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426 <br /> <br /> <br /> Mr. Vest stated that T.E.D.C. requested that the legislature give consideration to <br /> capital intensive industry incentives, research and development incentives, <br /> electric deregulation, and travel policy for state agents. He said that there is a <br /> program called InvesTexas that has asked the legislature to give some credit to <br /> companies spending large sums of money on capital investment in our state and <br /> on research and development. He said at the present time Texas does not help <br /> companies that research and develop products while most states give them <br /> significant incentives. He stated that this organization has asked for our support <br /> of this program by adopting a resolution, and he requested that this item be <br /> placed on next month's agenda. Mr. Vest reminded the boardmembers of the <br /> upcoming Lamar County Day in Austin to be held on February 24th and 25th and <br /> the importance to the East Texas Gulf Highway Program and Paris. <br /> <br /> President Rhodes stated the next item on the agenda was consideration of and <br /> action on a resolution approving a letter of commitment to Panda Energy <br /> International, Inc. He asked Mr. Vest to discuss this item. Mr. Vest stated that <br /> this is the incentive that was offered to Panda if they built a power plant in Paris. <br /> He said that the financing for Panda Energy International, Inc., is to close on <br /> Friday, so they have asked the Board to pay the incentive which will be <br /> accomplished through this resolution. <br /> <br /> City Attorney Scott Foster read the resolution. <br /> <br /> Resolution No. 99-001, approving the letter of commitment to Panda Energy <br /> International, Inc. <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br /> RESOLUTION NO. 99-001 <br /> <br /> WHEREAS, the Paris Economic Development Corporation is a non-profit corporation <br /> governed by the Development Corporation Act of 1979 (the Act) and was established for the <br /> purposes of promoting, assisting, and enhancing economic development; and, <br /> <br /> WHEREAS, the means and measures authorized by the Act and the assistance provided <br /> therein with respect to Financing and providing grants are found to be in the public interest and <br /> serve a public purpose of the state in promoting the welfare of the citizens of the state <br /> economically by the securing and retaining of business enterprises and the resulting maintenance <br /> of a higher level of employment, economic activity, and stability; and, <br /> <br /> WHEREAS, in keeping with the purposes for which the legislature enacted the <br /> Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris <br /> established the Paris Economic Development Corporation, it is deemed appropriate that the letter <br /> of commitment to Panda Energy International, Inc., dated March 27, 1998, be approved; NOW, <br /> THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that the form of the letter of commitment to Panda Energy International, Inc., <br /> attached hereto as Exhibit A, be, and the same is hereby, approved. <br /> <br /> <br />