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816 <br /> <br /> said he had spoken with people at First Federal and they did not have a problem <br /> with doing business with Mr. Parker, but he has over extended and they cannot, <br /> under their guidelines, loan him any more money even though he is a good <br /> customer. Mr. Vest advised that he asked First Federal if the PEDC gave a loan <br />guarantee so they could finance him to continue this operation. Mr. Vest said <br />all the PEDC would be doing is securing his note with First Federal so they will <br />make the Loan. First Federal came back and wanted an 100% guarantee. Mr. <br />Vest said in order for Mr. Parker to get started with this operation he would need <br />about $40,000.00. <br /> <br /> President Guest said he had been told that the City of Paris has $200,000.00 in <br /> a cash account that has never been lent to any enterprise like this. Mr. Vest <br /> advised that he sent Mr. Parker to see Tommy Haynes with the City of Paris, and <br /> he met with Bob Jones. Mr. Jones rejected his request for a loan. <br /> <br />President Guest said it his understanding that the money is going to be pulled <br />by the USDA if the City does not do something, because they have not made a <br />loan. Director Fendley asked why don't the PEDC administer that grant. Mr. <br />Vest advised that this grant money has been contracted out to Mr. Bob Jones, <br />and Mr. Jones administers the fund for the city. Mr. Vest said there are <br />restrictions on it. It requires a bank participation like Mr, Parker is wanting for <br />the $40,000.00. The bank would put up $20,000.00 and the loan fund would <br />have to put up $20,000.00. <br /> <br />After discussion, it was the consensus of the Board to invite Mr. Haynes to their <br />next meeting and ask him to explain the USDA Grant and see if there is a way <br />the PEDC could work with Mr. Jones in this effort. <br /> <br />Resolution No. 2002-006, supporting the Northeast Texas Regional Mobility <br />Council (NETMOB) developing State Highway 24 from a two-lane roadway to <br />a four-lane divided highway, thus closing the gap between Paris and Interstate <br />30 through Delta County, was presented. <br /> <br />A motion was made by Director Wall, seconded by Director Fendley, for <br /> <br /> <br />