2001-08-22-Minutes - Laserfiche WebLink

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666 Minutes of PEDC Regular Meeting August 22, 2001 Page 2 President Rhodes asked Gene Anderson, Director of Finance for the City of Paris, to give the financial report for the month of July. Mr. Anderson came forward presenting the financial report for the month of July. Anderson advised that the sales tax collection of $68,482.69 for the month of July is slightly down from last year's collection. He said for the year the sales tax is up approximately 40%, and he would provide the board updated sales tax revenue information. He advised that the interest earnings and the loan payment for Paris Packaging rounded out the cash inflow. He explained that the "cash out" reflected the payment of the interest on the Chapman note and the TCIM incentive payment, which are the major expenditures for the month of July. A motion was made by Director Jay Guest, seconded by Director Fendley, to approve the financial statement as presented. The motion carried unanimously. President Michael Rhodes read from the letter addressed to Gary Vest from Leo F. Rattigan, Jr., Executive Vice President - Finance and Administration of TCIM as follows: "In view of the substantial number of jobs created at the Paris facility during the last twelve months, as presented to the Board on July 1, TCIM Services, Inc., respectfully requests that the Board approve an additional job incentive for 200 permanent employees at $2,500.00 per job for sixty consecutive months. We will be happy to provide any additional information that the Board requires to consider this request". President Rhodes said that, historically, the Paris Economic Development Corporation has funded projects that are based upon capital improvement and expansion of brick and mortar that lead directly to job creation in Paris and Lamar County. He said the request from TCIM is a deviation from what PEDC 2