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306 <br /> <br /> RESOLUTION NO. 97-010 <br /> <br /> WHEREAS, thc Paris Economic Development Corporation is desirous of purchasing Lots <br /> I and 2, and part of Lot 3, Block B, located in the Southwest Industrial Park, from the Paris, <br /> Texas Industrial Foundation at the cost of $50,000.00, and the Paris, Texas Industrial Foundation <br /> is agreeable to the same; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that thc purchase of Lots 1 and 2, and part of Lot 3, Block B, located in the <br /> Southwest Industrial Park, from the Paris, Texas Industrial Foundation at the cost of $50,000.00, <br /> be, and the same is hereby, approved; and, <br /> <br /> BE IT FURTHER RESOLVED, that the Director of Finance of the City of Paris, W. E. <br /> Anderson, be, and he is hereby, authorized and directed to issue payment to the Paris, Texas <br /> Industrial Foundation in the amount of $50,000.00 for said property; and, <br /> <br /> BE IT FURTHER RESOLVED, that the City Attorney of the City of Paris, T. K. <br /> Haynes, be, and he is hereby, authorized and directed to do or cause to be done all things <br /> necessary to effect such purchase. <br /> <br /> PASSED AND ADOPTED this 10th day of December, 1997. <br /> <br /> Curtis Fendley, President <br /> ATTEST: <br /> <br /> Richard M. Amis, Secretary-Treasurer <br /> <br /> APPROVED AS TO FORM: <br /> <br /> T. K. Haynes, City Attorney <br /> <br /> <br /> Boardmember Michael Rhodes, made a motion, seconded by Boardmember <br /> Barney Bray that this resolution be adopted, and the Board voted unanimously to <br /> adopt the resolution. <br /> <br /> President Fendley stated the next item on the agenda was discussion of the loan <br /> guaranty pay-off to the local bank consortium concerning the BITCO project. Mr. <br /> Vest reported that they are still working with the BITCO prospects, and that he <br /> had discussed the equipment with the prospect. After discussion by the <br /> Boardmembers, Mr. Fendley stated that perhaps this item should be placed back <br /> on the agenda in January. Mr. Amis said that the problem has been that in the <br /> technical writing of the guaranty, the equipment must be sold first and then pay <br /> off the guaranty. Mr. Vest stated that he felt if the current prospective buyer falls <br /> through, then we are back to having a public auction with NationsBank doing the <br /> liquidation and then paying the guaranty. Mr. Vest stated that ninety days from <br /> <br /> <br />