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219 <br /> <br /> President Cecil asked Mr. Vest to make his report. Mr. Vest <br /> advised that due to advertising they had received eleven <br /> inquiries since the last meeting. He said he had met with <br /> several individuals at the Texas Department of Commerce in <br /> Austin since the Board's last meeting. <br /> <br /> Mr. Vest said that at the last meeting he had discussed the <br /> abandonment of the Texas Northeastern Railroad and he said that <br /> the railroad has filed a "Ninety Day Public Use" filing where <br /> comments can be made concerning the public use of the railroad <br /> beginning on January 11, 1996. He said we have ninety days to <br /> make comments as to our proposed action. Mr. Vest said there <br /> is a State of Texas Rail Abandonment Committee that we will <br /> have to deal with in the next ninety days. Mr. Vest said that <br /> Railtex owns the tracks with a salvage value of $28,700.00 per <br /> mile for the rails. He said that the Union Pacific owns the <br /> land and they have not priced the land. He said if we want to <br /> maintain the right-of-way we are going to have to buy the land <br /> from Union Pacific. Mr. Vest said to replace rail the present <br /> cost is $50.00 per foot and we are talking about approximately <br /> four to five miles. Mr. Vest said from the railroad's <br /> perspective if we are going to retain it, then we are going to <br /> have to buy it. <br /> <br /> President Cecil stated for clarification that the instructions <br /> to Mr. Vest were to find out all the information available in <br /> order to determine the Board's options in relation to the <br /> railroad abandonment and he should report his findings and <br /> options back to 'the Board at the next meeting in order for the <br /> Board ko take some type action at the correct time. <br /> <br /> President Cecil asked City Engineer Earl Smith to give his <br /> report. City Engineer Smith said that he had made a video the <br /> day before showing the BITCO site and how it was progressing. <br /> President Cecil asked if there were any problems that the Board <br /> needed to be made aware of, and Mr. Smith said that everything <br /> was going real well at this time. <br /> <br /> President Cecil asked Mr. Amis to give his report regarding the <br /> purchase from the Paris Industrial Foundation. Mr. Amis said <br /> that they had completed this purchase from the Foundation. <br /> <br /> President Cecil asked Mr. Vest to comment on the next agenda <br /> item regarding the Board acting as the sponsoring agent fcr the <br /> North East Texas Economic Development District's application <br /> for a grant from the Economic Development Administration to <br /> fund its Revolving Loan Fund. Mr. Vest said that this <br /> resolution names this Board as the sponsoring entity that <br /> allows the North East Texas Economic Development District to <br /> make application for a $500,000.00 grant from the Eccnomic <br /> Development Administration. He said this is the same program <br /> that we used for the BITCO Project where we put up twenty-five <br /> percent. He said we are the sponsoring local match for this <br /> program. <br /> <br /> President Cecil called for questions from the .Board and there <br /> were none. <br /> <br /> Resolution No. 96-001-authorizing the Paris Eccnomic <br /> Development Corporation to act as the sponsoring agent for the <br /> North East Texas Economic Development District's application <br /> for a grant from the Economic Development Administration to <br /> fund its Revolving Loan Fund. <br /> <br /> <br />