corporation's Bylaws expand on the duties of Secretary/Treasurer. Chairman Cecil advised the Board regarding item no. 6 on the agenda that the Pace Group was employed to accomplish some work which included the Flexible Incentive Program and the Business Retention Survey. He advised the Incentive Program was presented to him in rough draft form earlier this week as well as to Board member Fendley, and there were several items in the information which needed to corrected and completed. He said Brenda Schull was scheduled to be at this meeting to go over this information, and they have asked to be excused from this meeting. He said they would like to appear before this Board on Thursday, May 12, 1994 at 4:00 P.M. to present the Program. He had asked them to be at the regularly scheduled meeting in May, but Mr. Lovorn could not be here on that date and May 12, 1994, would be the most convenient time for him to be here. Board member Williams stated he would not be able to be here at that time. Mr. Cecil asked the other members of the Board, and they said May 12th was fine with them. Mr. Cecil said if the date was good for Mr. Bray as well, he felt they would go ahead and try to set the meeting date for May 12, 1994, because it would probably be June before Mr. Lovorn could be available again. Mr. Williams said that was fine with him.